Evening star., 1940-04-28
Washington Gas Net
Climbs TO $223,68S
During Month
March Profit Compares
With $l78,436 for
Same 1889 Period
BY EDWARD C. STONE.

Revealing marked gains in earn.
tngs, the Washington Gas Light Co
reported to the Public Utilities Com
mission yesterday that March net
income totaled 1928, ,ess against s17s,-
1876 in March, 1889, substantial in
crease of $45,252.
Operating revenues totaled $685.
608 against 1921 ,S16, a jump of sl44,-
e92. Operating expenses, including
taxes. amounted to $686,5l4, COM
pared with $583 ,209, large increase
OF $l03,305, leaving net operating
revenues of $28O,284, which was SAL
687 more than last year.
Gross income of $299,974 was more
than $4,000 ahead of last year. In
come deductions for interest pay
ments called for $76, 6,286, slight in
crease of $2,647 over last year in
the same month.
First Quarter Gain S145,423.
The company's net income for the
hrst three months of 1910 amounted
to $789,141, against s643,718 in the
like 1899 period, a striking upswing
of $l45,423. Operating revenues
totaled $3,184 ,445, a rise of S552, ,573
over last year. At the same time,
expenses and taxes were S426,952
more than year ago.
The report also shows gas sales
OF l,483,820 M cubic feet in March
this year, an increase of 268,027 M
cubic feet, or % per cent, over March
last year, chiefly the result of the
colder weather. There were 159,292
meters in service on March 81, an
increase of 1859 over the same date
last year.
The company expended approx
mately $4,000 in March and $685.
500 in the first three months of 1910
for extensions to its property to
provide for the service requirements
Of customers.
Peoples Drug Net Higher.
Peoples Drug Stores, Inc, earned
81 cents per share on the common
stock in the first quarter of 1910,
against IS cents in the like 1899
three months, it was reported yes
terday at the company's head Office
here.
Net sales in the first quarter
amounted to S5,631 ,225, in compari-
son with $5,358,333. After deduc-
ton of operating expenses, including
depreciation and amortization, op-
Grating profit totaled $254,338,
against $l93,057 year ago.
After all deductions, net profit
for the common stock amounted to
$223,915, as compared with $159,136
IN the 1889 quarter. A year ago
more than $4,000 had to be deduct
ed for interest payments on the
preferred stock, which has since
been redeemed.
The consolidated balance sheet
shows total assets of $8,1l8,247.94,
against $685. ,490.57. The company
reported an earned surplus as of
March 81 of $4,O47,095, compared
with s3,507599 a year ago. More
than SCI, 900 was paid out in COM
mon stock dividends, the report
said.
Bankers Visit Baltimore.
A large delegation of Washington
investment bankers attended
luncheon meeting of the Baltimore
Bond Club Friday and a meeting
OF the Southeastern Group of the
Investment Bankers Association in
the evening.
Emmet F. Connely, president of
the Investment Bankers Associa-
ton, said he was encouraged over
prospects of getting Federal Sc
curities laws simplified in a way ito
free the flow of capital into indus
try, because of changed attitude
toward business on the part of Con-
gress."
He said the changes which the
association seeks to securities laws
are the results of two years study by
special committees. Seven proposed
amendments were shown to the Sc
curities and Exchange Commission
more than 10 months ago, but last
November the association was told
that no attempt would be made to
have the laws amended at the pres
ent session of Congress. He scored
the S. E. G. for a lack of CO.
operation.
Loan Company Votes Dividend.
Directors of the State Loan Co.,
which has its head Office in Mount
Rainier and several other offices in
this territory, have voted the regu-
lar quarterly dividend of 112 per
cent on the preferred stock, pay
able May Is to stockholders of rec
ord May l, it was announced yes
terday.
The District of Columbia Build
Ing and loan League will hold the
monthly meeting at the Raleigh
Hotel Tuesday at 1890 o'clock Final
plans for the Louisville conference
will be discussed. The Washington
delegation, headed by Robert E.
Buckley, director of the Southeast
ern Division, will leave here next
Sunday for the three-day session.
Securities End Week Strong.
Capital Traction SIS closed on the
Washington Stock Exchange yester-
aoy dV Ao4 T2. 1oAloWhA6 Oil ulluSudlly
active demand during the week. One
sale was made yesterday at 101A.
Potomac Electric Power 5h per
cent preferred moved at 115h and
10 shares of Washington Railway &,
Electric common appeared on the
board at lit. Two 100-share~ lots OF
National Mortgage & Investment
preferred stock changed hands at 4.
Mergenthaler Linotype was quiet,
closing with 1914 bid and 18 asked.
No sales. Earlier in the week the
stock sold up to II on the favorable
semi-annual report.
Financial District Comment.
Leo T. Crowley, chairman of the
Standard Gas & Electric Co., who is
still serving as head of the Federal
Deposit Insurance Corp, has been
elected director for the Philadel-
phia company.
]. Edgar Hoover, director of the
Federal Bureau of Investigation,
VyS1y 81