Evening star. [volume] (Washington, D.C.) 1854-1972, 1943-02-09

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calls alone in
creased Sc per Lloyd D. Wilson.
cent over 194l and l52 per cent over
1899. =.
Operating revenues amounted to
$21, 496,243, up SO per cent, while
expenses were $l8,602 ,568. or 40 per
cent over l94l. During the yeaf
three central Offices were converted
to dial at cost of about 81 zoe, 900
and major additions costing $780,.
600 were made in exchanges, Mr..
Wilson reported. Private boards
installed during the year cost
$3,679,O0o.
At the end OF the year 90 per cent
Of the 5,878 employees were pun
chasing War bonds through the pay
roll allotment plan at the rate OF
81 per cent of the total pay roll.
There were AS employees In THO
armed forces. The report stresses
the great pressure on the telephone
company during the year, great
number Of new employees required,
heavy demand for more phones and
the great amount of switching Of
phones from one ONCE to another.
These directors were reelected
at the annual meeting yesterday:
w. w. Everett, Robert v. Fleming,
Edwin c. Grham, Gilbert Grosvenor,
H. L. Rust, jr.; John Saul, Merle
Thorpe of Washington, D. c., and
Fred LAWS of New York City, and
Lloyd B. Wilson, president; John
A. Remon, vice president, and
Philip o. Coffin, vice president, sec.
rotary and treasurer of the company.
New Gas Issue Due Shortly.
Within the next few days the
Washington Gas Light Co. will issue
and sell to six insurance companies
$4,750OOO refunding mortgage bonds,
81 per cent series, due In 1858, at
101 46 per cent and accrued interest,
following authorization of the. issue
by the Public Utilities Commission.
The six companies purchasing the
bonds and the amounts assigned to
each company include the North
western Mutual Life, l,500, 600:
Travellers Insurance Co., 81 zoe, 600;
John Hancock Mutual Life. $780,
900; New England Mutual Life,
$500, 900; State Annuity and Invest
ment Board Of Wisconsin, $500, 900;
Life Insurance Company Of Vir.
ginia, $250,000.
Selling at practically 1919, the
new bonds will yield approximately
365 per cent per annum to. pur-
chasers. The bonds are junior to
two closed first mortgage issues az
gregating $6,l99, 500 Of per cent
bonds which mature in 1850 and
1861 and are not redeemable. The
private sale. will mean considerable
saving to the company In time, effort
and expense. ......
In addition to paying of bank
loans totaling $2,500, 900, which were
used for acquisition and construc.
ton Of new property, additions, ex-
tensions and improvements, the
company will redeem $4,000 OF
refunding mortgage bonds, Az per
cent series. due 1856. Redemption OF
these bonds at los will effect an
important saving in interest to the
company each year.
The first payment will be $3.50, 900
on March l, the remaining bonds to
be redeemed at convenient times. Al
one insurance company, the Ma.
tional Metropolitan, holds all these
bonds. the redeeming of the bonds
will be an easy matter to adjust, gas
compsny officials said today.
AS the new bonds will be owned
privately. they will not be listed On
the Washington Stock Exchange ,
Hole Liquidation Favored.
In line with the demand by the
United States Savings and Loan
League for liquidation of the Home
Owners Loan Corp, Carl j. Berg.
mann, league director and presi.
dent Of the Washington Permanent
Building Association, declared today
that the corporation should wind IN
its affairs at once. -
When Hole was organized In
1888 Congress intended its operation
should end when the emergency was
over. As no loans have been made
since June, 1896, Mr.. Bergman as
serted that prompt liquidation now
appears to be in order. :,
Reporting ample funds In the
hands of mortgage institutions seek.
ing investments, he said Hole can
dispose of its mortgages and other
assets at this time in good market
and upon the most favorable basis,
The sale of such assets will relieve
Government credit of q large con.
tingent liability. -
Edward c. Baltz, a former presi.
dent Of the United States Savings
and Loan League and secretary Of
the Perpetual Building Association,
after giving credit to the Hole as
an emergency agency, declared 1t 10
now time for the agency to retire
from the field of private business.
Small and large business con.
Germs throughout the country ara
in position to conduct all the mort,
gage business. Such a move would
help solve the manpower problem
by releasing nearly 1000 employees
to essential war work, Mr.. Balts
asserted. -
Auditors Section to Meet.
The auditors section OF the DiS.
trict Bankers Association will. en-
terrain about 30 members of ths
Baltimore association Thursday eve.
ming at dinner meeting at the Leo
Sheraton Hotel. John A. Reilly.
president of the District BanketS'
Association and Of the Second Ma
tional Bank, will be the chief
speaker. ar
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