New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-04-02
CARTER on THE STAND.
~EKPLAINS" DISCREPANCY
D,F.rence If sf6O00.O0O Covered
be- Depreciation, Says Secretary

.......,,. h.tveen worth and ''valOe"
- - he Robert A. Carter's explanation
S.so,e the Legislative Gas investigating SoiH-
- yesterday OF the Sl6OO0OOO discrepancies
,,.-reaa the balance sheets OF the C0hsol'oaOe0
- COMPANY and IT'S returns 70 me s'Ate
800 % Tax Commissioners. Secretary carter
80 "a prove that depreciation o. Vslues
..,orn,es for the discordant returns put Ins
-o-,n.ittee and Charles E. Hughes It's counsel
NV smiled seeing apparently q olsliactlOn
vsthout difference
Jseriauaiz A whitley. the ASSISTANT Ge0soi ca
=. s,narsntlv unable 10 reconcile certain rela-
- s,,-,6ends with the actual prohts
.hov, He declared an item Of nearly SoVVV-
90 bss bean expended 10 pay loans. whereas
- bad testified the preceding day that part OF
-. s,s-, vas for construction He ended with
-. ,,sl,,crsnr admission that he had ioroeo d
,-,,sroe" by arbitrarily inserting the item
Even Mr.. Matthewson. the oompany's re-
,,,,rosrul attorney was slightly nonplusssd oy
s.,s+or PAGE. when. IN trying 70 assist Ny
Tyhireley II answering Mr.. Hughss's contention
sbsr The company's income equaled Il PEI
,snt dividend. he declared that the franchise
,,,lusrion should be included in the value OF the
oompany's properties
were taxed on t." said Mr.. Matthewson.
yes. bur you don't pay the TAX" retorted rne
Senator quickly. referring 20 the fight the COM
80 Is WsEing 10 have the Franchise Tax law
declared unconstitutional. and M AasttheE'SOh
,onls only answer sadly: Tn afraid Wen have
70 pay IT.
The eventual appearance OF the elusive Mr..
carter ana his ingenious and ingenious un-
yavelling OF twisted skeins was one Of the feat
,,-es Of the session To DO him justice. Mr.. Car
Ter did rot appear 10 be well. and II was noticed
thst on his entry into the chamber early IN the
session the hints Of convenient illness" which
had been previously banded about the chamber
were not so freely made.
M Carter said he had been IN the gas making
business for twenty-seven years, rising IN suo-
oesssve stages from junior clerk, bookkeeper.
general clerk general accountant and con
troIler" 10 the place he now occupies.
y don't know. but Mr.. Carter can explain.
had been III. Whiteleys favorite slogan on
Friday on every occasion when he had been
forced into a tight corner by the shrewdness
OF III. Hughess ATTACK Explain Mr. Carter did.
20 his own satisfaction 81 least.
ASKED 10 expound the S16.O00.O0O discrepancy
Air. Carter explained thai the lower values, that
IS, the ones which appeared on the balance
sheets, were estimated a basis Of the cost
OF reproduction less depreciation Air. Matthew
son offered the analogy OF q 500 suit worth
only SIS after years wear
asked. ..Dou you discriminate between the
meaning Of worth and value?" Ar. Carter said:
Certainly"
As for n. Whiteley. Mr.. Hughes. at certain
PERIODS OF The session. set him sums 10 CO. ana
tie assistant treasurer's brow on several Oc-
casions was wrinkled II deep thought as he
put down and carried 4"
Take 81. 29S,576. the actual value OF your
Fas investment, and tel US what per cent
Will amount 10" Ar. Hughes would say
Mr. Whiteley would take pencil and paper.
and. after & sufficient pause. reply dutifully
g.. ls6 $50
Now figure Up what percentage Of S27.-
29s.576 is 81. 759, l57 IS" said Mr.. Hughes
Dir. Whiteley apparently found the sum as
difacult 10 do rs cid Dolly in Babes In Toy
land" Finally, unlike Dolly, he removed the
pencil Up from his mouth ana hazsrded the
OPINION mat IL was about IL per cent.
ar Hughes accepted The figures as q basis
FOR renewed cro6s-eAaDlInaLlOn.
III Carter thought II ne were permitted 70
read from several annual reports. he could eX-
pam why The value u the plants is S5o.Vl9576
snc not 81 ,49a.546 NJ hughes insisted
This caused 4lr. Hughes 10 remark:
I'VE are guile taullIlar, Mr. Carter, with your
inability 10 state the cost o. anything i oon't
care what you palo Tor plant II 1SSz. ] want
10 know what IL IS worth now"
From the committees point Of view Il has
proved thar The compaly's monopoly Is no longer
6 surInlse, but an actual TACT ana thai its
VALUATION OF us Plant IS some s&l .OUJ.OVO. Its
attempt SO lar has been in pain English 70
ascertain the actual plant, the value OF the
plant ana how much money the plant makes.
or the question OF pronIs the nsures, as they
were calculated, showed on the valuation. less
the amount Tor franchises, etc, some II per
cent last sear, ana including S7.1SlOOO, the
amount toT franchises, taxing the value Of the
plant al S55,UOv,yOO, some l54z Per cent
The sessions Viii De resumed al 10 q m to-
morrow ana Wll De continued probably every