Evening Star Newspaper, July 24, 1929, Page 13

FINANCIATL." BONDS Months of high money rates have depressed bond prices to levels which now make many issues attractive both on a yield basis and for possibility of price appreciation in the event of a trend toward easier interest rates. In our recently published lists of bond investment suggestions, the average approximate yvield for 94 issues offered is 6.14%. ' Send for Current Lists THE EQUITABLE SECURITIES COMPANY NG A swbsidiary of The Equitabis Trust Compeny of New York StaNLy Cars, Representative 917 Fifteenth Street, N. W, WASHINGTON, D. C. & Thira of gy a Century’s o I Experience —with the details of man- agement of your apartment houses and other proper- ties? You can be freed from all the responsibility by placing them charge—knowing in our that we know how to conduct them and profitably from long successful experience. B. P, SAULE -CO. Nat'l 2100—925 15th St. N.W., A Safe Investment for Your JULY DIVIDENDS 1t you are seeking a safe and sound investment for your July dividends. . investizate N TES AND These high-grade ments, issued to vield 6%. are secured on improved real estate in Washinston | B and its suburbs. and backed by our $3.400.000 5 m anteed safety of prinei Denominations from §250 up Monthly payments if desired Send for Booklet, “The Success Plan” REALESTATE MORTGAGE & GUARANTY CORPDRATION Capital Resources $ 3,400,000 24 JACKSON PLACE “While the Evil Days Come Not” How melancholy is the pic- ture of Old Age—of those “evil days” in which there is no pleasure—painted in the last chapter of the Book of Ecclesiastes! And yet, for many men and women, the “Autumn of Life” is truly the happiest season of all. For then, se- cure in the fruits of their thrift and foresight, and freed from the nacessity of daily toil, they find leisure toindulge those whims and pursuits for which their competitive years allowed no opportunity. Let us tell you about our simple Common Sense Plon whereby small sums, sys- tematically invested, will be returned to you greatly in- creased by the magic of compound interest in sub- stantial annvities when you have chosen to retire from active life. If you will follow the plan, we will guarantee the income. ‘Write today for our latest finam- | statement showing resources ‘of more than $25,000,000. = = e = CLIP THIS COUPO N = = o o Mome ... .oocerrrenersssesssnnnnanse Address. ........ INVESTORS SYNDICATE Established 1894 =—==——== s el Est. Mi Bgrr Building, Washington g‘:‘."x‘:'e'«.’i:%lf‘& Telephone: Metropolitan 1879 Waih: Medical 5 | company. CONVERTIBLE BOND Telephone and Chemical Issues Show Advances. Mortgage Bonds Up. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, July 24—While mort- gage bonds were at a new low average for the year today, there were further evidences of accumulation in the prom- inent convertibles. Gains in these issues ranged from 1 to 4 points. The most active trading in this group was in American Telephone 4135, American I. G. Chemical 5%s, Phila- delphia & Reading 6s, Alleghany Corporation 5s and American Interna- tional Corporation 5%:s. The telephone bonds made early Rains of 2 points, but did not then get up to their previous high levels. Philadelphia & Reading 6s, however, tormer high. They dropped from 102 to 911 after the syndicate was dis- solved and this morning were up to about 105. The proportion of convertibles dealt in to mortgage issues is again on the increase. Continued high rates for money are affecting demand for investment bonds. There are some exceptions, however, as in the mortgage issues of the Northwest- ern roads with the Soo Line 4s, Great Northern 7s and Northern Pacific 6s all strong today. U. S. Rubber refund- ing 5s, which dropped Tuesday to within a fraction of the low of the year, were up over & point and further gains took place in Lorillard 5'4s and 5s. Bonds of Florida rails and