Evening Star Newspaper, July 18, 1924, Page 17

FINA NCIAL. " POIKTOES LOWER AT CENTERWARKET Price of Peaches Also Weak- er Today—Good Demand Noted for Corn. The daily market report on fruits nd vegetables compiled by the Mar- liet News Service Bureau of Agricul- tural Economics follows: Cantaloupes—sSupplies moderate; de- mand moderate; market firm; Cali- fornia- and Arizona, salmon tints, standards, 45s, 3.25a3.50; jumbos, 45s 0a3.75; flats, 128 and mostly 1.25; Arizona, standard flats, 12s and 15 jumbo flats, 125, 1.25a1.40; North Caro- lina, green meats, standards, 45s, 1.50a 2,00: Georgia, pink meats, all sizes, ordinary quality, 40a50. Peaches Sell Lower. Peaches—Supplies heavy moderate; market weak North Carolina, Hil, 1.0081.25; medium size, 1.25a1 size, 1.7622.00: Georg| i baskets, medium size, size, 1.00a1.25; Carman’s, mall size, 75a1.00: medium and large sizes, a1.50; North Carolina Slappey’s, baskets, medium to large size, 0: sizes medium to large sizes i 6s Belles, medium size, pink meat! demand orgia and 6s. small size, | 0; large Potatoes—Supplies liberal; demand iight; market slightly weaker:; Vir-| zinia, Norfolk section and North Carolina, cloth top stave and a Irish Cobblers, . 8. No. 5: some heated, 1 car Norfolk section condemned Cabbage — Homegrown supplies | moderate; demand light; market steady; homegrown, incovered pointed and round type, 75al.00. | Corn Market Steady. Corn—Supplies moderate; moderate; market steady Carolina, crates, best, poorer, wide range in prices, 1.50a Lettuce—Supplies light den moderate, market firm; New York, crates, big Boston type, 1.25al.75. Tomatoes—Supplies moderate: de- mand moderate, market firm; home- half-bushel hampers No. 1. .00, few higher. Beets—Sup-| plies liberal; demand moderate, mar- ket steady: homegrown, 2.50a3.00 per 100 bunches, few higher. Good Demnnd for Peas. Carrots—Supplies moderate: de- mand moderate, market steady: hom grown, 2.50a3.50 per 100 bunche String’ beans—Supplies moderate; d mand moderate, market fairly steady; homegrown, uncovered slat barreis green, 6.00a7.50. Peas—Supplies light: demand good market firm; New York, bu. baskets Laxtons, extra fancy, 2.00 250; fancy, 1.75a2.00; telephones | mostly 2.50. | Meat and Egg Prices. Provision markets were generally steady, verging toward weakness today. Kggs were quoted at 25 cents to 31 and 32 cents, while butter held from 42 1o 49 cents, depending on quality. Pork and beef were fairly well cleaned up, and the market held steady on thes items. with cows bringing 16 to 17 cen Lambs were elow. The livestock market found calves holding 9 cents on tops; sheep at 3 to 5 cents and lambs quoted at 13 cents. Large chickens were bringing 38 to 40 cents; hens, large, 22; small, 20 and 22 cents’ white Leghorn hens were quoted | at 18, small chickens were 33 to 35 cents and Leghorn chickens ranged from 30 to 35 cents. Little change was recorded in other price: demand | orth —_— CLEANER CANNING AIM. | Maryland Food Director Starts| Special Campaign. | Special Dispatch to The Star, BALTIMORE, Ju! packers are awakening to the fact greater attention to sanitary meth- ods of packing fruit will not only ound to their financial advance- ent, but will advertise Maryland nd its products, said A. L. Sullivan, state director of pure foods and drugs. “My entire force of inspectors,” said Mr. Sullivan, “is now engaged in making a survey of some 500 packing establishments with a view to insist- ing upon, and compelling, where necessary, the proper sanitary pre- cautions.” MOON MOTOR DOES WELL. NEW YORK, July 18.—Despite the inclement spring and generally dull automobile business, Stewart Mec- Donald, president of the Moon Motor Car Company, stated the company | 18.—Maryland produced 5,855 units for the first halt of 1924, against 5803 a vear ago.| Business in the last part of the vear would be as good as the first six | months, he said, and 1924 would aver- | SEoNuDax good, if not better, than 192 R R NEW CUT IN GASOLINE. | CHICAGO, July 18.