Evening Star Newspaper, April 7, 1925, Page 29

FINANCIAL. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office BY WILLIAM F, HEFFERNAN. NEW YORK, Aprii 7.—Prices gen- erally came down during the ccurse of the afternoon rn the curb ex-1 change today. This was natural enough, inasmuch as the principal upward moves had been in the oil shares, and these re- acted with the rest on the dealings on the big board. Accordingly Standard «Oil of Indiana, which had closed at 6412 on Monday, broke well below 64 ill-fated Royal Canadian Oil syndicate, the recent break in which had been precipitated by the failure of a prominent curb house, dropped under 1. It was off about 8 points from the year's high. The trading in this issue was very heavy. Humble Oil was an exception, selling above 47; as against the low of 44% on the preceding d. The new Wilson & Co. stocks, all selling on a when-issued basis, went higher early in the day, but they, too, were affected by the general sell- ing movement. Goodyear Rubber got across 30 again. The radio stocks were easier and attracted much less wttention. Hazeltine lost over a point and Freshman was down frac- tionally THE EVENING STAR, WASHINGTON, D. PREDICTS GREAT FUTURE {Price of Refined FOR DIESEL ENGINES By the Associated Press. NEW YORK, April 7.—Experiments with the Diesel engine being built by the Baldwin Jlocomotive works show great possibilities, especlally on long hauls, Samuel Vau president, said yeste:day on h turn from Bermuda. Although will cost two to three times as much as a steam lacomot its operation will be much cheaper, he asserted, and will offset the original cost. “Our business was not good last year and still is not very goed,” he added, “but I have seen grass grow- ing in Baldwin works in other days, and there is none growing there now, Our foreign business is improving.” Sugar at Lowest Level ' for Year By the Associsted Press. NEW YORK, April sugar touched a new low price for the year today when the Federal sugar refining company re- duced fine granulated to 5.75 cents & pound, The decline was attributed to an effort by refiners to stimulate business. BRISBA , Australia, April 7.— The sugar crop of the coming season is estimated at B “s tons, with a surplus of 1 T.—Refined C., TUESDAY, APRIL 7, FINANCIAL. buflding of the North Coast Rail- road and the large influx of Italian worker: 1925. Auditor—Accountant— Fi ial Secret class, éxperienced Money to Loan Secured by first deed of trust om real estaty Prevallivg interest snd commission and A Joseph 1. Weller 8 Woss. 1. & Trust | i Blig., B EFN.W. FIRST MORTGAGES FOR SALE Denominations of $250, $500, $753, $1.000 and upwards 6Y2% AU Lesns Made en Froperty Lecated in the District of Columbla JAMES F. SHEA 643 Louisiana Ave. N, desires connection with a (Pemale.) Address Box FEDERAL - AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President MONEY TO LOAN ON FIRST MORTGAGES AT 0! tons. This is attributed mainly to the favorable weather,. the MORE FERTILIZER USED. NEW ORLEANS, April 7.—Secretary H. G. Hester of the New Orleans Cot- ton Exchange has {ssued figures show- ing that 145,939 more tons of fer- tilizer had been purchased in the cotton-growing States for the eight months ended March 31 than in the corresponding perfod last season. PXadesialypeiiiaily v o - CURRENT RATES OF INTEREST NEW YORK, April i.—Following e oyal Can s an officlal list of bonds and stocks traded in on the New York Curb Market today: == el In Justice to Yourself —YOU should have something in bank to depend on in time of illness, aceident or other “rainy day” emergency. REAL ESTATE LOANS | 1,0 ANY AMOUNT 2%p arARTMENT HoUsEs BUSINESS PROPERTY RESIDENCE LOANS AT LOW RATES = : FRED T. NESBIT You must speculate, select a rep- utable broker who holds membership|| LYY ESTMENT BLDG. Main T in a recognized stock exchange. Ix- = == Pow & Lt pfd change requirements, in themselves, 3 ' Superawer” A are some protection, as its members must comply with business ethics as e el 3% | provided by rules and Attioom Corp pfa] 00 0 i Atluntic Fruit Roissonnanit Porden (o 5 Rridgeport Mach BritAm Tob Cou n City R R... mpbell Soup pfd Car Light ... . Centrit” Pipe Corp Chapin Sacks & Co 2 Chatterton & Soo Ker Cab Mz A 5 sakaui S thousands BONDS 3 Venezuelan Pet ... 