public utilities reflect the unfavorable condi- tions in that state. A report today of the earnings of the Hudson Coal Co. for the first half of the year, showing interest on the 5 per cent bonds covered 12-3 times, was acceptable to those who already have a depreciation of about 30 per cent on their investment in this Local tractions again dis- played a heavy tone. ‘Nearly all of the French issues were higher.” German Agricultu Bank i bonds and municipals were heavy. Ger- man General Electric advanced a point. | There was a recovery of about a point in Kreuger & Toll 5s after a 21:-point reaction this week. i Firm Seeks Expansion. NEW YORK, July 24 (#.—The Blaw Knox = Co., manufacturer of steel products, is reported to be negotiating for the Union Steel Castings Co. of ll:;;:::burzh on an exchange of stock DIVIDEN. DS.i— Pay- Stk of riod Raie 0 ate R Co.... Q §.75 R 6d° uhion ™% nion " pi. Holopnane Col'8A. DL s 1i0s Imp T oiGBAT (Interim) 7 Jewel Ton Q" ‘Townsend Sécu ‘init do stock Aug. Washington S.to k Exchange SALES. Washington Gas 55—$1,000 at 101, $1,000 at 101. Washington Gas 6s B—$2,000 at 1053, $1,000 at 1053, $1,000 at 105% . Potomac Electric 6% pfd—5 at 112, 5 at 112, 1 at 112, Natl. Metropolitan Bank—1 at 400. Federal-American Co. com.—10 at 463, Merchants’ Tfr. & Stge. com.—17 at 117. Mergenthaler Linotype—2 at 1043, Real Estate Mtge. & Guar. pfd.—100 at Y2, 100 at 735, Terminal Ref. & Whrs. Corp.—30 at 51. AFTER CALL. Washington Gas 55—$3,000 at 101. Washington Gas 6s A—s$300 at 10115, $700 at 10112; $600 at 10175, Washington Gas 6s B—$500 at 10534, $1,000 at 1053;. Natl. Bank of Washington—5 at 308. Chevy Chase Dairy pfd.—2 at 107. Bid and Asked Prices. BONDS. PUBLIC UTILITY. | Amer. Tel. & Telga. 4% Amer. Tel. & Te i g8, 4725, Amer. Tel. & Tel. ctl, tr. 5 Anacostia & Pot, . R. 88 Ans. & Por. - cons, 5% Potomac_ Elec. 65 1953. Wash.. Alex & Mt. V. cif. Wash.. Balto, & Annap. 5s. Wi wton Gas 5s.. Wash. Gas 8s series ash. Gas 6s series B. Wash. Rwy. & Elec. 45 MISCELLANEOUS. Chestnut Farms Dairy 6 Chevy Chase Club 8%s. er Mfz. 6s . Paper Mfz. 6s.. Pot.Joint Stock Ld. 55 Wesh. Ma:ket Cold Storage 5s. Wash. Cons. Title Co. 6s... STOCKS. PUBLIC UTILITY. Gas. Wash. Stea Potomac Elec. 6% pf Potomac Elec. 5150 sh. RWY. & Wa Wash. Rwy. & Elec. pfd. Wash, 0. & An com. . Wash’, Balto. & Annap pfd... NATIONAL BANK. Commer trict Federal-American Liberty B d < National Bank 'of ‘Washington. TRUST COMPANY. American Security & Trust Co. Continental Trust. g B Merchants' Bank.:. .’ National Savings & T Union Trust ..... Washington Loan & Trust. SAVINGS BANK. Bank of Bethesda Commerce & Saving East Wi Potomac Security Si Seventh Street. United States Washington Me 5 FIRE INSURANCE. National Union 3 TITLE INSURANCE. Columbta_Title. & Ross, Inc. Bhevs Chase Bairy pfd - Columbia Sand & Gravel p Commercial Natl. td. Federal-American Lanston_ Monoty) THE EVENING [on sew vor BONDSmocx excauvce] | [NYESTMENT FIRM Received by Private Wire Direct to The Star Office UNITED STATES, (Bales are in $1.000.) Bales. High. Low. Lib3%s... 4 971 9629 Lib1st4%s 29 98 24 Lib 4th 4% 230 9824 US3%s43. 1 97 US3S%e4e?. L 9 UsS3% 110020 100 20 US4s1944. 54 10326 1033 US4%s62. 106 10726 1077 FOREIGN. Sales. High. Argentine 63 Ju by. 20 99% 99% Y% nk of Chile 6% Bank of Chile 6% 1. Belgium 6s. Belgium 6% Eelgium 78 185656, by gaining 3; points exceeded their | g Bremen State 7s. Canada 63 1931. Cunada 68 1952, Copennagen 5 Danish Munic 85 B. Denmark 4% Denmark 5143, '65. Denmark 63 s Dutch East 168 47, Flat7s x war 46. iniand 63%s. Finiand s £ 6545, Finland 78 Framerican 7% Erench 7 French 7%, German Bank German is..... Greek 63 1968. . insn K| Ltaly 7 (talian Pub S 78 100% 99% 1 18 Orleans 63 Peru 6y 1960. Peru 6s 1961 Peru is. Pirelli 7s ‘63 Poland 68 40 Poland 75 (rets) Poland 8 Queensiand Queensland 7 e N SRa EP 63'63 st EP 7860 Rio Gr Do Sul Rome 6%4s.. AR KAORN N~ BN KNS h e Suo Paulo 8s 1936 Sao Paulo 19| Saxon (PW) Seine 73 42 Serbs Cr Slav Serbs Crot Slo Shinyetsu 6%s 62 Soissons 6s Utd Kingm 53837, Uruguay 6s 1960, Urugua: Vienna Warsaw 7s 58, MISCELLANEOUS. Abram&Straus 5% 11 112% 1123 Ajax Rubber 8i 3 80 S0 Alleghany Cp 53°44300 111% 109% Alleghany 53 °49 wi237 111 110 AmAgriCl 106 105 Am Chain 6; 95 Am Chem 6% 8 cv'45360 127 Am Int Cor 6%8 ‘49 162 113% Am NatGas6%#'43 2 784 AnSmit& R 1at3s. 9 100% Am Sugar Ref 63... 