Evening star. [volume] (Washington, D.C.) 1854-1972, 1942-11-12
6arfinckeI Earns
St.bon Common
Stock in Year
Tex Provisions Found
Much Above Needs:
Dividends Declared

Much Above Needs;
Dividends Declared
By EDWARD G. STONE.
Net income Of Julius Garhnckel 4
Co., Inc, for the fiscal year ended
July 81, was $24701s.7s, in place OF
$203.o19.7S, equal after preferred
dividend requirements to $1.56 pc,
share on the common stock, an in
crease Of 20 cents a share over the
$1.16 previously reported, according
to an amended report being sent to
stockholders today.
Passage OF the 1912 tax bill, with
the new tax rates, showed that the
department store corporation d.
rectors had set aside $4,000 more
to meet expected tax increases than
will be- needed. The annual report
stated that the company had set up
an additional Federal tax provision
of $4,000 which it was estimated
would be required if rates approved
by the House at that time were en-
acted and made applicable to the
entire seven months, January to
July, 1912.
Since enactment of the Federal
Revenue Act of 1912, it has been
found that only $4,000 of the $780,
900 provision will be required, due
to the fact that the Revenue Act OF
1912 is applicable to the company
only for the one month of July in
its fiscal year, instead of seven
months, as contemplated in the
House bill.
Years Net Sales S5,832,880
A comparative statement of in
come for the fiscal year, after re-
vision of tax provisions, shows total
net sales for the year were $780,
$1,000 against $4,653,6O3. for the
year ended July 80, 194l. Net sales
of leased departments, tea room and
alteration workrooms amounted to
$632,553.91 against $466,077.26 in the
preceding year. The net income for
the year of $247,019.78 compares
with $277,279.32 in the preceding IL
months.
Garfnckel directors also an
nounced today that the regular
quarterly dividend of 37l1a cents a
share on the preferred stock has
been declared, payable December 81
to stockholders of record December
Is, and the regular quarterly divi-
dend of 17l2 cents share on the
common stock, also payable Deem
Der 81 to stockholders of record De-
cember Is.
Active Day on Exchange.
Business was good on the WASH
ington Stock Exchange today. trad
ing opening with the sale of two lots
Of American Security g. Trust Co.
stock at 1872, up 2 points from the
last transfer.
Washington Gas Light common
stock registered 70-share, 30 and
20 share sales at 157., unchanged
from other recent sales except one
made early this week at 16, a new
high.
Mergenthaler Linotype recorded a
sale of 100 shares at 35%, OF more
than a point from the last previous
sale.
Potomac Electric Power preferred
stock and Washington Railway 81
Electric common and preferred are
now being quoted ex dividend.
Bids stood at 1922 for the newly
listed Potomac Electric Power 81
per cent bonds, with none offered.
Potomac Power Sales Climb.
Revealing another sharp monthly
increase, sales of the Potomac Elec-
trio Power Co. in the District of Co.
lumbia in october reached 98,981. =
1913 kilowatt hours, compared with
o004S,360 kilowatt hours in October,
194l, jump of 1888 ,638, or 9.92 per
cent, company officials reported to-
day.
Railroads and railways showed the
heaviest gain during the month, the
demand for electricity being 20.10
per cent higher than last year. Sales
totaled l0,543,eO6 kilowatt hours,
against s,779,209 in October a year
ago. an increase of 1,764,397.
Public street and highway lighting
called for 100000, which was LOG
per cent more than year ago.
Other sales, however. totaled &c.
058,583 kilowatt hours, against 49,
9l4,412 last year, an increase of
7,144,171, or 9.05 per cent, the re-
port said.
Sales were not up to September
when the total reached 105,696,6 1874
kilowatt hours.
Life Insurance Protected
Capt. Daniel J. Reidy, member of
the War Department Allotment
Board, adjutant generals office, told
the Life Insurance Managers AS
ISOLATION of Washington at the Hay
Adams House that many important
plans have been worked out by the
War Department and United States
and Canadian life insurance COM
panies to expedite and simplify set
Element Of claims. He is an official
of the Guardian Life Insurance Co.,
on leave.
Capt. Reidy stated that as of
October /, a total of 164,224 allot-
ments were being paid on Army
personnel to commercial life insur-
ance companies and that this num-
Der Is increasing at a rate in excess
Of 5000 month. Last month.
checks amounting to $l,050,502 went
forward to lao life insurance COM
panies in payment of premiums.
Eugene M. Thore, counsel for the
Acacia Mutual Life Insurance Co.,
described the standardized methods
Of effecting settlement option agree
rhents now being used by his COM
uany.
George A. Hates, chairman of the
managers section of the District of
Columbia Life Underwriters Associ-
alton, presided.
District Tops Trade Areas.
Comparing department store sales
ID the IL Federal Reserve districts in
the first 10 months Of this year. the
Federal Reserve Board announces
that the nth district led all the
others with 10 per cent gain over