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STOCK EX C H A N G E P R A C T IC ES
HEARINGS
BEFORE
THE
COMMITTEE ON BANKING AND CURRENCY
UNITED STATES SENATE
S E V E N T Y - T H IR D
CONGRESS
SECO N D S E S S IO N
ON
S.Res. 84
A
R E S O L U T IO N
TO
(72d C O N G R E SS)
I N V E S T I G A T E P R A C T IC E S
OF
ST O C K
E X C H A N G E S W IT H R E S P E C T TO T H E B U Y IN G A N D
S E L L I N G A N D T H E BO R R O W IN G A N D L E N D IN G
OF
L IS T E D
S E C U R I T IE S
AND
S.Res. 56 and S.Res. 97
(73d C O N G R E SS)
R E S O L U T IO N S TO I N V E S T I G A T E T H E M A T T E R O F B A N K IN G
O P E R A T IO N S A N D P R A C T IC E S , T R A N S A C T IO N S R E L A T IN G TO
A N Y S A L E , E X C H A N G E , P U R C H A S E , A C Q U ISIT IO N , BO RRO W
IN G , L E N D IN G , F IN A N C IN G , ISSU IN G , D IS T R IB U T IN G , OR
O T H E R D IS P O S IT IO N OF, OR D E A L IN G IN , S E C U R I T IE S OR
C R E D I T B Y A N Y P E R S O N OR F IR M , P A R T N E R S H IP , CO M PAN Y,
A S SO C IA T IO N , CO R PO RATIO N , OR O T H E R E N T IT Y , W IT H A
V I E W TO R EC O M M EN D IN G N E C E S S A R Y L E G IS L A T IO N , U N D E R
T H E T A X I N G P O W E R OR O T H ER F E D E R A L P O W E R S
PART 19
E x h ib its C le v e la n d B a n k in g In v e s tig a tio n
M A Y 3 A N D 4, 19 34
Printed for the use of the Committee on Banking and Currency
U N IT E D
GOVERNM ENT
172541
STATES
P R IN T IN G
O F F IC E
W A S H I N G T O N : 1 93 4
C O M M IT T E E
DDNCAN
ON
B A N K IN G
AND CURREN CY
D . F L E T C H E R , F lo r i d a , C h a ir m a n
P E T E R N O R B E C K , S o u th D a k o ta
P H I L L I P S L E E G O L D S B O R O U G H , M a r y la n d
C A R T E R G L A S S , V ir g i n i a
R O B E R T F . W A G N E R , N e w Y o rk
A L B E N W . B A R K L E Y , K e n tu c k y
R O B E R T J . B U L K L E Y , O h io
T H O M A S P . G O R E , O k la h o m a
E D W A R D P . C O S T I G A N , C o lo r a d o
R O B E R T R . R E Y N O L D S , N o r t h C a r o lin a
J O H N G . T O W N S E N D , J b ., D e la w a r e
F R E D E R I C C. W A L C O T T , C o n n e c t ic u t
R O B E R T D . C A R E Y , W y o m in g
J A M E S C O O Z E N S , M ic h ig a n
F R E D E R I C K S T B IW E R , O re gon
H A M IL T O N F . K E A N , N e w Je rse y
J A M B S F . B Y R N E S , S o u t h C a r o lin a
J O H N H . B A N K H E A D , A la b a m a
W I L L I A M G I B B S M c A D O O , C a lif o r n i a
A L V A B . A D A M S , C o lo r a d o
W i l l i a m L . H i l l , C le r k
R . H . S p a r k m a n , A c t i n g C le r k
S ubcommittee
on
S tock E xch an g e P ractices
D D N C A N U . F L E T C H E R , F lo r i d a , C h a ir m a n
C A R T E R G L A S S , V ir g i n i a
A L B E N W . B A R K L E Y , K e n tu c k y 1
E D W A R D P . C O S T I G A N , C o lo r a d o
A L V A B . A D A M S , C o lo r a d o
1A lt e r n a t e ,
P E T E R N O R B E C K , S o u th D a k o t a '
J O H N G . T O W N S E N D , J h „ D e la w a r e
J A M E S C O U Z B N S , M ic h ig a n
T h o m a s P . G o re , O k la h o m a .
“ A lt e r n a t e , P h i l l i p s L e e G o ld s b o r o u g h , M a r y la n d .
n
CONTENTS
OP
PARTS
19 A N D
20
O R D E R OF P R E S E N T A T IO N
P a r t 19
1. Guardian Trust Co.
Financial history______________________________________________________
Financial condition, 1 9 2 9 - 3 3 _________________________________________
Window dressing______________________________________________________
Loans to officers and directors________________________________________
Loans to officers of other banks______________________________________
Loans to Eaton interests______________________________________________
Membership on board and management committees_________________
Compensation paid to officers________________________________________
Em ployees’ retirement fund__________________________________________
Trust practices________________________________________________________
Corporate history, Guardian Trust Co. and subsidiaries_____________
Stock-market activities of the Guardian Securities C o _______________
Examinations_________________________________________________________
Commingling of funds________________________________________________
Hotel Hollenden Co. and D eW itt Hotels C o _________________________
Loans from R .F .C ____________________________________________________
Pages
8 269 -8356
84 42-8 452
84 52-8468
8468-8499
8 4 9 9 -8 512
8 5 13 -8 5 15
8 516
8 5 16 -8 5 3 3
8 5 3 3 -8 5 5 9
8 559 -8 58 7
8 58 7 -8 6 3 6
8 6 36 -8 6 52
8664-8667
8664-8667
8667
9236-9 274
2. Union Trust Co.
Financial history______________________________________________________ 8 6 6 7 -8 7 13
Financial condition, 1 9 2 9 - 3 3 _________________________________________ 8 7 1 3 - 8 7 3 8
P a r t 20
Consolidated list of officers and directors_____________________________
Compensation to officers______________________________________________
Loans to directors____________________________________________________
Loans to officers, directors of other banks____________________________
Loan to J. P. Harris__________________________________________________
Loans to William G. Mather, director, Union Trust C o ______________
Loans to K . V. Painter, director, Union Trust C o ___________________
Van Sweringen Loans_________________________________________________
Window dressing______________________________________________________
Corrigan-M cKinney Steel C o _________________________________________
United Milk Products Corporation___________________________________
Trust accounts________________________________________________________
Union Cleveland Corporation________________________________________
T a x evasion______________________________________________________
Activities in Trust Co. stock. _________________________________
Loans from the R .F .C _____________ ’__________________________________
8739-8740
8740-8746
8746-8770
8770-8785
8786-8799
8799-8825
8825-8850
8850-8976
8976-9036
9036-9081
9 0 8 1-9 19 2
9 12 9 -9 130
9 1 3 1 -9 1 9 2
9 19 2 -9 2 17
9 2 18 -9 2 3 5
9 275-9 2 9 6
E X H IB IT S
P a r t 19
I. The Guardian Trust Co., Cleveland, Ohio
1. G - 4 - 2 _____________________________________________________________ 8 2 6 9 -8 3 5 5
2 . G-4r-3 to G -4^50, inclusive_______________________________________ 8 356 -8 44 2
3. G - 6a - l to G -6 a -12 a , inclusive___________________________________ 8 4 4 3-8 4 5 2
m
IV
CON TEN TS
I. The Guardian Trust Co., Cleveland, Ohio— Continued
Page
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15 .
16.
G—8 - l a to G -8 -3 6 , inclusive______________________________________
G ___________________________________________________________ Faces
G—5b -a to G -5 b -4 0 , inclusive____________________________________
G—5 c - l to G -5 c -2 9 , inclusive_____________________________________
G -5 e - 7 to G - 5 e - 1 5 , inclusive_____________________________________
G - l l - 1 to G - l l - 1 5 , inclusive____________________________________
G - 9 - 1 to G ^ 9 -15 q , inclusive_____________________________________
1 0 - 2 - A to 1 0 - 2 2 - A , inclusive_____________________________________
G - 3 - 1 to G - 3 - 1 7 , inclusive_______________________________________
G - 1 2 - 1 to G—1 2 - 1 6 , inclusive____________________________________
G - 1 7 - l a to G—1 7 -9 , inclusive____________________________________
G—6—3 to G—6—13 , inclusive_______________________________________
1 8 - 1 - A to 18 -4 ^ A , inclusive______________________________________
8 4 52 -8 4 6 8
8468
8468-8499
8 4 9 9 -8 5 12
8 5 13 -8 5 15
8 5 1 6 -8 5 3 3
8 5 3 3 -8 5 5 8
8 559 -8 58 3
8 58 7 -8 6 36
9 2 36 -9 2 74
8 6 36 -86 52
8653—8664
8664^8667
17 .
18.
19.
20.
2 1.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
U -96 a to XJ—97, inclusive_________________________________________ 866 8-8671
U -1 0 3 to U -10 8 , inclusive________________________________________ 8 6 7 1-8 6 7 6
U -1 0 9 _____________________________________________________________
8677
U - 1 1 0 _____________________________________________________________
8678
U - l l l a ____________________________________________________________
8678
XJ—1 1 2 to U -1 1 2 a , inclusive_______________________________________
8678
U -8 3 to U -8 5 , inclusive__________________________________________ 8679 -869 1
U -8 6 to U -89a, inclusive_________________________________________ 8692-8704
U -9 0 to XJ-90g, inclusive____________ ,____________________________ 870 5-870 8
XJ—9 1 to U -9 1c , inclusive_________________________________________ 870 8 -8 710
U -9 3 to U -9 3a , inclusive_________________________________________
8710
U -9 4 to IJ-9 5 , inclusive__________________________________________ 8 7 1 1 - 8 7 1 2
TJ-97______________________________________________________________
8671
U -9 8 to XJ—10 1, inclusive_______________________ '_________________ 8 7 1 2 - 8 7 1 3
U - 5 - 1 6 to X J-5-20, inclusive_____________________________________ 8 7 14 ^ 8 7 38
32.
33.
34.
35.
36.
37.
38.
39.
40.
4 1.
42.
43.
44.
45.
46.
47.
48.
49.
P a r t 20
XJ-B to U - B - 2 , inclusive_________________________________________ 8739 -8740
TJ—17 —1 to XJ—17 —10, inclusive____________________________________ 874 0 -8 747
The Union Trust Co. loans to directors__________________________
8746
U -6 -5 4 a to U -6 -9 4 , inclusive____________________________________ 8 74 7-8 770
U—1 1 —1 to U - l l - 1 3 , inclusive____________________________________ 8770 -8 78 3
T J-2 2 -1 to U -2 2 -1 6 , inclusive____________________________________ 8784^8799
U - 6 - 1 to U -6 -5 3 , inclusive_______________________________________ 8799-8825
U -4 ^ 1A to U -4 -2 5 , inclusive_____________________________________ 8825-8850
U - 2 - 1 to U - 3 - 1 2 , inclusive_______________________________________ 8850 -89 75
Institute cup_______________________________________________ Faces
8976
U - 9 - 1 to U -9 -3 4 , inclusive_______________________________________ 8976-9036
U - 1 5 - l a to TJ—15 —7 1, inclusive___________________________________ 9036-9081
U - 1 3 - 1 to U - 1 3 - 3 5 , inclusive ( U -1 3 -1 6 a - e are omitted)________ 9 0 8 1-9 12 9
U - 1 2 - 6 to U -1 2 -3 2 b , inclusive___________________________________ 9 12 9 -9 16 9
U - 1 6 - l a to U - 1 6 - 3 1 , inclusive___________________________________ 9 16 9 -9 19 2
U -1 4 ^ 1 a to U -1 4 ^ 1 7 , inclusive___________________________________ 9 1 9 2 - 9 2 17
U - 1 8 - l a to U - 1 8 - 1 2 , inclusive___________________________________ 9 2 18 -9 2 3 5
U - 1 9 - l a to XJ—19—7, inclusive____________________________________ 9 2 7 5-9 2 9 6
I I. The Union Trust Co., Cleveland, Ohio
AFFILIATED COMPANIES
MAjRCH 22, 19S8
Afcora pflreent&gee rapj*«s®nt p«reentiLgd qt affiliate earned by parent ecropany.
E x h ib it G - 3 - a
EXHIBITS
SUPPORTING GUARDIAN TRUST COMPANY
“ F IN A N C IA L H IS T O R Y ” REPORT
(E x h ib it G-3-a faces this page)
G -4 -2 , E x. 2
T
he
G
u a r d ia n
T
r u st
C
o m pany,
C
leveland
, O h io
FOR THE YEAR ENDED DECEMBER 31, 1932
Condensed comparative statement of condition at the close of business Dec. 31, 1932
T h is year
Resources:
C ustom ers’ L ia b ility on Acceptances, Letters of
L iabilities:
Acceptances,
Letters
of C re d it
and
Travelers’
C a p ita l Stock, S urp lus, a n d U n d iv id e d Profits_____
L a st year
Increase (+ ) or
decrease ( —)
$13,916,989.48 $16,195,651.28 —$2,278,661.80
121,797,018.28 126,414,420.27 -4,617,401.99
137,761.70
112,654.29
+25,107.41
104,760.50
50,413.45
+54,337.05
7,859,198.15
6,699,816.67 +1,159,381.48
1,693,345.08
1,591,528.07
+101,817.01
5,930, 286.72
-2,969,077. 71
148,470, 272.20 156,994,770.75
2,961,209.01
-8, 524,498.55
109,804,334.84 123, 264,785.19
-13,460,451.35
2,961,209.01
18,223,740.66
115,059.03
70,000.00
11,433.82
79,665.13
2, 600,000.00
14,604,829.71
5,930,286. 72
9,155,709.41
103,740.00
210,000. 00
271,460. 50
2,682.01
1, 000,000.00
17,056,105.92
-2,969,077.71
+9,068,031.25
+11,319.03
-140,000.00
-260,026.68
+76,983.12
+1,600,000.00
-2, 451,276.21
148,470, 272.20 156,994, 770. 75
-8, 524,498. 55
208. 64
243. 66
35.02
Condensed comparative statement of condition as reported to the superintendent of
banks at the close of business Dec. 81, 1982
T h is year
Resources:
M u n ic ip a l a n d O ther B onds a n d Securities, includ-
Interest A ccrued a n d O th e r Resources.........................
Custom ers’ L ia b ility on Acceptances a n d Letters of
L a st year
Increase (+ ) or
decrease ( —)
$13,872,696.13 $16,069,618.11
16,131,481.60 12,725,243.17
$-2,196,921.98
+3,406,238.43
19,843,008.13
35,068,765.53
31,589,912.63
19,404,732.47
5,221,365.37
2,637,832.78
1,693,345.08
16,255,798.38
38,848,270.75
34,250,297.25
24,492,698.46
5,096,365.37
1,603,451.30
1,591,528.70
+3,387,209.75
-3,779,505.22
-2,660,384.62
-5,087,965.99
+125,000.00
+1,034,381.48
+101,817.01
2,954,426.85
5,930, 286. 72
-2,975,859.87
148,417, 566. 57 156,863,557.58
- 8 , 445,991.01
8269
STO C K
8 2 7 0
EXCH ANGE
P B A C T IC E S
C ondensed co m p ara tiv e statem ent o f c o n d itio n as reported to the s u p e rin te n d e n t o f
b a n k s at the close o f business Dec. 3 1 , 1 9 3 2 — C o n t i n u e d
This year
Last year
Increase (+) or
decrease (—)
Liabilities:
$109,751,629.21 $123,133,573.02 -$13,381,943.81
2,961,209.01
5,930,286.72 -2,969,077.71
-140,000.00
70,000.00
210,000.00
-177; 724,53
377,862:51'
208-, 157.98'
15,225,674.98
2,850,000:00 +12,375,674.98
6; 305,709.41 -3,307,643.73
2,998,065.68
7, ooo, ooo:00
0
7, ooo; 000.00v
7,604,829.71 10,056,105.92 -2,451, 276. 21
Surplus and Undivided Profits.............................
2,600,000.00
1,000,000.00 +1,600,000.00
Special Reserve Fund..........................................
148,417,566. 57 156,863, 557. 58 -8,445, 991. 01
Artseeptaaces-and Letters of Credit............. ..........
RfeseTvefor Dividend...........................................
Interest Accrued &'Other Reserves’: .......... ..........
Summary of annual reports departmental earnings
This year
Department:
Banking............—
Trust______ ______
Safe deposit............
Total main office..
Arlington-Eddy___
Commercial--,____
Coventry................
Euclid-46th.............
Euclid-106th______
Euclid-Superior___
Lakewood......... —.
Lorain-117tli.......... .
Miles-131st...... ......
Pearl Road...... ......
Rocky River______
Shaker Square____
St Clair-ParkwoodSuperior-80th--_......
Vcela...... ...............
Washington______
Woodland-31st........
Total branches.
Total earnings..
$935,532.49
49, 796. 24
7, 277.18
992,605.91
2,849. 25
'20,144.01
39,512 23
18, 995 52
13,474. 73
-87.48
40, 365 72
-2,768.73
1,509.96
-10,517.37
25,872 68
10,733.88
4,860.04
1, 475 46
129, 729. 90
53, 760.14
-328.06
349,886. 88
1,342,192. 79
Last year
$1,464, 453. 53
173,830.94
6,865.30
1,645,149. 77
5,441.93
35,966.42
54, 354.86
27,809. 31
19,423.14
1,165.29
46,074.89
-9,113.18
2,610.46
-13,997.77
30, 646 98
14,847. 61
8,101.36
5,336.33
110,277. 29
81,476 28
-1,028.15
419, 303. 05
2,064, 542. 82
Increase (+) or
decrease (—)
-$588,021.04
-124,034.70
+411.88
-652, 543. 86
-2 , 592. 68
-19, 822.41
-14,842.63
-8, 013 79
, -5,948 41
- 1 , 252. 77
-5,709.17
+6,344 45
-1,100. 50
+3,480.40
-4,774 30
-4 ,113 73
-5 , 236 32
-3,560.87
+19,452.61
-7,716.14
+700. 09
-69,806.17
-722,350.03
-231,825. 70
776’, 921.93 • 1,008,747.63
Arlington-Eddy___
2,466,592.51
-760,425.67
1, 706,166 84
Commercial...... .....
2, 269,497.17
2,932, 204. 97
—662,701. SO'
Coventry_________
2,278,-157.80
—363,-962 51
2,642r060.'.31
Euclid-46th.............
2, 657, 400. 74
3,067,410 83
-410,010 09
Euchd-105th______
524,222. 58
-119,550.72
643,773.28
Euclid-Superior___
-411,132. 78
3,282,341.19
2,871, 208. 41
Lakewood....... ......
582,824 06
-27,303.21
610,127. 27
Lorain-117th______
874,293 79
-98,593.46
775,700.34
Miles-131st...... ......
+30,673.07
421,278.18
390,605.11
Pearl Road.........—.
2,045,709.61
2,463,571.82
-417,862.21
Rocky River...... .
1,196,976 23
1,327,687 57
-130,711.34
Shaker Square____
1,126,164 00
1,383,765.80
-257,599.89
St Clair-Parkwood..
637,480.33
834,055.41
-106,676.08
Supenor-80th_____
3,862,
672
44
+138,338.69
4,001,011.13
Vcela............. ........
2,965,772.41
-494,951.86
2,490,880.55
Washington______
1,026,666.76
-263,499.04
763,167.72
Woodland-31st........
27,152,010. 81 31, 775,043. 98 -4, 623,033.17
Total branches__
82,652,324.03 91,489, 742. 21 -8,837,418.18
Main office_______
109,804,334.84 123, 264, 786.19 -13,460,461 35
Total deposits___
MAIN OFFICE
Total bank transactions reported to clearing house. 910.380.729.00 1,653,889,205.00 -743,508,476 00
75.865.060.00 137.824.100.00 -81,959,040 00
Average per month_______________ ___ _____
2,984,854.00
5,458,380.00 -2 , 473,426.00
Average per business day-------------- -------------TBUST DEPARTMENT
103.742.600.00 220.671.306.00 -116,928,706.00
Funds handled......... ....................
248.570.121.00 256.821.811.00 -8,251,690. CO
Cash and securities on hand______
409.00
Transfer or registrar of corporations..
385.00
+24.00
46,737.00
95,301.00
-48,564.00
Certificates issued and cancelled___
185.00
199.00
-11.00
Trustee for bond issues__________
132.794.122.00 127.107.397.00 +5,686,725.00
Bonds outstanding.........................
15.512.720.00 11,985,000 00 +3,527,720.00
Bonds certified_________________
STO C K
EXCH A N G E
P E A C T IC E S
8 2 7 1
A ccounts opened a n d closed
T h is year
Com
Savings mercial
Baling department:
Opened________
•Closed................
