Evening Star Newspaper, April 21, 1926, Page 31

FINANCIAL. THE_EVENING STAR, WASHINGTON, D. C. WEDNESDAY. APRIL 1. 19%6. FINANCIAL. 51 —_— FIRST QUARTER PROSPEROUS. |ferred dividends to $.80 « shars, on EAEDRY SR o | REPORT OF CONDITION | Second Trast Notes Purchased | Money to Loan ¥ o ¢ the common stoc] ain a oS ~ . - . Funds {mmediate vailabl d e o - H o ORI, AP 1 5L, iaa | Shars n the frst qlarter of 1025. NORTH CAPITOL WASHINGTON | kiiouiiieciiclr it | iy n-!’f*r‘i--’;:n,"a“wég;"-:m"iflw’“,““m. The New York Life Insurance Co. )re prosperous first quarter than a | P T X Joseph 1. Weller 3°.™ o udvancing to | 'The Nation has its Arlington amphi- SAVINGS BANK SAVINGS BANK. :“ aiall . depreciation, | theater, now Washington needs fits Offers to Make net after interes Arw 5 y i ashin ot of ¢ a T e o, from 85| v e memortel temle, WA 3o 3t R ARPESLAL SR Ml SR DS T COLUMBIA PERMAN irst Mo [ : 4ESOORCES. F rt REFORT OF THI co)nmoba 1. Tonas wnd’ discoteis it e | WE PAY MORE INTEREST BUILDING ASSOCIATION gage 8 " TH e e oniaicen O1 oiher banke, ON SAVINGS ACCOUNTS X On Improved Real Estate in the District of Columbia change or drafts, sold with . | and forcign bills of ex- { ent of this bunk . $53 change or draits. wold F ederal-Amencan Nahonal Bank Than Any Other National Bank f items 9 {ndorser A t At Wushington. in the District of Columbla, at the close of business on Fith indorsement of thisy w0 % Qrerdratts, umu ured. . i Waalilngton | and Nearby Suburbs in Montgomery County, Maryland. April 12, 1926, 5 "E'.E‘L'c{.‘,‘\c.f*‘é‘." N el u‘..m..,,‘ Interest on DAILY Balances || FOR 3, 5 OR 10 YEAR PERIODS L ,X‘:;‘,u,';??gr;l;;dum"‘ i i L “'u”mur” . Come in and let us explain ||| e s 00 nd discounts, incltding rediscounts, acceptances of 5. Other b Syl C . I N t’l B k | ssets Qver Houses Apartments ind forclgn bills of exchange or drafts, soldy Lo usssl o A88 6010 ommercial Nat 1 bank |/t 733 12th Street N.W. Business Properties Office Buildings nt of DL i 1ith and G Streets | unsecured ....... P 66.923.20 Melvin C. Hazen, President fment securities owne: 1o, cathar uxkllmf Bouse 17.108.27 fates | Resources $17,000,000 | \ Floyd E. Davis, Treaturer ON APPROVED SECURITY o g e e 0 11, adus ';ln:fv;u":fufim.l“flu‘, i 172,000.23 | 1. Cliecks ’m."uuu-; Bihics K. GOLDEN DONALDSON, PRESIDENT | Clarence 1. Gessford, Secretary ) 4 SN ,000. . Amount “gue > rom St Ranie ity ‘or Tows All other United Government securities aians t:x:-“nil;.;n\‘:.'m:( ,:h.','.‘"{ (;H jorting bank - S— = — pply 1 (including premiums, if AnF)..e.euereeneeconsn 730,915.7 Qompanien in the United | al "ot te i slidio ok g T PP § B RANDALL H. HAGNER & GOMPANY oty otal @. Uth bo (m ks, securities, et ] . Banking house, $1,305,766.94; furniture and fixtures, § s The PIOR'I'GA(.}E Loan GORRESPOND‘EN'I‘ 7. Lteal estate owned other than banking house. 1 ...$100.000.00 S o 1321 Connecticut Avenue Telephone Main 9700 \. Lawful reserve with Federal Reserve Bank |88 . LT 261000:00 ecurity . Jtems with Federal Reserve Bank in process of coilection Rt Brof- " Cash in vault and amount due from national banks. : 90:999: qu of a - - Amount due from State banks, bankers, and trust cnmpu\ es Spae & hrY N . 1 the United States (other than included in items 8,9 and 10), 5.003.20 Firm Foundation 12 inges tor clearing house 2.700.00 L 3 . . b 13. Checks on other banks in the ~amc “Gity or town as reporting 00 MR q t " t e ey , A inemen toc i1 = — uitable Lo-operative bullding Ass n Liza $1,346,502.63 25. Certifled b . ing, .. JOHN JOY EDSON, President OrKlnlted 1879 Assets ... ..