Evening Star Newspaper, April 18, 1921, Page 21

FINANCIAL. THE EVENING STAR, WASHINGTON, D. C.., MONDAY, APRIL 18, 1921. FINANCIAL. 2 e ————————————————————————————————————————— 3 FOREIGN BONDS. FOREIGN EXCHANGE. GRANT F. CHASE, 000 Life Policy, $57.35 TY TIRANGE AND TRADE ROTER | L v wneacn | Empasiomar Tt e |Public Acsountant and Auditor| soroe o o7 Seieom| LIBERT Y BONDS INSURANCE Money to Loan feo trade was seen in the arrival at| Prices at noon: 4 | 247 Woodward bldg. Tel. Main 1850. Systems | M. LE ROY GOFF, Insurance Adviser |y FIRE & THEFT Doose8390merfioo| 2 by Pirel Desd of Trest on Biltizmoro of the Green Star boat Wi- |Berin da....... 15 German por. 4n. 13% installed. Periodic audits. Income tax matters. ~ Room 610 Woodward Building. M. 340. le“ty Bond Exme WM. B. KRAFT :‘g‘b"' <t revailng Intoreet 988 FESTRE Qs TR (i e (o it e — e S KRAFT &GO 1o SO Weler Sl LT ican oil shipment arrived, 47,000 bar- | c piang 4s. 18! Bad. i rels, on the Baton Rouge, from Tam- | AT Dad. Auiline AL El Ges. 41: Checking and % 5 . 19% GRBto: e % Mein'ger Bank 4s 114 Suur 3 ;l;:e «hs.l‘"‘u"n trade for the week to- ‘L",:‘“;,"B,fl,';‘,,j }',‘::{, avings 3 n_ two ve: 1i k 4s 171 from Port Morant and Port Antonio. e S i Acconnts The annual report of the Cities |F lnvited. 8ervice Company for 1920 shows net earnings available for dividends of EQUITABLE Trust De# $22,055,938, equivalent, after deduc- i 3 tion of preferred dividends, to 39.12| gy & CO-OPERATIVE BUILDING SAFE s per cent earned on its outstanding | Koenigsberg 18 o lme i ASSOCIATION DEPOSIT conomy tory, ex'eeedlng the pr:‘\;n;‘u-v ?&5" Ml 1P = :;\.;hg)u‘;:;rmn 1918 b; ore ) 2 )~ § 6 . 3 3 c o enounted o §54.608,039, | German Fov. 8143 13 BOXES - lnfl‘ its net earnings, after expenses, —_— G Badies Dokt NY customer of ours is able to S Ited a;‘es g G transact all his or her financial af- A net deficit of $393.223 result Feidn ! : : isaton from the 1920 operations of the| More Than Ever in Sav- L fairs with this one organizatio: Yukon Gold Company, according to report. Its net operating income, be- fore depletion and depreciation, was 304.387, from which was subtracted 208.900"tor depletion, $373,922 for de- preciation and $116,787 advanced to subsidiary companies and which has Been written off. and be assured of specialized, expert Exchange e service in every department. ing —by adopting the systematic saving plan of the Equitable Ruilding Associa- “5AVINGS BNK e Subacriptions for the 80th Issue of Stock Being Recelved Shares, $2.50 Per Month 3 EQUITABLE BUILDING, 915 F St. N.W. JOHN JOY EDSON, President FRANK P. REESIDE, Secy. {IGive us an opportunity to acquaint you with the many services Washing- ton’s OLDEST National Bank can render. National Metropolitan Bank Capital, Surplus & Undivided Profits Over $1,500,000 15th St., Opposite U. S. Treasury—107 years Old Commercial § Accounts & Safe Deposit Boxes Monthly State- § ment Serviee 1336 N. [ PON this department, as a rule, the President leans more heavily than upon any other. It is charged with carrying out the nation’s policies toward the rest of the world. Negotiations and correspondence of great moment are passing through it continually, The American Security and Trust Company has always had a large number of patrons among the members of the Department of State. The convenient location of its offi- ces, the high reputation which it enjoys in banking circles, its constantly widening service—all combine to make it the ideal banking connection for those who place a high value on having their personal financial affairs conducted in an efficient and expeditious manner. ENTS We specialize in property manage- ment. Real Service Pays and Costs No More. # B. F. Saul Co. 934 New York Ave. N.W. Y. Ave. ALLAN EWALKERECO. HEN you invest in our First Mortgages you lend money to individuals who pledge a specific piece of their improved Washing- —save it persistently—it will make SAVE your money—save it regularly you more and more secure and inde- ton, D. C. real estate as collateral | éendfilt every day- ' ' to insure the safety of your money. | | Il | | { | | | | | Figuratively and literally their value is deep rooted in solid ground. They are uninfluenced by the daily fluctuations of the money or stock on Savings On. Time ’ 1 Certificat 3 % Accounts i 4% of Deposit | McLachlen Banking Corporation 10th & G Sts. NW. Southwest Branch: 1350 B St. S.W. 3% compound interest on savings. ¢ AMERICAN o SECURITY & TRUST COMPANY 1sth Street at Pennsylvania Avenue HOME SAVINGS BRANCHES 7th Street and