OCR Interpretation


The New York herald. [volume] (New York, N.Y.) 1920-1924, March 28, 1922, Image 18

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045774/1922-03-28/ed-1/seq-18/

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Amount Saved From Net Sales
of $8*2.195,550, Report for
Year Shows.
The Goodyear Tire and Rubber Com
pany's income account for ten months
ended with December 31, published yes
terday, shows a surplus after all charges
? >f $3, #20,570. The results for the period
are not comparable to those of other
years as they were arrived at after a
complete reorganization of the company
with a readjustment of capital and cover
ten months only. The company's pre
vious reporta were for full years.
Net sales for the period, including
shipments to subsidiary companies and
foreign brandies, were $82,195,550 and
manufacturing costs. $62,351,301. Other
Income totaled $2,074,746 and selling,
administrative and general expenses,
$12,278,760. Interest charges aggre
gated $3,523,622 and other charges, $2,
490,369, leaving a final surplus applic
able to sinking fund requirements and
dividends on *he stock issues of $3,620.- I
043. No deduction is shown in the in- j
come account for sinking fund charges, i
The balance sheet as of the end of |
the year shows total current assets of!
$66,320,097, against current liabilities of j
*6.210.229. Cash amounted to $14,423,-!
(110, accounts and notes receivable. $10,- j
194,-f99. and marketable securities, in?!
eluding acceptances and Treasury cer-1
tificates, $9.469.ISO. Inventories were
enrried at $32,232,778. The sales and
Profits shAvn in the income account re- ;
fleet tiie liquidation of the finished ?
!iiodu t. invsitory of February 28. 1921.1
*19.622.230, on which no net profit was I
realized.
Neither the company nor its subsidi
nries had any banking indebtedness, E.
O. Wilmer, its president, said in the
report
"It is gratifying to know," he added, ,
"that in spite of the curtailment in buy- |
ing that seasonally occurs during the i
winter months the company's volume j
of business during the present winter'
has far surpassed that of a year ago, |
and notwithstanding a very substantial j
general price reduction in November the
operations during the winter months havo ,
been conducted irofitably. Production!
at Akron, which reached a low point j
nf 13,500 tires a day in November,
ngainst a low point of 7.000 a year ago, I
was increased to 19,000 in January i
70.000 in February and 22.000 In March." ,
DEPARTMENT STORE
BUSINESS IMPROVES
February Sales Nearer to Nor
mal, Says Bank.
Sales of department and apparel stores
in this reserve district In February in
dicated a nearer normal volume of trans
actions than in many other trade fields.
Reports tp the Reserve Bank from sixty
four stores showed sales of $23,850,000.
a. decline of 4 per cent, from the total
of February. 1921. The comparison was
more favorable than it was in January,
as its sales were 8 per cent, less than j
those of January, 1921.
The number of individual transactions i
in February was 6 per cent, larger
than those of a year before. The aver- ;
age amount of the individual sale was
$?.o2. against $2.77 in February. 1921, |
a decline of 9 per cent., apparently re-1
fleeting closely the fall ??f prices in u i
year. The bank, which is to "resent j
In detail Its survey in its monthly re
view on April 1, says that the use of
more advertising space and the holding
of a lursrer number of special sales by
large stores was to some extent th?
eause of heavy February sales.
NOT HURT BY OIL DEPRESSION.
California IVtroIrotu Adda to ??
Gnrnlnitii In lost,
In spite of depression which the oil
industry suffered In 1921. the California
1'etroleum Company was able not only
to Increase Itn net earnings $265,078, but
a.so to retire $389,633 of its prefej-red
.-tock, put $54,727 In Its bonded sinking
find and invest $818,112 .n Liberty
r>?nd?. The company's net earnings
wore $2,418,448 after charges and
Federal taxes and, after payment of
preferred stork dividends, were equiva
lent to $11.13 a share earned on the
?1 4,877,065 of Its common stock a? con
trasted with net profits of $2,153,370. or
$0.29 a share in 1920.
