Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-01-08
LOCAL GAS BONDS
MEET WITH FAVOR
AMONG INVESTORS
New So, 500, 600 Issue Placed
on Market-WiII Run rs
Years and Yield SAP Pct.
PROCEEDS TO PAY OFF
MATURING OBLIGATIONS
Peoples Drug Store Sales Reported
for 1932-Better Conditions
Forecast.
BY EDWARD C. STONE.

In the local financial district yeSter-
day, wide interest was manifested in the
new issue of S8,500,000 Washington Gas
Light Co. 25-year refunding mortgage
gold bonds, to be dated January /, 1888,
and due on January l. 1858. These
bonds, which have just been placed on
sale, are priced at 941a and interest, to
yield over AZ per cent. 1t was reported
yesterday that they are already in ex-
cellent local demand.
The new issue, of course, has been
approved by the Public Utilities Com
mission of the District Of Columbia. In
terest is payable January and July /.
The circular describing the bonds in
cludes information from Marcy L.
Sperry. president of the gas company,
showing that the local company. incor-
porated in l848, distributes gas without
competition directly and through the
Georgetown Gas Light Co., subsid-
larry, to the entire District of Columbia
and through other subsidiaries to con-
tiguous territory in Maryland and Vir-
ginia, offering service to population of
about $4,000.
The proceeds from the $500 900
Issue are to be used for payment at ma
turity on April l, 1888, Of 100000
per cent bonds and 100000 Az per
cent notes, due on the same date, the
remainder of the funds to be applied to
operating requirements Referring to
earnings, the circular says:
Years Earnings Reported
The consolidated earnings of Wash
ington Gas Light Co. and subsidiaries
for the II months periods ended Sep
TENDER 30, 1882, and September 80,
1881, respectively, and annual charges
on 6,199, 500 of funded debt to be out
standing upon completion of this
financing and the application Of the
proceeds thereof, are as follows:
1882. 1891.
REVENUES ns a'- se.453.9ss se.492, 400
maintenance and
taxes ...,..... 4224,oOO 4.s72,75s
Net operating earn
ines before interest,
reserve for retire. ,o ooa
Annual Interest charges
on funded debt TO
be outstanding as
above SZ4970
Net earnings for the II months ended
September 30, 1882, after deducting
$192030 credit 10 reserve for retire
ments computed as to property within
the District of Columbia in accordance
with regulations of the Public Utilities
Commission of the District) were over
2.47 times such annual interest charges.
Over 81 per cent of consolidated net
earnings before credit to retirement
reserve was, for the same period, de-
rived from earnings Of Washington Gas
Light Co. alone, the circular adds.
The circular refers to the valuations
of the properties in the District of Co.
lun1bia and in Maryland which are
now being made, and details the secur-
fly back of the new issue. Relative to
the management 1t Is stated that the
supervision of the company is in charge
Of business and professional men, all
residents of Washington. One of the
concluding statements in the circular
says that dividends have been paid on
the gas company's common stock for
more than Sc consecutive years.
Peoples Drug Earnings Improve.
Earnings Of Peoples Drug Stores, Inc,
were announced yesterday for the full
year and for December, 1882. Earnings
in December totaled SLIP, 1850 against
$1,778,834, in December, 1881, decrease
of s66,474, and a percentage decrease
of 374.
Earnings for the full year 1882
totaled Sl6,199,006, in comparison with
earnings in 1881 Of $l7,469,013, or de-
crease during the past year Of 81 $40, DOT,
and falling off of 727 per cent COM
pared with 1881.
The management of the big drug
chain reports that while sales we're
lower in December of the year just
ended than in December 1881, there
was considerable improvement noted in
parts Of the company's territory. 1t is
believed that this recent improvement
vii bread to other territory. 1t Is
CO.. ed encouraging
percentage figures also give a
be picture. The decline of only 374
Pc cent for December is very much
better than the years average Of 727
per cent.
Opens Charlottesville Office.
CHARLES D. Barney g. Co, members
OF the New York Stock Exchange, who
maintain offices in Washington and
Winston-Salem, N. c., and are con-
nected BY direct wires with Richmond,
va. Will broaden these Southern activi-
ties tomorrow morning by establishing
a new branch Office in Charlottesville,
Va.
This expansion on the part of firm
that dates back to 1873, and which
has seen many depressions come and go,
is in keeping with its policy OF prepa-
ration for greatly increased business
activities in the United States at the
end of he current economic disturbance.
In line with these views, this house
has materially widened its activities In
recent months and now operates I'M
portant branch Offices in Chicago, Phila-
delphia, Minneapolis, St. Paul, Mil
waukee, and other cities in the East,
South and Middle West.
The company's Washington ONCE Is
located on the ground floor of the
Woodward Building, in charge Of Frank
P. Morse and Edward w. Gamble, jr.
Security Affiliates Favored.
w. w. Smith of st. Louis, president