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

Do you want any better proof OF preJu-
dee than their heartily approving,
apparently without consideration,
measure that denies TO us the use and
that might be fatal 10 our corporate
lives. Heartily, as though enjoying
a mess Of that nnaSlsterial meat thai
Caesars immemoriaIiy have grown grea'
upon Heartily and that too, yea
viii notice, without even offering us
that counterfeit presentment Of a day
in court judiciaily styled IN official cir
cles "a municipal hearing" Mr. Chair-
man, we are their largest taxpayers,
but that avails Us nothing; we cheer
fully give I'D to them 100 per cent more
OF our earnings than does any other
utility. that moves them not We make
a smaller percentage Of profit than any
other OF their public servants thdt
counts for uaUgaL Alas their heaven
ly wrath and ind gnatiOn against us =
too firmly set for square or plumb. and
we are up against a. 1t is incumbent
upon us, therefore, however we may
prefer 10 go right on, TO pause a mo-
ment to dispdsSiOnately consider the
real facts Of the case, and particularly
bias has dawn here and elsewhe
from time TO time, the absurd COnclu-
sions I VIII now, with your permission.
endeavOr 10 dispose of ia Logical Sc
quence. What are 5hev2 Let us briefly
take them up seriatiu- skipping the
first in order as TOO frivolous for pri-
mary consideration
The Initial Premise.
/ That initial premise, then. always
IL this-that gas is composed chiefly
of wind and water, and. thereto 2,
costs nothing and requires no In
vested capital to make it Let US see
about that
Apart from the testimony Of D.
Humphreys, a Witness who IS admit ,e5
TO be -emineutIy a master OF the
subject. we have proof enough TO
satisfy the most exacriuE mind Here
is our annual statement, for instance,
which. not having been challenged,
you are bound 10 accept as unim-
Deachab le-as In fact IL is From this
IL appears that the washington Gas
light Company has paid during the
fiscal year, Tor taxes Alone, something
Ike $500 a day, and daily over $4,000
for labor and materials used in the
business These three items. wages.
materials and taxes. approximate
closely the aggregate OF $4,000 day
TOT every day In the year, Sundays In
GUIDED II also shows that we have,
iu rounds numbers. $4,000. 900 in tan
ginle properties 10 say nothing Of
franchises. invested ia the business
An estimate that checks up all round
as shall show YOU. with every &C
cepteu test and criterion o. value le-
gally and squlta5ly applicable 10 such
q case
Here IS a fact, for instance. that
ConclUsively indicates and justifies a
uiuch higher valuation than that, 90
tTaSllSnr CompaDEs with total out
standing securities aEEregatinE less
LLdU -. seH,HHH. pays an amount IN
taxes which VIII this year no doubt
amount 10 $4,000. OF exceeding Z'I-2
per cent on the par value OF our en-
tire net earnings that 9 TO say. bout
@ per cent per alUum on its $500. 600
capital srOCk-an amount By the way.
that, capitalized upon our regular mu-
nlcipal tax rates. would make grand
total OF approximately $4,000. 600.
The fact IS We paid ia taxes the last
year tlF191 20 per cent Of our entire
net earnings, that is 10 say. Of our
gross earnings less operating eNDeu-
ses-7vitlorlt deduction from interest
Of capital charges Of any kind Does
not that bare and simple fact con
clUsivelE demonstrate that we are
! enormously uudercap italized.
The Price Of Gas
/ But iuasmuch as I propose 10 consider
physical values in another part Of this
+ argument we VIII pass that branch of
the case for the present, to go to the
next count Of the Indictment which has
had an inseparabIe relation 20 IT. that
in the last analysis. Il Is believed, is al
the root OF the whole case
IT has been charged over and over
again here and elsewhere, that the pres
eut price of gas $50 cents per thousand
f is unreas0usbIy high when compared.
first. with the prices Of Their things
- chat are necessary 10 She comfort and
. convenience CT mankind and. secondly.
with the prices paid Toy our ueiShbors
and feli0w-rD-U-rET under fairly
comparable conditions III Chairman, Is
that charge or either part or % true
Is the -rf-a OF Ea= in washington. OF
+ elsewhere for that matter, in any sense
OF the word high when compared with
{ prices PAID for other comparable things
that constitute the LeccSSiLleS or me-
Now the flC0utesLfHle Iaud / am glad
that there is at least one fact which no
one has as Yet been reckless enough to
dispute. the admitted fact II that the
price Of gas and It's by-prOducTs have
been steadily declining year by year
+ since ISIS Going down down down, Ike
gTcCTi-rE. on constantly rising market
. for all the other necessities and IuEuries
Of life for the better half OF a century.
. During that period or uninterrupted de-
scent. without a ShaloW OF TiTllh 3
. the cost of lighting Illuminating power
. duly considered. mas fallen a thousand
-l- cent. whilst the cost Of living as Go
. every other ueedfNl thing except gas,
has continuously advanced until even
. faUariCIS-u cannot dispute L1e LacL JlaJ
eaS is the cheapest necessity that money
T can Hr1v-cheaue- than anything II com
3 uetes with "a any way cheaper Tor IN
"
for lighting purposes more economical
/ for fuel purposes, particularly FOR apart
r-enrs and small houses than wood oil,
. or coal and generally speaking, I re
+ neat for every other equally IDcispensa-
lie thing. Far be Dc from me- neverthe-
less. 10 contend that this fact fCrecloseS
{ The equity of the public, but confident
4 IL submit that 10 does raise, In every I'M
Z Partial mind an equity for the company.
D Further pursuing our inquiry INTO TINS
I Interesting matter, let US look at the
/ household price-Iist for moment
Five Cents Cooks Dinner
/ Flrry-hve feet Of gas 1--WE cents
/ v-urth) VIII cook a s. dinner for
/ family or viii light for you, with &
/ vvelsbach unantel, a small house al
night. Does that look high 20 you
( For the price OF a trolley ride. a LOAF
of bread, a couple Of eggs, apples, Of
/ oranges. a glass Of soda water, Z
class of beer or an ordinary dou1est'
( cigar. we light thousands OF homes from
/ darkness down 90 sunrise The day i
/ near at hand. II is hoped. that "a:
/ IAN fairly t.e sold cheaper, but Oczr
{ not that make e3-cent gas look fairly
good to youe There are $500 house
Z holds IN the city of Washington who's
+ daily hill for all the gas they use fOi