Evening Star Newspaper, November 17, 1924, Page 25

FINANCIAL. FINANCIAL, THE EVENING STAR, WASHINGTON, D. C. MONDAY, NOVEMBER 17, 1924. We Will Buy Mortgage Bond & Guaranty Corporation WASHINGTON, D. C. (ncorporated Under the Laws of Vieginia) “When Buying” Our 7 o/o First Mortgage Notes —your in ured on carsfully Authorized Capitalization 250,000 Shares 87, Cumulative Preferred Stock. par value $10.00 . . . | tember 30 amounted to $29.442 after Protect Your Money. B ANK D B SR R BN s e e g senet MONEY TO LOAN | charges, compared with $3,781,745 in . i | e e Gariur axt Senr et 10 | onorihct "SLviny, T g, M enl Goob the s “this y Business Property | sndividual to determine the future v et b3 1410 G St. N.W., Room 30. Franklin 5794 || | FRED T. NESBIT UTILITY PATRONS GROW. | :omers have been added to the DA- |gecured by first deed of trust on real estate. d_commis 25050 Shares Common Stock. par value $16.00 35,500,000 2 H o a o st ber of X ares imon Stock. par value X .500,000 Without Notice. s largeetiunm mpt Action | o |2 | RESOURCES $13000.000 | 5 l/ 7 Any Amounlt' | | first nine month: v to-| e 6o SR Apartment Houses | it S W R vl R S it | SECOND TRUSTS [ @) /2 7D fiines beon ]‘u AVUIB RUS&A‘ of 1923, economic status of his family. g Irust ortgage Co. ||| 1‘ = = . ‘}5"1!'"!”', ?de Main 9192 5 SAN FRANCISCO, November 17 Soviet Cuts Off Trade' With| chenan one ", Seiiiion"ci:| Money to Loan FEDERAL-AMERICAN Dth N l t An T]me :-’Inl of the electric -ll‘ght ugd D!{wnl,ry Preveiling intarest wm e er Nations at Any Time | oo or, e tnivia siacee 1t Joseph LWeller #5555 ¥ 3| | NATIONAL BANK < r e First Mortgage Loans 3 Lowest Rates of Interest and Comm!ssion ‘ 's F n oecis” Dispateh to The Star. | CEW YORK, November 17.—Amer- | approach- | an business are | in mind the fact | that the overnment “is fn | position to change the whole trade ey may have undertak i pry without notice on Russian pared by the Com ission, of the iatlon. Th cautioned to have “Since the death of Lenin con- ditions in Russia have constantly been growing worse and progress to- | ward more satisfactory conditions heen dissipated. he Rus- v is largely £ s of peasants, w vell looked after, with the hope that ¢ will see in any change of go a chance sent. On rnment w in aster 1s a all forms religion program has been unde vent tife children from idea of a God the German government re- investigate® one of the Soviet | commissions in Berlin, the whole ade carried on wi again trade as taken away because the did not like a urt, trade while present.” COCA-COLA EARNINGS UP. Pennok 0il Reports Falling Off in | Nine Months" Net. YORK, November 17 sco Cola Compar - are reported te when they exceeded $24,000- he improvemant in the com- business is expected to show $11 & share earned on the com- stock. The present annual dis- bursement for advertising mates $4,000,000. Net incomes of the Pennock Oil Company fell to $1,193.464 in the ine months ended 3 NEW Net profits of th Company in the ( approxi- | We Buy and Sell Liberty Bonds Treasury Notes Etc. Bend Department The Washington Loan and Trust Company 900 F Stieet 620 17th Street TO FEDERAL EMi’iOYEE AND WE WANT YOU AS ONE OF 50,000 NEW INVESTORS IN THE SAVINGS DEPARTMENT oF * “YOUR BANK” To get your investment we will loan you ONE HUNDRED DOL- LARS WITHOUT INTEREST OR ENDORSEMENT. The only condition is that you will leave it on deposit in a sav- ings account for one year and pay us back ten dollars a month. Vour one-hundred-dollar invest- ment will bear interest at 4% per annum, compounde' semi-.an. nually. At the end of one year your $100 investment will be worth $104.04. Under the usual 4% savings plan, if you save $10 a month for ten months, your $100 at the end of one year would be worth $102.52. Come in and talk with us about this new investment plan. Banking Hours—8:30 a.m. to 3 p.m., except 1st, 2nd, 13th, 16th, 17th and last day of each month, 8:30 a.m. to 5:30 p.m. Saturdays, 8:30 a.m. to 1 p.m. S ALL OTHER PEOPLE THE DEPARTMENTAL BANK “YOUR BANK'" 1714 PENNSYLVANIA AVENUE N.W, Under United States Government Supervision 6% % and SAFETY Whether rate of you interest can get this and be cer- tain of the safety of your prin- The First Mortgage cipal what is ment. depends entirely back of the upon mvest- Notes Wwe are offering at this rate of interest are ample security for the loans, because they are backed by our own conservative appraisals on 2 basis of only 30% of the property value. Consult Our Mortgage Investment Department SHANNON 713 and 715 14th Street N.