Evening Star Newspaper, July 9, 1925, Page 29

FINANCIAL. BERLIN PROTESTING MARK VALUATION Reichstag Committee’s Ac- tion Scored by Investors as Unfair and Dangerous. By the Associated Press. BERLIN, July 9.—While the Berlin Bourse resumed quotation of pre-war loan bond: vesterday's Beef Cattle Sell At Highest Prices Ever Paid in U. S. By the Associated Press SIOUX CITY, Iowa, July 9.— What is said to be the highest price paid in the United States this year for beef cattle was re- corded in Sfoux City late yesterday when bidders from 12 States pur- chased 25 pure-bred orthorn cattle from the herd of Urbandale Farm, owned by F. E. Jackson of Hurley, S. Dak., for an average price of $363 a head. Max Walton Buron, a 2-year-old bull, was sold for § o Bellows Br mitted to the Re THE EVENING STAR, WASHINGTON, NEW BOND FIRM PLANS TO AID SMALL CONCERNS Baltimore Company Would Bring Out Bond Issues to Run for Ten Years. Special Dispatch to The Star. BALTIMORE, July 9.—In order to give financial ald to small industries the Corporation Bond Co. has been formed here and application for a charter filed with the State Tax Com- mission. It is asserted by those behind the plan that the project is unique in character and adds another kind of financial eaterprise to the list in which Baltimore has been a ploneer. A feature of the plan will be the or- ganization of subsidiary corporations at various points. Bond issues will be floated to meet the needs of small manufacturers who have no way of bringing out a bond issue and whose MoneTt; Loan by first, deed o Joseph 1. Weller REAL ESTATE LOANS 53% spRReNERTm RESIDENCE LOANS AT LOW RATES FRED T. NESBIT | INVESTMENT BLDG. Main 9392 e E First Mortgage D. C, THURSDAY, JULY 9, 1925. , capital requirements are too small to| NEW YORK, July 9 (®.—The be handled by investment houses spe- | Alaska Juneau Gold Mining Co. ciallzing in large' offerings. Loans |earned a profit of $20,000 in June, in | will be made up to 10 years on real | contrast to a deficit of $8,500 in June estate, plants and equipment. last year. FOR INVESTORS i-llllllflnmmlmlllIllllIlIIIIlIlIIHIfllIllIIlIHlllllllllllllllllllllllllmlm'llIlllullllllllllllllI!IIIIIIIII‘IIIlIIlIIImllllllllW: MORTGAGE NOTES IN CONVENIENT DENOMINATIONS " Investments 6'2% R, ON IMPROVED PROPERTY in DISTRICT v+ COLUMBIA ment’s promise, permanent continued to | trusting in the gove: he Reichstag's | bought these loans as a fn differenti. | investment on the basls of quotations i new holders of | calculated upon this revaluation plan ans These holders now find the value of . their investments in the paper r ns in Danger. loans reduced by half if the Reichs-| submitted by | tag revaluation committee's figures | stand. We have for sale a number of notes secured by first mortgage on improved properties. Security of the highest grade. Notes in large or small denominations. $150,000 Wilkins-Rogers Milling Co. First Mortgage 6% Bonds June 1, 1926-40 First mortgage on entire property consisting of a seven-story reinforced concrete building, ware- house, grain elevators, all equipment and 23,338 square feet of ground, on K and Potomac streets, valued at over $317,000. H. L. RUST COMPANY 912 15th Street Main 6888 Our service in collection of snterest and notes without charge to purchasers. MOORE & HILL, Inc. 730 17th St. N\W. Phone Main 1174 i Telch and_the | yOUr reinvestment es will encounter | problems if the revaluation CAFRITZ First Mortgage Notes Are good investments because they are not subject to fluctuation, title certificates show them to be first i nd they are now earning in- at the rate of 613 % which promptly. Write for book- posal prevalls. The ation says the situation ve it s compelled to protest BUILDING AN ESTATE mittee < the plan com The New York Life Insurance Company £ Offers to Make You must build upon a-firm founda- is like building a home. €. L. 0'Donnell, Mgr. Morizaze Department CAFRITZ COMPANY | Main 9osoj First Mortgage Loans on Improved Real Estate In the District of Columbia and Suburbs for 3, 5 or 10 Year Periods tion. Realtors Total assets over $557,000, with capital and sur- plus of $252,313. OUR FIRST MORTGAGES Over a g are securities deserving of a Earnings for year 1924 were $63,540, over seven 2 g times bond interest, with a seven-year average of over four times bond interest. GUARANTEED by Mr. Howard L. Wilkins and Mr. Samuel H. Rogers. Price to Yield 6 % to 6.40 % % 5 Quarter 3 ; Houses place in any such foundation— Apartments Bl Business Properties of a Office Buildings SY2% ON APPROVED SECURITY absolutely safe, always worth Century 5 A Without a Loss B. F. Main 2100 holding to maturity, and pro- RGE you to place your surplus funds where you know they will be safe and yet where they will bring you the maxi- mum return—in selected First Mortgage Notes! ductive of interest return. 