Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-26
GEORGETOWN GAS
EARNINGS SLUMP
Net Income Lower in August
and First Eight Months
of Present Year.
BY EDWARD c. STONE.

Net earnings of the Georgetown Gas
Light Co. were off 81 001.37 in August
compared with net profits in the cor
eponding month year ago, according
TO the monthly financial statement just
fled with the Public Utilities Commas
sion.
Operating revenues totaled $63,250.87,
against $58,874.92 in August, 1851,
while operating expenses totaled S54,-
692l5. against SAB 5000 in the same
month a year ago, leaving an income
from operations of $6,264.l5, in COM
parison with $847616
The Georgetown Gas Co. had nom
operating income in August OF 81 $685.,
against $1,241 .26 in the like period
year ago, making gross corporate m
come S7.900.97, while this figure a year
ago stood at S9.717.42. Following all
deductions, net earnings were $3,8Ol.Uo
against S4,802.4 AZ in August 1880.
For the first eight months OF this
year operating revenues were S194,-
484 O9. against S700 1929; operating
expenses were $685., 924.41, compared
with $516, 345.39.
Total operating revenue deducIlonS
were S638, 1881. against $547 ,454.oo
last wear leaving an operating income
of $1lO,750. in comparison Win
1852 .844.57. Incorporating income
smounted to S12,694.31 this year and
SI52. 844.97 in the like 1880 period.
cross income for the eight months
was S123.44489 this year and $loz'-
1885 a year ago. Following all oe-
auctions. the Georgetown company re-
,1orted net earnings so far this year OF
Sac 4o1 AZ against 1922 ,852.98 on the
same date last year, a decrease OF 1885,
S61.02-
Underwriters College Booming.
local insurance men were deeply m
ferested in the annual meeting OF tne
American College of Life Underwriters,
which took place this week in Pitts
hIrph in connection with the conven-
fton of the National Association OF Lie
underwriters. The chartered lie I'M
derwriting certificate is being greatly
coveted and several are already helo III
Washington. ,.
The District of Columbia Chapter
q. L. u, has recently been organized
with ten men in this city qualified to
ioin as members. The president Is n.
Lawrence Choate, while H. Cochran
Fisher is vice president and Maynard
c. Burreu, secretary and treasurer:
Ernest j. Clark, national president,
told the national insurance convention
of the progress the educational organ
ization has made since last year. he
said the 407 candidates who have passed
all C.. L. u. examinations represent 1OI
cities and towns in "a States, the Dis
trict of Columbia and China. Among
this number who are associated with
companies. 81 different life insurance
companies and 2 trust companies are
represented. .,
20 title and positions filed, 142 are gen.
eral agents, assistant general agents,
MANAGERS and assistant managers; n
are agency instructors and supervisors,
100 are devoting their time to active
life underwriting, 20 are home office
officials and members of home office
personnel, 18 of whom have had three
or more years of life underwriting ex-
perience, and IL of the number are
teachers of life insurance, Mr.. Clark re-
ported.
Chesterman Receives Program.
Bertram CheSterman, president Of the
Morris Plan Bank of Washington, has
received word that j. Rodney Ball OF
Lawrence, Mass, president of the Nor
ris Plan Bankers Association, and
Frank j. Braun of Springfield, Ohio,
have completed plans for the twelfth
annual convention of Morris Plan Bank
ers, to be held in Columbus, Ohio, Oc-
tober to 10.
Among those who will address the
and the Ohio State superintendent of
banks, I. ]. Fulton; Small Loan Com
missioner Davidson of Massachusetts,
DR.. Felix Held, professor of economics
and secretary Of the College of Com
merce and Business Administration in
Ohio; Milan v. Ayres, analyst of the
National Association of Finance Com
panies, Chicago; Walter H. johnson, jr.,
president of the Marine Trust Co. Of
Buffalo, and Rolf Nugent, assistant di-
rector, department of remedial loans,
Russell Sage Foundation, New York.
Lauds Work of Accountants.
The events of the past few years have
brought to many investors realization
Of the importance Of accountancy in
measuring the value of investments,
Charles B. Couchman, president of the
American Institute of Accountants,
said in a radio address Thursday night.
Not alone is the past performance of a
corporation of interest to the investor,
MIR. Couchman pointed out, but also
the current earnings and present finan-
cial condition, as well as the opinions
regarding those expressed by the inves-
tigating public accountants The func-
ton of the public accountant has be-
come so we'll recognized in recent years,
he said, that over 90 per cent of the in
Gustrial securities listed on the New
York Stock EXchange-bonds as we'll as
stocks-are ISSUED by corporations
whose accounts are examined by public
accountants.
I'm many financial organizations
there Is constant warfare between today
and tomorrow. Frequently, manage
me1lts are prone TO give the benefit of
any doubt TO today. even though to-
morrow may suffer in consequence. In
the interests of the security holders the
accountant should act in the capacity
Of an arbiter in such conflict
THE corporation which displays too
much faVoritlsm to its current bond
and stockholders, either through show
ing too much profit for the current
year or by paying unjustified dividends,
frequently sacrifices the interests Of
the permanent investors for the benefit
Of the current speculator who may be
IN today and out tomorrow"
Financial District Notes.
Among local bankers planning to at
tend the American Bankers Association
Convention at Atlantic City are Francis
@. Addison, jr., member Of the eX-
ecutiye council; Robert V. Fleming,
member of several special committees,
and Howard Moran, who is member
of the Executive Committee of the Saw
inas Bank Division. Bankers are stick
ing SO closely to their desks these days
that a record breaking attendance is
considered doubtful although the gath
ering is TO be one Of the most important
IN years
The September issue Of Bus Trans
portation contains an article by Alex
ander Shapiro, assistant general mana
ger OF the Washington Rapid Transit
Co. under the title Express Service
Sells Rides" He outlines in detail the
success attained by the local company
in Increasing the number of passengers.
cutting expenses and shortening routes.