The Washington times., 1906-05-22
District Committee on
Senate Presents
Measure.
EFFECTIVE AUGUST FIRST
Would Make Service Com
panies Add Thousands of
Dollars to District Income.

a bill requiring every railroad COM
pany now operating in the District Of
Columbia. or which may be operated
within the District limits hereafter. and
all ether service corporations. to pay
an additional tax OF u per cent OF their
net earnings. was reported to the Senate
today by Senator Iiansbrough. of the
Senate District Committee.
Aside from enumerating the street
railroad companies. the bill enumerates
the Chesapeake and Potomac Telephone
Company. the Potomac Electric Llgk.-
Ing ana Power Company. and the Wash
ington Gas Light Company. The rail-
road companies are now subject TO a tax
OF per cent on their gross receipts.
the other service corporations paying the
5 per cent tax
The additional tax OF y per cent made
upon the net earnings is to ascertained
by deducting from the gross receipts
from all sources excepting those Of the
expenses incurred in repairs, and ex-
Guiding interest on dividends. sinking
fund, and the enlargement Of operating
parts.
To Be Effective August I.
The law becomes effective on August
l. 1906. at which time the board Of as
SCISSORS OF the District Of Columbia ara
directed 70 appraise and assess the per-
sonal property Of all public service col
Porations enumerated In the BILL In
making such an appraisemeEt the board
is authorized 70 appraise the value Of
franchises of each OF the companies and
TO include such appraisal IN the per-
sonal property appraisement.
The bhl provides. however, that any
corporation may pay to the collector of
taxes for the District an amount equal
20 IA per cent of the appraised value
as now provided for BY the general tax
law on personal property in the District.
which shall be IN lieu OF the j per cert
tax on net income.
All street railway companies now in
cOrpC rated in the District of Columbia.
on which may be hereafter Incorporated
shall receive and exchange tickets with
each other and shall also give TO pas
sengers free transfers as at present pro-
Vided- The increased revenue TO the Dis
trict resulting from this bill becoming
law VIII amount &c several hundred
thousand dollars annually.
VIII Come Up In Few Days.
The bill has been placed on the call
endar and will be taken up for consid-
Grafton by the Senate in the next few
days. Section II Of the bill provides
that every street railway corporation
and every public service corporation in
the District shall. on or before the first
Gay OF + teDruary or eaCh year MAKE a
report to the Senate and House Of Rep
resentatives signed by and sworn to by
the president and treasurer of sucn cor
poration, giving an exposition of the
company's capital stock. a list of IT'S
stockholders. the amount of stock held
by each. amount Of capital stock act
ually paid in, the total amount Of fund
ed debt and its character. its floating
debt together with a statement Of the
indorsers on notes given for the floating
debt and the character Of the collateral.
the average rate of interest per annum
on the floating debt. the amount of div
idends declared, the cost and value of
roadbed and superstructure, cost OF cars
and other machinery, estimated present
value Of road and equipment, length of
road IN miles, how many miles of single
and double track operated. wages paid
10 It's conductors, motormen. and engi-
neers, and salaries paid all of its cler
ical and official force. and a detailed
tatement Of its receipts.
This statement is TO be made 20 Con-
gress TO enable IL to ascertain If the
additional tax has been assessed in an
impartial way