Evening star., 1907-05-25
GAS STOCKS AND BONDS
Law ENACTED JUNE 9, 1905, AU.
THoRIzINa ISSUE.
Local Company to Accept the Privi.
lege-Reason for Advance in
Quotations.

In financial circles, Is being considered by
the officials of the gas company with the
view Of putting it into effect is contained in
the last section of the act approved June 6,
1896. The entire portion of the law, which
relates to the privilege of issuing stocks and
bonds, is follows:
THAT neither the Washington Gaslight
Company nor the Georgetown Gaslight Com
pany shall hereafter issue any greater num-
Der OF shares of stock than shall be equal to
the actual cash value of said plants and
necessary cost of the construction of future
extensions or future enlargement of plants,
which cash value and cost of extensions
shall first be ascertained and authorized
upon petition therefor to the Supreme Court
of the District of Columbia under such reg
ulations as the chief justice and the JUS
tees thereof shall prescribe; also If either
OF the said corporations shall desire here
after to issue bonds upon their property.
secured by mortgage or otherwise, upon pc
tition therefor to said court, setting forth
the necessity thereof and the amount of
stock issued and outstanding, 1t may and
shall be lawful for said court, or the chief
Justice and justices thereof, as the case may
be, or one of them, upon public notice, to be
prescribed by the rules of said court, to
permit the issuance of such bonds and
mortgage as desired:
Proviso introduced.
Provided, That the amount of stock and
bonds issued shall not exceed the actual
cash value of said plants and the cost of
such extensions or enlargement of plants;
And provided further. That the Washing
ton Gasight Company is hereby authorized
to issue such additional amount of capital
stock as will provide for the conversion into
such stock of it's outstanding certificates Of
Indebtedness which conversion of said GER
tihcates is hereby authorized to an amount
not exceeding 5000, 1000
The COMPANY has never ayailed itself Of
the rights thus confessed. 1t is supposed
that the intention to do so Is now enter
tanned. and to this is attributed the present
upward movement in gas stock. p.
Another piece of legislation affecting this
company was included in the District ap-
preparation bill which became law March
2 last.
Sworn Statement Required.
This section Of the bill reads as follows:
THAT any association. or corporation en-
gagged in the manufacture and sale of gas
for Illuminating and fuel purposes in the
District of Columbia, through its president
or other duly authorized officer, shall make
a sworn statement to Congress annually,
on or before the 1st day Of February in each
year. Said report shall contain a detailed
statement of the condition of the business
of said association or corporation for the
year ending December 81 next preceding,
and such statement shall set forth the
actual cost and also present value Of the
property of such association or corporation
used in the conduct of its business, the
amount of paid-up capital stock, the
amount and character Of the Indebtedness
of such association or corporation, the
amount and cost Of materials used in MAX
ing gas, the amount of gas manufactured,
the amount Of gas sold,' the average price
per thousand cubic feet received for gas
sold. the revenue from the sale Of all by
products. the revenues from all other
sources, the extensions and Improvements
made in the plant and works. the actual
cost of the same. the amount expended for
labor, the amount set aside for depreciation,
the amount set apart for insurance and re-
newals, the amount paid out Of earnings
for betterments, the amount paid for bet
terments from other sources, the amount set
aside and paid in interest and dividends,
the surplus after paying the operating ex-
penses and fixed charges, the statement OF
the operating expenses to be ttemtzed and
classified as is done by other public utility
corporations, in the District of Columbia,
the names of the stockholders and the
amount of stock held in such association or
corporation by each of them on December
81 next preceding the date of such report
ANY such association or corporation, not
later than the fourth day of December in
the year 1907, shall make to Congress a
sworn report in accordance with the re-
quirements of this provision and showing
the condition of it's business as near as Its
present method of bookkeeping will permit
for the year ending December 81, 1906"