The following: taWe gives comparisons:
1021. J 920.
front rarnlnti 97,463,(175 $?."9I,0fl1
Operating expftiof* 3.006.*22 2.319.830
l/iprMltthin, depletion,
Ac 1.148.421 1,101,369
Furplus 1.703.419 1.3S2.981
The consolidated balance sheet shows
cash, $1,689,684 against $1296.209 in
1920: accounts receivable, $665,021 in
contrast to $625.352: Inventories. 91,
116,714 against $840,136; notes and ac
counts payable, 9643,272 in contrast to
$165,166. The company's reserve sur
plus whs Increased from 31,034.359 in
1920 to $3,371,657.
Issnc Textile Color Card.
Advanced issues of the textile color
card, showing colors In yarn from which
ribbon samples are woven, have been
aent to the trade. An inclusive list of
tuns and browns has received favor
able comment In the trade, but fuchsia
shades are less favorably regarded.
Those colors. It is said, were unpopular
through the last season, and manufac
turers in general have had little success
in selling goods dyed in those shades.
Dark blues, known as flag blues, are ex
pected to prove popular for the fall
season.
February Reports Show Up
turn in Gross Operating
Revenues.
TAiIlroad report* 'or February, an
nounced yesterday, bora further evidence
that ^shrinkage in traffic which started
in Ottober, 1920, and continued into
January of' this year has ceased. The
upturn in gross operating revenues, fore
shadoaed bv earlier reports of increased
car ioa dings, was mitigated in part by
numerous downward rate readjustments,
which ?'have nat been distributed evenly
among railroads.
j The general run of the reports reveals
gratify*"*' gains in net railway operat
i irig income compared with reports of
j February. 1921, before drastic operating
economies appeared in full force.
Februaa-y reports, mad# public yes
terday, included the following:
ATCHISON", TOPEKA AND SANTA FB
SYSTEM.
1922. 1921.
February grow $14,475,3-13
Net operating income.. 1,372,502 ? ,
Two mouths gloss..... 20,081,707 35,3-1.4.7
Net operating income.. 1,933.604 331.00j
?Deficit.
BALT3MORB AND OHIO.
1922. 1921.
February grosw $15,033,672 $14,16&,359
Net operating Income.. 2.071.125 61,4.0
Two months Cross 29,303,43. 82,021.510
Net operating Income.. 3.594,280 J87..oW
NSW YORK, NEW HAVSN AND HART
FORD.
1922.
February gross ?'.57T.023 W.157.8OT
Net operating Income.. .i'oil'i*!
Two months gross 17,301,626 16,>13,851
Net operating Income.. 1,i98,7i3 3,6u4,6-9
?Deficit.
northern pacific.
1922. 1921.
February opemt. reT.. $5,859,499 f
Operating deficit 438,064 JSa'SSa
Two month" oper. rev. 11.M7.320
Operating deficit 1.216,808 1,334,544
GREAT NORTHERN.
1922. 1921.
February oper. rev.... $*"03,628 ?*'.M4,482
Operating deficit 1" 14?'?"*'
Two months oper. rev. tl.jM.84h. 1 ..143.7...
Operating deflcdt 38j.398 -.472,0j0
CENTRAL. RAILROADi OF NEW JER8EY.
February gross $4J045,016 Inc.. $237,306
Net oper. Income... 314.013 Dec.. 8.934
Two months gross.. &.014.923 Inc..
Net oper. income... u08,012 Inc., 83,981
WABASH.
February gross w"
Net oner, income... 401,241 Inc.. 294,643
Two months gross.. MM,612 Dec.. 313.209
Net oper. Income... 473,291 Inc.. 500,80i
ST. LOUIS-SAN FBANCISCO BTBTEM.
1922. 1921.
February gross $6,051,890
Operating expenses.... 4.504.347
*Taxo<* Ac 30f,o0t>
Balance 77........ 1,237,887 1.241.401
Two montlw gross 1?*iS5'2n2 ii'niw'frt
operating expenses.... 9.226.004
?Taxes Ac 504.050 683,<21
Balance .7!!.!! 2.467.973 2.357.163,
?Includes hire of e<nilpment. Joint facility j
rents, less other income..
CLEVELAND. CINCINNATI. CHICAGO !
AND ST. LOUIS.
1922. 1921._
February gross *
Balance after taxes..*
Net operating income* 963,388 110,800
Two months gross..... 12,516,845 l-.'-J.39->
lialance after taxes... 1,846,352 1,107.-69
Net operating income., 1.534,010 jjj.447
DELAWARE AND HUDSON.
