Evening star., 1921-09-22
GAS COMPANY HAS
EARNEDDvIDEND
Made in Eight Months-NeW
York Bank Cuts Dis
count Rate.
BY 1. A. FLEMING.

Inc nrSt elSnt months Oh tie Cdi-
endar year assure the Washington
Gas Light Company one of the best
years in the history of the corporation
Ono in which the annual dip into
the surplus to complete the payment
of dividend will not be necessary, but,
rather. goodly sum will be trans
ferred to the surplus, making up for
some of the Withdrawals in the lean
years.
the fact that the annual dividend has
been earned. despite the warm winter
ana the not summer months. with
earnings in August of but $1,000.
For eight months to August 81 the
less expenses Of s2.4s4,S1224. leaving
net before charges and taxes of
$867,150.33.
From this deduct interest charges
and taxes and there remains net cor
por;Gte income of s506,947.S2 as a re-
suit of the ght months operations.
1t requires S45S,000 annually for the
dividend, SO that this annual distri-
button has been earned and the big
months November and December and
the fat September and October months
to be counted.
II. S Reeside, president Of the cor
porat1on, has been very optim site
about the outcome OF business with
the company all year, and the results
are confirming his anticipations.
New York Bank Cuts Rate.
The Federal Reserve Bank of New
York City announced cut in the
discount rate on all maturities to 5
per cent. 1t is expected that Boston
and Philadelphia will at once m eet
the cut, but Richmond. head center
OF the fifth district, being a borrowing
nj
the same opportunities of rediscount.
as 1t still has to carry cotton and to-
oacco loans in sufficient quantities to
make the bank borrow from other
federal reserve Institutions.
1t is the first time since pre-war
days that the discount rate in New
York city has been as low as S per
cent in New York.
Commenting on the cut in the rate,
Moler, private wire house cores
pondent. sent the following message
to W. B. Hibbs & Co..
1T unquestionab1y means gradu-
ally higher prices for all high-grade
bonds and government notes. Their
prices should work autona tically
higher from this cheaper money rate.
which is soon to be reflected in a
broadening investment demand for
all such securities.
AT the same time it is practically
a notice to the business interests
improved credit position for produc
tivity and increased general distri-
button of goods ana commodities.
1t also ought TO result in an in
creased investment demand for
standard railroad dividend paying
assured and likewise for seasoned in
dustrials, particularly the preferred
issues. in similar position.
Gas Securities Firmer.
Washington Gas shares and bonds
all moved to higher levels at toGayS
fession of the local stock exchange.
but on light trading. Indeed, the VOL
une of business was decidedly light
Potomac consolidated SIS sold at SOL.
and Gas IS at 50, a new high on this
movement
Capital Traction shares were steady
at Sc. while Washington Gas stock
moved up to Asa.
May Be Branch Bank.
With the view Of establishing a
branch of the Banking Trust and
Mortgage Company in TwininE City,
u. c., a conference was held today. in
the Offices of the Premier Finance
Company. Westory building, between
Robert F. Bradbury of Twining City
and A. H. Fowle, president Of the
finance company.
branch will serve residents of Twin
ing City, Randle Highlands. Bradbury
Heights, East Washington Heights
and the territory between Anacostia
and Benning.
The matter will be given further
consideration by Col. NJ. A. Winter.
chairman of the trust company board;
Percy S. Foster, its president. and II.
W. Robertson, treasurer, and resi-
dents of the southeastern suburbs.
Work for Savings.
The District of Columbia Bankers
;tt
ines, of which Harry V. Haynes. pres
ident of the Farmers and Mechanics
National Bank, is chairman, proposes
to conduct 4 series of lectures, ten in
all, in the simplest English, to be de-
iivered before the. school children,
with a view OF introducing the meth
DDS Of doing a banking business,
showing how money makes money
and the possibilities and certainties
of a saving campaign rigidly ad-
hared to.