The Washington times., 1907-11-05
DINIDENDg
CAPITAL STOCK
DEBT CERTIFICATES.
i5.-S' 561S 9's0o 4.


The directory Of American gas COM
panies, compiled from information fur
nIshed by the corporations themselves,
states that the annual dividend Of the
cent; and - IS the understanding Of the
District officials that II has for many
years been as high az this.
TO increase the capitalization or the
GEORGETOWN company said COmmis-
siUner West, ''siTply means this: That
the company viii be allowed TO cap
italizc the value which It's profits IN
excess OF a 10 per cent dividend have
built into the plant. don't know
whether even all of the $4,000 OF stock
il now has was fully paid up by the
holders at the beginning my impression
has been strong that II was not. But
even If Il was, the patrons OF the COM
pany have paid rates which have made
its business so profitable that after
paying 10 per cent dividends II has eX-
panded its property till the auditor now
fiuds it worth $4,000 And now having
taken this surplus OF value from pat
rous, the company would issue capital
against II and hereafter compel tho
community to pay dividends in it,"
The belief Is strong that If the two
gas companies are not able 10 get out
OF the woods with their proceedings be
fore Congress meets. legislation VIII be
early initiated 70 prevent them going
farther. The measure formerly intro
duced by MessTs. Smith and Adams is
expected 10 be brought forward again
and pressed with more vigOr than ever
before. The new constitution Of Dis
trict committees, It is hoped, VIII make
fl CASTER TO get something done. The
bill which Representative Adams intro
duCed IN 1895 follows:
A bill authorizing and directing the
Attorney General or the United states
T. institute a suit or proceeding in the
Supreme Court of the District OF Column
Eia by application for writ Of quo
warranto against the Washington Gas
Light Company for the purpose Of hav-
ing determined and adiUdged the le-
gality of the act or acts OF said COM
pany in issuing s.. 600. 900 OF certificates
OF Indebtedness of said company and
delivering them to its stockholders as
Whereas a bill was introduced in the
House OF Representatives In the Fifty-
seventh Congress, first session, number
ed NIB authorizing the Washington
Gas Light Company to purchase the
Georgetown G. Light ComI any. and
for other purposes, for which the Com
mittee cn the District of Columbia rec
OmmeEded as a substitute therefor II.
4 13405, which failed TO pass. and
Whereas the authority and privilege
asked for I'm behalf OF said Washing
ton Gas Light Company concerning the
change and increase of its capital stock
IS provided for in said bin was not
granted by authority OF Congress; and
Whereas, Notwithstanding the failure
on the part of said Washington Gas
Light Company to obtain from Con-
Eress the desired legislation, the said
Ccmpany proceeded, subsequent 10 the
adjournment Of the Fifty-sSyenth Con-
Eress and after said cOmpaDy's fall
ure to procure the said legislation Of
Congress. 10 create an Indebtedness OF
the said company by issuing s. 500 600
Of certificates Of Indebtedness, bearing
6 per Centum interest, beng an amount
equal to the capital stock of said COM
many and distributed and delivered the
same to the stockholders OF said COM
pany as a gratuity, without any war
rant or authority Of law or authority
II nj nv q
the act OF said company In the issu-
auce Of said certificates Of indebted
rcss and the gratuitous distribution
thereof TO It's said stockholders, there
bys establishing q ground for the insti-
tuition of suit OF proceeding IN quo
WarrantO for having, as a corporation,
District OF Columbia without having
been duly authorized by law TO perform
the same and for having exercised with
IN the said District Of Columbia cor
pCrate rights. privileges, and fran
chises not granted to the said company
bv the laws IN force in the District
OF Columbia; and
Whereas the said unauthorized and
unwarranted acts Of the said Washing
ton Gas Light Company are such as az
feet and relate to the public welfare
and interests Of the people OF the Dis
trict Of Columbia; Therefore
Be II enacted by the Senate and House
OF Representatives Of the United States
OF America IN Congress assembled. That
the ATTORNEY ATeIlef-Sll or the I. .ElteU states
he. and he rs hereby directed 10 institute
Immediately a suit or proceeding by ap-
yiicatiOn for a writ of quo warrautO in
the Supreme Court Of the District OF
Columbia for the purpose OF having
1udiciaIlV determined and adiudged by
said court whether or not the act or
acts Of the washington Gas Light Com
many. a corpora ton doing business with
ing the District Of Columbia. In Issuine
50 90 Of certificates &C Indebtedness
Of said COmnany. bearing r Ger centUm
interest and distributing and DELIVERING
the same gratUitOUsly TO lis stOc1-H Olj5-
ers accOrdinr TO the TeSDfgtfve shares
Of stock held by them. was an act or
were acts not authorized bv law and IN
excess 4 of the corporate rights. privt-
1eges franchises. and 1OwCTs Of said
COMPANY nerfolmed bv il as q CORPORA
ton within the District Of Columbia
ard whether or not the said company
Nv its said act or acts in issuing. dis
tTfbuting and delivering The said GER
fifcates 0f Indebtedness era ttatouSlv Il
fts stockholders within the District nI
Columbia C0Toorate rights, privileges
powers and franchises not granted "a
tho said companv hv the laws in force
IN the District Of Columbia, nor by All