10 104 Am T&T cv 434839 3069 175% AmT&Tel tr 5 101% 170 Anaconda cv db Armour&Co4% Atlantic Refin b, Bell Telt Paés B Bell Tel Pa 63 C. o ruacnlemn pmloN DS Con Coal Md 15t 53. Con Gas N ¥ 6%, - @ Humble O & R 6% Inland Stl 4%s°78. (ntl Cement 65 48. . © 8ol mronBunanEmafrpunio 5 8 4 Int Tel&Tel ¢ 48 cv 671 KanG&E6s62... 3 dalls48'48 war 6 Louisv G & & 68 62. ManatiSug st 7%s. Midvale Steel 6s. Mont Pow 68 43. Mont Power deb Mor's&Co 15t 4 %s. Nat Dairy 6%s, Radiator 6%s. © - » FS=IST T ST PR TEE Y - Nor States Pow Pacific Gas & EI 8. ez Swafn® ohm » of " rrans. & Sioiiie ' Trans. Aerch. Trans. & Storase . Trans. “%E‘fi"?' eF Linotyne Besi lsr'uf 305 pid! ¢ t. Mige. & Guar. pfd... tie. co At & Lothrep Id.- war g W dividond. s - s 1 Philips Pero 6%s. Plerce-Arrow 3s Por Ric Am Tob 6 2 Postal Tel &C5%s 18 :Idmmllour 33. 2 m Rnd 6%s war. Sinclair O11 8 Sinclalr OL 10725 112% 80 110 1105 STAR, WASHINGTON, . High. Low. Close. | 101% 101% 101% 95% 96% 93% 93% 91 8L 101 101 1024 100% Sinclair Ol 7s..... Sinclair Crude 6%s 2! Sin Pipe Line 53. Skelly O11 5% South Bell Tel 6s. .. Southwest Bell bs. . Stand O1l N J 65 4 Swand OfIN ¥ ¢% Tenn Cop 63 B ‘44 TennklecFow 63 Transcontl O] 6%s United Drug 63 63.. U Walworth 6%s '35, Warner Sug 78 39.. Warner Sug 78 41.. West Elec bs. Westn Union 6%s.. White Eagle O %8s Wilson & Co 181 6 WinRepeatAr 7%s. Youngstn S & T 6s. 40 RAILROAD. Atchisonadj 4s.... 1 86%4 Atchizon gen 48 Atch deb 4%s 48 Atlantic C Licl 48 Atiantic C L 1at 41 B & O Gold 4s. B&OcCY 4k B & O ref bs. B & O 63 200 B&O istbsct B&Ortimp 6 B & O Toledo 43 B&O0 PLEWY Bang & Aroos Boston & Mal Urookivn Eiev 6%8 Bklyn Mannat 6s... Bklyn Un El 63 '50. Buff R & Pitt 4%s.. Bush Term con §s.. Can Nat 4%s 67 . Canad North 6%8.. Canaa North s Canad Pac deb 4s Car Clinch&O 65 62. Cent of Ga 55 C 59, Cent Fac 18t 58 90.. Ches & O Corpn b Cnes & Ocv 4% Ches & O gn 434 Ches& 0 4%3°93 A Chi B&Q gen 45 63 CB&Q4%STTB Chi B & Q 18t f b Chigks 111 gn 68 61. Chi Gt West 48 59 CM&SLPgn8y... ChiMIISP&PacssT6. 19 CMSP&Pacadj5s03.162 Chi& NW gen 4s..., Chi NW 4%8 2037.. Chi& NW 7s. . Chi Rys 68..... ChiR1&Prf4s. ChiRI& Pac4% Chi Ution Sta 55 44 Chi Union Sta 6% Chi& W Ind cn 48, C&WI16%sE CCC & St L 68 D. Clev Term 6% Colo & Sou 4%s. Cuba R R 651936 cf Cuba Nor 6%scts. . Del & Hud 1st rf 4s. & Hud b%s. Den & Rio G cn Grand Trunk i Great Nor gen 7 40 Green B & W deb B. 37 Hav E1 Ry 6%861.. : Hud & Man a) 6a Hud & Man ref és.. i Cent 4% = 66. Int Kapid Tran bs. int Rap Tr 65 stpd. [nt Rapid Tran 6s.. 15 Int Kap Trans 7 8 Int&GiNor adj 6863 1 Int & G Nor 1st 6s.. Int Kys C A 6872, Kan City Ft S 4s Kan City Term 4s. Lake Shore 4831. Lehigh Val cn 4. Long Island 58 37..° Louis&Nash uni 4s. MK &Tprin Mo Pacific gen Mo Pac 63 A 65. Mo Fac 68 F 77.... Mo Pacific 55 G '78. 9 Mo Pac5%s 49 eve 96 El4s6l.... 1 2 NYC & StL deb 4s.. NYChi&StL 6%sA. NYChi&StL 6%w B. NYC&StL6sA New Haven 45 55. NY NH&H db 4s 67, NYNH&H4Ks.. NY NH&H cv db 6i NYStateRy 6%s 62. Nor & S gen 53 64. Nor Pac 3s 2047, Nortnern Pacific 41. Nortnern Pacr 1 Nortclk & W cn 4s. Ogden&Lake Ch ¢s. Ore Short L rfs 4s. Ore Short L bs gtd.. Ore Wash 1st s 2 1 con 4%: Pennsyi gen 44 Penna RR 4% °63. Pennsyl gen 68, ... Pennsyl 6s 64. PCC&StL 68 B 75.. Pere Marq 1st b Philippine RR Fortiand Kl P L Port RL&P T%8 Reading gen ¢%8 A Rio G West ¢l StL IM&S gn 683 St L LM&S R&G 4 StL&SFplis A, StL&SFra%s? StL&SF prinés. St 1.3 W con 43 33. St P Un Dep 5s.... Seaboard A L 4s Sou Pacific ref Sou Pac 4%s ret Sou Pac 4138 "69 ww TexArk I'S 6% 60. C'79. Union Pac 1st 43 Union Pacific 4s '6! UnionPaclst ref Virginia Ry 1st Va Ry & P 68, Whbasn 4% 78 rets. Wabash 15t 53 Wabash 24 i West Maryland 4s. West Md 5%s ‘77. Western Pacific 6s. 2. 