Indianapolis Times, Volume 38, Number 210, Indianapolis, Marion County, 8 December 1926 — Page 11

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Real Estate Security Yielding 6V2%

This realty issue offers conservative \ investors the following atra<ftivc features: 1. The proven successful and profitable operation of the properties— This issue is based on established facts rather than upon estimates which must apply on issues for construction purposes. 2. Wide diversification of security— Twenty-two properties in both down-town and residential sections of the city, rather than a single property. Rent schedules averaging $42.22 per month per unit. S. Large margin of security— Total issue less than. 53% of net depreciated property valuation (based on appraisal). 4. Liberal margin of earnings— Past, as well as very carefully estimated future, net earnings more than twice the maximum divided requirements. 5. Liberal annual sinking funds — Used to purchase stock in open market substantially reducing amount outstanding. 6. Outstanding successful management— Mr. T. A. Moynahan, President of the Company, whose experience and record has been exceptionaily successful, will manage the properties. An attractive yield of 6Vz% The properties pictured on this page form the basi3 for this issue and are located as follows: 1. 1603 Central Avt. 2. 18 B. Thirty-seventh St. 3. 418 E. Fifteenth St. 4. 1649 N. Alabama St. 5. 234 E. Pratt St. * 6. 3715 N. Meridian St. 7. 1735 N. Meridian St. 8. 1226 N. Illinois St. 9. 1020 Central Ave. 10. 5345 E. Washington St. 11. 238-240 E. Pratt St. 12. 1220 Park Ave. 13. 1108 College Ave. 14. 1244 E. Washington St. 15. 1124 Broadway 16. 3515 N. Pennsylvania St. 17. 1655 N. Alabama St. 18. 9-13 Traub Ave. and 1918-26 W. Washington 19. 3707 N. Meridian St. 20. 1317 Belmont and 2033-51 W. Washington cl

Meiciaer American Cjomponif DETROIT INDIANAPOLIS LOUISVILLE Affiliated with The Fletcher American National Bank

Dated January r, 1927 $835,000 Maturity, January 1, 1942 6'4% Cumulative Preferred Tax Exempt Stock E xerr.pt in Indiana from all State, County, Municipal (except Inheritance and Estate ) Taxes and the income exempt from formal Federal Income Tax Moynahan Properties Company Operating Twenty-two Indianapolis Apartment and Business Properties appraised at more than $2,500,000 with an Established Record of Successful Earnings

Properties— The Moynahan Properties Company has purchased twenty-two apartment and business properties from the E. G. Spink Company, one of the foremost builders and operators of such properties in the Central West. They contain a total of 614 apartments, four store rooms, one neighborhood theatre, and twenty-five garages. These properties are well diversified as to type and location, a fact that adds to the attractiveness of this investment. Record of Earnings —Present rentals of these properties range from $18.50 to $130.00 per month per apartment, and average $42.00 per mon.th per apartment. At the present time only eight apartments, comprising 1.35 per cent of the rental schedules, are vacant, compared with an average 10 per cent Vacancy expectancy in apartment property. The gross rental income of these properties in 1925 was $295,573. Operating expenses including maintenance, taxes, insurance, etc., was $124,213, leaving net earnings of $171,360. Value of Properties— Present net valuation (after allowing for depreciation to date), based upon appraisals of the combined properties by disinterested appraisers, is $2,519,667. Capitalization —On issuance of this $835,000 preferred stock on January 1, 1927, there will be outstanding in addition to the preferred stock, mortgages to insurance companies aggregating $953,160 as against an appraisal of $2,500,000.

Management —The management of Moynahan Properties Company, which acquires these properties, will be vested in Thomas A. Moynahan and associates, who have enjoyed unusual success for many years in the building and operation of apartment and business properties in Indianapolis, Chicago and other cities. Safeguarding Investors —In addition to the customary rigid requirements imposed by the Fletcher American Company on realty issues, several unusual additional safeguards have been incorporated in this issue, which together with the fact that the properties are diversified as to location and use with an unusually favorable record of earnings, make this issue a desirable investment. Sinking Fund— -An annual sinking fund, effective January 1, 1927, is calculated to retire, through purchase or redemption by lot, more than 46 per cent of the preferred stock prior to maturity. Information —Complete infoimation, including explanation of auy technical point, concerning which any investor may desire information may be received upon request from representatives of the Fletcher American Company or from circulars available for this purpose. This stock will be redeemable at any dividend date on thirty days written notice at $lO2 per share and dividends, up to and including January 1, 1939, and thereafter to maturity at par and dividends. * ” | r 'The scarcity of real e.<late preferred .iloc\ issues, should J| I result in quic\absorption of these securities and investors | j__ are urged to telephone or telegraph at our expense, J