4 Allied Packers 8s. " Wilcox 0il & Gax 1 Alum Ts new '33... 10113 107% 2 Woodley Pet 18 Amer Beet Sug Co' 6 INDUSTRIALS 2 2 Adirondack Power. Allied Pack pr pfd Am G e Am L Am Pow & Lt new 8% 4y Rindtt H Hognan ¥ 1321 %MW or = A Word to Speculators. oda Bs ....... 1 & W 1885 RR 5s wi SW Am Am Am_ Superpower Armour & Co B vic ;f:{xvagi“.‘n‘nl It’s easy to open an account Nat R, at this old bank—profitable to remain a regular depositor. regulations. a member violates these rules, he hazards his membership, which f{s usually bis greatest asset. Beacon Light of Confidence— THIS is what we de- sire our announce- ments to imply. No- where in the great world of barter and sell is the important ele- ment of CONFI- DENCE so sorely needed as in the realm of financial invest- ments. 6t £ Bams Rate of Interest Paid en acceunts, large and small—depesits invited in any emount. National Savings & Trust Co. 58th Oldest Savings Depository in Washington Cor. 15th and New York Ave. A An American firm will build a water supply system for Athens, which will replace an aqueduct constructed in the vear 140 B. C. er 2 New Or Pub S 2 Nor § P Minn 10 Obio Power 5 THE SAFE INVESTMENT is the one with the most sub- SRS L LS S o R & Wl s R Year Continental Bak A Continental Rak T. ntinenta] Bak pfd uba_Co. 3 4 Pure Oil Co 615 15 Shawsheen : 18 0 Blg. . 4 8wift & Co bs 5 Thyssen I & § 7s. > Coty Ine w 3 3 De ¥or Rad (o vte Doeller Die Cas Co Dubilier C & Radio Dunhill Intl Inc Durant Mot 2 Du Pont Motors. 2 Duz Co A Fle- Bd & §h pfd Elec Bd & Sh n cor 3 P&l wi 3 Federated Metals T 3 Fed 1, & T stantial value behind it. EVERY day loans are being made by us on Washington real estate at current inter- est rates. Perhaps you, too, have need of a Loan of Money If so, come in and see Mr. King, manager of our Loan Department. BOSS M PHELPS Wiy K Street NW Main 9300 Established 1907 The soundness of Finland’s finances is reflected in the absence of any floating Govern- ment indebted- ness. We recom- mend the new 7% Dollar Bonds, vielding 7.50%. Over a We ask careful investigation FOREIGN BONDS. ta_se We solicit an oppor- tunity to prove that we never have lost a dollar for an investor. What we have done for others we can do for yvou. Give us a chance. | FIRST MORTGAGE NOTES AT 6142 % Mortgage Investment Dept. HANNON_ 713 and 715 14th St. N.W. Main 2345 Quarter of the security underlying of a OUR FIRST MORTGAGE Century Without a Loss. 1 Toho . Elec STANDARD OIL 1 loans on improved Washington Real Estate. 200 Cliesebrough Mg v 140 Cumberiand P L. 20 Eureka P L... 2400 Humble Ol & K. 0 Il P L app Candy Stor A Hazeltine Corp . Heyden Chem ) Imp Ol of Can Iotern Pet Co Ltd Lehigh Power sec gb Val Coxl Val Ce The National City Compan Washington—141 15th St. N.W. Telepbone—Main 3176 SAUL 925 CO. 15th-St. Mengzel Box Mesabi Iron Middle West Ttil] 3 Moore Drop Forg A N.W. 50 Swan & Finch 1600 Vacuum Ofl Sales INDEPENDENT OIL STOCKS. in bundreds. 4 Allen 011 Consider the Facts! YOU know that investment in Wardman First Mortgage Notes entails no element of risk. For you have the record of millions of dollars entrusted to this organization by the investing public, with invariable prompt payment of interest and prin- cipal precisely when due. Nor Ohio Pow : 3 Omnib Corp A it Serv new wi. Omaib Corp vie 18 Colombian Sya 83 Continental Ofl. .. 2 Cont O ris willll ( New Issue April 7, 1925 $5,000,000 Equitable Office Building Corporation EQUITABLE BUILDING, 120 BROADWAY, NEW YORK CITY 7% Convertible Accumulative Preferred Stock (Non-Callable) An accumulative sinking fund of not less than '$30,000 per annum. available semi-annually, beginning October 1. 