Evening Star Newspaper, January 28, 1926, Page 31

TINA NCTIAL. THE EVENTYG STAR. WISHINGTON, D. €. THURSDAY., TANTARY 28 1926 FINANCIAL. = FEAR TAX MAY CUT | USE OF GASOLINE 0il Men Say $200,000,000 Will Be Collected This Year in Various States. | ine are | ad an ap- | 6% Bonds SECURED BY First Mortgages Priancipal and interest of which are GUARANTEED by an outstanding SURETY COMPANY May be purchased if de- sired on Morris Plan of deferred payment and 5% paid on installments THE MORRIS PLAN BANK Under Supervision of U. §. Treasury 1408 H Street N. W. New Issue 'NEW MIDDLE STATES | | HAARRRRNNAL AN SIX COMMITTEES NAMED i TO PROTECT INVESTORS | TAG Ji 28 (P | of the lines expir and there have Fel ¥ 1, 19 indications th, v receivership w likely in the event of failure to nego- | Late a new agreement. | 0IL RECEIVER NAMED! NEW YORK, January h Glass, & mel mof Oleott, Olcott & ted JOHN fir ing to 4 posed. of. \ PSSR SRS NRE RIS NANNYY We Make First Trust Loans On Approved D. C. Security also Construction Loans Made Promtp Attention Reasonable Charges * N. L. Sansbury Co., Inc. THR Eye StUNW. Main 5904 ‘:\\\\\‘\\\\\\\\\\\\\\\\\ REAL ESTATE LOAN ANY AMOUNT AR 2 ANNANAINNRANRNS RESIDENCE S AT LOW RATES FRED T. NESBI H INVESTMENT BLDG. Ma wae— TELLER With Fxperience 9392 Prospective A\dvancement Address Box 200-R, Star Office Continental Trust Company Capital One Million Dollars 14th & H Streets First Mortgage Notes For Sale In Denominatiors of $100, $250, $500, $1,000 AND P 637 Interest Seeured an D. €. Real Estate Wm. H. Saunders Co., Inc. Established 1887 1433 K Street N.W. Attention Investors Better Than 129, Investment Five Buildings our Apartn Three Rooms an In Each Bui No Operating Expense .$12,500.00 ..... For Further Pa r LEE D. LATIMER, Jr. with J. DALLAS GRADY 904 14th St. N.W. Main 6181 First Mortgage Bonds | Joserh . Wrelioe 4zt FEDERAL-AMERICAN NATIONAL BANK RESOURCES, $14,000,000 1315 F Street 2 DY 1321 Connecticut Avenue 912 15th Street N.W. Money {o Loan Secured by first deed of trust on real e Callor write for Booklet N* & | | —Auvailable for Both Building Loans and Completed Properties Reasonable Interest and Commission JAMES F. SHEA 643 Louisiana Ave. N.W. POOLE, President The New York Life Insurance Co. Offers to Make First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Maryland Suburbs for 3, 5 or 10 Year Periods. Apartments . Office Buildings ON APPROVED SECURITY Apply RANDALL H. HAGNER & COMPANY MoRTGAGE LoaN GORRESPONDENT Telephone Main 9700 APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacent Subwsbe in Montgomery County, Mé sl 2 /0 INTEREST ‘_flpply To H. L. RUST COMPANY LOAN CORRESPONDENT ®se PRUDENTIAL INSURANCE COMPANY ¢ AMERICA Main 6883 : approxima | The F.H,Smith(b. i — e M Jo susimirieni | Eieet Trust Money W York unl| NO LOSS. £ d | oNEAND ‘ | Main 2100 Over a Quarter of a Century's Experience Decide— to llc.r us take over the management of your \partment House. Our long experience has taught us the cfficient and cconomical methods for supervising every prob- lem of leasi upkeep and rent collection. A consultation may mean ereater carnings for you. F. SAUL CO. 925 15th St. NOW. —to build homes! —to build apartments! —to build business properties! —on homes already built! Te arranged to conveniently meet the requirements of the borrower. B. F. SAUL CO. Main 2100 925 15th St. N.W. We Offer Wardman Park Hotel, Inc., First (Closed) Mortgage 5349, Sinking Fund Gold Bonds To Be Dated February 1, 1926 Due February 1, 1941 District of Columbia Intangible Tax to Be Refunded by the Company The Corporation will call for redemption, at 106 and interest, on March 1, 1926, its outstanding First Mortgage 6% bonds due September, 1937. Descriptive Circular Will Be Furnished Upon Request We Recommend These Bonds as a Conservative Investment Price, 99} and Interest, to Yield About 5.559%, CRANE, PARRIS & CO. 823 Fifteenth Street N.W. ‘Washington, D. C. Dependability VERY ONF | some one or something. The J | poor, the brave, the ! < dependent on First Mortzage Notes that pay an annual income of “Over Twenty Years Without Loss to a Single Investor” INVESTMENT DEPARTMENT SHANNON - & LUCHY, 713, 715 and 717 14th St. Main 2343 New Issue Let :I'omo;'row Prove Your Wisdom Today Foresight in Our And assure security of ccith high interes of con Invest Your Funds With FIRST MORTGAGE NOTES ample thined Main 9030 $1,400,000,000 Lost in 1925 N I ciation reports that the America and worthless of $1,400,000,000, or about $] a nation, we use our banks. also use our bankers? The next time you have occ our 615% First Mortgage Notes. fered loss us. from Notes purchased throug SvatelRpep Clleey . 727~15. Street. NW Washingion.DC. 30 Years IWithout Loss to An Investor $2,500,000 WARDMAN PARK HOTEL, Inc. WASHINGTON, D. C. First (Closed) Mortgage 51/5%; To be Dated February 1, 1926 Interest payable February and August 1 may he registered. Redeem including February 1. 1 The Corporation Coupon Bonds i Sinking Fund Gold Bonds Due February 1, 1941 $1,000, $500 and $100 denominations, the principal of which le 2« a whole or in part on any interest date on 30 days' notice at 105 and accrued interest to and and thereafter at 1% less for each three years until maturity. 