Evening Star Newspaper, April 13, 1925, Page 23

FINANCIAL. THE EVENING STAR, WASHINGTON, D. MONDAY, FEDERAL-AMERICAN | NATIONAL- BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, Prestdent * We Want to Buy Good Second Trust Notes We negotiate First Trusts in any amount. Lowest ratés. Banking Trust and Mortgage Co. Suite 20, 1410 G St. N.W. Franklin 5794 placed and Second u tmproved prop- of Columbia. flable for Third § ounts. Nearby ¢ rland Trusts H Incoporated H | Investment Blig. Franklin 513 } Lraat ettt Sttt -t | 61/2.%( | is the earning rate of our gilt-edge | Firsi Mortgage Notes | i The yrate of interest is con~ | xik'en? with Absolute Safety. The seyyice we extend to our olients mid our record of mever having hawd a loss of a pemny in either principal or interest | is ndding* 4daily to our list of ||/ REAL ESTATE LOANS FRED T. NESBIT INVESTMENT BLDG. Main Continental Tr.ut Company One Million Dollars 14th & H Streets lé'““""""“ i APRIL 13, 1925. = \ TN We Buy and Sell l We Solicit Applications for First Trust Loans : !, et e || Liberty Bonds £ £ nummnnnmmmmmnmulunmmm% Treasury Notes ASSURING “AN INCOME Investments for income pur- poses should not admit of the slightest element of hazard. A game of chance is one thing— but building up a capital reserve that will pay interest with un- varying regularity should not contain a single element of un- certainty. Quarter of a Century Without a Loss. FIRST MORTGAGES offered by us satisfy those who are most critical, with respect to safety of principal and cer- tainty of return. SAUL CO. 925 15th St. N.W. B. F. Main 2100 We Recommend As One of the Best investments we have ever offered, either for Financial In- stitutions, Trust Estates or Individuals, the FIRST MORTGAGE NOTES 1405.7 Eye StN.W, M 9670 Etc Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street FIRST MORTGAGES FOR SALE i | Denominations of $250, $500, $75, i $1,000 and upwards 6v2% Located in the District of Columbia :i JAMES F. SHEA| 643 Louisiana Ave. N.W. 2 New Booklets | For Investors “JRIFTY-TWO YEARS OF PROVEN SAFETY"--tells why Smith Bonds ere safe bonds; how Smith Bonds are safeguarded ; how our record of no loss to any investor in 52 years is maintained. “HOW TO BUILD AN INDE- PENDENT INCOME” (1925 Edition)--Tells how you can buy Smith Bonds with savings of $10 or more a month; how you can get bond interest on all pay- ments; what you can accomplish by systematic investment at 7%. is mnil. security today. Ask for these two booklets today. The F. H. Smith Co. Founded 1873 Ne Loss to Any Investor in 32 Years ‘Smith Building, 815 Fifteenth St. THE ¥. H. SMITH COMPANY Smith Building, Washington, D. C. Please send me coples of your two mew booklets. LOANS We will gladly receive and give prompt attention ' to applications for Loans on Washington Real Estate Current rates of interest. Should you have Money to Invest *—we can also fake care of you. Our experience, ex- tending over a period of Thirty-Five Years —insures your protection. Percy H. Russell Co. | 926 15th St. N.W. Prestige Behind Your Investment HE house thst' stands back of your in- vestment must safeguard you against loss, or its prestige in the financial world First Mortgages meed no plea as a safe But the wise man pur- chases them only through a house whose standing is above criticism. For fifty-six years we have conducted our business without loss to a single client. Such a statement is anly made possible by the utmost integrity of conduct and the soundest business judgment. 62% SWARTZELL.RHE SHARTZ R EMf;Il‘l{Efi{SEYCo. Cashingtom.C. FINANCIAL. Money to Loan Secured by first deed of trust on real estate Prevailing interest and commission 420 Wash. L. & X Joseph I. Weller #0705 ¥ T3t Prompt Action First Mortgage Loans Lowest Rutes of Interest and Commission Thomas J, Fisher & Company, Inc. 738 15th Strest FOR INVESTORS MORTGAGE NOTES IN CONVENIENT DENOMINATIONS ON.IMPROVED PROPERTY in DISTRICT v COLUMBIA H. L. RUST COMPANY 912 15th Street Main 6888 Equitable Co-operative Building Ass'n JOHN JOY EDSON, President Organized 1579 $4,942,132.68 FRANK P. REESIDE, Secy 45th YEAR COMPLETED Assets ..$1,317,011.44 Surplus ........ Subscriptions for the 88th Issue of Stock Being Received THE BEST WAY —to save is with The Equitable. Their systematic saving plan will help you grow financially strong. Start today and deposit regularly Each Pay Day. Send for lescriptive booklet. | . 