—The Standard | 0il Company of Indiana has an- nounced a reduction of 1 cent a gal- lon in the price of gasoline for its entire territory, effective today. The company said the action was made possible by a reduction in the price | of ecrude ofl recently made by the companies furnishing crude petroleum. LOANS IN CANADA DROP. OTTAWA, July 18—Decreases in current and call loans both in and outside Canada is shown in the May statement of Canadian banks issued by the finance department. Current loans in Canada show the largest de- cline, being $989,305.863 in May, com- pared with $1,005.425,951 in the previ- ous month. Savings deposits for May were $1.204,816.866, a decrease of ap- proximately seven millions compared with the previous month. BIG SUGAR CROP SEEN. By the Associated Press. HONOLULU, July 18.—The final es- timate of the Hawaiian sugar crop ot 1924 indicates a vecord production ~t £78,000 tons, it was announced to- day. It exceeds by 32,000 tons last year's crop. The high record produc- tion was in 1915, when 646,445 tons were produced in the Hawaiian Is- ‘ands. The estimated value of the present crop is $70,000,000. BUTTER LOWER TODAY. emicAtio, July 18.—Butter—Lower; receipts, 11,455 tubs; creamery ex- trae, 3%; standards, 38; extra firsts, 37a97%; firsts, 35%ad6l; seconds, 33n34%. Vgkw—Unchanged: receipts, 13,676 rases; firsts, 25a26; ordinary firsts, 24a24%; storage pack firsts, 26%. ——— NEW YORK EGG PRICES. NEW YORK, July 18.—Eggs—Steady to firm, receipts, 20,513 cases; fresh gathered extra firsts, 29a30; nearby hennery whites, elosely selected ex- tras, 41a44; nearby and nearby West- ern henneries, whites, firsts to av- erage cxtras, 24a30; nearby hennery browns, extras, 36a42; Pacific Coast whites, extras, 39; do,, firsts to extra firsts, 3138, EZZLEMENT COSTLY. NEW YORK, July 18.—Because of the excebtional increase of embez- zlement throughout the United States, Willlam B. Joyce, chairman of the National Surety Company, has an- nounced that his company hereafter will adopt a relentless policy of prose- cution and punishment in place of the former policy of occasional len- | ne | concern’s | ported business running far ahead of BY WILLIAM F. HEFFERNAN, NEW YORK, July 18.—Features on the curb exchange today were numer- jous and for the most part on the side of ad ce. Public participation was on the increase and, save for slight ation on the part of the oil shares to join in the improvement, no weakness was apparent. Among specialties Dunhill Inter- | national came to the front with an advance to a new high record. In- formation was that the vice president of the company, now inspecting the foreign enterprises. re- last year. It was intimated that an carnings statement will be forth- coming shortly NEW YORK, July 18.—FoNewing |is ‘an official 1ist of bonds and stocks traded in on Market today: the New York Curb Sales in thonsands Allied Packers 6s. BONDS. High Anaconda s Auglo_Am_0il imHdw 0 Chie M & St P Textiles Ss TP B M Blas A wi 2 Codahy I Deere & Detroit C; Edison 6s. . & Rub 75 Fed Sugar 6s Fisher Body Morrix & Co Tlas ational Leather 85 ¢ Or Pub orth St Po or St P M 6ls C Park & Tilford 65 Penn Power & Lt 5s 5 Phila s Phils_Elec Pub Serv of Pure Ol Co Tn EI L & P 5ias A nited Oil_Prod8s n Ry of Hav 7 Vacuum Oil Ts..... Virginia By 53 wi A 98 FOREIGN BONI Czechoslovak 8s B 9 Italian Power 6%s King of Neth 63 . Rep of Peru Ss Sol & Co s ° 2 Swiss Govt Swiss Govt Sales STANDARD OIL IS: in_units. 100 Anglo Am 0il 60 Buckeye P L . mberland P 10 Gal Sig Oil. 3 S00 Hum 0il & R new DI P L. Imp Oil of Can.... 40 Ind P L ? 