Evening star., 1942-08-05
Washington Gas Net
Shows $4,000 Loss
In June Report
Expenses and Higher
Income Deductions
Reduce Earnings
Ry EDWARD c. STONE.


Gross operating revenues of the
Washington Gas Light Co. for June.
l942, as shown by the monthly re-
port tied with the Public Utilities
Commission today, amounted to
s653,63O compared to S603,857 for
June, l941. Operating expenses in
creased s24,350 over l941 to a total
of $500, c,ll5. with a resultant increase
in net operating revenues for the
month of S25, 5,423.
There was a decrease Of So, ,l30 IN
non operating income resulting
chiefly from governmental restrlc-
tions on merchandise sales. Income
deductions were s9,449 higher, ana
the final result of operations for
June was loss of sl6,944, which
was, however. an improvement OF
Sc. .844 over last year.
The company's net income for the
first half of this year was s858,974,
compared to sl,036584 for the COR
responding period in l94l. The re-
duction of SIT, 1910 is attributable to
higher taxes, the provision for which
was Sl38500 greater this year than
last, and to other increased costs re-
sultins largely from war conditions.
The monthly report showed gain
of 10 per cent in the volume OF gas
sales for the month, the sales being
66947 M cubic feet this year COM
pared with 881, ,794 M cubic feet for
June, 1941.
Meters in service in the District
increased 10,444 over last year to
total OF 181, ,l56.
The company expended approx
mately S193,200 in une and s083,70o
in the t1rst six months of this year
for extensions to its property IN
Washington.
Wholesale Gains Reduced.
Details from the Commerce De-
partments monthly review disclose
that sales of wholesalers advanced
IL per cent in June over June. l94l,
but with the exception OF a per
cent rise in May, the gain for June
was the smallest recorded in 19
months. Sales for the first half OF
1912 were % per cent above the like
l941 period.
Twenty -eight of 35 trades showed
sales increases for June over 194l,
ranging from l per cent for paper
and paper products to 60 per cent
for meat. For the past seven
months meat sales have been run
ming from 54 to 68 per cent ahead
of last year.
Sales of shoes and other footwear
were up % per cent: confectionery,
% per cent; drygoods, 10 per cent;
drugs, Is per cent, and tobacco, IS
per cent. Sales of petroleum and
products were off Is per cent and
paint sales were under last year.
Collections were per cent better
than in May of this year and more
than 10 per cent higher than June
of last year, the review said.
Bankers Renew Bond Push.
Washington bankers are putting
their shoulders to the wheel to help
meet the August War savings bond
! total of Sc, ,75O 900 for the District. as
set by the Treasury. This is an in
crease of $500,000 over July.
The July national figures showing
the total of 5000, ,9O0.0 included
s508 000,O 900 E bonds and $780,, ,000,-
600 F and G bonds. July was the
best month on record. except Janu-
ary. when the total crossed the bill
lion mark.
Two million more men are now
participating in payroll savings
plans than in June. More than
100000 bonds of the s25 denomina-
ton were sold in July, an increase
of 100000 over June.
More than 100000 individuals
now hold War savings bonds, the
Treasury reports.
Auditors Convention Dropped.
The annual convention of the Ma
| tional Association of Bank Auditors
and Controllers has been Cancelled.
according to word received here to-
! day from Cecil w Borton. president.
! The 18th gathering was scheduled to
be held in New York October
8, 9. 10. .....
Members of the auditors section
of the District Bankers Association
are active in the national organiZa-
ton, having furnished many con-
vention speakers and one president,
! Arthur J. Linn, auditor of the Ham,
! ilton National Bank. President Bor-
ton states that the present standing
committees will continue to function
! and tho r,,aY1,hcrc 1,rooI m 10
wider use of their services.
More Bankers on Vacations.
| Lanier P. McLachlin. president Of
the McLachlin Banking Corp. is on
! vacation in Vermont. Reports
indicate he is having extra good
luck fishing.
Frank R. Ullmer, treasurer of the
! National Savings e. Trust Co., is
on vacation.
William V. Simmons, trust officer,
dent, Liberty National Bank, are
taking annual outings.
| Robert V. Fleming, president of
the Riggs National Bank, has re-
| turned from a short visit with his
daughter, Mrs William S. Renchard.
in New York.
Harry F.. Harding assistant treas
urer. Union Trust Co., has returned
from vacation at Montgomery,
Ala. where his son is a cadet in the
Air Corps.
A. j. Byrne, assistant treasurer
of the Munsey Trust Co., is on va
cation, as is George L. c. Scheirer.
assistant cashier, Bank of Com
merce g. Savings.
Today's Trading on Exchange.
Washington Gas Light SIS pre-.
ferred stock sold at lO2 ex-diyidend
on the Washington Exchange TODAY.
off fractionally from last weeks
sales.
Norfolk & Washington Steamboat
stock, Washington Gas $3.50 and IS
preferred stocks are the only issues
on the list now being quoted ex-
dividend.
Washington Gas Light common
sold at Is on the New York Stock