Evening star., 1940-02-28


dividends - 611,259 497, $50
Balance to sur
plus and
property - 460,330 374,912
The increase in gas sales, Mr..
Sperry says, is closely related to the
growth in population in the territory
served and the increased acceptance
of gas for house heating and re-
frigeration.
Sales in 1889 reached II 1896, ,947 900
cubic feet against 1892 ,242, 900 in
1888, the report shows. During the
year 10000 new gas ranges and
10000 new gas water heaters were
Installed. The company is now
serving 175,000 customers.
The average price Of gas sold in
1899 was rs cents per 100 cubic feet.
while the corresponding figure 10
years ago was 10 cents per 100 cubic
feet, Mr.. Sperry comments.
New gas rates which became ef-
fective September l, 1899, were calcu-
lated to save customers $120,000
year. A further reduction of $43, 900
will become effective September l,
1910.
Expenses Held Reasonable.
President Sperry says that operat-
ing expenses for 1899 amounting to
1896, ,922, against $6,267,781 year
ago, were reasonable in relation to
gross sales.
Ray rolls were the largest expense
item, 50 1888. $50. compared with ST.
122,019 in 1888. There was also a
charge of over $638, 900 for new con-
struction.
The company spent 1873, ,O47 for
the purchase of natural gas, while
fuel and other manufacturing sup
plies included $4,000 tons of coke,
12,5O0 tons of coal and 13 ,955 900 gal
ions of oil.
Taxes charged to operations
amounted to 1921 ,904 in comparison
with $518,150 in 1888 Dividends of
$3.50 per share were paid on the pre-
ferred stock, more than in 1898, as
there was more stock outstanding
Expenditures for new property and
extensions in 1899 required 81 1881 1867,
the report discloses.
President Sperry hints at more
new financing in the future. In the
past four years approximately S.
100000 in new capital has been OBJ
tained by the sale of $1,5O0,000 of
new bonds in 1896 and IS 900 shares
of preferred stock, part in 1897 and
the rest in 1888 Requirements for
1889 were met by bank borrowings
of 100000.
It is apparent, Mr. Sperry says,
that new capital will be required to
pay off the bank loans and to
finance further property additions
Any issues of bonds or stocks are
subject to the approval of the Public
Utilities Commission, and in case
of stock issues, such stocks would be
offered to present common stock
holders before being available to the
general public.
Sharp Gain in Stockholders.
Through the distribution of a large
block of common stock previously
owned by Washington & Suburban
Co.'S, the number of Washington Gas
Light stockholders increased from
1,704 in January, 1899, to 5,685 on
January, 1910.
There are, the report adds, 1907
holders of the $500 shares of pre-
ferred stock and "a per cent of this
stock is held by residents of the area
the company and subsidiaries now
serve. The common stock is much
more widely distributed, 80 States
and the District of Columbia being
represented by the 4,478 names on
the stockholders list.
Institutional holdings aggregate
31,861 shares Of common stock and
27,163 shares are held by trustees
and administrators of estates. Ap-
proximately so per cent Of the COM
mon stockholders are women, who
own an aggregate of lag, ,727 shares.
No single holder represents as much
as 2 per cent of the voting power and
the average holding Of common stock
Is 95 shares.
Both the common and preferred
stocks are listed on the Washington
Stock Exchange and the common
has now been listed on the New
York Exchange, Mr.. Sperry states,
in one of the most complete annual
reports the company ever put out.
The developments of the past year
make the annual statement of far
more than ordinary interest and i'm
portance. The sweeping changes In
stock ownership form a new epoch
In the company's history.