Increase..
Arlington-Eddy:
Opened.......
Closed.........
IncreaseCommercial:
Opened..
Closed...
Increase..
2,452
3,521
i 3,232 i 1,069
Com C/D
Total Savings mercial
C/D
Total
5,875
9,314
3,350
4,'133
'248
303
9,473
13,750
11 i 4,290 i 3,439
i 783
i 55
14, 277
216 7,402
205 11,692
710
945
148
345
0
0
858
1,290
868
949’
279
457
0
0
1,147
1,406
* 235
i 197
0
1432
>81
i 178
0
i 259
330
274
196
173
0
0
526
447
23
0
79
201
361
280
181 .
0
0
481 '
542
i 160
99
0
1 61
56
947
1,193
341
619
0
0
1,288
1,099
1,211
496'
674
0
0
1,595
1,885
i 524
i 112
i 178
0
i 290
1,084
2, 215
1,182
1,826
572
847
0
0
1,754
2,673
0 -J 1,131
i 644
i 275
0
1919
0
.0
1,822
2, 600
1,644
1,969
733
1,007
0
0
2,377
2,976
i 325 ‘ i'274
* 0
i 599
00
Coventry:
Opened.
Closed..
.4,734
7,966
L ast year
.
Increase*.
Euclid-46th:
Opened..
Closed...
i 246
i 278 _ _ 0
737
1,417
347
798
0
0
Increase...
i 680
i 451
Euclid-105th:
Opened......
Closed____
1,355
1,615
467
985
Increase...
i 260
i 518 _
0
i 778
Euclid-superior:
Opened......
Closed____
390
509
126
299
0
0
435
808
422
516
210
403
0
0
632
919
Increase..
i 200
i 173
0
i 373
i 94
i 193
0
i 287
LakewoodOpened__
Closed___
923
1,026
288
782
0
0
1,211
1,808
1,064
1,112
485
715
0
0
1,549
1,827
Increase..
i 103
i 494
0
i 597
48
i 230
0
i 278
Lorain-117th:
Opened__
Closed___
546
507
200
193
0
0
746
700
976
324
354
160
0
0
1,330
484
Increase..
39
7
0
46
652
194
0
846
600
676
54
96
0
0
654
772
983
759
160
117
0
0
1,143
876
Miles-131st:
Opened.
Closed..
Increase..
176
42
0
i 118
224
43
0
267
Ontario Street:
Opened___
Closed......
1,452
.. 347
151
68
0
0
1, 603
415
0
0
0
0
0
0
0
0
Increase..
1,105
83
0
1,188
0
0
0
0
361
200
62
74
0
0
423
274
584
164
142
53
0
0
726
217
161
i 12
0
149
420
89
0
509
Pearl Road:
Opened-.
Closed...
Increase..
1 Decrease.
8 2 7 2
STO CK
EXCH A N G E
P R A C T IC E S
A ccounts opened a n d closed — C o n t i n u e d
T his year
Savings
C om
mercial
R o c k y R iver:
O p e ne d ................................................
C losed..................................................
476
Increase............................................
i 190
1 151
S haker Square:
O p e ne d............ .................................
C losed.................................................
600
579
270
322
666
200
351
111
152
S t. Clair-Pafkw ood:
O p e ne d.......... ...................................
Closed..................................................
684
885
172
314
Increase...... .....................................
L a st year
C /D
T ota l
Savings
C om
m ercial
0
0
0
676
1,017
670
714
347
438
i 341
l 44
191
0
0
0
960
901
935
481
431
329
59
454
102
0
0
0
856
1,199
1,045
1,128
327
477
i 343
183
i 150
0
0
0
567
1,095
729
918
124
149
i 528
i 189
i 25
Increase........ ...................................
i 201
i 142
Buperior-Both:
O p e ne d .............. ................................
Closed..................................................
491
964
76
131
Increase............................................
1473
155
Voela:
O p e ne d................................................
C losed..................................................
721
1,450
62
65
185
978
1,515
1,602
1,200
127
42
7
185
1537
i 402
85
0
0
0
983
1,710
2,073
2,609
102
1727
i 539
38
0
0
0
567
1,256
834
1,373
141
117
i 689
l 539
24
Increase............................................
1729
W ashing ton:
O p e ne d ................................................
C losed....... ...................... ...................
927
1,590
120
56
0
140
C /D
T o ta l
0
0
0
1,017
1,152
0
0
0
1,366
810
0
0
0
0
0
0
1 135
556
1,372
1,605
i 233
853
1,067
i 214
0
0
0
1,327
1,644
0
0
0
2,213
2,711
0
0
0
975
1,490
1317
Increase...... .....................................
i 663
64
Woodland-31st:
O p e ne d ................................................
C losed.................................................
496
1,144
112
Increase............................................
1648
141
C o m b in e d :
O p e n e d ................................................
C lose d................................................
17,545
24,040
5,834
9,377
401
205
23,780
33,622
22,512
27,242
8,611
10,390
248
303
31,371
37,935
Increase................... ....................... i 6,495
i 3,543
196
19,842
i 4,730
i 1,779
i 55
’6,564
1 Decrease.
71
1498
1 515
STO C K
EXCH A N G E
P R A C T IC E S
8 2 7 3
N u m b e r o f open accounts
Last year
This year
Department
Sav Com
ings mercial
Banking_______________________ 42,981 14,635
480
Arlington-Eddy.............................. 2,970
829
Commercial.................................... 1,110
Coventry....................................... 4,391 1,387
Kticlid-46th.................................... 7,150 1,560
Euclid-X05th................................... 5,590 1,776
Euclid-Superior.............................. 1,546
497
Lakewood...................................... 6,084 1,667
Lorain-117th................................... 1,675
396
Miles-13lst-.................................... 2,488
171
83
Ontario.......................................... 1,105
Pearl Road.....................................
134
975
Rocky River................................... 5,019 1,272
Shaker Square................................ 2,780 1,029
St. Clair-Parkwood......................... 3,117
800
Superior-80th.................................. 3,155
198
Vceia............................................. 6,240
137
Washington.................................... 7,084
239
Woodiand-31st................................ 4,830
416
Total.........-......................... 110,290 27,706
C/D
Total
Sav Com
ings mercial
C/D
135
146 67,762 46,213 15,704
677
0
0 3,460 3,205
1,939
1,270
730
0
0
0
0 5,778 4,637 1,665
7,830
2,011
0
0 8,710
0 7,366 5,860 2,294 V
0
670
0
0 2,043 1,746
0
0 7,751 6,187 2,161
389
0
0 2,071 1,636
213
0
0 2,659 2,564
0
1,188
0
0
0
814
146
0
0 1,109
0
0 6,291 5,209 1,423
0
0 3,809 2,669 1,081
942
0 3,917 3,318
0
263
0
0 3,353 3,628
130
0
185 6,562 6,969
303
0 7,323 7,747
0
457
0 5,246 6,478
0
331 138,327 116,970 31,249
Total
62,052
3,882
2,000
6,302
9,841
8,144
2,416
8,348
2,025
2,777
O
960
6,632
3,760
4,260
3,881
7,099
8,050
5,936
136 148,354
Increase Increase
(+) or
(+) or
This year Last year decrease decrease
(—) this (—) last
year
year
B a n k in g ......................
T r u s t...........................
Safe deposit................
A rlington-E ddy_____
C o m m ercial...............
C o v e n try ....................
Euclid-46th................
Euclid-105th..............
Euclid-Superior.........
Lakew ood......... .........
Lorain-117th...............
Miles-131st..................
O n ta rio _____________
P earl R o a d .................
R o c k y R iv e r ..............
Shaker S q u a re ...........
S t. C lair-Parkw oodSuperior-80th...........
Veela............................
Wsaskington ............
W oodland-3lst..........
67,762
62,052
3,615
3,745
9,157
3,882
2,000
6,302
9,841
8,144
8,457
3,460
1,939
5,778
8,710
7,366
2,043
7,761
2,071
2,669
1,188
1,109
6,2 9 1
3,809
3,917
3,363
6,662
7,323
5,246
160,399
Thrift.
8,769
169,168
2,416
8,348
2,026
2,777
O
960
6,632
3,750
4,260
3,881
7,099
8,050
5,935
161,256
9,838
-4,290
- 1 3 0
- 7 0 0
- 4 3 2
- 6 1
- 6 2 4
-1,131
- 7 7 8
-373
697
+46
-118
+1,188
+ 1 4 9
-3 4 1
+59
-343
-528
-537
-727
-689
857
-4,277
+ 1 0 2
+ 2 2 8
- 2 5 9
79
- 2 9 0
- 9 1 9
- 5 9 9
-287
-278
+846
+267
0
+ 5 0 9
-136
+556
-233
-214
-317
-408
-516
-6,234
- 1 0 ,
-1,069
-1,168
171,094 -11,926
-7,402
STO C K
8 2 7 4
EXCH ANGE
P R A C T IC E S
T rust d e p a rtm e n t, n u m b e r o f open accounts
Increase Increase
(+) or
(+) or
This year Last year decrease decrease
(—) this (—) last
year
year
Bond_,............................................................................
240
413
202
409
285
1,018
1,042
272
438
215"
385
304
1,061
1,070* ‘
-26
-25
-1 3
+24
' —10
-43
—28
+16
+14
-9
, +11
r * +14
+48
+8
3,615
3,745'
—130
+102
Safe deposit department, number of boxes in use
Total
number This year Last year
of boxes
Euclid-46th........... ..............................................
Washington. _________ _____________________
Increase (+)
decrease (—)
This year Last year
8,125
200
543
509
847
310
728
213
215
215
566
337
438
300
63
48
275
5,253
102
375
330
562
117
552
71
86
25
332
282
134
77
49
39
71
5,745
104
419
391
639
132
599
74
84
20
362
257
131
88
0
36
76
-492
—2
-44
-61
-77
-1 5
-47
-3
+2
+5
-30
25
+3
-11
+49
+3
-5
-98
+26
+16
—2
15
—7
+29
+43
+36
+19
+11
+83
+28
+16
0
+ 11
+2
13,932
8, 457
9,157
-700
+228
Number of thrift accounts
This year Last year
Increase (+)
decrease (—)
This year Last year
Commercial______
_______
______________________
Euclid-16th______ _____________________ ___ _______
Euclid-105th............. .................. ........... ................... ........
2,492
290
171
441
372
423
221
551
300
335
53
104
275
258
257
192
1,310
592
132
3,113
463
200
543
466
490
172
492
380
459
0
154
345
339
396
275
736
520
295
-621
-173
-29
-102
-94
-67
+49
+59
-60
-124
+53
-50
-70
-81
-139
-83
+574
+72
-163
-269
-116
-16
-9
-114
-70
+15
-129
+79
-2 1
0
-27
+22
-39
-32
-68
-83
-283
-8
8,769
9,838
-1,069
-1,168
STO C K
EXCH A N G E
P R A C T IC E S
8 2 7 5
C o m p a rativ e statem ent o f c o n d itio n at the close o f business Dec. 31, 1932, a n d Dec.
31, 1931
RESO U RC ES
This year
Last year
(+) or
decrease (—)
Cash and Exchange on Hand.......... .....................
$1,944, 721.67 $5,377, 087.48 —!$3,433; 365.81
+15,998.74
Cash Items.................... ........................... ........
22, 440.13
6, 441.39
Due from Banks and Bankers_________________
4,615, 172.28
3,400, 639.14 +1,215,533.14
+114,987.20
5,843, 652.49
Due from Federal Reserve Bank Reserve Account5,958, 639.69
-191,815.07
Due from Federal Reserve Bank Transit Account-.
1,376, 015.71
1,567, 830.78
Total Cash on Hand and in Banks............ ..........
13,916, 989.48 16,195, 651.28 -2, 278,661.80
Collateral Loans_______ ___ ___ ____________
35,068, 765.53 38,794, 945.79 -3,726,180. 26
44, 085.28
Bills of Exchange______ __________ __________
53, 324.96
Real Estate Loans_____________________ _____
31,490, 968.04 34,218, 559.44 -2,727, 591.40
Discounts______ __________________________
19.056, 575.36 23,695, 851.00 -4,639, 275.64
-114, 426.00
Banker’s Acceptances__ ___ _________________
114, 426.00
162,134.34
Advances on Acceptances__________ _________
556, 271. 53
-394, 137.19
Total loans, Discounts & Acceptances...................
85,822,528.55 97,433, 378. 72 ->11,610, 850.17
United States Bonds________________________
16,131,481.60 12,725, 243.17 +3,406, 238.43
State, County & Municipal Bonds...... ................
5,684,680.57
4,086, 278.96 +1,598, 301.61
Other Bonds.......................... ......... ................ .
+219, 216.51
7,800, 161.12
8,019,377.63
Stocks..
5,799,531.99
4,345, 858.30 +1,453, 673.69
+316, 017.94
Other Investments...... ..................... ......... ............ .
339,517.94
23, 500.00
6,993, 448.18
Total Investments............................. ........ ............. 35,974,489.73 28,981, 041.55
Total Loans and Investments_______ ____________ 121,797,018.28 126,414, 420.27 -4,617, 401.99
Secured Advances to Trust Estates................. ..........
112, 654.29
+25, 107. 41
137,761.70
+54, 337.05
Overdrafts........................ ......................................
104,750.50
50, 413. 45
Banking Houses &Other Real Estate................... .....
7,859,198.15
6, 699, 816.67 +1,159, 381.48
Accrued Interest, Accounts Receivable, etc................
+101, 817.01
1,693,345.08
1,591, 528. 07
Customers’ Liability on Acceptances.........................
1, 696, 471. 49
3,256, 400. 06 -1,559, 928.57
Liability of Bankers a/c Acceptances guaranteed or en
dorsed....... ............... ........ .................................
1,204,032. 52
2,622,335.38 -1,418,302.86
Customers*Liability on Letters of Credit and Travelers’
+9,153. 72
Checks____________________________________
60,705. 00
51, 551.28
Total Customers’ Liability on Acceptances, Letters of
Credit & Travelers’ Checks____________________
5,930,286.72 -2,969,077.71
2,961,209.01
Total Resources.
148,470,272.20 156,994,770.75
-8, 524, 498. 55
LIABILITIES
Thrift Club______ _______________ __________ _
-24,918.24
64, 980.75
Savings Accounts_____________________________ 46,000, 201.28 55,277, 887.96 -9,277,
Certificates of Deposit...... ........ ................................
1,781, 745.80
5,019, 182.70 -3,237, 436.90
City of Cleveland.................. ..................................
2,464, 552 07 —1.014, 814.69
1,449, 737.38
City of Cleveland, Sinking Fund..___ ______ ______
600, 000.00
+490, 504.83
1,090, 504 83
County of Cuyahoga___ _______________________
2, 773, 462. 96 -1,368, 356.93
1,405, 106.03
251. 47
Board oftE'duGation of Cleveland...............-...............
424, 581. 74
26, 330.27
U.S. Government War Loan_____________________
0 +3,481, 400.00
3,481, 400.00
Postal Savings.._____ _______ _________________
373, 000. 00 +4,801, 102.00
5,174, 102.00
Other Public Funds.._______ __________________
3,195, 592.90 -1,557, 274.81
1,638, 318.09
4, 434, 308.93
9,831, 189.67
Total Public Funds_____________ ______________
14, 265, 498.60
7, 317, 689. 54 -1,855, 423.51
Due to Banks and Bankers..................... ..................
5, 462, 266.03
Other Check Accounts________ ______ __________
28, 298, 556.16 37,116, 649. 82 -8,818, 093.66
—13, 944.83
Special Deposits________________ ____ ____ _____
67, 150.40
81, 095.23
7,390, 906.81 -1,400, 785.06
Trust Department Funds______ _________________
5,990, 121. 75
1,140, 285.47 +6,733, 528.60
Checks Outstanding............................ ......... ......... .
7,873, 814. 07
Total Deposits________ ___ ___________________ 109,804, 334.84 123,264, 786.19 -13,460, 451.35
Letters of Credit and Travelers Checks Outstanding51, 551.28
60, 705.00
+9, 153.72
2,622, 335.38 -1,418, 302. 86
Bankers Acceptances Guaranteed or endorsed_______
1,204, 032. 52
3,256, 400.06 -1,559, 928.57
Acceptances Outstanding...__ ____ _____________
1,696, 471. 49
Total Acceptances, Letters of Credit and Travelers
Checks Outstanding..................... .........................
5,930, 286.72 -2,969, 077.71
2,961, 209.01
103, 740.00
Interest Accrued, Accounts Payable, etc____________
115, 059.03
+11, 319.03
103, 740.00
Total Interest Accrued and Other Liabilities...............
115, 059.03
11, 319.03
-140, 000.00
210, 000.00
Reserved for Dividend__________________________
70, 000.00
-260, 026.68
271, 460 50
11, 433.82
Reserved for Taxes________________ ____ _______
-923, 016.88
1,002, 682.01
Reserved for Depreciation__ ________ ___________
79, 665.13
9,155, 709.41 +9,068, 031.25
18,223, 740.66
Bills Payable and Rediscounts___________________
0
7.000, 000.00
Capital Stock_________________________________
7.000, 000.00
Surplus Fund___________________ ______ ______
7.000, 000.00
9.000, 000.00 -2,000, 000.00
604, 829.71
1,056, 105.92
-451. 276.21
Undivided Profits_______________ ______ _______
0 +2,600, 000.00
2,600, 000.00
Special Reserve Fund................... ............................
T o ta l L iab ilities..................................................................
148,470, 272.20
156,994,770. 75
-8 ,5 2 4 ,4 9 8 .5 5
8 2 7 6
STO C K
EXCH A N GE
P E A C T IC E S
Interest accrued and accounts receivable and payable at Dec. 31, 1932
Receivable:
Payable*
This year
Last year
$305,644.29
55,411.06
963,781.54
1,304,19
353,816.98
$285,675.39
i 1,159.25
904,029.17
1,606.13
357,917.66
1,67%958.06
11,239. 27
1 15,005-. 12
17,152.87
1,548,069.10
18,133.17
i Iff, 057.08
41,382.88
1,693,345.08
1,591,528.07
15,642.96
13,121.52
19,762.42
19,205.40
1,892.89
250.00
50,183.84
19,482.19
34,633.75
28,819.98
12,193.61
2,109.50
2,000.00
i 9,699.03
120,059.03
i 14,000.00
4.000.00
5.000.00
89,540.00
4,200.00
6,000.00
4,000.00
115,059.03
J03,740.00
1,578,286.05
1,487.788.07
< D eficit.
Reconcilement of surplus and undivided profits
Surplus and Undivided Profits Dec. 3 1 , 1 9 3 1 _____________________$10 , 056, 105. 92
Excess T a x Reserve Transferred to Undi
vided Profits____________________________
$200, 000. 00
Credits to Profit and Loss— Prior Y ears____
15, 785. 1 5
2 15 , 785. 1 5
Total Income for 1 9 3 2 _____________________ 7, 304, 279. 1 2
Total Expense for 1 9 3 2 ____________________ 5, 962, 086. 3 3
1, 34 2 , 192. 79
T o tal_____________________________________________________
Less:
Transferred to S p e c i a l R e s e r v e
Accounts____________________________ 2, 600, 000. 00
Transferred to Reserve for Deprecia
tion_________________________________
725, 000. 00
Dividends paid:
No. 14 3 Apr. 1, 1 9 3 2 . . $14 0 , 000. 00
No. 14 4 Ju ly 1, 1 9 3 2 . .
70, 000. 00
No. 14 5 Oct. 1, 19 32 . .
70, 000. 00
No. 146 Dec. 3 1 , 1 9 3 2 .
70, 000. 00
350, 000. 00
334, 254. 1 5
Debits to Profit and Loss, Prior Y e a rs.
1 1 ,6 1 4 ,0 8 3 .8 6
Surplus and Undivided Profits Dec. 3 1 , 19 32 ___________________
7, 604, 829. 7 1
R ate of return
On Capital of $7,000,000
O n A v e ra g e B o o k V a lu e o f $ 1 6 ,4 0 4 ,1 5 2 .
