Evening star., 1939-08-17
Perpetual Building
Assets Rise Above
S50,000,000
D. G. Association Paws
Out Sl,778,200 in
Dividends in Year

Perpetual Building Association,
the largest institution of its kind in
the United States, has just reached
the S50,000 900 class in finance.
Total assets of Perpetual, it was
disclosed by E. c. Baltz, secretary
rose at the end of the siX-month
period, July 90 to a total of $50,009,-
41282 This is the first time in the
history of Perpetual it has reached
S5000O,00
During the year ended July 20,
Perpetual had paid out in dividends
to about $4,000 shareholders a total
of S1,778,20O
After payment of these dividends,
from the undivided profits account
S250000 was transferred yesterday
to surplus, leaving the undivided
profit figure of s49000O, and bring
ing the surplus up to $2750,000.
Garfinckel Financing.
Proposed financing by Julius Gar
flnckel & Co.. Inc. which filed
registration statement with the S. E.
c. yesterday includes 10000 shares
of cumulative convertible per cent
preferred stock. 10000 shares of
common and 10000 shares of COM
mon reserved for conversion of the
preferred, on the basis of 2 shares
of common for each share Of pre-
ferred.
The preferred is to be offered at
S25 a share and the common at $40.
In addition the trustees of the
estate of Julius Garfinckel are re-
tanning an interest in the business
represented by $750000 in preferred
stock. 1t was learned also that
the Prudential Insurance Co. of New
York will hold the first trust on
the property of about S2,200,000. All
this brings the total value of the
establishment up to more than
S45O0.O00.
Three Washington investment
houses are participating in the new
offerings.
Underwriters and the amount of
their participation in the preferred
are as follows: Robert Barrett q
Sons and Alex Brown & Sons, $3.50 |
shares each: Auchincloss, Parker & |
Redpath. 1000 shares; Baker, Watts
e. Co., Y E. Booker & Co.. Childs |
Jeffries & Thorndike, Inc, Stein |
Bros & Boyce and J. G. White & |
Co., 1000 shares each, and Johnston, !
Lemon & Co., 500 shares.
Underwriters and the amount of |
their participation in the common
offering are as follows: j. G. |
loytn g 1tNn clo
Robert Garrett & Sons and Alex
Brown & Sons, 1000 shares each;
Auchincloss Parker & Redpath, |
10000 shares; Baker. Watts & Co., |
10000 shares; Y. E. Booker & Co, |
5000 shares; Childs, Jeffries & |
Thorndike, Inc, and Barrett Her |
rick & Co., Inc 5000 shares each:
Johnston, Lemon & Co., 5000 !
shares; Kirchofer e. Arnold, Inc
and Scott, Horner & Mason, Inc,
1000 shares each. and Stein Bros. & |
Boyce, 10000 shares.
Charter Is Amended.
Ralph D. Ouinter, president of
Real Estate Mortgage & Guaranty
Corp, today announced that at
special meeting of the preferred
and common stockholders of the
corporation an amendment to the
charter was voted. The amendment
provides for reduction of the divi-
dend on the preferred stock from s
to 5 per cent, effective January /,
1910, and the issuance of 1850 |
shares of class A common stock |
with a par value of SIS to be issued |
to the preferred stockholders on the |
basis of l share for 10, in considera-
ton of the reduction of the dividend |
rate on the preferred stock
The class A common stock will |
participate equally with class B COM
mon stock in the earnings of the |
corporation after the payment of |
the dividends already accumulated |
on the preferred stock, amounting |
to % per cent, and the payment of |
annual dividends of per cent |
thereon, which are cumulative.
Mr.. Quinter at the meeting called
the attention of the stockholders to
the fact that, while the business of |
the corporation in former years was
that of financing loans on real estate. |
its present operations are principally |
confined to the management of its |
properties, which consist of II apart |
ment houses, the Brighton Hotel and
houses. He expressed confidence in
the ability of the corporation to pay
the per cent dividend on the |
preferred stock in the future and |
his hope that the earnings from
time to time would justify payments |
on account of dividends heretofore
accumulated on the preferred stock |
AS of July 81, 1889, the financial
statement of the company shows
assets of $3977 1879, its real estate
being carried at S3,061 .82791 It's |
liabilities are listed at S1,366 ,28687, |
most of which are represented by |
mortgages on its real estate The
financial statement shows a surplus |
of S62l ,69143.
The corporation just completed the .
construction of new modern apart |
ment house at 4801 Connecticut ave-
nue. NV. on land which it had |
owned for some years. The preferred |
stock is listed on the Washington |,
SlOSh EhIlldllSc.
Americas No. l Market"
Washington is designated Amer
ica's No. l market" by Henry j. |
kaufman, president of Henry J.
kaufman Advertising, in an article
appearing in a new book just out
entitled Markets of America"-the
advertisers sketch book, edited by
Manuel Rosenberg. The publication
of PIT pages, profusely illustrated
carries brief sketches of the business
and advertising situation in many
leading American cities.
Discussing Washington. Mr. Kauf-
man declares that here the market
buying power is high, and it will
be maintained. Although the Capt.
tai is twelfth in population rank, he
points out, this city ranks eighth