1922. 1921.
February gross $3,807,685 $3,578,416
Valance niter taxes... 898.438 *9o,049
Kit operating income. 934,231 ?88.H4.)
Two months gross 7?21.600
lialance after taxes... 1,310.248 i.),823
Net operating income. 1.384,322 1 ,1K/
?Deficit.
LOUISVILLE AND NASHVILLE.
1922. 1921.
February gross $9,078,606 $8,,i20.178
Balance" aftar taxes... 921,043 ?1,236,306
Not oper. Income 988.136 ?1,402,0.11 |
Two months gross.... 17,678,068 18,662,360
Balance after taxes... 1,373,625 ? 1,670,016 i
Net oper. Income 1,335,964 *1,989,455
?Deficit.
NEW YOflK, ONTARIO AND WESTERN.
, 1922. 1921.
February sross $959,926 $1*60,241
Balance after taxes... 120,519 33,242
Net oper. Income 73,007 37,006
Two months gross.... 1.766,229 1,928,867
Balance alter taxes... 59,746 ?41,307
Net oper. deficit 17,322 28,549
?Deficit.
LEHIOH VALLEY.
February gross.. $3,892,208 Dec.. $125,621
Net oper. Inc.... 561,165 Inc.. 1,053,407
Two mos. gross- 10.528.299 Dec.. 1.025,491
Net oper. inc.... 888,979 Inc.. 1,807,463
| WHEELING AND LAKE ERIE.
February gross.. $1,064,541 Inc.. $238,903
Net oper. Inc.... 140,731 Inc.. 272,449
Two mos. gross.. 2,081,913 Inc.. 158,639
Net oper. Inc.... 201,835 Inc.. 447,200
TOLEDO. ST. LOUIS AND WESTERN.
February grots.. $7X5.320 Inc.. $37,297
Net oper. Inc 179.267 Inc.. 1S0.44V8
Two mos. gross.. 1,455,468 Inc.. 1.593
Net oper. inc.... 317.823 Inc.. 216,941
PENNSYLVANIA.
Amount. Increase.
Its 11 way operating rev
enues $37,859,660 ?? 147.313
Railway operating ex
pensoa .............. 29,784,68- ?7.987,040
Net revenue from rail
way operations 7,674,978 7,839,725
Railway operating In- _
come 6,*?>3,u6& t,85*,344
Nil railway operating
Income 6,.>94,7.9 8,..6.0i7
?Decrease.
VEST JERSEY AND SEASHORE RAIL
ROAD COMPANY.
Amount. Increase.
i 0P'rat,n'. . $794,7R5 $56,631
*$ZS 0Pera,'n'.": 814.235 -97,819
^VTS^tlSS! .r*": tit,476 J 154,4541
"JSy.T*T'.ln: tlM? 1,34.151
t$3,0M 1153.907
?Decrease.
tDeflclt.
J Decreased deficit.
BROOKLYN CITY.
Eight Mos.
Fab ? Ended
1922Feb., 1922.
Passenger revenue $831,678 $7,412,17.?
' ? nr. vis ?a.'i
I
Executor
Trustee
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York ^
London * Parii
Foreign Exchange
Administrator Guardian
Member Federal Reserve System and New York Clearing House
A Bank's Statement
A Bank for
the Builders
of Business.
tells its own story in
cold figures, but it
cannot show the many
helpful services which
earn the good will of
the bank's customers.
GARFIELD
National Bank
FIFTH AVENUE
> where23rd Street
?CROSSES broadway
We take pleasure in announcing that we have
opened, a department to deal in
Southern Cotton Mill Stocks
This department is under the management of our
Mr. Roy Robison.
Stone, Prosser & Doty
52 William St.. Naw York City Tel. Hanover 7728
SETTLE U. S. TAX CASE
OF MARLIN-ROCKWELL
Company Adjusts Amount
With Government.
The Marlin-Rockwell Corporation has
made with the Federal Government a
final adjustment of a tax controversy
ot several years. Although neither the
company nor the Government has given
out figures, it is understood that a claim
of between $7,000,000 arid $8,000,000,
which the Government demanded, has
been adjusted to a comparatively small
figure?$1,000,000 or loss.