4, 009, 254. 1 5
Percent
19. 17
8. 14
STOCK EXCHANGE PRACTICES
8277
Comparative profit and loss statement
Thisyear
Last year
$ 1 ,8 2 9 ,1 6 5 .4 0
1 ,0 1 8 ,4 1 0 .9 2
1 0 ,3 4 0 .8 7
1 ,8 4 9 ,1 9 4 .1 8
$ 2 ,3 7 2 ,4 3 1 .9 3
1 ,3 3 4 ,6 5 5 .1 0
3 5 ,6 9 6 .8 1
2 ,1 8 2 ,8 9 7 .8 7
4 ,7 0 7 ,1 1 1 .3 7
5 ,9 2 5 ,6 8 1 .7 1
- 1 ,2 1 8 ,5 7 0 .3 4
7 0 6 ,9 0 1 .5 5
2 4 2 ,9 0 0 . 4 2
4 4 2 ,5 8 9 .5 1
2 2 9 ,2 1 3 .2 1
614 , 465 . 22
+ 9 2 , 4 3 6 33
- 5 1 ,7 6 6 .4 5
In c r e a s e ( + )
decrease ( — )
IN C O M E
I n t e r e s t o n lo a n s :
S e c u r e d ................-....................................................
U n s e c u r e d . .............................................................
A d v a n c e s & B a n k e r s A c c e p ta n c e s .
R e a l E s t a t e ............................................................
T o ta l.
In te r e s t o n in v e s tm e n ts :
U n i t e d S t a t e s B o n d s . ............................. ..
S ta te , C o u n ty & M u n ic ip a l B o n d s ..
O t h e r B o n d s _ _ ........................................................
S t o c k s & O t h e r I n v e s t m e n t s ........ .............
1 ,6 2 1 ,6 0 4 .6
2 9 4 ,6 6 6 .8 7
4 6 2 ,9 5 1 .4 9
- $ 5 4 3 , 2 6 6 . 53f
- 3 1 6 ,2 4 4 .1 8
- 2 5 ,3 5 5 .9 4
- 3 3 3 ,7 0 3 6 0
3 5 8 ,7 5 7 .9 9
- 2 0 ,3 6 1 .9 8
- 1 2 9 ,5 4 4 .7 8
1 ,7 3 0 ,8 4 1 .5 7
- 1 0 9 ,2 3 6 8 8
2 2 ,4 2 4 .8 7
2 1 9 .0 7
3 6 ,5 7 8 .1 4
2 7 4 .9 3
- 1 4 ,1 5 3 .2 7
- 5 5 .8 6
6 ,3 5 1 ,3 6 0 .0 0
7 ,6 9 3 ,3 7 6 .3 5
- 1 ,3 4 2 ,0 1 6 .3 5
I n t e r e s t o n S h o r t B a l a n c e s ___________________
R e n t s ........................................................................................
F o r e ig n E x c h a n g e & T r a v e le r s C h e c k s ..
2 3 , 6 6 6 . 25
2 1 ,5 6 5 .3 9
47, 233 . 5 2
1 3 8 .4 1 5 . 9 5
3 1 .7 5 7 .7 7
4 0 , 6 8 9 . 23
1 3 ,6 4 7 .3 5
- 1 1 0 ,0 1 8 .9 8
+ 9 ,6 1 7 .1 5
- 4 1 ,7 9 3 .1 7
+ 3 9 ,3 6 2 .7 1
- 1 .3 2 7 .3 2
- 7 .0 0 8 .8 3
T r u s t D e p a r t m e n t ......................................................
S a f e R e n t a l s a n d S t o r a g e ......................................
R e a l E s t a t e L o a n S e r v i c e C h a r g e s ..............
I n s u r a n c e L o a n E a r n i n g s .....................................
4 9 0 ,6 4 3 .6 9
5 3 .1 5 3 .7 7
7 4 1 .9 8
3 9 ,2 5 0 .7 4
1 3 3 ,6 8 5 . 2 3
1 1 .9 4 8 .2 4
8 9 ,0 2 6 .6 9
9 9 .0 5 3 .2 4
3 3 ,0 8 5 .0 9
4 7 ,6 9 8 .0 6
1 6 ,0 5 0 .2 3
6 8 2 ,2 9 1 .1 4
5 4 .3 9 0 .5 0
M i s c e l l a n e o u s ..................................................................
3 6 ,9 2 0 .2 8
77, 9 84 25
- 2 ,4 0 2 .8 8
- 1 9 1 ,6 4 7 .4 5
- 1 , 2 3 6 . 73
- 3 ,4 8 4 .0 8
+ 7 ,4 9 0 .2 2
- 4 1 ,0 6 3 .9 7
9 3 7 ,6 8 5 9 2
1 ,2 8 1 , 1 9 9 . 25
- 3 4 3 .5 1 3 .3 3
1 ,8 9 1 .7 7
1 3 ,3 4 1 .4 3
3 ,5 8 2 .4 2
2 .4 8 4 .2 2
- 1 , 6 9 0 65
+ 1 0 ,8 5 7 .2 1
7 , 3 0 4 , 2 7 9 .1 2
8 , 9 8 0 6 4 2 .2 4
- 1 .6 7 6 ,3 6 3 .1 2
1 ,3 3 0 ,7 2 8 .4 4
5 0 ,2 7 6 .0 5
3 8 4 ,0 0 3 .6 5
2 1 7 ,7 9 4 .0 7
1 1 0 ,9 0 3 . 1 7
1 ,9 2 7 ,7 1 7 .6 0
1 8 1 ,5 4 3 .1 9
- 5 9 6 ,9 8 9 .1 6
- 1 3 1 , 2 6 7 .1 4
7 8 0 ,7 9 7 .3 0
2 4 6 ,7 1 7 .5 0
1 0 9 ,3 2 1 . 4 8
- 3 9 6 ,7 9 3 .6 5
- 2 8 ,9 2 3 .4 3
+ 1 ,5 8 1 69
T o ta l .
In te r e s t o n B a n k B a la n c e s ..
M i s c e l l a n e o u s I n t e r e s t .............
T o ta l In te r e s t.
D e p a r t m e n t E a r n in g s :
P r o f i t o n S e c u r i t i e s S o l d ........................................
C o m m i s s i o n s o n L o a n s _________________________
A c c e p t a n c e s ........................................................................
C o m m e r c ia l A c c o u n t S e r v ic e C h a r g e s . .
T o ta l D e p a r tm e n ta l E a r n in g s .
C a s h O v e r ...........................................................
S u n d r y C r e d its to P r o f it & L o s s T o ta l In c o m e ..
4 .2 2 6 .0 6
3 1 ,7 6 0 .5 2
EXPENSE
In te r e s t o n D e p o s it s :
S a v in g s a n d T h r if t A c c o u n t s . . .
C e r t i f i c a t e s o f D e p o s i t . . ..............
C o m m e r c ia l & B a n k A c c o u n t s ..
P u b l i c F u n d s ..............................................
T r u s t ....................................................................
T o t a l ..................................................... -............................ ..
2 ,0 9 3 ,7 0 5 .3 8
3 ,2 4 6 ,0 9 7 07
R e d is c o u n ts ..
1 ,1 0 3 ,6 9 7 .7 2
1 9 0 ,1 7 9 6 5
+ 9 1 3 ,5 1 8 .0 7
T o t a l I n t e r e s t ______________________________________
3 ,1 9 7 .4 0 3 .1 0
3 , 4 3 6 , 2 7 6 .7 2
- 2 3 8 ,8 7 3 . 6 2
1 ,6 4 2 ,3 1 4
2 ,0 3 5 .4 5 5 57
7 8 .1 1 0 . 74
8 1 ,8 6 9 . 66
6 9 .2 3 1 .9 6
3 1 4 , 6 0 2 .5 2
3 4 .8 4 1 .9 7
- 3 9 3 ,1 4 1 . 2 9
- 5 3 , 3 2 2 39
In te r e s t o n B ills P a y a b le &
S a l a r i e s ___________________________ ___________ _
P e n s i o n F u n d ____________________ ________ _
28
A d v e r t i s i n g ______ ___________________ ________
I n s u r a n c e .................................. ............ ............... .
O p e r a t in g H e a t, L ig h t , R e n t , e tc ..
2 4 ,7 8 8 .3 5
6 7 ,3 2 6 .5 8
6 8 ,5 1 1 .2 1
2 7 7 .4 1 4 .1 6
E q u i p m e n t .......................................................... .
T a x e s .......... .................... .. ......................................
G e n e r a l ....................................................................
3 ,9 6 9 54
3 3 7 ,0 0 0 .0 0
3 3 2 ,9 3 3 .9 2
- 1 ,1 5 2 ,3 9 1 . e
- 1 4 ,5 4 3 .0 8
- 7 2 0 75
- 3 7 ,1 8 8 . 36
4 5 0 ,0 0 0 .0 0
3 9 5 ,3 3 1 .5 3
- 3 0 ,8 7 2 43
- 1 1 3 ,0 0 0 0 0
- 6 2 ,3 9 7 .6 1
2 ,7 5 4 ,2 5 8 .0 4
3 ,4 5 9 ,4 4 3 .9 5
- 7 0 5 ,1 8 5 .9 1
3 ,6 7 3 .7 5
6, 751. 44
5 .1 7 1 61
1 5 ,2 0 7 .1 4
- 1 ,4 9 7 .8 6
- 8 ,4 5 5 70
T o t a l E x p e n s e ..
5 ,9 6 2 ,0 8 6 .3 3
6 ,9 1 6 ,0 9 9 .4 2
- 9 5 4 ,0 1 3 .0 9
N e t E a r n in g s ...
1,342,192. 79
2,064,542.82
-722,350.03
T o ta l.
C a s h S h o r t ........................................................
S u n d r y D e b it s t o P r o f it & L o s s ..
8278
STOCK EXCHANGE PRACTICES
C o m p a r a tiv e
p r o fit
a n d
lo s s
C A S H
s ta te m e n t—
C o n t in u e d
B A S IS
In c r e a s e ( + )
d ec rease ( — )
T h is y e a r
L ast year
$ 1 ,8 0 9 ,1 9 6 .5 0
9 6 6 ,4 4 7 .3 9
5,734-. 0 9
1 ,7 8 9 ,4 4 1 .8 1
$ 2 ,2 3 1 ,9 9 5 .0 5
1 ,3 7 0 ,4 6 1 .3 8
3 6 ,0 3 4 .5 1
2 ,0 0 9 ,7 9 6 .5 1
- $ 4 2 2 ,7 9 8 .5 5
- 4 0 4 ,0 1 3 .9 9
- 3 0 ,3 0 0 .4 2
- 2 2 0 , 354. 70
4 , 5 7 0 ,8 1 9 . 7 9
5 , 6 4 8 , 2 8 7 .4 5
- 1 ,0 7 7 ,4 6 7 ; 66
6 8 3 ,0 2 0 .0 2
2 5 6 ,9 8 1 .1 0
6 4 6 .8 9 9 .6 4
4 2 0 ,4 9 6 .6 9
4 7 4 ,2 9 8 .2 2
3 3 3 .8 5 3 .6 5
+ 3 6 ,1 2 0 . 38
- 1 6 2 ,3 3 2 .3 8
- 4 6 , 7 5 8 . 28
- 7 6 ,8 7 2 .5 5
1, 6 2 5 , 7 0 5 .3 7
1 ,8 7 5 , 5 4 8 . 2 0
- 2 4 9 ,8 4 2 .8 3
2 2 , 7 2 6 . 81
- 1 6 , 5 7 2 .3 7
2 1 9 .0 7
3 9 ,2 9 9 .1 8
2 7 4 .9 3
6 ,2 1 9 ,4 7 1 .0 4
7 ,5 6 3 , 4 0 9 . 76
- 1 , 3 4 3 ,9 3 8 . 7 2
2 3 ,6 6 6 .2 5
2 1 ,5 6 5 .3 9
4 7 ,2 3 3 .5 2
1 3 8 ,4 1 5 .9 5
1 3 3 ,6 8 5 .2 3
1 1 ,9 4 8 24
8 9 ,0 2 6 .6 9
9 9 ,0 5 3 .2 4
3 3 ,0 8 5 .0 9
- 1 1 0 ,0 1 8 .9 8
+ 9 ,6 1 7 .1 5
- 4 1 ,7 9 3 .1 7
+ 3 9 ,3 6 2 .7 1
- 1 ,3 2 7 .3 2
IN C O M E
In te r e s t o n L o a n s :
A dvances &
B a n k e r s A c c e p t a n c e s -------
--------
In te r e s t o n In v e s tm e n ts :
U n i t e d S t a t e s B o n d s ..............................................................................
S t a t e , C o u n t y & M u n i c i p a l B o n d s ------------------ S to c k s &
O t h e r I n v e s t m e n t s ............................................................
I n t e r e s t o n B a n k B a l a n c e s -----------------------------M i s c e l l a n e o u s I n t e r e s t __________________ _________________________
D e p a r t m e n t a l E a r n in g s :
P r o f i t o n S e c u r i t i e s S o l d _________________________________________
C o m m i s s i o n s o n L o a n s ________________ __________ ________________
C o m m e r c i a l A c c o u n t S e r v i c e C h a r g e s ----------- ---I n t e r e s t o n S h o r t B a l a n c e s ----- ------------------------F o r e i g n E x c h a n g e & T r a v e l e r s C h e c k s ------ --------T r u s t D e p a r t m e n t -------------------- ------- -----------S a f e R e n t a l s a n d S t o r a g e ......................................................................
R e a l - E s t a t e L o a n S e r v i c e C h a r g e s ..............................................
I n s u r a n c e L o a n E a r n i n g s ----- ------------------- -------
T o t a l D e p a r t m e n t a l E a r n i n g s ...................................................
& L o s s , . - .............. ............ ...............
2 5 8 ,1 6 4 .3 1
4 2 7 ,5 3 9 .9 4
3 1 ; 7 5 7 .7 7
4 0 ,6 8 9 .2 3
1 3 , 6 4 7 .3 5
4 9 0 ,6 4 3 .6 9
5 2 ,1 0 1 .8 1
7 4 1 .9 8
4 7 ,6 9 8 .0 6
1 6 ,0 5 0 .2 3
6 8 2 ,2 9 1 .1 4
= 5 5 . 86
- 7 ,0 0 8 .8 3
- 2 ,4 0 2 .8 8
7 7 , 9 8 4 . 25
- 1 9 1 ,6 4 7 .4 5
- 3 , 2 0 6 .0 7
— 3 ,4 8 4 .0 8
+ 5 7 ,4 7 8 .6 8
- 4 1 ,0 6 3 .9 7
1, 2 5 6 , 3 5 8 . 1 8
- 2 9 5 , 4 9 4 . 21
1 ,8 9 1 . 7 7
3 , 5 8 2 .4 2
3 ,d3r4y1 . C
4 3r e d i t s t o P
2 ,r4o8f4i t. 2 2
S u1 n
- 1 ,6 9 0 . 65
+ 1 0 ,8 5 7 .2 1
6 3 ,4 8 0 .7 5
3 6 ,9 2 0 . 28
9 6 0 ,8 6 3 9 7
5 5 ,3 0 7 .8 8
4 .2 2 6 .0 6
6 .0 0 2 .0 7
7 , 1 9 5 , 5 6 8 . 21
8 , 8 2 5 ,8 3 4 . 5 8
1 ,6 3 0 , 2 6 6 . 3 7
1 ,3 3 4 ,5 6 7 .6 7
7 1 ,7 8 8 .2 8
3 9 3 ,2 7 7 .8 2
2 1 0 ,7 8 2 .2 8
1 1 2 ,6 5 3 .1 7
1 ,9 2 0 ,8 0 0 .0 4
184 , 515 . 50
8 0 6 ,7 9 8 .5 9
251, 817. 42
110, 821 . 48
- 5 8 6 ,2 3 2 .3 7
- 1 1 2 , 727 . 22
- 4 1 3 , 520. 77
- 4 1 ,0 3 5 .1 4
2 ,1 2 3 ,0 6 9 .2 2
1 ,0 4 3 ,8 1 4 .8 5
3 ,2 7 4 ,7 5 3 03
1 9 9 ,8 7 8 .6 8
- 1 ,1 5 1 ,6 8 3 .8 1
3 ,1 6 6 , 8 8 4 . 07
3 , 4 7 4 , 6 3 1 . 71
- 3 0 7 , 7 4 7 . 64
1, 6 4 2 ,3 1 4 . 2 8
2 , 0 3 5 , 1 11 . 53
7 8 ,1 1 0 74
- 3 9 2 , 7 9 7 . 25
- 5 3 ,3 2 2 .3 9
- 9 ,0 4 3 .0 8
EXPENSE
In t e r e s t o n D e p o s it s .
S a v i n g s a n d T h r i f t A c c o u n t s ---------- ----------------C e r t i f i c a t e s o f D e p o s i t ............................................. ............... ............
C o m m e r c ia l a n d B a n k A c c o u n ts —
-------------
T o ta l
_
..................................... ............................ ..........................
I n t e r e s t o n B i l l s P a y a b l e & R e d i s c o u n t s ..............................
+ 1 ,8 3 1 .6 9
+ 8 4 3 ,9 3 6 .1 7
E xpenses:
2 4 ,7 8 8 .3 5
6 9 ,3 2 6 .5 8
O p e r a t i n g H e a t , L i g h t , R e n t , e t c _________
. . . ________
6 1 ,6 1 7 .3 1
2 9 3 ,9 1 4 .1 6
3 ,9 6 9 .5 4
3 3 7 ,0 0 0 .0 0
3 3 3 ,6 3 3 .9 2
S u n d r y D e b i t s t o P r o f i t & L o s s ....................................................
7 8 ,3 6 9 .6 6
7 1 ,2 2 7 .2 0
2 8 5 ,3 4 2 .2 4
3 4 ,8 4 1 .9 7
4 5 0 ,0 0 0 .0 0
- 9 ,6 0 9 .8 9
+ 8 ,5 7 1 .9 2
- 3 0 ,8 7 2 .4 3
4 2 9 ,3 2 5 .0 8
- 1 1 3 ,0 0 0 .0 0
- 9 5 ,6 9 1 .1 6
2 , 7 6 6 , 5 6 4 .1 4
3 ,4 6 2 ,3 2 8 . 42
- 6 9 5 , 7 6 1 28
3 ,6 7 3 .7 5
6 ,7 5 1 .4 4
5 , 1 7 1 . 61
1 5 ,2 0 7 .1 4
- 8 ,4 5 5 .7 0
5 ,9 4 3 , 873 . 4 0
6 ,9 5 7 ,3 3 8 .8 8
- 1 ,0 1 3 ,4 6 5 .4 8
1, 2 5 1 , 6 9 4 . 81
1 ,8 6 8 , 4 9 5 . 7 0
- 6 1 6 ,8 0 0 . 89
- 1 ,4 9 7 .8 6
STOCK EXCHANGE PBACTICES
8279
Consolidated earnings
1932
Q
G
N
B
V
1931
. .
1930
1929
u a r d i a n T r u s t C o m p a n y . . . ............................................. $ 1 , 3 4 2 , 1 9 2 . 7 9
u a r d i a n S e c u r i t i e s C o _ _ ........................................ ' ............
8 ,4 2 5 .6 7
1 11 , 5 2 2 .6 4
e w E n g l a n d C o m p a n y ...........................................................
r a n c h I n v e s t m e n t C o m p a n y _____________ ___________
4 ,6 9 0 .0 7
i n c e n t B u i l d i n g C o m p a n y ................ .................... ............
4 ,7 2 3 .6 6
$ 2 ,0 6 4 ,5 4 2 .8 2
8 ,8 5 9 .6 8
1 5 6 ,0 5 3 .1 3
i 1 1 ,5 4 3 .5 8
1 9 ,1 3 1 .0 9
$ 2 ,0 7 9 ,7 2 2 .2 7
3 ,8 7 6 .4 2
2 4 0 ,6 8 5 . 53
8 ,7 6 4 .6 8
1 1 , 5 2 9 .4 4
$ 1 ,9 3 1 ,0 6 1 .4 4
1 1 1 , 9 5 7 .9 5
2 7 5 ,1 1 2 .1 5
1 5 ,5 1 8 .4 6
i 3, 290 . 07
L o s s i n t e r c o m p a n y d i v i d e n d ................................................
1 ,4 7 1 ,5 5 4 .8 3
1 1 2 ,5 0 0 .0 0
2 ,2 3 7 ,0 4 3 .1 4
1 7 0 ,7 5 0 .0 0
2 ,3 4 4 ,5 7 8 .3 4
2 2 9 ,0 0 0 .0 0
2 ,3 3 0 ,3 5 9 .9 3
2 4 3 ,0 0 0 .0 0
N e t e a r n i n g s ..........................................................................................
1 ,3 5 9 ,0 5 4 .8 3
2 , 0 6 6 ,- 2 9 3 .1 4
2 ,1 1 5 ,5 7 8 . 34
2 ,0 8 7 ,3 5 9 .9 3
1 D e fic it.
^
P e r c e n ta g e
o n
r e c e ip ts
a n d
d is b u r s e m e n ts
R E C E IP T S
P e rc e n t to to ta l
r e c e ip t s
T o t a l r e c e ip t s
T h is y e a r
L ast year
In te r e s t o n L o a n s a n d In v e s tm e n ts :
S e c u r e d L o a n s .............................................................................
