National Republican., 1883-04-11
Disturbinu n Fat Rat.

II there is anywhere in the United States
particularly fat corporate rat slowed away in
the center of particularly rich cheese it is
the Washington Gaslight company. If there
is anywhere in the United States a commu-
nifty upon which petty corporation fattons,
and from which that corporation insolently
and defantly withholds the benefits in con-
sidoration of furnishing which its franchise
was granted, tits that same gaslight company.
The right to use the public streets for the con-
ducting of gas through mains and into tho
buildings of its customers wns granted this
company on conditions which have boen con-
stantly violated.
As shown by an official statement made to
the house of representatives more than two
yearsago, by the treasurer Of the gaslight
company, and published in this mornings
REPUBLICAN,, IL appears that the corporation
has existed thirty.fve yeaB, having been
created in 1sls The original capital was
$500, 900. During the first twenty years of
its existence it declared dividends to the
amount of 81 ,222 500, Of which $500, 900 was in
stock, said to represent additions made to the
works. This was over 100000 year on the orig
inal capital, or moro than II per cent. The
new capital added in 1866 to the original
made it million. That has since been
watcrcd again, and is now $1,500,0O0. The
dividends from 1868 to 1881 averaged 90
per cent, being some years moro and somo-
times less-the cash dividends for 1874
having boen ftty,frc per cent, and for 1876
sirty.fUe per cent. Two years ago there was,
according to the treasurer's statement
above referred to. cash reserve
of $650,0OO and cash on hand $s3,912, being
total of $733,912, which the fat dividends had
not absorbed, and which the painting and
overfed rat could gorge himself with at
leisure. If this should now be divided be-
tween the stockholders it would give them
seventy-eight per cent. on the $l,000,000 in
vested, or ffty-two per cent. on the real and
waterod stock combined. In his report tho
treasurer choerfully remarks that i" for tho
thirty-one and one.half years (up to 1881
the average of cash and stock dividends has
been 1853 per cent"
If congress has turned this Unsuitable cor
pleases for whatever IL choose to call gas
light it is time it should catch it and tic it
up If the franchise of using our thorough
fares has conditions attached to it to restrain
the repacity of those to whom it has been
granted, tits time those conditions were en-
forced. If the gas people have "vested
right" to a twenty-three per cent. an
nual dividend, paid it for partially
lighting our houses, the franchise and
all the company's property had better be
condem ned for public use, as authorized by
the constitution, just compensation therefor
being made. The power to do this none can
gainsay. The company holds tightly to its
Shylock bond as to street lamps, and will not
give the city gas enough for the sum allowed
by congress to light our streets. When the
moon refuses to shine throSE thick black
clouds VIC must stumble about, running
against each other and against tree boxes, so
that this corporate rat may not loose a nibble
of his cheese.
Our people owe much to Commissioner
Edmonds for the round turn with which he
brought up the gas company the other day
when they asked for leave to dig up the
streets and lay moro mains. He told them
they could have no priyilcges so long as they
adhered to their extortionate rates for the
city lamps. Whatever the law gave them was
all they could get. Mr.. Edmonds spoke for all
the commissioners in this declaration. 1t
had the right ring. He made square
issue with this overfed leech. We shall see
whether the comfort, convenience and pocket
interests of 10000 people can be made sub
servient to the will of this small tyrant, or
whether we can have light in our streets and
our houses at less price than that required
to yield tweuty-three per cent. year on
money invested in n franchise granted ex-
clusively for the public benefit.