Evening star., 1941-05-01

VII II IL " d E75#
meeting held in '''''''''''
alexandria, Va, J. I. Hendrick.
this forenoon.
j. Thilman Hendrick, chairman
Iof the board, presided at the Alex
Fandria session 1t was announced
THAT the annual meeting of the di-
frectors for the election of officers
would take place this afternoon.
Directors declared quarterly
dividend of 25 cents per share, pay
able May 81 to stockholders of rec
ord May 81.
During the past year dividends Of
$l.50 were declared and paid, 26
cents per share having been paid
from surplus, the report showed.
President Best announced that
during the year the company re-
ceived $171 900 in United States de-
fense contracts for the manufacture
of special cameras.
Mr.. Best stated that in past years
The company had a substantial
volume of sales in the Eastern
Hemisphere which have now been
practically stopped by the war. Sales
in Latin America have also been
curtailed by import restrictions and
exchange difficulties, although they
are improving over recent years.
The company has maintained its
fair share of printing machinery
sales. While meeting all demands
for printing machinery, the COM
pany hopes to obtain many defense
orders during the present year and
Use large parts of the factory for
defense work.
d. c. Savings Show Gains.
Demand deposits in % Washing
ton Banks on April 4, 1941, the date
of the last condition call, totaled
s264, ,321 900 as compared with s215,-
224.000 on March 26, 1910, an in
crease of $59,O79,0OO, according to
o summary just issued by the con-
troller of the currency.
Time deposits, which include saw
ings accounts, also scored good
Sized increase, total of S123,-
e91 900 comparing with S117,705,000
a year ago, up S5,386000 Total de-
posits amounted to $436, 1861 900
against 1912, 900 a year ago, a
rise of $64,086,000.
washington banks held total loans
amounting to $132, 100000 on April
4, notable advance over S115 ,203 900
a year ago, the survey states. The
exact pickup was $16,904,000.
THE banks and trust companies
reported total investments of $141,-
,S91 900 against $135,057 900 a year
ago. The banks we're carrying U. S.
Government securities on April 4
amounting to 92,503 900 as COM
pared with the lower figure of $84,-
BAT 900 on March 26 of last year.
Many other items in the survey re-
feet the same steady growth during
the past II months.
= First Defense Bonds Sold.
4. First defense savings bonds and
stamps were sold in Washington
banks, building and loan associa-
tions, in the head Offices of the Fed
eral Reserve Board and elsewhere
today as the national campaign
opened.
Bankers reported a great deal of
interest in the new bonds and pre-
dicted a growing demand for them.
No figures were available during the
early sales. All the banks are SELL
ing the bonds and the stamps.
Three new kinds of United States
Defense savings bonds are being
sold. One issue, called series E De-
fense savings bonds, is almost iden-
tical with the so-called baby bonds"
which have become the most widely
held single security in the country.
The Treasury Department has now
withdrawn the BABY bonds from the
market.
More than $SO,OOO,OOO baby bonds
were sold in Washington. Their
popularity is taken to mean that
the bonds replacing them will also
enjoy a huge demand. These new
bonds sell for $18.75 and will be
redeemable in May, 1851, for $25.
The new series F savings bonds
are intended for larger investors, for
trustees and for reserve funds, while
the new series G. savings bones are
put out to meet the demand for
current income bond. These bonds
are ordered for customers.
Great emphasis has been placed
by Secretary Morgenthau on the
Importance of the postal savings
stamps as a means of encouraging
steady savings among the youth of
America and all others to whom
payment of $18.75 at one time for
the smallest Defense savings bonds
is not convenient.
March Gas Net Up S16,471.
Operating revenues of the Wash
ington Gas Light Co. in March, as
shown by the company's report filed
with the Public Utilities Commits
sion yesterday, was S1,118,089, a gain
of S151, ,281 over March last year.
Operating expenses, including de-
probation and taxes, amounted to
$685., 1858 this March, compared with
$500, ,655 for March year ago, an
increase of S144,613, of which S72,842
was caused by increased taxes.
Incorporating income increased
$5,477 over last year to total of
25,157, and income deductions show
q reduction of $4,326 for the month.
The final figure for March was a
net income of $24o,159, a gain of
$16,471 over last year
The company's net income for the
first quarter of this year amounted
to S754,839, compared with $789, ,141
for the corresponding period last
year. Increased taxes, particularly
Federal income taxes, and higher
average temperature tbs year ac-
count for the decrease in net.
The company reports gas sales Of
1.761,0 M cubic feet for March,
an increase of 277,192 M cubic feet,
or 19 per cent over March, 1910.
There were 1912 meters in service
In the District of Columbia on
March 81, 1941. The company .ex-
pended approximately $4,000 in
March and s270,000 in the first three
months of this year for extensions