Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-03
GAS FIRMS REPORT
DECLINE IN PROFIT
Net Earnings of Two Compa-
MES Are $4,000 Below
Those of 1929.
BY EDWARD C. STONE.

income OF the washington Gas Light
Co. and its subsidiaries amounting to
1910, 1853. The companys largest
subsidiary is the Georgetown Gas Co.
and in 1929 the two companies report
ed a net income of $926,512. This
means "a falling off in earnings during
last year of a little more than $4,000.
The slight drop is due TO the bust
ness depression and the expenditures
for various expansion work and the
betterm ntS which have been carried
out. Many gas mains were laid in new
territory, so that 1881 income figures
will show new profits from these
sources. Total sales for 1880 were
larger than in 1929, but a cut in the
rate to consumers prevents CORE
spending increase in profits.
At the stockholders meeting Presi-
dent Wood presented the following f.
nancial statement for 1880 for the
Washington Gas Light Co. Without the
subsidiaries:
4. Operating revenues
General e Sa5iG
sales Of gas to '''00''0O0'''
tions -. 694,l99.4I
nicpai sales " 9s,77O.l4
Sales of gas. 5,456,77sl3
enues s'''t ....... 49,. 2O2,s2sI4
Total operating revenues. s5,s59,59e 81
PRODUCTION expenses 2,3O5,492s1
Transmission and
penses -. 4es,695sS
/. '' penses S. ....'...,. 29,s9sO8
senses n les { -' = .. 29o.s53.IO
penses ''' ...,...,. 3o9,s6437
e!3Es@sn. expense. ~ l3ss.sss -
Total operet- 1900
Ing expenses 3,855,1339s
Uncollectible bills. 2l,9l82g
taxes ......-'..-' o. i''f'-7'
Total revenue deductions. 4.2o4,59T59
Operating income. ............. LASS DOL SO
Non-operatiye income ....-...'. zs'4as'SO
Gross corporate income. ....... I,z84, 44O, 50
Deductions from gross corpoT-
ate income roo,o. m
term debt .:..: S9S'22e.ou
payable lOo'4e9.72
ait tsrest Deductions 1s.Ss8.92
debt discount oao-
M1 a1etions 4,5s2.2O
ro.., d.duct,ons --. 10000 SO
Net income s74s,5s6.29
At tn. annual meeting of the gas
light company's stockholders, the Ola
board of directors was re-electeo as
follows, Fred S. Burroughs, George d
Frazer. Wilton j. Lambert, Q. II. POPE,
Corcoran Thorn, Robert d. Weaver and
George A. @. Wood.
Today's Trading on ID. G. Exchange.
Trading was quite active on the
washington Stock Exchange today, Win
stocks and bonds sharing about equaI
E0of1xroz ELECTRIC
opened at 98l2 and sold OF ".
Commercial National Bank stock came
ont at 2lo and a single share OF Amerl-
can Security & Trust Co. stock sold at
345. Federal American National Bank o.
Trust Co. stock also appeared on the
board, 10 shares selling at So and 10
more at So Emerson's Bromo Settler
"A" came out at 30.
The largest bond transactions were
in Potomac Electric Power IS at 108 and
in washington Railway & Electric As
at S7st. Georgetown Gas and Washing
ton Gas 6s, series A, moved at recent
prices.
New Interest Rate Adopted.
Following similar action by clearing
house associations of various neighbor-
ing cities. the washington Clearing
House Association at a meeting yester-
day adopted a rule fixing the maximum
rate of interest that may be paid by
members and associate members OF the
clearing house on deposits of banks and
trust companies at IL per cent per
year The present rate averages APP
proximately 2 per cent.
This action of the clearing house as
ISOLATION does not affect in any way the
payment of interest on the savings or
demand deposits of individuals, firms or
corporations, but relates exclusively TO
the deposits of banks and trust COM
panies made with other banks. Thir-
: teen Of the 80 banks of Washington are
members of the clearing house and %
banks are associate members.
January Justifies Expectations.
"The month of January justified ex-
pectations Of an improvement in the
business situation" National City Bank
of New York says in its monthly re-
view. Activity In the steel and auto
mobile industries has increased and
has been paralleled by a general broad
ening out Of business in other i'm
portant lines Employment reports in
dicate a substantial expansion of pay
rolls in the manufacturing centers.
Sentiment among business men is dis
tinctly more confident. and in general
the business situation wears more
hopeful aspect than it has in some
time.
Heard in Financial District.
Pred N Shepherd executive manager
Of the American Bankers Association,
was in the city today TO attend the fu-
neral Of his close personal friend, B. F.
Saul.
Rome c. Stephenson, president OF the
American Bankers Association, is in
Washington for a short visit, having
arrived here this morning,
Owing 70 illness Of DR.. Stephen I.
Miller, executive manager, the Ma
stional Association Of Credit Men,
principal speaker, the forum dinner OF
Washington Chapter American Insti-
tute of Banking, scheduled for tomor-
row night at the Shoreham Hotel is
postponed indefinitely.
Dillon, Read g. Co. bankers for North
American Co, announce the closing OF
the books on the S25,000,0 900 per cent
4 debentures offered Friday, all Of the
bonds having been sold.
At the annual meeting Of st0ckhold-
erS of the Mutual Fire Insurance Co.
yesterday all managers were unani-
mausly reelected, as follows. w. A. H.
Church, c. Kattelmann, L. Pierce
Boteler, Z. G. Brandenburg, Frank A.
johnson and Arthur Carr. The annual
report showed a good condition Of
affairs Resolutions Of respect to the
memory of the late b. F.. Saul, for 30
years manager Of the company, were
adopted.
The Union Trust Co. has lost valued
director in the sudden death Of j. b.
Lambie, who. passed away at the ad-
vanced age of "a years. He had been
a member of the board for a great