Evening star., 1940-04-22
Washington Gas
Sales Up Sharply
In First Quarter
Increase in March
Adds Substantially
To Notable Gain
BY EDWARD C. STONE.

ny Ell w AAsD " . i o4>Gs
Sales of the Washington Gas
Light Co. in the first three months
of this year in the Capital totaled
4,930844 mcf., in comparison with
sales of 3,921,912 mcf. in the first
quarter Of 1899, it was reported by
the company today, gain of 1,009,-
e32 mcf.
The excellent three month record
was helped substantially by the
March sales, which totaled ! ,483 800
mcf, as compared with 1,2l5,793 in
March, 1889, an increase of 268, OPT
mcf.
February gas sales in Washington
totaled 1,7l2,144 mcf., in compari-
son with 1,354,336 mcf. in February,
1899, an increase. of 357, 1903 mcf :,
one of the best gains in sales in the
company's history.
The March and first-quarter fig
ures indicate that the March finan-
cial statement, due later this week,
will be favorable.
Virginia Bankers Cheerful.
Frederick P. H. Siddons, secretary
of the American Security & Trust
Co., was back at his desk today
after addressing large group of
Virginia bankers at Lynchburg Sat-
urday night, on the present bank
ing situation. Among other points,
Mr.. Siddons urged that the Gov
ernment drop present lending agen-
cies, which were started as tempo
rary measures, and have now come
to be in direct competition with the
banks.
He was optimistic on the banking
outlook, pointing to the substantial
recovery made during 1899. The Eu-
ropean war is bound to have some
effect on the banking situation in
this country, how much remains to
be seen. The future of the gold
standard is another matter which
cannot be forecast at this time, Mr.
Siddons said. He found Virginia
bankers cheerful on the outlook.
Walter Wyatt, general counsel of
the Federal Reserve System, gave a
most interesting address on the work
and history of that organization.
Mergenthaler Bids Higher.
The feature of the Monday session
of the Washington Stock Exchange
was the advance in bid and asked
prices on Mergenthaler Linotype
stock. While the stock sold last
week at 151a, bids were raised today
to 16a with the asked price boosted
to II. No sales were recorded. The
asked price also advanced in Boston,
1t was reported here.
The cause of the higher prices was
the report out Saturday that for the
six months ended March 81, 1910,
the Mergenthaler Linotype Co. had
a net profit of $9,28l, after taxes and
depreciation, compared with a net
loss of $303,313 in the six months
ended March 81, 1899.
Capital Transit stock sold at 1411z
on the Washington Exchange.
Bonds were neglected.
Investment Dealers OF Meet.
Emmett F. Connely of Detroit,
who as president of the Investment
Bankers Association of America is
leading the business efforts to have
the Federal securities laws simpi-
fled, will speak in Baltimore next
Friday at a luncheon of the Bond
Club of Baltimore, it was announced
here today. A large attendance is
anticipated because of the aggres-
sive program that the I. B. A. has
undertaken and the fact that this
will be the first opportunity for in
veStment bankers in this area to
get flrst-hand account of its prog
ress to date.
The Bond Club has invited all
executives of I. B. A. member houses
throughout the Southeastern group
of the association to attend. This
includes dealers in the District of
Columbia, North Carolina, Virginia,
Maryland and the southeastern part
Of West Virginia.
Construction Up in Quarter.
Washington's metropolitan area
registered 10 per cent gain in con-
struction in the first quarter of 1910,
compared with 1899, the Washington
Office of Dodge Reports announced
today. The dollar value of the
improvement was set at $4,000
the situation here being more favor
able than in other sections of the
country.
A grouping of all types of con-
struction in the Washington metro
politan area, including the District,
Arlington, Fairfax counties, Va, and
Montgomery, Prince Georges coun-
ties, Md, revealed that the contracts
awarded for work and materials
during the first three months moved
up to $27 100000 in the 10 per cent
rise from last years corresponding
$24,701 900. 1t is significant that a
more impressive gain was made over
the 1888 period when the total was
at 2,779, 900, the report says.
The largest Washington area vol
ume was found under the non
residential classification. The con-
tract total for the quarter was $12,-
948,000 That is 80 per cent above
the level at the same point of 1899,
when the figure was $6,7920 900. In
1888 the corresponding figure was
$3.3O2 900.
Residential building decreased in
and around Washington during the
quarter. Contracts we're valued at
$12,0l2,000 this year and $16,891 900
last year. In 1888 the corresponding
total was S7,913000, the review
stated.
Optimistic on Business.
Henry H. Heimann, executive
manager of the National Association
of Credit Men. says in his monthly
review received by the Washington
Association of Credit Men today. that
there is slightly more optimistic
feeling among the Nations business
men regarding the business outlook.
He says the courageous action of
the United States Steel Corp. in de-
claring a dividend on the common
stock gave evidence of faith in the
future of business in 1910 and helped
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