1925, is pro- vided from earnings to purchase Preicred Stock, if obtainable,at or below 115 and dividend, otherwise to revert to the com- pany. Par value, $100 per share. Dividends payable quarterly July 1, October 1, January 1 and April 1. Preferred over the Common_Stock as to assets and dividends and entitled, in liquidation, to $115 per share and accrued dividend. Dividends free of present Federal Normal Income Tax. Transfer Agent: The American Exchange National Bank. New York Registrar: Empire Frust Company, New York City Each share of Preferred Stock convertible at any time at the holder’s option into two shares of Common Stock, without par value The_following information is contained in a letter to us from Mr. Frank V. du Pont, President of the Corporation: Equitable Office Building Corporation, the common stock of which is being acquired by New York Empire Co., Inc., owns and operates the Equitable Building, 120 Broadway, New York City. The Equitable Building, one of the largest and most valuable office buildings in the world, was completed in 1915. It occupies approximately 50,000 square feet of land owned in fee, bounded by Broadway and Nassau, Cedar and Pine Streets. in the heart of New York's financial district. The building, forty stories high, contains approximately 1,250,000 net rentable square feet, is served by 64 elevators, and, in the opinion of experts, sur- passes any other office building in the City in adaptability of space and equipment. It is estimated that a building con- structed on this site under the present zoning laws of New York City would contain less than 73% of the net rentable area in the present Equitable Building. . Among the important tenants are General Electric Company. Union Pacific Railroad Company, Empire Trust Company, American Smelting & Refining Company, Goodyear Tire & Rubber Company, American Inter- national Corporation and Southern Railway Company. The Bankers’ Club of America occupies the top three floors. Current Issues Bear 69, Interest Denominations From $100 to $100,000 - WARDMAN Constructio vany 4430 K Strest e Main 3550 We House One-tenth of Washington's Population” Capital Tra Washington Bouthern Bldg. Capital Traction Lanston Monotype AFTER CAL] National Bank of Washington—10 at 4. eetric 1st 55—$2,000 at 100. Rwy. & Elec. 45—$1,000 at o Gas Light—3 at 58 Gas Light—3 at 58, ae B o 1000 at 9934 3at 150, 10 at 180, 10 at a Xk pf Victor Talk Mach Warner Bro Pict A Western Power pf Wh Rk M K nmew. W R Min §p n vie Wickwire Sp St Co Wilson new 3 Wilkon A new 3 Wilson new pfd wi Yel Taxi Corp N MI a Globe Cop 150, 1 at 180. i ¢ Washington Rwy. & Elec. pfd Capital Traction Co. at 91% Washington Gas 68 y—Call loans, 5 and 8 per Bid and Asked Prices. BONDS. PUBLIC UTILITY. Loans for One Year Jith .Monthly Deposit on Account Mo Hawth Mines Tnc.. . 5 Hecla Mine ... Independence Tead 5 Jerome V Develop Jib Cons ........ 3 Kay Copper Corp. ne Star .. 5 Ohio Copper 3 Plym'th Lead Mines . Teck Hughes ... 3 Tintic Stand Min Co 2 Tonopah Extens United Eastern Min rican Tel. & Telga. 48... merican Tel. & Telga. 4135 fel. & Tel. ctl. tr. Sh.... 100 : oov_6s. 12 P Telephone 5% & B Telophone of Capitel Traction R Y & Suburban 53 b “ e : el Loans of From $50 to $10,000 Morris Plan Bank 13th and Eye Sts. “Character and Earning Power Is the g Basis of Credits” INVESTMENT IN COMMON STOCK New York Empire Co., Inc.. will acquire substantially all of the 125,000 shares of common stock of Equitable Office Building Corporation to be presently outstanding, representing a cash investment by it of more than $4,750,000 in stock junior to this issue of preferred stock. o lec. Cons. on Potomac Fleciric as 1033.. B RAILROAD’S NET $601,557; |, 67.735 PASSENGERS LOST | 3. & Dt 3. By ssociated Press. | "CHICAGO, April 7.—Total operat- | ing revenue of the Chicago Great || Western Railroad Co. in 1924 ex- | ceeded the operating expenses of the road by $4,488,267, an increase of 195,907 over a year ago, Samuel M. Felton, president of the board. of directors, said in his annual report just_made public. After deducting all expenses, taxes {and other debits, the road had a net ‘33, ... |Income of $601,557, | A loss of 67735 persons in pas- | senmer traflic. the report stated, is due to the fact that 70 per cent of the revenue from this source is de- rived from local and short haul twaffic which has been diverted to the auto- | mobile and bus. \ CAPITALIZATION - The capitalization of Equitable Office Building Corporation, after giving effect to this financing, will be as follows : $19.940,073 aeh. R "wash. Rwr Wash. Rwy. & 49 First Mortgage, redeemable by 1974 by sinking fund MISCELLANEOUS, 5% Debenture Bonds, redeemable by 1952 by sinking fund (secured by $4.814,000 2nd mortgage bonds and a further mortgage securing the balance .. . : T 7% Convertible Cumulative Preferred Stock.. 