Article Text
Annual Report of Western United Gas Company Is Made
The annual rep ort of the Western United Corporation and the Western United Gas and Electric Company made public shows the consolidated gross earnings for 1932 were $7,344,457.39, decrease of $748,248.61 9.2 per cent compared with 1931. Net earnings for 1932 were compared with in 1931. Rates in effect during all or part of the year 1932 produced $313,309.00 less than would have been produced by the rates in effect prior 1931. Revenues of the electric subsidiary declined $180,945. The falling off in demand on the part of the Company's industrial and commercial customers, principally in the use of electric power, also caused substantial loss revenue. Sustained efforts to reduce expenses including general duction of salaries and wages of officers and employes brought about substantial reduction in operating expense. The earnings of the Company in cent years, including 1932, have been materially affected by increased local, state and federal taxes. Local and state taxes paid in 1932 were 51.45 cent higher than those paid 1926; 34 per cent higher than 1927; 24 per cent higher than in 1928; 20 per cent higher than in 1929, cent higher than those paid in 1930. These items of expense over which the Company has no control. Since the advent of natural gas to the Chicago area in the fall of 1931, the Illinois Commerce Commission has been holding hearings upon the question of the rates to be charged for gas in the Chicago area. At the present time, these hearings have not been completed with respect Western United Gas and Electric The present rates for gas used residential and house heating service are temporary in nature, having been placed in effect by the Illinois Commerce in November 1931. These rates, in effect during the entire 1932, resulted in saving year of $264,171.00 to the Company's domestic and house heating customers. Several other reductions in rates for gas and electricity were made durthe It estimated that ing year. these reductions will effect an additional saving to customers affected of approximately $85,000 year. These rate reductions include new rates for commercial gas customers, large industrial customers, commercial gas baking rate, rate for smaller electric commercial customers, and new rate resulting reduction to rural customers. Total gas sales by Western United Gas and Electric Company in 1932 amounted to 18,404,048 therms, an increase of 3.3 per cent over the previous year's of 17,822,276 therms. However, revenue received from such sales decreased $253,483.31 Comparison of door 5.9 per cent. mestic for the two years, leaving out of account house heating sales, shows slight decrease from 14,604,973 therms in 1931 to 14,382,875 therms in 1932, revenue from such use decreased $208,291.76 per cent. Total sales of electricity, exclusive of sales to other electricity supply companies, but including energy supplied to the Company's electric transsubsidiary were 75,289,940 portation kilowatt hours, 6.8 per cent less than the previous year. Sales of electricity for residential increased 807, 655 kilowatt hours or 4.4 per cent. Sales electric and commercial customers cent compared with 1931, 10.8 per as from this source decreasand revenue per cent.
LARGEST ARSON RING IN STATE BROKEN UP BY PAUL BERTRAM (Continued From Page One) the officers listened in. As the driver of the truck drove up with the of burned furniture load partially at the rear of the house, the alley taken into custody as well as was Grace. Grace was questioned for one and days and finally admitted having carried on this scheme for the He list of names last year. gave where had pulled these and up to Monday night jobs obtained 35 conMr. Mr. Bertram went before fessions. Tuesday and asked for the grand jury 41 indictments. This the largest arson ring ever in the state of Illinois. The collected of dollars ring from the insurance companies alarm in because they the fire out before any would put amount of damage was done. great
Those employed at the bank greeted callers throughout the day Saturday but did not Worthy of note was the lack of wild statements and excitement that was prevalent in some communities. can be thankful that have one of the strongest banks in here,' was popular For the Home State bank is in viable state with its liquid financial condition. Governor Henry Horner announced Saturday morning bank holiday for Saturday, Monday and Tuesday and on Monday morning, made by President Roosevelt of four day national bank holiday. Tuesday Gov. Horner issued second proclamation extending the holiday to conform to the president's proclamation.
Tuesday morning, the local bank received telegram that it could open to make change and also to allow persons with safety deposit boxes to gain entrance. This service was very greatly appreciated. Representatives of McHenry county banks held meeting last Friday night at Woodstock that was presided over by Paul Marks of the Harvard State bank, president of the McHenry County Bankers Federation. After general discussion of the situation which various bankers from over the county, presented much information of the situation in other localities, especially Chicago, the following committee was appointed prepare plan to be followed in this county during the present emergency: Frank Green, chairman, Judge Shurtleff, Judge Allen, Crumb, E. Still, Axtell, Chas. F. Renich. After careful decided to follow the same plan as had worked SO year ago, with some slight additions pertaining to the cashing of checks. The committee's report, which went into effect at once, was adopted upon roll call by all of the banks, as follows:
RESOLUTIONS
Adopted by the undersigned banks of McHenry county, restricting the withdrawal of deposits:
WHEREAS, an emergency in the general banking throughout the United States exists, which has resulted in the establishment of moratoriums in various states and cities, and
WHEREAS, there is general unrest and anxiety among the depositors of banks in many localities, which endangers the stability and security of all banks, and WHEREAS, of the utmost importance to maintain the sound nancial condition of our banks and thereby the safety of our depositors, therefore be RESOLVED, that the udersigned banks of McHenry county hereby restrict all of funds upon the following plan, to-wit: The payment of deposits of all MeHenry county banks are restricted beginning with the opening businon Saturday, March 1933. No withdrawals will be permitted of savings accounts or certificates of deposit, regardless of the fact that may fall due future date. Interest will paid as usual on certificates and savings accounts when due. Checks drawn against commercial account balances will be honored in the regular course of business usual, but currency withdrawals against such balances will not be permitted. All checks or orders drawn against public funds must be deposited by the payee, and will only be paid out by check as above. All foreign checks will be accepted from this date on only for collection and credit when cleared. The McHenry county bankers wish to call the attention of their depositors to the fact that the above regulations are renewal of restrictions made by them on withdrawals than year people of McHenry county heartily endorsed and have given the banks loyal support. It co-operation of our depositors the integrity of our banks maintained. We sincerely continuation of this loyal support. American National Bank State Bank First State Harvard, Harvard State Bank, Marengo State Bank, First State Bank of River Grove, Home State Bank of Crystal Lake, Algonquin State Bank, Cary Bank, State Bank Union, Bank Huntley, Bank, People's
