Evening Star Newspaper, June 9, 1925, Page 23

THE EVENING FINANCIAL. BUSINESS QUTLODK APPEARS BRIAT Utility Concerns #Wlaking New Records—Oil Indus- try Extra Prosperous. in 1924 and less of the profits have been due to manufacture of telephone equipment. Household $6.95. Two days later the price went <o $11.95 and continued soaring un- til the $13.95 mark was reached to- day. Dealers say prices may go as high as $16 before heavy receipts cause a decline. Bananas have been extremely plen tiful during the heated period, heav: s coming to Baltimore from the Lemons at Peak Price Since 1894; Bananas Tumble while radio equipment now is showing the usual Summer slump, the tot: for the year seems likely to indicate | most gratifying results. 0il Production Falls Off. P The position of petroleum and we|{Sell Down to 5 Cents Per Products is showing a steady fmprove- | ment. The p i from the dee 2 is now believed passed. | With Mercury. There is no other field which now | R glves indications of a flush productic — would tend to increase storage nd refined | p-| It is due to inability to trans. hem long distances during hot weather that cities near seaport towns are getting more than their share of the frumit. Salvatore Scalco, a local dealer, of- ten attends the fruit auctions in Bal- timore. On a recent bananas sold as low bunch for ‘“shakers, bunches are termed, choicest_fruit The intense heat has increased the demand for lemons until the price of this fruit has soared to the highest cak since 1894, The price of oranges plentiful i First Mortgage Loans 5t 30 cen ON | Washington Real Estate nbing towar box which adequate s To: Many Grocer; The trend toward con . June 9.—More and electricity Is being produced used in this country at present than ever before at this time of the : 5 R S L y vods situation h h no he angirg from 40 some overha Oranges were pric !land with production favored by » $10 & box today. which have obtained for | eek uzo lemons w o the record size of the nz today and were b a continue un throughout the Summer months. public utilities in general, with the | possible exception of the tractions, are making fine profits. These fair to increase alonz with the dency toward the merging of competitive companies into sug power strings and the consequen lowering of overhead costs. s Traffic Holding Up. As to the tractions. the volume of passengers carried is at about the same as that of last vear, w 000,000,000 were transported. bear of bus competition has b ished in many localities Ly ion of bus service by companies themselves & by them of bus routes as feeders to | the rail systems Many steam power plants are being y erected to supplement hydr: plants, and this prom aid to the coal ind it badly. There still 100 many men in the b duction field and too ms operation. Many properti unable to make money and sco mines are closed down in whole or in | part. The anthracite demand steady, but in August faces a revision of the a erning wages and cond the miners a new contract of the indu tain undou! nat recessions | REAL ESTATE LOANS RESIDENCE LOANS AT LOW RA’ FRED T. NESBIT | INVESTMENT BLDG. Main 9302 HOME OWNERS Can Secure LOANS Up to £300 In THREE DAYS Fidelity Guaranty Co. Pi P BUILDING, NTIH N | unchecked for E. Qumci Smith, Inc. 909 15th St. "How are your dollars employed? Let us assume they are de- posited in a savings bank where they earn 37 interest. True. your money is working, but it is deing only one-half the work of which it is capable. Can you afford to lose the 3% or 313% that is rightfully yours when vour dollars are in- vested in our 615% First Mortgage Notes? Consult C. L. O’Donnell, Mgr. Mortgage Department Second Trust Notes This company has funds avaiizble for the purchase of all kinds of second trust notes, sccured om real estate in or close to D.C 1 EF / I Replacements If Your Own Broker Cannot Arrange Your Loan Renewal See Us We Have the Funds CHAS. D. SAGER 924 14th Main 38 has Prompt Service pes into effect the trend s likely to be uncer- | and Transactions Co 713-15 14th St. N.W. Main 3662 I==n===0 Huge Construction Program. | The 1925 construction pre am of the | electric utilities up to the end of this| vear call for expenditure of $550.000,. | 000 or more. | Electrical equipment manufactur- | ers have had remarkable business in | the first half of this year. The de-| mand h: ed a wider than | Realtors Phone Service Until 9:00 PM. 14th & K Main 9080 Capital and Surplus, $2,000,000.00 HowLong Will You Be Away? T 1f your home is to remain occupied long this Summer, a place of doubtful security for Bonds, Stock Certificates, Jewelry and other easily appropriated valuables, “ You can rent a SAFE DEPOSIT . in our vault one larze vour requirement= onably. OAND SAFETY « ISEE v Missouri Pacific Railroad Co. 7% Sinking Fund Notes JUNE 1 offer of We a limited number 7% First Trust Notes secured on D. C. property the Northwest section of the city. - WM. S. PHILLIPS 1432 K St. N.W. DUE 1939 in ® Price to yield about 5.95% (Fizured 1o first callabla date and 7% thereafter) o