Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-12
Discussing the Proposed Con-
solidation.
MR.. BABCOCK EXPLAINS
INTELLECTUAL ATTEMPT TO POST
PoNE DEBATE.
Increase Of Capital Stock-Annual
Earnings-Cost Elsewhere-Mr.
Ray Wants Lower Rate.

The District of Columbia had the right on
way in the House of Representatives today
and six bills were on the calendar for con-
sideration. the most important of which
was the measure authorizing a consolida-
ton between the Washington and George
town gaslight companies, and a recapitali-
zation of the consolidated concern.
Chairman Babcock, who arrived in Wash.
ington from Atlantic City yesterday was
present in the House for the first time in
| some weeks. Mr.. Babcock had many cor
dial greetings from his colleagues on the
| floor.
AS soon as the journal he'd been approved
Mr.. Babcock moved that the House go into
committee of the whole to take UP the gas
bill. Before the motion was put, however,
Mr.. Cowherd asked unanimous consent that
consideration of this bill go over until next
Monday on account of the absence of Mr..
Cannon of Illinois, who, he said. had taken
an interest in the measure. Mr.. Babcock
at once objected, saying that he had been
absent from the House for three months.
that he had duties to perform to the Dis
trict and saw no reason for further delay.
Mr.. Cowherd urged that there was moth
ing OF an urgent public necessity in the
measure, but Mr.. Babcock renewed his OBJ
lection and asked unanimous consent that
al O'Clock the consideration of the bill
be concluded.
Mr.. Cowherd objected to this saving that
the opponents of the bin wanted at least
two hours for debate, and then wanted the
measure read for amendment under the
five-minute rule. Mr.. Babcock then en-
deavored to get debate limited to oclock,
but without success, and the bill was then
taken up without agreement as to time.
Chairman Babcock Explains.
Mr.. Babcock took the floor to explain the
BILL He said briefly that there were two
main objects to be accomplished, one. the
consolidation Of the two companies, which
carried with 1t the reduction in the price
Of gas to 81 thousand in Georgetown.
Proposed Increase of Stock.
The further provisions OF the bill, he COM
tinued. authorize the Washington Gasllght
Company to increase Its capital stock to
the market value OF the same, but not to
exceed a S100 share for each $50 share now
outstanding. The present stock of the COM
pany was issued many years ago. and the
certlhcates are Of the par value of $50 each,
instead of the customary and standard
amount of 500 par each.
The outstanding stock of the Washington
Gashght Company consists of 100 600 shares
OF the par value of $40 EACH and the stock
OF the Georgetown company consists Of
5000 shares of the par value of So each.
The affairs Of this company have been
conducted throughout its existence in a
buslnesslike manner, and no attempt has
ever been made to water the stock OF to
increase it beyond the actual cash value
the majority of the committee saw No
reasonable objection to permit the issue or
based unon tba yaina 90 tba ,1ro,a,-,, IN,
the Washington Gasight Company.
Mr. Crumpacker here interrnnted IN
know if the plant was worth the amount
proposed in the recapitalization.
Mr. Payne-Weu / think ~ ovned tho
stock. I would he willing fo take IL on .ha,
basis without three months, snec,,lation IN
advance. -''
Mr. Paw of Nev yorlr bara ,,.orr,,,,.o,
to scL NJ paho"o,, u ,,e.,,,.l' ~ ili'eIf ' "pleu M
The nresent valne Of -bfs sfacI is has.'a
unon the earnings of the comnar,, &C. :,
nat o., ha asi,aJ "a '-e COMPANY 10 4"
M PobcocIrN N.f,er+o;,,,r ., 4.
granted tbat u 10 hasad 49,, .tn ~ ios
tbe nronertv Npo'' ''ie 'aiue VA
NJ PeT's.ueu .bo oo,,,r.,,. g..
inc such div;dends 70 stnni haisa. =. ~ paSS
1 rS 49, 20 " ., ~ oohiioiaers ~ that tne
ahnut St,. .;r,es IN fan Tair sone % away up 10
NJ Pahoonit 1T. l1,,I, al va. e ,
MI. ioaoeo0h II mouiu .ot pe worth that
,rn.o,,, " ie, uo Iiot LINK II Moulo 10 tne
per cent
-, MI Ray-ls It not the fact that today
49,, i,, sc oi 'ilta toinpany Lor gas 10
Mr Babeock~"No sir. do nor tbiDt co
do not believe that is conceded"
Mr. Ray-'Is not that the general COM
paint
oornr,aSno s. - ny ne".u 1 any suen
Co., ,bat ~ ,lr,,,i- a. SiI .ilIa - @ eiie
Tho host yaS -, t fr,,,stoa n., oil hee
in.;o ne peee sas '.rt - iuiisheo t on the AT
nit =. -, i, teie - ho other sdstern
~ ,.y .Aa' - mas 'he quaii's oi gas thal We
~ d. a., -. -
M, am hoI now spedkine OF the
quai's oI tie sas, 4 am speaking OF inc
PISe cIal seu. Ioui plll, AZ uhuerstano-
anu n l am Mioils I am pefigctly per wiIlhg
pSt " b eIlfestnuapIopases, Stg II nave reao
arisht the pili ana the report, 10 permit
Inns Inns cohsoIiuateo company 10 issue ABOUT
Iour shares OF stoch In pace Oh one oI the
presen1 Shdres. ,,
MI MI Papcooh- ihat u risht,
MI. ~. III o.ner .p, norus, tney are go
lits 70 say 10 man % Decause your shares
OF s'och are worth s4oo apiece; you may
now nave iour where you now nave one.
tou are eoins 10 pu, the STOCK on the mar.
a, Rst at tnat rate, II .his phi passes, without
aoolis ceht worth Oh rear estate OF per.
sonsi PropeIty OF any hiho 10 tne actuai
mornings OF TINS company. rs not that the
sum ana substance OF the proposition! Is