Evening star., 1941-02-14

900. Mr. SperrY says, addlng that
the gas companys net income OF
S1.313942 in 1910 was an increase
of S82,145 over 1889
The volume of gas sold by the
company and subsidiaries in 194O
increased by more than IS per cent.
Customers increased about 1l,00O
during the year, requiring $4,000 ad-
ditional meters.
Reduced rate schedules became
effective in the District OF Columbia
in September, calculated to reduce
customers bills by S105, 300 annually,
Mr.. Sperry comments.
Expenses Higher in 1910.
Expenses of operation and main
tonance increased as a result of the
greater volume Of business; also be-
cause of somewhat higher wage
rates and cost of materials.
Growth of business made it nee
essary to add to the staff, causing an
increase in pay rolls. The total num-
Der of employees at the end Of the
wear was 2096. compared with 1879
a year ago. The 1910 pay roll was
S3,77386O.
Taxes charged to operations
t0taled S1.O73038 against 1921 ,904 a
year ago. The rate for 1889 was 1612
ror cent while the present law as
s7sses % per cent, the report says.
Dividends of $3.50 on the preferred
ock and $50 on the common were
id. common dividends having been
ID regularly since 1866. During
. construction expenses amounted
{, So.938,826. Retirements OF prop
= no longer useful totaled $685.
New Building Financing Plans.
ne new 12-story office building
. constructed at Eleventh and H
- NV. will be financed by a
nm mortgage loan Of ST ,000,-
81, per cent interest. The re-
- OF the purchase price, estl-
i at s377.000, will be paid when
i transferred to the company
ected to be early in 1912.
=. SDorry refers to the need for
her expansion to meet growing
-inesS needs. The company pro-
-as to issue and sell 10000 shares
c S425 preferred stock, 10000
.ares in 1941.
This matter Is now before the
5 cckholders for their action at the
2diourned annual meeting on March
10, the report states.
DC. Sales Up 20 Per Cent.
Department store sales in Wash
ington for the week ended February
8 we're % per cent greater than sales
in the comparable week ending Feb
ruary 10. 1910, and were "A per
cent ahead of last year in the four
weeks ended February 8. the Fed
eral Reserve Bank of Richmond an
nounced today.
Sales for the week under review
IN the whole fifth district were up 70
per cent and 81 per cent in the four
week period, compared with year
ago. For the week ended February
8. Baltimore sales were up 81 per
cent and in the four-Week period IL
per cent Compared with the pre-
yious week ended February /, sales
in Washington showed practically
10 change, the review says.
The Federal Reserve Board re-
ported here today that retail sales
il the fifth district, to and including
February 8 this year, were 18 per
cent ahead of the like period in
1910. Only the St. Louis area had a
tetter record, 10 per cent, The
average for the II districts was a
eain of II per cent, the survey
showed.
Electricity Output Higher.
The first report for l94l on cleo
tlicity output in the District OF Co.
lumbia showed a substantial gain
over 1910. Potomac Electric Power
Co., officials reported today that
January sales totaled 78,588,O ,O87 kilo-
watt hours, against 71,l30,014 XIV. n
sales in january, 1910, an increase
OF 7,458,O73, or 1049 per cent.
Sales we're we'll ahead of Decem-
ber. when 74,853775 XVI h sales were
reported in comparison with 67,646,-
7l9 in December year ago.
Institute Has 493 Members.
Washington Chapter, American
Institute of Banking, has 493 mem
bers-395 active and 98 sustaining
according to the February issue OF
Dollars and Sense, just out.
This is gain of 18 members over
1910. Riggs tops the list, Second
National has moved to second place
and American Security stands third
The greatest gain was made by the
suburban banks, 81 members having
increased to At. In the city Unior
Trust showed the largest gain with
six additional members.
Dollars and Sense is edited by A
z. Henze, assisted by F. A. Gibbons
Richard Ehlis, j. K. Irelan and Mis-!
Rose Royce. The January issue i
most interesting.
Financial District Comment.
The majority of Washington
brokers were pleased that the gov
ernors of the New York Stock Ex
change voted against an extension
in trading time. 1t is believed her
that longer hours would have mad
no material difference in the vol
une of trading and would hav
added considerably to operatin
costs.
Merrill Lynch, E. A. Pierce & Cas-
satt are distributing to clients pre-
planned portfolios for investors i
varying economic circumstance
The lists cover a wide range of Sc
curities and are intended for bot
small and large investors.
There is great interest in tn
financial district over the successc
to Chairman jerome N. Frank {
the Securities Exchange Commls
sion, who has been appointed to
judgeship by President Roosevelt
The appointment also means a ne