Evening Star Newspaper, January 14, 1926, Page 31

FINANCIAL. THE EVENING STAR. WASHINGTON, D. €. THURSDAY, JANU \R\ 14, 1926. FINANCIAL. l ’\‘\m\m\wm\ |CREDIT EXPERT SEES Bond FE Mortgage Bonds BREDIT [:UT []FF : CAUTION NECESSARY i B“U 1 quvik'q fragefor B4 1st Trust Loans 2 F"::,.:mgigu.,;.co | NEW (TORIE aniaisq4 r.‘l m=|m\rr LOA ‘:rju::w R;TI-N .[Studebaker E ”",:3..‘?.'.'?:"525‘:‘?:':'::':'.""5.'.::'" ;j (1] mffll:fl“";}"‘s’g""‘:d‘m"; |N [}UAL REG"]NS el Creaic Corof Rettimoremves || - FRED T. NESBIT i 3 % N. L. SANSBURY CO., INC. %' ! that steady improvement 1§ financing ||| INVESTMENT BLDG. Main9392 || K {0124 Uurab!ll*q BRI (% 1di8 Fye St NV.—Main 5901 5! Weervillhcoiical [ e antomoptie indus ¢ e resuitea ‘fss\\\\“x\xs\w‘\\smség : your proposition of Merchants Unable to Buy | D0 e e e | FEDERAL-AMERICAN Business Pro schemes lowering the amount o = perty New!Goods——Strike Hits 1"2'3‘-".-5":‘51'7-"."315;"n’.'f"w’.’li,'fhfl"r“}.{"'x' Mllllllll"lllllllllIIIIIIllIlIlIlIlIIlII||i||||\|\|||H|l|||Nl||||fll||||||||||ll||||||||||||||||||||||||"||lll|ll||IlIIII|||||||||l||||||H|||||llIl|||IHl|lll||||l||||||||l||||l|l|l||||l||||||||l\|ll||||l||||||l]’VEli NATIONAL BANK Buying or Selling Many Other Industries. | macerrond, the 1montn pericd | = ||| RESOURCES, $14,000,000 with Frankness asserted, but it was hec — | creasingly necessary tb exercis BY J. C. ROYLE. ;utnnnn(lnn and :\mh\n january 15| NEW STOCK ON SALE. | : placed in relief from the | Paper Company Places $20.000,000 Ao in Market Today. | in ihe State) NEW YORIK, January 14 (®). —The | 1% Kkeen as in the mine | Arst pu : of securities for | 1315 F Street JOHN POOLE, President National Metropolitan Bank Capital, Surplus and Undiznded Profits, Over $1.800,000.00 15th St. Opposite U. S. Treasury—112 Years Old 00 [Organizedin 1814 | Over a Century of Satisfactory Service 10 The Star First Mnnguge Notes For Sale In Denaminations of $100, $250, $500, $1,000 AND P 637 Interest Secured on D. C. Real Estate Wm. H. Saunders Co., Inc. REALT! 112 E_ye St. N W Franklm?j"J a price of $100 h share of preferred | k will carry one share of lunnnnn which condemne seltishne lu nn\|v1!tm| next week \\l\#ll a ”(\ Established 1887 B of 25-vear § per cent first S e = sl be/iniacedionrith ey HEN choosing a custodian i ;l“] e d Cas for vour Payday, or other i hard |, m_”\"‘:_j’,‘l:,,‘_' 'I“::‘,"‘f,";u, PatBes i funds. make mcnl:l[ note of g By T AN e on Droke. the fact that the protection and N EREISSIE E ou have inquired of som service of The Metropolitan have ‘Ht — i Some Stock Tsusithat s Gffered : ed the tests of over a It : > | i o et aislieiec] \_\ ¢ ”h_(‘r(d LI i O | I Legal for Trust Funds in the State of New York Upon | A ZRR Sep Ui i Completion of the Building About May 1, 1926 o i ““':’h‘,d,'.’,;fl:‘;,"'“‘“’“‘,g;"'_"’,‘,’,'r" gy ¢ Could you reasonably want further {],‘ et ; they {mated that a ser = yroof of Safety and good manage- i P N TR S e 'j'} ER Oldest National Bank Im(‘;u 5" i = g ;:g : e agement | "M t Loln in th : ‘!" ; gem i oney to mn the 5 . I e District of Columbia 4s little as ONE DOLLAR wil] open i ‘ 7 an account in Qur Savings Deft. 1‘! | 2 . OPEN UNTIL 5:30 P.M. TOMORROW Il /‘-19 /i > 1 ause we are doing something re 3 q P - S o » ;‘.‘ / k g = ‘ (enlrul \nm‘m Bank O a 1 O lk a U l I‘g s i 4 ; 1 10 14 St Near G o Y g | g 5 1 . At e A st ‘MIHllilillfllllllllllilllmm|1|HN|!HiUlll’!W‘w‘!i‘I!IHIIIW%|1|Hi]‘fll\!?]HUEHHFIHHI H|lIINli?!il!|llHNWHIl|l4Nlllll?ill|||||HHHHH|H!