Evening star., 1939-11-15
GarfinckeI Store
Directors Declare
Common Dividend
Quarterly Payment
On Preferred Stock
Is Also Voted
BY EDWARD C. STONE.

Directors of Julius Garfinckel &
Co., whose preferred and common
stocks were recently distributed pub
licly, following the sale of the busi-
ness by the estate of the founder,
today declared an initial dividend of
171a cents per share on the COM
mon stock of the company, payable
December IS, 1899, to stockholders
of record December S, 1889. In an
nouncing this initial dividend, the
directors stated that it would be
their policy to declare such divi-
dends henceforth on a quarterly
basis, contingent upon earnings.
At their meeting, held in WASH
ington, the directors also declared
the regular quarterly dividend of
liz per cent on the company's $25
par value preferred stock, payable
December 81, 1899, to stockholders
of record December IS, 1899.
William E. Schmid, president,
stated that the stores sales volume
is currently running substantially
ahead of the corresponding period
last year.
Veteran Bank Director Dies.
The death of D. j. kaufman, II,
noted elsewhere in todays Star,
caused deep regret in the financial
district. He had been a director of
the Union Trust Co. for 80 years and
was member of the Executive
Committee, and had been on the di-
rectorate of the Columbia National
Bank for % years. He was founder
of the clothing business at 1905
Pennsylvania avenue NV.
Mr.. kaufman was greatly inter
ested in finance and kept up with
all the latest developments in bank
ing. Tributes were paid him today
by Frank j. Stryker president of the
Columbia National, and Ord Pres
ton, head of the Union Trust Co.
One of the sustaining members of
Washington Chapter, American In
stitute of Banking, he showed in this
practical way his concern in the ed
ucation of young bankers.
Hanes Urges Banking Caution.
Robert M. Hanes, president of the
American Bankers Association,
speaking at a bank management
conference the other day, said that
the banks are now entrusted with
the safeguarding of IS billions of
deposits. Bankers have an in
escapable responsibility, he said, to
discourage all tendencies toward in
flation and to use every effort to
direct the use of credit into proper
channels so that the unfortunate
reactions that followed the first
World War may be avoided Mr..
Hanes continued:
The current movement that seeks
to set up Government banks to
make loans direct to small business
and thereby socialize the American
banking system constitutes a very
real challenge to all bankers. Bank
ers do not object to any legislation
that enables chartered banks to
operate more ussfully if the rules
of safety are not violated. In fact,
they expect q larger measure cf
regulation than almost any 9th
form of business because of the
vital public interest involved
But Government regulation of
banks is one thing and Government
ownership and operation is quite
another. If free enterprise is to be
maintained we must maintain a free
and independent credit system. The
granting of credit must be mott
waited by principles of sound credit
procedure rather than by political
expediency."
Transit Stock Hits New High.
Capital Transit stock scored an
other new high mark on the present
move on the Washington Stock Ex-
change today. The market opened
with % shares selling at 141a and
closed with % more changing hands
at 147s. The final bid was 1414 with
1512 asked.
Capital Traction SIS were strong
again today, $1,000 moving at 9614,
a new 1899 high. Ten shares of
Lanston Monotype stock sold ex-
dividend at 33l2.
Storage Dividend Declared.
Directors of the Fidelity Storage
Co. have declared a dividend of 81
per share on the outstanding stock,
payable on December Is, President
David B. Karrick announced today.
This will be the fourth regular So
dividend paid by the company dur
ing 1899.
Dun & Bradstreet reports that
building permits issued in WASH
ington in the first 10 months
amounted to $33 ,485 ,5l1. This was
rise of 33 per cent over the $24,462,-
600 in the January-October period
in 1888. The gain in the Capital far
exceeded the average for the coun-
try as a whole, which amounted to
9.8 per cent.
Bragg Addresses Underwriters.
James Elton Bragg, Well-known
lecturer on life insurance, who is
manager of the New York office of
the Guardian Life Insurance Co.,
was the guest speaker at the Novem-
Der luncheon of the District Life
Underwriters Association at the Will
lard Hotel this noon. He spoke on
Reasons for Buying Life Insurance :"
About 200 members of the associa-
ton were present, President Joseph
A. Mari presiding.
Another Peak in Credit.
The statement of reporting men,
Der banks for November / showed
total loans and investments of $22,-
728000000, which is another new
peak since the credit expansion be-
gan in the summer of 1898. The
present volume of earning assets,
says Fitch's Market Review, is now
only slightly under the high point
of $23 ,000,000,0O0, which had been
reached at the end of 1885, A gain
of ST. ,0m,0 900 in the week of No
vember resulted principally from
expansion of loans including an in
crease of $18,000000 in business