The Washington herald., 1922-08-24
FINANCIAL
WASHINGTON GAS
OPERATES AT Loss
DURING JULY, 1922
Deficit Totals s18,303;
Capital Traction Up;
y" U. S. Financing.

For the hrst time In I--cny months
the Washington Gas Light Com
pany was operated at a loss during
the month Of July. 1922. according
TO report of earnings nled with the
Public Utilities Commission yester-
day. The deficit for the period
amounted to s1s.3o3.45, the report
shows. compared with a profit Of
s54.44s.5s for the previous month.
Operating revenues for the month
amounted to s2s2.2ss. while ex-
penses totaled s24s.157. as against
revenues of ss4s.52S and expenses
ofrS243.273 for the previous month.
The gross corporate income aggre-
gated s15.4S4. exclusive of interest
deductions totaling s3s.104, while
$3.50 was utilized in amortization n of
debt discount and expenses.
4 huge slump in commercial gas
sales is almost entirely responsible
for the deficit shown. a perusal Of
the report indicates. This item to-
tailed only $26O.71s during the month
, as against s321.S67 the previous
month. Sales to other gas corpora
tions also showed a heavy sump.
amounting to but s16.773 in July as
against s20.3S2 the month previous
Georgetown Gas Earnings.
The Georgetown Gas Company
was operated at a net income of
sT5s.11 during the month of July.
Vccording to Public Utilities Com
missions report. During the revi-
out month earnings totaled s3.37s.90.
Operating revenues for the / onth
amounted to s27.5Us. from which
was deducted s224s5. the aggregate
of operating expenses. Interest de-
ductions totaled s3,273. Commercial
gas sales slumped to s21.3s1 from
s26,S31 the previous month.
Local Securities.
Capital Traction securities again
proved the feature on the Washing
ton Stock Exchange yesterday. the
STOCK advancing TO 1o3%. a new
high figure for the issue, wi
$4,000 of the per cent bonds re-
sisted efforts of traders to send the
price upward. holding firm at as1a.
This issue closed with 9s% asked
Tor the security
Bonds of the company opened the
days trade with three sales of
$4,000 each. followed by a $4,000
sale. after which sales of 81 900 lots
predominated. The stock was dealt
in mainly in odd lots.
Washington Gas stock also scored
an advance of one and one-half
points. opening at 571s and climbing
to 50 on sales aggregating eighty
shares. Railway preferred sold at
as. with Lanston slightly easier at
79A. Washington Gas 7l.s sold at
los, while the 5 per cent issues sold
at 941z. Railway rs were strong
at rs.
Government Financing.
Local bankers expect a long time
government bond issue in the near
future. A long term bond issue is
forthcoming, they are convinced,
probably some time next month. but
certainly before the end of the year
In July 1t became known that the
Treasury was planning to offer a
large issue of long term bonds to
take care of the Victory AZ per
cent bonds that mature in May.
1928. but which are callable, in
whole or in part. on December Is,
1922.
1t is thought that the government
may announce the terms of some
new financing early in September.
The government has Treasury GER
tificates amounting to S362.562.5 SO
falling due the middle of the month.
1t will also disburse interest due on
that date on approximately s1.s0O.-
100000 certificates and short term
notes. There will also be payable
then interest on the Third AZ per
cent Liberty Loan bonds.
These heavy disbursements Sep
tember Is will be accompanied by
receipts from taxes due on that
date. II the government decides not
TO issue long term bonds in the next
few weeks. il is almost sure to offer
more certificates or short term
notes. However. il Is understood
the Treasury Department is desir-
Gus of facilitating the refunding of
the Victory notes through the .ssu-
ance of long term securities.