“Ilmllllllll“lllll||Illlllmll|I|!|l||||l|||||M, [ I {0 3 m T!‘ R m n 1 R i | 7 5 - b Br | — . ‘ = R ERT P EEE ; | | | ?1‘1.‘“] TI?]] fl'fl : | | il FITIR™ New Issue ! il :711]!111‘.1;‘"‘7’]!]]3 it ANV IA T, Merchants Transfer & Storage Company 1 RERE (INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE) ‘ | | ; 7°%c CUMULATIVE PREFERRED STOCK I Other_Industries Sufer. SERIES A : ¢+ confined 1o coa - i ut Exempt from present Federal Normal Income and District of Columbia intangible personal property taxes. | Preferrat Stock is entitled (o recelve a cumulative Alvidend at tne fixad rate of 1% per annuy ffom Eabrussy ! 1826 pavable Apri [ | i3 A ”’?n‘%’f‘m&ffl'b.i Both ae e'n"a]_-\'«‘n'-w i At Eompants optian’in e | 17s in tha pay t of dividends for eight consecutive quart il ne dividend V!'.I ran 1 e forred Stock s '4 to ha then issued, and further shn 4 ‘!OY! | 10,000 of Proferted Siock, (here will be 1e1ed AR amount of cammon siock squal to the additional amount of i 0 per The Alden | | | | d 1 Ll | | » v Transfer Agent Registrar . AMERICAN SECURITY & TRUST COMPANY WASHINGTON LOAN & TRUST COMPANY it 2 T WESTERN MARYLAND R Waktiaston Do, 1“1? N.W. Corner Central Park West and 82nd Street, New-York City GETS BETTER START CAPITA LIZATION | It First Mortgage 6% Serial Gold Bond Cecrtificates 11 AUTHORIZED TO BE ISSUED i il Due Serially, 1928 to 1941 [ First Week of 1926 Shows Good $5.000,000 7% Cumulative Preferred, Par Value 3100 per share (this issue).... .$ 500,000° | “\ | il 6,000,000 Comm Stock, Val 100 r share . ... 1,000,000 Gain in Earnings Over $5 ommon Stock, Par Value § per share ‘ *Should the subscriptions to this issue of stock exceed $500,000, the Company reserves the right to allot such oversubscrip- | tion up to but not exceeding $1,000,000. I Dated: January 1, 1926. Interest Coupons Payable: January 1 and July 1. Il Title Insured by Lawyers Title and Mortgage Co. and New York Title 11 and Mortgage Co. Herbert S. Martin, Vice-President of S. W. STRAUS & I | Co., Co-trustee. Two Per Cent Federal Income Tax Paid. Previous Year. AL ‘x”u'\u'n':um S atacs, i The Corporation has no Funded Debt , y 3 A letter from Mr. John L. Newbold. President of the Company, is summarized as follows: BUSINESS MERCHANTS TRANSFER & STORAGE COMPANY was organized under the laws of the State of Delaware April 25, 1901, with a capital af £150,000, which from time to time has been increased to $1,000,000, to do a eceipte from general warehousing and transfer business. In January, 1924, the charter was amended permitting the Com- L Dper pany to do a general finance business. In March, 1924, the Company entered the business of purchasing open cent larger than ther were a vear ago. ; : 5 A from other classes of freight commercial accounts, secured by conservative margin, from well-rated manufacturers, jobbers and wholesalers, I — ‘ CHATHAM PHENIX NATIONAL BANK i " AND TRUST COMPANY, Trustee il AL bt i | Wesimmarizeibrieflyfrom alleter fronatheiborowing corporationt and m | from data compiled in our investigation of this issue: fi portion gain that tennage were § | Mortgaged Property: The bond certificates are a direct closed first mort- gage on the land in fee fronting 152 feet on Central Park West and 150 the Alaskan destruction v 4 by legis permanent light protection on all sides. Completion is guaranteed to il the bondholders. Location and Rental Demand : Central Park West is an avenue unique | in Manhattan. Overlooking New York’s most beautiful park, it is now | undergoinga great development and rise in values, due largely to the new I subway now in course of development along the avenue. There is a heavy i demand for accommodations of this type on Central Park West. Older I i | i | Net Earnings before Depreciation.. 