Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-01
WASHINGTON GAS
INCOME INCREASES
Net Gain of $173,288 Re.
ported for First Five
Months of Year.
BY EDWARD c. STONE.


28051 over May, 1890, and made a net
gain for the first five months of the
present year OF $173,283.88, compared
with the same period last year.
Operating revenues in May amounted
to $510.90l .8S, against $482, 253.65 In
May. 1880; operating expenses required,
$309, 236.68. against $308, l67.0l year
ago, and total deductions from operat-
ing revenues called for $342 ,401.43, in
comparison with 1898, 697 90. leaving an
operating income Of $168 ,500.45, COM
pared with SAP. 555.67 in May 1880.
The company reported q non-operat-
ing income Of $5,982.21. against ST.
917.70 q year ago. Miscellaneous de-
auctions amounted to $67. .08, against
SOL 1880, leaving a total net income
OF $106, SO, compared with a May
net in 1880 of So, 322.o7.
In its report for the first five months
Of 1881 the gas company reported oper-
ating revenues totaling $2,S69,7o7.36,
penses we're $1,742, 308.38, compared
with $1,615,s68.69. leaving an operating
income of S949,9l589. in comparison
with $766, 769 go to date in 1880.
Incorporating income totalled $24,-
209 81 against $8,936.76, with gross IN
come standing a. 974,225l0, compared
with SITS, 70666 in the like period last
year. After all other deductions. the
gas company had a net income OF $751;
72473, against $464 ,435.87, or the above
mentioned gain Of almost $l7S,Oo0.
Fifth District Business Quiet.
William NJ. Hoxton. agent Of the Fed
eral Reserve Bank of Richmond, issued
his June Review Of business and agri-
cultural conditions in the fifth district
today. the resume showing that busi-
ness has been making time during the
past month. Immediate needs are be-
ing filled, but few advance orders are
being reported. he said.
At the Federal Reserve Bank OF Rich
mond, he said, credit extended to menu
Der banks increased moderately between
May Is and June Is. and the bank
further increased its total earning as
sets by purchases of reserve notes In
the open market.
Federal Reserve notes in actual cir
culation declined seasonally last month
by about the usual amount. Loans by
member banks in leading cities Of the
fifth district declined slightly between
the middle of May and the middle of
June and the banks also decreased their
investments in stock and bends. but
their deposits increased a little during
the period. Outstanding loans on June
10, 1881 were 10 per cent less than
a year ago, but aggregate deposits were
slightly higher on the 1891 date.
Debts OF In "a Centers.
Debts to individual accounts figures
in "a trade centers of the fifth dis
trict were lower in the aggregate dur
ing the four weeks ended May IS, but
on a daily basis the later period was
little higher than the earlier one.
Debts in the four weeks ended Jun
10. 1881, were 81 per cent less than
debts in the four weeks ended June
II, 1880, "a not very unfavorable COM
parison in view of price changes dur
ing the year" Mr.. Hoxton said.
No material change was reported in
the number of unemployed workers in
the district during May and June.
The most important occurrence dur
ing the period under review in labor
circles was approval. by workmen af-
fected. of the Southern Railways plan
to put all shop employees on f1ve-day-
week basis at the same hourly wage, this
being done in preference to further
reduction in the number OF workers"
Mr.. Hoxton said.
Coal production continued relatively
low, but on daily basis slightly ex-
cceded the rate OF production in April
Mills Consume More Cotton.
The textile industry failed to measure
up to the rate Of operations in the pre-
ceding year, but the fifth district mills
did better than the average for the Ma
ton and consumed more cotton than
they did In May, 1880.
Tobacco manufacturing continued in
larger volume than in May, 1890, the in
crease, according to Mr.. Hoxton, being
entirely in cigarette production, of which
the fifth district made about 87.5 per
cent of the national output.
Permits for building issued in the
leading cities of the district in May
exceeded in total valuation the permits
issued in May last year, but the in
crease was due to high figures in a few
cities, and in most localities construc-
ton was still far below normal for the
season.
Big Crops Forecast.
Retail trade in May, as reflected in
In department store sales in the first
FIVE months of this year, averaged 4 per
cent less than sales in the correspond
ing period last year. The district per-
centages for both May and the first five
months Of the year were better than
the figures for the Nation as q whole.
Mr.. Hoxton said that conditions for
agriculture have thus far been favor
able and hay crops, grasses and trees
have shown remarkable recovery from
last Summers drought damage. Early
season indications were for good results
this year, in Sc far as quantity was
material improvement in prices for the
principal money crops Of the district.
Banks Again Reduce Interest.
The Washington Clearing House
Association has notified the member
- ~
in effect today, reducing interest paid
on demand deposits of individuals one
half of l per cent The prevailing
rate in this city on such deposits has
recently been "a per cent. the new
rule calling for payment OF per
cent after today. Interest paid by
banks and trust companies on deposits
by other banks and trust companies
also is to be l per cent
The action is taken because OF low
interest rates prevailing everywhere
and has nothing whatever to do with
the 3 per cent rate on saving deposits.
World Outlook Held Improved.
The Lincoln National Banks out
line of Business" published today, con-
siders that the Hoover moratorium
proposal greatly helps the world out
look for business. Perhaps business
need not endure Summer as inactive
as had been anticipated, the bank
says. The advance IN prices Of Sc
curities and commodities is bound to
influence industrial activity.
1T is unlikely that world economic
stagnation can be cured by the admin
istration Of any single remedy. But
the present proposal might well be-
come the medicine needed to start re-
covery. The medicine was offered at
a time when the condition Of the world
patient was at possibly the lowest state
since the economic illness began"
After admitting that certain amount
of unfavorable business news Is sure to
come out In tie next go days, the bank
states that a certain amount OF conf
dence in early Fall developments has de-
veloped before the debt plan was made
nNnkfHanieYra NOlinlAd NTH a