3 2 ee were raised this year in t] district of Brazil, = Ee AT D€ GROWS BY MERGER Catchings and Williams at Head of Giant Banking- Utility Group. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, July 24—Two men, ‘Waddell Catchings and Harrison Wil- liams, met at luncheon and decided to Join hands in business. Often that happens, but not in such a significant way. Mr. Catchings is the active head of the powerful Goldman-Sachs Trading Corporation, which had assets of $100,- 000,000 February 21 last, when it merged with the Financial & Iudustrial Securities Corporation of New York, doubling Harrison Williams, public util- ity magnate, who does not operate under his own name, but through the Central States Electric Corporation. In fact, he is the Central States Elec- tric Corporation. In the new tie-up the joining of the Goldman-Sachs Trading Corporation and Central States Electric will bring to the front another powerful banker- utility institution. A word about the Central Btates Electric, dominated by Mr. Williams. It was organized in 1912 and is the largest stockholder in the North Amer- ican Co., which has assets of close to & billion dollars. Central States is also a large stockholder in the Common- wealth [Edison, Consolidated Gas of Baltimore, Consolidated Gas Co. of New York, Electric Investors, Inc.; Public Service Co. of Northern Illinois, North- ern States Power Co., Pacific Gas & Electric Co. and People's Gas Light & Coke Co. Central States Electric lists its hold- ings at $60,391,000, but its interest in North American alone, at the present market value, exceeds $140,000,000. Probably $250,000,000 would be clos: to the real value of Central States se. curities. If one had bought a share of Central States common in 1921 for $9 a share and held it he would now have 60 shares, each worth $80. In other words, each $9 invested then is worth $4,800 today. Waddell Catchings has been in the public eye prominently since the war, but Harrison Williams is not so widely known. He was born in Avon, 56 years ago. After he was graduatea from the pub- lic schools he went to work, finally entering the public utility field. He borrowed and boughs, and kept on. Mr. Willlams is a member of many clubs in New York and elsewhere, likes to play golf and travels a great deal on his yacht. He appears little in the pub- | lic press. But in Wall Street it is re- | ported that his earnings last year have reached $200,000,000. Some place them | at even a higher figure. But Mr. Wil- liams says nothing—for publication. When the League of Nations decided to build a palace at Geneva, 377 archi- tects submitted plans. The League of Nations committee, not wishing to offend, divided the prize, amounting to 165,000 Swiss francs, into three classes—nine awards of 12,000 francs each, nine class 1 honorable mention of 3,500 francs each and nine class 2 honorable mention of 2,500 ' francs each. Nearly every one was, taken care of. But, after this had taken place, John D. Rockefeller, jr, made a gift to the | League of $2,000,000 1or a library. So the plans were changed again.” Now they provide for a building in three sec- tions. One is for secretarial use. and in- cludes the meeting hall for the League Council. This is really the office part | of the building. \ Another part is the enormous library | made possible by the Rockefeller gift. | It is expected that before the library is completed it will have the capacity for 1,000,000 volumes dealing with in- ternation questions. In addition it will hold a lecture room, work rooms, com- the public. The third section will be the princi- | pal