Evening star., 1932-04-22

leaving a net oper-
ating income after
taxes and other de- Gu Ssvs,.a
auctions of S231.-
86052 in comparison with 5000 003 81
in March, 1881.
Incorporating income, which fell Of
over $4,000 last year. showed a gain OF
more than $4,000 this March Gross
was S242, ,603.37 against S195. .832 80 II
the like period las year. After all de-
ductionS the company reported the
above net gain of more than $4,000
For the first quarter Washington Gas
operating revenues totaled 81 ,730 996 AZ,
against S1,807 CAT. 81; operating expenses
called for S967. 988.37, in comparison
with 81 ,066, 042, leaving. after taxes and
other payments, a total operating in
come of $649, 7806l, against S632, ,785 80
After all other deductions, the gas COM
pany reported net earnings of S454-
S49.41, compared with S414 290 in the
first quarter of 1884, a gain this year
of $40559.41.
Joins Local Investment Firm.
c. H. Severance, who has been aSso-
ciated with E. H. Rollins g. Sons in
both the Washington and New York
Offices, for the past eight years. has
become connected with the investment
firm of Folger Nolan g. Co., in the
American Security Building, according
to announcement made today.
Mr.. Severance is a native of New
Hampshire, having come here to at
tend George Washington University.
After leaving college he entered the
but practically his entire life in finance
has been in the bond business. He
has been an active member of the
Washington Bond Club for a number
of years and is member of the Kappa
Sigma Fraternity.
The firm with which he now becomes
associated is local correspondent for
Kidder Peabody e. Co., one of the
oldest financial houses in the country,
having its origin in New England.
Georgetown Gas Reports Net.
The Georgetown Gas Light Co. has
filed its March statement with the
Public Utilities Commission showing a
gain in net earnings. Operating reve-
nues totaled S135,06590 against S188,-
96490 operating expenses claimed
S110.45l.81, compared S98,794.58 in
March, 1881, leaving operating reve-
nues. after all the usual deductions of
$9,950.87, against SIS 25565. and a net
corporate income after all interest de-
ductions for bonds etc, of Sl6.989 II,
compared with S13,G59 in March, 1881.
For the first quarter the Georgetown
company reported operating revenues
of 1882, 1854 against S373,038.08.
Operating expenses were S307.711 SO,
against $308. 062 so. leaving an operat-
ing income of $50, ,371.38, in comparison
with $50, ,757.79.
After all other deductions, the gas
company for the first three months of
1882 reported net earnings of S53,-
584.39, against the lower figure of S42,-
929.4l in the like period in 1881
Remains Convention Chairman.
In connection with the resignation of
Claude H. Woodward as president Of the
Mount Vernon Savings Bank, announc-
ed yesterday, it was stated today by
President c. H. Pope of the District
Bankers Association that Mr.. Wood
ward will continue his duties as chair
man of the general convention arrang-
ing for the annual conclave of the
association to be held at Hot Springs
in June. Mr.. Woodward's resignation
at the bank does not take effect until
June |. Officers of the bankers asso-
citation are greatly pleased that he has
agreed to carry on the convention work
which is already so aggressively started.
Frank w. Lee is to be the next
president of the Mount Vernon Savings
manager of the new business depart
ment was made assistant cashier in
1925 and vice president in 1928 which
position he has since held.
In moving him up to the presidency
the directors filled his place by electing
Robert T. Highfield vice president, in
addition to his duties as cashier. He
went to the Mount Vernon Savings
Bank in 1920 as assistant cashier, from
hp Coz Qy
Commercial Bank
Mr.. Woodward has been president Of
the bank for the past five years. The
hope was expressed today that he will
remain in the local banking district
after June l.
Today's Trading on Exchange.
Trading was very quiet on the Wash
1ngton Stock Exchange today. The
market opened with two small lots of
Woodward & Lothrcp preferred selling
at l07. Capital Traction figured in a
small sale at 10
Washington Gas Light stock has
been added TO the issues now being
quoted eX dividend, pending coming
dividend payments The Gas Light Co,
recently voted the regular quarterly
dividend Other stocks on the eX divl-
dend list at preSen5 are National Saw
ings & Trust and Washington Loan &
Trust
Merganthaler Linotype stocks, which
recently figured in such a sharp ad-
vance, did not appear on the board to-
day This popular issue, so widely held
In Washington, is now quoted 42 bid
and as asked
Financial District Notes.
It was reported in the financial dis
triCt today that Oscar A. ThOrup, who
Is connected with the local Office of
Remington Rand & Co, is at home
and hopes to be back at his Cfflce in
two weeks. He has been very i'll in a
hospital
International Business Machines Cor
poration, which operates a plant in
Washington including foreign sub
sidiaries, fer quarter ended March 81
1882. reports net income of 81 694 600
after interest, reserves, depreciation and
: estimated Federal taxes, equivalent 10
$3.50 a share on 7033 345 shares of no
par capital stock. This compares with
1880, ,663, or S282 a share on 669 852
shares in first quarter of 1881.
Objections OF the State Corporation
Commission of Virginia and the City OF
Norfolk to the four-party Eastern rail-
road merger proposal of the Pennsyl-
vania, the New York Central, the
Baltimore & Ohio and the Chesapeake &
Ohio are detailed in brief filed with
the Interstate Commerce Commission.