Massachusetts Ave., N.W. Eighth and H Streets, N.E. 436 Seventh Street, SW. Member American Bankers Association Store Wanted Located in section bounded by H, F, 15th and 13th NW. State square feet and rental Address Box 293-S, Star Office. markets. They assure 7%—and there is no inconvenicnce; we attend to all de- tails. In amounts of $250 up. ALLAN E. WALKER & CO., INC. Real Estate and Insurance Brokers 813 15th Street N.W. Southern Building “Gilt Edge” 1% First Mortgage Notes Now on Hand In Amounts of $250 Up to $5,000 Now is the time to invest, but only in securities that are abso- lutely safe. Don’t take chances and speculate with your savings. We look after all detafls and furnish guaranteed titles with all notes. Chas. D. Sager 923 15th St. N.W. Lean Dept., M. 38. $10,000,000 MEexicaN PETrRoLEUM COMPANY, Ltd. OF DELAWARE Fifteen Year 8%;8inking Fund Convertible Gold Bonds Suaranteed, xu'..;.igal and Interest by endorsement by the Pan American Petroleum & Transport Company NEW ISSUE £ Exempt from Federal, State, Municipal and Local Taxati>: $40,000,000 10-20 Year Dated May 1, 1921. Due May 1, 1936. Interest payable May 1 and November 1. Total authorized issue, $10,000,000. Goupon Bonds in denominations $1,000, $500 and $100. Foderal Land Bank 5% Bonds Redesmable as a whole, but not in part, on six weeks notice at 107%% and interest, if redeemed on or before May 1, 1925, % and thersafter until maturity at 167%% and interest less 1% for sach year or part thereof elapsed after May 1, 1924 Dated May 1, 1921 Dwe May 1, 1841 Neot redesmable beforeiMay 1, 1031 Interest payable May 1 and November 1 at any Federal Land Bank or Federal Reserve Baak Principal payable at the Bank of Issue. Coupon and registered bonds (interchangeable) in denominations of $10,000, $5,000, $1,000, $500, $100 and $40. Redeemable at par and interest at any time after ten years from date of issue. Interest to be payable without deduction for any Normal Federal Income Tax up to 4% per annum, which the Company or the Trustee may be obliged to withhold. CENTRAL UNION TRUST COMPANY OF NEW YORK, TRUSTEE For information regarding this issue we refer to a letter dated April 14, 1921 from Mr.E.L. Doheny, President, copies of which may be had from the undersignéd on request, some of the items of which he has briefly summarized, as follows: BONDS: These Bonds constitute sole funded debt of Company, excepting $1,000,000 obliga- tions of subsidiaries; Company will not during the life of the Bonds create and will not permit any subsidiary to create any mortgage on their real properties or any lien upon the stocks of subsidiary companies. GUARANTEED principal and interest by endorsement by Pan American Petroleum & Trans- port Company, which controls Mexican Petroleum Co., Ltd. of Delaware, through ownership of over 71% of outstanding capital stock of latter Company. EARNINGS of Mexican Petroleum and subsidiary companies are as follows: Net after Net after depreciation, interest Since the last issve of Federal Land Bank Bonds, two events of interest have occurred, vix: 1st: The Supreme com:‘ o'fh the United States has held, (a) that these Banks were created as part banking system of the United States and mm%by&enanhmthnfifiudm United States ment and are exempt from Federal, State, gunicipal and local taxation. 2nd: Issues of bonds now outstanding are redeemable five years from the date order to meet the demand for longer term securities, Congress recently enacted a statute authorizing the redemption period on new issues to begin in the eleventh year from date of issue instead of in the sixth as heretofore. The bonds now ? y Net earnings after depreciation for 1920 together with net earnings of guarantor compan; (including controlled companies) available for new Bonds (elimihating intet-company items were over 20 times such annual interest requirements. SINKING FUND: The indenture wjll provide that the Company will cause Bonds of this issue to be retired in semi-annual installments to the following alternative amouats in 2ach year depending upon the price at which such bonds shall be acquired: $1,000,000 principal emount of Bonds (that is, $800,000 principal amount of Bonds (that is, $250,000 m’r&wumaflmmz'n il et el e S an a at an e not 0 price of vot exceeding 10234 and interest; or g qtll:&llm" lo;m m)"“m;a st o . Year depreciation and Federal taxes offered are the first to be isswed under this authority. : | 1918 7 T 7 .$11,920,801.27 $6,699,444.54 | 1919 . . . . 8210379.18 6,980,439.70 | N e N 1920 . . . . 