Evening Star Newspaper, July 22, 1929, Page 15

FINANCIAL. Mortgages Investments JAMES. Y, PENNEBAKER Nat. 5291 1520 K St. N.W. Mutual Investment Trust Offers advantages to the Investor in addition to Substantial Profits 529 net earnings so far this year Write for Booklet Marlow Beech Corp. 1732 Conn. Ave. Potomac 6167 6% NOTES Secured by First Mortgages Safe—Conservative 42 Years’ Experience In tinancine 's and In the ot these se- curities. Make vour savings and surplus funds work for you at the highest-inter- t rate consistent with absolute satety. Wm. H. Saunders Co, Inc. REALTORS Main 1016 1433 K Money to Loan Becured by first deed of trust on Wellor 420 Wash: L. & Fras eller {00 " ¥ VW Investment Service GreLeT & Co. BANKERS INVESTMENT BUILDING WASHINGTON, D.C. Telephone, National 2460 THE IDEAL INVESTMENT Standard Collateral Trusteed Common Stock Shares A_TRUSTEED OWNER- SHIP in 100 _leading American Corporations. S will be te your interest to investigate. Standard Collateral Shares Corp. Franklin 3 Weodward B More Than a Third of a Century's Ezxperience in Property Management When we assume charge of property—especially apartment houses—we shoulder all the details— relieving the owner of every phase of responsibil- ity. At regular intervals we render full and com- plete statement of our stewardship. SAUL CO. 15th St. Oldest Nat ¢ il District of Columbia Right in Step With the City’s Progress | Washington was little more than a village when The Metropolitan began business, back in 1814. i As the Capital grew, this bank expanded with it—""Metropolitan” facil- ities ever keeping a step ahead of the require- ments of the business community. 1] You need standing here if you need broad-gauge banking service. 3% on Savings ~National Metropolitan - Bank & Years O1d 15th St. opp. U. S. Treasury SSUE ARE HEAVY Market Dull—American I. G. Chemical 5 1-2s Sell at Record Price. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, July movements in the semi-speculative issues were less sensational, after a week of heavy transactions in this group and a number of new high record prices, Except for the 5-point rise early in American 1. G. Chemical 5'5s there was nothing of importance in the converti- bles. This bond acted again as if there were a short interest in it, as it jumped 2 and 3 points between sales and finally sold 40 points above its issue price. Some profit-taking occurred at the higher levels. There was a disposition to move more slowly in the two Telephone 4155 as well as in Atchison 4',s, Southern Pacific 415s and in the Alleghany Corporation 5s” and American International 5!2s. Commercial Investment Trust 5':s advanced over a point to above par, which is the best figure reached since the dissolution of the syndicate. Other strong and active convertibles were Wickwire Spencer 7s and Walworth tis, 6lis. Pan-American Petroleum 6s of 1934, went to about 110, establishing a new 1 h igh price. The rtest of the Investment market was quiet and did not show any definite tendency. The fact that call money renewed at 7 per cent, compared with between 9 and 12 per cent in the first half of last week, had little effect on sentiment. High-grade corporation ssues were dull and heavy. The United States Government list also showed a disposition to react in spite of the de- cline last week of from 15 to full point in the various Treasury notes. ‘The ratification of the French debt agreement was without response in the market for French securities. In fact, the Government 7s were off nearly a point from Saturday’s closing. Belgians and Germans were also heavy. Some of the Eastern European dollar bonds have had a lower set of quotations since the trouble between Russia and China developed last week. The only new issue of importance today was $40,725,000 City of Chicago tax anticipation notes, which mature between May 15 and October 15, 1930. All of the notes were offered on & straight 6 per cent basis, or consider- ably higher than the previous issues by Chicago. This represents not only the more severe credit conditions at the present time but the size of the treasury borrowings of Chicago along with the present floating supply in the market of securities of this character. Stock Exchange SALES. shington Gas 6s A—$1.000 at 102%. shington Gas 6s B—$100 at 1037, $500 at 105. Washington Rwy. & Elec. 45—$1,000 at 8614, $4.000 at 8614, Capital Traction Co.