Evening Star Newspaper, November 24, 1925, Page 29

FINANCIAL. AR, WASHINGTON, D. . TUESDAY, NOVEMBER 24, 1 FINANCIAL, First Mortgage Notes (N)IISI)NIE[}'AITOE Sl']"g#‘g i u Stocks ' / 8 Lo l\!'lfiondeyd t? Loan | eate By A e e imieast ad comprigdons - | 5 x.anfm;i;a.}..e.f GEO. W. LINKINS i T | T ma LO ANS Joseph I. Weller $2%ik i 2%% || The New York Life Insurance Co. $100, $250, $500, $1,000 1733 DeSales Street Chanin“sac . 5o fhisrcn: ) 3 Offers to Make XD vP 2 2 - o E i w proved application. Write B L v ‘ First Mortgage Loans 617 Interest REAL ESTATE LOANS ||/ “MEHLMAN & CO. ANY AMOUNT vgm..—ed on D. C. Real Estate 5%% QH&TEH,;%:WM;&F; 1319 F 8L NW. Ph. Main 8847 m. H. Saunders Co., Inc. RESIDENCE LOANS AT LW RATES Established 1887 FR 5 BIT e —— g o 1aa utgrown. Jte 4 ; | EESE Suee W I l\Tl-:gl:l‘) lFshnln 9392 | 1 Continental Trust Company ! \ for E FEDERAL-AMERICAN |/ Stevens Hotel ]} Doee 51/2 % i On Improved Real Istate in the District of Columbia and Nearby Maryland Saburbs for 3, 5 or 10 Year Periods. = Capital 5 NAT!ONAL BANK C e Business Properties Office Buildings ¢ hi e “years—whichever — One Million Dottars A f] oz, s e ol RESOURCES, $14,000,000 ompany = h & H S \}| First (Closed) Mart Your Apart- FORASALE Sl M SKelley 1315 F Street W ""6% Gotd Bomda Denominations of $250, $500, | o = P in the ! S e | i A Apply ment House— $750, $1,000 and Upwards Awcan Teepsone awo Teizsmees Cowpany Loan Department i TR | DUE JULY 1, 1945 ON APPROVED SECURITY ) ! e ot G tHE STEVENS, now ||| RANDALL H. NFAGNER & GOMPANY i ‘ usfflflifi-’f&m ! VT V| 0000 660000066000 under construction in Chi- cago, will be the larg |f| MonrTGAGE LoAN GORRESPONDENT est hotel in the world. | ! l Price yielding about : 1321 Connecticut Avenue Telephone Main 9700 [~—managed by us, [{| reaches a higher per- e L B B ¢ The regular quarterly dividend |J| WANTED! : oee : i Columbia of Two Dollars and Twenty-Five ‘l‘;::lda'l "fll"‘"‘ll / L ; Cents (82.35) per sharo will be paid Bl A ough a lower on January 15, 1926, to stockholders SECON JST NOTE hercentage of JAMES F. SHEA of record at the close of business on 417 S in 47 P e s | F age ok 4§ SR Tcastobis S December 19, 1925 i {Tunt. notes. stcured ‘on D. €. send 1o vacancies, — I % 5.90% H. BLAIR-SMITH, Treasurer. o Tearhy real eatate Procwi action in every case. Washington Investment The Narional City Company , and Transactions Co. ashington-—- i 741 15th St. NW. 713 14th St. N.W. ™ Bttt | “Is There That Much’ ———————————} Money in the World?” il l A question often propounded in a trite way, oue B | Sound Judgment | APPLICATIONS INVITED without reference to any particular sum—BUT a quarter of a efiifitféyfoi’ipifii | OUND judgment, so invaluable in the investment | : oo $ l 9400’000,000000 1 vantage. | field, can be gained only by long experience. The I IMPROVED PROPERTY ! B. F. SAUL CO. safety of a bond issue depends chiefly on the security sl e e MONEY TO LOSE 925 15th Street NW. | back of it; ability to judge the worth and earning Il District of Columbia and adjacent e - e e Main 2100 | power of that security depends entirely on the judg- | | Suburbe in Montgomery County, Mé of ti ors _of his_cou '} gh ‘,au_aule’_m ment, knowledge, care and experience of the house | | e s DT TR et that underwrites the issue. : | 5_;_ % | This Could Not Have Happened | The judgment of S. W. STRAUS & CO. has been | if these p had p f i FIRST MORT- Do Your developed, year after year, in investigating, ana- INTEREST GAGE 'NOTES v proved real ‘estate in the Nation's January Investing lyztng un.d utfderwntmg bond issues on city prop- l | et ) :"”anf“.a but give supreme consideration | ertieswhich, intheaggregate,total manyhundreds Apply ro to the ABSOLUTE SAFETY of ients” funds Early | of millions of dollars. ’ HE investor who waits until Every Straus Bond represents the accumulated H. L. RUST COMPANY his January funds are in hand 43-year experience of a nation-wi izati to provide for their reinvestment Y wide organization, LOAN