56 Years Without Loss to An Investor 915 F Street NW. Notes §'ow on Hand - In Amounis of $100.00 Up CHAS. ). SAGER Loan 1% partment 924 14th St. N.WW. Main 36,37,38 Secured Upon the New Washington Medical Building Northwest Corner of Eighteenth and I Sts. N.W. Washington, D. Total Issue, $450,000.00 Denominations $100 to $3,000 Interest Yield 6Y2% Call, write or telephone reservations, and they will be allotted in the order received. MORTGAGE INVESTMENT DEPARTMENT [SHANNON; & LUCHY)| 713 and 715 14th St. N. W. Washington, D. C. ‘ { Telephones: Main 2845-6-7-8 and 9 Phone wais o No Loss to Any Investor All these debentures have been sold. This advertisement appears as a matter of record. $75,000,000 Dodge Brothers, Inc. 6% Gold Debentures (With Certain Conversion Privileges) . Unqualified Gharantee-—& | + Maryland 1st [Sortgages ¢ We offer FIRST MOMTGAGES to @ i denominyglons of £ ) Dated April 15, 1825 Due May 1, 1940 Interest payable May 1 and November 1, first payment November 1, 1925 (interest from April 15, 1925). Coupon debentures in interchangeable denominations of $1,000 and $500, registerable as to principal. Principal and interest payable in New York at the office of Dillon, Read & Co. Redecmable as a whole or in part by lot on any interest payment date: the redemption price to and including May 1, 1930, being 110% and interest, with successive reductions thereafter of 1% each year. Interest payable without deduction for Federal Normal Income Tax not exceeding 2% per annum. Pennsylvania Four-Mill Tax refundable. The Company agrees to make application in due course for listing these Debentures on the New York Stock Exchange. Central Union Trust Company of New York, Trustee. The Company agrees to provide from earnings a sinking fund of $1,000,000 per annum, available semi- annually, to buy Debentures if obtainable at not exceeding 100 and interest during the six months succeeding the date of each sinking fund payment, any unexpended amount to revert to the Company. DRERE PRI MARYLAND REAL: - ESTATE TITLE CO.¢ C. A. M, WELLS, President 1 1301 H Strest N.W.. Washis g Frederick J. Haynes, Esq., President of Dodge Brothers, Inc., writes as follows: }Es:b. 1910 ’ S| Al : BUSINESS Dodge Brothers, Inc., incorporated under the laws of Maryland will own the business and all of the assets (excepting $14,000,000 cash) of Dodge = Brothers, a Michigan Corporation, the third largest manufacturer of automobiles in the world. From 1914, when 249 cars were sold, to March 31, 1925, sales have aggregated 1,286,793 cars for a total sale price (for cars and parts) of $1,105,027,599. In comparison with this sales volume of over one billion dollars, loss from bad debts has amounted to $32,141, sales of cars by the factory being for cash only. Distribution is effected by more than 5,700 sales and service representatives throughout the world, of which 4,778 are in the United States and Canada. Advertising expenditures, in addition to amounts expended directly by dealers, have totaied more than $12,000,000. The policy of Dodge Brothers from the beginning has been to produce a car of superior quality, of stable design, selling for a low price. Records indicate that spproximately 90% of all Dodge cars manufactured to date are still in service. EARNINGS The business has never had an unprofitable year. Operating results for the six years ended December 31, 1924, as certified by Messra. Haskins & Sells, have been as follows: Mortgage Bond & Guaranty Corporation WASHINGTON, D. C (Incorpawated Under the Laws of Virginia) Amthorized Capitalization 250,000 Shares 8P Cumulative Preferred Stock, par value $10.00 250,000 Shares Common Stock, par value $10.00 $2,500,000 No. of Cars Net Sold Sales $120,970,810 161,002,512 83,666,284 130,625,774 121,010 145,389 92,476 164,037 $24,194,352 18,601,780 2,801,370 19,054,098 Year ended Dec. 31, 1919. “ ¢ $1,1920. ...... . b 81,1921.. e o 31,1922.... A Good Time to Invest ~ i e e By - 31,1924...... cccevemeane 222,236 191,652,446 19,965,440 Net earnings, before deducting Federal income taxes, for the quarter ended March 31, 1925, amounted to $6,291,544 (net including $644,633 profit from sale of real estate located some miles distant from the plant and not useful in the business). These earnings were 177% of net income for the first quarter of 1924 and exceeded by at least 39% the earnings for the corresponding period of any other year since 1920. Net earnings of $19,965,440 for the year ended December 31, 1924, as shown above, were more than 4.4 times the maximum annual interest charge of $4,500,000 on these Debentures. The average annual earnings of $16,034,613 for the six-year period shown were more than 3}4 times Ina Safe and Profitable Security this maximum annual interest charge. EQUITY INVESTIN G reduced to its simplest