The Washington times., 1930-05-19
CORPORATION NEWS

poration.
A decided upward trend in the
consumption Of gasoline is fore
cast by the recent issuance Of a
survey Of the industry made by
Standard Statistics Company of
New York. The company esti.
mates that in 1880 there will be
40S, 100000 barrels of gasoline
used and that In 1884 there will
be 536,500,000 barrels consumed.
The survey represents an average
expectancy of future probabilities
based on past trends operative
over a long period.
Pennsylvania State Water Cor
poration, a subsidiary Of Commun-
ity Water Service Company, re-
ports gross revenue of $1,036,294
for the twelve months ended
March 81, 1880. After operating
expenses, maintainence, and taxes
excluding Fedora income tax,
had been deducted there re-
mained a balance Of $624,950.
Memphis Natural Gas Com.
pany has announced that on
June 81, 1880, it will redeem all
of it's outstanding first mortgage
per cent sinking fund gold
bonds, amounting to $6,153, 500,
dated August /, 1928, and due
August /, 1884, aS the principal
amount and accrued interest
thereon, plus a premium Of 3
per cent Of the principal amount
Of the bonds.
Hackensack Water COmpany'S
first quarter earnings amounted
to 70 cents a share on the COM
bined 95,125 shares Of Z per cent
participating preferred and 205s
900 common shares. This com.
pares with 20 cents a share on
205, 900 common shares after pre-
ferred dividends in the like 1929
period.
The American Rolling Mill
Sheffield Steel Merger is to be on
share for share basis for the
common stock. No plan has been
worked out yet for the exchange
Of preferred holdings.
Standard Gas and Electric, for
the months ended March 81,
1880, reports a total income of
$76,894,036 after expenses and
ordinary taxes but before depre-
citation have been deducted. This
compares with $73,639,3 ,382 in the
previous IL months.
Anaconda Wire and Gable Com.
pany, in the quarter ended March
81, earned IA cents a share.
Coty, Incorporated, excluding
holdings in foreign subsidiaries
reported first quarter earnings OF
81 cents per share on 1892, ,65S
This compares with SO cents q
share on 1330,079 shares in the
like 1929 quarter.
Sinclair Consolidated Oil Cor
pOration has contracted to &C
quire Pierce Petroleum Corpora.
ton through an exchange Of
stock on the basis Of a little
over one share for each four
shares on Pierce common. The
Pierce stockholders are to vote
n the offer June IL.
Vulcan. Detinning Company
for the quarter ending March 81
showed a net profit Of $110,445
after depreciation, taxes, etc.
had been deducted. This com
pares with $164,563 in the first
quarter Of 1929.
The United Corporation, has
offered to acquire a block o1
approximately IS per cent o1
common stock of Columbia Gas
and Electric Corporation on the
basis Of one-third Of q share o.
So preference stock bearing cumu
lative dividends from July /, 1880
and one and one-haH shares o1
the common stock Of the United
Corporation for each share oi
common stock of Columbia Gas
and Electric Company, eX the
special dividend in voting trust
certificates representing shares
Of common stock of Columbis
Oil and Gasoline, which has beer
declared payable to holders ot
record May "a, 1880.