CORRESPONDENT S e operating in the principal cities of the United | ‘ b | t::“ ‘h:,::mi,y_glyyifld ml; States and Canada, the largest and most expert ! ®se PRUDENTIAL INSURANCE | L= HANNON ' & LUCH: ! | maturity he wants. f lending organization in its field. | | COMPANY o AMERICA s e L Send your name and address on this advertisement today, for I Straus Bonds form a class of securities of proven merit | 912 15th Street N.W. Main 6883 713, 715 & 717 14th Street N.W. vy Main 2345 descriptions of Smith Bonds that chi 3 : . . . . e et ‘ which should be included in every well-diversified in- investment. Smith Bonds yield vestmentaccount. Inquiries from investorsare invited. 7% and are sold in $100, $500 : and $1,000 denominations, with Call or write for a choice of maturities from 2 i oo | to 10 years. BOOKLET 740—G Ask for Free Literature Mortgage Investment Department New Issue mermsmmce || [ | S. W, STRAUS & CO. ||| | el $12,500,000 Founded 1873 I il 2sTABLISHED 1882 INVESTMENT BONDS INCORPORATED | i ildis i H L o 3 ~ o o - p- v v~ | C e o (B NATIONAL METROPOLITAN BANK BUILDING | The United Light and Power Company Philadelpbla Minneapolis | Telephone Main 5847 “ New York Plisdurgh ; 43 YEARS WITHOUT LOSS TO ANY INVESTOR : Gold Debentures Neme ..o 6% Series of 1925 o s wsace e itl Dated November 1, 1925 Due November 1, 1975 | Address ... THE NEW YORK TRUST COMPANY, NEW YORK, TRUSTEE NEW ISSUE Hy ! From a letter tous, Mr. Frank T. Hulswit, President of the Company, summarizes as follows: q Business The United Light and Power Company, incorporated in Maryland, or its pre- 100,000 Shares : f and decessor, has for many years controlled and operated a group of properties fur- /‘ " n . i ™ H | Territory nishing a diversified public utility service in ninety-seven prosperous and grow- /] . - H ing communities in the heart of the Middle West. These are mostly situated in IJ ’//[d/}l.f 0[/‘ 0'1”atl€ I{L’[lflflg CO,PO’ dfloll Iowa and Illinois. The Company also owns the entire common stock of The H United Light and Railways Company (incorporated in Delaware) which has World’s largest producer of Automatic Oil Burners i acquired practically the entire common stock of Continental Gas & Electric THIS STOCK IS BEING BOUGHT FROM INDIVIDUALS AND INVOLVES NO NEW FINANCING FOR THE COMPANY H Corporation, controlling among other properties, Kansas City Power & Light 3 Co. and The Columbus Railway, Power & Light Co. The communities served by the combined properties total 289, and the aggregate population served is 3 : in excess of 1,750,000. The United Light and Railways Company also owns all Aushorized Issued : of the Common stock and a large amount of the Preferred stock of Ohio Utilities Common Stock (no par value). ....... 350,000 Shs. : Company and its subsidiaries (recently acquired) and owns or derives income i 1 t of f American Light & Tracti NO FUNDED DEBT. NO BANK DEBT. NO PREFERRED STOCK. — ;m:'fi;';‘;‘;’u:h g‘;‘:‘ggx:;:f: CoAmericantight e saction Company, Mr. Charies U. Williams, President of the Company, summarizes his letster to bankers as follows : Capitalization Consolidated THE UNITED LIGHT AND POWER COMPANY History and Business Earnings AND CONTROLLED COMPANIES The Williams Oil-O-Matic Heating Corporation of Illinois is the largest manufacturer of clectrically operated do- Statement cw‘f;:::::::nde; SSptenibec a0, LT mestic oil burners in the world. Starting with the sale of one burner in 191, sales have steadily increased, util in 1925 Operating Expentes, Maintenance and Taxes. || 20,371,363 21.205.429 the Company expects to sell and deliver some 12,000 units. This growth has been financed entirely out of earnings. The H NetEarnings.......... i _§13,751,411 $15,733,555 Company’s first r.ational advertising campaign stacted in May, 1924, with a dealer organization of only 400. Today H Interest and dividends payable to ‘,“n,nc, and mi- this organization numbers 1600 dealers located in every state in the Union, and the Company plans