$5,031,814.86 The foundation under this building is responsible for its durability and its dependabil- ity of purpose. and drafts on b)nks (includin 4] Reserve Bank) ted outside of city or town of reporting bank............ ption fund with U. . Treasurer and due from » FRANK P. REESIDE, Secret: i of i 46t ¥ h YEAR (OMI‘LETED", Surplus $1,352,749.93 Subscriptions for the 90th Issue of Stock Being Received SHARES 13,983.53 2,600.00 59,188.10 SO4RYTAG 0.00 s1. uu....m Demand. than bar . { i Just as is the security be- g hind an investment responsi- ble for the desirability and safety of that investment. 025,195.03 10180 1 191 a-l.? 4204 %o check......... . Diyidends unpaid Total of demand 'depos its (other than bank | deposits) | xubleat’ t | SAVE with the EQUITABLE Systematically ake up your mind to save system -ally (hmugh the Equitable and stick to it. LIABILITIES. . $1,600,000.00 Capltal stock paid in §00,000.00 5. Surplus fund ... i9. a Undivided profit b Reserved for dep. First Mortgage Notes are founded on and secured by Improved Real Estate in the Nation's Capital—a fact that doubly insures their present and future value. ttificats of deposit {othe money b than for 432,184.44 9,600.54 Annual Return 6"2% 1 Certificates of (other than for borrowed ) 33, & *ebosit 10ney Less current expenses paid. . Reserved for taxes, interest, . Circulating notes outstand! mount due to Fed = 3. Amount due to national ban e fes in +. Amount due to e banks, bank: pan! and foreign (ountrh‘s (other than included Our plan has met w approval of thousands than Total 005.18 | District of Co HC A s Jein today. 189,700.17 | P9 h B0 L IRE WHCHET, Mramdas of th | any ) 9 1 above-named bank, do so s hat | o 3 outstanding. Lo | e thovs shasemant fa war s (e beet of [ mow . fuatem 1§. Casher’s checks oul\\.unllm.: my knowledge a:l‘“gfl:"fit'\ém: Ay, P Mortzuge Investment Department 915 F S Total of items Subseribed tr t Demand deposits (other than "pank depostis) subject to rese (deposits payable within 30 days): . Individual deposits subject to check ... Dividends unpaid . L Other demand depo : Total of demand deposits (other than bank subject to reserve, items 31 and 32 I::m (\;epu-xu subject to reserve (payable atter 30 days or subject to 30 days’ or more notice, and postal savings): ificates of deposit (n(hnr than for money borro»\ed) 9 . Other time deposits Postal savings depo: & Guy of April 199 1) Main 2345 Directors. 795,978.03 2,478,178.12 63,768.12 An Extra Margin of Safety erve, items .$3,337,92 ‘(other than postal savings), including coount and deposits of United States dis- ubject to r Subscriptions having been received in excess of the amount of this offering, this advertisement appears as a matter of record only $30,000,000 Republic of Uruguay. 6% External Sinking Fund Gold Bonds Every $1 you place m First Mortgage Notes spon- sored by this organization is secured by $2 in choice Washington real estate. Und Jaunders Coze 131,478.07 6%2% Convenient imounts 5100 and cluding acceptance of other ange or drafts sold with in- anks and anelgn 3 orsement of this bank........ .00.u00 00 ...$15,191, 649 42 Total District of Columbia, City of V Jahmmun : I, CHAS. D. BOYER, cashier of the above-named bank, do solemnly swear +hat the above statement is true to the best of my knowledge and bellef. CHAS. D. BOYER, Cashier. Subscribed and sworn to before me this 20th day of April, 1926 0 .‘ 5, 1,419.250. 5o | 1 457,000.00 Dotal:. 