OUTCOMES FOR 1920

1. OUTCOMES FOR 1920 • KROGER – RECESSION AS THE WORLD WAR ENDS EFFECTS THE COMPANY PROFITS $80 • RADIO CORP – SALES SLOW, LITTLE DEMAND $80 • MAMMOTH OIL – 9 NEW WELLS BEGIN PRODUCING IN WYOMING FIELD $120 • CITY CORP – BANK DECLARDES USUAL 6% DIVIDEND $110 • DURANT MOTORS – COMPANY FAILS TO MAKE PAYMENT ON NOTES TO CITY CORP. $70 • MIDLAND POWER – MIDLAND EXTENDS SERVICE INTO MICHIGAN AND WISCONSIN $120 • K&P RAILROAD – FEDERAL GOVERNMENT DEREGULATES RAILROADS AFTER WAR ENDS $120 • TEL-TONE – DIAL TELEPHONES WILL BE INSTALLED IN PARTS OF NEW YORK CITY $150

2. OUTCOMES FOR 1921 • KROGER – FEDERAL GOV’T INCREASES TARIFF ON AGRICULTURAL IMPORTS $100 • RADIO CORP – FIRST RADIO STATION, KDKA, BEGINS BROADCASTING IN NOV. 1920, SALES OF NEW MODELS IMPROVE $110 • MAMMOTH OIL – OIL LEASE AT TEA POT DOME IN WYOMING CAUSE BIG PROFITS $140 • CITY CORP – BUSINESS AS USUAL $120 • DURANT MOTORS – SALES DEPRESSED BECAUSE OF FORD’S INEXPENSIVE MODEL “T” $60 • MIDLAND POWER – INSULL BEGINS BY BUY-OUT OF COMMONWEALTH EDISION. PROXY FIGHT PREDICTED BY WALL STREET. $110 • K&P RAILROAD – COMPANY BEGINS EXPANSION INTO SOUTHWEST MINING AREA $130 • TEL-TONE – COMPANY WILL PAY A 10% DIVIDENT AS A RESULT OF DIAL SUCCESS $160

3. OUTCOMES FOR 1922 • KROGER – Company merges with large Eastern food chain of stores $150 • RADIO CORP – 15 new patents purchased. Sales improve. $130 • MAMMOTH OIL – Company continues to be among the hottest stock on exchange $160 • CITY CORP – U.S. Foreign Debt Commission begins discussion of repayment of French and English loans to American banks. $130 • DURANT MOTORS – Locomobile sales are depressed by mass production of Fords $50 • MIDLAND POWER – Insull’s financial manipulation allows Midland to take control of Commonwealth Edison $125 • K&P RAILROAD – Profits rise as agricultural shipments from the Southwest begin $140 • TEL-TONE – New York Stock Exchange announced that Tel-Tone has shown the greatest increase of any stock listed on the exchange $170

4. OUTCOMES FOR 1924 • KROGER – Corn blight and the unstable agricultural prices cause limited profit $140 • RADIO CORP – New models well received by the public. Sales boom. $142 • MAMMOTH OIL – Tea Pot Dome scandal breaks. Congressional investigation of oil leases find fraud. Secretary of the Interior Fall indicted for fraudulent oil lease. Owner Sinclair fined for contempt of court. $40 • CITY CORP – Company announces another good year. Business as usual. $140 • DURANT MOTORS – Du Pont family begins to buy large blocks of Durant stock. $60 • MIDLAND POWER – Insull announces dividends will not be paid for one year as a result of the Edison merger. $100 • K&P RAILROAD – Competition from trucking effects profits. $130 • TEL-TONE – Company announces completion of a merger with several East Coast companies. $180

5. OUTCOMES FOR 1926 • KROGER – Company begins buying fresh fruit from California. Profits up. $155 • RADIO CORP – Government statistics indicate over 200 radio stations open in two year period beginning in 1924. $160 • MAMMOTH OIL – The company has not recovered from the Tea Pot Dome scandal. $30 • CITY CORP – French government begins to pay on WWI loans. Stock jumps. $160 • DURANT MOTORS – Fisher Body joins Durant in a merger. $70 • MIDLAND POWER – Cyrus Eaton of Cleveland may be trying to take over Midland by purchasing large quantities of stock. Proxy fight may begin. $130 • K&P RAILROAD – Profits from Southwest expansion shows little success. $120 • TEL-TONE – Bell Telephone makes an offer to buy the outstanding stock from the company. $200

6. OUTCOMES FOR 1927 • KROGER – Company begins opening markets in most major East Coast cities. $145 • RADIO CORP – Over 700 radio stations now exist in the U.S. Sales excellent. $160 • MAMMOTH OIL – The owner of Mammoth renames the company Sinclair Oil and issues new stock. $45 • CITY CORP – Profits up; business good. $150 • DURANT MOTORS – Louis Chevrolet is hired to design an inexpensive car to compete with the Model “T” Ford. $80 • MIDLAND POWER – Cyrus Eaton begins dumping large blocks of Midland stock on a depressed market. $90 • K&P RAILROAD – Flood damage in Mid-West causes railroad to lose money. $110 • TEL-TONE – The company is taken over by the Bell System. $220

7. OUTCOMES FOR 1928 – Best year in stock market history to date! • KROGER – Sales improve as agricultural surpluses keeps farm prices low. $180 • RADIO CORP – RCA stock becomes one of the hottest on the market $240 • MAMMOTH OIL – Now Sinclair Oil. Company begins to recover from scandal. $70 • CITY CORP – 10% dividend on all stock is paid by City Corp. $200 • DURANT MOTORS – Durant Motors and Fisher Body have announced a merger of over 300 auto parts producers to form a new company called General Motors. $150 • MIDLAND POWER – The Chicago Tribune discloses Insull’s company is a “House of Cards” ready to crumble. $70 • K&P RAILROAD – New oil field opened along the right of way in Kansas and Oklahoma. $150 • TEL-TONE – Stock continues to rise. $250

8. OUTCOMES FOR 1929 Thursday, October 24, 1929: (Black Thursday) 12 million shares are traded in one day on the New York Stock Exchange. $700 million is lost by stock holders as the market takes the greatest dive in history. • KROGER –$100 • RADIO CORP –$50 • MAMMOTH OIL –$30 • CITY CORP –$150 • DURANT MOTORS –$50 • MIDLAND POWER –$10 • K&P RAILROAD –$20 • TEL-TONE –$100