"The tax dispute of'the "Marlin-Rook?
well Corporation with the Government
has been adjusted and the tax paid,"
H. C. Pryer, its treasurer, said yester
day. The corporation officers and di
rectors state that the attitude of tho
Treasury Department has been fair and
reasonable. The future policy of the
corporation will be to confine Itself to
the ball bearing business which it op
erates under the Standard Steel &
Bearings. Inc., of which It owns all five
stock, and the liquidation of those assets
which are unnecessary to this industry.
Guy W. Vaufthan, president and general
manager of Standard Steel & Bearings,
Inc? hap been elected trlco-presldent of
the Marlln-Rockwell Corporation."
AMERICAN BOSCH LOSES.
A net loss of $2.049.992 after inven
tory adjustments is reported by the
American Bosch Magneto Corporation
for 1921. In contrawt to net profits of
$94.".700, or $9.85 a share earned on the
SS.OOu shares of its no par capital stock
In 1920. After payment of dividends
tho oompany'a deficit was $2,169,992 In
1921, against a surplus of $65,700 In
1?20.
Cash on hand decreased from $3.12,596 i
to $317,374, bot accounts receivable In- !
creased from $1,0'>9.3<1 to $1,291,423.
according to the balance sheet, inven
tories were reduced from $4,34 4,727 to
$3,322,791. .Notes and accounts payable
decreased from $1,273,064 to $1,101,017.
The company borrowed $2,500,000 on
gold notes.
Sixty-three Years
LOSE and continued contact, and the playing of a constructive
part in the industrial growth of Brooklyn have given this bank
the immeasurable advantages of a complete knowledge of local con
ditions and tendencies. A Bank for Brooklyn, directed by Brooklyn
men, to the complete banking facilities of which are added a national
reputation, a local understanding.
Ask the Man Who Banks Here
NASSAU NATIONAL BANK
OF BROOKLYN
46 COURT STREET
FINANCIAL BREVITIES
FROM THE DAY'S NEWS
White Oil Report*.
The White Oil Corporation's pamphlet;
report for 1921 shows a deficit, after In
ventory liquidation, Interest, reserve*,
etc., of $610.-14. The report doea not in
clude the United Central Corporation's
properties or reflect the result of financ
ing In connection with the merger with
that corporation, but is merely a record
of the company's condition at the end
of the year. Revenues were I6.033.1M8
| and expenses and taxes, $4,719,976.
Kleo'trlc Consolidation.
The Columbus Electric Company and
Its subsidiaries the Gas Light Company
of Columbus and the Columbus Railroad
Company will consolidate into a single
j operating company to be known as the
Columbus Electric and Power Company,
' with a total capitalization of $10,095.7(10.
???
Karneil Leas In I.nut Year.
I The Steel Company of Canada's re
port for 1921 shows net Income of $817,
j Zi>2 after charges, taxes and inventory
reductions, or $3.13 a share earned on
its outstanding common stock after pre
ferred dividends. In contrast to $12.19 a.
share in 1930. Profits after taxes were
$2.153,3R6 and depreciation charges. $621.?
; 300. For sinking fund purposes (212,801
1 was set aside and $jO1.470 charged for
bond Interest. After payment of dlvl
j dends on both classes Of stock, the sur
plus was $1(2,449.
fir Cknrlea Addis I* tauest.
?Sir Charles Addis will be the guest of
Thomas AV. Lamont of J. P. Morgan &
Co. to-day at luncheon In the Down
town Association. Sir Charles Is the
managing director of the British group
of the Chinese consortium and the pur
pose of the luncheon Is to Introduce him
to the American group and othtr
bankers.
\ ?1 va nce-H n n>el y Lost.
The Advance-Rumcly Company. whitiJj
manufactures farming machinery, lost
$483,018 from operations last year, com
pared with n profit of $2,113,16$ in 192'i.
Inventories were written down $1,279,
197 and thus the full chnrge aasln.t
surplus, including $361,379 In preferred
stock dividends, was $2,625,595. Ti e )
profit and loss surplus on D?-cember ?l ;
was $1,879,496. The company ended tlio
year in a strong position despite un> j
favorable operating results, with $13.
137,420 In current assets and $1,409,76$
in current liabilities.
Itnrllncton to I se oil.