terms is merely buying income. The Mortgage Bond & Guaranty Cor- poration deals exclusively in First Mort- gages, secured by improved, income-pro- ducing real estate. It is recognized this is the safest field of investment known. The constant turn-over of the capital, through the sale of guaranteed First Mortgage Certificates, assures a very attractive re- turn 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 suc- cess and their expert knowledge is espe- cially adaptable to the profitable and con- servative management of the company’s business. A portion of the stock is now being offered at the same price paid by the offi- cers and directors. The preferred stock bears an immediate return of 8%. 1 Share 8% Cumulative Preferred......... 1 Share Common HUGHES & COMPANY (INCORPORATED) INVESTMENTS | “Progress.” I Name 853 Telephones Maind 854 3317 1 Strest Address 1418 Eye Street N. W. . 1 city | HUGHES & COMPANY 1418 Eye St. N.W., Washingtene, D.C. Plecse send me your mew booklst— A balance sheet, as of April 1, 1925 prepared by Messrs. Haskins & Sells from the books of Dodge Brothers and adjusted to give effect to acquisition of the business and assets by Dodge Brothers, Inc., and to the lattér company’s capitalization shows cash and United States Govern- ment securities aggregating $24,155,004, total current assets of $52,422,321 against current liabilities of $16,664,993, and net tangible assets of $80,658,682, after deducting all liabilities except these debentures. These debentures will be followed by 850,000 shares Preference Stock, entitled to dividends of $7 per share per annum, 1,500,000 shares Common Stock Class A and 500,000 shares Common Stock Class B, all of ne par value. This stock will be issued almost entirely against the established earning power, which is not assigned a value in the balance sheet. The 830,000 shares of Preference Stock, each share carrying as a bonus one share of Common Stock Class A, have been sold at a price which indicates a market equity therein of substantially $85,000,000. CONVERSION PRIVILEGES 5 These debentures are convertible, at the holder’s option, into Common Stock Class A until a maximum of $30,000,000, principal amount, have been so converted. In conversion the debentures shall be taken at their face value, and the values per share at which the Common Stock Class A shall be taken, shall be as follows: $30 in the case of the first $5,000,000 debentures converted; $35 for the next $5,000,000; $40 for the next $5,000,000; $50 for the next $5,000,000; $60 for the next $5,000,000, and $70 for the next $5,000,000. The Company may provide that prior to delivery of debentures purchasers can elect to exercise their conversion privilege. Sham' of Common Stock Class A additional to the 1,500,000 shares shortly to be outstanding have been authorized for this conversion. Accrued interest and dividends will be adjusted, Common Stock Class A and Common Stock Class B are identical in all respects except that holders of Common Stock Class A have no voting power for any purpose and that holders of Common Stock Class B have exclusive voting powers for all purposes. 3 Earnings for the year ended December 31, 1924, adjusted to the basis of the capitalization to be existing on issue of these debentures, were equivalent to $3.80 per share on the 2,000,000 shares of common stock to be outstanding upon such issue and for the quarter ended March 31, than $6 per share. 1925, were at the annual rate of more $6 per P, A representative Board of Directors will be elected. No change is contemplated in the present actiye executive personnel. We offer these debentures for delivery when, as and if issued and received by us, subject o the approvalof legal proceedings by counsel.1t is expected that T e wili be made on or about April 20, 1925 in the form of interim receipts of Dillon, Read & Co. Arrangements may be concluded whereby priot to delive:y e o haldoraot intorim receipts canelect to exercise their right of conversion into Common Stock Class A, the-eupon receiving an interim receipt of Dillon, Read & Co. for such stock when, as and if ready for delivery. Price 99 and Interest. To Yield Over 6.10% Further information is contained in our circulazr which may be had upon request. . Dillon, Read & Co. The National City Company Guaranty Company of New York : Continental and Commercial Trust and Savings Bank First Trust and Savings Bank, Chicago _ ~ Illinois Merchants Trust Company : " The Union Trust Company, Cleveland - : Blair & Co., Inc. £ flewmhufinhnfib&nw-.wmflmh no event to be construed as répresentafions by wa. — o —— Py