112,700.03 106,139.44 93,125.49 v 142,41 131,743.97 63,481.55 42.464.41 63.504.41 61,495.55 §3,658.83 104.573.47 Net Earning Revente | E = A i 2 a8 524,50 RS il etoor ' representing diversified industries. Payments of the accounts in full are guaranteed by the sellers, although | i | feet on 82nd Street, New York City, and a fifteen-story fireproof apart- | e svenval the advances made to the sellers are not more than 80 " of the face amount purchased; the remaining 20% i It ment hotel to be kfl"“'““l‘ The _?‘l‘dcl';- ig?‘fl.flms fpproxtm}?felv 580 I comparative gain of $114 being withheld until the accounts are fully liquidated. i rooms, div lde:! into small suites. e building is now approaching com- il - > i i pletion and will be ready fo; occufla_rfi\v ablout Mavirl 1, 1926. In design, it i EARNINGS | | equipment, construction and finish, The Alden will be fully worthy of | DESTRUCTION FEARED . 12 Months | | the unusual location it occupies and will be on a par with any of the 1l OF SALMON |NDUSTRY - incalienc SERdSaMaY ‘30"“ e - E:?""M, | i best of New York’s apartment hotels. Also included under the mortgage il Speeial Dispatch 1o Th T L $214.165.03 $192.193.99 $179.970.96 $187.210.94 $200.720.00 '2';4"3'7_;,;" | M\ is the adjoining plot on 82nd Street, 25x102 feet, and a long term lease- Il BALTIMORF Operating Expenses and Taxes.... 101.465.00 R6.254.55 S6.845.47 3 91.587.59 92.393.12 | {5 i | | | | | hold on the adjoining corner of 83rd Street, 52x100 feet, thus assuring ‘”i I | i | The management after a careful analysis and based on actual net earnings of the Company for the last quar- i ter of 1925, conservatively estimates that, after giving effect to the proposed increased capital of $500,000, the i i net earnings for 1926 will exceed $180,000, which will be more than five times the dividend requirements on the g s thessuge e rancnt $500,000 of Preferred Stock. If $1,000,000 of Preferred Stock should be allotted, it is estimated the earnings vances in Alusk . e A A e A will exceed $215,000 or more than three times the dividend requirements. iution aker Introduced ts ef EQUITY urging the conven forts to protect one indus tries of 1\,.\‘;}.'.””-. by adequate and | This issue of Preferred Stock is followed by $1,000,000 par value of Common Stock having a value, accord- mECmpLsiEeiglion ing to the latest quoted price of $115 per share, indicating a market equity of about $1,150,000 behind the WOULD REDUCE CAPITAL. Rt buildings fronting on the Park are all rented practically to capacity at | rates considerably in excess of those on which our estimate of earnings | is based. The character and location of the property and the success in leasing apartments already attained indicate rapid occupancy of suites in The Alden and assure the success of the project. b PURPOSE ~ Valuation: The land has been appraised by qunce S. Ely & Co., Inc. at : PECi e e The Preferred Stock is issued for the purpose of providing additional capital to care for the rapid increase in Isgélzféaogogno%é\h-fl;:e:I:gtf:;ngle;;g;“;}d&?: :;s;:s:n%tglhg:;':j It Merger Proposition. i the business of the Finance Department and will enable the Company to handle a larger volume of such busi- e I NEW YORK, January 14 (P).