—10 at 95, 20 at 9515, 10 at 95. ! Norfolk & Washington Steamboat Co.— 10 at 300. Potomac Electric 67 pfd.—10 at 112, Washington Gas Light—10 at 126. Columbia Sand & Gravel pfd.—10 at 88. Commercial National Co. pfd.—2 at 103. Federal-American Co. pfd.—20 at 101%%. Washington | Federal-American Co. com.—30 at 47, 20 at 47. Merchants' Transfer & Storage com.— 25 at 117, 5 at 117%. Mergenthaler Linotype—5 at 105, 5 at 10475, Real Eflstlw Mtge. & Guar. pfd.—620 at 735, 100 at T35, Ter. Ref. & Whrs. Corp.—10 at 50%, 5 at 5034, AFTER CALL. Washingten Gas 6s B—$2,500 at 106. ‘Washington Rwy. & Elec. 45—$1,000 at 8674 Wush:n'.'!on Rwy. & Elec. pfd.—5 at 98. Union Trust Co.—10 at 335. 10 at 335, Barber & Ross com.—25 at 18'z. UNLISTED DEPT. Raleigh Hotel Co.—10 at 75. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Potomac Wash., Alex Wash. Balto Wash. Wash. Rwy & Elec. 4 MISCELLANEOUS. arber & Ross, Tnc. 6138....... it Hotel 612% ms Dalry 6 ase Club 5128. aper Mfg. 65 STOCKS. PURLIC UTILITY. . Telga - 5 LY Potomac Elec, 5'.7 pfd Wash. Rwy. & Flec. eom il Wash. Rwy. & Elec. pfd..... .. NATIONAL BANK. National Capital Columbia Commercial District Federal-American Liberty . Lincoln National ‘Met| RigEs ...c Second . o . . National Bank of Washington.. TRUST COMPANY. American Security & Trust Co.. Continental Trust. 1 Merchants' Bank. . Nat, | Savings & Uhion Trust oo Washington Loan & Truist.. ... SBAVINGS BANK. Bank of Bethesda... 3 Commerce & Savings. ashington Security Bavine SEventh Street 5 United States.. | Washington Mechanics’. .. . FIRE INSURANCE. Ameriean . TITLE INSURANCE. Columbia_Title Real Estate. .. Title & Inv. Go: of Md. com. .. Wash. Cons. Title pfd.......... MISCELLANEOUS. 0ss, Inc., com. : Dist. Natl. Securities pfd e pid. R ] Lanston,_Monotype_ . 5. & Storage. Nedl. . 4 Peoples Drug Stores pie Real Est. Mige. & Qual Securlty ‘Storage . Ter, Ref. & Whr. h. Mech. Mige. c Wash Medical Bldg. Corp. Wondward & Lothrop pfd. *Ex-dividend. e TREASURY CERTIFICATES. (Reported by J & W. Seligman & Co.) d. " B o e gen i Moz aafi-u 100 0"1 i 3 & i 232 129 30. 4+ i THE EVENING STAR, WASHINGTON, D. C., MONDAY, JULY 22, 1929. UNITED STATES. Sales. High. (Sales are in $1.000.) Sales. High. Low. WL 973 9630 58 R 992 s Close !Iu-l OIINY ¢%s. 7 Tenn Cop 6s B “44. . TennElecPow 6s 47. ‘Transcontl Oll 63%4s 1 United Drug 68 63.. 19 U 8 Rub 1st rt b 22 U8 Rub 7%s. U 8 Steel s £ 5 Utilities Pow: Walworth Low. Close. | Walworth 995 99y 10322 10322 34 108 10712 108 FOREIGN. market tcday was of smaller size and | Argen! . Australia 4% 56 Australia 68 1955 Austria 7s.. .. Bank of Chile Bank of Chile Youngstn 8 & T 5s. RAILROAD. Ann Arbor 4s 174 Atenison gen Atch deb ¢%4s B & O Toledo ¢s Bosts Maine Brookivn Elev %8 Bklyn Mannat & Buff R& Pitt 4% Canada Natl4%s'¢s Can Nat4%4sb4.... Can Nat 4% 67.... Can Nor 4% s 1936.. Canad North 78.... Canaa Pac deb Cent of Gat 55 C'59. Centrai Pacific 4s.. Cent F'ac 1st 58 50., Cl & O Corpn 5 Ches & O gn 4’48 Cnes& Ocv 4% Cl &O4%s Chi & Alton 3% Chil & Alt 3% s ct CB&QIldivas., CBaQe% Chi&ls 111 gn Chi Gt West 48 59.. ChiM1ISP&Pacbs?6. 30 CMSP&Pacadj5s03.313 ChI NW 4148 2037.. 