Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-30
POWER
| SALES ON INCREASE
on Utilities Shows Big
Gain in First Half
of Year.

six months of 1928.
! This was reported today by the Ma
tional Electric Light Association, OF
which the local power company a
member.
During the first six months Of 1929
the total sales OF large industrial power
were 1898, 100000 kilowatt-hours, an
increase of more than IA per cent over
the corresponding period last year.
This is in line with the figures of the
electrical index of industry and trade,
prepared by the association, which
Shows an average condition of business
activity of practically 10 per cent
above normal as compared with only
per cent above normal during the
first six months of 1928.
Increase in Service.
Referring to the increase in domestic
service, the N E. l.. A. reported that
for the first six months of the year
total sales of electricity for lighting,
cooking and appliances in the 1900
900 electrified homes OF the Nation
were 4981 100000 kilowatt hours, an
increase of 670,000,000 kiloWatt hours,
or nearly 16 per cent over the corre-
spending period of 1923.
While part of this increase was said
to be due to addition of new customers,
the larger part was attributed 10 the
use Of more electricity in individual
homes. At the end of December, 1923,
the annual use of current by the
average residential consumer was 459
kilowatt hours At the end OF last June
this figure had risen to 478 kilowatt
hours, an increase of more than per
cent. At the same time, however, this
increase in use was accompanied by a
decrease in the average rate, which de-
clined by 1900 of cent per klloWatt
hour, or nearly DE per cent, leaving
the annual revenue per consumer sub
stantially unchanged.
The tabulation of six months opera
lions shows that revenues have not
kept pace with the increase in sales.
Whereas the energy sold to all con-
sumers increased by 1872 per cent. the
revenues which these consumers paid
increased by only 8i2 per cent.
New Currency.
The August issue of the Bulletin,
Official organ of the District OF Co
lumbia Bankers Association, off the
press today under the editorship OF
Audrey o. Dooley, reports that Wash
ington banks are handling the new
small size paper currency in greater
quantities" and that the experience has
been most satisfactory"
The new currency, according to the
Bulletin, possesses greater durable
qualities than the old, and even
mingle it with the old and larger bills
for some time to come, yet this fact
does not seem to have retarded the
banks work in any way. They are
pleased with the compactnesS of the
currency and the economy of space re-
sulting through the reduction in size. "
The Bulletin has been enlarged from
8 to IL pages, and contains many
articles of interest to the Washington
banks. Prominent among these is the
report that 16 corporate flduciaries,
composed of nine national banks and
seven trust companies exercising trust
powers in the District of Columbia, re-
ported for the fiscal year just ended
an increase of per cent in the num-
Der of trusts and an increase of II per
cent in the volume of trust assets be-
ing administered.
'Fiduciary development in the Dis
trict of Columbia" says the Bulletin,
has kept pace with other geographical
sections of the country; many of our
association members are vitality con-
cerned with the progress of trust de-
velopment, and more than that, every
local banker is interested in the eff
fic!ent administration of his own
estate. Consequently every member has
direct interest in helping to make
the fiduciary section one of the most
important adjuncts of our association"
A. I. b. Memberships.
Concerning the Washington Chap
ter, American Institute of Banking, the
bulletin says: 1T would hardly seem
necessary to call attention to the fact
that too few of the directors of Wash
ington banks avail themselves of the
privilege of sustaining membership in
the American Institute of Banking.
Such, however is the case, and if there
has been any dereliction in inviting our
local directorate to associate them
selves with Washington Chapter it is
acknowledged with humility The men,
bership body is determined that no one
shall be overlooked in the forthcoming
campaign and that every director will
be fully informed of the important
work which is being accomplished and
apprised of the need for their unquali-
fled cooperation"
w. j. Waller. president of the bank
ers' association, presents in the bulle-
tin a reminder that now that the va
cation period is about over 1T Is the
sincere hope of the officers of the as
ISOLATION" that there be a record at
tendance at the weekly luncheons dur
ing the remainder of the year.
The bulletin was edited by Mr..
Dooley of the Federal-American Ma
tional Bank. assisted by Edward j.
McQuade, Liberty National Bank. and
I. j. Roberts, Riggs National Bank.
ID. C. Exchange.
Trading was light on the Washington
Stock Exchange today, and announce
ment officially was made the exchange
will be closed Monday next. Labor day.
The only bonds coming out to day were
Washington Gas IS B at 10334, and
Washington Railway g. Electric As at
So. Potomac Electric 5l2 preferred sold
in four blocks at LOT, while the IS pre-
ferred of the same company sold at
1921. Seven shares of Mergenthaler
turned over at los. The largest stock
transaction was Real Estate Mortgage
and Guarantee at 73a. Riggs National
Bank turned over in three blocks at $50
Warner Bros. Rights.
Plans whereby Warner Bros. Pictures
Inc, will obtain through the offer Of
rights to stockholders approximately
$40 900 900 in connection with its ex.
pansion program through the issuance
of a security believed to be unique IL
the history of corporate finance were
revealed in letter mailed last nigh
stockholders of the company by Harr!
M. Warner, its president.
Holders of common stock of record a
the close of business September 9, 1923
are offered the right to subscribe to op
tional per cent convertible debentures
series due 1889, at the rate of one $50
debenture for each So shares of com
mon stock held The offering price
payment of which is required on or be
fore September 80. is $525 per $50
debenture. No rights accrue to the pre-
ferred stockholders, but they are OF
fered the privilege of subscribing If the,
convert their holdings into common
stock on or before the record date
Through this operation the corporation
will obtain funds on basis equivalen
IS q