0 assume the 2% Normal Federal Income Tax, and it agrees to refund, upon application wit sixty days after pavment, anv personal property or intangible taxes which may be assessed against the holder of these b hin by any state or political subdivicion thereof, or by the District of Columbia, not exceeding 6 mills per annum The Pennsylvania Company for Insurances on Lives and Granting Annuities, Philadelphia, Trustee. Application will be made to have these bonds declared legal investments for trust funds in the District of Columbia Mr. James D. Hobbs, Vice-President of the Corporation, has summarized his accompanying letter to us as follows LOCATION & The Wardman Park Hotel is CHARACTER - probably one of the most widely known apartment hotels in the United States. The site of the property at Connecti- cut Avenue, Woodley Road and Calvert Street, is within a short distance of the center of Washington. Because of its location and its unique facilities, available in no other apartment hotel in or near the city, 1t has gained the permanent patronage of many persons prominent in the diplomatic and official life of the Capital and a wide transient patronage from all sections of the United States. CONSISTENT OCCUPANCY Eighty per cent. of the rooms arc in housekeeping apartments inder yearly lease. Since the opening of the hotel in 1919, no apartment has remained urn- occupied nor has the number available ever mzi the demand. LAND & BUILDING The land on which the hotel is situated, comprising about 13} acres, is probably the largest pri- vately owned tract in the city undivided by streets. The building is of modern fire proof construction, fully insured, and contains over 1150 rooms and 596 baths, and in addition, extensive lobbies, dining rooms, a theatre for 420 persons, a garage for 450 cars, an open air swimming pool, tennis courts, grocery stores, drug stores, etc. SECURITY & The bonds will be secured by a EQUITY closed first mortgage on the entire property. The issue is followed by $1,000,000 Preferred and $1,730,800 Common Stock. VALUATION The following zppraisals have been recently made by recognized real estate authorities: Land Buildings Equipment Total MR. J. WiLLISON SMITH, PHILADELPHIA . $1,150,000 $3,700,000 $4,850,000 Messrs. WEAVER BRos., WASHINGTON 1,749,519 5,220,812 Mr. Harorpd E. DOYLE, WASHINGTON ... 1,749,549 5,499,549 . The closed first mortgage of $2,500,000 amounts to 51}/2% of the lowest of these appraisals. By the operation of the Sinking Fund the mortgage will have been reduced, by maturity, to at least $1,412,500, or to less than the average of appraisals of the land value alone. SINKING FUND The mortgage will provide for a sinking fund which will retire $75,000 par value of these bonds annually, at or below the then existing redemption price. Bonds so acquired are to be cancelled. MANAGEMENT The continuation of the pres- ent management, which has been responsible for the success of the hotel, is assured to the bondholders, by the terms of a supplemental agreement. EARNINGS For the five years ending Decem- ber 31, 1925, the net earnings of the Wardman Park Hotel averaged $273,791, or ap- proximately twice the maximum interest charge of this 1ssue. Such net earnings resulted after deducting full depreciation charges as well as operating and administrative expenses, taxes, maintenance, repairs and depreciation of equipment. Since 1920 over $§700,000 has been spent upon the property. Application will be made to list these bonds on the Washington Stock Exchange. We offer the above bonds when, as and if issued and received by us and subject to approval of Counsel. Price 991/, and Interest to Yield about 5.55%, It is expected that the Corporation will call for redemption at 106 and interest on March 1, 1926, its outstanding First Mortgage 6% Bonds due September, 1937. All matters pertaining to the legality of this issue will be approved by Messrs. Dickson, Beitler & McCouch of Phila- delphia for the Bankers, and by Judge Daniel Thew Wright for the Mr. J. Willison Smith of Philadelphia, Messrs. Weaver READING, PA. SCRANTON, PA. PITTSBURGH, PA. 435 CHESTNUT STREET PHILADELPHIA ros. of Washington and accounts of the Corporation have been audited by Stoy & Roberts Co., Washington, D. C. GRAHAM, PARSONS & Co. rporation. have been made by ?xprmak of the ]gre r. oyle of Washingtan. The Harold E. TRENTON, CAMDEN, J. BALTIMORE, MD. 30 PINE STREET NEW YORK WASHINGTON, D. C. 815 Fifteenth St. TELEPHONE MAIN 9310 The information and statistics in. this circular have been obtained from sources that wie deem reliable, and, while not gugranteed, #re belicved by us to be correct. L) 1925, the American Bankers Asso- n people invested and lost, in fraudulent stocks, the staggering sum 3 each for every man, woman and child in the Nation. A Had they consulted their bankers, much of this could have been saved. As Why not 2 ion to confer with your banker, ask him about C ¢ \ Dur- ing 56 years no investor has ever suf- h