Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-03
washington GAS
HAS RECORD YEAR
Report Shows Earnings of
$5.94 a Share-SubSid-
iarieS Also Gain.
BY EDWARD C. STONE.

"a EONN EAAsg ~ oAOANAas
In connection with the annual meet
ing Of the Washington Gas Light Co.,
Ord Preston, the president. has mailed
the report to the stockholders covering
operations during 1929. This report
shows that the gas company had the
best year IN its history, having earned
$5.94 per share on the stock. The
Washington and Georgetown companies
combined earned SIP per share and
the Washington company and all sub
salaries $7.22 per share.
The company reported an increase in
gas sales for the year of 10000, 900 cubic
feet. Total net earnings amounted to
S772,441.78 in comparison with $685.
1899 in 1928. During the year the
company adopted the continuous meter
reading method, which meant about
five fewer meter reading days to the
management. The old system would
have shown some $4,000 additional
income.
Election Postponed Until March.
The election of directors and officers
was postponed until March 4. Follow
ing the presentation of Mr.. preSton'S
report to the stockholders a motion was
made to adjourn the meeting for a
month, which was carried. While the
motion gave no reason for the proposed
delay, it is to be inferred that the
move was made in connection with &C
ton before the courts brought by the
Public Utilities Commission.
The present directors include Mr..
Preston, Robert d. Weaver, H. Prescott
Galley, Wilton j. Lambert, Fred S.
Burroughs George B. Fraser and Chris
topher H. Pope. In addition to the
president, the other high officials in
the company are: Robert D. Weaver,
vice president; George NJ. Whitwell,
secretary; Lawrence Townsend, treas
urer, and Richard A.. Ennis, controller.
Today's meeting, which adjourned at
! o'clock, was well attended, a large
percentage of the stock being repre-
sented.
Other HighIights In Report.
In presenting the details of the re-
port for the year ending December 81,
1929, Mr.. Preston says, in part:
The net corporate income amounted
to STU, 44178, of which $468,000 was
distributed in dividends, the same as
has been paid for the last II years.
There was carried to surplus $780,
44lT8, an increase over the previous
year of Sl13,672.S9.
The total amount of gas sold was
6,081 AL ,205 cubic feet, an increase OF
eO,004,170 cubic feet over 1928.
There were in use at the end of the
year 696 miles of main of all sizes, ap-
proximately 77,700 house services, 1858
street lamps and, including the subsid-
iary companies, 1929 meters. This Is
an increase of 5,828 meters during the
year.
Net expenditures for additions, bet
termentS and improvements to plant
and equipment amounted to $780,
255.47. OF this amount so per cent was
used for the distribution system.
During the latter part Of the year
the company put into operation mod
ern mechanical accounting system for
the handling of customers accounts, at
the same time adopting the continuous
meter reading method. These changes
will produce better records and effect
economies in operation.
Income in 1929 in Detail.
The Washington Gas Light Co.'S In
come account in 1929. as reported To
the stockholders. follows:
Income from operating properties:
Operating revenues. S5,536,206. 81
Operating expenses. sS.727.os5.s4
Uncollectible bills. 2S,2Sl 90
faxes (including in
CoIle taxes $500. Sl4'Szs.US
Total revenue de-
auctions -. 4,O7o,27s.s5
Operating income l.4s5.s3o. 46
Income from incorporating properties:
Interest on long
term debt owned. 4.05ooQ
Miscellaneous inter
est revenues. 36,65452
81
uncolectible nom
operating revenues 1896
Total non-operat-
ing income. 40,505.06
Gross corporate
income -. I,5os, ABS 50
. Deductions from gross corporate income:
Interest on long
term debt -. 5s9.975OO
Miscellaneous inter-
est deductions = I1s.65l5s
Amortization Of debt
discount and ex-
ptHhe 4orGoo4U
Miscellaneous deduc-
corporate income. 7lso7s
Total deductions
from gross cor
porate income. I3S,993.T4
Net income. .. $T72.441.7s
IgIehart Expands Local Office.
Announcement was made today that
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