ment ings & Trust Co. Oldest Savings Depository in Washington Cor. 15th and New York Ave. see our vault cquip- Send for circular The National City Company Washington—741 15th St. N.W. Telephone—Main 3176 58th Year All of these notes have been sold. This advertisement appears as a matter of record. New Issue June 9, 1925 $10,000,000 Schulte Real Estate Company, Inc. Ten-Year 6% Sinking Fund Gold Notes (With Common Stock) Dated June 1, 1925. Due June 1, 1935. Authorized and immediately to be issued $10,000,000. Interest payable June 1 and December 1. Principal and interest payable at the office of Dillon, Read & Co., New York City. Coupon notes in denominations of $1,000, registerable as to principal. Redeemabl= as a whole or in part by lot on any interest date at 105 and imterest to and including June 1, 1927; thereafter at a reduction of 1% for each succeeding twn-year period to and including December 1, 1934. Interest payable without deduction for Federal Normal Income Tax up to 2%. Pennsylvania 4-Mills Tax, Maryland 4'3-Mills Taz, Connecticut 4-Mill Tax refunded upon application as provided in the Indenture. The National Park Bank of New York, Trustee. The purchaser of each $1,000 note, upon full payment therefor, will be entitled to receive five shares of the common stock of the company. A Sinking Fund is provided sufficient to retire $5,000,000 notes by maturity The following information is summarized from a letter to us from Mr. D. A. Schulte, who is to be President of Schulte Real Estate Company, Inc.: ORGANIZATION AND EQUITY Schulte Real Estate Company, Inc. (Delaware) will be the principal real estate operating company of Schulte Retail Stores Corporation, conducting all transactions in fee real estate heretofore carried on by subsidiaries of the parent company. Operations will be confined to city properties used or suitable for commercial purposes. The proceeds of these notes will provide funds for the purchase of such real estate or interests therein. The initial equity for these notes wijl be represented by $3,000,000 par value of preferred stock, to be issued in payment for fee properties with an appraised value of more than $3,000,000 (or in payment for all the capital stock of the company owning such properties). In addition 425,000 shares of the common stock of the company will be purchased by Schulte interests for $637,500 in cash. EARNINGS FROM SCHULTE REAL ESTATE OPERATIONS Average net earnings arising from the real estate operations of the various Schulte companies, forthe twoyears and eleven months ended November 30, 1924, were at a rate in excess of $1,000,000 per annum. The organization of Schulte Real Estate Company, Inc. will provide capital largely in excess of that hitherto used for real estate operations, and it is expected that profits will be substantially increased. 5 SCHULTE RETAIL STORES CORPORATION i Schulte Retail Stores Corporation, through its subsidiaries, is the second largest retail distributor of cigars, cigarettes and tobacco products in the United States. The business, begun approximately forty years ago, today sells its products direct to the public through more than 260 stores, owned or leased, in more than 98 cities. Including these stores, the Schulte companies control more than 470 locations and parcels of real estate in 31 states and more than 100 cities. Among the companies controlled by or affiliated with Schulte Retail Stores Corporation, are: D. A. Schulte, Inc., New York, Alfred Dunhill of London, Inc., B. G. Davis & Co., Inc.,. Park & Tilford, Inc. Schulte Retail Stores Corporation has outstanding $7,100,000 87 preferred stock and 375,000 shares of common stock with a combined market value, based on recent New York Stock Exchange quotations, of approximately $49,000,000. PART-PAID RECEIPTS -, Payment for the notes (with common stock) is to be made in two installments: $500 on account of each $1,000 note on or about June 22, 1925, and $500 on December 1, 1925. The Company will issue its part-paid receipts in transferable form entitling the holders on payment of the second installment on December 1, 1925, to exchange such receipts for notes (with common stock) and to receive 6% interest on the first installment of the purghase price from the date of payment thereof. The notes will bear coupons for interest from December 1, 1925. We offer these part-paid receipts for delivery when, as and if issued and received by us, and subject to approval of legal details by our counsel. It is expected that delivery will be made on or about June 22, 1925 in the form of part-paid receipts of the company, or interim receipts of Dillon, Read & Co. ‘ Price $500 (At rate of $1000 per Note) Further information is contained in a circular which may be had on request. ELMER ¥F. SAUTER STAR, WASHINGTON, D. C., TUESDAY, JUNE 9, 1925, «oLay Aside Each Month. —a fixed portion of your earnings and receive a full 615% interest, with as- sured safety! You cah casily do this by purchasing a few Wardman First Mortgage Notes on our simple time-pay- ment