Evening star., 1939-09-29
Garfincke| Stock
Sells al Premium
On Offering Day
Preferred Goes Prom
SIS to SIG. so, Due
To Lively Demand
BY EDWARD C. STONE.


BY EDWARD C. STONE.
It was announced in the financial
district today that the new issue of
10000 shares of Garfinckel & Co.,
Inc. 6 per cent cumulative convert
ible preferred stock, which was
placed on the market yesterday, was
quickly oversubscribed.
The stock was offered at $25 per
share but the demand was so strong
for the new issue that the stock
went to premium and sold at $265O
a share both in Washington and
New York yesterday.
Reports today indicated that about
80 per cent of the 10000 shares of
Garfinckel q Co. common stock were
subscribed for on the day of the Of
fering. The stock was handled by
SO many different brokerage firms in
such a wide territory that the final
figures will not be reported for sev-
eral days.
Dealers said today that both issues
were we'll received here, the WASH
ington demand being even better
than expected. Some firms were en-
deavoring to get additional stock
from out-of-town firms today.
Wall Street dealers took special
interest in the offering as it is the
first time any new stock has been
placed on the market since the war
started. Other issues have been held
up pending more favorable market
conditions. 1t was said here today
that the reception accorded this
stock will mean that other new is
sues will appear shortly.
Capital Transit Net Higher.
Continuing the excellent showing
OF other recent months, the Capital
Transit Co. reported to the Public
Utilities Commission today that net
earnings in August totaled S27, ,486. .95.
against deficit of 1912 81 in August
a year ago, or an improvement of
S28, ,39959
Operating revenues amounted to
1865 58l3.28, an increase of S50,095 30.
Expenses also increased $706,65751,
being S31 ,53075 higher than last
year. Taxes were $81684 lower, but
depreciation of S11O,82887 was
S7,22335 more than a year ago.
Operating income was s12, ,158 O4 bet
ter than August, 1888, and gross
stood at S88,6l7.28, an increase of
S29, ,13003, or 49 per cent Revenue
passengers numbered 1903, 100, an
increase of 973,185. or 7.6 per cent.
In the first eight months of this
year Capital Transits net stood at
1851 1850, in comparison with $l58,-
10l.9l a year ago, an increase of
$2o3, ,O3l SO, or 1884 per cent.
Sharp gains in passenger traffic
were noted. In the eight months
revenue passengers totaled 112991,-
979, surprising gain of 6,511 933, or
81 per cent, the report reveals.
S1,100,000 Phone Outlay Voted.
Expenditures amounting to more
than Sl100,000 for telephone plant !
and equipment were authorized yes
terday by the directors of The |
Chesapeake & Potomac Telephone
Co., c. A. Robinson, general mana
ger, announced today.
For the year to date somewhat !
more than s5,5OoOOO have been ap-
propriated for the construction, in
Stallation and removal of telephone
plant in the District of Columbia.
About $840000 of the amount will
be spent during the last quarter
OF the year in the day-to-dav work
OF Installing, moving and discon-
Meeting telephone facilities on the
subscribers premises.
The appropriation includes an
item of $4,000 for private branch
exchange and associated equipment !
to be installed in the new Doctors
Hospital on I street between
Eighteenth and Nineteenth streets.
Nearly $4,000 will be spent to
provide for growth in telephone
service in the vicinity of R street
and Rhode Island avenue. About
100000 will be required for addi-
tlonal central office equipment for
the Dupont central Office building
c. e. p. Phone Net Rises.
Net earnings of the Chesapeake g.
Potomac Telephone Co. in August
totaled $130,838 against $l24,964 in
August, 1888, according to the
monthly statement filed with the
Public Utilities Commission today.
Operating revenues were substan-
TALLY higher, 1882 ,389 comparing
with S907,458 a year ago. Operating
expenses were also higher, S7O56 |
VS.. $663, 1886. Taxes and noh-operat-
ing income items were also higher
than last year.
Gross income of $176,434 compared |
with $16l,l27 in August, 1888, while
interest deductions required S45 ,596
against S36,163 a year ago. Cost
of plant in service on August 81 was
s46,495,2l7, up s2,308,497 from Au-
gust of last year.
In the first eight months of 1889
net income of the Chesapeake e.
Potomac Telephone Co. amounted
to S1,2ol,344 in comparison with
$l,133, ,327, or gain so far this year
OF S68,O17, the report showed.
There were 245970 telephones in
service in Washington at the end |
OF August, an increase of 224 tele-
phones over the previous month.
Telephone users in Washington
made 26,807 900 calls during the
month, or 2,992,OO more than in
August, 1888.
Brown Among Bank Speakers
Among the speakers who will ad-
dress the three-day convention of
the Morris Plan Bankers Associa-
ton at the Westchester Country
Club, Rye. New York October q 10
and IL, will be Merle Thorpe Editor
OF Nations Business; Constantine
Brown. The Stars we'll known For
eign commentator. and Edward Pay
ton, Management Consultant, of
Cleveland, it was announced today
by Willard G. Barker, President of
the Morris Plan Bank of Washing
ton, member of the Program Com
mittee. Other speakers of national