The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-01-24
CONGRESS HINDERS
LOCAL FINANCING
Legislators Weld an Arbi-
traFy Power.
CAN LIMIT PROSPERITY
William Hitz, Law Partner Of Wsyne
MacVeagh, Gives District Commits
sioners a Plain Talk.

The arbitrary power. exercised by Con-
gress. in limiting the prosperity OF cor
portauons within the District Of CO.
lumbia, makes the District one of the
worst places in the United States for
the investment Of capital. according to
William Hitz. junior law partner Of
Wayne MacVeagh
In endeavoring TO impress this point
upon she District Commissioners at a
public hearing recently. concerning the
proposed reduction in the price OF gas.
Mar. Hitz made several statements which
should set the local financial world TO
thinking. The discussion was upon Sen
ate bin 50i2. introduced By Mr. Foster.
This bill' said Mr.. Hitz. does not
pretend TO proceed upon any right, or
Tor the redress OF any wrong but upon
the presumed prosperity of this gas
company. The bin proceeds. as IL does,
upon this mere presumption. without
any pretention Of knowledge It arbi-
trarily proposes to reduce by one-fourth
the price OF gas at a time when every
thing that the gas company has to buy
is constantly increasing In price This
bill Is 50 unreasonable In this respect
that / can hardly think 1t can get the
approval of the Commissioners.
@-OAbko-J AiOPec4liOH.
This bill. like many other bills in
troduced in Congress, is purely arbi-
trary. The capital in Washington is very
limited. The capitalists are afraid to
invest their money in the District of
Columbia. The history of corporations
in the District shows beyond any ques-
ton that the moment a Washington
company reaches a position where it is
n Hr7a al e. If,tS
TO be punished for its prosperity. and
fined for the efficiency in which IL has
conducted it's business. We represent in
Washington a considerable MUNGER OF
people. who are hunting good invest
ments for their money. When we suS-
gest that they invest money in certain
enterprises in this city. they treat the
suggestion the same as if it was
South American concession"
Danger From Bills.
Mr. Hitz then cited several instances
to show that large amounts of money
are prevented from being invested in
Washington, by reason OF the periodical
introduction in Congress OF bills SINH
lar to the one asking for reduction in
the price OF gas.
do you believe there should be a
limit 70 the prosperity of a corpora |
tion?" asked Commissioner West.
There should be an economic one. -
returned Mr. Hitz. which should be /
determined by the best results, by some |
economic investigation; but to arbi- |
trarily take 3 per cent of OF profits |
without investigating the matter is en-
trely unreasonable.
Defends Gas Company.
7 do not in any sense speak for the
companies or officials of the companies, |
but 1 am a small stakeholder in the |
Washington Gas Light Company and
along with other stockholders am in /
terested in the financial success Of the
company. II is, OF course, true that an 4
extra dividend in the amount. though /
not in the terms specified in this BILL /
was paid by the gas company to the \
stockholders last summer but IL Is also /
true that the regular dividend is but
3js per cent of the average market price
OF the stock.
This dividend the gas company has
been able to pay through its efficient 4
management. This same management. /
which has Injured in this way t. The
benefit of these stockholders, has 81 .sr-
ated TO the advanteg &c of this community /
as a whole. Who ever heard OF a serious /
explosion or other accident IL connec-
ton with the many works this company 1
has undertaken? Who ever heard OF 1
Washington being left in darkness be-
cause OF neglect of this company? Who !
ever heard Of n strike among the en-
ployes OF this company? Further, at I
the time this particular bill was intro
duced in the Senate there was no con-
siderab BILE complaint against the gas /
company. and there was no public agi- /
tation or demands for the reduction of /
the price of gas