The Washington times., 1913-04-03

LOWER GAS PRICES
BOOST CONSUMP
Comparative Statement OF the
Georgetown Gas Co. to Show
Need of Combination.

Figures that will be laid before the
Public Utilities Commission. when II Is
| definitely organized. to demonstrate that
lower gas prices in Washington result
in larger sales and larger revenues.
have been compiled by Eugene Z.
Thompson, editor of Washington Sc
curities, soon to be issued.
The figures compose a comparative
statement OF the earnings and eN-
penses of the Georgetown Gas Company
over a period of the past six years. and
show that the output of gas by that
company has increased nearly 100 per
cent in that time, and that last year,
when the price of gas was s. cents, the
amount sold increased to 1i6,OOO,OOO feet
from I19,0oO.0OO feet in 1911, when gas
was about 95 cents. and from 1oS,OO0U
feet in 1910. when gas was 81.
These figures will also be presented
to show that with a combination OF
the two gas companies in the Dlstrict
the saving in operating expenses would
! the price of gas even below the S5-cent
figure with profit to the combined COM
pany. The statement shows a steady
Increase in gross revenues from opera
ton from slol.57 in 1907. to H4l,ls IN
1872 but not a corresponding increase
in net earnings or surplus after interest
and dividends have been deducted. Ex-
penses have increased from $S2.51. IN
1907, to 31ls.ss7, in 1872 Under expenses
taxes show an increase Of nearly 100 per
1912 The cost Of oil decreased steadily
from ,2s3 in 1907, to 3.531 in 1911. but
jumped In 1912 to $14,322. Interest in
creased from S,215. in 1908. to S1S, 400 IN
was a deficit of ss.17s. and that after
the regular dividend Of $4,000 had been
cut to sl0,5s7.5o.
The National Metropolitan Bank di-
rectors have voted the regular per
cent semi-annual dividend. payable
April Is. to stockholders of record
April 5, the books will be closed from
April to 15, inclusive. .
This cut in the dividend paid Is OK
planned by the refusal OF the directors
the dividends on the stock held by the
Washington Gas Light Company.
The decrease in the cost Of OIL is also
explained IN a measure by the fact that
the company formerly bought much of
its gas and distributed it, whereas last
now being turned out by the George
town plant.
There was more trading in Washing
ton Gas stock than in any other secur-
ity in today's session of the local stock
cASudHSc- Oh seventy
sold at s4a! for the quotation lots. and
an eighth more for the fractional. Mer-
genthaler was strong again, ten shares
selling at 2l4lt and ave at 215. A few
odd lots of Washington Railway pre-
ferred sold at sOls to 81. The bond trad
ing was limited to 5000 of Capital
Traction SIS at ITO and 5000 of Wash
ington Gas SIS at 10Sss.
Prof. Charles A. Douglas delivered
the sixth lecture in the series on the
law of negotiable Instruments before the
ttfte Of Banking, last night. Prof.
Douglas will deliver the other four lee
lures of the series over the next four
Wednesday evenings. A quiz on the
lectures Will then follow.
The Iron Age says in part today: Re
sumptions at the flooded iron and steel
plants in Ohio, western Pennsylvania
and West Virginia have come sooner
than was predicted. and early estimates
of the cutting off Of production can be
considerably reduced. While there has
been much exaggeration as to property
damage and shut downs. the facts are
serious enough. Steel producers have
had a severe setback when they We're
under strain to meet their obligations
to consumers.
But for the food March would have
been a record month in output of pig
iron and steel. The pig iron statistics
are not yet available, but they promise
to exceed the total for the twenty
eight days of February. First and last,
the loss in blast furnace output may
be $4,000 tons or more. Much depends
on the ability Of the railroads to fur
nish a normal supply of coke. Furnaces
not bloodhound have had to bank be-
cause in their crippled condition the
railroads could not get sufficient fuel
to them.
AS many as fifty-five furnaces were
banked when the floods were at their
worst. About forty of these are now
In blast. and probably ten more Will be
going by the end Of the week. One fur
mace at Sharon and one at Columbus
were chilled. and will be out for some
time
Steel works output was reduced more
than that of blast furnaces and a good
many finishing mills. particularly sheet
and tin plate works. have suffered in
consequence. Jobbers' stocks have had
to do duty steadily for months. and
have not been rebuilt SO that they could
respond to the new demand thrown
upon them. The result is embarrass-
ment to many manufacturing consum-
ers.
The same flood that has or will yet
cause a loss of 10000 to 100000 tons IN
steel output brings down upon the mills
emergency calls that will only add 10
the difficulties in deliveries One rail-
road system will need 100 bridges. large
and small. In addition to, structural
steel and bars, some railroads are plac-
ing new orders for rails
Property loss TO iron and steel works
by the floods Is not Yet heavy when
compared with the loss OF business. At
Sharon. Pa. and Youngstown. Ohio
number of open-hearth furnaces which
were hot when the water reached them
are seriously damaged. A heavy loss,
which will be accommodating for many