Evening star., 1943-10-06
GarfinckeI Preferred
Far 0versubscribed
Soon After Opening
BY EDWARD c. STONE.

An undefWrltlng group headed by
j. G. White e. Co, Inc, today Of
fered an issue Of $4,000 shares of 5l2
per cent preferred stock, S25 par, of
Julius Garfinckel & Co., Inc. widely
known Washington department
store, at S25 per share The proceeds
will be applied to the redemption on
October 8 of the company's entire
outstanding convertible per cent
preferred stock.
Shortly after the new preferred
stock had been placed on sale today.
the Washington Office of J. G.. White
SS Co. announced that the issue had
been far overSubscribed. All the in
Vestment dealers had requests for
much more stock than was available.
Investment firms associated with
j. G. White & Co in the Offering
included AuchincloSS, Parker & Red
path, Baker Watts & Co, AleXan-
der Brown & Sons, Brown Goodwin
& Olds, Childs. Feffries & Thorn
dixie, G. H. Crawford Co, Ferris,
EXnlClos & Co, Robert Garrett &
Sons, Johnston, Lemon g. Co. Rob-
ert c. Jones & Co, KirChofer g.
Arnold, Merrill Lynch, Pierce. Fen
ner & Beane, Milhous. Martin &
Mcknight, Robinson, Rohrbaugh &
Lukins and Stein Brothers q BoyCe.
Business Growth Rapid.
Organized by Julius Garfinckel in
October. 1905, volume of business
has increased from a gross of $780,
779 during the first 10 months of the
company's operation, TO total net
sales for the u months to July 81,
1943, of S8,7l6.503.
Net profits have shown steady
growth For the fiscal year to July
81. 1910 net after taxes amounted to
s240O53, for 1941, S277,279: for 1912,
$247,020. and for l943. S3l7653. Pro-
vision for taxes on income in the
year l943 amounted to S820000.
The company's principal lndebt
edness consists of real estate first
deed of trust amounting to S2,025,-
600. maturing October 4, 1854, Net
working capital as Of July 81, 1943
amounted to Sl,2l6,665.
Following redemption OF the old
preferred stock. the company will
have $4,000 shares of ST. per cent
preferred stock outstanding and
1912 shares of common stock.
Dividends on the $4,000 shares of
5l2 per cent preferred stock will
amount to So 500 year
Schmid With Firm Many Years.
William Z. SChmld, chairman Of
the board of directors, was aSSO-
clated with Nj Garfnckcl for "a
wears. He was the executive head
of the business from 1886 until the
firm became a corporation when he
was elected president holding that
position until short time ago when
he was elected chairman of the
board
Clarence F. Sheffield, new preSi-
dem OF the corporations joined the
organization as first Vice president
in December. 1899, after more than
25 years IN the retail merchandising
field Before coming to the Capt.
tai, he vas with B. Altman & Co,
for seven wears.
The GartlnckeI main store IS To-
Gated at Fourteenth and F streets
NV. and the firm has a branch in
Spring Valley. While $4,000 shares
Of the original preferred stock were
authorized, only $4,000 were issued.
Both common and preferred are
listed on the Washington Stock En-
Change
J G White & Co. the firm head
Ing the present group also had
charge Of the sale Of the first Sc
curitIes the company put out. at
the time the concern was incor-
porated.
Municipal Financing Down.
State and municipal financing
during September totaled only SIS
TAT 438. as compared with S28. .86l ,635
for the corresponding month in
1912, according TO the Daily Bond
Buyer.
For the first nine months of this
yeal new financing amounted to
s402 844268. as compared with $500
1882 IN the first nine months of
1912
The revised total for August. l943,
was $38.I40387.
Five Loan Plans Suggested.
Building and loan association
leaders submitted five plans at the
recent Chicago meeting for home
financing after the War according
to reports reaching Washington:
Standard plans for homo purchase
and IeGnanClng, for individual
home construction loans. for prop
ertT improvement loans. for multi
ple-lmt home financing and for
financing operative builders.
Many OF the Ideas advanced for
making home buying easier for the
individual after the war are already
being tested by various building and
loan associations. The committee
will meec again in November and
complete an official report.
Todav'S Trading on Exchange.
Washington GaS s. made their
frst appearance III d long time on
the Washington Stoc, EXCHANGE to-
Gay when they sold al l29', This
was up y. from the last sale and
close to the high Of 1870 for the year.
The sale was A $500 transfer.
Washington Gas s. preferred stock
charged ownership at l06'4 against
the last previous sale al lO7.
Sales Of Mcclellan Stores Co. in
the first eight months of l943 totaled
so .358,095 a gain Of S3,580.l26, or
l9 per cent
Peoples Drug common was strong
on the New York Exchange yester-
day selling at 25as.
Pepsi Cola, which has Just declared
the regular quarterly dividend. is
widely held IN the Capital 1t has
moved from 291. TO 593s this year.
Washington Produce