20015 18 NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office THE _EVEN The buying in Goodyear common | was sympathetic with the sharp ad- vance in the preferred on reports that accrued dividends amounting to 26 per cent would be capitalized and disbursed as a stock dividend. Improvement” in the metal shares on the big board brought renewed buying into this class in the curb market. Jib Consolidated sold at 30 again on the estimated net earnings for the first ten days of July of $80,- 1000, as compared with $53,000 for the month of June. The market for thé oils appeared to have pretty well discounted cuts in the refined and crude products, but little attempt was made to bring about higher prices in the St group. Lago Petroleum was a | bought around previously pre | prices. It w announced that . | Cosden will become American manager | of Lago, which controlled by British- | Mexican interes i1 20 n7 S 0 Ohio . 0 Obio pfd wan & Finch. . a5 800 Vacuum Oil new. .. 61% 611 INDEPENDENT OIL STOCKS. 2 Cit Sery ount Prod. tual Ol Vot ofs.. Penn Pierce Pet wil Red Rask 0il Wilcox Oil & Gas.. INDUSTRI Allied Pack pr pf.. Am Cot Fabric pf. STOCKS. Am G & E new wi, Am Hawaiian S 8. Am L & Trac Am I & Tract pfd Am Type Founders 1 % Appalac Pow & Lt Ark L& P U R ptd Austrian Cen B wi Borden & Co. Brit-Am _Tob 2 Chatterton Sen. Chatterton pfd Dubi & Dunhill Tnt Durant Motor Du Pont Motors. . st Teon Boud_ & Hud & Maon R R Hudson Co_pfd vstone Solet 280l Conl Fes e Nat Tea Co ... N Y Transportation Omnibus tr ctfs... ptd wi o Corp..... io Cor pfd io C new A wi new A pfd wi Motors. ... eva Radio tr ct Rosenbaum Gr C pf SilG P onew vte wi Union_Carbide it Rukeries Unit G & E new. . 1 Cands . shington Capital Traction Co.—4 at 93 Washington Rwy. & 10 at 81%, 10 at & 51,10 ac'3ox Tnion Trust C Firemen's Insurance Ce Lanston Monotype—1 Mergenthaler—1 at 1 UNLISTED DEPT. Chapin-Sacks 8% pfd.—1 at 7L District Title Insurance Co.—6 at 18% Wasiington Title Insurance—6 at 83 Money—Call loans, 5 and 6 per cent. Bid and Asked Prices. BONDS. PUBLIC UTILITY American, Tel & Tel American' Tel, & Telga. 41 Am. Tel. & Tel. ctl._tr. 5s.. Am. Tel. & Tel. conv. 6s. Anscostia & Potomac 5 Avacosiat & Potomac & P. Telephone & P. Telephone of Va. 5s.. ital Traction R. R. 55 City & Suburban 5s. . Georgetown Gas 18t 55 Matropolitan 1. R. D Potomac Electric lst Potomac Elec. cons. Potomac Elec. deb. Potomac Elec. 6s 1933 Washington Gas Washington Gas 6s. Wash. Rwy. Elec. is. Wash, Rwy. & Elec. 6s, MISCELLANEOUS. D. C. Paper Mfg. Gs..... Riggs Real (long) Riggs Keal (short) Sonthern BIdg. 61s.... Wash. Mkt. Cold Storage 5s. Wardman Park Hotel 6s. STOCKS. PUBLIC UTILITY. American Te American_Tel Wash. 4 Terminal Taxi cor NATIONAL BANK. District Farmers Federal-American .. Liberty National Bank. Lincoln . National ' Metropolitan. Second National TRUST COMPANY. American Security & Trust. Continental Trust Merchants' Bani National Savings & Trust Union Trust Washington Loan & Trust. Security Seventh Street. United Stades. Washington Mechanies FIRE INSURANCE. American Mergeuthaler Linotype. Natl. Mtge. & Invest. pf 014 Duteh Market com. 0ld Dutch Market pfd. Lanston Monoty] Security Storage jen He estimated embezzlement would cost the American people more thdn $125,000,000 in 1924 ‘ashington Market Yellow Cab. *Ex-dividend. NG | reports of damage in many be exagger | quotations are STAR, WASHINGTON, D. FRIDAY, o St bt JULY 18, 1924, LUNBERAYOST MORE TH FALL Building Revival Rather Than Forest Fire Losses Given as Cause. BY J. C. ROY Special Dispateh to The Star. NEW YORK, July 18.--Prospective home builders, contractors and lum- bér dealers who have been s lating as to the effect of forest fires on the Pacific slope may calm their fears. There is little likelihood of an increase in lumber pri in that section as a result of fire losses, and stances ecu- n to hav sed tehes received within 12 hours from reliable Oregon and Washington indicate that the to 1 timber from fires so fa s en remarkably small, compared. with the first snap timates. In Oregon fires have been confined mostly to logged-off lands, and the damage to green timber has been extremely limites Losses Not Yet Known. Much reforestation work has wiped out, however, and the pros- pective loss along this line will be considerable. The forest service de- clines to place a figure of the dam- age, but in the past losses have usu- ally been about one-tenth of