The Washington herald., 1907-11-01

According to court proceedings. the
Georgetown Gaslight Company could
more than triple its capital stock of sj5o D.
COO. and continue TO pay dividends as high
as 8 per cent
Auditor James G. Payne of the Sp-
/ preme Court of the District Of Columbia
90 whom was referred by Justice Gould
/ the petition of the company to increasa
its stock from $l50000 to $2Do.Oo0 yester-
day filed in Equity Court No. his report
on the petition and the testimony taken
/ thereon, and he places the total actual
F.. value of the cOmpanys plant at $40
/ iH-50 The company's attorneys. in an
/ objection fled cOntended that the audi
/ TOT should have found the value OF the
plant 90 he at least 100000.
Auditor Payne summarized the value Of
the holdings of the company as follows.
Land, so, S23 30; buildings. Si2.705 20. an
/ pautus, $50 9l0S50: gas holders. S26. 800.
street mains, Sl67.O30S0; 595 street lamps
! services. $3.50: % lampOsts. a575. con
sumers' meters and connections. SIS. .eg2.
/ working capital $4,000, value OF fran
chise rights, and good viii, $66 Col: total.
/ S470-U.3o
4 In his report to the court. Auditor
/ Payne declined TO include as part of the
/ company plant and claimed as a valu-
/ able asset by the company's ATTORNEYS
under the head of consumers services. 3"
/ the pipes leading from the mains 10 the
/ meters.
In the District building the gaslight
/ company objects to being assessed on
these service pipes on a valuation Of
$N5,5+d 10y the commissioners, but in
/ the courthouse across the street they
/ have contended in their objection filed
/ 10 the auditors report. that the company
should he credited with the ownership
/ of the pipes when "a total valuation 10
. increase The amount Of stock involved
/ was the issue. The company claims that
/ under the head OF mains. meters, pipes
+ &c" they have paid taxes TO the
amount of S5o00 for several years.
Disowned ny Company.
I This latter contention was put forward
( when the commissioners. acting upon the
statement OF the gasllght company IN the
Proceedings for the increase Of stock in
/ question. claiming ownership of these
pipes advanced the assessment The
eomp@uy's attorneys Tuesday flied an
objection to paying taxes on these pipes
/ at the assessed valuation
With the exception Of objection 10 this
/ feature of the auditors report. 10 meets
/ with the approval Of the compauy's at
/ toueys.
I Corporation Counsel p. IT. Thomas
made exceptions TO the report I'm some
particulars. but Assistant District Attor-
+ ney McNamara fled none However. il is
understood that the attorneys in the case
viii have thirty days TO file objections.
Thomas Objects.
I Corporation Counsel Thomas. represent
ing the District Commissioners. I'm his ey-
cept.ous. declares that Mr.. Payne has
not hit upon the correct meaning Of the
word plant" rs intended by Congress.
Mr. Thomas claims that the auditor
should have found that il was the intent
+ of Congress 10 restrict the meaning Of
the term in favor of the public. and TO
prevent "a valuation which would allow
. an Increase Of capitalization. and defeat
/ a reduction In the price Of gas 20 con-
I SINNERS. The corporation counsel also
makes other objections
/ I'm connection with the objection of the
1 attorneys TO the auditor excluding con
/ sumers' street mains As an asset. the
I NLl|l tlE.Nr Dl iitf company state LIldf tIH
/ total value OF the company's assets.
I based on the cost price, the present mar
/ ket value OF its stock. and the capltaliz-
/ alton Of its earnings, Is at least So, ,e0J
/ continuing
Earnings VIII BE Large.
/ In this connection. the pentluoner
/ especially excepts to the findings by the
I auditor that the present earnings of the
/ company are only at the rate of So
/ 159l5 per year. your petitioner insisting
1 that such finding is against the evidence
/ in the case, the testimony showing that
/ The sales of gas for the present year tre
/ Increasing at a rapid rate. and that the
/ gross earnings for a year, AT the rate
/ now reached. viii be not less than $4,000.
/ resulting in net earnings OF at least S30.-
/ On per annum."
In the proceedings for the increase of
/ stock the gas company Is represented by
( Attorneys r. Ross Perry & Son. g
Thomas Dunlop. and r H. Goldsbor-
ough. the District Commissioners bv
! Corporation Counsel Z. H. Thomas. and
/ the government by Assistant United
/ States Attorney Stuart Mcnamara.
ShnfTer's Floral Work Is Noted
\ for artistic originality. Store. 18th and I
/ Shot Gun sale ar SbappirIo's Starts
To-day. Great bargains See ad page s