Evening Star Newspaper, December 12, 1923, Page 29

FINANCIAL. "NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office BY WILLIAM F. HEFFERNA! NEW YORK, December 12.—Stocks on the curb market today were in- fluenced by news pertaining to in- dividual issues. Reading rights, which started at 233, sold off sharply on announce- . ment of the New York Central finan- cfal plan. This will give the 603,650 Tights owned by the New York Cen- tral to the shareholders of the lat- ter at the nominal price of $3 a right in proportion to their stock holdings. Their idea was that a lot ©f the beneficiaries would prefer to convert their Reading rights into cash, and this was the theory back ©f the decline. Reading Coal moved Eympathetically with the rights, @dropping to around 49. One hundred thousand shares of the new issue of National Dairy Products capital stock of no par value were \ udmitted and the stock was active NEW YORK, December 12.—Follow- #ng is an officlal list of bonds and stocks traded in on the New York Curb Mar- ket today : Eales in housands. 5 Alli BONDS. Packers 6s. & Elec 6. m Light 8 ... TAm T & T 6s ‘24, 8 Anaconda 6s ... 1 Anglo-Amer 01l "7ijs around 33%. The issie was offered for public subscription at $33 per share, and the announcement came quickly that it had been oversub- scribed. The corpe ‘ation was organ- ized to acquire tre stock of the Reick-MeJunkin Da‘~y Company of Pittsburgh and Hydrox Corporation of Chicago. Hydrox rose a half point following the initial trading in the new company's stock The feature of the mining group was the continued demand at top prices for St. Croix Mines. Radio st were Dubilier reaching a new the year when it crossed 125. common reached Its best ‘price on the present move. Dunhill Interna- aich came off fractionally prominent, high for Radio Oil shares were comparatively quiet and little changed. Salt Creek Con- solidated declared a quarterly divi- dend of 15 ‘cents a share agalnst previous disbursements of 20 and 25 cents. But thls was not reflected in the market for the stock. Southern States remained the outstanding fea- | ture, getting up to & new top above 26. 3 Derb 0 & R pfd wi 120 Engineers Pet o7 44 Federal 8 Livingston 10 Mex Oil .. 5 Mount THE EVENING STAR, WASHINGTON, D. EXTRA AND HIGHER | DIVIDENDS VOTED Another Grist of Interest Dis- bursements Ordered by Big Corporations. By the Associated Press. NEW YORK, December 12.—Extra or increased dividend payments were authorized by several industrial cor- porations and banks yesterday. The First Natlonal Bank declared the usual quarterly dividend of 10 per cent, and In additicn voted an extra dividend of 20 per cent. This brought the 1923 dividends up to 60 per cent, the largest amount pald since 19186. United Fruit Company directors voted an extra dividend of $2. the regular quarterly dividend of $2 and authorized four quarterly dividends for next year at the rate of $2.50 a quarter, thus increasing the annual rate from $8 to $10. An extra dividend of $1 common stock was authorized by di- rectors of the Island Creek Coal Company, as well as the regular $2 common stock dividend and $1.756 on the preferred. An additional $1.50 dividend was voted on the preferred on the Mr. Investor: We are paying from 7to 10% bonus on short term First Trust Building Loans Washington Home Builders’ Association, Inc. 1406 H St. N.W. Phones Main 6894 & 4713 Money to Loan Secured by first deed of trust on real estats. Prevalling interest &nd commission. Joseph 1. Weller 5g."