5 Common Stock (authorized 225,000 shares no par value reserved for conversion of preferred stock) . o * Includes $186,000 Debenture Bonds reserved for exchange of a Bonds outstanding and unpledged. 9,497,000 * 5.000,000 125,000 shares like amount of Second Mortgage 6% niggs Southern Waeh Marke Wardman Par « Hotel 6. STOCKS. POBLIC UTILITY. rican Tel. & Telga £ 100,000 shares Check your Bonds by the 5 : EARNINGS. e o 1. The carnings from operations of Equitable Office Building Corporation for the two years ended December Four Dlstmg‘ulshmgMa‘rks 31, 1924, after giving effect to present recapitalization and financing, as certified by Messrs. Arthur Young & Co. 1. Independent Appraisals: The public accountants, have been as follows: . property securing every issue of Miller $4,446,649 First Mortgage Bonds is appraised, 2,696,271 not only by our own experts, but by 1,855,593 independent, local authorities who 840,678 * submit written estimates of value and earnings. Through Independent Appraisals you can own a nationally known investment paying up to 7%, with as much assurance of safety as though you had inspected the property yourselfand had obtained disinterested ' opinions on it. ;::Jfi:a- means vy'-:;k&:. bonds may be compared, not only with other real estate bonds, but with any other security. Call or write for Folder B.7218, 6. LMILLER & CO. o : Dillon, Read & Co. Hayden, Stone & Co. Dominick & Dominick ROo.1NvVES R-BVER-LOST-4A.D AR 1D em * : oye. 3 % my . MILLER e BONDS Manufacturers Trust Co. Laird, Bissell & Meeds Goldemith B District of Columbia § mills tax refunded | Th: statements herein have been accepted by us as accurate but are in no event to be construed as representations by us ¥ 1924 $4,497,937) 2775915 1,892,467 883,448 350,000 National Capital Colymbia ial Rentals and other operating income. Net income before interest; depreciation -Interest, depreciation and Federal Taxes. DEC LS Net Earnings available for preferred stock dividends. .. Maximum annual dividend requirement on preferred stock i Such net earnings from operations, after full maintenance charges, and depreciation reserves of nearly $400,000 per annum (which reserve was more than $1 (XJO in excess of the requirements for amortization of funded debt), were equal in each year to approximately 2.5 times dividend requirements on the present $5,000,000 preferred stock, and, after allowance for such dividend requirements, were in 1324, $533,448. Fhe Symbol of Metagrity Sinaai Bank of Washiogion. TRUST COMPANY, can Security & Trust......* mer! 3 M s ~ Unconditsonally Guaranteed First Mortgage Notcs Guaranteed as and interest by largest honding companies . in the United States, our First Mortgage Notes may be pur- chased in denominations of $100 up and by monthly pay- ments, to principal 3 one of the We offer this stock for delivery when, as and if received by us, and subject to approval of legel proceedings by our counsel. It is expected th; d’alivfly will be made on or about April 16, 1925, in the 7vrm of temporary stock certificates, or interim receipts of Dillon, Read & Co. Price 100 and Accrued Dividend. To Net 7% Further information is conthined in our circular, which may be had .upon request. American . Corcoran - Firemen's ... Natlonal Unlon.. Pocysiis TITLE INSURANCE. mbia Title : Tk SO Ebate e 139 MISCELLANEOUS. . C. Paper pfd............ Merchavts: Transter & Storage Mergentbaler Linotype. . Ntk Mige. & Tavest. pi Did Dutch Market com. i 0id Dutch Market ped.. Lanston Recurits Stor Washington Y ellow Cab... TLT o 4% Eaten, Interest begins at date- of purchase Consult our Trust Depi. % Local Address, 308 Phillips Bidg., v ‘Washington, D. C. i