6%% We make no charge for handling your purchase, ~ collecting your interest, etc. BOSS &b PHELPS HOME OF HOMES 1417 K STREET Apply RANDALL H. HAGNER & COMPANY ¢ MORTGAGE LoaAN GORRESPONDENT : Nor521 Commecticut Hvernue; %mmmmmmmmmm SAUL CO. 925 15th St. N.W. District of Columbia Tax Refunded Established 1832 Townsend Scott & Son Bankers and Brokers Baltimore, Md. MAIN 9300 Woodward Bldg. ‘Washington, D. C. Telephones July 9,1925 All of these bonds have been sold. This advertisement appears as a matter of record. $13,500,000 Great Consolidated Electric Power Company, Limited (Daido Denryoku Kabushiki Kaisha) First and General Mortgage 6%% Sinking ['und Gold Bonds (CLOSED ISSUE) FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street JOHN POOLE, President ANNOUNCEMENT Investors in Miller Bonds can obtain an unconditional guarantee of payment of principal and interest Dated July 1, 1925 Due July 1, 1950 Interest payable January 1 and July 1. Principal and interest payable in New York at the office of Dillon, Read & Co., Fiscal Agent, in United States gold coin of the standard of weight and fineness existing on July 1, 1925 (or at the option of the holder, in London, in Sterling, at exchange rate of $4.8665 to the Pound Sterling) without deduction for any Japanese taxes, when held by non-residents of Japan. Coupon bonds in denomina- tions of $1,000 and $500. Callable as a whole o in part on any interest date after 30 days’ notice at 100 and interest. The company has agreed to make application in due course to list this issue on the New York Stock Exchange. The Industrial Bank of Japan, Limited, Tokyo, Trustee; Central Union Trust Company cf New York, Countersigning Agent. A Sinking Fund will be provided, available semi-annually, sufficient to retire $300,000 bonds per annum for the first ten yearsand $700,000 bonds per annum thereafter, to buy bonds if available at not exceeding 100 and interest and insofar as not lvailabr:tn call by lot at that price.This sinking fund is calculated to retire the g = HOME OWNERS || Can Secure LOANS IT HAS always been the pol- If, on the other hand, a icy of G. L. Miller & Co., Up to $500 In THREE DAYS Fidelity Guaranty Co. 202 PHILLIPS BUILDI FIFTEENTH ST. 2000000200000 WANTED! SECOND TRUS Inc., to provide customers of the House with every convenience and service they desire. In accordance with this policy, we have made ar- rangements so that investors can obtain Miller Bonds with an unconditional guarantee of principal and interest. A large, strong and re- sponsible indemnity com- pany, under strict legal supervision, will, aipon the annual payment by the bondholder of %5 of 1 per cent of the face value of the bond, guarantee the pay- ment of principal and inter- est to the bondholder. Washington Investment and Transactions Co. 715 14th St. N.W. Main 3662 >0 00000 Sansbury Co., Phone M. 5904 1518 Eye St. N.W. Bondholders who pur- chase this guarantee will receive 675 per cent inter- est from 7 per cent bonds, 6 per cent interest from 6% per cent bonds, etc. We have always believed that if a bond is amply secured by improved real estate of sufficient value, a guarantee is an unnecessary and costly luxury for the bondholder. Invest Your July Funds Where You Will Be Free From Worry hose who cannot afford y part of their principal, or who have neither the time nor skill for watc he investments, gate at once our lected 2% 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. Offices and Representatives guarantee is needed to make the safety of the bond as- sured, such a bond should never be offered as an in- vestment. In offering this optional guarantee, we are not de- parting from the conviction expressed above; we are simply providing investors with an extra service and convenience should they desire to have their in- vestments insured and be willing to pay for such insurance. Miller Bonds have always been safe. We shall not let this guarantee provision operate in any manner to lessen the strict vigilance, caution and care which we exercise in testing and un- derwriting bond issues be- fore we offer them to the public. Write for Booklet G7227, which gives detailed infor- mation regarding the guar- antee and a list of current offerings of Miller Bonds paying up to 7 per cent in- terest and secured by struc- tures in the North, East, West and South. G’L.MILLER & CO. INCORPORATED 308 Phillips Bldg., Washington, D. C. Home Office—30 East 42nd Street, New York City Write for our new booklet— it's FREE! NO INVESTOR EVER Mortgage Investment Dept. HANNON & TUCH 713 and 715 14th St. N.W. Main 2345 z MILLER . BONDS Dillon, Read & Co. entire issue by maturity. The following information is summarized from a letter to us from Momosuke Fukuzawa, Esq., President of Great Consolidated Electric Power Company, Limited: BUSINESS AND PROPERTIES Great Consolidated Electric Power Company, Limited, is one of the two largest producers of electric power in Japan, selling its output for the moSt part under long term contracts to retail light and power distributors, traction companies and large industrial consumers. In less than five years its generating capacity has increased from 25,800 k. w. to a present capacity of 255,300 k.w. The territory served has an intensive industrial development and contains a population of more than 20,000,000, including the cities of Tokyo, Yokohama, Osaka, Nagoya, Kyoto, Nara and many other cities and towns. 