Evening star., 1909-02-11
GAS At NINETY CENTS
Senator GaI|inger's Bill Also
Limits Monoxide.
IN EFFECT JULY FIRST
To Take the Place of All Pending
Gas Bills.
PROVIDES FOR STOCK INCREASE
Board of Appraisers to Be Appointed
and Report on Valuation Of
Manufacturing Plants.
PROVIDES FOR STOCK INCREASE

|
| gas.
The text of the bill is as follows:
| That on and after the first day OF
July. 1909, no person, copartnership, as
| sociation or corporation engaged in the
| manufacture and sale of gas for fuel or
illumination In the District Of Columbia
shall sell or otherwise dispose of the
same to any person, firm. copartnership,
| association or corporation in said District
for a price exceeding 30 cents per thou
sand cubic feet and such gas shall be of
not less than twenty candlepower,
measured by the test established
by existing law. and shall not,
on and after September 1, 1910,
contain more than 10 per centum Of
carbon monoxide gas, provided that If
any consumer other than the govern
ment. shall not pay monthly any gas
bill within ten days after the same
shall have been presented said company
may charge and collect from said con-
sumer So failing to pay said bill as
aforesaid $1.0O per 1000 cubic feet for
the gas furnished said consumer during
said month.
Section 2. That section : Of the act
entitled an act relating to the sale OF
gas in the District of Columbia ap-
proved June g, 1896, be, and the same is
hereby, repealed.
Valuation Of Property.
Section 3. That within ninety days after
the passage of this act it shall be the
duty OF every corporation manufacturing
gas in the District Of Columbia to begin
proceedings in the Supreme Court CT the
said District of Columbia, petitioning the
said court to make, or cause to be made
q valuation of the property used in the
conduct OF its business. the said valuation
TO be made as herein after provided, and
under such rules and regulations as the
said court shall prescribe and under
proper instruction to the board of ap-
praisers hereinafter provided for by the
said court as to the legal element of
value; the said proceedings to be had
after notice thereof of not less than
thirty days from the filing of said petit
tien to be served upon the Commissioners
or said District OF Columbia, who shall
the case and there shall be a right Of
appeal for either party from the decision
of said Supreme Court to the Court OF
Appeals of said District of Columbia and
therefrom to the Supreme Court Of the
United States.
I'm order to enable the court to. make
or cause to be made the valuation Of the
property of said corporation as aforesaid.
the court shall proceed to appoint board
OF three capable and disinterested ap-
praisers, who shall be sworn to the faith
full performance Of their duties
This board shall examine the property
Of the corporation and take the testimony
of persons in interest who may appear
before them and hear any other testi-
mony that may be deemed necessary to
aid in arriving at true and Just valua-
ton Of said property. and they shall re-
port to the court their finding concerning
such valuation. This board shall also
report the amount Of stock, bonds and
certificates of Indebtedness which the evil
dence may show to be outstanding against
such said corporation.
The report of said board Of appraisers
may be excepted to by either party to
modified or amended as the court may
determine when giving its judgment In
the proceedings. which shall be subject
to the appeal above provided for. to be
be taken according to the law regulating
appeals in trials Of cases in equity in the
District Of Columbia.
Right to Increase Stock.
when said report is finally AGED
upon by said court the corporations shall
have the right to increase its capital
stock to the amount Of said valuation.
and all proper costs and expenses incurred
in said proceedings. including compensa-
ton to the board Of appraisers and to
experts called by the Commissioners of
the District of Columbia, as the court may
approve and allow. shall be borne by said
corporation: provided. that SO much of
necessary to retire its existing refunding
Indebtedness may be issued to the holders
of the said Indebtedness in lieu of the
same. at space or par value.
and the said corporation. as part of its
petition herein provided for. may include
a description of any improvements. extern
sions or additions to it's property then
contemplated. with estimates Of their
costs, and, If approved and allowed by
the court, capital stock equal to the
amount Of the actual cost thereof may be
issued therefor, but only from time to
time, as said improvements, extensions
and additions are actually made and COM
pleted.
May Petition Courts.
Section +That if at any subsequent
time such corporation shall desire to is
sue additional bonds upon it's property
to be secured by mortgage or otherwise.
it may file it's petition to said court. set
ting forth the necessity Of such issue,
and thereupon the said court. after thirty
days notice to the Commissioners of the
District Of Columbia, may, under reeu-
lation ,,t to be t,I prescribed by said said
bonds: provided. that the amount
Of stocks, bonds and certificates Of
indebtedness at any time outstanding
shall not exceed the value of the prop
erty of the corporation used in the con-
duct of its business and the cost of any
extensions and enlargements OF plants
that 1t may be necessary hereafter to
make as determined by the court.
Section 8. That on and after the ap-
praisement of the property used in the
conduct OF its business. as hereinbefore
provided. the standard rate OF dividends
to be paid by such corporation to its
stockholders shall not exceed z per
centum per annum on the par value Of
be increased except as hereinafter pro-
vided. and, If. during any year ending
on the s0th day of June, the maxi
mum net price per 1000 feet
charged by the said corporation has been
less than the price in this act specified,
then the said corporation may. on and
after the said 3Oth day Of June, declare
and pay dividends exceeding the stand
ard rate above named In the ratio Of
one-f1fth Of one percentum for every one
cent Of reduction Of said maximum net
price below the standard price as here
inbefore provided.
Provides Tor Reserve Fund.
Section 6-That if the net profits of
the corporation applicable to the pay
ments of dividends amount in any wear
to q larger sum than is sufhcfent to nav
the dividends which the corporation is
herein authorized to. pay the excess
above the sum necessary for that prr-
pose may be accumulated as re-
serve fund not to exceed per-
centum of the par value Of the
said reserve fund to be subject to the
control of said cOrnOrafSon aS ire