Evening star., 1937-11-06
POWER INDUSTRY
REVENUES HIGHER
McNinch Cites Big Gains in
Face of Reduced Rates
for Service.
BY EDWARD C. STONE.

munlcaClOuS COMMISSION, panied q
glowing picture of the outlook for
private power companies in his ad-
ngcs: before the Investment Bankers
.s.ocih Ion 1t Waite Sulphur Springs.
Fate reductions in the past three ysars
have meant saving TO CONSUMERS OF
more than $200.000,000. And as the
rates went down, the volume Of con-
sumption went up, he asserted.
Each of the last four years has
established new high total of kilowatt
hours consumed, eliminating in the
unprecedented total of 7,994, ,000, 900
kilowatt hours produced during the
12-month period ended July 81, 1887,
showing the phenomenal increase of
more than 11,0O0,O0O,000 kilowatt
hours over the like period ended July
81, 1896.
Remarkable as was the increase for
the year ended July 81 of this year,
1t is significant that the first seven
months OF the calendar year 1887
have exceeded the same period during
last year by nearly four and one-half
billion kilowatt hours, indicating that
by next July there will be established
another new high in the production
Of electricity.
Record Revenues Reported.
Not only did the power industry
show a record of the greatest produc-
tion and consumption in its history
for the year ended July 81, 1897, but
1t also enjoyed its most prosperous
year of all time in revenues received
so that, notwithstanding the rate re-
ductions, the increased cost OF ma
terials, OF labor and other operating
expenses, including increased taxes,
the net result is that this industry
has just closed its best year in gross
and net earnings.
Not single company that made
substantial reductions in its rates has
failed to find its reward in an increase
IN revenues. both gross and net, Mr..
McNinch commented.
Another financial aspect of the
power industry is most encouraging
and that Is as to the savings effected
by the power industry through the
refunding of debts. From January l,
1885, to date, operating electric utili-
ties have refunded in excess of $780,
100000 in bonds and in excess of
$100,000,000 in preferred stock. With
out taking into consideration charges
for amortization or call premiums,
taxes, etc, these utilities effected an
olt-of-pocket annual interest saving
Of approximately $32,oO0.o0O and a
saving of approximately s1,800000 in
preferred stock dividends.
There are some who feel that Fed
eral projects either now authorized,
in process of construction or COM
pleted and in operation constitutes
some sort of threat to the private
owner industry. These ill-founded
fears and forebodings find answer, the
speaker said, in the recital of the
factual history Of a constantly rising
tide of private power company reve-
hue, gross and net, during the past
few years. The industry is expert
encing unparalleled prosperity.
Regular Dividends Voted.
Directors of the Washington Rail-
way & Electric Co. have declared the
regular quarterly dividend of 50
share on the common stock, payable
November 80 to shareholders of record
on November Is. The directors also
declared the usual quarterly dividend
OF SLIPS share on the preferred
stock, payable on the same date to
holders OF record on November Is, also.
First sales in Capital Transit stock
aimee the rate revision upward took
place on the Washington Stock Ex-
change yesterday. Two sales were in
such small lots as to mean very little.
The stock opened at 8, the lowest
price at which it has sold this year,
and closed at 834.
Both stockholders and officials think
II will be at least a month before 1T
will be possible to tell with any degree
OF accuracy what the new rates will do
In the way of increasing revenue. 1t
is noticeable on the street cars, how
ever. that there is already an increase
in the number of 10-cent fares. Many
patrons who bought four tokens for 80
cents. for one reason or another, are
Rot buying six tokens for so cents.
NJ ]. Uline and several executives
OF the M. J. Uline Co. will leave here
tomorrow for the annual convention
of the National Association of Ice
Industries to be held in Cleveland
November 9-12. Mr.. Uline will exhibit
two of his ice cubing machines, which
are manufactured in his plant here
The largest convention in 20 years
Is anticipated, approximately IS per
cent more exhibition space having
been taken than for any previous
similar meeting. New 1898 modern
air-conditioned refrigerators will be a
feature.
Full plans will be revealed for the
1898 national advertising program
that the Ice industry Is sponsoring.
During the past year the industry
spent about $2,500,000 in national and
local advertising.
Air Conditioning Sales Up.
Third-quarter installations by the
members of the Air Conditioning Man.
ufactursrs' Association topped the
same period of 1886 by 1875 per cent,
installed cost of equipment sold by
them totaling $13,239,425, compared
TO $l1 1854, 1856 in the third quarter a
year ago, William B. Henderson, ex-
ecutive vice president. announced at
industry headquarters here today.
At the annual convention just held
IN Chicago Mr.. Henderson was re-
elected executive vice president for the
coming year.
Noted in Financial District.
Voters of 100 municipalities located
in 30 States during October approved
municipal bond issues aggregating $5,-
e37,060, as compared with $7,576, ,08o
bonds approved during September, ac-
cording to the Daily Bond Buyer. The
total for October, 1885, was $7,749,325,
compared with $43 1857, ,739 in October,
1885, and $4,369,80 in 1884.
Construction awards for October
totaled $685. 900, an average of