The Washington herald., 1913-02-04
GAS STATISTICS
FOR YEAR 1912
Washington Company Shows
An Increase Of $l16,746
in Net Earnings.
DIRECTORS REELECTED
President Letter Will Succeed Him.
self-0ther Reports Filed-Stock
Markets Gossip.
by i. A. FLEMING.

BY i. A. FLEMING.
Experts familiar with corporate ac-
counting call the annual report of the
Washington Gas Company for the year
1912, very fair
To a more or less inexperienced lay
man. it looks as If the company had
been liberal in its deductions: that it
had expended sufficient money TO put its
plant in good shape and that the man.
agement had rendered a fair account OF
itself. At the same time there was ap-
parently no scrimping to boost the earn
ings, liberality was evidenced in the eX-
penSes.
For the first time a complete annual
report awaited the shareholders when
they assembled so that they might know
just what results had been accomplished
something that they had not been able
TO obtain at previous meetings. save
from the speedy reading of facts and fig
uTes by Secretary Orme.
The report was prepared after book
keeping methods suggested by the In
terstate Commerce Commission and has
the official 20. X" of the American
audit Company.
Going right to the meat. the net cor
puratc income for the year 1872 was
sSlo,7JS.7S. as compared with $44s,0l0.59 for
1911. an increase net of s116,74619.
With this increase the net corporate
income was SlS.2f22 less than the 1924
opD paid in the distribution of the an
nual dividend. Last year the earnings
fell below the dividend by SlS0.00o
Revenue for 1911. gross, S2,0OS, 1851; for
1912, s., l39,5Jl.
The operating expenses tell the story.
There was reduction OF S21.4O0 in gas
making labor an economy; boiler fuel
and water increased S15. coal used in
gas making a decrease OF $4,000: $4,000
more was spent for enriching oil, 1900
more for purifying supplies. &c, and
over $1,000 was saved in maintenance
Of gas apparatus.
Looking for economies. there was
saving of $4,000 in distributing depart
ment. wages and supplies, and more gas
was distributed by 270,O00.OOO feet. max
ing this a gratifying showing. Another
creditable showing was an increase or
$500 in expenses on maintenance OF
meters, a work that the company's Of
ficials paid particular attention to.
Old Directors Reelected.
There wasn't a murmur Of opposition
TO anything at the meeting. The former
directors were elected to a man. the vote
being 9S.0I5 shares for the majority Of
the board, one falling under 5000. This
showed that 3, 900 shares were not rep
resented, either by proxy or in person.
The report of the president told the
facts that are covered in the statistical
table, explaining various items, including
one of Sl50OOO borrowed, for the purpose
ut reimbursing the treasury for eXpendi-
lures on capital account, the securities
for which have not been offered for sub
SCription as yet.
The president further explains forms
Of bookkeeping made obligatory by the
Interstate Commerce Commission
The report passes the Georgetown Gas
controversy with the statement that the
matter is in the hands Of counsel, and
the announcement is made that dividend
Was not paid by that company.
Will Re-eIect Mr.. Letter.
In all probability the board OF directors
will re-elect Joseph Letter as president
There was no evidence of opposition
shown: in fact. the meeting ran like well
oiled machinery, with the elder McIlhen-
ny about the only to make comments.
The secretary read new bylaws. and |
the meeting approved without a dissent |
ing vote-the laws putting more response |
biiity on the directors for their action.
Mr.. Letter was present during the en- |
tire meeting, an innovation, as President |
Mclean was in the habit of retiring as |
soon as the chairman had been intro |
duced |
Inc board OF directors is composed of |
the following: Joseph Letter H. S. Rec |
side, John ID. McIlhenny, Ord Preston, |
lanes NJ. Green, Guy F. Whiting, and |
Daniel Fraser.
Statistics.
With a gross income of S7gs,64O the
company was so unfortunate to lose
Sl@.S6 from customers who did not pay
their bills. No other business will show
like collection results.
\ matter of $4,000 has been paid
from earnings since 1909 for improve
ments, mains, &c: that has not been
capitalized and will be refunded from
proceeds of a future bond issue
The Georgetown Gas stock is carried on
the books Oh the company at 1870 a
share. and the certificates of indebted
ness as par.
During the year all of the old Is have
been exchanged for Js but 5000
The story of operations for l9l. is
shown in the following:
ODeratinR TDcOmr