1 Bremen State 7 Canada §s 1931 Ca s 195 Colombia s Ja: Con Pow Japan 7 Copenhagen 4% 5! Cuba 5%3..... Czecho 8s 1951..... Danish Munic 8s B, Denmark 4%s. Denmark 5348, 5 3 1 5 2 8 Finland s 1 Finland [ French 7%s... German Bank 6s German EI P 8% 7 4 CCC&StLbsD. Del & Hud 7s 30 Den & Rio G en D Rio G West b DRG & Wst 68’78 Erle conv Erfecv 58 Fla Kast C Fonda J&G Gr Trunk stdb Grand Trunk i Gt Nor ¢%8 76 Great North 6% Great Nor gen 7 3 1y | Green B & W deb B. Hud & Man aj 6 Hud & Man ref bs. 111 Cent 48 53. 111 Cent Chi 4 %48, Paris-Ly-Med 6; Paris-Ly-Med 7, Peru 6s 1960.,. Peru 6s 1961, 7 Int Gt Nor 53 195 [ut&GINor ad) 6 Int & G Nor 18t 6, IntKysC A Kansas City 8 3 Kan City Term Lake Sbore 45 31. Lehigh V 200. Long Isrf 4s 4y Louis&Nash unt Louis & Nash s, Man Ry 18t 4890, .. Market St 7s 4 MILEI Ry & L Minn & StL Rome 6%s... Sao Paulo 1950 Sweden 5%8... n Swiss Confed Toho E! Pow 7s Toklin 5% s 1961 Utd Kingm 6%s Mo Fac bs F 77. Mo Pac5%s'49 ¢ Mo Pacific 58 G '7 Abram&Straus§%s 1 Ajax Rubber8s.... 2 Alleghany Cp b3 44117 Alleghany 5549 wi 134 Am Chem 5%s cv'49499 Am Int Cor § AhSmit & R 13t 8 Am Sugar Ref 6 4 Am T&T cv 4% e'39 uz 10314 7 T5% 93 100% 13618 79 874 4 NY NH&H cit N Y Rys6s 65 o LT Lol n T L=ttt = PPN HTy b Armour&Co 4 % Armour Del 5% Atl Gulf 8 5! Atlantic Refin Bell Tel Pa 63 C ethlehm Stl pm No-thern Pacr 1 6 Ogden&Lake Ch 4 Ure Short L rfs Ore Wash 1st Rio G West ¢l Pennsyl gen 4%4s... Pennsyl con 448. .. Penna RR 4%s Pannsyl 68 64 1 T in-TdS esrcts Copp Colon Of1 62°38. . | Col G&F 58 May 52 Com Invest 534849 Com Invest 68 '48. . Con Coal Md 1st 6 Con Gas N Y b%s. Consumers Pow b Cuba Cane Denver Gas 58 Datroit Edison! Pennsyl gold Port RL&P 7% St L IM&S R& StL IM&S gn StL&S8F pl StL&SFre%s? St L& SF prin s, StLS W 1st 4s. ——— ET S B All Fla 6 SB All Fla Sou Pac clt Sou Pac 4 4| 1 Sou Pac 4%s ‘69 --asg 100% ! 102% 102% 103% (llinots Bell Indiana Steel 6s.... Inland Stl %878, * Intl Cement b8 4 (ntl Match 5s 47 ‘exas & Pacific 1st. Tex & Pac 58 C'79. Thira Ave ref Third Ave ad) 6s. Tol Tr L&P %8 30. Union Pacific 4s '8 Union Pac 1st 48. Unfon Pac st Union Pac 4% Virginia Ry 1st bs. Wbasn 4% 78 ret Wabash 1at bs. Wabash 2d bs. &Tel 4148 cv 247 KanG & R8sz . 5 Kendalls1s'48 war 19 laclede G b4 s bz . Lautaro Nitrate 6s. Ligget&Myerssssl. Liggett & Myers s fotes FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal g61d Selling checks . 65 » T TP LT N Y Edison bs 44... N Y Edison 6%s. London, pound. Paris, frepe No Am Ed 6%s'63. e th Am Edis bs.. 4 1004 Pacific Gas & EI 1097 Pan-Amer Pet Paramount & 1947, . e 3 Stockholm, cr Flying Boat Leaves Iceland. REYKJAVICK, July 22 (#)—The HIGH GRADEBOND | oo ~one BONDS ot scauvee] | TRADING IS DRAGEY ATD. C. MARKET Receipts of Vegetables Are Light—Fruit Supplies Are Plentiful. A generally draggy condition of the market was reported this morning, condition which prevails on the first market day of the week. Receipts of commodities from nearby Maryland and Virginia were light, dealers reported, but fruits and vegetables from distant points were plentiful enough to enable wholesalers to meet demands of re- tailers. Tomato prices continued high, two- peck baskets selling at $1.75 and £2, and this morning's receipts were noth- ing like as good as average receipts most of last week. There are plenty tomatoes on the vines on Maryland and Virginia farms, according to re- ports, but the vegetable is slow ripen- ing. Potatoes Cheaper. Green peas of exceptionally fine qual- ity, said by dealers to be the most at- tractive vegetable of its knd ever of- fered in the local market, reached here from Oregon this morning. They sold readily at $7 a box. Iceberg lettuce, 4 34a35; current receipts, 29a: product of Washington growers, excep- tionally fine quality, was offered at $5 a crate. An easing of the market on potatoes was reported, dealers quoting them at $4.75 and $5, mostly $5. Many of them were from the Eastern Shore of Vir- ginia, while nearby growers furnished fairly large quantities of the vegetable. Smaller vegetables, in plentiful supplies, were reported cheap Plentiful supplies of