the first cstimates, compiled through smoke- filled e In western Washington, as in tern Oregon, the damagze has been only nominal, and west of ‘the C: s e much’ above n of year, when some brush blazes inevitable. Rain and cooler weather this - week have combined to better the situation so s brush fircs and blazes in cut-over land is concerncd In anhandle of 1daho and in northeaste ashington co; are worse than west of the but the money damage to gre ger and loggin less than § chief warden of t est Fire Association patrols. Damage Put Under $1,000.000. In_California reports from th northwest indicate the damage wil be somewhat he r. but experts in Portland assert that the total dam to green timber on the whole coast not_expeettd to exc 00, r still enga been vigorously over- the last urees i been are in charge of all more ities, while they do not minimize the ble danger if the blazes et be 3 ontrol, do doubt t green timber so far has California_seems to have from alarmists. ible on vities since mouth eports painte ym_the annua believed by lum- ber men in other sections likewise to ted Higher Lumber Prices Seen. The da; business on the amount burned with the a authoriti T in prices by fall. but revival of building math of fire dam- amage f Pacific coas! and not as an afte age. Building opera tive S June, to beélieve that th has been more than main month, although the of building undoubtedly reached in some localities fir prices have been s ady. but pi ightly lower in some ons in repre tivity ned this int Yel Taxi Corp N ¥ | MIN Globe " Cop ! d Mines Ceda Cont Minex ous Cop Min new Cresson Gold Dium Black Butte Goldfield Deep Min Harmill_Div Hawth Ine e Lead. 9 Phrmouth Lead Premier Gold Mio. ocky Mt S & Ref = Rocky M § It pf.. Silver Horn Min S0 Am Gold & P. id. . Tnited Verde Ext U 8 Contl new wi . Tnity Gold ...... Wenden Copper OCTQPUS AS COAL HEAVER. Natives of Crete Put Mollusk to ‘Work in Salvage Operations. Sir Arthur Shipley in the London Times. During the war large deposits of coal, thrown over from the various warships which were centered about thelsland of Crete, accumulated at the bottom of the sea; but not being mechanically minded, and being de- void of dredging apparatus, the Cretans retrieved this treasure by attaching an octopus to a string and lowering the mollusk over the coal dump. As soon as it had attached itself by its tentacles to its resting place, they gently pulled it up; the adhering lump of coal was then de- tached and the octopus dropped in again. ‘As in southern Italy the octopus is used as an article of food, but this is the first instance I have come across of this mollusk being of prac- tical value as a coal heaver. BOSTON STOCK MARKET. BOSTON, July 18.—Following is a; list of today's highest, lowest and closing prices for the most active { stocks dealt in here: Am Tel & Tel Am Tel & Tel rts. Am Wool Amoskeag. Arizona Com . Roston & Alban; Boston & Maini High. . 1233 3tk K Low. Clos 2 1 ison Elec dy Coal . {Isle Rovale . Libby. McNeil & Tibby. | Mass Gan . Masflower 6" C . North Butte Ald_ Colony Pacific Mills Quiney . St Mary's Land . Superior & Boston Swift Internat sectio FEWER AUTOS MADE. Total of 2.002.084 Cars and Trucks | Put Out in Half Year. YORK. July 18.—Production vehicles in the first totaled 2,002,084 cars and about 1% per cent less than nding period of 1923, the r of in NEW of motor of 1 trucks, the corresy National Commere 2 s 2 vehicles 813 in May. and a drop cent compared with June last year. ORDERS FIFTY ENGINES. New York Central Gives Business to Two Concerns. XEW YORK, July 18 predictions_in the financial that the railroads were getting re for heavy purchases of thus far have not been fulfilled, no really large orders having b placed recently. Optimists Frequent district dy encouraged, however, by an order for| 50 locomotives by the New York Central with the American Locomo- tive Company and Lima Locomotive Works and larger purchases by many of the systems are expected within the next few months owing to the increase in bad order equipment. Before You Invest—Investigate. Ever notive that the fellows who try to get rich auick are always broke? POTATO MARKET WEAK. CHICAGO, July 18.