Evening Star Newspaper, November 18, 1924, Page 29

v FIN TURKEYS CHEAPER | CHCKENS HEHER Eggs Advance to 60 Cents for Selected Stock—Beef foving Slowly. in the aterial- reparis from but they hope ibute slow supply of that some being scld dealers cold w ehange. trading rabbits, anned ~1 this morning that arket was a trifle last wesk's . prices beef rarker is mand ix not brisi for turkeys we ported while fhere s slight ad the | chickens = s are the jump, de reported. selacted stock bringing 80 cents and average re- ice o were gold at whila dressed stock Chickens, alive, were TR28, dresscd stock at 30a33 brought quoted Fruit and Vegetable Review. Today's market report on and vegetables (furnished by Market News Service, Bureau of ricultural Economics): Apples—Supplies liberal; demand and tradi light: market steady. Barrels—Maryland, Virginia and West Virginia, A 21; inches up. Grimes. B.00a5.50; 21, inches, Grimes, 3.00a 3.5 inch Grimes, No. 1, 2.50a3.00: yman Winesaps, A. 21 inches up, 4.50a5.00; few 5.50: Delicious, A, 212 inches up, 5502650, A, 2%-inch, 6.50a7.50. Boxes — Washington, me- dium to large sizes extra fancy Stay- man Winesaps and Spitzenbergs, 3.00 a3, Delicious, extra tancy, 4.00a 4 Yellow Newtons, cxtra fancy, few sales, 2.85. Bushel baskets. Maryland, Virginia No. 1 Grimes and Stayman Winesaps, 1.2081.75; few 2.00; varfous varieties unclassified, 75a1.2: Cabbage — Supplies moderate; de- mand light; market dull; New York, _r)-éxlola, per ton, Danish type, 16.00a the Az- Onion Demand Light. Onions—Supplies ligh 1lzght, market steady. Ohio, 100-1b. sacks, S. No. 1, demand yellow medium to 2.00a2.10; small size, 1.75 Potatoes—Supplies moderate; mand moderate, market steca h York, 150-1b. sacks. Round Whites, U. . No. 1, 1.90a2.00 per sac fchigan, 130-1b. sacks, Russett Rurals, U. S. 1, mostly 2.00 per sack. Lettuce—Supplies moderate de- mand light, market dull. California crates Iceberg type. California, Wat- sonville section, 4.00; some fair con- dition, 3.50. Celery—Supplies liberal; moderate, market steady. New York, two-third crates. Golden Self-blanch- ing In the rough, best, mostly 3.00; qual- ity fair. 2.50a ; full crates, quality 3.00a3.25 varteties, large sizes, demand “auliflower—Supplies moderat light, market steady. Long Island. crates York New best, 1.85a crates, quality Supplies light: de- arket steady. Florida. 1 hampers, green, 4.00. light: too few et light: demand Florida, fair qual- 50; . bushel mand light 73 bushe ¥ B light; demand roderate, steady. Florida, pepper crates. best, 43023.00; quality demand market Fiorida, pepper hite, % 50a4.00, matoes—Supplies light; no sales reported. DIVIDENDS. . Stock of “orp. ©n 1o Pr Co pt Gom Tov ir 0t D De Nem (o Orio 0il Co.. Phillips Petrol... B0 of Doipt.. ... Solar Refining. .. STOCKS EX-DIVIDEND. e. _ Corporation. 18—Manat Sugar Co..... v. 18—Timken Roiler Bear: . 19—American Metal Co., - 19—8imon (Franklia) &'C —Rrown Shoe Co. —California Petroleum Corp. . Do. pf. : 5 - 20—Harbison-Wulker Refractories o. 20—Homentake Mining Co. . cines. G R. Co Ry, Co. . 20-—-Orphieum i 20-—Pittsburgh, Youngstown & As} tbula Br. Co. p + 20—U. S. Hoffuan Machiners Co., December December 1 March 13, Reptember 1 Decem: . 99Ty 1 3ae - 101% 5 18 1025.18 1102316 102316 HEAVY GOLD ARRIVALS. NEW YORK, November 18.