Evening star., 1926-10-23

paying a subsidy Of some $4,000. 900
a year. Philadelphia and Baltimore
are both higher-or were on January
l last-charging 8 cents or two tickets
| for Is cents. Our bus fare of 8A cents
Is considerably lower than other cities
about all of which charge the
straight 10-cent fare. Our gas cosS per
| 1000 cubic feet Is exceptionally low,
considering the unusually large mum.
Der Of heat units.
Electricity Cheapest Of All.
| Electricity is, in my opinion, the
cheapest thing we get. It is one of
| the very few commodities that costs
| less than it did before the war. Here
we can be particularly pleased on this
score. Not only are the charges for
/ electricity here well below the aver
age for the small consumer 1--WE have
| no large industrial loadD, but also since
January l. 1925, the base rate has
been reduced from 10 cents to cents
This will be even further reduced in q
| few months. II we don't reach scent
electricity this year, I confidently ex-
| pect to reach it IL months later.
1.-The utilities of the District of Co.
lumbia are in excellent financial con-
ditton. A glance at the quotations of
| their stocks and bonds will show that.
They are all making money-not as
much as they would like to be making,
perhaps not even the correct return
on their present enhanced value, but
still enough In the last few years to
pay all bond interest, dividends on
stock and also to carry a substantial
amount to surplus.
New Capital Attracted.
Perhaps the best indication is the
ease or difficulty in attracting new
capital. Our local companies within
recent years have experienced little or
no difficulty in financing. Late in 1925
the Potomac Electric Power Co. was
| authorized to sell 100000 worth Of
6 per cent preferred stock at 9815.
Subscriptions were received for 1884,
859 shares. or more than 61a times the
stock available for sale and the sub.
scription books were open exactly "a
hours! It was necessary to limit pur-
chaSerS to five shares per person. and
yet stock was sold only to employees
and customers. The Washington Gas
light Co. in 1923 had a similar expert
ence, selling $4.OO0,0OO per cent 10.
year gold bonds over the counter at
par. Indications were that they would
have sold double the amount had it
been necessary.
"The public is fortunate, / believe,
because the District is not very ex-
tensive and there are only a few
companies to regulate. This enables
the local Public Utility Commission
to do considerably more with each
company than is usual for the State
utility commissions, where there may
be 20 to so gas companies alone.
Most States, for example, cannot
hope to examine the accounts of the
companies as closely as does this
District Of Columbia commission,
nor can they supervise the service as
well. Then, too, our Public Utilities
Commission and the municipal gov
erning body are one and the same.
Not only does this remove the frfc-
tion not unusual in other jurisdic-
tions between these two bodies, but
it also gives added weight to orders of
our three Commissioners.
Has Its Weak Points Also.
do not misunderstood me, for I
am not saying that our local commits
sion Is perfect. 1t has its weak points
points which in justice to the public
should be corrected as soon as posst-
BILE. But in spite of these it Is even
now, I believe, up to the. average Of
other States. But we should not be
satisfied with an average standing-we
should be equal to the best. That was
the attitude Of the commission last
year when 1t requested Congress- to
make certain changes in the basic law.
Service of utility companies in this
city is good. charges are generally
reasonable. the companies are trying
to meet the public. and sincerely be-
lieve that If these requests Of the
commission are granted by Congress,
Washington will not have merely good
regulation, but the best regulation
possible under the Constitution"