—Potatoes trad- ing rather slow; market weak; re- ceipts, 27 cars; 216 on track field; total United States shipment: souri and Kansas sacke blers, 1.40a1.60 for Dbest stos poor stock selling as low sacked early Ohios, 1.2 Carolina barrels Iris 2.00a2.50, according to condition: ginia barrels, Itish cobblers, 2.50a3. READING, Pa., July 18 (Special).— The city's tent colony near one of the municipal pumping stations now is occupied by nearly 1,000 residents. The colony was started when hous- ing became inadequate during the war. Strict sanitary regulations are enforced, and a motor bus route makes travel to the business district from the camp comparatively easy. TRADE BACK TO NORMAL. ATTLE, July 18 (Special)—Re- e usiness in the leading depart- ment stores and haberdasheries dur- ing the first half of July indicates a turnover fully up to mormal. with only slight recessions . noted in certain lines. An accurate indication of the business trend is seen in the fact that local bank clearings for the last week have been higher than for any corresponding period in the past. S Ol A CAR LOADINGS DROP. Freight loadings for the week ended July 5 totaled 759,942 cars, a decrease of 148,413 cars under the preceding Week, ‘due to the observance of In- dependence day, and 90,104 under the corresponding week last year, the American Railway Association re- ports. All districts reported decreases under the week before in the total loading of all commodities. Only the southwestern_district showed an in- crease over the corresponding week last year. e Most beautiful women marry ugly men because they don't have to put up with good-looking men. the | ifrered age to timber has not af-| s insignifica nt | half | equipment, | N IN FLOUR N OVERST A BARREL Days Reflects World Wheat Situation. By the Associated P MINNEAPOLIS, flecting the world wheat flour prices have advanced sympatheti- cally here the past month, the incre: ce the middle of June be v $1 a barrel, for best-grade family patents. Prices for the best grade of family patents were quoted in load dgts today at from $7.75 to $5.05 a barr which quotations have not obtained since July, 1 On June 12, when | the present sthening of | began, flonr w the | here at $6.50 to rel Abor r o July et we finn., more mills | FENNSY MAY GET N. & W. BY STOCK CONTROL By 1he Associated Pre Alth jons quisition rfolk Pen r some in the Norfolk but 18 been s all the K offered appar bent o the st to obt on Western is its rits, carnings are rew current on but around 13 WALL STREET NOTES. Steel P Cut—Further Railroad Merger Talk. NEW YORK Carchouse in Bar es July 18.—A leadin the metropolitan ¢ Reports that ¢ wanna and Western the purel L the W, Lannin | 600,000 | and end mor ¢ < o buy Wal, dec meders New Issue Dated August 1, 1924 Intercst payable Fel States Gold Coin of th { Sharp Advance in Past Few | July 18.—Re- | situation, | prices uary 1 ar Net earnings available for interest, depreciation and Dillon, Read & Co. The statements herein have besm accepted by us as EQUITABLE Co-Operative Building Association Organized 1 44th YEAR COMPL Anxets e yon have a 1 to save. g plan of the Equitable effcetive method of - accumulating money. Subseription for the 87th Issue of Stock Being Received Shares, $2.50 Per Month EQUITABLE BUILDING 915 F ST. N.W. JOHN JOY F RANK P. RFE WE FINANCE Apartment Houxex Businexs Resid, perty re Propert: elx, 3 Higbie & Richardson, Inc. | 516 15th St N.W. Money to Loan Secured by first deed of trust on real estate. ling interest au ton, Joseph 1. Weller 420 Wash. L. & Trust Pldg.. 9th & F N.W 7 Arnold Guaranteed Certificates ateed ¢ and pro ~urpl vestment Tunds. first mort- for Send for Booklet ARNOLD AND COMPANY Incorperated d Surplus, $1 Street N0 K1 al Ali of These Bonds Have Been Sold—This Advertisement Appears Only as a FINANCIAT. Wanted Second Trust Notes s with funds to SOND TRUST of We have clier purchase good NOTE: in denominations from $500 to $10,000. Low rates if security is good Apply at Once to Our MORTGA! DEPARTMENT HANNON & LUCH INC. 713 and 715 14th Street N.W. Main 2345 Invest Your Savings In Our First Mortgages “The Safest Security on Earth” 7 % Interest Denominations $100 to $10,000 JMORRIS CALRITZ: CQ 1418 K Street N.W. Main 617 Northwest Residential and Business Property Only Our 7% First Mortzage Notes | You Can Be | [ When Buying Aswured and has been First.