—Ship- ments of gold from abroad aggregat- ing $16,000,000, of which about $3,- 500,000 arrived last week, are expect- ed by the Bankers' Trust Company, the purpose, it is understood, being for account of war damages. None of the gold, it is said, has come from Germany, having been sent here sub- ject to orders from the bank's Paris office. T . B A Word to Speculators, ¢ you must speculate, select a reputable broker who holds member- ship in a recognized stock exchange. Exchange requirements, in them- selves, are some protection, as its members must comply with business ethics as provided by rules and regu- Jations. If a member violates. these rules, he hazards his membership, which is usually his greatest asset. LEiEY D Very elaborate intelligence tests were recently given at Colorado Col- ¢ lege to 115 men and 111 women. The average score for both men and women was exactly the same—142 points, oh iy fruits | New York and | : de-} ANCIAL BY WILLIAM F. HEFFERNAN. NEW YORK, November 18.—A buying movement, as pronounced as any herctofore experienced, came into the for radio stocks ng many of them to the t vrices so far established. This coincides with unconfirmed re- norts “th merger of several preminent panles {s now well under way ¢ talk was that the tadio Corporation of America would form nucleus of the new organiza- fton. Tt hus been expected that a | consolidution of the more prow inent manufacturers would ultimate! | ke piace, but officials of the industry tuday denled that at present such a {movement was under way. . Dubllier Radio, which supplies 90 T cent of condensers used in the manufacture of sets, naturally stood {to benefit most in today’s upturn. NEW YORK. November 18.—Follow- |Ing is an ial list of bonds and | stocks in on the New Yora Curb N n sands. Aliied Pac Alum AmC Am Ie> 79 7L Am Pw & Lt Anaconda_ Ga Auglo Am il ey Low 1028 v51y 1025 ™ 1020 High. 8 023 BESaBus— Cuban Tel Cudaiy 5 % D&RG W3 n wi Deeie & Co Tign.. Detroit City eax i {9 gromTan General Pey 6. Hoe R & Co 6%n A Intern Match 814s... Libby McN & L n.. Power Ts.. cosalBurmve, Morr Nat New Or Pub Ser orth Nt Pow & 19 No St Pw M s U Obio Power 58 B Penn Fow & Lt s Peon R R Co O... PSE&G Codl 31 Pub Serv of N I 5 Pure Uil Co 6is. 20 Sinc Con ¢ a1 2Us EL & P 5i4n United Drug (o 6y 2 Upit Ry of Hav Vacuom Ol 78 Webster Mills 6ize. FOREIGN BONDS. 5P Gu Mun 6l A 01 Ind Btge Bk E.n 7 14 Kiug of Neth fs ' 2 Rep of Peru By 30 Swiss Govt Os - Sales STANDARD OIL ISSUES, in_units. 400 Auglo Am 011 obos 0 11l 5 120 Imp OF of Can G Ind P L....... 1809 Interna Pet {0 Litd 10 Northern P L .. 2100 Oblo 0il 20 prairie O 700 Prat 0 & G 100 145 100 20 8 1o 11500 200 100 7000 | 1700 Eales ia hupdreds. 10 Citios £ 0 Indiana S O Kanss 8 0 Keutucky JENT OIL STOCKS. Serice.. L 108 183, Sercice pfd ! : 3 cliss Bervis 0f8-- 9% Sa ties Cserip 92 92 $8000 Citlen Service serip. 118 75 Creole Syadicate... 10 3 Euclia OI1 Co. E | Washington Stock Exchange sALES. Washiogton Rwy. & Eler. 45—$300 at 75. Capital Tricrion Co0 at 835, 10 at 9855, 35, 0 at 3%, 2 at 98X Comi Mige. & Tavest. pla.40 at 9 AFTER CALL Unlon Trust (o.—6 st 169, Washington Ges Lt—10 at 52, wasnizgion Twy. & Elec 000 at 08%, $2.000 & ‘ B el Mige. & Tovest. P1d.—30 at 9. Mopey—Call loas, © and 6 per cent. BONDS. and Asked Prices. PUBLIC UTILITY. Big. Asked American Tel. & Tel American Tel. & Telg: Am. Tel. & Tel. ctl. tr. costia_& Poto & P. Telephone ¢, & P, Teleplone o Capital Traction R. R. Ba... City & Suburban 0s. as lst Elec. deb. Potomac Elec. 6 Pot. Elec Pot. Jt. § Alex. Alex. W Balt, Wesuington o W asnington Washington Rwy. & Elec. ds Wash. Kws. & Eiec. gen. 6 MISCELLANEOUS. D. C. Paper M Riggs Realty e (long Rigge Realty os (snort Southern Waen. Mit. Col Wardman Park 6s. 933, & Mt Ver. ctfe.. & Aooap. G...... .. | oter o8 STOCKS. | PUBLIC UTILITY. American Tel. & Telg! 3 Capital Traction. 