The Joyride in Associated Gas.

Presents information on the improper practices of Associated Gas and Electric Co., a public-utility holding company. Information on methods employed by the Associated Gas and Electric Co. in selling its own securities; Description of the favor the company was giving to the public by allowing holders of first-mortgage bonds of its subsidiary operating companies to exchange those bonds for its stock, usually upon the basis of two shares of stock for each $100 worth of bonds; Statement that the Associated Gas and Electric Company sold the so-called debentures to thousands of trusting investors on the idea that they were buying a bond with a refund guarantee of $98 upon demand, and then by calling for conversion into preferred stock the company claims to have invalidated the refund guarantee and also rids itself of the obligation to pay interest.