Evening star., 1952-10-21

annual report signed by Presiden
Richard P. Dunn and Boarc
Chairman William E. Schmid
The annual stockholders meeting
has been called for November 10
starting at 10:30 am.
Including for the first time op-
erations of two subsidiaries, Brook!
Bros. and A. De Pima Co., the
years sales compared with $780,
201.877 in the previous year.
Net income was equivalent tc
$1.67 a share on 270,2 ,280 common
shares, compared with $2.18 q
share on 267,O11 shares for the
previous year.
Taxes, Costs, Controls Cited.
Excessively high taxes, controls
and advancing costs continue to
hamper operations and reduce net
profits" the report commented.
Income before provision for Dis
trict and Federal taxes, and mi
nority interests, was $l,522 1884
compared with $1,551 ,685, after
special credits of $298.131, or ST.
253,554 before said credit, in the
preceding year Provision for in
come taxes amounted to $845 ,00C
VS.. $811, ,403.
The July 81 balance sheet
showed current assets of $12,043.-
23O and current liabilities of ST.
768,O38. or a working capital OF
$9,275,192 A year earlier, work
ing capital amounted to $8,303, ,983
The current ratio of current assets
to current liabilities is 4.35 to l
compared with 3.42 to last year
Consolidation Reviewed.
The report reviewed the consol-
idation of Brooks Brothers into
A. De Pima Co. on February 2e
and the change in the name to
Brooks Brothers, Inc. More than
95 per cent of the common of the
consolidated company is owned
by Garfinckel & Co. and 900 per
cent Of the convertible preferred
is under option, it disclosed.
Sales at the Spring Valley store
increased substantially for the
10th successive year. Completion
of a two-story addition in the
last year made possible two new
departments and larger inventories
throughout the store
Record Profit Shown.
Capital Airlines earned profit
of S1.00o.551. or $1.28 a share,
after taxes in three months ended
Stepember 80, largest for any
quarter in the company's history.
President J. H. Carmichael an
nounced today.
The result compared with profit
of $874,514 in the preceding quar-
ter and $768,238 in the like 1851
period.
"Of particular interest is the
fact that Capital has been able
in the third quarter to arrest and
reverse the trend toward higher
unit production COSTS" said Mr.
Carmichael.
Operating cost per available ton
mile was % per cent and 3.4 per
cent above a year earlier in the
first and second quarters this
year, but the cost fell IL per cent
below a year earlier in the third
quarter, he said.
September profit after taxes was
$345 .628 VS.. $214,08 a year earlier
Net for nine months was $916, 6,343
or SLIT share after taxes.
81 Par Value Approved.
Stockholders of the National
Mortgage and Investment Corp
have voted to place 81 par value
on common stock. which previous
ly has been no-par stock, effec-
tive November /, President Joseph
B. Schaaff announced today.
Directors reelected at the an
nual meeting held last week were
George M. Ferris, John C. Harding
Ashton c. Jones, Crandal Mackey
Francis A. Murray. James ODon-
nell, jr.. Thornton w. Owen, Home
Phillips, j. Garfield Riley, Mr.
Schaaff, Hugh A. Thrift, James c
Wilkes and Willard A. Holbrook, jr
Directors reelected the follow
ing officers: Mr. Schaaff, presi-
dent; Mr.. Riley and Mr.. Jones
vice presidents; Mr.. ODonnell
secretary-treasurer.
Speaker for Finance Forum.
Mrs. Nancye B. Staub of Nor.
ristown Trust Co., Morristown
N j.. will address the third ses.
sion of the Women's Finance
Forum at the Bethesda Chevy
Chase Store of Woodward &
Lothrop at 7:30 pm. Thursday
The forum is sponsored Jointly
by Woodward & Lothrop anc
Capital Group, Association o.
Bank Women. Mrs. Staub is thu
immediate past national president
of the association.
Horace B. Hampton, division
plant manager, Chesapeake &
Potomac Telephone Co., will ad
dress a dinner meeting of tht
Washington Personnel Association
at the Kennedy Warren Thurs
day night.
TV Programs Criticized.
James Rott, assistant vice pres.
ident in charge of sales and pub
liclty, the Hecht Co., urged tele'
vision station managers to devisl
specific selling programs for re-
tailers rather than just entertain
ment.
Speaking at the Advertisin,
Conference at Ohio State Univer
sity, Mr.. Rott recommended pro
grams that create store traffic ant
acquaint customers with stor
products and services.
Robert B. Edwards announces
that his Investment Trust Lectur
Bureau has added Commonwealth
Investment Co.. balance fund, t,
the list Of five offered semi-week
ly lectures.
More than 800 persons attendet
the first annual Estate Planners
Forum, sponsored by J. D. Marsl
81 Associates, at Hotel Statler yes