6 ington . s ‘wash. Steamiboa Wash. Rwy. & Elec. co Wash, Rwy. & Elec. pld....... Termipal Tasi com... 3 NATIONAL BANK. vational Capital Columbis Commercial S onai puai of TRUST COMPA. Security & Trust. i ect American Becurity & SAVINGS BANK. Gommerce & Saving; East Washington. gecurity Saviogs & Com | Beventn stree | United Stater o | Washington Mechenics. FIRE INSURA MISCELLANEOUS. Merchants® Transfer & Storage.. thaler Linotype. : Nael. Mtge. & Invest. pfe 014 Dutch Market com. 014 Duteb Market pfd. Lanston Monotype. Security Storage. 115 167 Atloc —————————————— NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office compared witli the previous close of G4%. Ware Radlo gained 2 points when ft crossed 28%, and Thermiodyne, Radlo °Corporation (0ld), Thompson Radlo and Hazeltine Corporation sold at thetr highest prices. the last named getting up more than two points on the day. Freed-Elsemann rose almost two points. The rest of the mdrket gave a good account of itself, but there was no mis- taking the fact that tae radio shares were prime favorites. Botany Coneoll- dated Milis class A across 48, Amer can Gas and Electric new up almost ¢ points &t 105, Happiness Candy above 6, Hecla Mines, Wenden Copper and Canario Ccpper and Creole Syndicate were eelling at their highest prices for the year. The olls as a group continued to act disappoirtingly, but losses where they ed, were small. 7 Gulf Oil of Pa.. 10 Hudwon Ol . 10 81 Nat Fuel Ges . New Poadford Ol w Eng Fuel Oil New Mex Land Ohio Fuel 01 Peer Ol Corp ... Penn Teaver Oil. Pennoek Of ... 3 Peunock 01l new 3 Ited Dank Ol TRIALS, & El ptd. 461, 5 & El ‘new 105 L& T nf war 33 P & Lt new.. 481, Pow & L pra. 0%y Buper Power A 207y Super Pow B Forgn Pow wi Am Tob Co B n wi Am W W E n wi Avpalac Pox & Lt G N Am Am Am Am © 2 Brit-Am Tob Cou... Brit-Am Tob Keg. Brun Balke Colen. Bkiyn City R R, £ Pipe Corp.. Ciatterton & Sow... Nip B Trust =TTTTSL CRTSIoL TOTORPperope o pf A wi 108 alth P C. 101 oF Contl Baking pfd wi Com Pow Cur wis Cons Gas Balto Contl Tob i Cubm Co Curting Ao EuZanarmend v Cast Dubilter ¢ & Ra: Duhill Intl fue Duraot Mot Du Pout Mo Duz CoA....... East Penn Elec Co El Bood & Sh pfd Federated Metals. . 6 Film Inpect Mach Ford Motor (o Can Freed Eieman - - Sz acd Snoe S Goodyear Tire Grenoan Bak . Hall Sw & Sig Co Happ Candy A. Happ Candy F .00 Tareitine Corp | Heyden Chem Intercont Rubbber. Inter-Ocean Radlo. Jonmes Radio. Keystone Soisther. Landoyer Hoiding A Lake Superior Lehigh Power ae Lehtgh Val Coal..: v Coal NG vest Ttil pr tien 1 Pro vt e Nat_Tea (o . N Y Tel Co pfd . Nickel Plate new w NI Plate ew pf wi Omaib Corp A ptd Omuib Corp v t c.. Paige Motor . Pitts Ter Cl Co w Prophylactic Brush. Pyrene Mfg ...... BammiS Luumesansnd ariul Radio Corp Repett; Cands Reo Moior ... Rova Rad Cor tr sil Prnvtc Bo € & T pew Southern Calif Fd.l Sthwest Bell pfd... Standard Motor. Stand Pub Co A Stntz_ Motor... Superheater © Awirt Intl. Tenn Ele ¥ Ten EI Fow 24 pi Thermiodyge Rad. Thom Kad v tr cfi Thread Co ptd. Todd _8hip.. Tower Mfk.. TUnjon Carbide United Rakeries. =a L e Pt United Prt Shar. Tnit Shoe M Ward Bak Cor A Ward Bak Cor B Ware Radlo Corp Warren Bros . Western Power . Western Power pfd. Wb Rk Min Spr ow Yel Taxi Corp N ¥ MININ 3 Am Exploration 19 Canario Copper ons Cop Mines . ivide Extens . 10 E1 Paso Con M .. . 21 En Gold M Ltd Tnd 39 First ‘Thought g m .80 10 Florence Goldteld M . 60 Goldfield Devel . 10 GoldBeld Deep M 50 Harm!ll Div 100 Hill Top N 83 Heela Min 40 Indep Lead 7 Jerome v Devel. 80 Jib_Cons. 10 Jumbo_Fxtens. 10 2% New Jersey 4 Nipisaing 20 Oblo Coj 10 Red Hill Florence. . 60 Red Warrior ..... . 