Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-01
Washington GAS
NET AHEAD OF 1880
First Two Months of This
Year Show $73,448
Increase.
BIZ EDWARD c. STONE.

Net earnings of the washington Ga
Light Co. for February, as reported t.
the Public Utilities Commission. show
a falling off, compared with the same
month year ago, but the first two
months of the present year reveal 8
gain in comparison with the CORE
spending period year ago.
According to the February statement
net earnings for the month totaleo
$114.195.49, against net earnings for
February. 1890, of $148.371.09. For the
first two months of 1881 net earnings
were 1888, 242.97, compared with S214,-
794.l8 a year ago, an increase OF S73,-
443.79.
The Georgetown Gas Light Co. has
also filed its February statement with
the Public Utilities Commission, net
corporate income for the month being
$12,69 10, as compared with $25,435.85
in February, 1880. During the first
two months of 1891 net income reached
$29. 1890, compared with $46,l34.65 in
the same period year ago.
Southern's Assets Slightly Lower.
The Southern Railway Co. has issued
its pamphlet report for year ended De-
cenber 81, 1890. Total assets on De-
cember 81 last. were $681 1854 1878, COM
pairing with 1898 ,208, 908 at end of 1929,
and profit and loss surplus of $105,891, :
O69, against $116,395,011. Current as
sets were $43,022,610 and current la
bilities SlS,929,8lO, as compared with
$54,0l7,8 1898 and $21 ,613,255, respective
", at close of previous year.
Income account, which has already
been published, shows net income OF
$9.126,5I2 after taxes and charges.
equivalent after 5 per cent preferred
dividends to $472 a share on l,298.2OO
shares of common stock. This COM
pares with $18128,787 or $11.65 share
on common stock in 1929.
Surplus account follows: Proht and
loss surplus December 81, 1929, Sl16,-
3e5,o11; deduct: Deficit for year 1880
after dividends "a, Ass, 0s8; reserve for
dividends payable in 1881, S4,730, 43O;
equipment and property retired, ST.
33l ,474 miscellaneous debts (neD,
STA $50; leaving profit and loss sur
plus December 81, 1880, $lO5,8sl ,Oos.
Pennsy Covers Devidend Needs.
The Pennsylvania Railroad Co. made
public today its eighthy-fourth annual
report, covering operations for the year
1880. The report shows that although
the company's total operating revenue
in 1880 declined over $112,000,OO0, 1t
earned a net income sufficient TO pay an
per cent dividend and all other
charges, leaving surplus OF almost
loss Net income amounting TO $685.
9.SIS was equivalent to 1925 per cent
upon the outstanding capital stock at
the close of the year, as compared with
1884 per cent upon the amount OUT
standing at the close of 1929. Net in
come per share (par $500 was S5:28,
compared with 1882 in 1929.
Interest Rate Cut in Effect.
Local banks were notifying their GUS
toners today of the reduction OF the
rate of interest to be paid on demand
deposits, the amount Of the reduction
being one-half of / per cent, following
the action taken by the Washington
Clearing House Association. In regard
to this reduction Chairman H. II. Nc
Kee of the Clearing House Association
made the following statement late yes
terday:
THE washington, D. c., Clearing
House Association adopted a resolution
March 81, 1891 binding all members
and associate members to reduce on
April /, 1881, the rate of interest paid
by them on demand deposits one-half
of per cent, and thereafter the rate of
interest paid by them. on demand de-
posts shall not be greater thHn the re-
duced rate. This rule does not affect
the rate of interest paid on time or saw
ingS deposits"
Lower interest rates have become the
order of the day among banks all over
the country. With call money in New
York remaining at III per cent and
other rates being correspondingly low,
the banks have been forced to take no.
tice Of the situation. The majority Of
banks have been paying 2 per cent on
checking accounts which we're main
tanned above q stated figure. Leading
bankers feel that such rate cannot be
continued in the present money market.
It is important to note that the action
taken by the Washington Clearing House
Association does not affect the rate of
interest paid on time or savings deposits.
TOday's ID. c. Exchange Session.
Trading was quite active on the
Washington Stock Exchange today, the
first transaction being in Washington
Gas Light bonds, series b, at 1854.
Potomac Electric So per cent pre-
ferred came ont at 110h and closed at
1l0 on a 2i-share turnover. Railway
& Electric preferred was again active
in small lot sales, opening at 98Hs and
closing with a sale Of so shares at
gas.
Federal American National was the
only bank stock out, so shares selling
at so. Carpet Corporation changed
hands at 22ls and 22A. In the bond
division Capital Traction SIS figured in
q 81 900 transfer at 80.
Nearly score of local issues which
have been quoted ex-dividend paid
their dividends today. American Tele-
phone, American Security g. Trust,
Union Trust and Federal Storage pre-
ferred are the only issues now ex-
dividend.
Financial District Comment.
The directors of the Liberty National
Bank are to hold special meeting next
Friday afternoon to take appropriate
action on the death of George o. Wal
son, the banks president. Although the
directors have made no statement as 10
their plans, it is presumed in the finan-
cial district that the vacancy will also
be filled at the same meeting.
Coodbody 81 Co. today took over the
Washington office and the organization
of Harriss 81 Co, located in the Southern
Building. It Is announced by the New
York Stock Exchange house that Nc
Eiroy Moss viii remain as manager OF
the Office here The Office Of Harrtss &
Go was opened here about three years
ago and was originally HarTiss 81 Vose
w. B. Hibbs, senior partner in w. b.
IIibbs & Co, was back in the financial
district today, after an extended trip TO
the Pacific Coast. Mr., Hibbs returned
East in excellent health and reports a
fine tour.
O. NJ p. Murphy & Co.. announce
that Charles S. Sergeant, until recently
partner OF Kidder. Peabody g. Co,
and governor of the New York Stock
Exchange. has become general partner
of the firm. He is a director in large
number Of important corporations. Rich
ard r. williams, jr., also former part
ner in Kidder, Peabody, has also joined
the Murphy firm.
Tel. and Tel. Earnings Gaining.
Earnings Of American. Telephone &
Telegraph Co. for the quarter ended
Marcll 81. 1881, while rejecting the