11,863,487.30 9,773,898.78 Special attention is directed to the following | —_— | Net earnings after depreciation for 1920 were about 14 times maximum annual interest on new Statement of Secretary of the Treasury Mellon: ,‘ | Federal Land Bank | issue and other funded debt. : I o o ke ety ac & pors gF the Danking hatet of the o (] o] very sal 7 ial c tion of the Banks t) "W the bonds isswed by these Banks from Federal, State, -—nn” local everywhere in the United States, and of the very odegmate secwrity back of thess bonds, they ghouid prove an attractive security to investors large and small ¢ out the c . A distinctive feature of the new isswe will be that the n& [ Mffiaw the banks camnot be exercised until the eleventh yeor oftey ir sssme. T his Meet a very general demand for longer term investments, Present ousstanding bowds being redeemable in 6 comparatively ehors e | 10-20 Year 5%, Bonds | Exempt From Federal, State, | | Manicipal and Local Taxation | Dated May 1,1921; Due May 1,1941 | Not redeemable before May 1, 1931 | “The Supréms Cowrt of the United Stotes by its vecent decision hut hrmly . and | | Interest payable May 1 484 November at any Federal 1and BAsk or Federal BT Fam™ Pear payable at the dank of issve. | g4 regstered bonds (inter. | Acceptable by % bonds are acceptable by the United States Treas- #10, "‘a’s,a&:_‘u‘.‘m, Ea 1o STE0900 prccipal amount of Boods (that i £973,000 1n S250,000 principal amount of Bonds (that is $125,000 ury as security for t deposits, including Postal Savings Funds. "._-"‘".M",'.',:'““‘m":'rd‘}_‘;{ at an average price of not less then 102)§ and quired 8t aft average price of not b‘flfi‘o‘;;;’; not esceeding 105 and interest; or not exceeding 110 and interest. Legal for Tm&udn.- They are lawful investments for all fiduciary and trust The S P rdrpeind i of‘the gnited hStatel Government. are e Supreme Court i ¢ et iws of many of the States for investinent of all and | If Bonds are not acquired in accordance with the above schedule within days after : s s nad, TEE SFITED sTATES ‘ Ll bt i ) "'l‘lfly ys tol:;i mchfu&s:u.t :fi" hnos ::::_ufiuany held eligible for investment by savings lesally Created as part of | Company. The Company is to be credited on the sinking fund obligation with the principal 3 i United States and that the amount of Bonds acquired in advance and tendered to the trustee for retirement as well as Alsbama Jdabe Mississippi Oklahoma Uab are instramentalitics of the Bonds retired by conversions. Arkansas hl .n“h n";u.'.f. o S . Gttt matt CONVERTIBLE until May 1, 1931 into Class “B* Common Stock of Pan Amefican Petroleum 'é.x.:fl' Louisiana New Hampshire Shodeliond wities {ral Siate Municipal ana & Transport Company at $100 per share (par $50) with provision for a reduction in the con- ware Maine NewJersey South Caroling "m e version price (subject to certain exceptions) if additional Common Stock or Class “B"* Com- o e Dls eiae I S Dikwsa 1 S¥ieasith | e emtsars acopesie sy | mon Stock shall be issued or sold at prices lower than $100 per share. Massachusetts Toras r— security for Government de- | UITY: The Com; 's Capi t quotations, i 3 . e amentudon| EQ pany’s Capital Stock at current quotations, represents an equity of approxi mately $72,000,000. i ;h- legal ptoceedings in connection with the issue are being passed upon by Messts. Cravath, The United States Government owns over $6,700,000 of the capital stock of the Banks and the United States Treasury has purchased m_llt%lmow F:du-nl enderson, Leffingwell and de Gersdor and Mossrs. Kellogg, Emery & Cathell, New York. e ey e g b Cdiomy Tedergely ol v ] Aol In the first instance Interim Receipts or the Company’s Temporary Bonds will be deliverable. Government. { These Bonds are effersd subject to approval of counsel, “when, as and if issued” and received by us. Price 98% and accrued interest At the of the Pederal F. Loan Soard | | and on ammm’mmna.:mml“r They are eligible under the of many of the states for investment of all public private funds, and have fisy | | 100 and accrued interest, yielding 5% officially held eligible - T A . \ A 'BLATR & CO; K : TED Price 100 and Interest GRS i Alox. Brown & Sons Herris, Forbes & Co. Yielding 5%, ' oA o : e cricAGo A g amcie, OB A Brown Brothers & Co. Les, aulm & Co. ; Crane, Parris & Comp. VELAND n FRAN ST. Louis ummmmuh--n,uumm-.nmumm. Estabfisbed 1888, ‘nn-l‘-l-oull esmtatned Derwin, whtle are based wpm information and advice which we le- lieve to be accurate and reliabie. The emtements coatainsd herein, whils 204 guarsstosd, ase bessd “d“fl-lfihh‘fl“‘ — e