Evening Star Newspaper, June 24, 1929, Page 13

IN.UPWARD TREND ANl Groups Except Oils Share 't . in Advance of Last - Week. BY IRVING FISHER. al Dispatch to The Star, on stocks showed June 24— significant last week on the New York . Every group except the olls FINANCIAL. THE EVENING STAR, WASHINGTON, D. O, MONDAY, JUNE 24, 1929.° IRAILROADS BUYING By the Associated Press. A serious and scientific effort to now being undertaken by the Federal Government. The first form the effort is taking is that of attemp! - mate the costs and wastes the ex- isting system of distributing commodi- ties through jobbing, wholesaling and retailing merchant classifications. The program had its inception in the mind of President Hoover when he was Secretary of Commerce, who laid down the general proposition that the coun- try's foreign trade had been effectively and wholesomely stimulated by Federal mechanization and that there was room for ];llrnllelhg1 the achievement by an advance of the bureaus into the do- mestic business. As the matter stands today much of the future activity of the Federal agencies is contingent upon the com- getlon next year of a census of distri- ution, now authorized by law. High hopes are held that data will be forth- coming from this enterprise that will be of material value and that a technique can be laid down for Government collaboration in the Nation's commerce NEW EQUPENT Orders for Rolling Stock Have Multiplied in Last Few Months. BY JOHN F. SINCLAIR. Special Dispateh to The Star. NEW YORK, June 2 period the war been more marked than during the last six months. New orders for locomotives and more than 150 per cent over the same period last year. Up to May 25 new orders for 336 locomotives had been received. Com- '-l’ll‘:t 1'91% 132 for the first five vorably with the monthly -nnflu for former years: In 1928, 148; 1927, 100; 1926, 110, and 1935, 13! ‘With the le e over the 1038 period. cent over 5 ‘“mnumhmmmmm ral s This is the significant thing about it. Gross revenues increased only 4 per cent. So the progress came from great- er operating efficiency by the individual roads. Simon Guggenheim, former United States Senator, big business operator and copper magnate, in giving a mil- lion dolr:ru recently to establish ex- change fellowships between the United States and Latin American countries, made an extraordinary statement which has not received the attention it de- serves, b-| Said Mr. Guggenheim:® and I have long been engaged in com- merce with the republics to the south of the United States. We know there are no lonrr any important factors of economic isolation separating us. “But & similar commerce of things of the mind, of spiritual values, is yet to be accomplished. It is my hope that this new fund may assist in supplying that great need. (Copyright, 1929, by North American News- Daper Alliance.) — Gets Machinery Order. YORK, June 24 (#).—The Manufactur- Rubber Consumption Report. NEW YORK, June 24 (#).—Advices to the Rubber Exchange of New York ‘Complete Investment' Service Greer & Co. BANKERS INVESTMENT BUILDING ‘WASHINGTON. D.C.~ e | of land in Owego, N. Y. & e tx Buys Factory Site. manufacturer, has p! acres & new women's Money to Loan We Buy and Sell - Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street .FINANCIAL.’ the highest-inter- est rate consistent with sbseolute satety, # n finsneing homes and in the sale of these se- curities. Wm. H. Saunders Co,, Inc. Main 1016 1433 K Attention! —of retired business man whe has a surplus which he would like to Rave working for him and still have en opportunity to supervise his investment by becoming president of 8 local institution. H To individuals with setious intentions and not - curiosity First Mortgage Loans Fair Rates of Interest J. LEO KOLB 923 N. Y. Ave. WASHINGTON OFFICE Hill Building - 17th & I8ts.,N. W. seekers we will be pleased to give complete details. Ad. dress Box 88.C, Star effice. 