The Burlington Railroad will soon b'- i
gin to use oil burning engines on two
entire divisions from Guernsey, Wyo., lo
Billings, Mon., according to advices re
ceived yesterday from the West. The [
change will be carried out whether V.ie |
cool strike occurs or not and will be
permanent unless fuel coats become too
high. Regular grade fuel oil instead of I
heavy crude oil used by certain Western 1
roads will bo used.
The New York
Trust Company
Capita], Surplus &
Undivided Profits
$26,500,000
100 Broadway
57th St. &t F'fth Ave.
I
$14,000,000
North American Edison Company
Thirty-Year 6% Secured Sinking Fund Gold Bonds
SERIES "A"
Dated March 15, 1922 Due March 15, 1952
Principal and interest payable in New York. Interest payable March 15 and September 15. Coupon
bond* of $1000 and $500 denominations, interchangeable, with provision for registration of prin
cipal. Callable as a whole, or in part by lot. on any interest date; at 107? and interest on
September 15,1922, with the call price reduced V4 of 1% each year thereafter. Pennsylvania four
mill tax refunded. Interest payable without deduction for any Federal Normal Income Tax up to 2%
Application will b? made in du? course to list on the New York Stock Exchange
CENTRAL UNION TRUST COMPANY OF NEW YORK. TRUSTEE
A Sinking Fund i? provided, available semi-annually, to redeam 2% ($280,000 par value)
of Seriea "A" Bond* each year by purchase if obtainable at or below 100 and interest
The information given below is summarized by Edwin Gruhl, Esq., President of the
North American Edison Company, from a letter to us:
SECURITY
North American Edison Company, a subsidiary of The North American Company, will pledge with the
Trustee as security for these bonds, the following collateral, representing control of two of the most
important and successful electric utility corporations in the country:
$10,940,100 (72.7% of total outstanding) of the common stock
of The Cleveland Electric Illuminating Company;
11,015,200 the entire outstanding common stock of the Un
ion Electric Light and Power Company, of St. Louis;
$21,955,300 Total par value.
These stocks, pledged at less than 64% of their par, will represent an aggregate value of $24,559,415
or 175% of the par of these bonds, based on valuations of the properties for rate making purposes made
by the Public Utilities Commissions having jurisdiction, with subsequent additions at cost. Including
cash, investments, and other net assets not considered for rate making purposes, such aggregate value is
approximately $28,400,000, or over 200% of the bonds.
Additional bonds are issuable only under careful restrictions contained in the trust indenture.
DIVIDENDS
Dividends have been paid on The Cleveland Electric Illuminating Company stock without interruption
for 21 years, the average rate being over 8%, and on Union Electric Light and Power Company
(and predecessors) stock continuously for 15 years, the average rate being over 7%.
At the rates now actually paid, dividends on the pledged collateral amount to $2,195,530, or over 21 >
times annual interest on these bonds of $840,000, and at the average rates paid for the past fifteen
years, would be equal to more than twice such interest charge.
EARNINGS
The combined earnings of The Cleveland Electric Illuminating Company and the Union Electric Light
and Power Company, of St. Louis, available for dividends on the collateral pledged under these bonds,
after all fixed charges, taxes and liberal depreciation, amounted to $2,900,057 for the year ended
December 31, 1921, and averaged $2,308,541 for the three years preceding that date. Such average
earnings before setting aside reserves for depreciation amounted to $4,508,089 per annum.
EQUITY
These bonds v. .1 be followed by 200,000 shares no par value capital stock, all owned by The North
American Company and representing an investment by that company of over $14,000,000.
We offer these bonds for delivery when, as and if issued and
received by us, and subject to approval by our counsel.
Price 92% and Interest. To Yield about 6.60%
Dillon, Read & Co.
The information contained in this advertisement has been obtained from sources which we consider reliable.
While not guaranteed, it is accepted by us as accurate.
MAY STORES EARNS LESS.
\<*t Drrrftiri From In
IOMO to 03,788,707 In 1881.
The May Department Stores and *ub
! Hldlaries' net earnings in 1921 decreased
from those of 1920, according to their
report. The company's net earning?
were $3,789,707 after charges and Fed
reral taxes, and were equivalent, after
payment of preferred stock dividends, to
i 118.82 a share earned on the (20.000.000
i of itB common stock, as contrasted with ?
| 14.379.673. or $19.71 a share, in 1920.
