Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-07
SEEKS ALEXANDRIA
GAS LIGHT CONCERN
Washington Utility Is Report.
ed in Market for Firm
in Virginia Town.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
According to information received
from Alexandria today, the Washington
Gas Light Co. has made. or is about
to make the city council an offer for
AleXandria's municipality owned gas
plant. The price offered is understood
to be in the neighborhcod of $750, 900
Representatives of the Washington
company recently had an informal con-
ference with members of city council
Power to dispose Of the plant is held
by the city council but to allow voters
TO express their opinion as to whether
or not the plant should be sold the
city council had a bill passed by the
last State General Assembly making
possible a referendum at any time an
offer was received
The city council, it is understood
values the plant at approximately
100000 and future conferences will
be held in regard to the question of
price before any definite action is taken.
The Washington Gas Light Co. is
considered the logical one to take over
the Alexandria concern If it is disposed
of by the city. Recently. through its
subsidiary, the RoSslyn Gas Co., per-
mission was obtained for an extensive
program of mains in Arlington County
II the Alexandria council continues
to operate the local plant they are
faced with the necessity of extending
the mains through the new section of
the territory obtained the first of this
year through annexation and in view
of the considerable cost councilmen are
believed to be in favor of disposing of
the plant provided satisfactory price
can be agreed upon.
Trust Company Closes Earlier.
In order to give the employees of the
Union Trust Co. more time of in the
Summer, the executive committee has
voted to close the bank during July
Ind August at noon on SATURDAYS and
et o'clock in the afternoon on other
week days, with the exception of the
Fifteenth and the last day of the month,
when the bank will remain open until
3 o'clock.
The question of earlier closing dur
ing the Summer was before the Dis
trict Bankers Association about two
months ago. At that time John Poole,
president of the Federal-American Ma
tional Bank, was appointed chairman
of special committee to look into the
situation and see if a plan now in eff
feet in several large Eastern cities could
be worked out for Washington The
matter was dropped because of a lack
of unanimous agreement on the sub
sect, the idea meeting the same fate
There seems to be a difference among
local bankers as what early closing
means. Some banks want to keep their
safe deposit department open after the
windows have been closed. William D.
Hoover, president of the National Saw
ings & Trust Co. is one of the bankers
who opposes this plan. Mr. Hoover,
however has often said that his bank
was ready to join in any early closing
move, provided that all the banks in
the city close every department and all
lock their doors at the same time.
Smith Bond Office Opened.
The committee for the protection of
the holders of bonds sold through the
F. H. Smith Co., of which George E.
Roosevelt of New York is chairman, has
opened an Office in the Second National
Bank Building, at 1881 @ street north
west. The committee announces that
bondholders of all of the Smith" issues
may obtain full information regarding
their holdings from the assistant secre-
tary, who will be in charge of the local
Office
In addition to supplying information
on all OF the issues, a number of which
the committee has not called for de-
post, the assistant secretary of the
committee, A. A. Laporte, will accept
bonds for transmittal to the Irving Trust
Co., the depositary of the committee in
New York, in the case of those issues
which the committee has called for de-
post.
Root, Clark, Buckner and Ballantine
of New York are counsel and Messrs.
Coladay, Clifford and Pettus are local
counsel for the committee, which is at
present engaged in an effort to secure
strong Washington banking institutions
as trustees, depositaries and paying
agents for each of the Smith properties
located here. The committee was re-
Gently successful in resisting receiver
ships on the Hamilton Hotel. the
Cavalier Apartment Hotel and the New
Amsterdam Apartment Hotel in WASH
1ngton.
Trading on d. c. Exchange.
In moderate trading on the Wash
tngton Stock Exchange today, after the
three-day holiday Capital Traction
stock sold at 58H, Steamboat rights
came out at 1874, Potomac Electric
Power per cent preferred moved at
97k and the per cent issues at 1075s.
Mergenthaler Linotype sold at 97l4
Bond trading was confined to Capital
Traction SIS, Washington Gas IS and
washington Railway g. Electric As.
Treasury Offers $50, OOO,O 900 Issue.
Secretary Mellon has announced the
first financing for the new fiscal year
$50 900 900 90-day bills.
The bills will be issued under the law
that went into effect a year ago per-
uniting the Treasury to sell the bills
on a discount basis and redeem them
at par when they mature. 1t will be
the fourth issue OF such securities which
have been found a popular way of rails
ing money needed by the Government
at a lower interest cost
The bills will be dated July IL and
mature on September IS, the date of
the third payment of income tax for
the calendar year, 1929.
Leave For Convention.
Nine representatives in this district
of the Home Life Insurance Co are
the SEVENTEEN anniversary of the COM
pany which will be held in Quebec
Wednesday and Thursday
The local delegation is headed by
II. r. Bryarly and will be composed of
r. G. Green of Winchester Fred G.
Wright of Hagerstown, ]. Fred Laise,
Paul F. Grove, jr., and Jules G. Kicker
of Washington; Charles F. Keeler CT
Winchester, F. Jordon of Charlestown,
w. Va, and R. T. Bryarly, in charge
of the Bryarly branch Office in Win
chester.
Heard in Financial District.
The Riggs National Bank has pub
lished condensed report Of its condi-
ton since the call of June 80, which
shows that the institutions total re-
sources now stand at $50, III 900.
II is announced that the Investment
Building Bonds. which were sold
through the F. H. Smith Co., have been