The Washington times., 1913-07-17
WASHINGTON GAS
IN SHARP ADVANCE
Price Rises to SO on Local
Exchange Today, and 1928
Shares Are Sold.

Washington Gas rose from 80 to 9s on
the local stock exchange today and
a total Of 4,32S shares were sold,
making the biggest day of the year.
The leading broker in this security
sold his own holdings of 5000 shares
and took everything In sight, closing
his bid at 9S.' The 5000 lot was
sold at 95 and that was the price OF
the last sale. There were 100 shares
more to be had. but 1t was held at
100. Predictions were freely made
that the stock would go considerably
higher. The trading started at 80
and the price rapidly rose.
No further explanation OF the cause
for spurt in this security was forth
coming today and brokers and bank
ers usually well informed had no
theory on which to explain the move
ment.
Howard Reside, vice president Of the
gas company, said this afternoon that
he was at a loss to understand the un-
usual jump in the stock price, He
increased dividend, and he Is not in
clined to believe that the movement
has any connection with a possible re-
entrance of John r. Mclean into the
gas business.
Mr.. Reeside is unaware Of the inter-
ests back OF the sudden rise, but he m
timated that 1t was probably specula-
tive. - .a
There was good trading in the bond
list again today. total Of $500 being
dealt in. 49,
Capita! Traction was still hrm, twenty
shares selling at 1874. Thirty shares of
American Security and Trust Company
stock sold at 800 Twenty-Five shares
Of .Arling son Insurance at 13& and ten
shares of Commercial National Bank
at l95 completed the trading.
Bitter criticism Of the Government for
agency the First-Second National Bank
of Pittsburgh, and for its appraisal Of
securities held by the closed bank. Is
contained IN q statement Of James c.
Chaplin. vice president Of the Colonial
Trust Company of Pittsburgh. to the
opinion the Comptroller of the Cur
rency Should not have approved the
First-Second National Bank as a re-
serve agency for country banks. know |
Chaplin. who is one Of the most promi- |
nent bankers of the Steel City. IF 1t |
really was in the bad condition 1t is |
claimed to be. 1t also seems unwise |
to me for the Government to put
wreckage values on securities Of growing \
II have personal knowledge OF the |
securities OF one Pittsburgh manufac- I
turing concern" Mr.. Chaplin says, ,
"aggregating $4,000 which the ap-
placed at only 10000 Now know
that the concern has as backing for
It's bonds real estate the assessed valua-
ton of which is $1.50o 900. and the in
terest on these bonds is being paid regu-i
larly. / also know that the concern is .
doing a good business, although its af-
fairs were not In very good shape some
three years ago. before II was reorgan-
lied. Then why should the valuation
Of the bank -building and the ground
lion dollars? The land was purchased
at reasonable price and the building.
which is one of the best constructed and
equipped In the city. was built eco
nomically. The conservative, although
wide-awake business men of Pittsburgh
want the Government to answer them.
This community has right to know
why $2s.000000 Of deposits-the hard
earned money of the common people
serve funds of more than 600 country
banks. They also want to know why
s. 100000 of the banks stock and s.
500 900 Of surplus have been thus ruth
lessly wiped out of existence. The truth
Of the matter is. many prominent Pitts
ger in the woodpile somewhere. and
they believe it is up to the Government
to explain"
Lawrence o. Murray. president Of the
United States Trust Company and for
mer Comptroller of the Currency, had
no comment to make on the statement
today. The action criticised by Mr..
Chaplin was taken after he became
Identified with the local trust company.
Acting Comptroller Of the Currency
Kane said today that the answer to this
was contained in his recent
statement in which he justified the ap-
proval Of the reserve agency upon the
approval of the merger of the two banks
bv the former Comptroller. He thought ]
II at no further statement was neces-
sary.
q Tl