Evening star., 1940-09-17
Garfinckel Report Pleasing.


August - 79,327,945 71,537,67:
Garfnckel Report Pleasing.
Announcement that Julius Gar
flnckel & Co. earned s150 per share
on the common stock for the yeal
ended July 81, 1910. was highly
pleasing to the stockholders, ac-
cording to comment heard in the
financial district today. Washing
tonians hold a high percentage Of
both the common and preferred
issues
President William E. Schmid told
the stockholders at the meeting in
Alexandria that the years net sales
amounting to S3.687 26341, were
S213,519 ahead of the previous year
revealing a gain of 81 per cent.
There are 11O.O10 shares of the
common stock listed on the Wash
ington Stock Exchange and $4,000
shares of the preferred. The last
sale of the common on the ex-
change was made at s975 per share
and the last sale of preferred at
S26 share.
Real Estate Bonds Improve.
Details from the monthly report
of Amott Baker g. Co. show that
real estate bonds In Eastern cities
gained just point in August.
Washington real estate bonds made
a slightly better average, the re-
port reveals.
rl,o o,oroo, ,rioe of ono rolaof od
issues increased from s289 per 81 900
to 1922 per $1,000. Buffalo made
the best showing. During August
rs of the 200 issues advanced. 80
remained unchanged, and As sold of
BY types of buildings, Office build
ing registered the best improve
ment with an increase of 26 per
cent Hotel and theater bonds
closed fractionally lever. One ho-
tel issue, however, WadsWorth Build
ing IS, New York. jumped 471a
points. The bonds were quoted at
so when notice of redemption at
par and premium was given.
Bank Supervisors to Meet.
Leo T. Crowley, chairman of the
Federal Deposit Insurance Corp ,
Gov James H. Price and Capt Ed
die Rickenhacker are on the pro-
gram for the 39th annual conven-
ton of the National Association of
Supervisors of State Banks, which
opens in Richmond this evening
with an address of welcome by Vir-
ginia's banking commissioner, Mil
ton R. Morgan.
Officers of the II Federal Reserve
Banks and representatives of vari-
Gus Federal agencies in Washington
will be in attendance. About 500
visitors are expected during the
four-day session at the Jcfn Mar
shall Hotel.
John D. Hospelhorn. deputy bank
commissioner of Maryland. is slated
to be elected president to succeed
D. w. Bates, Iowa State Bank
superintendent. He will be the first
deputy to hold the office in the 40
year history of the association.
Branch banking, dual banking
capital requirements for banks and
Federal control over banking are
the high light subjects for discussion,
all suggested by the Senate Commit
tee on Banking and Currency.
Defense Financing Studied.
An attempt to clarity some of the
many problems relating to the
financing of national defense is be-
ing made at a conference of finan-
;~1
Hotel Mayfower and continuing
throughout the evening.
Methods available for raising rev.
enue for national defense, what pro-
portion of defense expenditures
should be financed by borrowing and
what proportion by taxation, and
to what level must borrowing be
some of the questions to be dis
Cussed.
Chester C. Davis of the Advisory
Commission of the Council of Ma
tional Defense, Emil Schram. chair
man of the board, Reconstruction
Finance Corp, and Jerome Frank
chairman Securities and Exchange
SOllllllJSSlOll, dlC lllSluuSd
some so conferees scheduled to par
ticipate in the round table discus.
sions.
Seaboard Dividends Voted.
Directors of Seaboard Finance
Corp. have declared the regular
quarterly dividend of so cents pei
share on the preferred stock, payable
September 80 to stockholders of rec
ord September 20. At the same time
the directors declared a dividend o1
IS cents per share on the common
stock. payable on the same dates
The stock is widely held in Washing
ton and the main Office of the COM
pany is located in the Southern
Building.
D. c. Insurance Sales Off.
Sales of ordinary life insurance in
the District of Columbia in August
were / per cent below the sales rec
ord for August, 1899, the Life Insur-
ance Sales Research Bureau al
Hartford reported today. However
sales in Washington in the first eight
months of this year were per CEN
ahead of 1889.
Sixty shares of Mergenthaler Limo
type stock sold at Is on the Wash
ington Exchange again today. TIL,
market closed with 16 bid ex divi
dend and 1874 asked. Three hun
dred shares of National Mortgage &
Investment preferred appeared or