1 Rek Mt 8m & Ref 10 Silverdale ... K 4 So Am Gold & 10 Spearhead Gold 20 Tono Jim Butl 10 U § Continental 10 Wenden Copper YOUR MONEY BY BAYARD DOMINICK. President of New York Better Busipess Bure: To be classified as an investment, any stock or bond should possess at least the three cardinal qualities: A. Safety of principal. B. Satisfactory income. C. Salablity. ‘These represent.the three funda- mental principles of investment; | stated in the order of their {mpor- tance. An investment security obvi- ously should preserve safely the prin- cipal amount of funds intrusted to it, that belng always the first object of an Investment. Its history of earnings should be such as to assure a return regularly to the Investor, either in interest or divide: that being always the sec- ond object of an investment. (Copyright, 1924.) NEW YORK EGG PRICES. NEW YORK, November 13.—Eggs, @rm; receipts, 10,895 cas Fresh gathered, extra firsts, 53a61; do. firsts, 50a57; do. seconds and poorer, 37a48 neardy hennery browns, extras, 66a7s. RADIO PRIGES MAY DROPNEXT YEAR Several Patents Expire. New Zoning Rules Likely to Boost Sales. BY J. €. ROYLE, ch to The Star. NEW YORK, November 18.—Addi- tional thrills or added disappoint- ments probably are in store for the radio fans of the country after Janu- ary 1, according to the kind of equip- ment they possess. For those disap- pointed, however, there may be com- pensations. This is all expected to §row out of the rezoning of the coun- try into six territorial districts {nstead of five, as at present, and the allot- ting to stations of new wave lengths by the Department of Commerc Many stations. as soon as thejr wave lengths are fixed, will begin operating | with great increased power. The wave lengths assigned to broadcasting have been widened to includa those between 200 and 543 meters. which mesns from another standpoint a band of variations in the ether ranging between 1,500 and 500 kilocycles a second. That stmply menns that those fans who have the less eficlent receiving Instruments | will have additional difficulty in tun ing out a high-powered station in favor of a low-powered ons. Radlo receivers will require maximum se- lectivity and ahility to tune over the entire band of frequencies without losing efMciency. Better Apparatus Needed. Secretary Hoover. forecast this re- cently when he d clared that there was ng the maiter with radio broad- ng. but that what was needed was more eflicient recelving appa- ratus. The new assignments will al- low a separation of 20 kilocycles {n vibration between station and the successful set must filter out evers thing within that range. Greater di. tance will be covered. but this will| be counterbalanccd for the less pow- | erful receivers by the greater possi- bility of interfercnce The compensztion to the owner of the less effective s ts, however, is ex- pected to come in the possible re~‘ duction In costs of the tubs sets. | In February of next year the laps- ing of some of the patents on tubes | may possibly open the fleld to addi- | tional manufactwrers and result In some reduction fn price. In fact, r duction already has taken place sin {the first tubes sold as high as $8 | each. Batteries also have been reduc- | led in price and a further drop is! probable as increased production en- | ables the manufacturer to cut over- | { head costs. Radio experts declare that | {a tube set now is within the price range of any one who can afford a| cryatal set. { The Interest of the general public | was - plainly indicated today at the | opening of the third anual radio show | in Chicago, where 230 manufacturers of equipment are exhibiting, and! where the attendance this week ls| expected to exceed 200.000. H A special feature will be a contest| for annoutrcers. Broadcasting stations | i realize the paucl of proper an-, nouncing matertal and several stations | will bld for the services of .the win- ner. Special D COMMODITY NEWS WIRED STAR FROM ENTIRE COUNTRY SEATTLE, November 18. — Whole- salers and coffee roasters here pre- dict consumers will pay 70 cents a pound for good vacuum-packed coffes ¢y February 1 ntos coffee has ad- ! vanced about #% cent a pound in the | last 10 days. | DULUTH. November 18.