plan. Thousands have availed themselves of. this opportunity: why not you, too? WA MAN waenn £0LEPTIIEAREERTNE Y MONERE Construction Company 1430 K Street e Main 3550 “We House One-Tenth of Washington's Population™ R A T T e PR R R TSP e é The New York Life Insurance Company Offers to Mal:e First Mortgage Loans on Improved Real Estate In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods Apartments Office Buildings Houses Business Properties SY2% ON APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MoORTGAGE LoaN GORRESPONDENT TeliphoneNain N 132/ Conmecticut Toenue, 9700 NEREELAPRERRRARERRER R FINANCIAL. PROCURED and rd Truts Todividual hmancing: Beine rablem 10 us. l Money to Loan " B e e | Mgt 20 Wash 1o & Trust | our fnsm f'f.fph— L Weller 53" 80% ¥ N3 District Loan Procurement jolc———ja|c——=]a} Company |219-223 Kellogg Bldg., 1422 F Si WE MAKE T rivonons Y a0t o REAL ESTATE LOANS T vt eea e 21 NATIONAL BANK N. L. SANSBURY CO., Inc. RESOURCES, $14,000,000 1315 F Street 1418 Eye St. N.W. JOHN POOLE, President LOANS On P Money Main 5904 FIRST MORTGAGES ONLY —on improved income-produc ing property in \Washington and suburbs are offered by us to investors. In every instance titles have been thoroughly investigated, adequate insurance protection Quarter * i hin is provided and the appraisal is of a conservative. Century Wathout < e Safety is our first considera- tion in the investment of funds —and our clients profit by it. B. F. SAUL CO. 2100 Main 925 15th St N.W MANSIONS PITTSBURGH. PA. It Total issue $990,000 A First Mortgage Bonds Interest payable June 1 and December 1 Coupon Gold Bonds in denominations of $1,000, $500 and $100, registerable as to principal. Pennsylvania 4 mills tax refunded. In the opinion of Counsel, these Bonds are a Legal Investment for Trust Funds in Pernsylvania Bonds dated June 1, 1925 SECURITY: A closed first mort- gage of $990,000 on the land, build- ing and equipment of Cathedral Mansions, Pittsburgh, Pa.; also a first lien in effect on the earnings of the property during the life of the mortgage. The property is conser- vatively appraised at $1,650,000, constituting this issue a 60%, first mortgage, which will be reduced to June1,1927. JuneT, 1928 Juxe,1930. JuNE1,1931 Juxe1,1932 Juse1,1934. MATURITIES June,1929..... BT, 10555 e JuNET,1935. .. EARNINGS: Gross annual earn- ings estimated at $325,000; net an- nual earnings at more than twoand one-half times the greatest annual interest charge on the First Mort- gage Bonds, and substantially in excess of interest and sinking fund charges combined. SINKING FUND: Created by monthly deposits to provide in ad- $25,000 $30,000 $325500 $34,500 $37,000 $39,500 $654,000 before the final maturity. LOCATION: A corner site, covering 41,250 square feet,open on all sides, in the beautiful and centrally located Shadyside residential section of Pittsburgh, near the magnificent St. Paul’s Cathedral, Car- negie Institute, Masonic Temple and University of Pittsburgh. BUILDING: A thoroughly modern fireproof struc- ture—nine stories and basement—containing 247 apartments, ranging from one room and bath to four rooms and bath. The building will be of steel and congrete construction, with the exterior of Colonial brick, ornamented with limestone and terra cotta. The equipment throughout will be of the most up-to-date character. THEF. H. SMITH COMPANY Smith Building Washington, D. C. Pléise send me your circular describing the 7% First Morcgage Bonds secured by the Cathedral Mansions, Pittsburgh, Pa. 1 NEW YORK PHILADELPHIA The 7% First Mortgage Bonds on the Cathedral Mansions are protected by the system of safeguards by which we have established our record of no loss to any investor in s Tue F. H. SmitH CompANY NO LOSS TO ANY INVESTOR IN 52 YEARS vance for prompt payment of semi- annual interest and annual curtail on principal. The First Mortgage is thus reduced $336,000 before the final maturity. TITLE GUARANTEE: Will be issued by the Union-Fidelity Title Insurance Company, Pitts- burgh, Pa., for the full amount of the First Mort- gage. Provision is made also for adequate fire, elevator and liability insurance during the life of the mortgage. GUARANTEE OF COMPLETION: The Stand- ard Accident Insurance Company of Detroit guar- antees completion of the building in accordance with plans and specifications. PRICE: Par and accrued-interest, to yield 77, net on all maturities. Purchases may be made for cash or under our Investment Savings Plan. years. Founded 1873 WAasHINGTON, D.C. PITTSBURGH MINNEAPOLIS Smith Building, 815 Fifteenth Street, Washington, D. C. We have purchased this entire lseue, relying on the information contained in this advertisement, which Information nas peen se- cured and compiled from what we believe to be accurate sources, and, while not guaranteed. it represents the opinion of this House. Room 300-301 Edmonds Building Telephone Main 683-4-5-9-709 Dillon, Read & Co. . LEON SHORE The statements herein have been accepted by us as accurate but are in no event to be construed as representations by ue.