Evening star., 1939-03-28
Washington Gas Light
Reports Earnings
Above Year Ago
February Net S25l, ,566,
Against 500, ,596 in
Same 1888 Month
BY EDWARD C. STONE.

monthly statement filed with the
Public Utilities Commission today
The report was one of the best in
many bonths.
Operating expenses amounted to
$685. ,929, an increase of $30,923, prin-
cipally as result of the cost of pro-
ducing and handling the greater VOL
ume of gas, leavin gnet operating
revenues of $3l7,759, compared with
$268,562 in February, 1888.
Incorporating revenues decreased
$9,989 Interest and amortization
amounted to 7l,541 this February,
compared with 1903, a decrease
effected by the bond refinancing last
November.
Gas sales for the month of Febru-
airy were 1.354336 thousand cubic
feet or ,844 thousand cubic feet
more than in February year ago.
Compared with the same date last
year. the 154673 meters in service
on February 49, 1889, represented a
gain of 4,815.
The report for January and Feb
ruary, also filed today, revealed a
net income of $465 5,28l, in compari-
son with S370,797 in the like period
year ago, an increase of $94,484.
Operating revenues made a gain in
the two months of $l35.5 while
operating expenses and taxes moved
up S60,111, the report disclosed.
Banks Grant Repair Loans.
Washington banks are still grant,
ing many loans under Title I of the
Federal Housing Act, the money be-
ing used for repairs, alterations and
improvements on property located
in and near the District of .Colum-
bia, the Federal Housing Admins
tration announced today.
From February 3, 1888, through
February %. 1889, total of 1852
such loans had been negotiated on
property located in the District, in
volving the sum of S1,148,807, the
F. H. A stated.
The records show these loans were
made by 81 banks in the Capital and
three other leading institutions, in
dicating that great majority of the
loans were allowed by the banks.
During the same period all loan
ing institutions in Washington eX-
tended $3.50 loans on property To-
Gated in and outside the District,
involving Sl,54l, ,787, the F. H. A. Off
cials added These likewise were
made largely by banks and trust
companies.
Reports on loans under Title II of
the Federal Housing Act are made
quarterly, the last summary being
on December 81. Since the begin
ming of the original Housing Act a
total of 22l2 insured mortgage loans
have been granted, amounting to
S14.072 ,43O, by lending Offices located
in this city
C e. r. Phone Earnings Rise.
Net earnings of the Chesapeake &
Potomac Telephone Co. in February
amounted to S150386, against SAL
1888 in February a year ago, accord
ing to the monthly statement just
filed with the Public Utilities Com
mission.
Operating revenues scored good
advance, s962,86 comparing with
$902,370. However, operating ex-
penses were also higher, S679 529
contrasting with S648 4O7. Taxes re-
quired $93 1898, against S85.51O a year
age.
There was drop Of more than
$4,000 in incorporating income, and
interest deductions required $39 978,
against $3l468 in February, 1888.
There were 242,527 telephones in
service on February %, which was
an increase of 1854 telephones over
the previous month.
Telephone users in Washington
made 26,365, 900 calls during the
month, or an increase of 2,493,00G
over February, 1888.
The statement included sum-
mary for the first two months of
this year which disclosed a balance
before dividends of 1902 DOL, in COM
parison with $235,296, an increase
Of $16,705.
Bank Reserves Off Slightly.
The Federal Reserve Boards latest
review of bank credit states that in
the first half of March excess re-
serves of member banks continued
somewhat below the high level of
S3,600,000,000 reached at the end of
January, f1uctuating largely in ac-
cordance with changes in Treasury
balances at the Federal Reserve
banks.
Average yields on United States
Government securities declined to
new record low levels from Febru-
ary 27 to March 10, following the
announcement by the Treasury that
no cash would be raised in the
March financing. Yields rose
slightly after the middle of March
accompanying renewed tension in
Europe.
New issues of 91-day Treasury
bills continued to sell on practically
a no-yield basis during March.
Farm Credit Expert Speaker.
The monthly meeting of the Dis
trict of Columbia Control of the
Controllers Institute of America will
be held this evening starting with
a dinner at the Carlton Hotel at
$50. The meeting will consist of a
round-table discussion on Depreci-
alton Methods and Policies, and the
subject will be introduced by DR.
H. w. Sweeney of the Farm Credit
Administration. President William
R. Little will preside.
On the Washington Stock EX-
change today 100 shares of Capital
Transit stock sold at 9, the high
est price in many sessions. Later
five shares moved at 87s.
Mergenthaler Linotype figured in
a small sale at 10, and Potomac Elec-
trio Power 51a- per cent preferred
stock appeared on the board at
113A.
Heard in Financial District.
Kenneth Birgfeld, American Sc
curity & Trust Co., won the singles
in the Institutes annual bowling
match, with William j. Flather of