Evening star., 1934-03-26
WESTINGHOUSE
REVENUES JUMP
Coolest February on Record
Brings S72,575 Gain
Over Year Ago.
BY EDWARD c. STONE.

UVeT Iedl HYU.
BY EDWARD c. STONE.
Striking effects of the Washington
Gas Light Co.'S business during the
coldest February on record were re-
vealed today when the monthly finan-
cial statement filed with the Public
Utilities Commission showed oper-
ating revenues of S658,Ol5, compared
with s585440 in February, 1888. an
increase of S72, SIS.
Operating expenses, including taxes
and uncollectible bills, increased S54,-
687, this years figure being S413,647,
as against S358,960 in February a
year ago. Net operating revenues.
S244368. we're Sl7888 higher than
the figure S226.480 in February, 1888.
incorporating income showed a
Pain of $4,796. producing gross cor
porate income in February of S244,-
797. as against S222113 in the same
month of 1888. After interest de-
auctions the company reported a net
income for the month of S174,342,
compared with Sll5,223 in February,
1888. an increase of S59,119.
For the first two months of 1884
operating revenues totaled Sl,274,-
86746. against S1l45 703.22, while op-
Grating expenses required 1902 7.04,
compared with S724.391.92. leaving
net operating revenues OF S472, 1870 AZ,
as compared with S42l,3ll.32 a year
ago. Deductions from gross took
S140.84556. against S1S7.602.28 last
year in the same two months leaving
total net income of 1888 ,65668, in
comparison with S225,23439, an in
crease of S108, 8,422.29.
Georgetown Gas Net OF.
The monthly report of the George
town Gas Light Co., also filed with the
Public Utilities Commission this Morn
ing, shows a net income for the
month. after interest deductions of
S4.029. as compared with S5.675 in
February, 1888. a decrease OF ST 646.
Operating revenues increased S27, 300,
this years figure being S162,729, as
against S135,429 in February a year
ago
Operating expenses, including taxes
and uncoilectible bills. also showed an
increase. This years figure, Sl55,-
220, was S28,270 greater than operat-
ing expenses of S126,950 in February,
1888.
Incorporating income increased
from Sl,536 to Sl,725, producing a
gross corporate income in February of
s9,234, as against sl0015 in the same
month of 1898 Interest deductions
increased from S4,340 in February,
1888, to S5,205 this year, resulting in
the net income above noted.
For the first two months CT the
present year operating revenues also
showed higher figures as a result of
the severe Winter weather, being
1907. .586.81, against $3.50 .558O5 in the
like period a year ago. However. op-
Grating expenses were heavier. S294.-
202.99, compared with S243,666 OF last
year, leaving net operating income
of s13,38382, in comparison with sl6.-
9198.
After all deductions, net income
amounted to S6,43603, while a year
ago this item stood at sl2,O9471.
Gram Made Sales Manager.
Harvey B. Gram. jr., has been ap-
Johnston & Co.. investment securities
firm in the Southern Building, accord
ing to announcement today by James
NJ. Johnston.
Mr.. Gram has been connected with
the concern for some little time and
has been in the investment business
for several years. He was formerly
affiliated with the firms New York
1t will be recalled that James M.
Johnston & Co. recently purchased an
additional seat on the Washington
Stock Exchange Mr., Johnston is one
Of the exchange officials being treas
lrer, taking the position when it was
given up by Lawrence A. Slaughter,
who was then vice president of the
Commercial National Bank.
Would Change Reserve Rules.
Gov. Black of the Federal Reserve
Board urged the Senate Banking and
Currency Committee to study changes
in the reserve requirements of men,
her banks.
He recommended legislation that
would base reserves of member banks
on the velocity of turnover of deposits,
rather than requiring fixed reserves.
He said such a system would check
undue credit expansion. because re-
serves would increase with greater ve-
locity.
Senator Townsend asked him if the
reserve system bought and sold Gov
eminent securities to stabilize the
Government bond market.
No. don't think we do that" Gov.
Black replied.
Trade Reveals Steady Gains.
The Federal Reserve Bank of Rich
mond reports that retail trade in the
nth district during the first three
weeks of March showed good improve
ment over the same period in 1888 It
IS expected that the final week before
Easter will bring extra heavy busi-
ness. Recent wholesale reports have
also been highly favorable
Bonds drew most attention on the
Washington Stock Exchange today
When the weeks business opened.
Anacostia & Potomac IS opened trad
ing with $1,000 selling at 65 City &
Suburban SIS appeared on the board in
two $1,000 transfers at 64 while $500
Washington Railway & Electric As
came out at 92l2 Bonds closed with
another $1,000 sale in Anacostia g.
Potomac IS at the same as the OPEN
ing figure.
The first stock sale was in Potomac
Electric Power SIC per cent preferred
at 109. Mergenthaler Linotype moved
in a small lot at 26 and five shares
OF Railway & Electric preferred came
out at "a.
Heard in Financial District.
Brokers in the financial district
today were anxiously awaiting Richard
Whitney's amendments to the Stock
Exchange control bill. They hope the
head of the New York Exchange can
convince congressional committees
that his suggestions should be adopted.
Announcement that the First Ma
tional Bank of Boston has completed