Evening Star Newspaper, January 8, 1925, Page 29

FINANCIAL, REPORT OF THR CONDITION of EAST WASHINGTON ANNDUAY, REPORT OF THE NATIONAL SAVINGS AND TRUST COMPANY, : Section 18, £810,196.958 10,000.00 Directors £ this company, 18 vhia] ity of Was before me this Afth A McCARTHY to the ARTHY ST o befo REPORT OF THE CONDITION OF THE McLACHLEN BANKING CORPORATION. Distr 1 CLARENCE ¥. DONOHOE. Notary Pubiie JOHN €. YOST REPORT OF THE CONDITION NATIONAL SAVINGS AND TRUST CO £ Col 24,8146 37,017.98 | 5.186.38 | £13,868,196.50 $1.000,000.00 1.0 “JouN" M Not 0 oo .| Correct—Attest: 7,470,707 47 i 150.00 INGER HORNER Directors. HE BT THOMAS . Washington Money for Washington People Interest Rates 6% and 61,% Wanted First Mortgage Applica- tions on N.W. Property Apply Loan Dept. €. L. 0'Donnell, Mgr. 3 Chas. D. Sager ,, % Realtor 38 924 14th St. N.W. Now 52 Years of Proven Safety \UARY, 5, marks the completion of an- ither vear of perfect safety for investors in n January, 1873, The F. H. Smith Com- any now has behind it a record of 52 years of confinuous service in the field of first mortgage investments without loss to any investor. v, the business of this from year to year, until e serving investors in every part of the United States and 1 many foreign countries. in a small When you invest in Smith Bonds your funds are protected by a system of safeguards that has proven 100% efficient in protecting investors First Mortgage Bonds for Your January Funds strongly secured by improved, income- are sold in $1,000, $500 and $100 and in maturities from 2 years to 15 ay invest outright or under our Invest- ment Savings Plan, by which every payment earns the full rate of bond interest. The F. H. Smith Co. Founded 1873 FIRST MORTGAGE BONDS Smith Building 815 Fifteenth St. | rx3 ». u. surrx co, Smith Building, Washington, D. O. Please send me circulars describing current offerings : of your 7% First Mortgage Bonds. Comp:roller 171500, for $1.000,000.00 | 17000.000.00 | 589,747.19 | THE EVENING STAR, WASHINGTON, D. O, THURSDAY, JANUARY 8§ 1925. Money to Loan Secured by first deed of trust on real estate Prevailing interest and commission 420 Wash. L. & Trust Joseph I. Weller 0 Weoh T & T Second Trust Notes || | ... I i |First Mortgage Notes | oug ! sto_giDynominations li 1 50—$100—$250—$500—$11 Our clients are ready to pay . cash for SECOND TRUSTS infl|| coqn or Parttal Bayment Plan amou The rates will you if the security is sat- Interest Paid on the Day It Is Due MORTGAGE DEPARTMENT SHANNON_& LUCHY 713 and 715 14th Street N.W. Main 2345 REPORT OF CONDITION DISTRICT NATIONAL BANK At Washington District of Columbia, at the close of business on December 31, 192 in the RES 1. a Loans and discounts, includ nces of other banks ange or drafts sold with indc scounts, ac- n bills of ement of $503,000.00 140,967.85 furniture and fixtur banking house.. 6. Banking ho 7. Real estate owned 8. Lawful reserve with 46.20 of reporting L Miscellaneous ¢ 15. Redemption f treasurer Total 17. Capital stock paid in 18] Surplus fund ” Undivided y ¥ d for taxe trust companies in reign countries (other than in- /sits payable subject tc $ 53 bject to reserve (payable after 30 daya, or 0 days' or more notice, and postal savings): Josit (other than for money borrowed) r than postal sa and deposits of U 213,517.85 100,000.00 than rediscounts).. 2 1 bills rediscounted, including acceptances of other and forelgn bills of exchange or drafts sold with of this bank 110,000.00 i AUATOBE.. oneiins e ovates vonies tersevoaswisove | d by other banks for a hose above stated Columbia, hier of the above-named bank, do solemnly t is true to the best of my knowledge and H. L. OFFUTT, Jr,, C: 1 sworn to before me this Tth day of January, 1 (Seal.) BENJAMIN ROBINSON, Notary Public. Correc ROBE H. L. OFFUTT, Jr., c WHARTON B. LESTER, J. MILLER KENYON, Directors. TREASURE TRACKERS Fornando deSolr OR two years de Soto led his unwilling band of armor-clad treasure seckers through malarial fen and impassable jungle in an elu- sive search for fabled gold. Instead of riches and happiness he found native antagonism, ruinous batiles, 1ll-health, poverty and death. In four centuries of enlightenment, people have learned that the only certain course to wealth is found in safe investment in thoroughly pro- tected, non-fluctuating securities— as 6%9% First Mortgages