The Washington times., 1924-02-04
Gas COMPA
HAS GOOD
YEAR
1923 Prosperous One, Stock
holders Told at Annual
Meeting Today.
BIZ HARRY GUSACK.


The year 1923 was prosperou
one for the Washington Gas Ligh
Company, according to the annua
{ report submitted by the board o
directors to the stockholders today
the seventy sixth annual report %
the company.
The total gas sold for the yea
was 0S4,641, 1898 cubic feet, which
brought the company a revenue o,
: -, S66, $4,000. The consumption o1
gas during 1928 showed an increase
over the previous year Of 2S3, ,4SS, ,15I
cubic feet. The report in part
says:
srs Increased Revenues.
q The total net revenues for the
year were $1,SS9, 1881. After de
!. Quoting taxes and other income
there remained a gross corporate
income of $1,126,918.O2, an increase
over 1922 of $165,233.64. The in.
terest deductions, amortization OF
debt discount and expense and other
: deductions from gross corporate in.
come were $570,54638, an increase
over last year of $142, ,440.40. This
difference is mostly due to the in.
terest on the new 6 per cent bonds,
the premium paid to retire the 7h
per cent gold notes and three -fifths
OF the cost of their issue. After
these deductions from gross corpor-
ate income, the net corporate in
come for the year is $3.50, ,371.64, an
increase Of $22, 1924 over 1922. The
dividend of $3.50 per share was paid.
This is the same distribution as
has been made for the last six
years. There was carried to sur
plus $SS,371.64, against $65,57S.4O
last year.
Up to, the November meter-read.
Ing period, the rate to private con.
sumers using less than $4,000 cubic
Ieet OF gas per month was $1.O5,
The receipts from this class Of con.
Sumers amount to about 90 per
cent OF the company's gas revenues.
By order of the Public Utilities
commission Of the District of Co.
.4umbla dated November 8, 1923.
aIter formal public hearing at
winch your officials presented ex.
pert testimony against any reduc.
1tlon OF rate and make strong pro
test, this primary step in rate was
reduced to $1.00 and the amount of
gas allowed under this step was in.
creased to 100000 cubic feet. II Is
estimated this reduction will lessen
tne company's gas receipts for 1924
about $225,000.
Bonds Sold Readily.
=
:, Immediately following the author
1ty given your board of directors,
March z. 1928. to place a SIS.
UVV'VoO ten year, 6 per cent, series
mortgage on your company's proD-
erty and issue at once $4,000 900
series "a" bonds, your directors
created securities department
under the supervision of a IMAM
ager" to sell and distribute these
securities. Under his efficient di
rection practically all these bonds
We're sold in six days to stock
holders, employees, and consumers
OF the company. To December 81
1923, this bond account has re.
ceived $3,943,66O, of which ST.
100000 is on deposit with the
trustee invested in United States
4S per cent Treasury certific ates;
$l,971 ,325.55 has been used to retire
the 7R per cent gold notes; $162,-
512.64 expended for expense of issue
of per cent bonds; and 1891 ,439 .04
to refund cash advanced for capital
charges.
Manufacturing results have bean
excellent throughout the whole
year. A new eleVen-foot water gas
set has been installed and is in
operation at the east station. A
100000 cubic foot gas holder at
west station is in course of con-
struction, and, in addition, during
1924, it is contemplated to recon
dltlon such of. your company's gas
holders as need repair. This will
bring the company's holder capacity
up to 100000 cubic feet.
There was expended during the
year for Capital Account, including
work under construction, $743,461. .88,
the major items of which are, sun
dry lots for West Station gas
holder and laboratory. East and
West stations works and structures:
accessory equipment for East and
West stations, trunk lines and
mains, gas services, gas meters,
West station holder (incomplete).
during the coming year the
3istr1bution system will be increased
ey a 24-inch main running from
the East station to connect with
ne main OF the same size from the
West station at Eleventh and S
streets northwest, distance of
ABOUT AZ miles, in order to serve a
rapidly growing territory. This
work will cost about $3.50 900:
The total miles Of main owned hv
he company at the end of the wear
II all sizes, were 586, of which
twelye miles were laid in 1904
costing $12S,S61.S5. -''