—Abundant supplies of turkeys are assured in this section. The prices are expected | to range around 36 cents a pound wholesale. A large number of Min- nesota and Dakota blrds will be shipped H . J.. November 18 —Tex- tile production in New Jersey hasim- proved rapidly this month, in some groups the Increase amounting to 10 per cent. JEFFERSON CITY, Mo., November 18 —Wheat seeding has been com- pleted in Missouri with a much larger acreage than last year. October planting s now coming up well, but | the later fields are slow in sprouting. A general rain is needed CLEVELAND, November 18.—The closing of the Cleveland plant of the Timken Detroit Axle Works marki another step'in the effort of manu- facturers to cut overhead. Timken aiso Is closing one Detroit plant, re- taining one In which it is expected $15,000,000 worth of business will be done yearly on a profitable basie. CHICAGO. November 18.—There are 135,261,000 pounds of butter in cold storage as compared with 76,472,000 a year ago, while the limburger cheese in warehouses amounts to 1,220,000 pounds, and American cheese 27,651,- FIRST MORTGAGES FOR SALE 612% THE TYPE OF SECURITY CONSERVATIVE INVESTORS BUY IN DENOMINATIONS TO SUIT PURCHASERS JAMES F. SHEA 643 Louisiana Ave. NW. “When Buying” Our 7% First Mortgage Notes Saloetna Torpreved properiies 858 Daoed o8 “ound, " onservative valustien: Notes 2ow available in amounts of $100 up. Apply Lean Dept. Mr. O'Donnell, Mgr. Chas D. Sager Realtor '924 14th St. N.W. - 36 Main 37 38 I Second Trust Notes Bought | Our clients are ready to pay ] cash for SECOND TRUSTS in {| any amount. The rates will please you if the security is sat- isfactory. - | MORTGAGE DEPARTNENT 713 and 715 14th Street NW. Mala 5345 s “LIVE POULTRY PRICES | MONEY TO LOAN CHIC4GO, November ‘{INANCIAL. ""Money to. Loan’ Becured by first deed of ‘trust on 1 estate. ’fl'lmlw-hn‘“ and _commus Joseph I. Weller 42 ¥sih L. & Trust 18.—Poultry, 16220%5 Any Amount Apartment Houses 5 l/ 2 % Business Property ceive Christmas Sevings Funds— the result of systematic ei- fort to accomplish a definite purpose. Use part to accomplith another defi- nite purpose. investor. on your savings. Under our investment Sav- ings Plan, that you make on a $100, $500 or $1,000 First Mort- gage Bond draws the full rate of bond interest. Call, write or phone Main 6464 for our free booklet, “How pendent Income.” The F. H. Smith Co. SMITH BUILDING TO FEDERAL AND ALL OTHER PEOPLE || WE_WANT YOU AS ONE OF THE SAVINGS DEPARTMENT OF To get your investment we wili loan you ONE HUNDRED DOL.- LARS WITHOUT INTEREST OR ENDORSEMENT. The only condition will leava it on deposit in a sav. Ings account for one year and Ppay us back ten dollars a month. Vour one-hundred-dollar ment will bear interest at 4% per annum, nually. At the end of %one year your $100 investment will be worth $104.04. Under the usual 4% savings plan, it months, your $100 at the end of one year would be worth $102.52. Come this new investment pian. Banking Hours—8:30 a.m. p.m., except 1st, 2nd, 15th, 16th, 17th and last day of each month, 30 a.m. to 5:30 p.m. Saturdays, :30 a.m. to 1 p.m. L r——— ] THE DEPARTMENTAL BANK | BUILDING PROJECTS FINANCED i FRED T. NESBIT Investment Bldg. Main 0392 I FEDERAL-AMERICAN