The Washington times., 1910-02-19
Representative Cou drey
Wants to Prevent EXpan-
sion of Capitalization.
THINK 1T WILL STOP
ANY MELON CUTTING
Managers Fear Widespread Public
Disapproval If a Large Divi-
dend Is Declared.

The, introduction in the House Of a
resolution by Representative COudrey
10 prohibit imitation OF the securities Of
the Washington gas companies, has
opened one more line Of effort to curb
the Gas monopoly.
AS matters now stand there are pend
ing in Congress:
The bill by Representative Cary Of
Wisconsin. TO reduce the price Of gas
70 50 cents per thousand
The Joint resolution by Mr.. Coudrey,
to prevent expansion of the capitaliza-
tion OF tho companies.
Tho Senate resolution by Senator
Brown, TO call on the Attorney General
for information concerning the legal
status of the gas companies and their
right to issue more capitalization with
out authority Of Congress.
Taking Active Interest.
Mr Cary and the friends OF the public
interest are pressing for consideration
OF the Cary bill IN the House Committee,
and expect that they viii get it re-
ported at an early date MesS-s. Cary,
Coudrey, and others on the District
Committee are taking active interest in
the measure, and they hope TO get II
reported and passed IN time to relieve
the Gas monopoly Of some Of the drop
Slcal profits which are blOa1lng its sur
plus account and forcing it to consider
means OF distributing its cash.
The COudrey joint resolution intro
duced yesterday, is measure which
has Impressed many members of Con-
Eress as especially important to pass al
once, IN order TO safeguard against an
early coup by the gas people. The in
slGers Ed,e promised TO cali a meeting
or The stockholders soon after Congress
adjOurnS, for the purpose OF distrIbuI.
ing the surplus IN some way; and the
lawyers OF the gas interests are work
ing on plans for accomplishing this
II the COudrey resolution shall pass, II
is believed. the Gas Monopoly VIII be
estOpped from making any distribution
of profits except in the form Of a casf
dividend This the managers do mol
Having paid % Dor cent dividend Ias-
year, they calculate that a distribution
OF from % 70 90 per cent this yeaI
would arouse public and Congressiona
antagonism to such a point that mex
session would ipevitab bIv bring Iegfsla,
tion 10 reduce the price Of gas. not by
tho moderate proposal Of the Cary bill
but 20 SO or 70 cents.
Investigation First.
Mr.. Coudrey wants 10 make sure thal
the gas companies viii not be able I,
turn a trick IN capitalization befor,
Congress can investigate. Accordingly
he will press for the passage Of hi
resolution. with the design, later
of introducing and urging a resO
luton for investigation Of the affairs O
both the Washington and Georgetown
Gas companies, in the utmost detail
The text Of the COudrey resolution
follows:
Joint Resolution Prohibiting III
Washington GaSlght Company, George
town Gaslight Company. or any Othe
gaslight company in the District Of Co
lUmbia from issuing any bonds, cert
ficates Of Indebtedness, or any othe
evidence of debt. except such as shal
actually he required for the payment q
necessary betterments and Improvement
only. without the express consent o
Congress
Resolved. by the Senate and Hous
OF Representative Of the United State
OF America in Congress Assembled.
THAT the Washington Gaslight Com
pany and the Georgetown GaSHght Con
pany, or any other SasIight compan
in the District Of COlVnbia, each an
all. are hereby prohibited from issuin
any bonds. certificates OF Indebtedness
or any other evidence Of debt exceT
such an evidence of debt as shall az
tually be required for the payment {
necessary betterments and imDrOv,
mehts on ', without the express cOnser
OF Congress"