The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-02-07

Determined TO bring about gas legis-
lstioa Al this session OF Congress. both
10 reduce the price Of gas in the Dis
triet Of Columbia and insure the safety
Of the consumers, Representative Sims. Of
tennessee. yesterday introduced a very
comprehensive bill which he believes viii
rave the approval Of both the House Of
Representatives and the Senate.
The bill provides for So-oent gas, the es-
adjustment Of an initial rate Of divi-
lends. and the adoption Of sliding scale
4 prices and dividends, after the theory
now in force in many European cities.
md which is working 50 effectively in
Massachusetts,. 1t also prohibits the sale
Il gas containing more than 10 Per cent
carbon monoxide-
The bill is In line with what the Senate
has agreed on as TO gas legislation, and IS
approved by a majority Of the members
og the lower House. The District Com
nittee. K is believed. wiz recommend the
5iH without a dissenting vote.
May Pass House Tomorrow.
Mr.. sims plan is 10 cal Up the bill
.0-morrow and ask unanimous consent
nat the committee be relieved from
further consideration Of Il He VIII then
.ry 10 have IL passed.
The measure is far-reaching in its ef-
sect. and covers the proposed legislation
Il the numerous other bills pending in
Congress. Il IS identical with the legis-
lati0n which the Senate is said 10 have
decided on. The friends Of gas legisla-
lion IL the House have been IN confer
ence often during the last few days. and
Il Is the plan OF the two bodies 10 in
troduce bills as much alike as possible,
50 that the matter can be acted upon
more expedidousiy.
Provisions OF Bill.
The SINS bin provides that after July
l. Is0e. the price OF gas in the District
~ Columbia shall not exceed 80 cents
per thousand cubic feet. The price IS to
be regulated from tine to time in the
future The gas is 70 be OF not less than
eighteen candle power. measured by the
tests established by Law, and shall not
contain more than % per cent carbon
mOnoxide gas.
Section , Of the biH repeals that para
graph OF the present law which author
izes the gas companies 10 Increase their
capital stock.
It is provided that within sixty days
after the passage OF this act the gas
companies in the District shall institute
proceedings in the Supreme Court OF the
District Of Columbia 10 have made a
5Gdicial valuation CT their properly IN the
conduct Of their business In making
this valuation the good viii and fran
chise Of the companies shall not be ap-
praised
Nay Increase Capital stock.
After this judicial appraisement has
been made it shall be lawful for the Ess
companies TO increase their capital stocks
70 an amount not exceeding the value Of
their property 50 found. less ali legal and
valid liens. membranes. obligations Of
any kind that may be outstanding against
the property for which the companies
may issue 20 the holders thereof so much
stock as may be sufficient 10 retire the
same at its par value. If the Eas com
paHles desire 10 issue bonds upon prop
erty by mortgage Or otherwise. they may
petition the court for permission.
It IS provided that the amOunt Of stock
and bonds issued under this act shall IN
no case exceed the actual value of the
property Of the corporation used IN the
conduct OF its business exclusive Of good
VIII and franchise and the cost Of any
extensions and engagements Of The plants
that II may be necessary 10 make here
after.
Scale of Dividends.
The standard rate or dividends to be
Paid by these corporations to their stock
holders shall be per cent per annum
upon the par value or their capital stock.
This rate shall not be increased there
after. except that whenever the maximum
net price Per 1.e3 cubic feet charged bv
the corporation has been less than the
price specified by this act the corpora-
tons may, during the following year.
declare and pay dividends exceeding
the standard rate n the ratio OF one-ffth
Of 1 per cent for every I cent OF reduc-
ton Of the maximum net price below the
standard price
Provision Is made that If the net profits
of the corporations applicable TO the nav
Hent Of dividends in any year amount 10
q larger sum than is sufficient 10 nav the
dividends authorized by law. the excess
nay be accumulated as reserve fund
not 10 exceed ; Per cent OF par value OF
the capital stock OF the corporations This
reserve is TO be subject 10 the control OF
the corporations as their interests nav
require
Open Set of Books.
After the passage Of this act every
corporation engaged IN the manufacture
or sale Of gas in the District shah keer
open a set OF books in the manner and
form prescribed by the public service
commission OF New York. OF by svs-
TEN 70 be approved by the Interstate
Commerce Commission. The gas GONNA
MES are authorized TO purchase. own ard
operate for their own use ana benefI
coal lands wherever situated. and any
other sources Of supply OF raw material.
used in manufacturing its principal mod.
uet or by-preduct.
Mr- Sims said last night that his biT
was drawn TO cover all the proposed leg.
isistion and 10 suit both the Senate and
House Of Representatives. he believes
n view OF the short time remaining be
fore Congress closes, Congress must act
on his measure, OF one similar, or lei
the legislation 90 over until next session
Ships Cook q Suicide.