-W. R JOHN JOY EDSON, President Organized 1879 2 . Shares -& LUCHY { “Main 2345 FRANK P. REESIDE, Sec'y 43th YEAR COMPLETED Surplus $1,817,011.44 Subscriptions for the 88th Issue of Stock Being Received Join the Equitable Today The result obtained through systematic savings with us is $2.50 Per Monthl method most amazing. Adopt this NOW. 915 F St Our Quarter of a Century Without a Loss dollar Main 2100 ARE YOU CAUTIOUS IN INVESTING? service is organized to meet the requirements of those investors who submit all their dealings to painstaking analy- sis, who are slow to act, cau- tious and thoughtful. To such investors we have a real service to offer—a service developed over a period of thirty-one years, during which time no investor has ever lost a of principal or interest on any of our FIRST MORTGAGES B. F. SAUL CO. 1412 Eye St. N.W. 7 2% 2 % N Thomas J. Fisher & Company, Inc.| Street Jowm PooLt Swinem T3 S6tn LACIGE | 39 paid until e on 5:3¢ P.M. g e Savings TODAY i L4} LR (dH] accounts. for the 1% T of our or more savings S Dept. a savings Patrons account Organized in 1814 National Metropolitan Bank Capital, Surplus & Undivided Profits, Over $1,700,000 15th St. opposite U. S. Treasury APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia Chevy Chase and Takoma Park, Md. 5: % INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT Ghe PRUDENTIAL INSURANCE COMPANY of AMERICA 912 15th Street N.W. Main 6888 Investment Talks No. 3. Mortgages on improved real estate have al- ways been the safest and best investment obtain- able. The Life Insurance Companies of the United States, than which there are no more careful or conservative investors, increased their capital in- vestments in real estate mortgages by the enor- mous amount of $575,712,220 during the year 1923, while during the same year their investments in stocks and bonds increased by only $113,897,227— five times as much in mortgages as in stocks and bonds. . Their years of experience involving the in- vestment of billions of dollars have proven to them the safety and dependability of carefully selected first mortgage (deed of trust) notes. GEO. W. LINKINS Realtor Estab. 1886 1719 K Street First Mortgage 7% Notes in denominations from $100 up. UP or DOWN? Do you pick up the paper in the evening to see whether your investments are worth as much today as they were when you purchased them ? OUR First Mortgages arc always worth one hundred cents on the dollar, every day, every hour of the day—and any day. @ During over fifty-five years they have always maintained that record. Would not an investment of this character be ‘a great satisfac- tion to you? : SWARTZELL RHEEMS HENSEY Co: R 55 Years W ithout Loss to An Investor. seiected improved properties and placed on & sound, oconservative valuation. Notes now availzble in amounts of $100 up. Apply Loan Dept. Mr. O'Donnell, Mgr. As Its Management Harry A. Kite, President tors. Appleton P. Clark, Jr. Vice-Prendent—Architect Company. W. J. Waller, Treasur, Vice-Presid Redmond & Bankers C. S. Taylor Burke President, Burke & Herbert, Bankers, Alexandria, Va. Hughes ea. et M INHRTETY Washing- soon will re m on their g - tonians ceive Christmas Savi the result of syst fort to accomplish a def purpose checks for Use part of your ch to accomplish another defi- nite purpose. Become an investor. n 7% interest on your savings Under our investment Sav ings Plan, cvery payment that you make on a_ Ik, $500 or $1,000 First Mo gage Bond draws the iuli rate of bond intercst Call, write or phone 464 for our i “How to Bu pendent Income NO LOSS TO ANY INVESTOR IN 51 YEARS The F. H. Smith Co. Founded 1873 FIRST MORTGAGE BONDS SMITH BUILDING #15 FIFTE 1418 Eye Street, N. W. An Institution Is As Strong ctor, Equitable Life Tmsur- Thrift, Vice Presidens t, Federal American Manager, Washington Branch, Co., Investment and Counsel, Baltimore, Md or of Balfimore. HUGHES & COMPANY (ANCORPORATED) INVESTMENTS High feather— HE serenity of the knowledge that your in- vestment is both safe and highly profitable is an asset that gives you renewed courage for your daily work. President, Harry A. Kite, Inc., Builders and Real Estate Opera- ‘The Mortgage Bond and Guaranty Corporation deals exclusively in First Mortgages, secured by improved, income-producing real