part of the building. It will have | & great assembly hall, with 13 wash- | rooms for the different committees, 60 WAREHOUSE FOR SALE —an investment show- ing better than 9% on equity New concrete and brick building with railroad siding, well leased — financed at 514%. Shows splendid return, Call H. L. Rust Company 1001 15th St. N.W. Nat'l. 8100 6% NOTES Secured by First Mortgages Safe—Conservative Make your savings 42 YVears’ a lus fund: . s g e Experience work for you the highest-inter- in finaneins est rate consistent homes and in the with absolute sale of thess se- safety. curities. Wm. H. Saunders Co., Inc. 10} Main 1016 1433 K B BB R T A R WD) REAL ESTATE " NOTES Secured by First Trusts | Lowest Rates of Interest and Commission mittee rooms and some rooms open to H Thomas J. Conservative Appraisals Chosen Locations 6% Interest | REALTORS 809 15th Street N.W. District 9486 WEDNESDAY, JULY 24, 1929. offices for_the representatives of the member States and various rooms. The assembly hall will be unique, equipped with the latest devices known to engineering and science, with a seat- Xng capacity close to 3,000, and separate tables for each delegation. ‘The building will cost about $7,000,- 000 and will be bullt upon the shores of beautiful Lake Geneva. ‘The little republic of Bolivia has just undertaken the construction of a rail- road from Puerto Ichilo to Santa Cruz, in the Andes. This little railroad is only 110 miles long, but it is most important, for it links Santa Cruz with the Mamore and the Madeira, two great rivers, which unite and form the largest tributary of the Amazon. And thus Bolivia, thanks to the co- operation of ABJ“%M l(;clm its second outlet to the an ean. The other one came about in this way: Argentina seven years ago adopt- ed a policy of railroad exp: on in all directions. In so doing it connected its own trunk line with the Bolivian rail- ways, and_thus directly connected La Paz with Buenos Aires. t. 1929 by North (CoPTHEn e wspaper Allfunce s s ) American UNITED RAILWAYS’ REPORT. BALTIMORE, July 24 (Special).— The report of the United Rallways, which controls the trolley systems of Baltimore, for the first half of 1929 showed passenger revenue of $8,288,- 164.27, compared with $8,117,353.08 for the same period in 1928, an increase of $170,811.19. Operating expenses for the periods compared were $224,683.50 less. These are described in the report as econo- mies of management. The company operated 360,514 less car miles, 13,993,- 987 less seat miles and carried 5,966,- 118 fewer passengers. ‘The net income for the half year is ‘3;,981 less than for the first half of 928. ‘The June report was encouraging, ylelding a 12 per cent increase in net income over June, 1928. The net in June was $33,710, compared with $30,~ 009 in June, 1928. The report on service indicates there were .2298 fewer revenue passengers per car mile than for the first six months of last year. — g RAILWAY FREIGHT TRAFFIC. By the Assoclated Press. Freight traffic on American railroads for the latest week reported was con- siderably in excess both of the previous week and the corresponding week last year. The American Railway Associa- tion, in reporting the figures, however, commented that the previous week’s re- port had included July 4 and holiday business interruptions. Figures for the three periods, in totals ?f" cars loaded with revenue freight, ollow : ‘Week ending July 13, 1,064,632 cars; preceding week, 808,432 cars; same week last year, 1,024,925 cars. Iron Composite Prices. NEW YORK, July 24 (#)—Both of the Iron Age composite prices are un- changed, pig iron at $18.42 a gross ton and steel at 2/412 cents a pound. 7% First Trust Notes Excellent Security 1416 Eye St. NW. Nat'l 8954. Mortgages Investments JAMES Y, PENNEBAKER Nat.5291 1520 K St. N.W. First Mortgage Loans Fisher & Company, Inc. | Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co. 1520 K Street National 0475 FINANCIAL. PARIS BOURSE PRICES. Money to Loan PARIS, July 24 (#).