peaches from North Carolina, South Carolina and | Virginia were among the morning’s ex- press receipts. They sold mostly around $2.50 and $3, many of them only in fair condition. Few exceptionally fancy peaches brought as much as $4. ‘Watermelons, cantaloupes, honeydews and honeyballs were plentiful at prices quoted Saturday. The Florida and Georgia crops of watermelons are about exhausted, it is reported, and dealers are depending upon shipments from South Carolina for most of their sup- lies. K Few melons of the Stone Mountain past few days, selling around 75 cents. Thurmond Grays, 35-40 pounds this morning sold around 90 cents, the 30- pond size selling at 65 cents. Prices of most commodities this morning were substantially the same as prices quoted at the end of last week's market. Prices Slightly Higher. Butter-—one-pound prints, 43a44; tub, 42a43; store packed, 28a30. s—Hennery, 35a36; fres!ol selected, Poultry, alive—Turkeys, hens, 35; toms, 33; Spring chickens, large, 36a37; medium, 34a35: small, 32a33; Leghorns, 30a32; fowls, 30a31; roosters, 21; ducks, 15; keats, young, 60a65; old, 35a40. Dressed—Turkeys, 38a40; Spring chick- ens, large, 42a45; medium, 40a42; small, 37a38; Leghorns, 37a38; fowls, 35a36; ducks, 28a30: keats, 80a1.00. Meats, fresh killed—Beef, 24 23: lamb, 28a30; pork loins, 34; fresh hams, 30a32; fresh shoulders, 22; smoked hams, 30; smoked shoulders, 22; bacon. 26a28; lard In bulk, 15; in packages. 16. wuve stock—Calves, 15; lambs, 121 i veal, CHICAG_O_I;IV E S‘i‘OCK MARKET CHICAGO, July 22 () (United States Department ~ of _Agriculture). —Hogs— head direct; market mostly steady with Friday on better grade hogs; packing sows, 10 to 20 cents lower; top, 12.40; bulk of 160-230 pound weight, 12.40; 250-290 pound average, 11.75; packing sows, 10.00a10.75. Butchers, medium to choice, 250-300 pounds, 11.10a11.90; 200-250 pounds, 11.50212.40; 160-200 pounds, 11.65a12.40; 130-160 pounds, 11.05a12.40; packing sows, 9.85a10.85. choice, 90-130 pounds, 10.75a12.25. Cattle—Receipts. 19,000 head. Calves —Receipts, 3,000 head. General trade steady to 25 cents lower on killing kinds: strong on stockers and feeders: largely fat steer and yearling run; early top. 16.50. Slaughter classes, steers, good and choice; 1,300-1,500 pounds, 14.50a16.50: 1,100-1.300 pounds. 14.25a16.50: 950- 1,100 pounds, 13.50216.40: common and medium, 850 pounds up, 9.50a13.50; fed yearlings, good and choice, 750- 950 pounds, 13.50a16.00; heifers, good and choice, 850 pounds down, 13.00a 15.50; common and medium, 8.00a 13.25; good and choice, 8.75a 12.00; common and medium, 7.25a8.75; low cutter and cutter, 5.75a7.25: bulls, good and choice (beef) 10.35a12.00; cutter to medium, 8.00a10.40; vealers (milk fed) good and choice, 14.25a 17.00; medium, 13.00a14.25; cull and common, 8.00a14.25; stocker and feeder steers, good and choice (all weights) 12.00a13.25; common 9.25212.00. Sheep—Receipts, 18,000 head; market slow; few opening sales, 25 to mostly 50 lower; rangers, 14.75; bulk natives, 14.00a14.25; fat ewes, 25 lower, 6.00a 6.75; feeding lambs quotable steady. Lamb, good and choice, 92 pounds down, 13.75a15.00; medium, 12.25a13.75; cull and common, 10.75a12.25; ewes, medium to choice, 150 pounds down, 5.5086.75; cull and common, 2.50a5.50; {;e;‘l;r lambs, good and choice, 12.50a 11.50a MARYLAND TOBACCO SALES. BALTIMORE, July 22 (Special).—Re- ceipts of Maryland leaf tobacco last week totaled 1,353 hogsheads and sale of 1,733 hogsheads were reported, leav- ing a stock in State tobacco warehouses of 5261 hogsheads. Demand good for practically all grades, with prices rulin, slightly higher for the more desirabls grades. Quotations today for Maryland leaf tobacco per 100 pounds: Inferior, 7.00a10.00; sound common, 11.00a20.00; common, 21.00230.00; medium, 1.00040.00; good to fine red, 41.00a 50.00; seconds, common to com- mon, 7.00820.00; medium, 21.00233.00; seconds, good to fine, 34.00a45.00; up- per country Burley, nominal; ground leaves, nominal. BUSINESS NOTES By the Associated Press. NEW YORK, July 22—The natural resources department of the Canadian National Railways says that available fig- s | ures indicate a new high record for gold production in the Dominion in 1928. The total is estimated at 1,890.