00 950,086.26 14821827} 727,669.40 | 17 Cupital stock 5 19. a l'lhh\lde\l 52,792.16 PO 8852047 870,845.12 expenses paid.” 11.7 47,087.68 | 20. Reserved for taxs i Dated May 1, 1920 Interest payable u.y 1 and November ! Due May 1, 1960 ( ) MILLARD &. YEATMAN, Notary Public, D. C. Correct—Attest: i 4s o cumulative ing Fund, the Republic of U iy semi-annually, beginning November 1, 1926, the sum JOHN POOLE, GEORGE W. HARRIE of $150,000. Fund payments, includi mmu ou bomh held for the Sink ng Fund, shall bo ! assy A. E. BERRY, on interest dates to acquire, at their amount, bonds called by lm on ‘wenty days’ pu Main 1016 w. T. GALLIHE}. D! WALTER A. BROWXN, ALEX. BRITTON, WM. F. HAM, FRED 8. GICHNER, W. G. GALLIHER, ISAAC GANS, JAMES F. SHEA, ' - Directors strict No. . natice. mkapubhcnfbm-ynurm(hnghmmrmnnhm mnt of any Sinking u-dpmmu.ud»—d-bmd-uu—ofmyp-m.;du-fup’u SINKING FUND CALCULATED TO REDEEM THE ENTIRE ISSUE AT OR BEFORE MATURITY Coupon bonds in demominations of $1,000 end $500 registerable as to principal. Principal cnd imteress pcyodle i Umiled States zoia com #f tha present standard of weight and fineness, in New York City at the office of Hallgarten & Ce., and im Chicage at the ofice of Halsey, Siuart & Co., Inc., and in Amsterdam at the Amsterdamsche Bank without deduction for any Urigusyam taxes present or future HALLGARTEN & CO. AND HALSEY, STUART & CO, INC., FI:’C\L AGENTS A substantial amount of these bonds has been withdrdwn for sale simuitaneously : Holland by the Amsterdamsche Bank, . DULIN, WM KNOWLES COOPEEL: RALPH W. LEE, Reserve JOLIDATED RLPORT OF CONDITION ¥ THE RIGGS NATIONAL BANK which will act as Sub-Fiscal Agent in E\ucp' At Washington, in the District of ("?lulr;x::sm at the close of business ol and further substantial amounts have been sold in other European countries IT TAKES TIME April 1 . s 1 o . i \ e Theyjalmwmg statemené has been authorized by Hic Excellency Ricardo Cosio, Minister of Fimance of tiw Repmbiic TO BUILD /) & Yoans and discounts, including_ rediscounts, of Urnguay: acceptances of other banks and forelgn bills of exchange or drafts, sold with indorse- ment of this bank (except those showu in e).... © Customers' liab“it account of of this bank purchased or discounted by it “OBLIGATION: These bonds constitute the direct obligation of the Republic of Uruguay. The Republic ==———————————agrees that if in the future it shall issue or dispose of any bonds or loan secured on specific revenues or assets, these bonds shall be equally and ratably secured therewith; but this provision shall not apply to the creation of specific charges on new enterprises to secure obhgadons issued to finance their acquisition or construction, or to the pledge of local taxes which may he created in order to furnish funds for the construction of new roads, railroads or bridges. PURPOSE: buildings. L'his business has been build ng itself for a third of a cen- tury. Our— - 6159 FIRST MORTGAGES the judgment .$22,219,844.12 49,000.00 ,268,344.12 3,401.40 Total loans .. e 3. Overdratts, secured, $95.66; unsecured, $2, & U. S. Government securities owned: . : b. All other United States Government securities (including premiums, i any) 5 . 7592,600.99 5. Other bonds, stocks, securitles, etc. . 3,600,822.68 %, Banking houses, §1,720,304.93; 1un.'lxlture 5.74. The proceeds of the lcan are to be used for the refunding of certain existing debt, and for sanitary works, railways, ports, roads, agricaltural promotion, schools, and other public conservative, ghese —represent experienced and fixtures, i 5,288.53 L vt irteee D Faderst Beserve . 2582,613.47 GENERAL: Uruguay has an area of 72,153 square mules, being slightly larger than the States of New ears have developed. We 8. Items with Federal Reserve Bank in process of collection.. 1, 59.31 ~——— York, Vermont, Massachusetts and Connecticut combined. It is the most densely popu offer them to vou with the as- 50.13 10. Cash in vault and amount due from national banks......... 