4 SECURITY These bonds will be the direct obligation of the company and in the opinion of counsel, will be secured by closed first mortgage lien created under the laws of Japan on properties representing a cost less depreciation, as of February 28, 1925, of $33,234,478, as certified by Messrs. Harold Bell, Taylor, Bird & Co., Chartered Accountants. These properties comprise an integral part of the company’s system and include generating plants having a total present capacity of 136,100 k.w., sub- stations of 195,400 k.v.a. total present capacity and 396 miles of high tension transmission lines. The bonds will be further secured, in the opinion of counsel, by closed mortgage lien created under the laws of Japan on additional properties repre- senting a cost less depreciation as of the above date of $37,063,367, subject only to the lien of the mortgage securing the company'’s Series A Bonds (closed issue), of which $14,500,000 will be outstanding upon completion of the present financing. Total properties thus securing the present issue of bonds represented a cost less depreciation of $70,297,845, and include all of the completed power plants, substations, transmission lines and distribution lines now directly owned by the com- pany, with the exception of a small distributing system the ownership of which is to be vested in a subsidiary company. EARNINGS Results of operations for consecutive fiscal terms of six months each, as certified by Messrs. Harold Bell, Taylor, Bird & Co. for four fiscal terms to November 30, 1924, and as reported by the company for the fiscal term ended May 31, 1925, were as follows: i ating . e tacoc P erating ! Maintenance Ogverlnn‘ Other before and arnings Income Interest and T Deprecistion ..$1,346,355 $526,902 $819,453 $190,594 $1,010,047 1,843,128 966,721 876,407 377,328 1,253,735 3,417,017 1,708,835 1,708,182 304,780 2,012,962 6 months ended Nov. 30, 1924.. 3,657,291 1,472,053 2,185,238 396,906 2,582,144 6 months ended May 31, 1925... .. 4,572,679 2,288,640 2,284,039 375,215 2,659,254* *In addition the company realized during this period $432,532 profit from the sale of real estate not uscful in its business. Net income before interest and depreciation for the twelve months ended May 31, 1925, as shown above, amounted to $5,241,398, or approximately 2% times maximum-annual interest requirements of $1,892,500 on total mortgage bonds, and approximately twice maximum annual interest requirements of $2,707,000 on total mortgage and debenture bonds, to be outstanding on completion of this financing. The growth in the earnings shown above has been due primarily to increased generating and distributing capacity, generating plants aggregating 194,700 k.w.capacity having been completed or acquired during the above two and one-half year period. CAPITALIZATION AND EQUITY The company’s outstanding capitalization upon completion of this financing will be: Mortgage Bonds: Series A, due 1944, $14,500,000, this issue, $13,500,000; Debenture Bonds: due 1929, $8,575,000, due 1930, $5,000,000; Capital Stock: 2,259,260 shares, $25 par value, fully paid,$56,481,500. Present quotationsin Japan for the company’s debentures and capital stock indicate a market equity in those securities of approximately $53,000,000. The company’s stock is owned by more than 19,000 stockholders. Conversions of earnings, interest charges and market quotations for the tompany’s debentures and capital stock, from Japanese to United States currency, have been made at the rate of 40 cents per yen, approximately the present rate of exchange. All other conversions have been made for convenience at the rate of 50 ceats per yen, parity being 49.85 cents per yen. "6 months ended May 31, 1923.. 6 months ended Nov. 30, 1923 6 months ended May 31, 1924 We offer these bonds for delivery if, when and as issued and accepted by us, subject to approval of legal proceedings by counsel. It is expected that delivery in the form of temporary bonds of the company or interim receipts of Dillon, Read & Co. will be made on or about July 23,1925. Price 86 and Interest. To Yield over 7%% (to maturity) Further information is contained in a circular which may be had on request. Guaranty Company of New York Bonbright & Company INCORPORATED Harris, Forbes & Co. ‘The statements herein, based in part upon cable communication, have been accepted by us as accurate but are in no event to be construed as representations by us.