The Washington herald., 1907-12-06
GAS REPORT DISAPPOINTING
Finaneiers Think Facts Too Old to
Be of Any Use.
Hearing on Petition tO Dismiss Re-
quest to Increase CapitnI
stock Begins To-day.

Much interest was manifested yesterday
in the report OF the Washington Gas
: Company. filed with Congress. pursuant
TO the law enacted at the last session
Particular attention was given to the list
of stockholders appended to the report.
| The general impression among financiers
was that the facts given in the report
were too old 10 be Of much value by way
/ OF publicity. The officials of the company
state that the list Of stockholders is that
Of record, January 10, 1907
/ That is nearly year ago. and il is well
( known that a large number OF persons
who Were stockholders then are not 50
now, and that IN the operations of the
past summer the stock changed hands in
! large blocks so that the list published
is. as a local broker expressed il yester-
day, very ancient history"
Dividends have been paid on the stock
Of the company three times since the list
published was made up. and each time.
namely. on May l.. August =. and No
vember j.. the books OF record were
closed 10 determine to whom the divi-
dends should be paid.
The report was Disappointing in other
particulars, particularly as TO the value
/ which the company puts upon its plant
and assets, the officials making the report
stating that these facts will be made pub
lie as soon as the appraisement OF the
court in connection with the petition to
increase the capital stock Of the com
pany shall have been completed. Finan-
ciers and brokers generally hoped that
the report filed with Congress would show
some insight into the value Of the com
pany's property. as it was understood 10
be the aim OF the law passed by Con-
gress to give that information for the
benefit OF the government and the con-
sumers Of gas in the District OF Column
bia.
Yesterday the hearing before the Dis
trict Commissioners relative To the pro-
posed increase of the capital stock Of
the company took place at the District
Building. 1t was attended by the at
torneys of the company. by Corporation
Counsel T.. II. Thomas, and few others.
The hearing consisted in an argument
presented by r. Ross Perry. counsel for
the company, and reply by Commits
sioner Macfarland.
Mr.. Perry stated in the course of his
argument that the position OF the munich
lpal authorities and the public with refer
ence TO the cheapening OF the price Of
the product amounted to confiscatory leg
islation- To this Commissioner Macfar-
land took exceptions. and pointed out
that the Commissioners had recommended
no such legislation and had sought at
all times 70 represent the whole people Of
the District and to do justice to ali con-
cerned.
Argument on the petition of the Dis
trict Commissioners, filed on Monday by
Corporation Counsel r. II. Thomas to
dismiss the petition of the Washington
Gaslight Company TO increase its capi-
tai stock from S2.6o0.OO0 10 such an amount
as is ascertained 20 be the actual cash
value Of the plant and equipment. and
10000 additional for extensions will be
begun before Justice Gould in Equity
Court No. > this morning.
The corporation counsel in his petition
assumes the position that the power con-
ferred upon the court by the act of Con-
gress under which the company seeks to
increase its capital stock, is not judicial
within the meaning OF the Constitution.
and is therefore unconstitutional and
cannot be- exercised In brief, Mr
Thomas attacks the jurisdiction of the
court in the premises, claiming it has
none.
The petition viii be argued upon behalf
of the Commissioners by Mr.. Thomas.
and by Attorneys r. Ross Perry & Son
and r. II. Goldsborough upon behalf OF
the gas company