11. Amount due from State banks. bankers and trust com- panies in the United States (other than cluded in hems 8, 9 and 10)...... . . 13. Exchanges for clearing 13, Checks on other banks in t ing bank (other than ftem 12). Total of items 9, 10, 11, 12 an "|4. & Checks and drafts on Lanks (including Reserve Bank) located outside of city or lated country of South America, having about 1,678,000 inhabitants. Montevideo, the capital, is one of the principal seaports of that continent. In proportion to area, Uruguay stands first in South America m;aélv;ay mileage, and in the Western Hemisphere is exceeded in this respect only by the United States il ithout and Cuba. i The importance assigned to education by the Republic is shown by the fact that last year nearly one fourth of the governmental expenditure aside from debt service was made for this purpose. The economic development of the country has been sound. The chief industry has been the raising surance that they will protect | - vour principal, and yield their promised interest without fluc tuation. Jt has always been so: we will keep it so citur 548,848.80 633,017.65 104,419.14 iy or town & Teport- .;4.9&‘3.‘:‘94 8 town of reporting bank....... 91,998.98 of live stock and the preparation and exportation of animal products. There has been a considerable agricul » Miscellaneous cash ftems....... 9,98 soamsssnl tural development as well, and since 1900 the number of factories has more than doubled. The country §. Other assets, 12 ONY..ceecesocoscccccsssssnsssse 296,207.76 has had a favorable trade balance for the past two years, approximate figures for 1925 being: Imports, $97,000,000; Exports, $101,670,000. REVENUES: .$43,604,512. 3 Total LIABILITIES. £24,300.84 F. SAUL CO. 925 15th St. N.W. B. Main 2100 The Government’s revenues are largely derived from customs duties, suppiemented by direct taxation on property, excise taxes, and receipts from Government-owned properties. For the fiscal year ended June 30, 1925, the Government presented a baianced budget, with revenues larger than expenditures. . $2,500,000.00 1,500,000.00 apital stock paid iu .. . Surplus fund 2 a Undivided profits b Reserved for contingencles .135,367.13 SEeotsTer - Yioss current | experises ‘DAL . __‘—' §.836.30 ' FINANCIAL POSITION: The excellent financial position of the country is indicated by the fact that its —_— ngs,g;l.gé = currency sells at substantially its gold parity of $1.0342 to the Peso. The ratio n. Reserved for taxes. interest, etc., acCrued........oo.osnes +, d85.388 of gold reserve to gold note circulation is one of the highest in the world, being at present over 100%. T 240,747.30 nk (deferred cred!!s) deral Reserve Bank ( e to national bank: ate banks, bankers and trust companies tes and foreign countries (other than or 23).. tanding Uruguay enjoys a high credit standing throughout the world. Prior to the world war all of its external loans were issued in Europe, and at present there are listed on the London Stock Exchange £22,453,312 of its bonds, bearing 314% and 5% coupon rates. Foreign capital invested in Uruguay is substantial, and a number of American and European banks and industrial corporations have branches and plants there. The national public debt upon completion of this financing will amount to about $216,817,000, of mount du mount due_to S 1926 Analysis 3,301,168.76 s 18,833.28 115,144.47 Demand m 0SiLs ayable within d!) (LA‘«H) subject to check. t due in less than 30 da)s (other than which approximately $154,000,000 is external. This debt largely represents investments in productive enter- _prises under control of the State, inclyding banks, railways, public utilities, port works, etc., which showed substantial profits from operations in 1924, and