The Washington times., 1907-12-13
Gas Reasons Which Do Not Analyze.

If Auditor Payne is in his decision that
of 1896 regulating the sale of gas in the District
the purpose of aOrdng protection to the public in
dvduas dealing in with the stock of the corporation
by establishing, underlying such stock security in the
form of property PHYSICAL OR TANGIBLE possessions
of value equal to the par value of the stock ssued by
what process of reasoning does he add to the physical
tangible value of the little Georgetown plant with but
twenty miles of MAINS 500 661OO for "EVALUE OF FRAN
CHISE RIGHTS AND GOOD WILL which is nearly 80
per cent of the cOmpanys present capitalization? If the
Washington Gas Light Company's franchise values are
admitted at the valuation proposed by year ago.
than $6000O00 of its stocks will be pure and simple
How does this square with Auditor Payne's findings that
the is for the protection of those dealing with stock
of the corporation?
Under the Auditors decision either those who pur-
chase the stock of the company the gas is
bound to be bked and it's dollars to doughnus that
won't be the stockholders The gas consumers of this
generation alone, but Of generations yet unborn, viii be
taxed to pay for this waered stock which issued
with the sanction of the courts
Auditor Payne found another reason Congress had in
passing this act Of 1885, and that to relieve it from
the trouble of controlling the Gas Monopoly But Con
gess has right to avoid the duty it assumes to care for
the welfare of the citizens of the District AS pointed
by Corporation Counsel Thomas this matter of governing
the rates be charged for gas administrative act
and not proper function of the courts If Congress does
not to trouble itself to look after the affairs of the
District it should unload the responsibility altogether and
place it in the hands of the people.
The Gas Monopoly is entitled to fair and reasonable
rate for gas and is clearly lot entitled on mil
lions of waered stock So peculiar the findings of Au
dor Payne in the trial Of the Georgetown Gas Light Com
pany that there every believe that the peoples
right to just and reasonable rate is lost sight Of Again
Auditor Payne in his decision says:
''The purpose Of Congress, have Interpreted the
act is to establish security the basis of the issue of
stock by the corporation for the protection of the public
The of the plant which in the tigated cases is
uniformly treated having limited inclusion and as
subdivision of the term property is adopted by
findings covering all the tangible property of the
poaton The question presented here is whether the
tangible assets franchise rights and good will also
be included in the ascertanment of values may forc
bly, be urged that Congress had purpose the seIec
tion of the plant instead Of the
property But these elements of rights and good
will uniformly treated property of the opin-
ion and find that the petitioner is entitled have their
values included in the term used by Congress- actual cash
value of the plant.
The Hon. William H Langdon, the District Attorney
of San Francisco who successfully prosecuted the graft
ers of that city, in speech delivered in New York the
other day. said:
''The only profit which this Government of ours al
lows business enterprises is legitimate profit The only
vestment They tell you only human for these men
to bribe tell you it is human be virtuous as to be
vicous''