The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-02-12
Congress Expected to Pass
Bill Put in by Senator
Gallinger.
DIVIDENDS FIXED
AT SEVEN PER CENT
Sliding Scale Provided-Capital
Must Be Based Upon True
Valuation of Plant.

NoN that Senator Galjmger has il-
tr0duceJ a comprehensive gas bin in
the Senate il is expected the District
. Committee. of which Mr.. Galliuger is
chairman. viii make "a favorable re-
port ON the bin the coming week and
that 10 viii be passed by the Serate
without delay.
The outlook for gas legislation before
March 4 is now regarded as excellent
The bin introduced by Senator Cal
linger is rE0 one that was outlined by
the subcommittee on public utilities of
the District Committee. Iu conjunction
with the Corporation Counsel It's
intent is To embody substantially the
provisions contained iu the several bills
now pending before Congress-.
According 10 the GalIirger bin, the
price of gas is to be reduced to 30 cents
and the gas is. to contain not over 10
per cent OF carbon mOuoxide.
From the time the act is passed the
gas companies viii be- required 10 main
tain open books. as prescribed by pub
lie service commissions of other mu-
inequalities, these accounts to bee APP
proved 10y the Interstate Commerce
Commission.
Suqlng Scale PROVISION
one OF the most important features
Of the bin is the sliding scale provis on.
This is based on the practice of Lon
don, Boston, and various other cities.
n is intended 10 compel the gas com
panies TO reduce the price of gas i'm ac-
cordance with the increased dividends
which are declared.
II is provided the gas companies may
pay dividends exceeding the rate Of E
per cent iH the ratio of one-Gfth of
per cent for every cent reduction below
the. standard price Of 90 cents per l.00o
Provision Is made for a valuation of
lHt pants or the gas companies One
of the first sections Of the bin ure-
ScIlbed that within ninety days after
the passage OF the act it shall be the
duty of the gas conIpanies TO begin
proceedings In the Supreme Court of
the District to- have their properties
valued. under such rules as the court
may iaE Gown The Commissioners
are 90 bee notified and to be a party to
t1e proceedings and there Is 90 be right
or appeal for either party TO the Court
or appeals Of The District and then TO
the United states Supreme Court.
Three appraisers Asked.
il IS provided that in order 10 enable
The court 10 make a valuation, the court
shall appoint three capable and disin-
terested appraisers for the purpose.
When the report Of the valuation is
made ia accordance with law. the cor
porati0n is 20 have the right to increase
its capital stock to the amount OF his
valuation The bin in this connection
provides:
when said report is finally acted up-
ON Dy @ald court, the corporation SHAH
nave the right to increase its capital
stock 70 the amount Of said valuation.
and al proper costs and expenses IN
CURED IN said proceedings, including
compensation To the board OF appraisers
and TO experts called bT the Commits
ElOners. as the court may 1UDroye md
allow. shan be borne bv the said cor
poFatiOu. Provided that so much OF said
Increased capital stock as may bee ueceE-
sary TO retire its existing funded in
deotedness may DE issued O. the hold
err OF said indebtedness I'm Heu Of the
same az face par value.
What May Be Included.
F'And the said corporation as a part
Of its petition may include a descriD-
ton Of any Improvements, extensions.
or additions to its property then con-
tempated, with estimates OF their cost.
and IF approved and allowed by che
court, capital stock equal 90 the amount
Of the actual cost thereof may be
issued therefor, hu- only from time TO
time as said improvements. extensions,
and additions are actually made and
completed"
If at any time either of the gas com
panies desires 10 issue more bonds.
the bin provides for the necessary pro-
ceedlnEs iu court and the approval of
The court b. necessary.
At the ON, set. the rate OF dividend
allowed is 9 per cent as the maximum
The bin amends the charter Of the
Washington Gaslight Company $50 as