Evening journal., 1913-12-18

tne matter. lie remarked tndt IN or
der to pay dividends on the watered
stock the concern might raise its
rates, and that the commission, there
fore. should have some Information
concerning the actual valuation of the
company
"An Investigation should be made
or the board should be wiped out of
existence he explained.
Councilman McDermott agreed that
if the commission did not get together
and agree on an investigation, the
body should be wiped out of existence.
Colonel Stover then brought back
the real subpect under discussion.
whether or not the company has a
legal right TO charge ; cent fare.
he believed the remarks of City
Solicitor Hastings were very appro-
PIRATE, and that the logical thing to
do would be to first ascertain wheth-
er, under its charter. the company
las legal right to charge a 8 cent
fare if an agreeable arraneement
could be made with the traction COM
pany' and after that TO get at the val
uation OF the company. He believed
It will be difficult to get at the real
valuation of the property and that
the physical valuation is already as
sessed up to the full value. The
property. he said. is assessed at S20.-
O0O Colonel Stover said he could get
many contractors to build a similar
line for that amount. The uues-
tion is. he declared. what the value of
the franchise and permission to run
over the streets is worth.
President White agreed with Colonel
Stover and remarked that the fran
chlse right is very valuable asset.
Mr.. Garretson read some data rela-
tive TO tho assessment values of pub
lie utilities in Trenton. He stated
that under the present law there the
TAX on franchises goes to the state
and for the city TO get il it would be
necessary to have an act passed by
the legislature
Mr.. White agreed that the city can
tax only the real estate of the cor
poratiOns.
Mr.. Haney thought it time to wake up
and 90 ahead. because the people have
been crushed long enough bv the public
utilities. He declared the companv
must be hiding something or thev would
not object to am investigation and cx-
pressed the opinion that the company
would voluntarily return the strip
tickets rather than submit to an in
vest ieation. He said the people are urg-
ing that something be done
Councilman Zimmerman remarked
that he would like To have $4,000 in
vested 20 make as much money as the
traction company's S20O00 property
does. He said that he, for one. would
vote for an investigation. and that the
Service given by the company is very
poor. and that some nights people riding
ON the cars We're packed like sardines
in can.
AT the invitation of President White,
DIR. II. h. Spuance gave the history of
the local company i'm detail as well as
the previous owners of the road and the
figures involved in the several transac-
tions. He declared that the company
has guaranteed per cent. interest on
the bond issue used to buy the Chester
and local railway companies. and tc
build a connecting line between the two
companies.
Recall Hoff's Valuation.
DIR. Spruancc stated that Mr.. PoH. a
former superintendent had placed val
uation on the property of 81 ,43O 26O. TO
which he had taken an affidavit The
company paid S22l,770gD rental, which
is more than l5 per cent on Mr. Hoff's
valuation. o. r. Crosby, a former pres
ident of the company had placed
vcluation of - ,500OOO on the property
and the rental is o per cent. of that. DR.
spruance suggested that the board )i
assessment try TO assess the company
at Mr.. Crosby's valuation. He believed
4
ING and said that ne was willing TO pay
his portion of it, he did not think that
corporation should be permitted to
amend its own charter. He said the
Wilmington and Philadelphia Traction
Company was really owned by the In
terstate Railway Company. and had
been leased for 900 wears TO the local
company. He did not know whether
there were any dividends paid on the
stock. not being a stockholder.
President peirce remarked that the
act creating the board provided for an
investigation oi the company.
How are we TO investigate without
money! he asked. "l'm like Mr.. Me-
Mullen. II we are not allowed to spend
money ] am rcady to get out There
has been very little done by the commits
sion. for there are people in the commits
sion who are doing all they can to pre-
vent an examination. Tor one. favor
an Investigation. for tho people want IT,"
10 was pointed ont that an inyestiga-
tion would take time and that any ap-
preparation made would not come all at
once. but would hc distributed over
seven or eight months, and some of IL
would come out OF next years budget
Councilmen Hancy. McColdrck. McDer-
mott and zimmerman each spoke urg-
ing the investigation, and Colonel Slower
stated that il tho city solicitor APP
proved the appropriatng Of the money
he was willing 10 20 ahead. 81 am guided
bv the opinion of the city solicitor" he
said. "llc is the legal advisor of this
bodv'
Mr., Hastings believed that the decis-
ion involved the discretion and Judgment
Of other people and he did not believe
it would be fair TO have to state his
opinion.
III would not he a fair position TO put
me in. he stated.
Mr. Haney also held that this would
he placing too great a burden upon
Mr. Hastings shoulders. and he urged
that the appropriation he granted,
that il be the sense of the committee
Of the whole that such a recommen-
datior he made al the meeting to-
night The request of the Utility
Commission for not less than $4,000,
was read by the Clerk of Council C.
NJ Dillon At The question upon this
t1pffou ,r