Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-08


ment bankers, having large block of
local gas stock, further exploded the
r11rnor by stating that the Chicago
utility company does not hold any OF
the stock and is making no effort 10
obtain any.
OF course, the statement from the
head of the Central Public Service
Corporation is amply sufficient to end
further discussion of the matter.
Pierce's Telegram.
In reply to a request from The Star
for a statement regarding the facts IN
the case, Mr.. Pierce wired as follows:
Your telegram received. Informa-
ton absolutely incorrect. as nelther
Central Public Service Corporation nor
I myself own or control single snare
of stock of washington Gas Light 20.
"A. E. PIERCE. President"
From the head of H. M. BylleSby d
Co. came this statement regarding the
washington Gas Light situation:
I'm reply to your telegram we are IN
terested in Seaboard Investment trust,
which owns blocks of stock OF wash
inpton Gas Light Co. So far as we know
there is no change contemplated at this
time in ownership of this stock.
Harris, Forbes 81 Co. have been ac-
CTeQlLeQ WIFI ONlllilS tllC IaA 6ScV SIG
block of Washington Gas stock since
the control of the company passed TO
outside interests shortly before the an
riual meeting. These bankers told the
Public Utilities Commission here recent
IL that they we're large holders In the
local gas securities.
will Hold Gas Shares.
In reply to the request from The Star
following
message:
{ In reply to your telegram We wish to
state that as our representative en-
plained fully to Public Utilities Com
mission and other public officials, con-
troll Of Washington Gas Light stock has
been acquired by us and for an invest
ment trust known as Seaboard Invest
nnent Trust
Z mo share of Washington Gas Light
stock, so far as we know. is owned by
Central Public Service Corporation or
BY the interests in control of that COM
pany. Likewise, no share of beneficial
interest of Seaboard Investment Trust
f. owned by Central Public Service
Corporation or the interests in control
thereof.
s Are unable explain rumor now prev
dent in Washington regarding Central
Public Service acquisition unless 1t Is
based on pure conjecture due to TACT
that we head banking group OF Central
Public Service Corporation, which Is,
of course, meaningless, as we similarly
head banking groups of several other
important public utility groups.
"Seaboard Investment Trust has no
, present intention of disposing OF its
Washington Gas Light common shares.
and in any event, because of laws with
which you are entirely familiar. 1t
would not be possible for foreign hold
ing company to acquire such stock.
(Signed) HARRIS, FORBES & CO."
J The law to which reference is made
In the above telegram was passed by
Congress and prevents any outside holo-
ing company from holding more than 70
Der cent of the stock of the Washington
Gas Light Co. washington bankers say
that it is clear that this law will have to
be amended before any holding COM
pany outside of the Capital can take
complete control of the company.
! With Congress not even in session, 1t
Is evident that the stock will remain
divided up between various banking
houses for some time to come, local
bankers assert.
Peoples Drug Earnings Gain.
: Peoples Drug Stores, Inc, reports
sales for July amounting to $1,000, POP,
as compared with 1898, $50 for the same
month last year, an increase of $375,513,
or 40.22 per cent.
Sales for the first seven months this
year amounted to S8,434, 500, as COM
pared with S6,129444 for the same
period last year, an increase of $780,
056, or 1851 per cent.
Peoples Drug Stores preferred stock is
listed on the Washington Stock Ex-
change and is now selling around 122.
The stock opened the year at 1877, the
low is lib and the high 1874.
Heavy Trading on Exchange.
Trading on the Washington Stock
Exchange was unusually heavy today,
both in stocks and bonds. One of the
most active issues was Capital Traction,
los shares changing hands at SO. Fed
eral-American Co. common was an
other active stock 103 shares moving
in the range from 40 to 4012 Ameri-
can Security & Trust was the most
active bank stock, 80 shares selling at
ass.
Bond trading was led by Washington
Railway & Electric 4s. The bid price
on Washington Railway & Electric
common stock has jumped to 5000 per
share. The asked price today was at a
new all-time high, 1899. No sales.
Nevius on Short Vacation.
"A. M. MENUS, one Oh UIle vice pTeSl.
dents of the Riggs National Bank, is
taking a short vacation. having gone to
New York to meet his wife and son,
who are just returning from four
month tour of Europe. He expects to
take a much longer vacation in the
Fall, when he will inspect some mining
properties in Colorado. Mr.. Nevius has
been Riggs Bank Official for many
years.
]. Cassin williams, for many years
with the Riggs National Bank and I'M
til recently local manager of the Uni
versal Credit Co.. an organization
financing the purchase of Ford cars
exclusively, has been appointed Florida
representative of that company, with
headquarters at Jacksonville.
Karl w. Corby, one of the partners
! in the brokerage firm of w. B. Hlbbs
g. Co., is taking vacation.
Frank Hyatt of E. A. Peirce & Co.
Z left this week for two-week vacation.
He is making motor trip through the
North.
william E. Leahy, director in the
4 Merchants Bank g. Trust Co, sailed
yesterday for a short tour of Europe.
G.. A. Kneessi, director in the Bank
of Commerce & Savings. left this week
for an extended trip through New York
State.
Cashier John N. lockwood Of M. J.
Meeflan g. Co. was recent visitor al
Beverly Beach, on South River.
H. B. Cant, manager Of the Buffalo
office of the F. H. Smith Co., Is q
visitor to Washington.