—Prices were firm | Secured ) A of trust on real estata. on_the Bourse today. Sroalling iatecsst end commission. Three per cent rentes, 75 francs 1. . Weller {3, Woeh L & Frast centimes. Five per cent loan, 102 francs 70_centimes. Exchange on London, 123 francs, 83 centimes. The dollar was quoted at 25 francs, 51% centimes. Beacon Oil Co. ended the first half year with net profit of $530,509, against $141,467 a year ago. First Mortgage Loans Fair Rates of Interest J. LEO KOLB 923 N. Y. Ave. Dis. 5027 Consult Us Regarding Your Maturing Mortgage LONG-TERM REAI. ESTATE LOANS 5Y2% We Make First Mortgages on , Apartments and Business Properties in the District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Decatur 3600 Mortgage Loan Correspondent, New York Life Insurance Compeny The Silent Salesmen in Your Office VERY piece of furniture in your of- fice represents a silent salesman. They either “sell” or they kill “sales.” A Standard Desk quickly creates the right impression. Immediately you are recog- nized as a man of taste and keen judg- ment. The rich finish, the orderly ar- rangement, the grace of line, the solidity of manufacture in a Standard Desk com- mand the respect of every one. We rep- resent Standard Desks exclusively in ‘Washington. { THE WD. BUSINESS FURNITURE ‘AND EQUIPMENT Decorators of Commercial !nteriors 1018 15th Street 1506 L Street Second Southern Bankers Securities Corporation Capital Stock Conservative management, with liquid reserves, egables this company to take advantage of oppor- tunities not usually afforded the individual investor. ‘We recommend this capital stock. ¥ Price at the market Full information upon request. STEIN BROS. & BOYCE Established 1853 ‘Woodward Building ‘WASHINGTON, D. C. Main Office: Baltimore, Md. Members NEW YORK, Baltimore and Washingtos Stock Exchanges Associate Members New York Curb Exchange VER seventy-seven Ithaca Gas Light oldest property in the mercial gas, the use of was established, among Johnstown, Pennsylvani the Associated System. first five lic utility kilowatt hour sales by erties The Ha Associated Gas and Electric System In Public Service Since 1852 and Electric System, was engaged in the manufacture and distribution of com- electricity by half a century. Thirty years later when the first central station generate electric light and power was the Johnstown Electric Light Company of In 1906, the Associated Gas and Electric Company was incorporated, one of the panies in the United States. From 1920 to 1928, while the average increase in panies was about 1019, sales by the Associated System increased 134%. To- day with extensive hydro-electric prop- steam generating plants, gas ‘We invite inquiry regarding the Class A Stock of the Amociated Ges and Electric Company. Pine Street, cor. William, New Yerk years ago, the Company, the Associated Gas plants, mains, and thousands of miles of electric transmission lines, the Company controls assets valued at more than $800,000,000. Located in eighteen states, the mari- time provinces of Canada, and the Philippine Islands, the operating prop- erties provide electric light and power, gas, water, steam, ice or transportation to 2,200 communities with an estimated population of over 5,300,000—serving one in every thirty-one wired homes and one in every forty-two gas customers in the United States. which preceded the earliest to 2, now a part of The essential and varied nature of the services rendered, the widespread distribution of properties, and the econo- mies made possible by unified manage- ment of inter-connected properties strategically located in highly indus- trialized sections all contribute to the steady growth of earnings which today approximate $100,000,000 annually. bolding com- all other com- rris Forbes Corporation