—-A ness with practically no increase in overhead expenses. | il Rionasedireduciion intheicanitl sk | . ! Earnings: Net earnings, estimated on a basis lower than the rental it of $15 par value to § of 50| DIVIDENDS schedule obtained in older buildings on Central Park West, are estimated | | Fenlatmar value vl o C s x| The Company has paid cash dividends continuously on its Common Stock since 1904 as follows: | at $371,500, more than $140,000 in excess of the greatest combined i called for February 26 in Wilmington. From 1904 tod1907—4l:r 9 1907‘1—5"7- ; 1908 to 1917—6% ; 1917, 614 % ; 1918, 8% ; 1919—12% ; 1920 to 1926, 10%. { principal and interest requirements. i}‘ Del. The directors also will submit a Stock dividends have been paid as follows: 5 i roposition for a merger with the Ounership: The property is owned by 225 Corporation, controlled b: i :mr‘:!l{a]’lr'l .l"flg:‘g“r:s;“ll:‘I":‘i‘;:‘v:fi through | 1907—50% ; 1912—331-3%; ~ 1920—25% ; 1925—33 1-3%. | Bing & Bing, Inc., SR among the best known, most experienceg ;3E & % o SUE G i e g | and most responsible builders and operators of improved New York City i Legal matters pertaining to the issuance of the Praferred Stock have been passed upon for the Company by Messrs, Tobriner et & Graham, and for the Bankers by Messrs. McKenney & Flannery. The accounts have been audited for the Company by Messrs. Stock of the new company is to be Councilor, Thompson & Phagan and by Messrs. R. G. Rankin & Company for the Bankers. | o] TR R ER T It is expected that permanent certificates will be ready for delivery on or about February 1, 1926. Stock of Pacific Ol Co PORT RECORDS BROKEN. NEW ORLEANS, January 14 (Spe- ctal).—This port bi tonnage of vessels ing during December and in tonn of freight shipped and x:\rel\ul C P . cording to oftictals of the dock hoard. 69') SR LR e e rane, rarris Com any 000 used the d. . while 410,000 tons quire the assets of the Standard Oil of real estate. We have had previous highly satisfactory dealings with it Messrs. Bing & Bing. Amortization: The Bond certificates are retired by semi-annual payments : of principal inthree to fifteen years, the issue being reduced to $1,828,500 ! at the final maturity, January 1, 1941. | Denominations: $1,000, $500 and $100. R Price: To yield from 5.80 to 6% according to maturity. Application will be made to list this stock on the Washington Stock Exchange. Price: $100 Per Share ol Call or write for CIRCULAR 104-G of freight were '“,x d. } 823 15th Street N.W. Phone Main 593 ‘Washington, D. C. | S W S S C | YEAR'S C“ SHIPMENTS. | Subscriptions for this stock also may be entered through any one of the following banks and trust companies. I R‘ LU &" C | L O i —| AL NATIONAL B nlGoM Y ISTABLISHED 1882 INVESTMENT BONDS INCORPORATED BRE b Bros: tacks by 1995 ap- COMMERCIAL ANK MERCHANTS BANK & TRUST COMPAN | . L RS e CONTINENTAL TRUST COMPANY MT. VERNON SAVINGS BANK 929 FIFTEEN [H STREET WASHINGTON I GEAEmere e nd o DISTRICT NATIONAL BANK MUNSEY TRUST COMPANY Telephone Main 5847 SR £ OIS S FEDERAL-AMERICAN NATIONAL BANK NATIONAJ, BANK OF WASHINGTON TAX YIELDS HEAVY LIBERTY NATIONAL BANK PARK SAVINGS BANK : JACKSON, Mich., January 14 (Spe- | cial).—The State gasolina tax vieldad Michigan $8,000.000 in the last year. Revenue from automobile licenses was §123404000 The statements contained hersin are not guaranteed, but are based upon information which we believe to be accurate and reliable. 44 YEARS WITHOUT LOSS TO ANY INVESTOR