U n s e c u r e d L o a n s .....................................................................
C o u n t y a n d M u n i c i p a l B o n d s — ..............................
O t h e r B o n d s ........................................................... ....................
S t o c k s .................................................................................................
B a n k s a n d B a n k e r s ____________________________________
M i s c e l l a n e o u s ................................... .........................................
$ 1 ,8 2 9 ,1 6 5 .4 0
1 ,0 1 8 ,4 1 0 .9 2
1 0 ,3 4 0 .8 7
1 ,8 4 9 ,1 9 4 .1 8
7 0 6 ,9 0 1 .5 5
2 4 2 ,9 0 0 .4 2
4 4 2 , 5 8 9 .5 1
2 2 9 ,2 1 3 .2 1
2 2 ,4 2 4 .8 7
2 1 9 .0 7
2 5 .0 4
1 3 .9 4
.1 4
2 5 .3 1
9 .6 8
3 .3 2
6 .0 6
3 .1 4
.3 2
2 6 .4 2
1 4 .8 6
.4 0
2 4 .3 1
6 .8 4
3 .2 8
5 .1 5
4 .0 0
.4 1
T o t a l I n t e r e s t ......................... -....................... ....................
6 ,3 5 1 ,3 6 0 . 0 0
8 6 .9 5
8 5 .6 7
2 3 ,6 6 6 .2 5
2 1 ,5 6 5 .3 9
.3 2
1 .4 9
.1 3
.£ 9
1 .1 0
.3 7
.5 3
.1 8
7 .6 0
.6 1
.0 5
.3 5
.8 6
A d v a n c e s a n d B a n k e r s ’ A c c e p t a n c e s ___________
R e a l E s t a t e L o a n s ..................................................................
U . S . B o n d s ....................................................................................
E a r n in g s :
P r o f i t s o n S e c u r i t i e s S o l d ................................................
C o m m i s s i o n s o n L o a n s _______________________________
A c c e p t a n c e s . . ........................................ -..................................
C o m m e r c i a l A c c o u n t S e r v i c e C h a r g e s ...............
I n t e r e s t o n S h o r t B a l a n c e s _________________________
R e n t s ..................................................................... ............................
F o r e ig n D e p a r t m e n t a n d T r a v e le r s ' C h e c k s .
T r u s t D e p a r t m e n t .......... .......................................................
S a f e R e n t a l s a n d S t o r a g e .................................................
R e a l E s t a t e L o a n S e r v i c e C h a r g e s .............. ...........
I n s u r a n c e L o a n E a r n i n g s ................................................ .
M i s c e l l a n e o u s ............................................................................. .
4 7 ,2 3 3 .5 2
1 3 8 ,4 1 5 .9 5
3 1, 757 . 77
4 0 ,6 8 9 .2 3
1 3 ,6 4 7 .3 5
4 9 0 ,6 4 3 .6 9
5 3 ,1 5 3 .7 7
7 4 1 .9 8
3 9 ,2 5 0 .7 4
3 6 ,9 2 0 .2 8
.2 9
.6 5
1 .8 9
.4 4
.5 6
.1 8
6 .7 2
.7 3
.0 1
.5 4
.5 1
T o t a l E a r n i n g s ........................................- ......................... .
9 3 7 , 6 8 5 .9 2
1 2 .8 4
14. 26
C a s h O v e r _____________ __________________________________ S u n d r y C r e d i t s t o P r o f i t a n d L o s s ........................ .
1 ,8 9 1 .7 7
1 3 ,3 4 1 .4 3
.0 3
.1 8
.0 4
.0 3
Total Receipts............................. .
7 , 3 0 4 , 2 7 9 .1 2
1 0 0 .0 0
1 0 0 .0 0
STOCK EXCHANGE PEACTICES
8280
P e r c e n ta g e
o n
r e c e ip t s
a n d
d is b u r s e m e n t s —
C o n t in u e d
D IS B U R S E M E N T S
P e r c e n t to to ta l
r e c e ip t s
P e r c e n t to to ta l
d is b u s e m e n t s
T o t a l d is b u r s e
m e n ts
T h is y e a r
In t e r e s t o n D e p o s it s :
S a v i n g s A c c o u n t s a n d T h r i f t C l u b s __________
L ast year
T h is y e a r
1 8 .2 2
.6 9
2 .9 8
5 .2 6
1 .5 1
2 1 .4 6
2 .0 2
2 .7 5
8 .7 0
1 .2 2
22. 32
T r u s t F u n d s . - ........................................................................
$ 1 ,3 3 0 ,7 2 8 .4 4
6 0 ,2 7 6 .0 6
2 1 7 ,7 9 4 .0 7
3 8 4 ,0 0 3 .6 5
1 1 0 ,9 0 3 .1 7
C e r t i f i c a t e s o f D e p o s i t .....................................................
P u b l i c F u n d s . . .....................................................................
C o m m e r c i a l a n d B a n k a c c o u n t s ............................
.8 5
3 .6 5
6 .4 4
1 .8 6
L as t year
2 7 .8 7
2 .6 2
3 .5 7
1 1 .2 9
1 .5 8
T o t a l I n t e r e s t o n D e p o s i t s ................ .. .................
2 ,0 9 3 ,7 0 5 .3 8
2 8 .6 6
3 6 .1 5
3 5 .1 2
In te r e s t o n B ills P a y a b le a n d R e d is c o u n ts .
1 ,1 0 3 ,6 9 7 .7 2
1 5 .1 1
2 .1 1
1 8 .5 1
2 .7 5
T o t a l I n t e r e s t .....................................................................
3 ,1 9 7 ,4 0 3 .1 0
4 3 .7 7
3 8 .2 6
5 3 .6 3
4 9 .6 8
1 ,6 4 2 ,3 1 4 .2 8
2 2 .4 8
.3 4
.9 2
22. 66
.8 7
2 7 .5 4
.4 2
.9 1
.7 7
2 9 .4 3
1 .1 3
1 .1 8
1 .0 0
4 .5 5
.5 1
6 .5 0
5 .7 2
E xpenses:
S a l a r i e s ............................................................................................
P e n s i o n F u n d ..........................................................................
A d v e r t i s i n g ................................................................................
2 4 ,7 8 8 .3 5
6 7 ,3 2 6 .6 8
6 8 ,5 1 1 .2 1
E q u i p m e n t .................................................................................
T a x e s ( T o R e s e r v e ) ...........................................................
G e n e r a l ...........................................................................................
2 7 7 ,4 1 4 .1 6
3 ,9 6 9 . 5 4
3 3 7 ,0 0 0 .0 0
3 3 2 ,9 3 3 .9 2
.9 4
3 .8 0
.0 6
4 .6 1
4 .5 6
3 .5 0
.4 0
5 .0 1
4 .4 0
1 .1 3
1 .1 5
4 .6 5
.0 6
5 .6 5
5 .5 9
I n s u r a n c e ..........................- ........................................................
O p e r a t i n g , R e n t , H e a t , L i g h t , e t c ......................
4 6 .9 3
T o t a l E x p e n s e .....................................................................
2 ,7 5 4 ,2 5 8 .0 4
3 7 .7 1
3 8 .5 2
4 6 .1 9
5 0 .0 2
C a s h S h o r t ..................................................................................
S u n d r y D e b i t s t o P r o f i t a n d L o s s .......................
3 ,6 7 3 .7 5
6 ,7 5 1 .4 4
.0 5
.0 9
.0 6
.1 7
.0 6
.1 2
.0 7
.2 3
T o t a l D i s b u r s e m e n t s ...................................................
5 ,9 6 2 ,0 8 6 .3 3
1 ,3 4 2 ,1 9 2 .7 9
8 1 .6 2
1 8 .3 8
7 7 .0 1
2 2 .9 9
1 0 0 .0 0
1 0 0 .0 0
1 0 0 .0 0
1 0 0 .0 0
A v e ra g e
in te r e s t
ra te s
r e c e iv e d
a n d
A v e rag e
D a ily B a l
ance
p a id
P ercent
T h is
Y ear
In te r e s t
P ercent
Last
Y ear
B E C E IV E R
S e c u r e d L o a n s .....................................................................................................
U n s e c u r e d L o a n s ...........................................................................................
A d v a n c e s a n d B a n k e r s A c c e p t a n c e s . . . ...................................
R e a l E s ta te L o a n s
........................................................................... .....
T o t a l L o a n s , D i s c o u n t s a n d A c c e p t a n c e s ................
U n i t e d S t a t e s B o n d s .................................................................................
S t a t e , C o u n t y , a n d M u n i c i p a l ............................................................
O t h e r B o n d s ....................................................................................................
S t o c k s a n d O t h e r I n v e s t m e n t s ...........................................................
N e w E n g l a n d C o m p a n y S t o c k ........................................................
T o t a l I n v e s t m e n t s ........................................................................
C a s h a n d E x c h a n g e o n H a n d .................................. ....................
$ 3 6 ,7 4 6 ,9 2 8
20, 921 , 624
$ 1 ,8 2 9 ,1 6 5 .4 0
1 ,0 1 8 ,4 1 0 92
2 6 5 , 7 46
3 2 , 2 2 1 ,6 6 1
9 0 ,1 5 5 ,9 5 9
2 1, 302 , 260
4, 416, 822
1 0 ,3 4 0 .8 7
1 ,8 4 9 ,1 9 4 .1 8
8 ,6 9 8 ,7 2 4
6 , 2 3 7 , 7 53
3 ,8 0 0 ,0 0 0
4 4, 455 , 659
4 .9 7 7 7
4 .8 6 7 7
3 .8 9 1 2
4 , 7 0 7 ,1 1 1 .3 7
706, 901 . 55
242, 900 42
5 .7 3 9 0
5 2210
3 .3 1 8 4
5 .4 9 9 4
4 2 6 ,3 7 4 91
140, 927. 81
4 .9 0 1 6
2 .2 5 9 2
5 .6 1 5 6
5. 224 6
2. 7466
6 .0 8 3 8
6 .6 4 5 0
3 .5 1 1 9
5 .3 3 4 0
4 .7 3 5 0
3. 5102
104, 5 0 0 .0 0
1, 6 2 1 , 6 0 4 6 9
219 07
4 0736
.0 0 1 0
.8 7 3 2
D u e f r o m B a n k s ...............................................................................................
F e d e r a l R e s e r v e B a n k — R e s e r v e A / C ..........................................
F e d e r a l R e s e r v e B a n k — T r a n s i t A / C ........................................
T o t a l C a s h a n d B a n k s .............................................................
22, 4 24 8 7
2 .7 5 0 0
3 .6 4 7 7
.0 1 1 1
.8 6 6 0
1 , 3 5 7 ,7 7 1
1 1 ,0 4 5 , 985
0
0
2 2, 743. 94
0
0
.2 0 5 0
O
0
.2 2 7 0
T o t a l ..................................................... .....................................................
145, 657 , 503
6 ,3 5 1 ,3 6 0 0 0
4 .3 6 0 5
4 . 7017
1, 9 5 9 , 711
2 ,5 8 9 ,5 0 0
5 ,1 3 9 , 0 0 3
fiu.
P A ID
S a v i n g s A c c o u n t s a n d T h r i f t C i u b s ..............................................
C e r t i f i c a t e s o f D e p o s i t ..............................................................................
P u b l i c F u n d s .................................................................................... ...............
4 8 , 0 3 7 , 6 73
1, 8 88 , 069
11, 7 75, 5 4 0
B a n k A c c o u n t s , ...................................................................... ......................
C h e c k A c c o u n t s ....................................................- .........................................
5 ,9 5 7 ,8 4 5
2 8 ,6 3 1 ,6 4 2
T r u s t F u n d s .........................................................................................................
S p e c i a l D e p o s i t s .............................. ................................................................
C h e c k s O u t s t a n d i n g ....................................................................................
6 ,1 6 4 , 5 93
58, 556
8 69 , 434
1 4, 9C6
1 ,3 3 0 , 7 2 8 4 4
50, 2 76 05
217, 794. 07
1 1 0 ,4 3 7 . 0 5
273 , 566. 6 0
1 1 0 ,9 0 3
17
0
R e p u r c h a s e A g r e e m e n t s ...........................................................................
21, 946 , 306
7, 659, 280
0
0
2 , 0 9 3 , 7 0 5 38
1 ,0 0 2 .8 6 5 .5 4
1 0 0 ,8 3 2 18
T o t a l .............................................................................................................
133, 003 , 934
3 ,1 9 7 , 4 0 3 .1 0
P r e p a y m e n t s o n A c c e p t a n c e s .............................................................
1 0 3 ,3 9 8 , 3 4 6
B ills P a y a b le a n d
R e d is c o u n ts
.
E x c e s s o f I n t e r e s t R e c e i v e d o v e r I n t e r e s t p a i d .................
4 .0 0 0 0
2 . 7702
2 .8 6 2 8
1 8495
1 8536
.9 5 5 4
1. 7 9 9 0
0
0
0
2 0249
4 5696
1. 3 1 6 4
.4 0 4 0
1. 9 5 6 5
3 1501
2 . 7 40 1
2, 2822
1. 5 9 8 7
1 .4 0 6 3
1 5516
O
0
0
2 .3 0 7 4
2 .9 8 2 4
O
2 .3 0 2 8
2 .3 9 8 9
STOCK EXCHANGE PRACTICES
8281
Summary of classification of interest rates on loans and investments
Percenttototal
Percent
M a i n o ffic e
lo a n s
B r a n c h o ffic e
lo a n s
Investments
Total
T h is y e a r
$ 1 3 ,0 7 1 ,6 7 3 .0 6
$ 5 8 6 ,3 4 5 .0 5
0 A d j. P a r & B o o k .
1.
2. .. .
2M 2H -.
4 5 1 ,8 8 2 .4
3H ~
3K~
3H-
2 2 5 ,0 0 0 .0 0
324-
4 _____
"8 2 4 ," 7 7 6 .1 1 "
3 1 ,2 7 6 .0 0
4H ~
5 8 7 ,0 9 8 ^ 7
4 H ~
" 7 ,3 6 7 .5 5 "
4.73.
4
5 .—
4 ,9 2 7 ,2 8 0 .9 3
1 1 3 ,5 8 4 . 4 3
5 ^ " 3 ,9 5 5 ,7 2 3 .9 8
5 H 5 .6 ..
‘ " ‘v io a o o
6 2 8 ,4 1 8 .6 5
1 ,1 5 7 ,5 5 6 . 0 7
3 ,5 9 4 ,6 9 2 .4 5
8 4 5 ,0 5 5 .8 9
6M 7— .
1 ,5 2 8 .9 4
1 8 9 ,4 2 8 . 2 5
5 ,5 3 8 ,6 4 7 .6 0
2 ,0 8 0 ,2 9 3 ^ 1 1
$ 5 ,0 3 3 ,2 7 7 .6 7
i 9 7 6 ,0 5 8 .6 8
6 0 0 ,0 0 0 .0 0
3 0 8 ,0 0 0 .0 0
$ 1 8 ,6 9 1 ,2 9 5 .7 8
1 9 7 8 ,0 5 8 .6 8
6 0 0 ,0 0 0 .0 0
1 5 .4 3
3 0 8 ,0 0 0 .0 0
.2 4
4 5 0 .5 0 0 .0 0
3 .0 2 4 .5 0 0 .0 0
2 .7 5 0 .0 0 0 .0 0
1 .2 7 2 .0 0 0 .0 0
1 .9 5 0 .0 0 0 .0 0
4 .5 0 0 .0 0
6 0 5 ,0 0 0 .0 0
2 .5 2 2 .5 0 0 .0 0
4 5 0 .5 0 0 .0 0
3 ,4 7 6 ,3 8 2 .6 6
2 .7 5 0 .0 0 0 00
1 .2 7 2 .0 0 0 .0 0
1 .9 5 0 .0 0 0 .0 0
2 2 9 .5 0 0 .0 0
.3 7
2 .8 6
2 26
1. 0 4
1 .6 0
.1 8
.5 0
i. 80
4 .2 6 7 .9 0 0 .0 0
8 8 1 .9 0 0 .0 0
2 ,0 0 0 .0 0
2 2 1 .5 0 0 .0 0
1 .9 2 8 .1 0 0 .0 0
7 1 .0 0 0 .0 0
6 6 2 ,2 7 8 .8 0
8 .9 0 0 .0 0
8 4 .0 0 0 .0 0
8 ,9 7 9 ,1 9 1 .9 4
7 1 ,0 0 0 .0 0
4 ,6 2 2 ,9 0 2 .7 8
8 ,9 0 0 .0 0
7 1 2 ,4 1 8 .6 5
6 0 ,7 3 1 ,4 4 0 .4 6
.0 1
.5 6
4 9 .8 6
6 6 ,7 0 0 .0 0
9 1 3 ,2 8 4 .8 3
1 8 9 ,4 2 8 .2 5
8 ,8 0 0 ,7 4 0 .7 1
.7 5
.1 5
7 .2 2
2 .7 7
3 .5 0
1 .2 1
.1 7
5 72
.0 6
3 .7 8
7U 7 X -.
7%~.
8—
4 5 .0 0 0 .0 0
10—
3 2 .0 0 0 .0 0
4 5 .0 0 0 .0 0
3 2 .0 0 0 .0 0
.0 3
.0 2
1 2 1 ,7 9 7 ,0 1 8 .2 8
1 0 0 .0 0
7 5 ,7 5 4 ,7 5 8 .8 3
1 0 , 0 6 7 ,7 6 9 .7 2
3 5 , 9 7 4 ,4 8 9 .7 3
4 .8 4 5 7
5 .4 4 4 1
6 .1 9 6 0
6 .4 3 4 7
3 .9 9 8 1
3 .8 7 1 8
2— T h e N e w E n g
la n d C o . s to c k .
A v e r a g e ra te s :
D e c . 31, 1932.
D e c . 3 1 , 1 9 3 1 ..
7 .5 2
.6 2
.0 1
6 0 5 ,0 0 0 .0 0
3 ,3 7 8 ,5 5 2 .3 1
4 .2 6 7 .9 0 0 .0 0
1 ,4 7 6 ,3 6 5 .1 7
2 ,0 0 0 .0 0
2 2 1 .5 0 0 .0 0
6 ,9 6 8 ,9 6 5 .3 6
1 ,1 8 1 ,8 0 0 .0 0
L ast year
.3 0
.2 0
2 .2 9
2 .1 9
2 .7 3
.4 6
1 .2 6
2 .3 4
2 .7 7
.5 7
9 .5 7
.2 4
3 .6 2
.5 0
5 3 .2 4
.0 7
1 06
.1 8
8 .0 3
.0 1
.0 2
.0 2
.1 3
.0 5
1 0 0 .0 0
3 ,8 0 0 ,0 0 0 .0 0
4 .7 0 7 0
5 .1 3 7 7
In c re a s e
T h is
year
Last
year
(+ )
d e c re as e
(- )
1 D e fic it.
175541—34—PX19---- 2
4 1 .9 7
4 9 .8 6
8 .1 7
3 7 .1 9
5 3 .2 4
9 .5 7
+ 4 .7 2
1 0 0 .0 0
1 0 0 .0
0
- 3 .3 8
- 1 .4 0
8282
Stock
exchange practices
Summary of reserve for depreciation account
B a la n c e
D e c .
T r a n s fe r r e d
3 1 ,
1 9 3 1 ___________________________________________________ ^ _____________________________
fr o m
U n d iv id e d
P r o f i t s _______________________________________________________
$1, 002, 682. 01
725, 000. 00
R e c o v e r ie s :
L o a n s ___________________________________________________________
$ 9 6 6 .
1 3
D i s c o u n t s _________________________________________________________________________
2 4 , 6 4 4 .
9 6
C o lla t e r a l
A c c e p t a n c e s ____________________________________________________________________
R e a l
E s t a t e _____________________________________________________________________
3 2. 0 0
2,
B o n d s ________________________________________________________________________________
2 9 0 . 0 0
S t o c k s ________________________________________________________________________________
O th e r
I n v e s t m e n t s _______________________________________________________
T r u s t
D e p a r t m e n t
8 4 7 . 2 3
3 1.
4 , 0 1 4
C h a r g e s ____________________________,__________
68
5 8
6 4 9 . 9 5
3 3 , 4 7 6 .
1, 7 6 1 ,
L e s s ,
5 3
1 5 8 . 5 4
L o ss e s :
C o lla te r a l
2 0 9 , 5 3 9 .
