Evening Star Newspaper, January 17, 1922, Page 23

C. P. PLANS EXTENSIONS. MONTREAL, January 17.—It is ex- pected Canadlan Pacific executives will give approval to spending $25.- 000,000 on_extensions and improver ments to the road shortly. This wil represent the 1922 construction bud- get of the company. to be announced later, The company’s general pro- gram for the year is scheduled for confinement to actual necessaries pending announcement of the new government policy with respect to the Tailway situation in general and in relation to encouragement of immi- gration in particular. The company has under way its own colonization plan. which includes joint aid from the British government and the Cana- dlan Pacific railway to agricultural immigrants from the United King- dom. It is not thought that these expenditures will have anything to do with the $25,000,000 loan recently floated In the United States. the View being that this fund will be used for expenditures in the United States. HEAVY PAPER OUTLOOK. NEW YORK, January 17.—Paper; production of about 6,000,000 tons is; estimated for 1922 by the experts of ; the American Paper and Pulp Asso- ciation. This will be an increase over the figures for 1921, which were 5,300,000 tons, but far under the pro- duction for 1920, which was 7.334,600 “The mills are not anticipating that for 1922 they are going to have any | startling demand,” it s stated. “The tissue paper manufacturers figure tnat their business this year will be about| 90 per cent, whereas the writing and cover paper manufacturers estimate that their business will be about 80, per cent, and the book paper mills; that their business will be about 73 per cent.” —_— Getting the Most Out of Your Investments First—You must demand ab- solute safety of pringipal. Second—You must be, sure that the interest payments will be made promptly when due. regardless of business condition. Third—That your investment is always worth par. Fourth—That the company of- fering the security renders a complete and efficient invest- ment service. Our 7% First Mortgages meet the above requirements. B. F. SAUL CO. Mortgage Loans 1412 Eye St. N\W. Main 2100 If you have money to in- vest we can safely place it on gilt-edge first D. C. Mort- gages. Our record of 30 years insures your protectiof. Cour- teous treatment. % Co. Percy H. Russell S.W. Cor. 15th & “K” Sta. 1st TRUST LOANS Up to $100,000.00 Made at current interest rates. Reasonable brokerage. John W. Thompson & Co. Incorporated——— 821 15th St. Main 1477 VISIBLE SUPPLY OF GRAIN. NEW YORK, January 17.—The visible supply of American grain shows the fol- lowing changes: Wheat, decreased 1,441,000 bushels; corn, decreased 526, 000 bushels; oats, increased 49,000 bush- els; rye, decreased 117,000 bushels: bar- ley. decreased 178.000 bushels Liberty Bond Exchange LIBERTY BONDS . BOUGHT FOR CAFH. 604 14th Street N.W. Miller Train Control An automatic safety de- vice in practical operation EQUITABLE $4,365,396.73 $1,111,832.96 SN Ot o i R e S ANNUAL REPORT WASHINGTON LOAN AND TRUST COM- PANY OF THE DISTRICT OF COLUMBIA, To the comptroller the currency, as uired by section 16, act of Congress, approved October 1, 1! r the year ended December 31, 1021 Capital stock authorlged........ $1,000,000.00 Gapital stock actgally paid 11000,000.00 ross earnings for - ye cember 31, 1921 L... 850,398.41 Total expenses for year ended December 31, 1921, including interest pald’ depositors....... 560,280.24 Total amount of debts, being ‘amount due_depositors........ 10,846,399.60 JOHN B. LA R, President. George A. King, Fraok P. Reeside, J. Leo Kolb, John A. Johnston, Andrew Parker, | Jno. Joy Edson, C. B. Keferstein, Wn. 8. Arthur_Peter, Donaid_Woodward, Ben). W. Guy, John H. Clapp. Albert F. Fox, Harry G. Meem, Directors. We, John B. Larner, president; Thomas Bradley, secretary, and Andrew Parker, Don- ald Woodward, Harry G. Meem and John H. Clapp, directors of the Washington Loan and Trust_Company, do hereby solemnly swear that the above statement is true to the best of our knowledge and belief. JOHN B. LARN President, Becretary, District of Columb Sworn to and sul day of January, (Seal’) 850 ribed before me this 11th . CARROLL GRANT, No‘ary Public, D. C. Total nmumber of directors of this com- pany. twenty-six. "This report must be signed by the president and a majority of the directors and sworn to by the president, secretary and at least three of the directors. Capita! and_Surplus. $2.000000.00 Make a Will That's one of THRIFT WEEK'S special injunc- tions, and every one should heed. With a friendly will drawn and a competent ex- ecutive named, you can pursue life undisturbed, well assuerd that the fruits of your thrift will be dis- posed of as you intend. {| Consult with our Trust officer regarding YOUR WILL. No obligation on your part. and thoroughly tested. Par Value, $5 No Bonds No Preferred Stock Bought, Sold, Quoted Save Systematically of savings it w il complish ~ much. tained in joining the Equitable. Subscriptions for the 82d lIssue of Stock Being Received 4 Per Cent Interest Thomas L. Hume Broker 412G St. Main 1346 915 F S5t. N.W. FRANK P. REESIDE, Join the Equitable and { Uslets sou adopt & systematic method I prove ditficult to ac- Great results are ‘Shares, $2.50 Per Month EQUITABLE BUILDING JOHN JOY EDSON, President