—A rvative ade. ond. les; price. Third.—After you have perchased one of our notes you get a serv- ice that assures you interest the day due. Notes on hand in amounts of £100 up. Chas. D. Sager 924 14th St. N.W. very ecareful appraisal we recommend of the market _The loan than 50% Main FEDERAL-AMERICAN NATIONAL BANK RESOURCES $13000.000 1315 F ST JoHw POOLE Parsioent \ FOR SALE FIRST MORTGAGE NOTES Consult Us r Waa odward Bldg. Safeguarded by Valuable Land Land is valuable, first because of its location; sec- ond, because of the building erected upon it. Valuable land, improved with an appropriate mod- ern structure, in a location of permanent investment worth, is the security behind every Smith Bond. Full particulars about our F which yield 6129 and 79, will be mailed to you on request. Smith Bonds Are Scfe Bonds NO LOSS TO ANY INVESTOR IN 5] YEARS. st Mortgage Bonds, Jhe F.H.SMITH COMPANY CFounded 1873 SMITH BUILDING 815 FIFTEENTH ST. $15,000,000 i August 1. Principal and interest peyablein New York at the office of Dillon, Read & Co.. standard of weight and fineness existing on August 1, 1924 (or at the option of the holder.in London, in Sterl'ng, atex: ate of $4.8665 to the Pound Sterling) without deduction for any Japanese taxes, when held by other than residents of Ja dencminations of $1000 and $500. Non-callable except for sinking fund during first 10 years, thereafter callable as a whole or in part on any interest A sinking fund will be provided sufficient to re ste after thirty days’ notice at 100 and interest. It is expected that application will be made in due course to list the tck Exchange. The Industrial Bank of Japan. Ltd.. Tokyo. Trustee: Central Union Trust Company of New York wt 100 and interest (first call February 1,1925) PROPERTIES AND BUSINESS Great Consolidated Electric Power ‘Company, Limited, is one of the two largest producers of electric pow: The compa®y’s properties include twelve generating plants with a total capacity of 255,300 k.w., of which 154,800 k.w. is | hydro-electric (including 42,900 k.w. to be completed in November, 1924), and a complete system of transmis: stations, etc., constructed at a total cost to May 31, 1924, as shown by the company’s books, of .approximately $70,000,000. The company is primarily a wholesaler of power, selling it$ output under long term contracts to cities, retail light and power distributing companies, traction companies and to large industrial consumers. The territory served has a population of more than 20,000,000, including the cities of Tokyo. Yokohama, Osaka, Nagoya and Kyoto and many other cities and towns. This district has an intensive industrial development and electric power is of exceptional importance in its daily | and business because of the high costs of coal and oil, very little mineral oil being found in Japan and the supply of coal being comparatively limited. The demand for electric power is increasing so rapidly in this district and the company is in so favored a position to deliver power at lowv costs that the volume of its future business should be limited only by its produc- tive and transmission capacity. The company’s properties are modern and compare favorably as to design and construction with the most approved American practice. Machinery and equipment are largely of American manufacture. SECURITY Year ending May 31, 1926 On account of r_educed operating costs due to a greater percen actual earnings will exceed the