Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-06
WASHINGTON GAS
INCOME SMALLER
Drop of $142,955 From 1926
Total Reported at An
nuaI Meeting.
BY EDWARD G. STONE.

BE EDWARD l.. SlONE.
The net corporate income of tho
Washington Gas Light Co for the yea,
ending December 81, 1927, amounted
TO $3.50. oSS.33. a decrease compared
with the 1926 figures of Sl42.9J5,43, ORD
Preston, the president told the stock
holders at the annual meeting today
The decline was due to an increase III
the amount set up for depreciation
tuXes. interest and the additional cX-
pense in connection with the valuation
now being made of the Company'S prop
critics The dividends distributed dur
ing 1927 totalcd $468000. the same as
has been paid for the past 10 years, and
! Sll50SS33 was carried TO the surplus
account.
The total amount of gas sold was
S.713 PSI. l04 cubic feet. an increase over
1926 of 57S05.48l cubic feet. Mr.. Pres
ton reported. He also stated that there
| is at present under construction a mod
ern concrete and brick building on
Twenty-ninth street northwest. 1uSt
south of Pennsylvania avenue, Tor use
as q repair shop for meters, store room
fitting department and service STATION
The company laid 10 miles OF new
mains during the year at cost OF
| Sl99 500 05. q
Company Has 1909 Stockholders.
| President Preston reported that the
gas company now has 1909 stockhold-
| ers. of whom 908 are women and 252
other holders representing stock held III
fiduciary ca .Iacltlcs. In his report the
president also noted that the number
Of house heating furnaces increased ma
terially during the year and that the
! sale of gas refrigerators likewise pro-
| crossed satisfactorily,
| The December 81 balance sheet show
| ed total fixed capital of S20.274.l58 09.
current assets of Sl.607.2l6.38. miscel-
| laneous assets of 9l7,345.69 and an eX-
pense item of Sl72.l349l, making the
company's total assets S22.970 .85507
| The Public Utilities Commission valua-
ton expense has cost S30665 TO date.
The company has capital stock and
bond issues totaling $l0.709.6l2 current
liabilities of 81 4l2.260.54, accrued la
bilities of S693 2l0.78. reserves of $685.
36i 95 and a surplus of S6.693 ,409 80.
The balance sheet shows a gross cor
porate income for the year Of Sl.234,-
l07 "a. leaving after all deductions the
above mentioned net of 1888 .088.33. The
company's fetal operating revenues
reached S5.35a. 427.56.
John B. Larner, president OF the
Washington Loan & Trust Co. acted as
chairman &C :he stockholders meeting.
the following directors being reelected:
Ord Preston, Robert D. Weaver, Jo-
seph Letter. James NJ. Green. William
King. Charles c. Glover, Jr and Ed
ward j. Stel!wagen. The board will
meet next Monday for organization
and for the election of the officers OF
the company.
During the session Mr.. Preston made
special reference TO the valuation OF
the company's properties now being
made by the Public Utilities Commits
sion of the District, the gas company's
engineers. as well as the engineers OF
the Public Utilities Commission. the
work of compiling the inventory having
been started last June. Completion will
require several months more. AS soon
as the joint inventory is finished. Mr..
Preston expressed the hope that steps
will Immediately follow toward the fix
ing of a definite valuation.
At the conclusion of the meeting spe-
cial regret was expressed over the re-
cent death Of DR.. Guy Fairfax Whiting
who had served as director since No.
sember II. 1911.
Montauk Point Pleases Bankers.
Washington bankers who visited Mon
tauk Point. L. l., over the week end 10
inspect the resort with view TO Its
availability as a plate for holding the
next annual convention of the District
Bankers Association, were favorably i'm
pressed.
In the party were W. W. spaid. prcNi:-
dent OF the association: Harry "
I'D z
McQlade chairman of the general con-
:ention committee, and Luther Schrei-
ner. chairman Of the sports committee
for this years gathering.
Selection OF the meeting place has TO
DC settled by the council of administra-
ton OF the association Montauk Point,
however. is sure TO receive consideration
me hotel Is adequate. stands on high
oiuif ana has an ocean view & The in
terror Is most attractive. The dining
room is well arranged for the annual
banquet and the auditorium Is Just the
! right size for the conventions business
sessions. The chairman Of the sports
committee found the golf links all that
could be- desired
Inc resort furnishes complete con-
IaSt 10 lfot Springs. Instead Of noun.
laifls and drives there Is ocean scenery
The place Is within eight miles OF the
up END 81 Long Island, 1875 miles from
rev YORK, and ran be reached by a
Spegial train from Washington afthou,
change.
/ Ine cotnnittee's FINAL decision vii, be
IHcp!t rs H1, Springs. White Sulphur
sas(ld Point Comfort and Virginia Beach
Sfe also on the trail Of the local bank :
seFs
! Local Securities Firm Today.
In "a quiet session 81 the Washington
'5ock Exchange today. 20 shares Of
Washington Railway IL Electric com
| mon spld at 40
Capital Traction opened the week at
! lift4 TOT i5-silare lot. Gas Light
came out AT sSM, and so shares Of
Earl@r IL Ross common sold 81 1914
The remaining trading was in two
j kgnd issues. IA 81 900 transaction IN
. Washington Railway ~ Electric general
sales IN Railway a. Electric 4g being
recorded al J2iz.
Other Financial Notes.
Wafter CASE. one III the directors Of
ne E3otEern Railway. VAS "A recent
9albDf Ia The local financial district.
calling on George r. CDpman at The
9fiief III Hartman IL Co
Spfclai Invitations are being sent out
~ the twefi'y~fourth annual banquet
~ Washington, Chapter 4 Is 10 be-
held al Tie Willard on the evening ot
February ID. Reservations ARE coming
III rapidly,
January sales III f. w Wooiworth Co
rpse ~ SI1iI4,233 from SiG.llG5i7 IN
. January, 1927, Il gain ~ GO per cent.