estate. It is recognized this is the safest field of investment known. The constant turnover of the capital, through the sale of guaranteed First Mortgage Certificates, assures a very attractive return to the investor. ‘The management comprises a group of bankers, real estate and business men of excellent character and high standing. They all enjoy unbroken records of success and their expert knowledge is especially adaptable to the profitable and conservative man- agement of this Company’s business. , National ke & Investment Corp. A portion of the stock of the Mortgage Bond and Guaranty Corporation is now being offered at the same price paid by the officers and directors. The cumulative preferred stock bears an immediate return of 8%. The dividends are free from the normal Federal income tax and the stock is fres from the D. C. and Virginia intangible tax. All dividends over and above the 8% paid on the preferred go to the common shareholders. These securities may be purchased on an attrac- tive partial payment plan. No interest charge on deferred payments. Regular preferred dividends applicable to amount paid in. 1 Share 8% Cumulative Preferred 1 Share Common.. .’ HUGHES & COMPANY 1418 Eye St. N. W., Washingten, D. C. Please send me your descriptive bookist, 853 4 854 Telephones Main 37 As All of This Stock Has Been Sold, This Advertisement Appears as a Matter of Record Only. 130,000 It is expectec e in due course to list Common Stock (No Par Value).......ccoovuievnannnn Copies of fl ed from i Mr. Bensinger has su undersig HISTORY AND BUSINESS “The business of The Brunswick-Balke-Collender Com- pany was founded in 1845 by John M. Brunswick. In 1874 Julius Balke became a_partner in the business, which was incorpora.ed in 1879. In 1884 it was consolidated with the H. W. Collender Company into the present Company, with a capital of $1,500,000. In 1911 the capital was increased to $12,000,000, approximately $9,000,000 of which represented surplus earnings. The Company is the largest manufacturer in the world of billiard and pocket tables, billiard cushions, billiard supplies, bowling alleys and incidentals thereto, and is also one of the foremost manufacturers and distributors of phonographs, phonograph records and combination phonograph-radios. The Company’s “Monarch” billiard cushions have an enviable reputation throughout the world. Since Prohibition the growth of the Billiard and Bowling Alley Department has assumed greater proportions than ever before. The Company has made great progress in the art of recording for phonograph records, and the Brunswick record is recognized throughout the world as one of the best on the market. RADIO DEVELOPMENT Realizing that the development of the radio must neces- sarily mean a close association of that industry with the phonograph and record business, the Company has ne- gotiated a contract with the Radio Corporation of America, which has placed it in an excellent position to profit by whatever developments may take place in this field. The Company is now manufacturing and selling a combined phonograph and radio, known as the “Brunswick Radiola”, an instrument designed and perfected by the combined engineering staffs of the two organizations. It is the only company at the present time selling radios produced by the Radio Corporation of America in combination with a phono- graph and one of the few prominent companies manufactur- ing and marketing a combination instrument. As a result of the marketing of this combination instrument, and in view of the fact that radio is still considered in its infancy, it is expected that there will be a very substantial increase in the sales and profits of this department. PROPERTIES AND PLANTS The Company, with its subsidiaries, has plants in ten cities, including Paris, France. It also operates twenty- seven branch houses in the principal cities of the United States and Canada, as well as Paris, Havana, Buenos Aires and Mexico City. " In order to assure itself of a supply of lumber and slate and to protect and improve the quality of its finished prod- ucts, as well as to effect economy in cost, the Company has invested substantially in timber lands and slate quarries. MANAGEMENT The management has been under the direct supervision of the President, Mr. B. E. Bensinger, since 1904, and there is no change contemplated in the management of the business. A member of Goldman, Sachs & Co. and a member of Lehman Brothers will be invited to join the Board of Directors of the Company. Shares The Brunswick-Balke-Collender Company (Incorporated under the Laws of Delaware) Common Stock (no par value) the stock on the New York and Chicago Stock Exchomges CAPITALIZATION (After the issue of this common stock) Seven Per Cet. Cumulative Preferred Stock (Par Value $100 per share) $6,000,000 Authorized Outstanding $4,639,700 600,000 shares 500,000 shares Bensinger, President of the Company, in reference to the business of ihe Company may be mmarized this letter as follotws: SALES AND PROFITS The combined net sales and net profits from operations for the five years ending December 31, 1923, after deducting depreciation, Federal income and profits taxes paid, and dividends paid on the preferred stock, and after giving effect to the saving of interest on the new money to be provided as a result of the pending recapitalization, as certified by Messrs. Price, Waterhouse & Co., Public Accountants, have been as follows: Year Ending December 31 1919 1920 1921¢ Net Profits on Basis Indicated $2,997,076.64 340,259.61 (Loss) 1,841,295.85 1922 25,094,698.62 21429,185.40 1923 28,295,385.82 2,555,884.67 The corresponding figures for the nine months ending September 30, 1924 as shown by the books (subject to com- pletion of the examination now in progress) are as follows: ! : Seprember 357105 $15,698,110.84 $1,266,487.01 1920 and 1921 *The figures shown sbove for the yea are after deducting special depreciation of inventory values of $2,174,914.44 and $1,355,293.21 respectively. Present indications are that such net profits of the Com- pany for the year ending December 31, 1924, applicable to the no par value common stock, will approximate from $2,800,000 to $3,000,000. It may be said in connection with the above figures that because of the seasonal nature of the business and the rapid developmem of our Radio Department, a very large propor- tion of this year's profits is expected to be realized during the last three months. It is the expectation of the Board at an early date to initiate dividends on the new no par valwe shares at an annual rate of $3.60 per share. ASSETS AND BALANCE SHEET ‘The Consolidated Balance Sheet of the Company as of September 30, 1924 prepared from the books (subject to the completion of the examination now in progress), afte giving effect to the pending recapitalization of the Co;x;:an Net Sales $22,945,657.72 29,606,109.47 24,400,243.04 er y and the application of the proceeds of the sale of 750 shares of common stock of no par value to be issued and sold in connection with the recapitalization of the Com- any, shows net tangible assets of $30,486,434.32, of which &,836,039.0& consist of net current assets. The Company owns numerous patents of inestimable value. These insure the superior quality of product which has permanently established the Company’s high reputation. The Company has always been a very extensive advertiser and has expended many millions of dollars advertising its various lines during the past fifteen years. Notwithstand- ing these facts, Patents, Good-Will, etc. are carried on. the balance sheet at $1.00. The Master recordings from which the record catalogue has been built are used repeatedly in the reissuing of records. Many record companies carry these Masters as assets of large value, but this Company considers it a proper and more conservative business policy to charge off this entire laboratory expense to the cost of the first records manufactured.” We are offering the above stock for subscription, subject to allotment, when, as and if issued and accepted by us ats $49.50 Per Share TFis offering is made in all respects when, as and if issued and accepted by us and subject to the approval of Messrs. Sultivan & Cromwell, of New York, and Messrs. Moses & Singer, of New York, for the Bankers, and of Messrs. Guggen- heimer, Untermyer & Marshall, of New York, for the Company. We reserve the right to reject any and 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 notice. 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 Decémber 19, 1924, at the office of Goldman, Sachs & Co., 30 Pine Street, New York, N. Y., against payment therefor in New York funds. GOLDMAN, SACHS & CO. LEHMAN BROTHERS The above information, while not guaranteed, has been ebtained from sourcen which we believe to be reliable.