The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-04-29

the company. took theStand Mr. NhltWell'
Ia response to Inquiries from Mr.. Cou-
drey. stated that he had carefully pre-
pared statement showing the gross
earnings. the net earnings. the fixed
charges, and the dividends annually since
1856, or twenty-four years; also showing
the percentage of earnings 70 the book
value of the investment for all of those
years but had not computed the per-
centages earned upon the value Of the
plant. which was largely in excess Of
the book or cash value. lie explained
that Humphreys and Glasgow appraised
the appreciation on book value in 1925
TO be 100 per cent above cost. and that
the New York syndicate for whom this APP
praisement was made thereupon offered
SS.5000o0 for Il. although the book value
was less than 100000 He said the
earnings applicable to dividends on the
stock averaged 1850 per cent on the
book value $50 per cent, and that that
would equal probably about per cent
on the actual value; that during the
twenty-four years the company had paid
a scrip or certificate OF indebtedness div
idend OF lOO per cent declared In 1903
Mr. Goldsborough asked the witness
whether that dividend made the stock
holders any richer. Mr.. Whitwelf replied
that each got an extra dividend OF so
per share I'm an evidence of debt due
practically by himself TO himself
MIR Goldsborough-Can a man make
himself richer by issuing notes 10 him
self or selling his own notes secured upon
his own property 10 somebody or anybody
else al par or by cashing his own notes?
Mr. Whitwoll-I think not.
Mr. GCldsborough-A man who owned
one-tenth of the stock got certificates for
$4,000. but his stock was practically
. nortgaged for that amount was it not
50 that he was not substantially any bet
ter off than before, was he?
Mr.. Whitwell-No. sir He simply mad
an evidence of the appreciation Of his in
vestment. and that's about all there was
TO it.
In answer TO Mr.. Rothermel Nj Whit
well explained the theory OF depreciation,
which justified charging Of a certain
amount annually to cover losses occur
ring in that way by wear and tear, &c.
remarking that the company had adopted
a very conservative basis for meeting that
requirement OF the Interstate Commerce
Commission.
The chairman announced that the hear
ing was concluded, and invited Mr.. Colds
borough 10 begin his argument
ARGUMENT OF
MR.. RICHARD GOLDSBOROUGH
Before the
Committee on the District Of Columbia
House Of Representatives
April Is. 1910
On Joint Resolution No. 1i6. 61st Con-
gress. "a Session
Prohibiting the Washington Gaslight
Company. Georgetown Gaslight Com
pany, or any other gaslight company
in the District Of Columbia from issu-
ing any bonds. certificates OF indebted
ness. or any other evidence Of debt, ex-
cept such as shall actually he required
for the payment OF necessary better.
ments and improvements only. without
the express consent Of Congress"
Mr.. Chairman and Gentlemen Of the Com
mittee:
With your kind indulgence. before tax.
ing up the legal points OF the case. vii
briefly review certain concurrent matters
that seem 10 me TO be more or less in
separately related 20 H.. Not that it +.
essential or even pertinent form lega
point OF view TO consider things that are
so TO speak. eXtraneous 20 the issue, but
because II goes without saying that the
whole subject should he reviewed. wher
constitutional rights, sacred to all, ar,
10 ha IN &c ~ ha1
way than this Of safeguarding the ju
dicial mind from poisons that are dropped
-as symbolized IN Hamlet-into ear
asleep to the dangers Of partisanship-
oblivious TO the play of the passions
equally fatal, whether honestly aroused
in the public interest or UnconsciOusl,
excited by purely personal-or professional
or political views and considerations
Man Is a militant animal at best. as ",
all know from experience. and not giveI
10 close analysis when in the heat o
blood The truth is, the celebrated cpl
gram Of the illustrious Sherman is equall
applicable to war wherever waged. Their
Is. however, something involved in thi
case deeper than partisanship. deepe
than politics, deeper than personal prid
Of opinion or prejudice; and that is this
In the light OF all the great decisions
fairly shining for our guidance wha
should be the attitude Of the legislative
the public and the judicial mind towar
this sort OF legislation2 Looking at III
subject broadly, squarely and frankly. no
overlooking or minimizing in the leas
the public equities-hOw should We I'm thi
the dawn OF the twentieth century. trea
our political Peter Pans who must indef
nitely continue TO be legally regulated
these children Of the law-public servant
forsooth who can never grow up; who's
servitude units them for mastery: who's
parentage should protect them from slay
cry? Is II not. from every point of view
economical. moral. and legal. to the tru
interests OF the people to treat them nc
only justly but fairly-even generously
as Mr.. Justice Moody substantially put
#? or on the other hand. should you &
20 the uttermost limits OF your power
II power you have, TO amend for any III
Golden Rule. that is or ought to be, til
common shield of all2-the ever Code
Rule not only as religiously defined /
the Book of Books, but as politically dc
fined in the Charter Of Charters-the Cor
stituton OF the United States.
want to say. Mr. Chairman. in III
outset that be this as It may. be you
attitude toward rs what Il will. III
companies I have the honor to represer
will always be. as they always have beer
your faithful and loyal subjects. I war
TO say again that we do not now an