Evening star., 1943-06-29
Washington Gas Net
For May Shows Big
Gain Over 1912
sl02,754 Profit Contrasts
With Only S63,139
Earned Year Ago
Bv EDWARD c. STONE.

TO the mCNtnlN statement lieu WIFI
the Public Utilities Commission to-
day.
Gross operating revenues amount
ed to S697633. sharp increase of
year, the report showed. Operating
expenses, including taxes and de-
probation were S740,578, an increase
of S93,665. Interest charges We're
slightly more than year ago.
The Washington Gas Co. also filed
the report for the first five months
of this year. which revealed a net
income of Sl,055 ,403, compared With
s675,9l8 last year, an increase of
S179,485.
Operating revenues revealed a
gain of s405,318 over last year while
operating expenses. including taxes
and depreciation, were S293, 800
heavier. Gross income of S1,443,673
showed gain Of S207,0l9 in the
five months but income deductions
for interest required S27.534 more
than a year ago.
The report showed expenditures
on current construction projects, In
progress at the first of the year
or initiated since then, aggregated
S2,902 ,095. OF this amount, S39, ,450
was expended in May and S723, ,697 in
the first five months of 1913. for the
extension of production and distri-
button facilities III the District
Gas sales TO customers in the
District of Columbia during May
amounted to 1,104 ,6O4 thousand cubic
feet. compared with 93l.677 thou
sand cubic feet in the previous year.
Total sales of gas in Nav were
1,378,459 thousand cubic feet, COM
pared with 1853 295 last "ear.
Meters in service at the end of last
month are reported at 1876 SOB, COM
pared with l80,887 year ago
c. & P. Phcne Net Climbs.
Net income of the Chesapeake g.
Potomac Telephone Co. for May
totaled S234,034, against s116,7n a
year ago, or an increase of SILT, 1858,
according to the monthly report
filed with the Public Utilities CON-
mission today.
Operating revenues amounted to
$2054,563, against Sl,773,090 in May
Of last year; operating expenses
were higher, S1,5l3,194 comparing
with 81 1856 966, leaving operating
revenues of S541 1863 compared with
S406, 124.
Operating taxes climbed rapidly
requiring $266,43l against Sl64, ,154
a year ago. Deductions for interest
totaled only S30,362 against $l21 ,499
in May, 1912.
Net income in the first five
months of 1943 reached s1,l97605
as compared with S629,6O2 in the
like 1912 period. or a substantial
gain of S568,203. Taxes required ST.
475.14l compared with s7o5,202 a
year ago.
There were 364 $40 telephones in
service at the end of MAY, which
was an increase of 624 telephones
over the previous month. Telephone
users made 40,940.000 calls during
the month, or 1859 900 fewer than
in May, 1912.
War Bond Redemptions Light.
The Treasury reported today that
redemptionS of E. F and G United
States Savings Bonds have been
comparatively light ever since the
three issues were first placed on
sale, on May l. l94l
Between that date and May 81
Of this year cumulative sales ex-
ceeded $l7,5O0,0O ,000 Redemptions
amounted to S700,000,00O or 1 per
cent of sales. which means that
about 96 per cent of the funds in
vested in these securities since they
were first offered are still invested in
them
The record of series E bonds.
known as the peoples bonds, ]"
shows that Sl1,3O0 100000 had been
purchased through May 81, and
s623 900 900 redeemed. or SIS per cent
of the total sales. This means that
"a 5 per cent of the funds received
from the sale of E bonds still is in
vested in these securities.
There have been increases in re-
demptions in months in which taxes
were due, AS expected, the Treasury
report adds.
Moore New Association Head.
George M. Moore, executive vice
president of the Union National
Bank, Clarksburg, w. Va. has been
elected president of the West Vir-
einia Bankers Association He sue
ceeds Homer Gebhardt, vice presi-
dent of the First Huntington Ma
tional Bank, who was secretary of
the association about Is years and
has wide acquaintance among
Washington bankers.
George Ward, Charleston National
was elected first vice president;
Edgar Trout, Citizens National
Martinsburg, second vice president,
and E R. Ward. First National,
Williamson, treasurer.
Terminal Dividend Voted.
Directors of the Terminal Re-
frigeratinG & Warehouse Corp. have
declared the regular Somi-annual
dividend of $3.50 per share. payable
June 80 to stockholders of record
June 25, Secretary P. r. Vernier
announced today.
Washington banks are notified by
the Richmond Reserve Bank that
subscriptions for the L. per cent
Treasury Notes will be closed today.
Many banks are planning to
qualify as repositories to receive
United States withholding taxes
which begin on July l. The banks
must file an application and agree
mont" with the Federal Reserve
Bank in their territory and meet
other regulations now being drawn
by the Treasury.
Stock Offering Quickly SoId.
Johnston, Lemon g. Co, one of
the selling group. reported today
that, the offering of 100000 shares of
Gar Wood Industries common stock,
1T -S5.S75 per share. had been sold
and, the books closed.
Potomac Electric Power per cent