The Washington times., 1913-02-23
IN LOCAL FINANCIAL CIRCLES
By GEORGE H. GALL.

A number OF pf.c1 Changes were made
by securities listed on the Washington
Stock Exchange In the weeks trading.
Three securities hitherto neglected were
dealt in: eight new lows were recorded
and one new high.
The issues dealt in for the first time
this year were 5000 Metropolitan Rail-
road SIS. which sold for lO4a.: ten shares
selling for 245. and shares Of German
American Fire Insurance stock, at 26.
New lows were recorded by washinSton
Gas per cent bonds. Potomac Eiec-
trio SIS. Capital Traction, Warrington
Railway preferred. Eastern Light and
Fuel, Lanston, American Security and
Trust, and Union Trust stocks. The
downward changes were small except
for American Security and Trust stock,
which sold at 31o1i, as against q former
price Of 3l5
The stock Of the National Metropoli-
tan Bank was the only security to make
a new high record. The stock sold at
206. Y better than the last best.
A total Of $4,000 Of bonds and 90
shares OF stock formed the volume Of
business for the five days session Of the
exchange.
While it seems improbable that the
Madden bill reducing the price of ms
In Washington and reported with
amendments this week will become law
nj this session, the accompanying report
OF the District Committee. presented by
Congressman Lobeck, indicates that
Congress VIII early in the special ses-
sion turn its attention to an investiea-
ton Of gas matters in the District.
The valuations Of the plants of both
companies are called into question in
the report and Congress 10 urged to
demand thorough Investigation 6f the
gas situation In the District. - = /
The report calls attention to the fact
that on April 4. 1910. an expert employed
testified that on December 81, 1903. the
physical property of the company was
worth Is, So8. $685. It
Yet by the company's annual sworn
report for the year 19l0." says the re-
port, the physical property 10 claimed
os4.l6 was added In value In the way Of
extensions and improvements, but on
the contrary the debts Of the company
increased &2,S02 2.442 by the issue Of fifty.
year per cent DOn0o TO take I'd S,oO
certificates II Indebtedness issued a.
dividend to the stockholders Of the csm-
pany. 80 IS:
"There was further increase Of the
debts OF the company to $o9S, 100 by the I
issue Of the Improvement bonds.
'By the annual wofn report Of the
company for the year 1871, the value of
the plant is claimed to be ~, 733 $50 10,
while the bonded debt had increased
So. 40, and the property account only
$25l. .41002
The annual report for the year 1872
claims l2,SS5. .2oaA.
TT will thus appear from the fore
going that the company claims an in
crease In value since 1910 Of A.2s1 .663.b9,
while on the contrary the debts have
increased t3, 400,A Az in round numbers.
1t would seem that the company has
claimed a value not shown, except by
ex parte testimony and statements pre-
sented by interested experts who have
actually capitalized the debts Of the |
company.
1T is the opinion of the committee,
gathered from their examination Of VOL |
untary testimony heretofore presented
and on the files Of the Committee Of the !
House for the District of Columbia,
that the value of the plant Of the WASH |
ington Gas Light Company 10 nearer
8.0O,0oo than the amount Of ~, ,s6, ,2oe.A
claimed by the company and upon