- 592 fine ounces, valued at $39,082,008, compared with 1,852,785 fine ounces, worth $38,300,464, in 1927. 5 mlmcyl'nfl;.!:qulvmm l%g of Buchan- n, Mich., has acqui the stock of the ql"rout oe.prer&cent G Co. of Detroit. The transaction was made through an exchange of shares. Stockholders of the Charles Fresh- | man Co., Inc,, are to be asked to ap- prove changing the company's name to Earl Radio Corporation, so that the concern may be identified with produc- tion of the new radio named after C. A. Earl, president. Production is now at the rate of 1,200 sets daily and will be increased shortly to 1,500 sets. Directors of J. W. Brown Manufac- turing Co. of Columbus, Ohio, maker of sutomobile lights, have recommended that the stockholders acept the merger of Electric Autolite on the basis of one share of Autolite to two and three-quarter shores, Dornier-Wal flying boat, in which Herr |an Grunau, director of a German flying school, arrived in Iceland five days ago from Syit, left for the Faroe Islands on its return flight today. o Sinclair Crude us 47 95 SinPipe Line bs.... 1 93% 5% variety were offered the local trade the | Receipts, 46,000 head, including 19.000" 12.00a | Pigs, medium to| and medium, | By the Associated Press. New security offerings today include: City of Chicago Board of Education 6 per cent tax enticipation warrant notes, amount $40,725,000, maturing monthly from May 15 to October 15, 1930, offered at 100 and interest by Halsey, Stuart & Co. Sharpe & Dohme, Inc., $3.50 cumu- Iative convertible preference stock, l;::mmz $10,156,000, offered at $62.50 a re. City of Richmond, Va., 415 per cent bonds, due June, 1949-57, amount $500,- 000, to yield 4.40 per cent. RAIL MERGER PLAN MAY BE APPROVED Special Dispatch to The Star. NEW YORK, July 22.—There is still many a slip between the cup of the Interstate Commerce Commission rail merger plan as outlined by Commis- sioner Porter and the lip of actual merger. ‘This was made plain by the attitude of big railroad executives today. The details of the plan which Commissioner | Porter will ask be made the basis for consideration of mergers by the com- mission have not been made public, but | they are well known to his colleagues | and it is believed the plan, perhaps | with amendments, will meet their ap- | proval as a starting point. | It is understood to contain many of | the features of the plans already placed before the commission by the Balti- more & Ohio and the Van Sweringen systems. The plan, as it is expected to work, will act as a sort of writ of injunction. That is, the various roads and interests concerned will be directed to appear and “show cause” why the provisions of the plan should not be dropped. | No plan as yet filed before the com- mission has met with unanimous ap- proval of all the stockholders involved Even if the majority interests werc | completely satisfied with the provisions | of the Porter plan as it affected their | roads, the minority intrests would still | have a hearing. Such hearings could not be heard without considerable ex- | penditure of time. | After the main trunk line railroads | had been reconciled to the plan, it still | would be far from being carried out. | They might be authorized by the In- | terstate Commerce Commission to ac- quire certain roads, but the commission | could not guarantee that they could do s0. The holders of stock in the roads in- volved might not wish to sell of be dis- satisfled with the price offered. To com- pel_them to sell it would be necessary | to resort to condemnation proceedings. | If this were done, then the question | opens as to the valuation of the vari- | ous roads, a question which has already \ caused continuous legal bickerings for | years. As one railroad executive ex- | pressed it today, there would be score of other O'Fallon railroad cases |on the court dockets. | GERMAN BONDS AND STOCKS NEW YORK, July 22 (Special).