Evening star., 1950-08-01
Washington Gas Ligh'
Reports Net Income
Well Above 1949
Ry Edword c. Stone


Net income of the Washington
Gas Light Co. and subsidiaries in
the first half year amounted to
$2,361,e74 compared with $l,295,-
183 a year ago, a gain of 81 ,O66,-
4e1. according to the statement
filed with the Public Utilities Com
mission today.
The report for June alone dis
closed seasonal loss OF $2,67l
against a seasonal loss last year
of $6O,887, a difference OF $58,2l6.
Gross revenues for June totaled
$987 200, an increase OF $83, TOT,
while expenses increased S25,3l2
to a total of 1884, ,498.
In the first six months of 1850
the report shows a net income OF
s1.846, ,180 compared with $9l5,858
for the same period in 1949.
Gas sales for the system totaled
10.04O,7O2 therms for June and
l1O,620,348 for the six months, in
creases of IL per cent and % per
cent respectively over 1949.
Meters in the District increased
1906 to total 174,657 in the IL
months ending June 80, the re-
port stated.
Boothby Reviews Year.
President Everett j. Boothby
of the Washington Gas Light Co.
announced today in a special re-
view that earnings on the COM
mon stock for the year ending
June 80, 1850, amounted to $3.40
q share against $1.19 a year ago.
Net income, after dividends,
amounted to $2.080,567 as COM
pared with $727,7l0 in the preced-
ing IL months.
The improvement in earnings is
principally the result of increased
sales of gas for house heating, MI.
Boothby said.
The net income includes $318,-
900 attributable to the rate in
crease which was set aside by the
United States District Court. The
United States Court of Appeals
will consider the case in October,
Mr.. Boothby added.
On June 80, the company re-
tired $1,000,000 in maturing Sc
rial notes.
Bank Board Reduces Loans.
During the fiscal year ended
June 80, the Homeowner's Loan
Corp. liquidated about three
fourths of the balance of its loans,
reducing the amount outstanding
from 1919 million to S84 million,
the Home Loan Bank Board re-
ported today.
The decrease of $235 million
was accomplished through bulk
hales or the assignment of MOTT
cages to private financial institu-
tions-plus monthly and final
payments to HOLC by its bor-
rowers-the statement said.
The number of debtors still on
Hole books was reduced within
the year from 201,338 to 74,023.
On June 80 the average loan bal
ance outstanding amounted to
$1,137.
Last year the Home Loan Bank
Board decided to sell entire HOLC
mortgage portfolios State by State.
On September /, 1949. the first
purchase contract was closed in
New York State, where the cor
poration held 10000 mortgages.
Since then mortgages have been
sold in bulk in 81 other States.
Telephone Stations Increase.
The Chesapeake & Potomac
Telephone Co. added about 1900
new stations during June, officials
reported today.
Telephones in use at the end OF
June numbered 474,112 compared
with 456,124 in June a year ago.
a gain in the IL months OF 1888
stations and another new peak.
June calls reflected the high
state of business in the Capital.
Average daily calls reached D.
288.89l as compared with O.
128.809 in June of last year, or
an increase of 160,oS2 calls per
day.
In the first half of 1850 the
number of new telephones in
stalled reached 6,516, a substan-
tial reduction in outstanding or
ders.
Haller Urges Buying Care.
Fred L. Haller, president of the
National Automobile Dealers As
sociation, 1926 17th st. NV, says
increased demand for automobiles
is being brought about largely by
the Korean situation and undue
anxiety on the part of some OF
the purchasing public.
while new cars are not quite
as easy to hoard as sugar, un-
necessary automobile purchasing
can be just as detrimental to the
public interest,"" Mr.. Haller said,
especially if conditions should
materially curtail production of
new cars" He added that with
fewer cars on hand there are
bound to be some delays in
deliveries.
Business Week doubts if there
will be consumer rationing of food
or clothing in the near future.
The Women's Federal Savings
& Loan Association of Cleveland,
only such institution organized
and managed exclusively by wom-
en-, has just observed its 18th
anniversary, with resources total
ING S15 million.