620 17th Street , _how under econstruction by the Sun Shipbuilding & Dry Dock Co. Carbon, Commercial n C. & C. Five of wed gains for the week is revealed in the various For the information of the terested in The Fairfax of Pittsburgh, ment relative to this property and to A Fine Building in a Choice Location . « « The Fairfax of Pittsburgh IN THE beautiful Oakland district, close to Schenley Park and to many fine build- i and particularly those who may b: in- nvite attention to the following state- issue of bonds offered by this House. Properties Behind Smith Offerings— No. 12. The Fairfaz of Pittsburgh. petit fer of the major portion of the e. saving to the eompgmex' in lo compact survey of New York| What may result is the spe iy ey :-he:d ;:'* T e Spued] ings in Pittsburgh’s civic and cultural center, is The Fairfax Apartment Hotel of Pittsburgh, a successfully operated property which secures an issue of bonds offered by The F. H. Smith Company. This building is located on Fifth Avenue, one of the city’s important thoroughfares, and it is but fifteen minutes by street car to the downtown business section. Some of the important buildings in the immediate neighborhood are those of the Carnegie Institute, the University of Pittsburgh, Soldiers’ Memorial, Pittsburgh Ath- letic Club, Masonic Temple, St. Paul’s Cathedral, and the massive ten million dollar Cathedral of Learning, which is now under construction. . The Fairfax of Pittsburgh is a magnificent ni‘Fe-ltory and basement modern fire- proof apartment hotel. It is one of the well-known Fairfax chain, other buildings of which are located in Washington, Philadelphia and Buffalo. Strong Security For Bond Offering The F. H. Smith Company offered in June, 1928, an issue of $2,140,000 614% First and Refunding Mortgage Bonds of The Fairfax, Inc. of Pittsburgh, to be se- cured upon completion of the refunding operation, by a first mortgage on the land and building (including furnishings, fittings and fixtures), known as The Fairfax of Pittsburgh. The bonds of this issue mature serially, the maturities ranging from six to fifteen years, so that the issue is to be reduced before final maturity to $1,720,000. There is also secured by this property an $860,000 614% General Mort- gage Bond Issue which is subordinate to the First and Refunding Mortgage and, until completion of the refunding, to the outstanding bonds of the underlying first rtgage. mo; L3 L] Refunding Operation : At the time the first and refunding mortgage was placed on this property there - were underlying liens of record consisting of a $1,400,000 79/, First Mortgage and a Second Mortgage securing $150,000. Bonds of the first and refunding issue equal in amount fo the principal amount of these underlying liens were held by the Trustee to be released only to refund the underlying obligations. The Second Mortgage of $150,000 was released of record August 1, 1928, On June 17, 1929, there was outstanding $576,500 principal amount of bonds secured by the under- lying first mortgage, $823,500 principal amount of these bonds having been retired and cancelled. . Under the terms of the first and refunding deed of trust the obligor must cause the underlying first mortgage to be satisfied and released on or before June 1, 1933, or all of the outstanding bonds of the first and refunding issue may, at the election of the Trustee, be declared to be due and payable at once. & {3 ‘The Factor of Farning Power The earning capacity of a property is an exceedingly important factor e T PR AVIATION INSURANCE EASIER 'TO OBTAIN Special Dispatch to The Star. the in existence, or outstanding. The N NEW YORK, June 24.—Aviation in- shares second index (“50 Leaders”) shows the movement of the common indus- that coluhin of the table gives : . ':150 ance companies, he states. otven. Finds Copper Ore Bodies. NEW YORK, June 2¢ (#).—Two hitherto unexplored copper ore bodies % | have re} in Mining Co. % One was said to have been more than 8 feet in width, assaying from 6 to 8 per cent copper, Italy has 280,000 unemployed, and many men are returning to work. THE FAIRFAX OF PITTSBURGH An Apartment Hotel, located on the south side of Fifth A Neville Streets (running through to Bel.ry' ’g:r.oetb;t'.- i .PITTSBURGH, PA. -5 b’ (Copyright, 1929, by Irving Pisher.) [ S —— SILVER QUOTATIONS. INVEST WITH CONFIDENCE N OUR FIRST MORTGAGE 6% NOTES Valuation of Property By Two Members of the Pittshburgh Real Estate Board | PROTECTED C on ll.llt m‘.’"fl appraisement of trained KANE BROTHERS ...... s —about the management of your properties — especially apartmen t hewsos. S you' you with only enjoy. our management relieved of all the responsibilities— the profits to on carefully selected and fm- | proved real estate in Washington | anc its environs. | aoainst loss b?fln by standard. insurance companies. | BT S BTN BOsSEEHEL P $254,400.00. These estimates are based upon the plan of the owner to convert a majority of the apartments into furnished suites with