See'y National Savings & Trust Co. 55th Oldest Savings Depository in Washington Year Cor. 15th and New York Ave. | How Much Do You Get On Interest Day? 1f your funds are idle interest day means nothing to you. If they are placed where the return is very meager, naturally the incoming ‘interest does not mean much to ob- THE RIGHT KIND OF First Mortgages —are being offered by our organization. They ° are placed according to strict standards, and merit every confidence. YIELD 7% In Denominations of $100 and Up Require No Attention SHANNON & LUCH 713 14th St. for our special report. A copy is yours by unting i Ask for W. 166 Phone Calvert 19c0 New Yotk Philadelphia Chic: lew Yol 1ueyzhu 2g0 MEMBERS: 111 Broadway. New York M. 2345 Money to Loan Secured by st Gexd of trst on, peal enate. ot desa ot st 2= o J_oseph T Weller O ook L & Troet e Washington Office R G.B.Chipman Manager Theart of gettingriches consists very much in thrift—all men are not equally qualified for getting money, but it isin the power of every one alike to practise this virtue. —BEN). FRANKLIN The National City Company National City Bank Bldg., New York ‘Washington—741 15th St. N.W, Bonds Short Term Notes Acceptances Money In Any Sum Our connections locally and in other cities enable us to fur- nish money in any amount for Washington Real Estate En- terprises. Stone & Fairfax 1342 N. Y. Ave. _ Main 2424 GRAPHOPHONE No one who owns stock in this corporation,or who isinterested in its tuture, should fail to send Kardos & Burke American Bldg. Baltimore Pittsburgh Direct Private Wires Connecting Al Offices & New York Stock Exchange GOLORADO BULDING Telephone Main 1603 NI 7 5 Yo Wikt s oo e " ALLAN 'E. WALKER & CO.S First Trust Notes Yield full 7% interest, and when interest day comes your earnings are worth while. Now is the time to start earning the full value of your money- th every assurance of safety and security of both principal and interest. Allan E. Walker & Co., Inc. 813 15th St. N.W. Main 2430—to 2435 FIRST 1% MORTGAGES % The Safest Security on Earth Phillips’ First Mortgages are all for less than 50% of the ready market value of the property. They offer you— 1. Absolute Safety. Reliable Security. Liberal Income. Insurance Against Loss. Protection Against Depreciation. 6. Prompt Payment of Interest. 7. Repayment of Principal in full at Maturity. Choice First Mortgage Investments $100 $250 $500 $1,000 Write for Booklet “S"—IT’S FREE \ WILLIAM S. PHILLIPS =7 Safe Investments % 1409 New York Ave. 2 3. 4. 5. % Main 98 Other Moneys—and Yours —0 THE POOR RUBLE This silver coin, standard of money in Russia, should be worth about 75 cents, but the podr rudle has been having a dificult time lately, as you know, with revolutions, anarchists, famines and soviets. What it is ezactly worth now would be difficult for eny one to tel. _— T Mortgage Notes on Washington property are always worth their purchase price. There is never the fluctuation of so much as one cent BIRD&CO. BROKERS Stocks, Bonds 821 15th St. Main 3100—3987 No Lot Too Large No Lot Too Small Direct Private Wire to Ogden D. Budd & Co. (Established 1885) New York City Full Service ACCOUNTS CARRIED ON MARGIN. in their value, and the gradual, steady increase in the value of property in the Nation’s Capital brings about & constantly increasing security for your in- Z;mnent. You owe it to yourself to inquire-about em. Swartzell Rheem& Hensey 727 155 Street NW. 1912 Sifreonth Street. Gotalblished 1889 I 4. Rust Finst NMordgage Loans 7% In Convenient Denominationo Main 6858 American Telephone & Telegraph Under Qur Partial Payment Plan When you buy American Telephone and Telegraph stock under our Partial Payment Plan: —you re-e've 6% interest on youvr partial payments. —you receive all dividends paid on the stock you purchase. —your investment will earn 139, the first year under our Partial Payment Plan, at the present market price and dividend rate of FINANCIZL. More than & . One Billion Dollars -in dividends This vast sum has been distributed by companies whose securities are actively traded on the New York Curb Exchange. ~British-American Tobacco Co., Ltd., over 90 -Standard Oil of New York, over 76 millions ~Standard Oil of Indiana,over 73 millions ~Nipissing Mines Company,nearly23 millions ~Midwest Refining Co.,over 17 millions ~Swift Internacional, over 12 millions ~Continental Motors Corp., over 3 millions -and 41 others which have paid in dividends from one to 38 millions each. Spbstantial worth, good management, and estab- lished business are demonstrated by the dividend records of these and other companies which have paid less than one million in dividends. Others, not yet in the dividend paying class, have met the rigid listing requirements of the New York Curb Market. Here the worth of each company’s securities is appraised in the stern test of open market com- petition. Here each must stand on its own merits. Without interest in furthering any individual issues, Jones & Baker are “information head- quarters” for stocks traded on the New York Curb Exchange. Part of their service is the INVESTOR & TRADER, a 12-page weekly review of the market, giving quotations, price range, charts, and late market news on specific stocks. As evidence that this brokerage service is appre- ciated, nearly 40% of new customers