% & § ¥ C., WEDNESDAY, DECEMBER 12, 1923. - American Telephone & FIRST MORTGAGE NOTES Telegraph Co For sule. Comsult us if you have availuble 137TH DIVIDEND funds for {nvestment. r quarterly dividend of Two THOS. E. JARRELL Member Washington Real Estate Board redfiy Pive Centa por stare wii bk (e bl Main 700 || 500 of record at the clow of business on - = Thursday, December 20, 1023, H. BLATR-SMITH, Treasurer, mishfiGATE" If you have money to invest in any amount, it will pay you to consult me before you act. William B. Westlake ‘Washington, D. C. 728 15th St. N.W. Main 5041 7% First Mortgages $250 and Up William S. Phillips " AT K N.W. Main 4600. we suggest that FINANCIAL. | Safe Investment First mortgage loans in denominations of $200, 8500 and $1,000, securel onm impoved Teal estate; interest 63 per cent, payable semi-annually. TERRELL & LITTLE, Inc. Realtors 1208 18th Bt. N.W. Immediately Available FlRST MORTGAGE INVESTMENTS, backed by our record of no loss to any investor in 50 years, are now available for immediate delivery or January reservation. You can invest for any period from three years to fifteen years, the investments being payable any January 15 or July 15 from 1927 to 1938. As only a limited amount is available for each of these dates, you place your order or reservation promptly to obtain the particular date of payment that you desire. Poor’s Ratings These First Mortgage Investments cn improved income pro- ducing real estate in Washington, D. C., are sold outright for cash or under our Investment Savings Plan in denominations © Assoc Sim Hdw 6izs 9. 1AUG & WIS 9 Beaverimard 8s stock. The Oklahoma Natural Ggs Com- IT B E jansacitittane e as cons | EQUIT ABL dividend, an Increase from 25 cents, and placing the $25 par value stock 1 New Ex 60 Noble 01l & Gas 1N Y on 10 Ohto Ranger 1 Kan City Term 5% 1 Kennecott Cop 7s 2 Libby MeN & L 7s. BunRPRDL 12 3 800000 i 2R s amuarsLanL 3 King o Netlier 6s... 5 Mex) it & Swiss Govt 5a TUS of Mex 48 5T S of Mex cf dep.. " gales NDARD OTL ISSUES. 1» units. 300 Anglo 200 AT 20 Buckeye B Lo . 200 Contiment. OIf ew. 42 0 & R new 28 0 1 7 28 60 Indiana T L ‘ 8800 Tyter To% 15 Magn 1300 a nch’ 1000 Vacuum Oil new. . INDEPENDENT OIL Bates TOCKS. ' Washington Stock Exchange. SALES. Yoashington Gas 6s '33—$200 at 1001, $200 ® apital Traction 35—SLOOO at 94%, $1,000 it Capita Washington Rwy 10 st t 70, AFTER CALL Potomac Elec. g. & ref. 6s '33—$1,000 at 017, §2.000 at 1011, Washington Gas ot Washington Rwr. Call loans, 5 and 8 per cent. BONDS. Bid and Asked Prices. PUBLIC UTILITY. Americen Tel. & Telga. 4s American Tel. & Telga. 4% 1. & Tel. ctl & Tel. cony. & _Potom & Potom Telephone 3 elephone of ¥ R. Anacostia ‘Anacostia Amston MISCELLANEOUS. 5 Omar Ol & 1 Peerless 0il i 4 Sapulpa Refin 1 Seaboard il €33 Sou tes Off 1 Tidal 13 Wil INDUSTRIALS, 20 Acme Pack ...... 1 Amal Leather pfd $Am G & B new wi o Am Hawaiian & S 0 ¢ s new w i ] 8 Dubiller C & Radfo 18 Durant Mot .. 3 35 Dunhill Int 3 3 Un Pft Shar new 6 I'n Retall Candy.. 3 1 4 USLt = 1 4 Willss Corp ist pf 1 Wil Cr 1st'pf cf dp Vrigley (o new w i 2 Yel Tax Cor ex rts I Alaska Brit-Colo Arizona Globe O 70 Boston Mont Ce 34 4 Cent Amer ines. ~ 10 Columb; 1 Cons ¢ 9 Lone Star . 0 Mobican Cop .. 69 Hawthorne Mine. 120 National Tin New Dominto Y Porcupine . Nipissing ..... o Copper Hill 30 Hex Cons . 190 8t Croix Mines 20 81 1 Unity Gold ... 13 Wenden Copper 2 West End Consol 11 Wett Lorrain 10 White Caps . 10 White Caps Extens 3 Yukon Gold Burns Br BK. of N. SR =g o 52 [ BTRSARRIAR AR Island Creek Inl » 2 D. C. Paper Mfg. 6s.. Riggs Realty 55 (long) Riges Realty Ts (short). Wash. Market Cold Stora Wardman Park Hotel .. STOCKS. PUBLIC UTILITY. Copital . Columbia Commercl: District | Farmers' Poderal-American TRUST COMPANY, merican Security & Trust... A hental Trust - Merchants' Ban National Savin; Jnion Trust . Wath, Town & SAVINGS BANK Commerce and Sa; t Washington urity Sav. & Seventh Streef Tnited Stat Wasbington Mechanics'.. FIRE INSURANCE. American . 