on im- proved Washington property, pur- chased through Swartzell, Rheem & Hensey Company. These are backed by the integrity of a house that for fifty-five years has never lost a dollar for one of its investors. EEM&HENSEY Co. MONEY TO LOAN 51/2 % Any Amount Apartment Houses Business Property Main. G140 Saf ety ‘ i L. EBreym'ngcr&r Sons |1} Ceiorado Blag Money Available on Approved Security First Mortgage Loans McKEEVER & GOSS Realtors 1415 K St. N.W. M. 4752 Our First Mortgage Notes Are the type of appeal to Banks Recommend Them Insurance Companies Prefer Th vestments that rvative investors, we be )m your mind have on hand a limited int in denominations of $100 7% Interest . L. O Mg, C.has. D. Sager REALTOR Bear a6 Main 37 8K 924 14th St. N.W. FINANCIAL. FINANCING Busines 5 '/2 O Propert Unlimited Funds Available FRED T. NESBIT Investment Building. M. Apartment Houses Invest Your ' January Funds where you will be free from worry I'hose who cannot afford to lese any part of their principal, or who have neither the time nor skill for watching their invest- ments should investigate at once our carefully selected 627, First Mortgages They will find them abso- lutely safe in every respect backed by improved real estate in this city worth double the entire first trust. our new booklet—it's FREE! Write for Mortgage Investment Dept. [SHANNON_& TUCES) 713 and 715 14th St. N.W. Main 2345 9392 y FIRST MORTGAGE NOTES FOR SALE IN DENOMINATIONS OF 500 DOLLARS AND UPWAEDS 7327 %nnccé;:uf Jiwmu TRUST DEPT. Sentiment often influences the SPECIAL DEPT. FOR LADIES. choice of a wife as an Exccutor. Wiser pro- cedue is to name her |} Co I )" ith onkia o-Executor with EXCHANGE. an institution such as TRAVELERS' CHECKS FOR WINTER TOURISTS. the ties of sen sures to your hei vantages of practical and economical estate settle Is YOUR will made! C: Our Trust Officer. Our Savings Dept. Pay: Organized in 1814 Compound Interest National Metropolitan Bank Capital, Surplus & Undivided“Pro(fis Over $1,700,000 15th St., Opposite U. S. Treasury—111 Years Old SWARTZELL. Sireel, W " 55YEARS WITHOUT LOSS TO AN INVESTOR As all of the debentures have been subscribed for, this advertisement appears-only as a matter of record. $125,000,000 (Total Isaus) American Telephone and Telegraph Company Thirty-five Year Sinking Fund 5% Gold Debentures Dated Janwuary 1, 1925 Due January 1, 1960 lssued under indenture dated January 1, 1925, Central U;n'on Trust Company of New York, trustee. Interest payable January 1 and July 1 in New York or Boston Redeemable in whole or in part at the option of the company at 110% and accrued interest on any interest date on or prior to July 1, 1956 ; thereafter at 1009 and accrued interest. A sinking fund of $1,350,000 annually is to be nt_anl fund to be used in otherwise, to be use 0 equal semiannual installments beginning July 1, 1925, such rchasing debentures of this issue if obtainable at not exceeding 102% % and acerued interest; for capital expenditures. Coupon debentures in denominations of $1,000, $500, $100, registrable as to principal. Registered debentures in denominations of $1,000, $5,000 and $10,000. Coupon debentures and registered de- bentures, and the several demominations, interchangeable. H.B. Thayer, Esq., President of the American Telephone and Telegraph Company, has summarized a8 follows his letter to us stating the particulars in regard to this issue. ASSETS—The total assets of the American Telephone and Telegraph Company on September 30. 1924, were carried on its books at more than $1,463,000,000, based upon valuations which are distinctly conservative. All the property of the Company is free from lien, except that stocks and bonds having a book value of about $257,000,000 have been pledged under Indentures securing Collateral Trust Bonds. s EQUITY--Since the end of 1920 the relation between funded debt and capital stock of the American Telephone and Telegraph Company has changed materially, due chiefly to the sale to stockholders of large amounts of capital stock. After giving effect to the present issue of Debentures, the Company’s funded debt will have increased less than $81,000,000 since December 31, 1920, whereas capital stock (includ- ing installments) has increased by over $457,000,000. Funded debt, giving effect to this financing, will bq less than $400,000,000, while