Evening star., 1942-07-27
Lincoln Service Corn.
Earns S2.45 a Share
In First Half Of AZ
Operating Income Is
6l,430; Net Profit
Totals $ll6,865
By EDWARD c. STONE.

Earnings of the Lincoln Service
Corp of Washington amounted in
the first six months of this year
after income tax provisions. to $245
per share on the common stock
compared to S233 per share in the
first half of 1941, President Charles
Delmar announced today.
The companys report showed an
operating income of 1851 ,430 &c
against S294.2820l. Operating ex-
penses. including estimated provi-
sions for the current years income
taxes, amounted to $244, ,564 66, COM
pared to $l82 800 II year ago. leav-
ing a net income after tax provi-
sions, of $ll6,0656 so against SILL
472.84.
The corporation paid dividends on
the common and preferred stocks
amounting to S54, 4,538.32 in the six
months, and after these deductions
reported an earned surplus June SO
Of $176,96423 against S124 .038 .72
on the corresponding date last year
The company's common stock and
the per cent prior preferred are
listed on the Washington Exchange
The firm is engaged in industrial
banking.
Half-Year Sales Compared.
In the first half of 1912, depart
ment store sales in the Richmond
reserve district. which includes
Washington, topped the other II
feserve areas in gains over the first
six months of l94l, according to the
Federal Reserve Boards latest sum-
mary The Richmond district upturn
was 81 per cent AS already re-
ported, the gain here was 27 per
cent.
Closest to the Richmond district
record was the San Francisco area
with a jump of 20 per cent in sales
over l94l. Philadelphia stood third
with Is per cent pickup, while
Boston and Cleveland reported trade
1pswings amounting to Is per cent
respectively
I Sales in st. Louis were up Ia per
cent, in Chicago and Kansas City
Districts, II per cent, and in New
York and Atlanta, IL per cent over
the first half of l941, the Reserve
Boards survey states. Minneapolis
sbles gained 10 per cent, while the
Dallas district noted a 9 per cent
rise. the smallest in the list The
average improvement for the II dis
tricts was IA per cent.
June Averages Show Drop.
In the review of June alone, the
national average was up only per
cent. The Richmond district gain
was II per cent and San Francisco
II. The others were far below the
six months average, New York show
ing 3 per cent decrease.
In the summary for leading cities
the 80 per cent rise in Norfolk and
80 per cent in Charleston, S. c..
stand out among the leaders. Some
striking advances were made on
the West Coast in war industry
areas. Vallejo and Napa reported q
81 per cent jump, Long Beach 35
Seattle 35, San Diego 80.
Niagara Falls trade was up g.
per cent, Birmingham 27, Fort
Smith, Ark, Al; Wichita % ane
Tulsa Is per cent, the survey re-
veals.
Bank Dividends Held Secure.
Bank income from loans shoulc
be about the same this year as il
194l, while the income from invest
ments may be larger by 10 per cen
or more, according to the survey o
banks and trust companies released
by Standard & Poor's this week.
The increase in gross, however
will be absorbed by increased ex
penses and especially by highe
taxes. On the basis Of the proposet
81 per cent surtaX rate, net earning
of the average bank may fall abou
10 per cent below the l941 level thi
year.
Current dividend rates are gener
ally secure, but the upward tren,
of taxes and the desirability O
building up capital funds may resul
in smaller disbursements in some in
stances.
Bank earnings for the first half O
this year were somewhat lower thai
In the first half of 1941. partly be
cause of increased expenses, bu
primarily because of provision
made for substantially larger taxe'
Mergenthaler Holds Advance.
Mergenthaler Linotype registere
held its recent new peak of tn
Washington Stock Exchange whel
three 10-share sales we're registere
today at 3512 Final bid was 3
with 36la asked.
Ten shares Of Washington Ga
Light IS preferred stock sold toda
at 1922, up a from last week
close. the stock selling ex-divident
Washington Gas $3.50 preferre
and the S. preferred were added t
the ex-dividend list today. Ma
tional Savings, Washington Loa
and American Fire Insurance al
also being quoted eX-dividend.
Safeway Store Sales Rise.
Sales Of Safeway Stores, Inc, fc
the four weeks ended July 18 totale
6,529 ,555, compared with $37l99
463 in the 194l period, gain of Is
per cent. The sales include those
stores acquired since last year. l
% weeks ended July l8, sales wei
up % per cent.
Peoples Drug Stores common stoc
sold at l7i2 on the New York Stoc
Exchange at the end of the wee
under the last previous sale. tt
closing bid was II and 1872 aske
The last Washington Exchange sa
was at 49,.