7 2
D i s c o u n t s _________________________________________________________________________
L o a n s ___________________________________________________________
5 2 1 , 9 6 4 .
5 8
A c c e p t a n c e s ____________________________________________________________________
1 3, 6 3 5 .
7 7
R e a l
3 0 ,
E s t a t e _____________________________________________________________________
1 84 .
5 9
B o n d s ________________________________________________________________________________
7 4 7 , 2 1 0 .
61
S t o c k s _______________________________________________________________________________
1 58 , 9 5 8 .
14
B a la n c e
D e c .
3 1 ,
1 9 3 2 _____________________________________________________________________
1, 6 8 1 , 4 9 3 .
4 1
7 9 , 6 6 5 .
1 3
9 6 6 .
13
RECOVERIES
C o lla te r a l
L o a n s :
B r e n n a n ,
A n g e la
B o b b in s ,
F e n to n ,
A .
G u a r d ia n
_________________________________________________________________
C o .,
T r u s te e - W ir in g
C o n tr a c ts .
H e n r y ______________________________________________________________
E m ily
M a d is o n ,
P o r tc h ,
H
G e o .
E .
W e b s te r ,
W
W
T r u s t
J e n k in s ,
L e s te r,
L _______________________________________________________
R u s s e l l ___________________________________________________________
G
it h in g t o n
51
4. 0 5
2.
2 0
1 00 . 0 0
2.
3 5
____________________________________________________________
4 0. 0 0
_________________________________________________________
2 8 0 . 0 0
W
___________________________________________________________________
K a r l
$ 2 6 .
L ____________________________________________________________
a n d
G r e e n ,
S y n d i c a t e __________________________
5 7. 0 0
60.
0 0
3 9 4 .
0 2
D is c o u n t s :
A lly n
L u m b e r
B a ie r ,
B la k e
A .
R
F .
. W
B r itto n ,
A .
C o _____________________________________________________
N e l l i e ____________________________________________________________
R u b b e r
J.
D ic k m a n ,
F r y e r ,
C o ___________________________________________________
. l ________________________________________________________________
G e o .
C a lla h a n ,
C o n r a d
C o _________________________________________________________
C o a l
A r t h u r
C o _______________________________________________________
______________________________________
H
E
____________________________________________________________
G e n e r a l
N e c e s s it ie s
K o n lo s ,
E .
C o r p o r a t i o n _____________________________
________________________________________
H
L a n d e fie ld ,
W
L e v is o n ,
L .
a n d
N a s h k in
B r o s _________________________________________________________________
P a r a m o u n t
P a v e lk a
a d e
A r t
B .
W
a n d
L a m p
L e a th e r
O r a
G _____________________________
_______________________________________________________
C o __________________________________________
S h o p _________________________________________________
P e p c a lite
C o r p o r a t i o n ________________________________________________
R o e ,
D a n ile s ,
W
.,
M
a b e l ___________________________________________
S a c k s ,
I r v i n g __________________________________________________________________
S a c k s ,
G
___________________________________________________________________________
T r u m a n ,
F .
U n d e r h ill,
W
o h l,
W
A c c e p ta n c e s :
m
R a y
E .
a n d
E d i t h ______________________________________
J ______________________________________
______________________________________________________________________
P r e m ie r
W
in d o w
G la s s
C o
1, 360. 00
21, 671. 18
4 4 2 .4 3
37. 66
2. 25
31. 10
10. 00
3. 95
400. 00
83. 28
49. 70
4. 60
14. 13
12. 61
52. 00
85. 08
20. 00
1. 16
2. 25
102. 00
195. 00
64. 58
24, 644. 96
32. 00
STOCK EXCHANGE PEACTICES
S u m m a r y
R e a l
o f re se rv e f o r
d e p r e c ia tio n
a c c o u n t—
8283
C o n t in u e d
E s ta te :
B a U ,
S te p h e n ,
B u r m a n ,
C la r k ,
E .
N .,
F r e d ,
3 3 d
2 2 4 5
2 0 6 2
E a s t
S t r e e t _________________
E m ily
9 0 th
E u c lid
1 4 7 5
F r e d r ic k
H a r r ie t t ,
J o n e s , C a r r ie
K a ju k ,
E a s t
E .,
$ 3 3 .
A v e n u e ______
S t r e e t ____________
a n d
W
M
H o lm d e n
D .,
3 1 .
S tr e e t,
. a n d
F r e d ,
A lb e r ta
a n d
F a r m
D o v e r ,
1 1 0 6
A lz b e tta ,
J o h n ,
K lu g e r ,
L a
1 3 9 0 4
L o u is e
P o r te ,
P .,
R u t h ,
L e b o w itz ,
S a m ,
2 9 9 2
1 7 7 2 5
L a k e
1 0 4 1 4
2 5 . 0 0
D r iv e .
E a s t
L e rn e r,
A b r a h a m ,
3 3 2 8
L o
S a lv a to r e
&
R e ,
R o a d _____________
S h o re
E a s t
C a r o lin e ,
B o u le v a r d ..
R e a lty
C o m p a n y ,
E a s t
1 8 3 1
N y e ,
L .
D .,
G e o .
P illa ,
B .,
J o h n ,
R a u c h ,
1 9 1 8
E a s t
E a s t
V ie w
2 0 2 3
B a ll
E liz a b e t h
R e a d e r , I .
M
.
3 5 . 0 0
4 2 .
C .
P .
W e in f u r te r ,
a n d
3 5 . 0 0
B l v d ________________________________
3 5 . 0 0
4 8
S a y b r o o k
C ., 5 4 4
J o e ,
C la r a ,
1 5 2 7
5 0
S t ____________________________
3 5 . 0 0
R o a d __________
2 8 7 .
8 9
B r o a d w a y , B e d fo r d ,
O h i o ______________________________________________________________________________
R o g e r s ,
0 0
8 0 4 . 0 3
L a k e v ie w
A v e n u e __________________________________
S / L
A . a n d
7 3 r d
16
1 6 9 th
R o a d ___________________________________________________________________________
M ille r ,
0 0
3 5 . 0 0
S t ____________________________________________________________________________________
M e lb o u r n e
3 5 .
5 3 5 .
3 5 .
S t __________________ '
1 0 9 6
16
3 5 . 0 0
A v e n u e ______________
1 4 2 n d
22.
1 4 9 th
A v e n u e _______________
P ie r p o n t
0 0
3 5 . 0 0
K e n n e t h
Y o r k s h ir e
10
3 5 .
___________________
3 6 5 4
S tr a th m o r e
2 8 5 .
O h i o ____________
S t r e e t ____________________________________________________________________________
K a ls h ,
5 9
a s h in g to n
R o a d ____________________
B r u n s w ic k
F ir s t
3 5
3 5 . 0 0
B o u l e v a r d __________________________________________________
T ir r o ,
H o w e ,
a n d
H a tt ie ,
H e ig h t s
H u ll,
.
F r a n c is
C o w lin g ,
D i
2 2 0 2 - 4
W
3 1 2 4
S p r in g
W e s t 1 1 6 th
G a r d e n
S t _____
A v e n u e ..
86.
9 3
3 5.
00
2 7 3 .
5 2
-------------------
$ 2 ,
8 4 7 .
2 3
2 9 0 .
0 0
3 1 .
68
B o n d s :
1 .0 0 0
6/
W e s t
L a k e la n d s
C o m p a n y
1 s t
M
tg .
C .T .
2 ’ s _______________________________________________________________________________
L ig h t
4 ,0 0 0
C o .
C le v e la n d ,
P u r c h a s e
c a te s
S o u th w e s te r n
6%
M o n e y
c a r
R a ilw a y
T r u s t
5 0 . 0 0
&
C e r tifi
_____________________________________________________________________________
2 4 0 .
0 0
------------------S to c k s :
5 6
S h a re s
“ A
14^7
7 0
”
C e n tr a l
P u b lic
S e r v ic e
C o r p ’n
C la s s
______________________________________________________________________________
S h a r e s
S h a re s
O h io
O il
M e m b e r s
C o m p a n y ,
G a r a g e
2 2 .9 6
C o m m o n ____________
C o m p a n y
C la s s
“
B
5. 2 2
”
( D i v i d e n d ) _________________________________________________________________
3.
5 0
------------------O th e r
In v e s tm e n ts :
V a r io u s
o f
T ru s t
In s u r a n c e
R u th e r fo r d ,
P o lic ie s
S m it h ,
p u r c h a s e d
a n d
fr o m
lo a n
R u t h e r f o r d _____________________________________
4 , 0 1 4 . 5 8
D e p a rtm e n t:
B e lm o n t
2 0 0
B u ild in g
C h e s te r
C o .
E a s t
B o n d s
1 9 th
S t.
( P a r t i c i p a t i o n ) ______
L a n d
T r u s t
c& t@ s
4 0 0
9
E u c lid
“ Y
”
.C o r p ’N .
L a n d
T r u s t
L e e
T r u s t
5 /1 0 0 0
R o a d - S o u th
M o r e la n d
B lv d .
N e ig h b o r s
R e a lty
C o .
L a n d
R o c k e fe lle r
tific a te s
3 .0 0 0
S ite
L a n d
T r u s t
a n d
W
a ll
S t.,
C o lu m b u a ,
00
2 2 5 . 0 0
3 4 . 3 8
C e r
________________________________________________________________________
S p r in g
T r u s t
B ld g .
1 8.
T r u s t
C e r t i f i c a t e s _________________________________________________________________
2 .0 0 0
0 0
L a n d
C e r t i f i c a t e s _____________________________________________________
H .F .
5 7
C e r
t i f i c a t e s ________________________________________________________________________
5 .0 0 0
1 6 8 .
C e r tifi-
7 5 . 0 0
L a n d
C e r t i f i c a t e s ____________________________________________________
1 20 . 0 0
-------------------
Total Recoveries_______________________________
6 4 9 . 9 5
33, 476. 53
8284
STOCK EXCHANGE PRACTICES
S u m m a r y
o f re se rv e f o r
d e p r e c ia tio n
a c c o u n t—
C o n t in u e d
L O SSE S
C o lla te r a l
L o a n s ;
B o r to n ,
T .
B u d in ,
F .
G .
J o n e s
F .
S .,
In s u r a n c e
P r e m
iu m
s ..
C la r k ,
I n c . ................................. ...................... ...................................
M
L o u is e
S to n e ,
Is a a c
W a lla c e ,
h ite ,
$ 2 , 7 5 5 . 9 3
4 , 0 0 9 .
S ________________________________________________________ _____________
F in n e y
O d a m ,
W
a n d
I ___________________________________________________________________________
C r a n e ,
F r e d
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A
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a n d
W
P .
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o to r
m .
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1 12 , 6 2 3 . 6 5
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2 , 5 6 7 .
8 5
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J r ___________________________________________________________
_____________________________________ ________________________ __
T
9 9
9 1 . 4 5
9 3 3 .
13
2 0 , 3 8 3 .
7 2
$20 9, 539. 7 2
Discounts ’
A e tn a
C o a l
a n d
A r m s tr o n g
A u s tin ,
B a ile y
M
M
W
in n ie
B a u m ille r ,
G e o .
H .
C .
B is h o p ,
A .
L .,
B is s e ll,
E .
B r e n n a n ,
B u r to n ,
M
I .
C a s e y ,
W
O l i v e ___________________________________________
D
A .
P .,
W
C o u r t
.
H a i m a n ___________________
p r e m i u m s _________
In s u r a n c e
__________________________________________________________________
J ________________________________________________________________
J o h n
O .
B r u n n e r ,
E .
C u lt r o n a ,
D a v id ,
D e
9 0 . 0 0
a b e l
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D u b o v
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(A .
R e a lty
S a le s
F r e n c h
R i t c h i e ) ______________________________
P .
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K e e h n
&
C o .,
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C .,
F u lm e r ,
H
R .
G r e e le y ,
H .
a n d
J .
G u a r d ia n
F e lv e r
L .
a n d
G
C o _______________________________
T r u s te e ,
H a ll,
m .
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H e a d la n d s
J a c k s o n ,
J o n e s
P .
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K o r t z ,
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a n d
a n d
C
G e o .
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M
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C o .,
E
a n d
M c C r a y ,
M c Q u e e n ,
R y a n ____________________
__________________________________________
P .
( A le x a n d e r
J .
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C a r o lin a
C .
1 31 . 3 0
8,
,
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a n d
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C o u r t
C o u r t
J o h n
5 7 . 9 4
4 1 . 6 5
1, 7 5 4 .
W
m .
H .
C o s t s ___________________
4 .
15
5.
5 5
______________________________
2 0 0 . 0 0
___________________________________________________
Y
2 8 2 .
M a r g a r e t
E
_____________________
31
2 9 0 . 0 0
_________________________________________________
a n d
5 0
1 25 . 0 0
C o s t s _______________________
A
15
2 3 5 . 6 2
L _____________________________________________________________________
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7 9
3 0
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K e e h n _________________________
6 4 4 .
688.
1, 1 4 1 . 4 0
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C o .
3 0
1, 0 7 0 . 0 0
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L o m b a r d ,
a r k ,
W
O .
C o m p a n y __________________________________
a n d
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M
A .
J e s s ie
L a k e v ie w
M a k e p e a c e ,
J o h n
3 0 7 .
6 9 1 . 6 5
________________________________________________________________
F in n e y
C .
e n d .
L u m b e r
K e e h n
K e lle r ,
J .
S te lla
E a r l
5 3 . 2 5
2,
S to c k b r id g e
A p a r t m e n t __________________________________________________________________
H a im a n ,
2 , 0 3 0 . 3 3
_____________________________________________
C o .,
15
3 8 0 . 0 0
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T r u s t
W
1 60 . 0 0
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___________________________________________________________________
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C .
15
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S e r v ic e
R .
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C o s t s _________________________________
C o _____________________________________________________
C o .
E m p lo y e r s
H .
6 0 . 0 0
B _________________________________________________________________
a n d
88
6 3 2 .
J o s e p h i n e ___________________________
D .
2 5
8 1 . 2 0
______________________________________________________
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F e lv e r ,
86.
R y a n _______________________________
C o u r t
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.
.
a n d
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S _____________________________________________________________
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5 0 . 0 0
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C u r tis s
1 5 7 . 3 5
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5 0
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1, 0 4 0 .
2 ,
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A
00
C o s t s _________________________ 5 . 5 5
M
J o h n
0 0
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1,
__________________________________________________________
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1 24 . 0 5
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.
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m .
E .
3 8 . JO O
S i r n a ____________________________________
B e a t r i c e ________________________________
C o u r t
W
P e te r
C h a s e ,
a n d
a n d
J o n a t h a n
C a n to r ,
C o s t s ______________________________ ___________ 4 . 0 5
E _________________________________________________________
a n d
.
3 , 5 0 0 . 0 0
2 , 9 5 0 . 0 0
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a n d
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C a tr i,
E .
L o u is e
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C o _______________________________________
C o _______________________________________
J ____________________________________________________________
L o u is e
B e r g m a n ,
S a le s
B .,
a lt e r ,
B a r k a n ,
C .
S u p p ly
o t o r
1 8 9 . 0 8
2 ,
1 1 0 . 6 2
STOCK EXCHANGE PRACTICES
S u m m a r y
D is c o u n ts —
o f re s e ru e fo r
d e p r e c ia tio n
a c c o u n t—
8285
C o n t in u e d
C o n t in u e d .
M ille r ,
L o u i s ________________________________________________
$ 1 8 9 .
15
R o s e ______________________________________________________________
2 0 4 .
0 5
R o y
M o r r is o n ,
M o s s ,
a n d
E d w .
M u r r a y ,
A
________________________________________________________________
J a s .
N e id e s ,
R y a n ____________________________
8 1 . 2 0
B e n ____________________________________________________________________
1 10 . 0 0
N ic o ll,
W
B & le y ,
H .
e n d .
J o h n
O .
4 7 0 . 0 0
a l t e r _______________________________________ ________________________
W
P e te r s o n
.
,M
a n d
8 1 . 2 0
H e n r i e t t a _____________________________________
7 7 0 .
a r k u s _________________________________________________________
P e titto ,
A n to in e tte
J ______________________________________________
2 3 8 .
P h e llis ,
V .
H
____________________________ ______________________________________
5 1 1 .
8 4
P h ip p s ,
F .
L ___________________________________________________________________
2 0 0 .
0 0
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H e n r y
P o r te r ,
E .
P o w e ll,
J _______________________________________________________________
R .
e n d .
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R a m p e ,
C .
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W
.
R e m a r k
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R o o n e y ,
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W
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M
.
K e e h n .
5 0 . 0 0
1, 5 0 0 .
C o s t s ________________________________
E m m
.
C o ., P . J .
a
M
D .
___________________________________
3 7 5 .
0 0
7 7
1 3 5 .
5 0
S c h in d le r ,
J .
H
O .
8,
C o m p a n y _____________________________________________
a n d
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M a r g a r e t
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2 5
R y a n . .
V ic to r
J _________________________________________
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O h io
T e x tile
C
a n d
&
1 5 0 . 0 0
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A le x
E s th e r
S o m m e r ,
J .
C o u r t
a n d
S a lo m o n s ,
S o b u l,
P .
A .,
T h o s .
S c h n e id e r ,
&
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4 0 0 . 0 0
2 7 1 . 0 0
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B e c k i e ______________________________________
L o u i s e ______________________________________________
A lb e r t
H .
a n d
E ls ie
6 0 9 .
13
5 0 0 .
0 0
2 5 . 0 0
C ______________________________
1, 9 0 0 .
0 0
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Is a a c
a n d
F a n n i e ____________________________________________
4 2 , 4 4 2 .
0 5
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A .
a n d
P e a r l
1 5, 0 0 0 .
0 0
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P e a r l ____________________________________________________________________
A .
S u n b e a m
E g g
T r a v e r s ,
B e n j.
T r iv is io n ,
T r u e ,
.
M
.
H a im
E .
1 7 8 , 5 0 9 .
G a le
a n d
W
m .
J r ________________________________
L o r e tta ,
a n d
S u p p ly
G e o rg e ,
C o .
e n d .
F r a n k
S te lla
E
a n d
5 0 0 . 0 0
.
2. 7 3
a n d
S ___________________________________
M a r io n
9 4
6 0 . 8 0
a n _________________________________________ _________________
E .
a lm s le y ,
2 , 5 0 9 . 0 0
__________________________________________________________
L .,
J .
F ix tu r e
W
V o g e lin ,
W
C o m p a n y ____________________________________________
H a r o ld
T u c k e r
A .
M
F ___________________________________________
5 3 2 . 9 7
1, 2 4 9 .
5 0
200. 00
C h a s ____________________________________________________________
-------------------
$ 5 2 1 , 9 6 4
5 8
A c c e p ta n c e s :
In te r s ta te
W
in d o w
G la s s
C o r p o r a tio n
o f
K a n e ,
P a ________________________________________________________________________________ _____________ _____________
R e a l
1 3 ,6 3 5 .7 7
e s ta te :
A c to n ,
E d w .,
B o p s lo ff,
G a lb r a ith ,
G r a fie ld
W
.
H
A n n a
H a e s s ly .W
H o w ie ,
.
a n d
B .,
F .
K ilb o u r n e
K lie s ,
F r a n k
L e n tz ,
E lla ,
1 3 2 0 5
.
a n d
M
M e tr o p o lit a n
C u b ,
M ic h a ls k i,
a n d
a n , J o s
a n d
M
.,
A v e __________________
8 0 0 . 0 0
E a s t
9 6 5 . 6 3
1 2 1 2
H .,
7 9 0 2
2 1 8 5
6 9 th
S t .
9 9 .
6 5
A v e _____________________
1, 7 9 9 .
11
L o a n . . .
6,
A v e n u e ________
2 ,
M o r tg a g e
9 3 r d
1 0 8 1 0
G a r fie ld
G a y
A
v e ..
E a s t
1 2 1 s t S t ________________________________
S c h e ll,
a n d
D o r a
D a v id
A .
C ,
4 7 0 5
K a r l,
S / L
# 1 6
O r c h a r d
16
1, 5 1 4 .
5 8
7 9 1 . 2 0
5 3 .
K e n s in g t o n ,
S u d o l, S . a n d
N „
W
H .,
a tk in s ,
C .
3 6 9 2
5 6 0
R o c k y
E a s t 6 9 th
L in d a
S t.,
B e a c h ,
2 1 1 . 0 5
V e r
R iv e r , O
h io ..
S t _________________________
R o c k y
U n io n
3 ,
7 1 8 .
9 4
2 2 5 .
2 5
1 59 .