are introduced by old customers. & A.T. & T. Stock. Ask for the latest issue of the INVESTOR & TRADER, given on réquest Also copy of 40-page book published by the New York Curb Market. Call or write for full particulars. Smith, Lockhart & Co. “The Partial Payment House” ESTABLISHED 1911 Members Baltimore Stock Exchange Ground Floor, Continental Building Plaza 4710-4711-4712 Baltimore Office 433 Equitable Building Telephone : Plaza 8451 Jones & Baker Members New York Curb Market Direct Private Wires Kew York Chicago Boston Philadelpbia Pusburgh Detroit Baltmore Cleveland $30,600,000 Southern Railway Company Development and General Mortgage Bonds ~ Bearing 612% Interest Dated April 18, 1906 Not subject to redemption prior to maturity Interest payable April 1 and October 1 in the City of New York Due April 1, 1956 Principal and interest payable without deduction for taxes Coupon Bonds in denomination of $1,000, registerable as to principal. Registered Bonds in den.:. $1,000 and authorized multiples thereof. Coupon Bonds and registered Bonds interchanc: GUARANTY TRUST COMPANY OF NEW YORK, Trustee Fuirfar Harrison, Esq., President of Southern Railway Company, has summarized for us as follow: letter to us describing these Bonds: The Bonds will be issued under the Development and General Mortgage, dated April 18, 1906, and the principal, as well as_interest at the rate of 4% per annum, will be secured by the lien of that Mort- gage. Pursuant to a Supplement Indenture, the Company is to affix to the Bonds its obligation to pay 21,% additional interest, thus making the total interest rate 6% per annum. The 2% additional interest obligation will not be secured by the Development and General Mortgage, but in the Supple- mental Indenture the Company will covenant that it will not create any new mortgage upon any part of the railways subject to the Development and General Mortgage unless such new mortgage expressly shall secure the payment of the additional interest obligation equally and ratably with any indebted. ness secured by such mew mortgage. The total 6/4% interest obligation is combined in the several coupons. : The proceeds of the sale of these Bonds will be used by the Company to pay its Three-Year Se- cured Gold Notes maturing March 1, 1922, to pay a demand loan owed to War Finance Corporation, and to reimburse the Company's treasury in smali part for capital expenditures. Since the Development and General Mortgage was created in 1906, the Company's capital expendi- tures on the property subject to the Mortgage have exceeded $135,000.000, upwards of $40 000,000 of which was from cash derived from earnings. The new capital has been used to provide improved facilities for the efficlent and economical handling of traffic. A comparison of the earnings and traffic results in 1920 with those in 1805 shows the following grovth and expansion: ' Gross earnings per mile of road increased 227.7% Revenue ton-miles per mile of road increased. 152.79% Average earnings per freight-train mile increased.... 207.1% o Passenger miles per mile of road increased..:.... 18259, Average earnings per passenger train-mile increased.......cccc000 3 159.49, During the 5% years ended December 81, 1917, {when the propcrty was taken over for operation Rallroad Administration) the average of the Company’s annual net income, after de- income charges, was nearly 1% times the average annual interest N during Federal control was limited to $18,658,808 per annum (as compared with the $26,085,574, the actual net operating income for the calendar year 1917), but it was sufficient, together with the Company's other income, to produce a total income equal to about 13§ times the Company’s interest charges. The Company's net operating income has recov- ered from the low levels touched in the latter part of 1920 and the early pait of 1921, the monthly .ver:hg: riging from $357,324 for the first six months of 1921 to $2,004,377 for the succeeding five mont J g The location and extent of the Southern Railway System are important eléments of its strength. The Company's owned and affiliated lines, reaching from Washington, Richmond, Cincinnati, Chicago, St. Louis and Memphis to Norfolk, Charleston, Savannah, Jacksonville, Mobile and New Orleans, via the largest cities in the South, traverse a territory yielding a growing traffic of wide variety in agricultural and manufactured products. The above Bonds are offered, subject to issue as planned, at 94Y,% and accrued interest, to yield over 6.90% Subscription books will be opened at the office of J. P. Morgan & Co. at 10 o'clack A. M., Tuesday, January 17, 1922, and will be closed in their discretion. The right is reserved to rejéct any and all applications, and also in any case to award a smaller amount than appiled for. The amount due /on allotments will be payable at ‘the office of J. P. Morgan & Co., in New York funds to their order, on or about February 1, 1922. Tsmpdnry Bonds will be delivered pending the preparation of definitive Bonds. First National Ba... New York Guaranty Company of Dated, January 17, 1922. . New York J. P. Morgan & Co. As All of the Above Bonds Have Been Subscribed for, This Aavertisement Appears as @ Matter of Record Only. The National City Company New York x ; Harris, Forbes & Co.. Bankers Trust, Company New York