above amounts in each year by more than $800,000. Maximum annual interest requirements on total funded debt as shown below, will be: First Mortgage Bonds (this issue) Debenture Bonds (Conversions of earnings and interest charges from Japanese to United States currency have been made at the tage of hydro-electric out Matter of Record. July 18,1924 Great Consolidated Electric Power Company, Limited (Daido Denryoku Kabushiki Kaisha) First Mortgage 7% Sinking Fund Gold Bonds, Series A 1, 1944 scal Agent. in United Due August ange an. Coupon bonds in bords on the New Yo e the entire issue by semi-annual call by iot From his letter, dated July 1, 1924, Momosuke Fukuzawa, Esq., President of Great Consolidated Electric Power Company, Limited, summarizes as follows: T in Japan n lines, sub- life These bonds will be the direct obligation of the company and will be secured, in the opinion of counsel, by closed first mortgage lien created under the laws of Japan, on the three largest, newest and most important of the company’s hydro- electric properties with auxiliary steam reserve plant, substations and transmission lines, representing an aggregate cost to February 29, 1924, as certified by Thebo, Starr & Anderton, Incorporated,in excess of $31,000,000 or more than twice | the amount of these bonds. The maortgaged properties have a hydro-electric capacity of 106,700 k.w., orover two-thirdsof the company'’s total hydro-electric capacity and can be operated as a complete and independent unit capable of delivering its entire output to the Osaka district and to the Tokyo Electric Light Company for the Tokyo,Yokohama district. The Imperial Japanese Government, which under the laws of Japan grants all concessions for water rights and power licenses, has consented to the mortgaging of these properties to secure these bonds. EARNINGS reserves, for the year ended May 31, 1924, as certified by Messrs. Harold Bell, Taylor, Bird & Co., Chartered Accountants, were $3,389,197. During the year the company’s productive capacity increased from 60,600 k.w. to 212,400 k.w., reflecting a generated output for the year of only 59% of that sold under contract for the twelve months ending May 31, 1925, for the production of which the company will have an ample capacity. Computing income and operating expense on the basis of actual results for the six months ended May 31, 1924, and output on the basis of existing contracts, net earnings available for interest, depreciation and reserves will be: Year ending May 31, 1925 . $5,497,415 6,552,114 put, the company estimatzs that . .- $1,050,000 1,083,669 rate of 411 cents per yen, approximately the present rate of exchange) CAPITALIZATION First Mortgage Bonds (this issue) . Debenture Bonds. s 5 Capital Stock. . . The company’s stock is owned by nearly All conversions, from Japanese to United States currency other than those relating to earnings and interest charges, have been made for conveni- ence at the rate of 50 cents per yen, parity being 49.85 cents per yen. 2 The company’s outstanding capitalization after giving effect to application of proceeds of these First Mortgage Bonds and to $5,000,000 called for payment by stockholders on October 1, 1924, will be: $15,000,000 S i o 17,325,000 Srednk o5 s 56,481,500 15,000 stockholders. We offer these bonds for delivery if, when and as issued and accepted by us, subject to approval of legal proceedings by counsel. Legal matters relating to this issue in the United States will be passed upon by Messrs. Root, Clark, Buckner & Howland, New York, and in Japan by Messrs. Mclvor, Kaufiman, Smith & Yamamoto, Tokyo. Itis expected that delivery in the form of temporary bonds of the Company or interim receipts of Dillon, Read & Co. will be made on or about August 7, 1924. Price 91 and Interest. Te Yield 7.85% to latest redemption date Further information is contained in our circular which may be had on request. Guaranty Company of New York iz but are in no event to be construed as representations by us.