The Washington times., 1909-02-25

{ language Of the bin" replied Mr. Wei
, liver, reading.
d" The total amount co. capital stock
that may be issued under and by virtue
Of this act 10y the Washington Gas
/ Light Company shall not exceed $500
Geo, unless the said certificates Of in
debtednesS shall have been first con
verted into capital stock, nor $4,000, 600
after the said certificates have been con-
Nerted into capital stock.
without doubt" said MI WelliVer.
that opens the WAY 10 add $4,000, 900
To the 100000 already issued.
Nj Weliiver appealed 70 the law
yers present for their construction Of
the law, and, with the exception OF
Mr. GoldsboroUGh, they all agreed with
him.
as To Il detal which involved an amount
equal to the present capital OF the COM
pa0y. finally explained that he was not
very familiar with the bill. not having
had time 10 make much study OF it.
Secreted Plum.
THIS exposure Of a secreted plum or
s.. 600,U 100 additional profits TOT the Gas
monopoly left Mr. GoldsoOrouSh some
what bereft Of confidence during the
remainder OF his presentation. Nh Wei
liver declared that tbeTe was every
Gates Of Indebtedness are now owned by
the insiders Of the gas company. and
that under the Senate bill these are 20
DC exchanged, ultimately. Tor ABOUT
TWO and One-half times their par val
Ue, in stock
H declared that this plan Is plainly
indicated by the bill. that the big profits
will he made, in the transaction. by the
holders, not Of stock, but Of the certh-
Gates; and that people who arc now
buying stock al hign prices. IN the con
IideHcs that they are going 70 get the
profits Uf the reC3pitallzatioE, VIII ma,
h.Ik- HRtTlL Il
while The certificate holGerS-the present
management Of TIE compeny-wiI get
away With the huge profits.
They Will ina fact make double
profits declared MI. WcIliver. they
are new unloading their stock az very
high prices, making one profit on 1t,
they Will later turn their certificates
into more stock, and reap suH big
Mr.. GoIdsborougn said lie marveIed
that anybody could so DeTVeTt language.
or so suspect the motives Of the Gas
company's financial management. which
had always been above suspicion, as 20
charge such a program. He denied.
moreover, that il could be carried out
under the bill. Mr.. WclliVer replied that
ne had the authority Of some OF the best
lawyers in Congress for the statement
that this plan not only could he carried
out, but that IL was maUifestlv hat
was intended under the measure
Privilege Dangerous
Ar Welliver charged that the pro
vision allowing the gas company to in
vest in coal, oil or gas lands was dan
Eerojis. He said that with some knOWl-
edge OF Gas Monopoly methods in the
past. and recollection OF how so emf
nent o. fnanCier as Hartman bought
Alton at - and sold IL TO the Union Pa
cihc, Of which he W6S president. at 20.
poCEetinE the profits to his personal aC-
count. he would not like - trust even
so immaculate financial concern as
the gas company with the opportunity
10 make the same turn.
The gas management. he said. could
buy as individuals \ piece Of coal land
Tor 100000 and then turn around and
sell II to the gas company for &, 600 90,
II they liked. and pocket the profits.
He didn't like TO tempt the gas officials
so seriously.
Mr.. GOldsbOTough was again gripyed-
and positive that the gas officials
wouldn't think OF doing such thing.
He said the provision for allowing the
gas company 20 buy coal lands vas the
same that is in the Boston ConsoIilat-
ed Gas charter
Nir- Welliver denied this. and explain
81 the Boston consolidated case, which
he said is entirely different from the
one here. giving a Drief statement or
The workings Of the Massachusetts gas
commission law which safeguards The
public interest I'm all such matters.
while there IS no such guardianship
here