! The company's sales amounted u.
I $58,991,639. against $68,254,716 in 1920.
The company's consolidated balance
| sheet shows cash at $3,560,542, in con- j
' trast to $2.S^465, accounts and notes
( receivable, $4,774,968, against $4,993,
s30; inventories, $9,441,724, In contrast
i to $9,272,903; not's and account-) puv
1 itble, $1.S$8,679. in contrast to $2,160,?
J 040. The company's surplus Increased
I from $11,430,343 in 1920 to $14,695,033.
i
FOREIGN MARKETS.
Lonoo.v, March 27.?Trading im
j proved, gilt edged Issues were stronger,
' c.il shores quiet and steady and British
1 industrial wecurities were brighter in the
! Htook Exchange to-day. Quotations at
the close of trading follow:
Har silver, i"l. an ounce.
liar Hold, #.">?. 8d.
Money. 8V? per cent.
Dlseount rates: Short Mil*. .';!l per r cot.: i
three months bills. .'t'iffSfl-lB per cent.
'J'1- lejc crnt. consols. .
i British .1 per cent. war Inari. fi.S'i.
r'.rltlsh 4'3 rwr cent, v.-ar lean. 9,Vf.
1 ?,> tteer*. 10' .
Kami Mines.
Paihis, March 21.?Prioee Improved in j
the Bourse to-day. Quotation* at the
i dose of trading were as follows:
Francs. Cent.
p i cent, rentes r<0 75 ,
Ks.-hangs on letndon (S
;> par <ervt. loa-i "* 95
United Htates dollar 11 It j
MONEY MARKET
MONDAY. MARCH Iff.
Renewals 4*. 4 ,
nut. 4*lTear's high a
Law 4 tear's low 8
TIME UMK8. 'j
Mixed collateral, ee to #o days 4>i
Mined collateral, 4 to ? months 4<t |
Industrials, *e to 00 days
Industrials. 4 tn ? months 4 ?#4*
? OMMKRI 141. PAPER.
Best nam's. 4 to ? months 4\
i Otl^r name, 4 to 6 moot ha.. 4*
|)|M ot NT HATES'. RK?RRVR BANK.
Commercial paper. *15 days. 4Vi: SO te 90
days. 4'4: Mb?'ty bonds and Victory notas, j
i |r, Hays, 4H; I" to 90 days. 4H; bsnksrs
acceptances, 15 to 90 days, 4H.
* Fined No'*ember 2. Previous rats, 5, '
! flxcil September 21.
OPKN MARKET RATR*.
i call isana and acceptencee..
Discount rates on prime bankers' accept
ances eligible for purchaaa by Federal Re- !
verve banKSi _
Bid. Ask. Bid Ask.
30 days 3* 8't! "0 ?lsys. .Hi S'i I
oo days 3H ?Wt? ds>. iff R '
( I.RARINtt HOVMI BTATKMRNT.
I Clearing House exchange*, $350,200,000; 1
1 balances, MO.ftMhOMt Federal Reaerva crsdlt r
; balances, |W,900.000.
SII.VKR MARKET.
Official bar silver in N?w York, domestic,
(W?tc.. unchanged: foreign. Oelfcc., up ',c.: -
l^ondon, 33'id., tip 'id. Maalcan dollar*. 1
49%c,. unchanged.
lianas of sliver pries* this year;
Highest. Lowest. |
tendon 85Hd . Jan. 8 ttVfcd . !>?. 29 I
New York 10 Wfce, reb, 20
/
THE
NATIONAL PARK
BANK.
OF NEW YORK
214 Broadway
Organized 1856
Transacts A General
Banking Business
Capital, Surplus and Undivided Profits?$33,000,000
Authorized to act as Executor, Trustee, Administrator,
Guardian and in any other Trust capacity
Receives Securities tor Safe-Keeping
and Collection of Income
Securities Sold and Purchased
for Customers' Account
A highly developed Credit Information
Service available to
customers
8
Foreign Exchange, Commercial and
Travelers' Credits issued?Cor
respondents in all principal
cities of the world
Safe Deposit Vaults at
moderate rental
An advertisement in the Lost and Found columns of
THE NEW YORK HERALD offers a j-e?l possibility of re*
covering your lost property^-' telephone Worth 10,000, ,

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