NATIONAL BANK « RESOURCES $13.000.000 131 F ST Jown PooLe Pasmew Fe e b LIFE ANNUITIES Aetna Life Insurance Co. 801-6 Woodward Bidg. Yield 625% Maturity 1927 We recommend The Industrial Bank of Japan, Ltd, External Three Year 6% Gold Debenture Notes, due August 15, 1927, Unconditionally Guar- anteed by Imperial Jap- anese Government as to principal and interest. Stop Worrying About Your Finances Call Our Loan Dept. —and have them reserve one of their guaranteed First Mortgage Notes for you, This will afford you a wise field for your in- vestment, yielding a lucra- tive, safe income. N. L. Sansbury Co., Inc. Renltors 1418 Eye St. N.W. Phone M. 5904 HRIFTY Washing- tonians soon will re- checks . for their WE HAVE MONEY TO LOAN ON IMPROVED Residential and Business Property of Columbia Serd for complete circular The National City Company Washington—741 15th St. N.W, Telephone—Main 3176 of your check Become an Earn 7% interest District at ing Interest Rates In the every payment Consult Our Loan Department Wm. H. Saunders Co., Inc. REALTORS 1433 K Street N Main 1016, 1017 MONEY TO LOAN ON FIRST MORTGAGES AT CURRENT RATES OF INTEREST to Build an Inde- NO LOSS TO ANY INVESTOR IN 51 YEARS ot — e peaking of Dreams— “Dreaming mever hurts anybody if he keeps work- ing right behind the dream 1o make as much of it come real as he can.” EMPLOYEES | 50,000 NEW INVESTORS IN To dream of a competence through investment will never hurt you. BUT to place your money in tire hands of schem- ing “dreamers” is quite an- other thing. Your dreams will come true il vou are wise enough to in- vest your funds in our FIRST MORTGAGE NOTES 6129, the yield todny, and are thoroughly safe- ed ngainst loss or de- tion. “YOUR BANK” Capital & Surplus, $2,000,000.00 Even When You Don’t Lose —financially from the misplacing of papers of importance, the re- sulting inconvenience occasiogs not a little worry and loss of time. © The moral is: Keep your Bonds, Stocks, Leases, Insur- ance Policies, D etc., in a SAFE DEPOSIT BOX. You can rent one in our ul- tra-modern vault for a cost that averages under twe cents a day. National Savings & Trust Co. 57th Cor. 15th and New York Ave. Year. Oldest Savings Depository in Washington is that you invest- compounde * semi.an- you save $10 a month for ten in they gua prec and talk with us about to 3 Mortgage Investment Department iSHANNON. & LUCH 713 and 715 14th Street N.wW. Main 2345 “YOUR BANK" 4 PENNSYLVANIA AVENUE N.W. Usder United States Goverament Bupervision All of these bonds have been sold. This Advertisement appears only as a matter of record. New Issue 811’500’000 November 18, 1924 The Cleveland Electric Illuminating Company General Mortgage Gold Bonds, 57, Series A /€9 Dated November 1, 1924 Due November 1, 1954 Principal and interest payable in New York. Interest payable May 1 and November 1. Coupon honds of $1,000, with provision for registration of principal. Redeemable, as a whole, or in part by lot, at any time at 105% and interest. Interest payable without deduc- tion for any Federal Normal Income Tax up to 2. Pennsylvania Four-Mill Tax Refundable. Guaranty Trust Company of New York, Trustee. Issue subject to approval of the Public Utilities Commission of Ohio. The following information is contained in a letter to us from Mr. Robert Lindsay, President and General Manager of the company: BUSINESS The Cleveland Electric Illuminating Company operates in the City of Cleveland, Ohio, and adjacent indus- trial and suburban territory, serving with electric light and power an estimated total population of ever 1,500.