Evening star., 1950-01-31
Washington Gas Light
Reports Decline in
Earnings for 1949
By Edword c. Stone

By Edward c. Stone
Net income of the Washington
Gas Light Co. for the full year
1949 amounted to $1,172,117, COM
pared with $1,403,374 in 1948, a
decrease of 1921 ,257, the report
filed today with the Public Utili-
ties Commission revealed.
Net income for December
amounted to $322,435, against
$513,798 in the same month last
year, a decrease of $191 1868. De-
cember operating revenues dis
closed an increase of $3.50, ,493
over December. 1948, due to a
substantial gain in heating sales
because of cooler weather and in
part to the higher gas rates effec-
tive November 16.
The company also reported
earnings on a consolidated basis,
including the Maryland and Vir-
ginia subsidiaries. Net income for
the system was $1,471,176 for
1949, compared with 81 1,475,610 in
1948.
Gas sales to District of Colum-
bia customers increased 13 pei
cent in December. In the II
months meters increased 1921 tt
174,542 at the year-end.
Phone Earnings Lower.
Net income of the Chesapeake
g. Potomac Telephone Co. for the
full year 1949 amounted to $3,-
362,673, decrease of $620,071
from the 1948 results, today's re.
port to the PUG showed.
In December alone, net income
totaled $275,855. a decrease o1
$110,428 compared with Decem-
Der year ago. Operating ex-
penses for December, including
taxes, increased by $238,676.
December operating revenues
totaled $3,060,709 as compared
with $2,932.454 in the same 1s4e
period. Operating revenues also
gained in the II months. An ad-
ditional 1855 phones were placed
in service in 1949.
B. & o. Net Off S15,288,468.
Operations of the Baltimore &
Ohio Railroad for 1949, affected by
the general decline in business and
several work Stoppages in the coal
and steel industries, resulted in a
net income of $6,869, ,827, compared
with $22.158,295 a year ago, a
decrease Of SIS. .288, ,468.
There was a decrease of ST.
192,625 in December operating
revenues. Expenses were cut $2,-
1916, compared with December
1948. December net income of
$s11.827 showed a decrease of
$2o1 1926.
Earnings of the Potomac Elec-
trio Power Co. in 1949 were equal
to $1.10 per share on the common
stock. well above the 90-cent divi-
dent. Results compare with $1.15
q year ago.
Thirty Years in Business.
Kenneth s. Wales, head of K
S. Wales & Co., investment firm,
will complete 80 active years in
the financial district tomorrow
Mr.. Wales started selling stocks
and bonds on February l, 1920.
For several years he represented
Bonbright 81 Co., starting his own
business in 1882.
He is member of the Wash
ington Stock Exchange, former
president of the Bond Club and
former president of the District of
Columbia Society, Sons of the
Revolution and a mem
Der of the Mayfower Society. Mr..
Wales graduated from Princeton
in 1917 and served in the Air
Service in the first World War.
He is a member of the Metropoli-
tan and Chevy Chase Clubs.
Transit Expenses Mount.
Details from the 1949 report of
the Capital Transit Co. to the PUG
show that operating expenses.
taxes and depreciation totaled
$27, 7,474,713 or $998,388 greater
than in 1948. Operating revenues
Of $28,042,5 $50 were up $893,510.
: The wage increase, which was
retroactive to July /, was reflected
in the reduced operating income
of $567 ,806 for December, COM
pared with $672,685 a year ago,
drop of s104,878 or Is per cent.
District Delegates Named.
w. S. Martindill, treasurer, Per-
petual Building Association, and
Elmer j. Carlson, secretary of the
Prudential, have been named as
delegates from the District of CO.
lumbia League to the annual con-
vention of the Southeastern group
conference of the national organ
ization.
The parley, which will attract
more than 500 representatives OF
the industry. is slated to be held
at Hollywood, Fla, March 1891
Appointed as alternates by the
league were John U. Raymond OF
Home Federal and Joseph P
Burke, jr., Mutual Federal.
Construction Up 79 Per Cent.
District of Columbia building
and construction volume, meas
ured by valuation of contracts
awarded, last year increased rs
per cent over 1948, it was re-
ported today by the F. w. Dodge
Corp.
The years total of $128, TIT ,00t
reflected So per cent increase In
non-residential building and 164
per cent in residential volume.