to spend $600,000 § nority stockholders’ share of undistributed for advertising in 1g26. : earnings of controlled companles............. Product : Balance for Funded Debt of The United Light and Power ang Compa S emaea e D sibiseeETe The first Williams Oil-O-Matic installed in 1919 is still in operation and giving perfect satisfaction. The Williams Abnuslinterset cnitis UritaciLight and/Basrss C riesines 0il-O-Matic is an electrically driven unit designed for use in connection with the ordinary type of houschold heating : i . oo e ,_"_“2_' 5 plant, steam, hot air, or hot water. This burner is capable of using a materially lower gravity fuel oil than that which : A e 4 i can be used by any of its chief competitors. As lower gravity oil contains a greater number of heat units per gallon, and Debentures, and as the cost per gallon is materiaily less, cost of operation of the Williams Oil-O-Matic is lower than that of any of 5 Balance for Depreciation, Dividends, etc. . . $5,382,19 the other household burners now on the market. Proven cost of operation in many cases has been less than the previous H cost of operating a coal fired furnace. The above figures are exclusive of any earnings from American Light & Traction Company Stock. [ St 7 o i ! “'[’-‘ and Earnings ‘ ¥ : As shown in the foregoing statement, Consolidated Net Earnings for the year Sales and carnings of the present Company and its predecessor in recent years, as certified by Messrs. Ernst & Ernst, H ended September 30, 1925, after deducting interest and dividends payable to have been as follows: H public and minority stockhnlder:;‘ share of undistributed earnings of controlled H | companies, were over 2.6 times the annual interest requirements on the entire :;;5- (10 months) . 5 U::;:;“ r;‘.;.;;;; :2..(10 months) H Funded Debt of The United Light and Power Company, including the interest 1924. 7,038 664,433.81 on thege Debentures. . 1923. - 1,999 152,889.71 4 : i After deducting all annual charges prior to interest on these Debentures, the Based on orders on hand and shipments made since October 31st it is estimated that total sales of units for the cal- i balance available was over 4%3 times the annual interest requirements. endar year 1925 will exceed 12,000 and that earnings after taxes will approximate $2.50 per share. I 1t is the intention of the management immediately to place the common stock on a $1.50 annual dividend basis. : All legal matters in connection with the issue of these Debentures will be passed upon by Messrs. Winthrop & Stimson Assets : of Néw York, and for the Company by Messrs. Humes, Buck & Smith of New York. ‘ Without borrowing money the Company is doing the largest business in its history. Balance sheet of October 31st H showed current assets of $1,356,867 including $275,238 of cash, compared with cl\‘mem li-bi:’i'ie; of $320,830, leaving a H These Debentures are offered when, as and if issued and recsived by us and subject to approvalof proceedings by counsel working capital of $1,036,037, ample for the Company’s needs. Present capitalization is based on carning power, as H L & total net tangible assets amount mP;x,753,406.‘I'}|isearyning power and the vpnlu-ble patents owned are valued at $1.00 E at 92 and accrued interest, to yleld about 6.55%. on the Company’s balance sheet. Management of the Company will remain in the hands of those responsible for past growth. The Williams family have an option to purchase }:cm the Company the 100,000 shares of unissued stock which will permit them to increase their present 71.4% interest in the Company to 77.7% at the end of five years, with a resulting increase of working e Bonbright & Company 7 We have sold the above 100,000 shares at $1 5 per share Ineeabosut Bullding Wisdhfngtons New York Chicago Boston HORNBLOWER & WEEKS . The feregoing statements are obtained from official sources and are believed to be correct. H it which we consider reliable. While not guaranteed, it is accepted by us as accurate.