Evening star., 1938-06-30

January----- $93,436,18s $780, ,562, ,o83
February 84,23l,245 92,192,37C
March, 95,692,398 114,782,9ls
April ------- l0l ,104,372 115,615,484
May 89,749,470 103,997 ,33s
June 0l,S4l,824 124,0O9. .73a
Washington Gas May Net OFF.
The monthly report of the Wash
.tngton Gas Light Co. filed with the
Public Utilities Commission shows
operating revenue Of s593,58 for May,
compared with S604,769 for May last
year, a decrease of S11,18l.
Operating expenses for the month
increased s9.799 from s45S,948 in May
last year to s468,747 this year, princi-
pally as the result of the larger volume
of gas produced, resulting in the net
operating revenue of Sl24,84l, COM
pared with $l45,82l for the same
month last year.
Incorporating revenues were $3,e41
this May, decrease of s16,726 After
all deductions for interest and
amortization, the net result of the
months operation was net income
of $47,664, compared with $84,74O for
May last year, decrease of S37,076.
For the first five months of the
current year the net income was
S708,534, compared with $625,708 for
the same period last year.
The company reports gas sales of
s22,872 m. C. f., or 1854 less than May
last year AS of May 81 there were
l48,681 meters in service, or 4,107
more than on the same date last year.
Mergenthaler Up Three Points.
Two l00-share sales in Mergenthaler
Linotype took place on the Washington
Stock Exchange today at 81, three full
points higher than the stock sold last
week.
Woodward & Lothrop common
moved at 50, Riggs Bank common at
269 and Washington Gas preferred at
9sH.
Washington Gas IS. 1860, COM
manded ITS. on a $1,000 transfer.
annuity ndteS nd1ScO mere.
Many members of the District of
Columbia Life Underwriters Associa-
ton report increases in their compa-
MES annuity rates effective as of
July l, according to an officer of the
association. The increases run gen.
orally from per cent to Is per cent,
depending on the type of annuity and
the age at which purchased. The in
creases apply both to annuities pur-
chased individually and in group an.
nuities.
In recent years, the life insurance
companies have made frequent upward
revisions in their annuity rates, par
ticularly of the single premium type,
in an attempt to keep pace with the
downward trend of investment earn
ings.
Regardless of the type of life-income
involved, according to the spokesman
for the local life underwriters asso-
citation, annuity rates are not likely
to show any decrease until there has
been substantial and permanent
increase in the companies investment
earnings.
Banker Describes New Loans.
An important trend in American
banking toward furnishing industrial
and commercial enterprises with long
term funds is described by Edward
e. Brown, president of the First Ma
tional Bank of Chicago, in the July
issue of Banking. official publication
of the American Bankers Association.
There are many industrial and
commercial enterprises, we'll estab-
lished. both of medium and large size,
which can profitably use serial and
longer term loans given by bank,
either to refund the balance of a
security issue which has been sold on
the general market, mortgage, or
for plant or business expansion" Mr..
Brown states, THE alert banker will
find the opportunity to suggest such
loans to many of his customers, with
profits both to his bank and to them.
Morris Plan Secretary Named.
Ralph w. Pitman, president of the
Morris Plan Bankers Association, an
nounces that Richard H. Stout, cashier
Of the Louisville Morris Plan Bank,
has taken the position of field secretary
of the Morris Plan Bankers Associa-
ton. Mr.. Stout will assume his new
duties tomorrow and will have his
headquarters in the national Office at
Washington.
At the same time Mr.. Pitman an
nounced appointment of Calvin c.
Vane of the national Office staff as
assistant secretary of the association.
Diggs Urges Bond Diversity.
Bank should aim to build up diver
sified bond portfolios with maturities
arranged so that some would fall each
year, Acting Controller of the Curren-
cy Marshall Diggs told the American
Bankers Association graduate school
of banking at Rutgers University.
This should be the main objective
of investment policy, Mr.. Diggs as
serted, warning against buying of
speculative securities or active bond
trading. He also explained the new
examination and investment rules for
banks which Federal banking agencies
announced Monday.
Express Business Tops 1887.
Railway Express Agency's Washing.
ton Office reports that June business
has been running very close to last
years mark and the final figures are