Evening star., 1932-02-03
GEORGETOWN GAS
" EARNINGS S1h,106
"
saa Rsfosa Reveals De-
e : saase of S2l, ,48s IN
Het tos 1881.
BR EDWARD C. STONE.

MAst filed with the Public UtlnLes Com-
moAssion. This compares with net earn
snss of s156, "a in the previous year,
A falling off of $2l, ,48397.
Operating income during the year
uas larger than in 1890 being $1,2ll,-
NOS O2. compared with $l070, ,282 go.
Operating expenses were also higher;
s998, ,527.24 against 1924, ,523l3. Iotal
deductions from operating expenses
called for 81 03l. 1854 40, compared WIN
7O.45337 a year, ago.
This left an operating income OF
sl7e 63s 81. in comparison with sl99,-
400 So in 1880. Total deductions from
gross corporate income during tne
year amounted to S64,8l6.27, against
S59 4s8. IS in the preceding year;
The Georgetown company also re-
rorted net earnings for the flnaI month
of the year, the December net oeiils
fI7C5l.l4, against $9,869.35 in the ike
month in 1880.
Utilities Have Splendid Year.
The washington Gas Light Co. mas
also made its final reports to the UtlIl-
ties Commission, following the annual
stockholders meeting This report ~
cludeS the December earnings "hICh
sboWpd a net income for the month
amounting to Sll9,33l.58, against only
SO 437 .S4 m the like 1880 month-
The marked difference was largely III
the operating income. December opera
tions bringing IN Sl74838,74, compares
with S69 .94743 year ago. Inc repoLI
for December also includes the yearly
summary which shows a total net IN
come of sl.l4l.83483, against SI4S'-
536 90 an increase in 1881 OF $3SS'-
2qa 54 certainly a fine showing. nc
figures are slightly different from Ihe
net earnings in the annual Iepol' y q"
that includes the subsidiaries.
The depression seems to have paSSeo
nv the local utilities corporations anu
left them in unusually good position
The Chesapeake & Potomac 4eIepiloLe
had a gain of $667 1896 in net earnings
curing The year. The Washington Gas
Light net was so large that the com
many has taken great pleasure IN an
T,rurcinq reduction in rates Inc
potomac, Electric Power Co. had a net
income in 1881 of $4 5S3. .224.30. Whue
this was $ls2, ,78485 below the 1880
earnings, yet this corporation also VooN
the same great pleasure as the gas
company IN reducing rates.
The Washington Railway & Electric
Co. reported net earnings for the year
Of s., ,O30, ,948 03, against Sl,oS5,0Oo % III
1880. Capital Traction was unable 10
cope successfully with the lower taNICdp
rates. However, the ofnclalS prous4i'
about some important economies.
OfBcials Of all the companies are re-
eeiving a great deal of praise for the
wears showing. 1t is believed here that
few similar companies anywhere else IN
the country have made such enVlanle
racords.
Reserve Bank Most Useful.
In comparison with figures for jan
uarv IS last year, those shown on the
statement of the Federal Reserve Bank
of Richmond for January Is, 1882, in
dicate a much heavier reliance this
wear on the Reserve bank by member
banks. Rediscounts rose s21, ,404,O 600
during the year nearly doubling the
January IS, 1881, figure, and the
amount of Federal Reserve notes in
circulation was $20,053,000 higher on
the 1882 date
During the year, member banks re-
duCed their reserve deposits by SlO,52O,-
600. The Richmond reserve bank de-
creased its portfolio OF assets other
than rediscounts by $5,214,oo0, but the
material increase in rediScount holdings
raised the total earning assets OF the
bank by $16,190, 900 during the year.
The increased demand for reserve
bank credit this year lowered the cash
reserves of the Federal Reserve Bank
of Richmond by $685. 900 below the
relatively high figure on January 10,
1881, and also reduced the ratio OF cash
reserves to note and deposit liabilities
combined by 862 points. the bank says
In its review Of the year.
Railroad Directors Named.
At the annual meeting of the stock
holders of the Washington and Rock
vile Railway Co., held at the office OF
the company in Rockville, the following
directors were elected.
Woodbury. Blair, S. Russell Bowen,
Robert V. Fleming, William F. Hamm,
Robert N Harper, Julius A. Kaiser,
Cloyd H Marvin, Clarence F. Norment
and Eugene E. Thompson
The directors, it was stated, will meet
IN the near future to select officers.
500 Dinner Attendance Likely.
Aubrey o. Dooley, president of Wash
fngton Chapter, American Institute of
Banking. and I. J. Roberts, chairman
Of the Dinner Committee, were highly
elated today over the prospects for the
annual banquet, which takes place at
the Willard on February 13. They now
feel sure the attendance will pass the
500 mark, which will be a brilliant
not hanging on bushes. Several banks
which have not been particularly in
terested in institute affairs in the past
are displaying a much more active con-
Germ this year This additional help Is
especially pleasing right now.
Capital Traction Stronger.
Capital Traction was stronger on the
Washington Stock Exchange today, al
though trading in the issue was light
Five shares changed hands at 19.
Mergenthaler Linotype again sold at
81 on a small-lot transfer, while Poto
mac Electric Power 512 per cent pre-
ferred moved at 104.
The first bond sale was in Washing
ton Gas IS, series A, 500 selling at
$685.. Later in the session Capital
Traction IS figured in $1,000 and $500
sales at So
Following the February / dividend
payments, not stock on the local
exchange is now being quoted ex-divt-
dend, rather an unusual situation.
Heard in Financial District.
W. W. Spaid, partner in w B. Hibbs
g. Co., IS taking 10 days off and is now
baSking IN the breezeS at Miami Beach.
Directors of the Boston Federal Re
serve Bank have elected Thomas M.
Steele, president of the First National
Bank g. Trust Co. of New Haven,
Conn, as a member of the Federal
Advisory Council to represent the first
Federal reserve district.
Claude G. Woodward, president of
the Mount Vernon Savings Bank, who
Is chairman of the Convention Com
mittee of the District Bankers Asso-
citation, has nearly completed his COM
mittee for the June meeting
Jay e. Mason, publishing director
of Business Week, win address the
Advertising Club of Washington at its
luncheon tomorrow noon at the Raleigh
Hotel. He will discuss subjects Of cur
rent importance.
The S. S. Kresge Co, has voted the
regular dividends due at this time. The
company earned 81 SO q share In 1881,
a1aj j,w+ sl on IN, IQ20