Evening star., 1923-02-06
GAS COMPANY NETS
sS3,57S FOR YEAR.
Total Income Lower Than in
1e21-Due to Rate Cut,
Report States.


Gas Light Company, accordihs 70
the seventy-ffth annual fepoi
the ORGANIZATIONS president reau d
The shareholders meeting Ees'eroay'
showed net earnings OF $saS'o'o. o.4'
for the year ended December 81
1922.
The company's operating revenues
FOR tho wear totaled S4.il5,6l3' as
against operating expenses oil sS'
s41.o7T. while the net earnings LOT
the wear were $23S,6o2 less than IN
1921.
In tb. absence OF Howard S. Rec
s.ide Corcorau Thom presided, ana
Old Preston, vice president OF the
company, read the presidents re-
port. OF the 10000 shares outstand-
ing 95.SS6 were represented at the
meeting.
Total Net Revenues.
The total net revenues of the COM
pany for 1922" the report states, were
s2.2O6,o6524. After deductinS taxes
and adding other income, there remains
a gross corporate income OF 6l,6S4.34,
a decrease from 1921 of 5000, 9,3l2.61.
This decrease is accounted for largely
hy tine lowering of the rates of gas to
those in effect in 1921. In 1921 the COM
pany received sl.32 for three months.
$l.25 for six months. and S1.l0 for three
months while i'll 1922 the rate for the
first three months was S1.lO and Tor
the last nine months. Sl.0o. The de-
crease was due also in n measure to the
high prices of coal and coke caused by
the miners strike during July and Au-
gust and the railway strike
The amount paid in interest on the
nf g.
"a. The amount paid in dividends was
S46S,000, the same as the last preceding
four wears. The amount added to sur
plus from the years operations was
s65.57S.40. bringing the total corporate
surplus as of December 81 UP to $685.
654 The sum of 100000 was set aside
to apply to the 1922 income tax.
Sales Ahead of 1921.
The total gas sales for 1922 were
1901, ,153.2i3 cubic feet, an increase
over 1921 of 405.70S,331. cubic feet. At
the close of the year the company
and its subsidiaries had 92.559 meters
in use, an increase of 1910 over the
previous year. The total number of
street lamps in use by the District
OF Columbia at the end of the year
was 1918. an increase of twenty
three ior the year.
The stockholders of the company
of record January Is, 1928, numbered
500, of which 971 were women, and
held in fiduciary capacities
The directors were reelected for
the ensuing year. as follows: How
ard :. EeeSidc. ord Preston, Guy T..
Whiting, Joseph Letter. James NJ.
Green. Robert l.. Weaver and John
d. McIlhonny.
Tine board will organize next Mon
Gay. when officers will be chosen to
serve for the ensuing year.
T. J. McQuade to speak.
owing to the Illness of Robert ".
Fleming. vice president and cashier
of the Riggs National Bank, who was
to address the elementary class.
Washington chapter. American Insti-
tute of Banking. tonight, Z. J. Nc
Quade. vice president of the Liberty
National Bank. will take his place.
Mr.. McQuade will talk on THE Fed
eral Reserve System"
A. 1. II. Activities.
The commercial law class of Wash
fngton chapter, A. l. B.. has invited
ali active and past members of the
institute to join in an evening of
fun Thursday from 9 to II o'clock.
The regular class will be conducted
from to 8, after which an enter
tainment program will be presented.
Dancing and refreshments will follow.
NunnalIy Profit. $4,000.
The Nunnally Company for the year
ended December 81. 1922, shows net
profit of S111,44 after charges and
taxes. equal to IS cents a share on the
outstanding 10000 shares Of no par
value stock. compared with net profit
Of $l33.066. or Sc cents a share, in
1921
The company's balance sheet as of
December 81 last showed s36.6O4 in
cash. SS4613 in government securi-
ties S154.905 in bonds, s1S4.SS3 in in
vcntory. S6S. los in notes and accounts
payable and $16.2T1 in tax reserves