Feb. 16, 1925. Mr. J. M. Browning, Care Heublein Hotel, Hartford, Conn. Dear Uncie Johne Enclosed herewith is a copy of I believe ending December 3lst last. stand it, but will comment on some of Transit On page leA, a loss Company and Utah our you the report for the year will be able to undere main features. on Utah of $140,000.00is shown Gentral Idaho Railway Rapid bonds. Company This loss was incurredby declaring as a dividend Tt. R. fT. bondsat 25 and enough more UT. I. CO's at | all of our 75 to make a This is a case such as we have benefhundred per cent dividend. ittedby before, whereas the company parts ownership with the securities and takes the loss and the stockholders own them individualLy « our On page 3, interest paid $19,364.07, own Sg stockholders on their balances with expense Legal $15,182.01 ineludes is interest the company. $10,000,00 paid to paid Parry Hohun. would if there is anything like to Am enclosing an send the you can use with it. to know about, further you do not understand, just extra let me envelope to or know, to Yal., addressed Val., report on Yours sincerely, after you have which finished