- 000. The company also supplies steam for heating purposes to a very large proportion of buildings and busi- ness establishments in downtown Cleveland. The business of the company has shown an uninterrupted growth from the time of its inception and is increasing steadily at the present time. SECURITY The General Mortgage Bonds will be the direct obligation of The Cleveland Electric Illuminating Com- pany, secured by direct mortgage lien on the entire fixed property of the company now owned or hereafter ac- quired, subject only to $18,500,000 First Mortgage 5% Bonds due in 1939 outstanding in the hands of the public. The authorized issue of First Mortgage bonds is $30,000,000, and the remaining $11,500,000 bonds will be pledged as additional security under the General Mortgage. . EQUITY Based on valuations determined by the Public Utilities Commission of Ohio as a rate making basis, to- gether with subsequent net capital expenditures, the value of the company’s property pledged to secure its bonds is $60,822,009, or more than twice the $30,000,00 principal amount of all mortgage bonds outstanding in the hands of the public including this issue. The foregoing value is exclusive of current assets and materials and supplies, and does not give effect to the proceeds of more than $18,800,000 to be derived from the present issue of bonds and additional preferred and common stock presently to be issued. Upon completion ‘of this financing the junior securities will, on the basis of present market values, represent an equity of more than $48,500,000 over and above the $30,000,000 mortgage bonds outstanding in the hands of the public, including this issue. EARNINGS FOR 5 YEARS MORE THAN®43 TIMES INTEREST Net earnings (after all taxes) available for interest, depreciation and dividends, for the five years ended October 31,1924 were more than 434 times and for the 12 months ended October 31, 1924 were more than 623 times total annual interest charges for the respective periods, and for the 12 months ended October 31, 1924 were more than 41/, times such total interest charges and the annual interest requirement on this issue, detailed sresults being as follows: 12 Months ended October 31 1920 1921 1922 Total Interest Charges $1,076,157 1,354,477 1,515,860 Balance for Depre ion and Dividends $2,860,947 3,273,428 4,565,546 Gross Revenues $12,366,016 13,280,651 14,852,037 1923 17,433,798 8,129,341 1,287,656 6,841,686 1924 18,296,881 8,543,433 1,281,804 7,261,538 The annual interest requir_ement on all mortgage bonds which will be outstanding in the hands of the public upon completion of this financing is $1,500,000. During the five years ended October 31, 1924 appropriations from earnings for depreciation (in addition to substantial expenditures for maintenance) amounted to $8,245,000. DIVIDENDS ON COMMON STOCK SINCE 1902 The company has paid dividends on its preferred stocks, $10,800,000 now outstanding, since issuance and on its common stock, $15,045,300 now outstanding, continuously since 1902. Since 1920 the company has paid dividends at the rate of 10% per annum on its common stock. Net Earnings (After All Taxes) $3,937,104 4,627,905 6,081,406 We offer these bonds for delivery when, as and if issued and veceived by us, subject to the approval of our counsel and of the issue b’— the Public Utilities Commission of Ohio. Temporary bonds of the company or interim receipts of Dillow, Read & Co. will be delivered. Price 100 and Interest Further information is contained in our circular which may be had on request. Room 300-301 Edmonds mum“: Dillon, Read & Co. LEON SHORE The mg-mmu ‘herein have been accepted by us as accurate, but are In no event to be construed as representations by us. Wa ELMER F. SAUTER ding