hotel service, which in the judgment of the owner will produce the maximum income that may be obtained from this property. The management is not now renewing leases on the type of unfurnished apartments which are to be converted, but is furnishing these apartments as rapidly as they become available. Us I SECORED bearing on its value, In the case of The Fairfax of Pittsburgh, the owner reports that the actual and estimated net earnings for the year 1929 will be $196,627.49, and that the estimated net earnings for the year 1930 will be EUGENE 8. REILLY & CO....... The Fairfax of Pittsburgh was appraised, prior to the refunding operation, by the above well known members of the Pittsburgh Real Estate Board. Mr. Reilly, President of Eugene S. Reilly & Company, is a past President of the Pittsburgh Real Estate Board, and a member of its Board of Governors. Kane Brothers enjoy an excellent reputation and are also ‘members of the Pittsburgh Real Estate Board. The appraisal of Eugene 8. Reilly & Co., dated May 16, 1928, is quoted as The owner’s report dated June 14, 1929, giving the figures as to the actual and estimated earnings of The Fairfax of Pittsburgh for the year 1929, and the estimated earnings for the year 1930 follows: ROOMS RESTAURANT Income Expenses Income Expenses $1,868.34 3.86 1,986.80 ';:::CJC 1,857.13 2,393.53 1417 K St. Main 9300 Parking space in rear of offics for The appraisal of Kane Brothers, our clients dated May 16, 1928, is as follows: “In_sceordance with your request, we have corefully inspected the completed apartment b ifth A‘vw now_in o ul‘i:li l.o-t.tl at Fii B, FASAUL CO; Nat. 2100 925 15th St. N.W. $12,633.90 12,504.08 11,580.73 12,315.31 12,000.00 | July Dividends--- Put Them to Work November X December .. 31,000.00 ilding, and also St. Paul's Cathedral. Schenley Park containing fine aute- le drives, bridle paths and golf courses ir & few minutes walk from the apartment. Pub- lie tennis courts and swimming pool, as well as other facilities for public recreation are avail- able in Schenley Park. All types of t: tion are close by and the business and financial of the city ean bo reached in fifteen minutes by bus or street ear. “After giving careful consideration type of construction, furnishings and equip- mont, and location, we estimate the value of the Tand and building as follows: The Fourth of July will simply mark four days’ interest lost, if you have delayed in investing your July dividends. $332,604.57 $138,984.02 $32,098.30 “ACTUAL AND ESTIMATED NET INCOME FOR THE YEAR 1929—$196,627.49. “The estimated earnings for the year 1930 are as follows: “Income from house $372,000 72,000 Examine now the 6% First Mort- Income from restaur: gage Notes offered through Swart- zell, Rheem & Hensey Company; consider their high factor of safety —proven by our record of 60 years without loss to an investor . $444,000 Expense of restaurant ........ 189,600 ESTIMATED NET INCOME FOR THE YEAR 1930.... $254,400 “The above expenses include taxes, insurance, operation and so forth, but do not include any administrative pro rata expense of the Washington office or any capital ex- penditures for converting apartments into hotel suites. The above figures do mot in- clude any allowance for depreciation of the building and equipment, nor for appreciation in the value of the land. “The estimated net income of $254,400 for the year 1930 is more than 8% on the highest appraised valuation.” ' {Smlth offerings of real estate mortgage bonds are fundamentally Total Valuation At the time “The down-town business, theater and finan- clal districts can be reached in by the Forbes Street Bus Line or by Street Car. The Boulevard of the Allies provides a direct route to the down-tewn section for automobiles. “Very truly yours, “EUGENE 8. REILLY & COMPANY, “By John J. Moore.” Balance the possibility of disastrous loss in stock market upsets, against the assurance of a steady income, unfailing and growing through good years and bad . , , Then make your reservation now for purchase of these Notes—sold in denominations as low as $100. sound beca; they based 2 well-located use are upon well-located real estate—land chosen with a view to future as well as present valu that are adapted to a known rental demand. THE. F. H. SMITH COMPANY Investment Securities — Founded 1873 SMITH BUILDING (815 15th St., N, W.), WASHINGTON, D. C. . SwAnTZFIL, i RHEEM & HENSEY (O MORTGAGE BANKERS 727 15 STREET N.W, WASHINGTON D.C. /