10
R iv e r ,
O h i o _______________________________________________________________________________
Z a r e m b a , A , 7 5 2 2
21
B e h r w a ld
m i l l i o n __________________________________________________________________________
S is s o n , E , 3 1 4
11
1 0 . 0 0
A v e ________________________________________________________________________________
S h im a n s k y ,
1 8 9 .
1, 0 8 8 .
A v e _________________
R u s s o , A . J ., 2 6 7 9
0 0 0 . 0 0
1 3 5 . 7 0
S t . , _______________
C o n n e c t i c u t A v e _______
1 2 1 0 2
5 9
S t ________________
D e c k e r
E a s t
C e lia ,
a r y ,
8 2 n d
3 , 5 5 5 .
f a r m ________________________________
7 9 0 9
5 2
9 2 7 . 2 1
1 1 4 9 8 _______________
E a s t
R o a d
K ,
N u s b a u m , A . L . a n d
R u m
E .
1 6 2 .
A v e _____________
F le e t
H a r v a r d
a n d
7 2 9 . 7 0
A v e ___________________
L o a n
L .,
2 0 6 0
3 6 8 . 9 0
A v e ________________
G r a fie ld
5 7 1 7
E lle n
A .,
B is h o p
M
1 1 3 0 9
S .,
a n d
W
C a r d w e ll
M o r tg a g e
J e r r y ,
A .
K in g s fo r d
9 6 0 0
C o .,
F lo r e n c e
J e d lin s k i,
L o a n _________________________________________
1 4 3 1 7
C ..
R e a lty
G r a b o w s k i,
H a b e r ,
M e tr o
M in n e ,
A v e _____________________________________
3 , 6 5 6 . 6 9
1, 0 2 3 . 2 9
-------------------
3 0 ,
1 8 4 . 5 9
8286
STOCK EXCHANGE PEACTICES
S u m m a r y
o f re v e rse f o r
d e p r e c ia tio n
a c c o u n t—
C o n t in u e d
B o n d s :
$ 3 ,
3 7 4 .0 6
p a n y
A lle g h e n y
$ 1 1 ,0 0 0 .0 0
L H
B y - P r o d u c ts
6
C o lla te r a l T r u s t
A u d it o r iu m
%
C o k e
C o m
N o t e s __________________________
B u ild in g
C o .
1 s t
M
7 ’ s ___________________________________________________________________________
$ 5 3 ,3 6 0 .0 3
B r o o k ly n ,
O h io
V illa g e
5
%
Im
I m
B r o o k ly n ,
6’s
S .F .
C it y
%
P a c ific
o f
B u d a p e s t,
C h ic a g o ,
R .R .
$ 1 0 ,0 0 0 .0 0
C o .
C o n v . A d j.
C h ic a g o
C o n v . S e r ie s
$ 1 0 ,0 0 0 .0 0
“ A
R o c k
C o . 4 % ’s o f
C it y
$ 9 ,1 0 0 .0 0
C le v e la n d
6 ’s
$ 1 0 ,1 0 0 .0 0
C o a l
&
a n d
R e fu n d in g
B ld g .
B ld g .
C o r p .
5 % ’s _
1s
C o .
H o m e
C u y a h o g a
3 % %
$ 2 6 ,8 0 0 .0 0
R e a lty
1 s t
C le v e la n d
C o m p a n y
6K
$ 5 0 ,0 0 0 .0 0
O h io ,
M
E u c lid ,
1 s t
W a r e h o u s e
B o n d
&
&
C o ll.
In v e s tm e n t
7 1 s t B ld g .
F a ir m o u n t
tg . a n d
$ 2 ,2 0 0 .0 0
4 , 0 6 3 .
7 6
1 1 , 0 0 0 . 0 0
7 , 6 7 6 .
4 2
4 , 0 0 0 .
0 0
68.
0 7
D e te n s io n
a n d
T r u s t
10
C o .
1 s t
1 st
M
tg .
L .H .
4 ’s .
D e v e lo p m e n t
C o .
1 st
C o l l . T r u s t 6 ' / 2 ’ s ______________________________________
G a r fie ld
H e ig h ts ,
O h io
V illa g e
1 3, 5 0 0 . 0 0
M tg .
7 ’ s ________________________________________________________________________
$ 7 1 ,1 0 0 .0 0
13
tg .
’ s _______________________________________________________________
E s ta te s
$ 1 2 ,0 0 0 .0 0
2 , 2 0 6 .
N o t e s _____________________________________________________
D e t r o it
Y r . S .F .
L .H .
C o u n ty ,
4 0 , 5 4 8 . 0 0
t
6 y 2 ’ s _____________________________________________________________________
$ 5 ,0 0 0 .0 0
4 4 , 6 3 2 . 0 0
P a c ific
_____________________________________________________
Ir o n
Im
2 5 , 0 0 0 . 0 0
1, 8 0 0 . 0 0
3 5 , 2 8 3 .
7 5
3 3 0 .
0 0
p .
5 K ’ s _______________________________________________________________________________
$ 1 0 ,0 0 0 .0 0
G lo u c e s te r ,
O h io ,
A th e n s
C o .
S c h o o l
D i s t . 5 ’ s ________________________________________________________________________
$ 1 0 ,7 8 2 .0 0
M
K .
tg . a n d
C o ll.
$ 4 4 ,0 0 0 .0 0
G r e n n a n
R a ilw a y
R e a lty
6 }^’s
T r u s t
Im p e r ia l
T r u s t
______________________________________
C h in e s e
G o v ’t .
In d ia n a
C o .
In d ia n a
L im e s to n e
C o .
5, 2 3 2 , 0 0
1 s t
7 %
5 , 7 9 7 . 0 0
C lo s e d
1 3, 7 8 0 . 0 0
D e b e n
1. 0 0 '
t u r e s ______________________________________________________________________________
$ 1 2 0 ,0 0 0 .0 0
In te r n a tio n a l
C o ., A d j.
$ 2 5 ,0 0 0 ,
5 %
M
tg .
C o n v .
$ 3 3 4 ,0 0 0 ,
S e r ia l
R .R .
C o .
________________________
S e r ie s A
a t c h
R .R .
C o r p .,
1 0
Y r .
F o u n d e r ie s ,
In c .,
1 s t
1 st
C ity ,
K a w
M o r tg a g e
C it y ,
C o .,
1 s t
K r u g e r
V a lle y
a n d
M
5 %
a n d
C .
o f
T o ll
D
C it y
$ 2 ,0 0 0 ,
M a h o n in g
$ 9 ,0 0 0 ,
D is t .
$ 1 5 ,0 0 0 ,
o f
L o r a in ,
M a p le
6’s
O h io
a n d
C o u n t y ,
H e ig h t s ,
p .
O h io
O h io
5 %
L a n d
1. 0 0
S e c u re d
1 2 5 , 5 0 0 . 0 0
4 } i ’ s _________________
B r id g e
16. 7 5
4 K ’s - -
V illa g e
5 6 .
9 7
9 0 0 .
0 0
666.
6 7
5, 5 5 0 .
0 0
S c h o o l
P a c ific
R .R .
C o .,
1 s t
M
tg .
5 ’ s __________________________________________________________________________________
$ 2 0 ,0 0 0 ,
2 0 , 0 0 0 . 0 0
_______________________________________________________________________
M is s o u r i
H .
T r u s t
F .
N e ig h b o r s
R e a lty
C o .,
5 ’A
5 ,
%
C e r t ’ s ____________________________________________________
5 8
W e s te r n
______________________________
C o .,
Im
4 9 , 6 5 7 .
W e s te r n
D e b s ____________________________________________________________________
$ 1 ,0 0 0 ,
2 2 , 7 8 1 . 2 5
tg .
4 ’ s ___________________________________
L e a v e n s w o r th
4 3 , 2 0 0 . 0 0
5 %
7 ’ s ____________________________________________________________
K a n s a s
R a ilw a y
6 ’s
M
N o r th e r n
D e b s ________________________________________________________
K a n s a s
$ 1 5 0 ,0 0 0 ,
S .F .
Y r .
In te r s ta te
S .F .
$ 5 8 ,5 0 0 ,
$ 2 ,5 0 0
3 0
In te r n a tio n a l
G r e a t
1 75 . 0 0
H u k u a n y
6 ’ s _______________________________________________________________
tg . S .F .
$ 2 ,0 0 0 ,0 0 0
L im e s to n e
4 ,
1 st
S . F . B o n d s __________________________________________________
$ 3 2 ,0 0 0 .0 0
M
L .
7 4
C o . 4 % %
1 9 5 2 ________________________________________
T e r m in a l
2 2 , 9 8 3 .
a n d
t g . 5 ’ s _________________
Is la n d
o f C is c o , T e x a s
t g . L .H . S .F .
P a u l
R .R .
2 1 , 4 5 4 . 01
E s t.
” ______________________________________________________
C h ic a g o ,
R a ilw a y
M
S t.
N o r th w e s te r n
$ 2 2 ,0 0 0 .0 0
L .R .
H u n g a r y ,
M ilw a u k e e ,
3 3
S tr e e t
_________________________________________________________________________
$ 8 7 ,2 0 0 .0 0
M
6
V illa g e
p ________________________________________________________________________________
$ 7 4 ,0 0 0 .0 0
M
O h io
3 , 2 9 8 .
p .
B o n d s ___________________________________________________________________________
$ 5 7 ,0 4 9 .3 6
$ 1 , 4 0 0 . 0 0
tg .
STOCK. EXCHANGE PBACTICES
S u m m a r y
B o n d s —
o f re se rv e f o r
d e p r e c ia t io n
a c c o u n t—
C o n t in u e d
C o n t in u e d .
$ 1 9 ,0 0 0 ,
in g
N e w
E x t .
$ 1 0 ,0 0 0 ,
C o .
4 ’s
y e a r
o f
1 s t
p .
0
i %
S tr e e t
W
id e n
C h ic a g o
&
S t.
L o u is
.$ 3 ,
Y o r k
M
S ta te
R a ilw a y s
C o .,
C o .,
1 s t
M
C o u n t y ,
A r k .
D r a in a g e
P o in s e tt
C o u n t y ,
A r k .
(C e r t,
$ 8 ,0 0 0 ,
o n
V a r io u s
P u b lic
o f
1 2, 5 0 0 .
O w n e r s h ip
$ 7 8 ,9 0 0 ,
$ 5 0 0 ,
M o to r s
S e b r in g ,
1 st
O h io ,
S ix ty
M
6
tg .
$ 4 ,0 0 0 ,
B a n k
C o ll.
A .
6
T r u s t
%
5 } i%
M
tg .
S c h o o l
4 , 0 0 0 . 0 0
5 ’ s ________
D is t .
3 9 , 4 5 0 . 0 0
5 ’s _ _
C a r n e g ie
J o in t
S to c k
C o .
4 ’s
P r o p e r tie s
o f
4 8 2 .
1 5, 0 0 0 . 0 0
L a n d
4 ,
1 s t
M
G o ld
1 st
M
tg .
a n d
e n tw o r th
A v e .
88
tg .
2 2 , 6 1 0 . 0 0
C o ll.
6,
B o n d s ____________________________________________
W
1 1 5 . 0 0
4 , 0 0 3 .
’ s ____________________ ___________________________________
C o .
2 2
C o .
1 9 5 6 __________
C o .
0 5 3 . 0 8
F e e
5 ’ s ______________________________________________
S w e r in g e n
7 2 7 5
E q u it a b le
1 s t
F iv e
R a ilw a y
S t a b l
6%
T r u s t
$ 6 0 0 ,0 0 0 ,
F o r t y
L o a n
H .
V a n
C o r p .,
M in n e s o ta
S o u th e r n
$ 7 ,5 0 0 ,
C o .,
/ 2 ’ s _____________________________________________________________
F a r m
$ 4 6 ,4 1 0 ,
p r o v ’t .
S p e c ia l
F iv e
S o u th e r n
$ 1 0 ,0 0 0 ,
1 ,2 5 0 .0 0
8,
C e r t i f i c a t e s ___________________________________________
R e la y
$ 3 0 ,1 0 0 ,
Im
0 0
P a r
B o n d s __________________________________
S q u a r e
0 0
3 1 , 0 0 0 . 0 0
t i c i p a t i o n ) ___________________________________________________________________
P r e m iu m
3 0 , 0 0 0 .
D is t .
7 , 5 ’ s _____________________________________________________________________
$ 2 ,5 0 0 ,
7 5
tg .
’ s ___________________ - _______________________________________________
P o in s e tt
3 , 0 3 8 .
5 0
t g . ' 4 ) 4 ’ s ______________________________________
In v e s t m e n t
8 0 9 .. 0 0
R y .
1 9 7 8 ___________________________________________________________
C o n s .
6K
O h io
B o n d s ______________________________________
Y o r k ,
P a s a d e n a
$ 2 5 ,0 0 0 ,
N o .
Im
N e w
$ 6 2 ,0 0 0 ,
L .H .
B o s to n ,
a n d
N e w
$ 7 5 ,0 0 0 ,
-
8287
C e r tific a te
o f
O w n e r s h i p ______________________________________________
3 3 9 . 2 5
,
2 0 , 0 0 0 . 0 0
------------------- $ 7 4 7 ,
S to c k s :
1 0
S h rs .
2 4 4
B e ld in g
S h rs .
C u m .
5 0 0
C o n v .
S h rs .
H e m in w a y
C o .,
C o m m o n w e a lth
C o m m o n __________
S e c u r it ie s
P f d _______________________________________________________
C o n s tr u c tio n
M a t e r ia ls
2. 9 0
C o r p .,
C o r p .,
2 2 , 8 0 4 .
m o n _______________________________________________________________________________
2 0
U n it s
6 4 3
C o r p o r a tio n
S h rs .
R e a lty
6 5 0
S h rs .
8 8 0
D e t r o it
C o .,
N o n
E u c lid
S h rs . F a r m
S e c u r itie s
C le v e la n d
C u m .
W
C o .
o f
2 5 . 0 0
C h ic a g o .
W a r e h o u s e
1. 0 0
&
P f d __________________________________
in d s o r
M o r tg a g e
C o .,
C o m m o n ____________
H o ld in g
1. 0 0
3 1 , 0 0 0 . 0 0
C o . o f K a n s a s
C i t y _______________________________________________________________________________
1 0
S h rs .
D .C .,
7 0
5
L ib e r ty
N a t ’l.
B a n k
o f
W
1. 0 0
a s h in g to n ,
C a p i t a l _____________________________________________________________
S h rs .
M e m b e r s
S h rs .
G a r a g e
M e r c h a n ts
C o .,
T r a n s fe r
C la s s
a n d
4 6 5 . 0 0
B _________________
S to r a g e
7 0 . 0 0
C o .,
P r e f e r r e d _____________________________________________________________________
1 1 ,6 2 8
S h rs .
V .T .C .
1 0
fo r
S h rs .
N a t ’l.
B e n e f it
C o m m o n
N o r t h
L ife
In s u r a n c e
2 4 1 . 2 5
C o .,
S t o c k ___________________________________
A m e r ic a n
C e m e n t
C o r p .,
2 7 0 . 0 0
P r e
f e r r e d ____________________________________________________________________________
5
S h rs .
m
N o r t h
A m e r ic a n
C e m e n t
C o r p .,
S h rs .
N o r th e a s te r n
U tilitie s
C o .
C la s s
S h rs .
2 0 0
5 0
S h rs .
S h rs .
1 0
5
P r u d e n tia l
R o b b in s
S h rs .
S h rs .
C o .,
3 ,1 3 0
R o b b in s
S e re c o r
B a n k ,
a n d
a n d
W
M y e r s ,
a s h in g to n ,
In c .,
2 0
1 00 . 0 0
2, 5 0 0 .
0 0
C o m m o n _____
2 , 3 2 5 .
0 0
C o m m o n ____________________________
1.
0 0
In c .,
In v e s tm e n t
&
D e v e lo p m e n t
C a p i t a l ________________________________________________________________
S h rs .
S ta n d a r d
T e x tile
P r o d u c ts
S h rs .
S h rs .
U p s o n
U n ite d
W
a lt o n
A r tis ts
C o .,
C o m m o n ________________
T h e a tr e
C ir c u it
1 18 .
0 0
4 , 0 4 5 .
3 ,
0 0
In c .,
P r e f ’ d ______________________ _______________ ______________________________________
1. 0 0
C o .,
C o m m o n ______________________________________________________________________
8 0 9
3 6 , 0 0 0 . 0 0
D .C -
P r e fe r r e d ..
M y e r s ,
C o r p .,
S ta n d a r d
o f
5. 0 0
B
P r e f e r r e d _____________________________________________________________________
5 0
5 0 . 0 0
C o m
o n ______________________________________________________________________ ________
4 0 0
8 3
C o m
2 6 5 .0 0
2 1 0 .
61
8288
STOCK EXCHANGE PEACTICES
S u m m a r y
S to c k s —
2 0
o f
re se rv e f o r
d e p r e c ia tio n
a c c o u n t—
S h rs .
U n it e d
A r tis ts
T h e a tr e
C ir c u it,
In c .,
C o m m o n ______________________________________________________________________
1 5
S h rs .
m
U n it e d
P o r to
R ic a n
S u g a r
C o .,
$ 2 0 .
S h rs .
S h rs .
W
V a n
illy s
S w e r in g e n
O v e r la n d
C o r p .,
C o .,
0 0
C o m
o n _______________________________________________________________________________
5 ,5 6 0
5
C o n t in u e d
C o n t in u e d .
4 5 .0 0
C o m m o n _______
5 5 , 6 0 0 . 0 0
1.
C o m m o n _________________
16
------------------T o ta l
R e se rv e fo r
B a la n c e
D e c e m b e r
R e s e r v e d
$ 1 5 8 , 9 5 8 .
1,
L o s s e s ________________________________________________________________________________________
d u r in g
3 1 ,
T a x e s
T ax es
1 9 3 2 ________________________________________________________________________________________
3 3 7 ,
o f
Illin o is ,
S ta te
o f
O h io ,
F r a n c h is e
o f
W e s t
V ir g in ia ,
R e a l
P r o p e r ty
S ta te
o f
6 0 8 ,4 6 0 .5 0
F e e ____________________________________
$ 2 0 0 . 0 0
F e e ___________________________._____________
1 5 , 5 6 8 . 3 2
F r a n c h is e
In ta n g ib le
C h e c k
to
F r a n c h is e
F e e _________ _____________
T a x e s ________________________________________________________
O h io ,
F e d e r a l
R e s to r e d
T a x ______________________________________
1 6 0 . 0 0
1 8 1 , 9 9 8 .
1 9
888.
2 2
2 1 1 .
9 5
1 9 8 ,
T a x ___________________________________________________________
U n d iv id e d
P r o f i t s ______________________________________________
3 9 7 , 0 2 6 .
66
2 0 0 , 0 0 0 .
0 0
-------------------
T a x
R e s e r v e
D e c e m b e r
3 1 ,
o n
A m e r ic a n
C liff s
C le v e la n d
D e G r o o t
E m p ir e
a n d
A c c e p ta n c e
C o r p ’ n _____________________________________________
P a v in g
P e tr o le u m
F in n e y
a n d
K a r lin s k y ,
M itc h e ll,
14
I n c ____________________________________________________
2 2 .
2 4
R e fin in g
C o ________________________________
G o o d y e a r
P e e r le s s
S c a r a b
9 ,
P a p e r
4 ,2 8 3 .3 3
1 1.
15
C o ______________________________________
1, 2 8 1 .
7 3
a n d
B o x
M is c e lla n e o u s
1 6 6 . 6 4
S h a re s ,
C o a l
S a r a h ____________________________________________________ :_______________
A m u s e m e n t
4 0
C o ______________________________________________________
H o c k in g
H e r r ic k
0 0
4 7 .
P a r t ic ip a tio n ,
M o to r
$ 2 5 0 .
