Evening star., 1932-02-02


Banking Corporation chairman; Earle
NJ Amick, Riggs National Bank, and
T Stanley Holland, American Security
& Trust Co.
The dinner will be held some time
IN April, the exact date will be an
nounCed later In the past these din
ners have always been held at the
Columbia Country Club.
Mr.. McLaChlen. the committee chair
man. was president of the bankers
association last year.
Fifth District Investments Up.
A comparison Of the January l3.
1882 figures with those for January
"a. 1881, made by the Federal Reserve
Bank Of Richmond shows increases in
investments. cash in vaults. and in
borrowing al the Reserve Bank during
the year but all other items declined
Total loans and discounts decreased
S74OO8OOO between the middle of jan
uary last year and this, loans on stocks
and bonds decreasing S26,604 900 and
sll other loans falling $47.4O4 O0O Ag
gregate deposits declined S5l435.OOO
during the year. demand deposits fall
ing S36 430 900 and time deposits SIS
005 600 The decrease in deposits was
materially less than might have been
expected to accompany larger decline
in loans
Investments in stocks and bonds by
the 40 reporting banks increased S58,-
492 900 between the 1881 and 1882
dates cash in vaults rose by S1.75O.OOO,
and borrowing at the Reserve Bank in
creased by Sl6496,0OO Most of the in
creased borrowing occurred in the past
four months, the Richmond bank
states
That rising bond market will prove
the means through which the financial
and business worlds will ultimately
climb out of depression is the view eX-
pressed in the February Income, pub
llShed by A. S. Goulden & Co. Inc
A continuation Of the recent strong
bond market would relieve the pressure
on institutions now holding millions
of dollars worth Of this type of SeCuri-
ties, the publication states. as we'll as
providing a basis for IOng-tcrm credits.
which would stimulate construction and
business. In addition, the psychological
factor which looms so large a. the
present time would be nightly in
fue1Ced for the better by rising bond
prices, the review says.
1881 Gas Earnings Best Ever.
Stockholders today were digesting the
annual report Of the Washington Gas
Light Co, which showed A total net in
come in 1881 Of Sl277623, or an in
crease Of S367l77 over the 1880 figures
and new all-time high record. BY
the use of new methods the production
cost OF gas was reduced from 469 cents
to 1886 cents a thousand cubic feet as
compared with 1880 President G A. G.
Wood reported that the mOdernization
program carried on during the year cost
the company and its subsidiaries ST.
668324
President Wood reported the intro
ductiOn of natural gas and developing
the use Of heavy oil in connection with
this gas. approximately S86O00 he
said, was saved on enrlChers during the
year in spite of a l3 per cent increase
in gas sales. Distribution expense was
reduced almost 10 per cent in spite of
the l3 per cent consumption increase.
Both plant and distribution equip
ment have been adequately maintained,
S402 SIG being spent for this purpose.
Mr.. Wood said. The company sold
s ! 069 400 worth Of appliances net, he
told the stockholders, more house
heating appliances being installed in
1881 than by any other company in
the country, he added The companies
showed a gain in the average number
of meters in use of 4 ,776 and the in
come per meter year has increased
S2l4 over 1880 The new record in
gas sales was made in spite of unprece-
dented warm Wearther in october, No
vember and December.
Gross earnings reached S6,527 ,345, an
increase of s294,45l. Net earnings be-
fore income taxes rose S432,292
William Montgomery, president of the
Acacia Mutual Life Association, re-
ports income during 1881 was more
than $l2,6OOOOO. a gain Of $600,000
Assets rose more than SIS 100000, now
standing at S45 900 900.
The home office in this city paid
more than S7OO 900 in salaries during
the past year. During the last year
Acacia paid out more than $4,700,000
in claims. of which $4,000 900 was to
living policyholders through dividends,
matured endowments and cash values.
We feel that the Acacia Mutual
Life Association is making distinct
and important contribution to the eco
nomic well l-being of Washington" Mr..
said.
Today's Trading on Exchange.
Washington Gas Light SIS opened
trading on the washington Stock EX-
change today, $500 selling 99l2 and