capital stock amounts to more than £900,000,000. Thus, funded debt will comprise only about 30% of the Company’s total capital liabilities (as compared with 48% on De- cember 81, 1920) and will amount to little more than 25% of the book value of the company’s total assets. Net Earnings Available for Interest $40,557,977 41,117,487 44,743,376 48,940,466 54,293,017 60,243,387 70,686,904 73,623,813 81,668,440 15,498,012 66,170,428 95,389,918 13,697,737 81,693,181 During this ten-year period net earnings available for interest averaged more than L4 times interest charges, and in each one of these years they have exceeded 3% times interest charges. It is estimated that for the year 1924 net earnings available for interest were in excess of 8105,000,000, which is more than siz times the estimated interest charges during 1924 and more than five times the annual interest charges on the Company’s total funded debt to be outstanding after the .ssue of these Debentures, with- ol':ita regard to the earnings which will be derived immediately from the investment of the proceeds of this issue. DIVIDEND RECORD—Dividends on the capital stock of the Company and of its predecessor have been paid at the rate of at least $7.50 per share in_each of the past 43 years. For approzimately 15 years, ended in 1921, the rate was $8 per share annually; since then $9 per share per annum has been paid. PROVISIONS—In the Indenture under which these Debentures are to be issued the Company will covenant that it will not mortgage any of its telephone lines or plant unless it shall secure these De- bentures by stocks or bonds of its telephone operating companies, and that it will not pledge (with cer- tain exceptions and limitations with respect to its outstanding Collateral Trust Bonds) any stocks or bonds of its telephone operating companies unless it shall either secure these Debentures as above stated or ratably with any other obligations secured by such pledge. In either case the Company shall keep 80 pledged stocks or bonds of a value which shall be equal at all times to 133 1-8% of the principal of the debt secured thereby. Amny such collateral so to be pledged shall be similar in character to that re- quired for the security of the Company’s 30-Year Collateral Trust 5% Bonds of 1946. The provisions for valuation and substitution of stocks and bonds so pledged shall be similar to the corresponding provisions in respect of the Collateral securing the above-mentioned 5% bonds of 1946. PURPOSE OF ISSUE—TPhe proceeds of these Debentures will be used to provide the Bell Telephone System with funds fog‘ additions and betterments and for other capital expenditures, it being the inten- tion of the American Telephone and Telegraph Company to utilize the greater part of these proceeds in making loans to its Associated Companies or in acquiring their securities. THE ABOVE DEBENTURES ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO THE CONDI- TIONS STATED BELOW, AT 95% AND ACCRUED INTEREST, TO YIELD OVER 6.30% Subscription books will be open at the office of J. P. Morgan & Co., at 10 o’clock A. M., Thursday, January 8, 1925, and will be closed in their discretion. The right is reserved to reject any and all ap- plications, and, also, in any case, to award a smaller amount than applied for, All subscriptions received are to be subject to the issue of the debentures aa planned, and to approval by counsel of the form and validity of the documents and proceedings. i The amounts due on allotments will be payable at the office of J. P. Morgan & Co., in New York funds to their order, and the date of payment (on or about January 22, 1925) will be stated in the notices of allotment. Temporary debentures or J. P. Morgan & Co. interim receipts, excha: sa;)la i : when received from the company, will be delivered. o o 7 finite debentures Number of times intereet was earned 4.8 6.3 Interest Net Income $8,223,163 6,498,850 6,730,099 10,469,360 10,391,695 15,847,596 18,865,688 19,621,109 $32,334,814 34,618,637 38,013,277 38,471,106 43,901,322 44,395,791 51,821,216 54,002,704 [ NN anwwLna VW N® J. P. MORGAN & CO. KUHN, LOEB & CO. KIDDER, PEABODY & CO. FIRST NATIONAL BANK, New York BANKERS TRUST COMPANY, New York HARRIS, FORBES & CO. New York, January 8, 1925. | . THE NATIONAL CITY COMPANY GUARANTY COMPANY OF NEW YORK LEE, HIGGINSON & CO.