1, 1 2 0 . 0 1
1, 8 4 5 .
a n d
R a y o n
K a n a w h a
F ees
C o _________________________________________
I n c ______________ ____________________________________________________________________________
J o n e s
1 1 , 4 3 3 . 8 2
C o l l e c t i o n s _______________ ___________________
C a r s o n ,
In d u s tr ie s ,
In d u s t r ia l
L o a n s
U n i o n ________________________________________________
Ir o n
T r in id a d
a n d
D o m e s tic
o n
1. 7 5
C o ___________________________________________________
2 1 1 . 0 8
C o _________________________________________________________
1, 8 2 3 . 6 2
C o ________________________________________________________
1, 5 0 0 . 0 0
F e e s ________________________________________________________________
1. 3 0
------------------
A c c e p ta n c e
B r itis h
S ta te
B a n k ___________________________________________________________
G o v e r n m e n t
C e n tr a l
T r a d in g
C e n tr a l
U n ite d
F a r b e r
G e r m a n
G r im e s
G o ld
V a n
W
F e ,
S w e d is h
U n io n
3 9
Ir o n
7, 2 3 6 . 2 5
B a n k _________________________________________
D i s c o u n t _______________________________________________________
C o ______________________________________________________________
M
a r k e t in g
O r e
C o r p ’ n ___________________________________
P r o v in c e
o f ____________________________________
C r e d i t _____________________________________________________
C o m p a n y ________________________________________________________
P a c k in g
W e s tfa lis c h e
T r a d in g
C o ______________________________________________________________
A r g e n tin e ,
T r u s t
C a m p
1 1 4. 6 9
I n d u s t r i e s ________________________________________________________
o o l
K o h e n
P r o fits
2 3 3 . 3 3
C r e d i t ________________________________________________
N a t io n a l
C a n n in g
N a t io n a l
S a n ta
$ 2 1 , 5 6 5 .
F e e s:
B a v a r ia n
G .
68
L o a n s :
In s u r a n c e
C le v e la n d
5 9 7 , 0 2 6 .
1 9 3 2 ___________________________________________________________________
C o m m is s io n s
C o m m is s io n s
I .
5 0
0 0 0 . 0 0
P a id :
S ta te
S ta te
1 4
4 9 3 . 41
1 9 3 1 ____________________________________________________________________________ $ 2 7 1 , 4 6 0 .
T o t a l __________________________________________________________________________________________________________
L e s s
6 8 1 ,
o n
C o ________________________________________________________
S y n d i c a t e _________________________________________
A c c e p ta n c e s
S o l d _____________________________
13 0 0 .
14 6 8 .
1,
1 25 .
7 8
7 5
0 0
7 7 0 . 4 8
2 4 0 .
9 6
2 , 8 7 3 . 0 5
1, 9 2 5 . 0 0
1 5 8 .
8 4
2 5 0 . 0 0
4 1 5 .
61
3 3 , 4 2 7 .
9 9
------------------
Total Loans and Acceptance Fees_____________________
4 7 ,2 3 3 .5 2
68, 798. 91
STOCK EXCHANGE PEACTICES
M is c e lla n e o u s
8289
E a r n in g s
A p p r a i s a l s ________________________________________________________________________________________________________________
$ 1 9 0 . 0 0
C o l l e c t i o n s ____________________________________________________________________________________
1 4. 6 9
B r o k e r a g e
C o m m i s s i o n s ______________________________________________________________________________________
3 9 0 . 2 3
C o lle c tio n
a n d . E x c h a n g e ____________________________________________________________________________________
7 ,1 6 6 .7 4
C o lle c tin g
G a s ,
2 , 2 9 3 . 7 6
B a n k e r s
L ife
W
a te r ,
P r o te s t,
W itn e s s
S a v in g s
S e r v ic e
S e r v ic e s
re n d e r e d :
C h ild s
E le c tr ic
F e e s ,
B ills ,
e t c ____________________________________________________
e t c __________________________________________________________________________________
C o m p a n y ____________________________________________________________________
H a r r is o n
In la n d
C o u n t y
In v e s tm e n t
In v e s to r s ,
G u a r d ia n
S m it h
C o a l
$ 3 1 0 .
7 2 . 5 0
I n c ___________________________________________________________
2 , 4 0 0 . 0 0
C o _______________________________________________________
C o m p a n y ___________________________________________________________
7 5 0 .
0 0
2 5 0 .
0 0
------------------
T e le p h o n e
W
D e p t ,
re
S .T .
3 2 4 _________________________________________________________
p e n n ie s ,
C o m m is s io n s
o n
p a y
r o lls ,
r e n t s __________________________________________________________________________________________
C o a l
F in a n c e
A n d r e w s ,
o n
S h o rt
M r s .
B o w le r
a n d
B u r d ic k
G e o .
H .
B o w m a n
H .
B re e c e
B r o w n - Ir v in g
B r o w n in g ,
B r u d n o ,
B u r to n
C r a n e
a n d
o r
M a c h in e
F r e d
C .
C la r k
G .
C la r k ,
C la y
E n g in e
1 1. 2 6
I n c _________________________________________________________________________________________________
M o r tg a g e
W
m .
R
S a le s
2 2 . 4 7
C o m p a n y _____________________________________________________________________________
1 3.
18
C o m p a n y ______________________________________________________________________________________
2 0 4 .
9 4
______________________________________________________________________________________________
4 2 . 4 7
___________________________________________________________________________________________________________
H
1 7. 0 8
A l b e r t ____________________________________________________________________________________________________________
F .,
.
T ie
2 6 9 .
11
S _______________________________________________________________________________________________________
2 8 .
15
G r e a t
L a k e s
A ir c r a ft
L a k e s
S a s h
C o r p o r a t i o n ____________________________________________________________________
a n d
D o o r
C o m p a n y ___________________________________________________________
a n d
B r o s _______________________________________________________________________________________________
H a r r is - M u r r a y
C o m p a n y _____________________________________________________________________________________
H e r r in g ,
13. 4 3
C o m p a n y ______________________________________________________________________________
G r e a t
R .
16
C o m p a n y ___________________________________________________________________________________
F o y e r ,
H a n n a ,
6 3. 9 5
3 4 7 .
4 0 . 4 2
G e o .
W
5 9
2 2 7 . 0 3
C o m p a n y _________________________________________________________________
F a lk e ,
G r a m m e r ,
4 3 2 .
C o m p a n y ____________________________________________________________________
F ^ a n k
A
7 2
4 0 .0 8
C o m p a n y __________________________________________________________________________
B u ild in g
B r ic k
E d w a r d s
.
3 , 3 5 2 .
J ___________________________________________________________________________________________________
M a c h in e
W
5 5
4 6
1 3 0 . 6 4
C o m p a n y _________________________________________________________________________________________
V a r n is h
G o lt r a ,
5 6 3 .
3 , 4 1 6 .
C o m p a n y ____________________________________________________________________
C o m p a n y ___________________________________________________________________________
E x p e r t
S tr e e t
D r .
C o m p a n y _____________________________________________________________
12
4 4. 4 5
_____________________________________________________________________________________________________
R o b e r t
S h a le
F a g a n ,
3 1 8 . 5 4
1, 6 1 3 .
C o m p a n y __________________________________________________________________________
P a v in g
P a p e r
P ro c e s s
C o a l
1 4
2 9 . 5 0
W a s te
T re e s
91
C o m p a n y ___________________________________________________________________________________
T r in id a d
E u c lid
1 0 1 .
C o m p a n y ______________________________________________________________________________________
N .
5 1 6 .
3 0 0 . 8 2
8 0 . 9 4
C le v e la n d
E m p ir e
1,
H e s s _________________________________________________________________________________
C o m p a n y ___________________________________________________________________________
C le v e la n d
e ta l
19
1 6. 0 9
C o m p a n y __________________________________________________________________________________________
C o r n s w e e t,
3 9 . 0 8
3 5 6 .
C o m p a n y __________________________ i _______________________________________________________
C le v e la n d
E b e r lin g
1
1,
9 0 6 . 4 5
S to r a g e
F r e d
C o m p a n y _________________________________________________________
2 4
1 7. 7 2
I n c _________________________________________________________________________________________
C e n tr a l
9 3 d
7 2 . 4 0
1 78 .
C o m p a n y _______________________________________________________________________________
E le c tr o ty p e
E a s t
C o m p a n y ___________________________________________________________________
S h o v e l
R o s e
C e n tr a l
D r a g o n
9 8
5 5 5 . 2 5
C o m p a n y ________________________________________________________________________________
T o b a c c o
D a w s o n ,
$ 2 3 .
C o m p a n y ___________________________________________________________________________
L u m b e r
E x p lo s iv e s ,
D a v e y
2 8
C o m p a n y _______________________________________________________________________________________
E z r a
B u c k e y e
3 6 , 9 2 0 .
C o r a _______________________________________________________________________________________________
B o r t o n _________________________________________________________________________________________________
G e o .
4 6
2 5 . 9 4
C o m p a n y _______________________________________________________________________________
a n d
M
1, 0 3 4 .
B a la n c e s
B o r to n
C o ld
2 7. 4 4
9 5. 6 4
C o m p a n y ____________________________________________________________________________________________
A m e r ic a n
B y e r s
5 0
0 0
I t e m s __________________________________________________________________________________________________________
T o t a l ____________________________________________________________________________________________________________
A k e rs
3, 7 8 2 .
e t c _____________________________________________________________________
In te r e s t
21
1 8, 7 5 0 .
C o m m i s s i o n s _____________________________________________________________________________________
r a p p in g
S u n d r y
L o a n
8 7.
0 0
C o _____________________________________
S e c u r it ie s
M o r tg a g e
3 , 0 6 1 . 6 5
C h a r g e s _____________________________________________________________________________________
H o w a r d
C ________________________________________________________________________________________________
iDeficit.
2 ,
1 83 . 3 4
4 1 0 . 3 1
18.
12
1 39 . 2 7
4 1.
5 8
8290
STOCK EXCHANGE PRACTICES
In te r e s t
o n
S h o rt
B a la n c e s —
C o n t in u e d
H ig h w a y
C o n s t r u c t io n
H o r w it z ,
S a m u e l _____________________________________________________________________________________________________
In d ia
T ir e
&
M
J o n e s - F in n e y ,
K a n a w a h a
L a n g
L a r ic k
O il
L o e b e r ,
E .
______________________________________________
2 7 1 .
7 2
C o m p a n y ___________________________________________________________________________
2 2 .
13
3 2.
6 9
C o m
p a n y _______________________
D i v i s i o n _________________________________________________________________________
H o c k in g
C o a l
&
C o k e
C o m p a n y _______________________________________
a n d
C o m p a n y _________________________________________________________________________________
P a in t
C o m
p a n y _______________________________________________________________________
a n d
C o m p a n y _________________________________________________________
3 0 .
C o r p o r a t i o n _____________________________________________________________________________
9 4 3 .
41
C o m p a n y _________________________________________________________________________________________
6 4.
66
C lo a k
S to r a g e
M ills
C o m p a n y ________________________________________________________________________________________________________
M
.
B .
R e a lty
R o g e r s
M a y n a r d
N o r t h
O h io
H .
O h io
C o a l
P e e r le s s
C o m p a n y ____________________________________________________________________________
u r c h
C o m p a n y ___________________________________________________________________________
o t o r
a n d
B o x
a n d
C o m
A s h la n d
C o a l
&
D o c k
R e p u b lic
S c r a p
Ir o n
&
M
e ta l
1 8 8 . 3 6
2 3. 4 8
C o m p a n y ________________________________________
C o m p a n y _____________________________________________________________________________________
2,
C o m p a n y _________________________________________________________
L u m a n
C liff
C a b le
&
T a y lo r
C h a ir
T a y lo r
M a c h in e
T h o w
U n it e d
J .
M
C o m p a n y __________________________________________________________________
10
1, 3 3 6 .
3 0
H
__________________________________________________________________________________________________________
4 3 .
12
C o m p a n y _____________________________________________________________________
3 9 7 .
2 5
I n c ____________________________________________________________________________________________________
1 0 9 .
6 2
P r o d u c ts
D r u g g is t,
A w n in g
W
a r n e r ,
W
.
W
a r n e r ,
W
h i t n e y ____________________________________________________________________________________________________
a n d
H .,
M
C o a l
A r t h u r
J .
A .
a n u f a c t u r in g
C o m p a n y ___________________________________________
3 4 . 6 2
C o m p a n y _________________________________________________________________________
3 3 6 . 9 2
122.
C o m p a n y ________________________________________________ ______________________________
C o m p a n y _____________________________________________________________________________________
ite m s
o f
$ 1 0
o r
2 , 5 8 9 .
1 6
9 5 . 0 8
l e s s __________________________________________________________________________________
T o t a l _______________________________________________________________________________________________________________
4 1
4 0 .0 0
B r o s _________________________________________________________________________________________________________________
S u n d r y
3 8
C o m p a n y ______________ __________________________________________________________________________
a g n e r
W ig m o r e ,
1 1 8 .
3 8 1 .
W
Z w e ig
3 6
2 4
C o m p a n y ___________________________________________________________________________________
e ta l
W e s tb r o o k ,
3 3 .
2 2 7 .
1 1 6 . 9 5
C o m p a n y _________________________________________________________________________________________
S h o v e l
T u r n b u ll,
C o m p a n y _________________________________________________________________________
C a r b o n
5 3
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C o m p a n y ____________________________________________________________________________ __
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_____________________________________________________________________________________________________
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R o y c e .
86
7 9 . 0 6
C o m p a n y ______________________________________________
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p a n y ____________________________________________________________________ j.
M a n u f a c t u r in g
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3 5 . 9 2
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2 0 9 . 9 4
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$ 6 5 0 .
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C o m p a n y ______________________________________________________________________
3 2 . 8 5
3 1 ,7 5 7 .7 7
Sundry credits to profit and loss, current year
C a s h
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C a s h e d
c o r r e c t i o n s __________________________________________________________________________________________
C h e c k s
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$ 9 4 .
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$ 2 8 .
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4 2 .
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H u p h j
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61
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o o d b u r y ,
M
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1 8 3 .
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----------------
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C l o s e d ____________________________________________________________________
2 2 1 .
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G o ld b e r g ,
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____________________________________________________________________________________
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_____________________________________________________________________________________
T r u s c o n
S te e l
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2. 0 0
10. 0 0
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68.
4 6
-
10
----------------
STOCK EXCHANGE PBACTICES
S u n d r y
U n c la im e d
c r e d it s
to
p r o fit
a n d
lo s s ,
c u rre n t
y e a r—
8291
C o n t in u e d
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K u c o r a ,
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$ 1 . 0 1
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1. 3 0
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2 7 3 .
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a n d
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C h e c k s _______________________________________
H u g h e s
re
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to
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o n
4 6
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p r e s e n t e d _______________________________________________________________________________________________________________
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147 .
—
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4.
16
8292
STOCK EXCHANGE PEACTICES
S u n d r y
C a s h e d
C h e c k s
A m a to ,
to
p r o fit
a n d
lo s s ,
c u rre n t
y e a r—
C o n t in u e d
R e tu r n e d :
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_________________________________________________________________________________________
H a r r y
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E
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B
____________________________________________________________________________________
______________________________________________________________________________________
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R e y n o ld s ,
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16.
17.
M
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________________________________________________________________________________
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____________________________________________________________________________________
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2 3.
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-------------
C a s h
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88
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1 8. 0 0
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C h e c k s :
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________________________________________________________________________________________
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A
17. 9 9
______________________________________________________________________________
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____________________________________________________________________________________
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5 6. 5 0
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A .
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S .
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1 7
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in
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7. 5 0
------------
6 5 .2 3
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2 1 2 . 5 0
tr a n s it:
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O v e r d r a fts :
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T .
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15. 2 2
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m
W
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__________________________________________________________________________________________
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2 7
1 7. 8 2
4.
5 8
2 2 5 .
2 7
4 6 . 0 0
3 1.
8 2
9 . 2 6
5. 0 0
STOCK EXCHANGE PEACTICES
S u n d r y
O v e r d r a ft s —
M
to
p r o fit
a n d
lo s s ,
c u rre n t
y e a r—
C o n t in u e d
C o n t in u e d .
L o c k s p e is e r ,
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d e b it s
8293
I _____________________________________________________________________________________
c D o n o u g h ,
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H
8. 10
$
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4 5 . 5 4
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1.
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18. 8 1
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R u b y ,
R .
86
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S .
C .
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1 0. 0 0
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2 5.
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4 0
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4 4 .
1 2
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2 0 .
7 4
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r e b a t e d _________________________________________________________________________________________
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L o r a in —
H a r d w a r e ___________________________________________________________________________
S e lz m a n ,
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1 0. 0 0
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9. 2 5
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C o u r t
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n o t
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# 3 1 2 0 3 3
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L o a n ,
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n o t e ___________________________________________________________
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d r a f t
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P .
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o n e y ____________________________________________________________________________
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l o a n ____________________________________________________________________
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o n
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9 3
re
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to
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1 95 .
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1 6 1 . 7 6
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w h ic h
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2 0 7 3
b e lo w
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r e m itta n c e
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p a y m e n t,
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STOCK EXCHANGE PRACTICES
Sundry credits to profit and loss, prior yeais—
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STOCK EXCHANGE PRACTICES
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STOCK EXCHANGE PEACTICES
S u n d r y
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1 1 7 .1 8
STOCK EXCHANGE PRACTICES
S u n d r y
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a n d
J e a n e tte
R u s h le ig h
E .
In v e s to r s ,
T h o m a s
F .
2 3 3 . 0 6
_______________________________________________________
A l o i s _______________________________________________________
M a y fie ld
R o b e r ts o n ,
5. 4 2
C o m p a n y _____________________________________
7 7 2 .
21
______________________________________________________________________________________
3 1 3 .
3 5
S c h e s le r ,
F r e d
a n d
C e l i a _____________________________________________________
S e c u r ity
L a n d
a n d
D e v e lo p m e n t
S h e e h a n ,
S h e r r y ,
J o h n
M
.
S ilv e s t r o ,
C .
R e a lty
E
6 0
0 2
______________________________________________________
1 91 .
3 7
1, 3 8 1 .
9 4
8 2 9 .
3 0
C o _________________________________________________________
D e v e lo p m e n t
F lo r e n c e
C .
a n d
S ta a b ,
V io la
a n d
G e o .
S to n e ,
A .
a n d
P e a r l
S to u d e r
8 5.
3 , 8 4 2 .
i n n i e ________________________________________________
M
a n d
C o _____________________________
T o n y ______________________________________________________________________
E u c lid
S p e n c e r,
a n d
A .
S h im a n s k y
S o u th
2 6
E l i z ______________________________________________________________________
A n n a
C
9 8
2 , 0 0 8 .
9 2
J .
P a lz e r ,
S a m ,
1 0, 6 7 2 .
7 2 4 .
T e m p le
J .
A .
A u g u s t _________________________________________
2 3 0 .
W
O w e n s ,
R o t h ,
8 0
4 8
C o _______________________________________________________________
P y t h ia n
O ’D o n n e ll,
7 2
172.
L __________________________________________________________________________
O ’C o n n e ll,
15
4 5 5 .
S ________________________________________________________________________
O h io
R o e m e r ,
F i n k ____________
2 6
9.
5 2 5 .
T r a n s fe r
J o h n
R e a lty
G .
a n d
A .
N o r th e r n
a n d
5 5 9 .
______________________________________________________________
D is c o u n t
N e h a m k in ,
N .
C o m p a n y ______________________________________________
E lla
N a lly
H .
H u g o
M e tr o p o lit a n
T h e
2 , 2 2 4 . 0 0
J ____________________________________________________________________
R e a lty
M e r c e r ,
B
G .;
c K a y
M a ir le n d e r ,
66
a r t h a ___________________________________________________
E l l a _______________________________________________________________________________
L o w e r y ,
10
8 0 . 0 0
_____________________________________________________________________
E .
A .
$ 3 2 7 .
F ___________________________________________________
L ip p e r t ,
T h e
C o n t in u e d
E s t a t e
A .
T h o m p s o n
S w e e n e y ,
M a e
a n d
1 9. 0 7
C o ________________________________________
H a r r y
N
3 2 . 0 0
_________________________________
1, 6 5 8 .
3 0
J _______________________________________ ______________
7 4 .
15
F ____________________________________________________
C o m p a n y ___________________________________________
J o h n
G
1 7 5 . 9 5
1 0 ,
1 4 3 . 8 7
________________________________________________
4 5 .
5 8
T e s h e ra ,
N in e t ta
a n d
T h u l l e n __________________________________________
3, 3 7 5 .
0 0
T e s h e ra ,
N in e t ta
a n d
T .
6,
7 6 7 .
7 6
4 0 1 .
0 7
T h o m a s ,
J .
T o w n e s ,
G .
T y le r ,
2 1 0
C .
D .,
W
.
W e s te r n
H .
a n d
C .
A .
C ___________________________________________________
1 22 .
71
A ________________________________________________________
6 5 2 .
5 2
5 8
C o m p a n y _____________________________________
4 1 9 .
L u c y ___________________________________________________________
6 2.
13
L a n d
C o m p a n y __________________________________________________
1 52 .
7 2
B u ild in g
1 1, 4 0 5 .
7 2
R e a lty
illia m s o n ,
W o lf,
a n d
a n d
F r e d
W e s tp o r t
W
B __________________________________________________________________________
P r o s p e c t
V o lk ,
B i s h o p ______________________________________
M .