210 Firemen's National - TITLE TYSTRANC umbla THl eeeem: Sori Betate Tidte."2 MISCELLANEOUS. D. C. Paper pfd....... Merchants' Transfer & § Mergenthuler Linoty Lanston *Security Ktors Washiagton, d d S pas SR & 1 & Coke Manila Erectric " BMohaws S 22N o & 53 NN e : RIS 0 R o MoK R e ETO L IO - H A. & Pan-Al Pt. & Tr. B Penn. ‘Edison pf. Puget 8d. Pr. & Pug 54 P. & L. p P. 8 Pl &L pr. Rickenbacker M Stap. Tex. Pr. A 7Y RRRAANZZ B ZRARARARRRRXE % ity e, K, FERE EE .t and. Coupler pt. Por South’ Can. 1 R RAR _.. 22833 CLOTH TRADING DULL. Special Dispatch to The Star, NEW YORK, December 12.—Trad- ing lagged in the cotton goods mar- ket today, while buyers awaited the Washington report on raw cotton this afternoon. with its indications of what they may expect in the way of prices. Quotations wure firm, print goods again being held at 113 for the 4 by 60, and 12% for the 68 by 72. In the raw silk market prices were reduced 10 to 15 cents a pound on Japanese ellks and § ¢o 16 cents on on a 6 per cent annual basis, The Natlonal Licorice Company voted an extra dividend of 2% per cent on the common stock, the regu- lar and semi-snnual common stock dividend of 21; per cent, and the regular quarterly dividend of 11y per cent on the preferred stock. The Margin of Security ‘We Demand to Safeguard Clients Investing in Our 7% First Mortgage Notes" Insures absolute safety uader any and all conditions. It Tpholds also our established record of Dever baving lost in either priocipal or Intere single penny. Gua furnisk d with otes. Notts of $100, $250, up to $5,000 Now on Hand For full particulars apply te Mr. 0'Dounell, Losn Department. CHAS. D. SAGER 934 14th St N.W. Main 36, First Mortgage Lowest Rates of Interest and Prompt Actiom . R Thome: & (38, & Sommeny 1 Loans Commission. FOR INVESTMENT Co-Operative Building Association Organized 1879 434 YEAR COMPLETED Assets . Surplus Systematic Saving It fs the most effective way to got ahead fnancially. - This " has demonstrated through years of ex- Derience. Subseription for the 85th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F St. N.W. JOHN JOY EDSON. President FRANK P. REESIDE, Seey. 1412 Eye St. oW FIRST MORTGAGE LOANS Denominations $100 to $6,250 Interest Rates 6% % and 7% All loans secured on modern homes and busi- ness property in best northwest sections of the city. Ask’ for Information RIS CAFRITZ CO Mortgage Dep tme: 913 15th St. N.W. Main 617 UNDER UNITED STATES GOVERNMENT SUPERVISION Safety and Interest Guaranteed Free Checking Service Banking Hours: §:30 to 5 P.M. THE DEPARTMENTAL BANK 1714 Pennsylvania Ave. N.W. In Convenient For Investors Interest N2 Fiftcenth Street Denominations 6v2% Main 6888 —JJ| Have You Looked Over the Papers In Your Safe Recently? Deposit Box Well, Do So Today-- Possibly “you'll be surprised” to learn that you have lost some money in one or more of the following ways: 1st Failure to have cashed in some “called” bonds and cou- pons which you did not present for payment when due, thus causing loss of interest to you. 2d You may discover a sha; “monument to your folly” in the of valueless stocks which you bought thought- lessly or upon a rosy promise of abnormal returns. 3d A semi-sentimental attachment to certain securities which do not properly compensate you for investment therein and which should be sold and re-invested at once. Now, permit us to advise that you profit immediately by ch this “exhibit” and rearrange your investments by pur- ng some of our FIRST MORTGAGE NOTES paying 6}5%, and secured by first liens upon Wash- ington real estate of proven value where each loan is absolutely safe from loss or depreciation. Do not per- mit this matter to leave your mind until you have made a thorough investigation. \ Consult Our MORTGAGE DEPARTMENT For