Evening star., 1915-04-02
COMPANYS VALUATION
IS CUT BELOW HALF
Public Utilities Commission Says
Terminal Taxicab Plant Is
Worth $225,O13.22.

That the true value of the property
Of the Terminal Taxicab Company is
a trifie more than $225.000 is the find
ing of the public utilities commission,
made public today. This valuation is
made up of actual reproduction cost.
the amount of working capital and
certain charges for legal work, organi-
zation and contingencies. The valua-
tion of the company's plant and prop
erty, divided into these three items,
according to the public utilities COM
missions figures. is Reproduction
cost, less depreciation. S19S,s1Geo;
working capital. $4,000: legal work,
etc, s1.136; total. $225.o13.22
The Terminal Taxicab Company in
its reply to the original findings of the
commission and at other times fixed
its own valuation of its plant and
properties at s53o.49s.6a. The public
utilities commission. 1t will be seen,
gives the company less than half that
value, as the valuation made by the
commission considerably more than
cuts the company's figures in two.
Commissions Figures Disputed.
The figures given in the report made
public today by the commission are as
OF April 80. 1914. when the original in
ventory and valuation of the taxicab
company's property was made. The
original valuation figures were given
10 the company November , last, and
a hearing was given by the commits
sion January 8 last. At this hearing
the taxicab company by its legal rep
resentatives objected to many OF the
findings of the comm sSton, and assert
ed that the figures in it's own yalua-
than those arrived at by the commls-
sion after its exhaustive investigation
and inventory
commission outlines the contentious OF
the taxicab company at length and IN
terms not readily grasped by any one
other than an expert accountant IA
miliar with this particular line OF
work The summing up OF the COM
mission. however, is direct and to the
point 1t holds that the company s
points are not we'll taken and that no
authority or procedure exists Tor many
of the contentious of the company
that bookkeeping and accounting meth
ods in force in the companys offices
are faulty; that amounts charged for
depreciation are not correct or IN con-
sonance with good business practices
that these charges for depreciation
orders made by the commission, and.
finally, that the amount stated, $40
O1322 is the true and equitable value
of the company's entire plant and as
sets.
Directions by the Commission.
The taxicab company is directed by
the commission to conform its depre-
citation accounts to the following rates
of depreciation, based on the cost or
property new: Buildings and electrical
equipment of buildings, per cent;
motor cabs. II. per cent; office furn1-
ture and fixtures, machine shop equip
ment, tire room equipment and miscel-
laneous equipment, per cent
The question of readjustment of rates
is not taken up in the report, this mat
ter being left for future adjudication
and settlement.
The public utilities commission also
made public today it's report on the
true valuation of the Washington and
Maryland Railway Company's property,
these figures being as of August Is,
1914:
Amount of money expended in the
construction and equipment of the
utility as shown by the utility's and
contractors records. $119,55713: re-
production cost, s67.047.31; reproduc-
tion cost less depreciation, S61,2S1.3 80.