are estimated to have a value of over $152,000,000, or ap- S. S. Kresge Company Operating a chain of 315 five-and-ten-cent stores 306,635.54 187,915.00 118,285.50 proximately the amount of the external debt. The national wealth is officially estimated at $2,597,000,000. or over $1,547 per capita, this being nearly 12 times the per capita debt. Upon completion of this financing. the Republic will have no floating debt. mouney be nds unpaid... demand deposits. Total d tock had ket All dollar conversions in this statement have been made at the rate of $1.03 per Uruguayan gold peso.” ::1“1(,9 lo‘; 1::;:;;53:::;@“5 70; 0, 00‘0 z“m:‘rm:_ The Republic has ogreed to make application to list these bonds on the New York Stock Exchange pared with a current market value of more mmfl are offered when, .‘:nd if fssued and sccepted by us and subject to the approvai of counsel. We reserve the 0 than $165,000,000. During this period only i hole or e R e e T D e e York Glenahis 1 "fu"'fi’m"'.':f.;.'.?‘. $4.000,000 new capital was raised from the pro- i ceeds of Common Stock financing. . Price 96% and Interest, to Yield about 6.25% subject to Tese (D 0 30 days’ or more notice, and postal sav(nga 64,692.90 7,128,851.78 148,073.36 Total of items States depo: m 4u1her than postal uwingsb, lncludlng ount and deposits of United States United war loan deposl! disbursing officers Sales for the eleven-year period have increased sl from $16,000.000 to $105.900.000, with profits 543.006.80 HALLGARTEN & CO. HALSEY, STUART & C0. LEHMAN BROTHERS before taxes up from $1,150,000 to $13,509,000. 42,716.04 lncorporated - .. Agreements to repurchase United States Go\emment or other securities S0ld..............vv . Letters of credit and travelers’ checks sold for Lash und out- standing .. @ “Acceptances” executed by this bank for cu : e i CASSATT & CO0. KISSEL, KINNICUTT & CO. AMES, EMERICH & CO. Out 1926 analysis will be sent upon request. We also have ounted - 49,000.00 in preparation similar data on McCrory Stores Corporation, National Tea Company, General Railway Signal Company, G. R. Kinney Co.. Inc., Oppenheim, Collins ¥ Co.. Inc.. Gotham Silk Hosiery Co., Inc., Peoples Drug Stores, Inc., Western Auto Supply Co., and others to be announced later 0 ..$43,604,512.23 es other than those above stated. GRAHAM, PARSONS & CO0. NATIONAL REPUBLIC COMPANY Chicago THE SHAWMUT CORPORATION KORTHERN .TIIIIS'I' COMPANY MISSISSIPPI VALLEY TRUST COMPANY of Boston Chicago St. Louis THEMINNESOTA LOAN AND TRUST COMPANY MERCHANTS TRUST COMPANY NORTHWESTERN TRUST COMPANY Minneapolis St. Paul St. Paul BLYTH, WITTER & 0. GUARDIAN DETROIT COMPANY Insorporated W. A. HARRIMAN & CO. Incorporated ANGLO LONDON PARIS COMPANY San Francisco TOtal .oviiiinuieiiiennaiannn “ystrict of Columbia, Washington, s 1, GEORGE O. VASS, cashier of the above-named bank, do solemnly \\eur that the alove statement is true to the best of my knowledge and GEORGE O. VASS, Cashier. bubscrlbed and sworn to before me this 20th day of Aprfl 1926, s WM. H. DORSEY, Notary Public, D. C. eal.) i ct—Attest: )crr'éHAS. C. GLOVER, FRANK J. HOGAN, WM. J. FLATHER, DUNCAN PHILLIPS, H. ROZIER DULANTY, RANDALL H. HAGNER, G RUFFIN, ROBERT V. FLEMING, JOHN L. EDWARDS, GLOVER, Jr. .YEr'I‘RHC COLEMAN JENNINGS, Merrill, Lynch & Company - 120 Broadway New York Members of the New York, Chic Detroit end Cleveland Stech Eschenges JL,H\ S. LARC \)\H E, l() ). LaGORCE, ‘ e . H. B. bPh\bl R, 1D, D D. RHEEM, Chicago Detroit Denver Los Angeles JULIUS GARFINCKEL. KARL W. CORBY, : The abows statements were obtained partly by cable. While not guaranteed, they are believed io be correci. OWELL MINNIGERODE, Directors. ¥ gAmw ¥. CLARK, N N . . - . 5 -