— Ger Govt Red Loan with dras North German Llovd Krupp Ss. 1921..... .. Dusseldort 4s pre-wa Prankfort a-M 4s pre-war { Munich ds pre-war. ....... (Quoted in doliars per AEG (Ger Ge Elec)... ... A E G (Ger Ge Elec) pfd B Commerz and Privat Bank. I G. Farben.. .. | Disconto _Gell Berlin Handels K 3 SER2802 02T | 8323333333333 -355%33353% assmunara 2023385883558 3333333333333 8383333333 8 wSue! North Ger Lioyd ... Aus A E G (Gen Elec Real Estate Loans We Invite Applications for FIRST TRUST LOANS on Improved Property IN NEARBY MONTGOMERY CO. AND THE DISTRICT OF COLUMBI n'sl/z% Periods of 8, § or 10 Years BOssmrHELFS /ounded 1907 1417 K 8t Equitable Co-Operative Bldg. Ass'n JOHN JOY EDSON, President Organived 1879 Assets . $5,513,081.63 Subscription for the 97th Issue of Stock Being Received We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and E E Trust Company 900 F Street 620 17th Street WALTER 8. PRATT, Jr., Secretary 49th YEAR COMPLETED Surplus & Profits. ., ..$1,601,704. SAVE AS YOU EARN THE Equitable’s plan of sys- tematic savings encourages thrift in a manner that if con- sistently followed will eventual- ly lead to financial independence. tart now while you have a steady income. Come in and let us explain about our systematic plan. 915 F St. N.W. Complete Investment and Brokerage Service Copy of our “Fortuightly Review” furnished om request P. MURPHY & CoO. Members New York Stock Exchange 1508 H Street Connecticut at K WASHINGTON Telephone National 9600 New York Philadelphia Richmond London Private Wires and Telephones to New York k] 5 | ORGANIZED in trols assets valued at | Harris, Forbes & Co Incorporated Beston Harris, Forbes & ; Limited Londea same year in which the first central station for incandescent lighting went into operation, Harris, Forbes ¥ Company has long been identified with the de- velopment of the most important public utility companies in the United States and Canada— among them the Associated Gas and Electric Company, the oper- ! ating subsidiaries of which provide electric light and power, gas, water or transportation services to over 1,200,000 customers in more than 2,200 communities in eighteen states, the Philippine Islands and the maritime provinces of Canada. Serving industrial, residential and agricultural regions, the Associated Gas and Electric System now con- $800,000,000, supported by gross 1882, the more than We invite inquiry regarding the securities of the Associated Gas and Electric Company. Harris Trust and Savings Bank Bond Department Company revenues of nearly $100,000,000 annually. " Today the Associated System is one of the largest public utility systems in the United States: In reaching this position resourceful, inte]li- gent and experienced management has played a vital part. Grouped together to secure the benefits of unified operation, the various properties have realized substantial economies in connection with pur- chases, financing, new construc- tion, engineering and new business expansion. In geographic distribution of properties, in its large number of industrial and domestic consumers, as well as in the varied nature of its services, the Associated System enjoys an exceptional degree of diversity as to income. Associated Gas and Electric System Rendering a Widely Diversified Public Service Harris, Forbes & Company | Pine Street, cor. Willlam, New York Ground Floor, Woodward Building, Washington, D. C. Harris, Forbes & Company Limited Montresl Hartis, Forbes & Clo Parls