The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-04-29

] a. ana utterly TEpUEnauL IN D0Ln let
! ter and spirit to every decision Of the
/ Supreme Court upon the subject render
T ed within the last thirty years DnlOrt-
unately for Us. this fact does not fore
{ iieEe mere IS YET hiSner court.
/ tribunal in the cOnSCienCeS OF men, that
VIII some Gay proclaim Yet higher
/ code, when socialism sits crowned IN the
{ Capitol If the fuIlness OF time were
( ripe, / should not hopeieSSly appeal
I even TO socialism IN such a case. but 10
! YOU who are under bond, so D speak,
] 70 ule CONSTITUTION as II STANDS, / feel
{ ae can confidently look for the pro
/ lection II grants 10 ali and the relief Il
: denies ~ none who are within their
8 rights It may not prove amiss- there
3 fore Tor me 10 anticipate, just here be
/ .cre SOin- intO facts as 1 propose TO
/ 90 fully later on. the rules % the law
! mat / shall argue to you IN due course
( define our rights and limit yours IN the
/ premises They may be briefly sum
3 married. as follows
T. An established rate can only be
! deemed excessive when il viii yield
] more than q reasonable return upon the
/ actual value OF the investment
- All public service corporations have
Z a right % make and distribute earn
: lrES UpO1 the actual value of the prop,
5 ertE employed In the conduct Of our
business irrespective OF its ownership
and Of course. Irrespective Of the face
value or par value OF the securities out
standing against tor OF rheir owner
ship.
+ 3 The coupany-s franchises are prop
+ eTtys and as such are assets upon which
+ il Is entitled to predicate earnings
: f. That public utilities do not have 70
/ be lncoTporated-Jhelr rights as TO rates
; relative 70 those Of the public being
! mutual and wholly independent Of paper
. capitalization
Ideal Public Utilities
/ 3 That public utilities, # capitalized al
all. should. without exception. be ideal
I Iy capitalized that is TO say, that there
/ should be a true coincidence and CORE
/ spOndeuce between the actual CaFitali-
+ zatiOn inherent in the value af the In
! vestment and the par OF face value Of
! the securities issued against 1t, 10 the
( end that every dollar in securities may
: represent neither more nor less than 1o0
cents worth Of property, invariably 70
/ be honestly assessed
! G. Bette-ments derived from legally
J established rates belong TO the company
: making them. and their value may and
, should be included in the appraisal OF
( the property used in every case
! z It IS not against public policy, as
I defined by the courts. for public service
! corporations TO permanently invest un-
[ divided profits earned under statutory
REGULATIONS and rates in extensions bet
I termeuts. OF surplus Of any kind. or for
any purpose
F 3 III is not Nl-tL--l ALA- tf-fAfEA "a LII
greSs 20 pass discriminatory laws that
/ Is 10 say, laws that tn effect deny 20 one
person the protection granted 20 cLi-el7
l-au persons. whether natural OF aru-
4 fetal. being equally guaranteed BY the
Constitution in the tul use and enjoy
menL OF their property and property
rights.
should like very much. M CEair-
man. TO proceed Immediately 10 discuss
/ these propositions without further refer
5 euce TO the determinations which are
more or less as have alreacy salu, I'D
the atmosphere OF tins case Gla 1 nov
feel II my duty to all whom % may con-
! Germ once and for ali 10 demonstrate,
bv uuimpeaChabIe testimony that the
company Is not only negatively IuTlocenI
lin the premises. bIt alnrTndtlEely worthy
! and well qualified on account OF It's
merits to be commended here and else
Il where as a, good and faithful steward,
the peer Of any and second TO none IN
the fun and lust performance OF It's pub
lie and civic duties
j. Now then, let Us cast aside al techni-
caIiries and pre5udiCeS, and look the
whole subject squsrely in the face 20
see If We can what there IS IN II Of truth
and vera City-Or Of the want Of tu-cOu-
scious. subconsCious, or unconscious
Ignorance of Industry
On the threshold OF cur modest fac
tory into which I am about TO invite
you. regret to say that there is not
about any other industry OF universal
interest in this country so much persist
eut ignorance as there is in regard 70
the business Of gas making Consider
ing the familiarity OF the public with the
subject. its intensely intimate relation
20 It's affairs from the cradle 70 the
grare-the magnitude OF the general
INSTRUMENTATION about this art IS simply
astounding It is now over a hundred
years sinch Murdoch startled the world
with his truly Aladdin Tampa discOv-
cry that has UNNECESSARILY contributed
TO the comfort convenience, and safety
OF mankind II IS not too much 10 say
that since the tabled Pr0mett Gus
brought fire from heaven there have
been few more benefcent achieveme nts.
And vet It is impossible TO escape the
conviction that there are Intelligent men
among US, otherwise reasonable. respou-
sibIe. and representative citizens, who
actually believe, judging from their at
titude toward Il, that gas making IS a
uefarIous business. and that we have no
rights which anybody worth taIkiug
about is bound 10 respect This. feeling
may be aptly expressed by Daraphrasiua
the old slogan equally compromising
and uEcOmDromisinE Anything 20
beat Grant It sounds ike an fucred-
ible thing, but Il IS none the less true
pie throughout the country who canrgt
be divorced from their decisions upou
this subject by any amount OF arE71-
ment. people who persist IN believing
for instance, that It costs nothing. com
paratiVely speaking, 10 make gas. that
II requires nothing or next "a
nothing IN the way Of capital TO produce
1t; and that, unlike other successful con-
Germs. public OF private. no part Of its
financial prosperity past or present. is
.5Ee or Ought TO be credited to sound
financial methods JudiCiOUs Investments.
OF, generally speaking, good manage
Uent- Why we are gTavely told that we
b are neither entitled TO the lions share
- nor the lambs portion Of the so-ca led
{ -'uneaTned Increment that has made
Washington famOuS-beCause. forsOOrh.
I we have contributed nothing 10 its
. growth and development We who
. have mainly for over half q century
furnished the light without which #
would Still, 10 a moral certainty. be q
village surrounded by Potomac marshes
Illuminated on mOouless nights only by
pitch torches. iack-O' lanterns. and ire
. flies Nor Is this the appropriation OF
: our share OF the increment, the height
of our offenSe-there are those who
- sJoutly maintain that we should actually
be regulated out Of business for rein