Full Details Christmas Bift Federal, that will be a Constant Reminder of the giver. $100 - $500 - $1,000 Bonds The income will buy gifts in the fature. Werite for, Particulars LISMAN & CO. [E. 3. | Established 1890 Members New York Stock Exchange 20 Exchange Place New York SMITH BUILDING of $100, $500, $1,000 and $5,000. They yield 6!,% net. State and District of Columbia Tax-Free Features Bring the Gross Yield to 7.13% ----<T#e F.H.SMITH COMPANY---- ounded 18 FIRST MORTGAGE INVESTMENTS 815 FIFTEENTH ST. Please send me information | about your First Mortgage Investments which are mediately available in maturi- ties of 3 to 15 years. im- Address iomge s s oan et All of this reguest. common stockholders will be offered the opportunity of The two Corporations which will become stock as follows: Rizcx-McJunxix Damy CoMPANY Common Stock (Par Value $10)... Hyorox CoRPORATION 7% Cumulative Preferred Stock (Par Value HISTORY AND GROWTH The Rieck-McJunkin Dairy Company business was origi- started in 1881 as a Milk business and the manufacture ce Cream was started in 1898. Hydrox Corporation’s business way established in 1888 to manufacture Ice, Ginger Ale, and other beverages. Ice Cream was added later and has become its main product. The volume of business of Rieck-McJunkin Dairy Company amounts annually to more than 40,000,000 quarts of Milk and Cream, and its daily capacity for manufacture of Ice Cream at the height of the season is more than 40,000 gallons. Hydrox Corporation sold in 1922 more than 1,800,000 gallons of Ice Cream in addition to its other products. In each year for the thirty-seven years since 1886 Rieck- McJunkin Dairy Company has earned more money than the year before, except in the year 1917 and in that yesz there were large profits which were only slightly less than those of the year before. The growth of business has been financed by these profits, with the exception of $550,960 realized from the sale of preferred stock, a large amount of which was sold to employees. For the past 13 years the company has paid substantial cash dividends and for each year during the past 5 years these cash payments have been cater than in the previous year. The sales of Hydrox ration have been larger in each year than the pre- ceding year and it has e a substantial profit in every ear. z MANAGEMENT s The management of National Dairy Products Corporation will be in the hands of the same men who have made the success of Rieck-McJunkin Dairy Company and Hydrox Corporation. Mr. Edward E. Rieck will continue as Presi- dent of Rieck-McJunkin Dairy Company and will become Chairman of the Board of Directors of the National Dairy Products Corporatios INDUSTRY The manufacture of Ice Cream has become one of the rut food industries of the country. Notwithstanding this act, in most cities in the United States, it is in its infancy. By maintaining high quality of product and efficient distribu- tion, what has been done ieck-McJunkin Dairy Com- pany and Hydrox Corporation in Pittsburgh and Chicago can be done in other cities. One of the strongest features about the Milk and Ice Cream business is the continuous growth in sales and Sullivan & Cromwell of New York, for the Bankers, and of Vendors. CAPITALIZATION Capital Stock (No Par Value) . ecceswesce 1,000,000 shares Mr. Thomas H. McInnerney, President of Hydrox Corporation, who will be his letter in reference to the New Company and this issue, as follows. Copies of the letter may be had from the undersigned upon 8% Cumulative Preferred Stock (Par Value $10) Common Stock (No Par Value)..vsesasessces stock having been sold, this advertisement appears as a matter of record only. 125,000 Shares National Dairy Products Corporation (Incorporated wnder the Laws of the State of Deluwars) Capital Stock Application will be modé in due cowrse to list the stock o the New York and Chicago Stock Eschanges To be issued or held for exchange for minority stock interests in the subsidiaries 270,000 shares To be Aunthorized President of the New Company, has summarised National Dairy Products Corporation has been organized to acquire common stocks of Rieck-McJunkin Dairy Company of Pittsburgh and Hydrox Corporation of Chicago The owners of a substantial i f the tock in these two cempm?n have agreed to exchange their hoi Salctiy o e Temat gs for stock in the New el y, and the remaining g a similar exchange. subsidiaries of National Dairy Products Corporation have outstanding Outstanding $3,121,400 230,000 shares Presp—" $100) $1,250,000 110,000 shares led with the dity of turnover of the in- ventory. e manufacture of other Dairy Products effects economies and eliminates waste. SALES AND PROFITS The books and account of Rieck-McJunkin Dairy Com- pany and subsidiaries have been audited by Messrs. Price, ‘Waterhouse & Co., Public Accountants, and those of Hy- Corporation by Messrs. Arthur Young & Co., Public Accountants. A statement prepared by Messrs. Price, Waterhouse & Co. from these audits shows that (a) the combined net sales of Hydrox Corporation for the years ending December 31st, and of Rieck-McJunkin Dairy Com- pany and its subsidiaries for their fiscal years ending near- est thereto, and ?b) the combined profits of such companies for such rs after charging ample allowances for depre- ciation of physical property, Federal income and profits taxes for the period in question at the present rate of 1215%, dividends paid on their preferred stock then outstanding, and the proportion of profits applicable to minority com- mon stockholdings in the subai es of Rieck-McJunkin Dairy Company, have been as follows: Profits after making the charges as set forth $ 682,148.33 761,293.44 Net Sales 1919. ........$11,634,723.76 920. .. 15,023,021.18 13,103,921.96 889,963.72 - 14,079,929.12 1,015,681.93 For 1923 to August 31st (Rieck-McJunkin D. Com- pany five months and Hydrox Corpenjflnn ei‘h:u:lonlhs) the net sales were $8,541,875.75 and the profits adjusted as above were $1,117,307.67. Present indications are that the above profits for 1923 will approximate $1,480,000. This will be the equivalent of $5.48 per share on the Capital Stock of the New Company, upon the assumption that all of the Common Stock of the two operating companies will be exchanged for Capital Stock of the New Company upon the basis proposed. It is expected that the New Company will pay diviSends at the outset at the annual rate of $3.00 per share. ‘The amount charged by the two companies during the above mod for depreciation, repairs and maintenance was more $3,500,000, all of which has been deducted from earnings. We offer the above stock for subscription, subject to allotment, when, as and if issued and accepted by us, at: $33 Per Share This offering is made in all respects, when, as and if issued and accepted by us and subject to the approval of Messrs. Messrs. Birmingham & Birmingham of Pittsburgh, for the We reserve the right to reject any or all subscriptions in whole or in part, to allot less than the amount applied for, and to close the subscription books at any time without natice. It is expected that delivery of temporary stock certificates or interim receipts (exchangeable for definitive stock cer- tificates when prepared) will be made on or about January 4, New York, N. Y., against payment therefor in New York f * GOLDMAN, SACHS & CO. unds. 1924 at the office of Goldman, Sachs & Co., 30 Pine Street, LEHMAN BROTHERS TOBEY & KIRK The above information, while not guaranteed, has been obtained frem sources which we believe to be reliable.