R .
C o m p a n y __________________________________________________
A
a n d
__________________________________________________________________
W
.
J _________________________________________________________
2,
2 0 9 . 2 5
51.
5 0
8298
STOCK EXCHANGE PBACTICES
Sundry debits to profit and loss, prior years—Continued
A c c r u e d
In te r e s t
to
D e c .
3 1 ,
1 9 3 1 ,
o n
B o n d s , S to c k s , a n d
In v e s tm e n ts :
9 ,0 0 0
p a r
p a r
V illa g e
4 4 ,3 6 0 .0 3
p a r
V illa g e
N o r th e r n
O h io
R e la y
4
O v e r
C a s h
S h o r t
in
F o r g e d
p ic tu r e
A c c o u n ts ,
W
O ffic ia l
c h e c k
&
B r o o k ly n ,
1 st
5
Im
In c .
S e r ie s
p .
Im
O h io ,
C o .
M tg e .
Im
O h io ,
5 ^ s
p .
p .
$ 3 7 1 .
6s
5}ia.
21
1, 8 2 9 .
8 4
D e b s
1,
A - B - C
2 5
2 , 5 6 7 .
1 19 .
8 0
0 1 6 .
66
s to r e d
in
S a fe
D e p o s it
7 6
3,
D e p t
D in s m o r e ,
illia m s ,
c h e c k
to
R .
L .
D .
L .
# 3 1 6 5 7 5
p ro c e e d s
c lo s e d
N e s b itt
fo r
o f
$ 5 .0 0
1 9 1 7
o u t
re
L .
w it h
e x p e n s e
C o lu m b ia
T r u s t
D e c .
C o .,
3 1 ,
1 9 3 1 ...
N .Y .,
3 8 . 2 0
D r a f t
L o a n
is s u e d
L .
1 2 5 . 0 0
4 /2 /1 8
B o n d
a n d
p a y a b le
la te r
to
C .
c r e d ite d
E m e r y
to
P r o fit
L o s s
B r o k e r a g e
P r o te s t
fe e s
fe e s
T o ta l
n
5 . (53
19. 0 0
1, 4 7 9 . 9 2
M
E
1 2 /3 1 /2 5
35
75
R e s to r e d
A c c o u n t
c r e d ite d
c r e d ite d
fo r
2 7 3 .
334.
,
A c c o u n ts
O liv e r
O h io ,
B r o o k ly n ,
$ 5 ,9 0 4 .
In s u r a n c e
a n d
C o r p .
o n
S p e c ia l
O ffic ia l
o f
B r o o k ly n ,
C o r r e c tio n s
C h e c k s ,
In a c t iv e
o f
„
R e n t a l
C a s h
E r r o r s
o f
R e c o n s tr u c tio n
M o to r s
,
A c c r u e d
r
V illa g e
5 7 ,0 4 9 .3 6
r e b a te d
r e fu n d e d
d e b i t s _______________________________________________________________________________________________
E x p e n s e s ,
3 3 4 ,
5.
8.
1.
0 0
2 5 4 .
1 5
75
2 5
c la s s if ie d
T h is y e a r
L as t year
In c r e a s e ( + ) o r
decre ase ( — )
_
$ 6 9 ,3 2 6 .5 8
1 2, 000.00
$ 7 8 ,3 6 9 .6 6
3 ,5 0 0 .0 0
— $ 9 ,0 4 3 .0 8
- 5 ,5 0 0 .0 0
.
6 7 ,3 2 6 .5 8
8 1 ,8 6 9 .6 6
- 1 4 ,5 4 3 .0 8
.
.
.
.
.
7 ,2 1 7 .1 8
1 6 ,3 2 3 .5 0
3 0 ,3 5 6 .3 7
7 ,7 2 0 .2 6
6 ,8 9 3 .9 0
2 7 ,4 8 5 .4 9
1 8 ,0 6 5 .3 1
2 5 ,6 3 8 .2 0
4 ,9 7 1 .4 7
16 ,9 2 8 .5 1
- 2 0 ,2 6 8 .3 1
- 1 ,7 4 1 .8 1
+ 4 ,7 1 8 .1 7
+ 2 ,7 4 8 .7 9
+ 1 3 ,8 2 2 .4 1
_
6 8 ,5 1 1 .2 1
6 9 ,2 3 1 .9 6
- 7 2 0 .7 5
.
4 ,7 6 5 .7 9
2 3 ,8 9 4 .1 0
1 ,3 5 4 .4 4
2 7 ,5 5 2 .7 3
4 7 2 .1 2
2 6 ,8 4 9 .3 4
2 9 ,7 6 0 .2 8
2 ,2 5 0 .9 3
2 7 ,2 6 0 .5 8
5 5 0 .6 4
2 0 1 ,2 9 8 .5 6
1 0 ,9 4 2 .6 4
- 2 2 ,0 8 3 .5 5
A d v e r t i s i n g .........................
A c c r u a l A d ju s t m e n t ..
T o ta l A d v e r tis in g E x p e n s e .
IN S U R A N C E
D e p o s it o r y B o n d s .
E m p lo y e e s G r o u p .
B l a n k e t P o l i c y ................
M i s c e l l a n e o u s ___________
A c c r u a l A d ju s tm e n t- .
T o ta l In s u r a n c e E x p e n s e .
O P E R A T IO N
A l t e r a t i o n s & R e p a i r s ..............................
C l e a n i n g .................................................................
E l e c t r i c L a m p s & S u p p l i e s . ..............
E le c tr ic C u r r e n t , L ig h t & P o w e r .
H e a t ...........................................................................
R e n t ................................. -.......................................
C o m m e r c i a l O f f i c e B u i l d i n g ...............
R o c k y R i v e r P r o p e r t y . ...........................
S t . C l a i r - P a r k w o o d P r o p e r t y ............
B r o a d w a y - 7 0 t h P r o p e r t y .......................
S u p e r i o r - 8 0 t h P r o p e r t y ............................
L o r a i n - 1 1 7 t h P r o p e r t y .............................. .
M i l e s - 1 3 1 s t P r o p e r t y .................................. .
P e a r l R o a d P r o p e r t y ..................................
V c e l a P r o p e r t y ................................................
A c c r u a l A d j u s t m e n t - ................................ .
S a l a r i e s .................................. .
P e n s i o n F u n d .............. ..
A c c r u a l A d ju s tm e n t..
T o ta l..
O ffic e E q u i p m e n t . .
T a x e s ...................................
.
.
.
.
2 1 1 ,8 4 7 .1 8
8 ,3 1 6 .6 7
3 ,8 7 8 .2 7
2 ,2 3 0 .5 2
1 ,1 5 0 .1 5
3 ,5 3 4 .1 2
1 ,0 6 8 .4 3
9 3 6 .4 4
2 ,3 3 7 .6 8
5 7 5 .5 2
1 1 6 ,5 0 0 .0 0
4 ,5 3 4 .5 1
3 ,5 0 4 .6 9
1 ,1 6 0 .5 0
2 ,2 5 0 .1 9
1 ,0 1 9 .6 8
1 ,4 0 8 .6 1
2 ,3 1 1 .3 7
1 5 0 0 .0 0
- 5 ,8 6 6 .1 8
- 8 9 6 .4 9
+ 2 9 2 .1 5
- 7 8 .5 2
+ 1 0 ,5 4 8 .6 2
- 2 ,6 2 5 .9 7
- 6 5 6 .2 4
- 1 ,2 7 4 .1 7
- 1 0 .3 5
+ 1 ,2 8 3 .9 3
+ 4 8 .7 5
- 4 7 2 .1 7
+ 2 6 .3 1
+ 5 7 5 .5 2
- 1 6 ,0 0 0 .0 0
2 7 7 ,4 1 4 .1 6
3 1 4 ,6 0 2 .5 2
- 3 7 ,1 8 8 .3 6
1 ,6 4 2 ,3 1 4 .2 8
2 ,0 3 5 ,1 1 1 .5 3
7 8 ,1 1 0 .7 4
3 4 4 .0 4
- 3 9 2 , 7 9 7 . 25
- 5 3 ,3 2 2 .3 9
- 3 4 4 .0 4
1 ,6 6 7 ,1 0 2 .6 3
2 , 1 1 3 , 5 6 6 . 31
- 4 4 6 , 463. 68
3 ,9 6 9 .5 4
3 3 7 ,0 0 0 .0 0
3 4 ,8 4 1 .9 7
4 5 0 ,0 0 0 .0 0
- 3 0 ,8 7 2 .4 3
- 1 1 3 ,0 0 0 .0 0
2 4 ,7 8 8 .3 5
STOCK EXCHANGE PRACTICES
8299
Expenses, classified—Continued
Thisyear
Last year
In c re a s e ( + ) o r
D e cre ase ( — )
GENERAL EXPENSE
A
C
B
C
D
D
u t o m o b i l e M a i n t e n a n c e & U s e .......................
o l l e c t i o n & E x c h a n g e ___________________________
a n k A c c o u n t E x c h a n g e ..........................................
u s t o m e r s P r i n t i n g & S u p p l i e s ........................ .
i r e c t o r s & C o m m i t t e e m e n ’ s F e e s .................
u e s , D o n a t i o n s & A s s e s s m e n t s ...................... .
$ 6 ,1 6 1 .1 6
2 ,4 3 5 .9 5
7 1 0 .5 6
1 6 ,2 5 1 .0 9
1 5 ,2 5 0 .0 0
4 7 ,9 6 6 .4 2
E n t e r t a i n m e n t ................................................................... .
I n s u r a n c e o n S e c u r it y S h ip m e n t s & C tg e .
2 ,1 6 6 .9 4
1 1 ,1 0 0 .7 3
L e g a l S e r v i c e s ..................................................................... .
L i b r a r y & R e f e r e n c e B o o k s ....................................
M a i n t e n a n c e o f M e c h a n i c a l D e v i c e s .............
O t h e r R e a l E s t a t e ............................................................
O f f i c e P r i n t i n g & S u p p l i e s ..................................... .
P o s t a g e ...................................................................................... .
S u p p e r s & L u n c h e s ....................................................... .
S u n d r y S e r v i c e s & S u p p l i e s ...................................
C a r F a r e ....................................................................................
W a t e r & I c e .......................................................................... .
B u r g l a r A l a r m .................................................................... .
L u n c h R o o m __________________________________________
2 5 ,1 3 8 .4 6
6 ,1 9 3 .8 6
5 .7 8 2 .4 0
3 0 ,0 1 3 .0 3
2 8 .7 6 2 .5 0
3 2 ,1 6 1 .8 8
3 ,8 6 1 .2 0
4 3 .6 0 7 .5 0
1 ,6 7 9 .8 5
7 1 0 .9 8
$ 7 ,5 2 7 .1 1
1 , 5 5 7 . 15
2 ,7 3 6 .9 0
2 9, 2 7 6 .2 0
2 3 ,9 5 0 .0 0
6 6 ,1 4 6 .3 5
3 ,3 5 4 .9 8
1 1 ,1 9 5 .0 6
5 6 ,1 0 4 .8 6
8 ,2 0 0 .2 6
6 ,8 1 3 .0 7
” 3 5 ,8 9 7 .~ 9 5 *
3 3 ,8 7 9 .0 9
4 ,3 7 9 .8 0
3 0 ,9 5 2 .6 0
2 ,3 3 5 .8 6
8 1 1 .7 8
9 ,5 5 5 .9 4
1 7 1 .3 9
3 7 ,3 8 9 .2 1
1 8 ,9 7 8 .7 4
- $ 1 , 3 6 5 .9 5
+ 8 7 8 .8 0
— 2 ,0 2 6 .3 4
- 1 3 ,0 2 5 .1 1
— 8 ,7 0 0 . 0 0
- 1 8 ,1 7 9 .9 3
- 1 ,1 8 8 .0 4
- 9 4 .3 3
- 3 0 ,9 6 6 .4 0
- 2 ,0 0 6 .4 0
— 1 ,0 3 0 .6 7
+ 3 0 ,0 1 3 .0 3
- 7 ,1 3 5 .4 5
- 1 , 7 1 7 . 21
- 5 1 8 .6 0
+ 1 2 ,6 5 4 .9 0
- 6 5 6 .0 1
- 1 0 0 .8 0
T o i l e t S u p p l i e s ....................................................................
A c c r u a l A d j u s t m e n t - .................................................. .
9 ,5 6 4 .6 2
1 6 3 .1 2
3 4 ,7 0 9 .1 9
6 ,2 1 3 .0 7
3 .0 2 9 .4 1
i 7 0 0 .0 0
T o t a l G e n e r a l E x p e n s e .............................. .
3 3 2 ,9 3 3 .9 2
3 9 5 ,3 3 1 .5 3
- 6 2 ,3 9 7 .6 1
T o t a l E x p e n s e ..................................................... .
2 ,7 5 4 ,2 5 8 .0 4
i, 4 5 9 , 4 4 9 . 9 5
- 7 0 5 ,1 8 5 .9 1
T e l e p h o n e & T e l e g r a p h ..............................................
T r a v e l i n g ______ __________ __________ ____________________
3 ,4 1 7 ,2 3
7 0 0 .0 0
+ 8 .6 8
- 8 .2 7
- 2 ,6 8 0 .0 2
- 1 2 ,7 6 5 .6 7
- 3 8 7 .8 2
- 1 ,4 0 0 .0 0
^ D e f ic it.
D u e s , d o n a tio n s
A m e r ic a n
A c c e p ta n c e
A m e r ic a n
B a n k e r s
A m e r ic a n
In s t it u t e
A m e r ic a n
L a w
A m e r ic a n
L e g io n —
A p a r t m e n t
B a n k
B u ild e r s
C o u n c i l ____________________________________________________________________________
o f
B a n k in g —
E x p e n s e s ____________________________________________________
I n s t i t u t e ________________________________________________________________________________________
o f
E m p lo y m e n t
D a y
F u n d ____________________________________________________________
A s s o c i a t i o n ____________________________________________________________________________
R e s e rv e
A p p r a is e r s
B r o o k ly n
a s s e s s m e n ts
A s s o c i a t i o n ___________________________________________________________________________
H o u s e
A s s o c ia tio n
a n d
o f
C it y
B a n k e r s _______________________________________________________________
C l e v e l a n d ____________________________________________________________________________
O u t i n g ___________________________________________________________________________________________
E x c h a n g e __________________________________________________________________________________________________
C h a m b e r
o f
C o m m e r c e
C le v e la n d
A d v e r tis in g
C le v e la n d
A s s o c ia tio n
o f
th e
C lu b —
o f
U . S . A _______________________________________________________________
R .R .
C r e d it
B a r n e s ________________________________________________-
F .
H .
A .
$ 1 0 0 .
5 0 . 0 0
B i c k e l __________________________________________________________________________________
2 5 . 0 0
M c K e e ______________________________________________________________________________
8.
B e r g ,
C h a m b e r
P h illip
C a r lto n ,
C o o k ,
H .
C
A
A lle n
6 0 .0 0
6 0 . 0 0
___________________ _______________ __________________________________________
6 0 . 0 0
6 0 . 0 0
6 0 . 0 0
C l a y _______________________________________________________________________________
6 0 . 0 0
G r e e n ,
W
R
.
J .
R
A
K a u f m a n ,
M o n k s ,
____________________________________________________________________________
______________________________________________________________________________
_____________________________________________________ _______________ ___________
A .
H o u s e ,
C o m m e r c e :
__________________ ___________ ___________________________________________________
F r a s e r ,
H e r r ic k ,
B
o f
______________________________________________ __________________________ _________
L .
J ____________________________________________________________________________
T h o s .
E
__________________________________________________________________________
R id d le b e r g e r ,
F .
R o b in s o n ,
C ________________ __________________________________________________________
S h e n n o n ,
H .
E .
S h e p h e r d ,
S tu c k y ,
Y o u n g ,
A .
A .
F in a n c ia l
M
____________________________________________________________________
6 0 . 0 0
6 0 . 0 0
6 0 . 0 0
6 0 . 0 0
6 0 . 0 0
T _____________________ _____________ _________________ ________________________
6 0 .0 0
H .
I ____________________________________________________________________________
3 0 . 0 0
G
________________________________________________________________________________
6 0 . 0 0
F _________________________________________________________________________________
6 0 . 0 0
R e s e a r c h
C h e c k
1 5. 0 0
1 0 0 .
0 0
5 0 0 . 0 0
7 5 . 0 0
1 0.
0 0
5. 0 0
2 0 . 0 0
3 0 0 . 0 0
4 0 , 0 0
3 4
---------------C le v e la n d
1, 7 8 0 . 5 9
0 0
H e r r i c k ________________________________________________________________________________
H .
0 0
3 5 0 . 0 0
M e n :
D u e s _______________________________________________________________________________________________
C la y
$ 1 0 0 .
n o t
u s e d
in
1 9 3 2 _____________________
5 0 0 .
0 0
183# 3 4
8300
STOCK EXCHANGE PRACTICES
D u e s ,
C le v e la n d
C h a m b e r
a n d
C o m m e r c e —
a s s e s s m e n ts —
C o n tin u e d
C o n t in u e d .
B o a r d _________________________________________________________
$ 2 5 .
0 0
C o m p a n y ____________________________________________________________
15.
00
B o a r d _____________________________________________________________________
3 0 0 .
0 0
R e t a il
M e r c h a n ts
C r e d it
M e n s
C o n v e n tio n
d o n a tio n s
o f
---------------C le v e la n d
C le a r in g
H o u s e
A s s e s s m e n t
fo r
C le a r in g
A s s e s s m e n t
fo r
E x a m i n a t i o n __________________________________________________ 8 , 3 1 5 .
C le a r in g
B a n k
H o u s e
A u d it o r s
B e tte r
L a n d
2 7
7 8
866.
5 5
B u r e a u ___________________________________________________________
T r u s t s _________________________________________________________
C le v e la n d
H e ig h t s
C le v e la n d
R e a l
L .
----------------
1 3 , 7 1 6 . 4 9
F u n d _______________________________________________________________________________
1 7 , 0 0 0 . 0 0
12.
C l u b ______________________________________________________________________
K iw a n is
E s ta te
1, 0 1 8 . 5 7
1 5. 0 0
R o b e r t s ______________________________________________________________________________
7. 5 0
----------------
C o u n t y
C o n s titu tio n a l
D e p a r t m e n t
o f
B a n k s
a n d
-
7 ,
E x e m p tio n
E x c h a n g e
F lo r M
1 0 0 . 0 0
B a n k in g :
M a i n t e n a n c e ________________________________________________________________________________
V illa g e
2 2 . 5 0
A m e n d m e n t _____________________________ ___________________________________
E x a m i n a t i o n ________________________________________________________________________________
D o v e r
7 1 2 . 5 0
6,
4 7 5 . 7 3
1 8 8 . 2 3
c e l e b r a t i o n _____________________________________________________________________________________
fr o m
C lu b
J u r y
o f
D
E a s t
5. 0 0
u t y ________________________________________________________________________________
3 5 5 . 0 0
8.
C l e v e l a n d ____________________________________________________________________
O f f e r i n g s I ______________________________________________________________________________________________________
H o ly
T r in it y
A v o n ____________________________________________________________________________
2 . 0 0
1 5 0 . 0 0
J e w is h
S e m i n a r y ______________________________________________________________________________________________________
2 5 . 0 0
B a n k e r s
L a k e w o o d
C h a m b e r
L a k e w o o d
K iw a n is
L o y a l
O r d e r
M e m o r ia l
o f
C o m m e r c e ____________________________________________________________________
2 5 . 0 0
C l u b ______________________________________________________________________________________
2 0 . 0 0
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1 0 0 . 0 0
M o o s e
R e s o lu tio n s :
R a lp h
H .
o f
o f
I .
L .
F u l l e r _________________________ _____________________________________________________ $ 6 5 .
S h e p h e r d _________________________________________________________________________________
0 0
7 0 . 0 0
------------
N a t io n a l
A s s o c ia tio n
o f
N a t io n a l
A s s o c ia tio n
O w n e r s
Y o r k
S a fe
N e w
Y o r k
S t o c k 'T r a n s f e r
B a n k e r s
D e p o s it
C r e d it
N e w
O h io
M
o f
N a t ’l
1 3 5 .0 0
e n ________________________________________________________________
0
S e c u r i t i e s __________________________________
1 7 8 . 0 8
R a ilr o a d
A s s o c i a t i o n ________________________________________________________________
1 0. 0 0
A s s o c i a t i o n ____________________________________________________________
5 0 . 0 0
A s s o c ia tio n :
D u e s __________________________________________________________________________________________________
B a n k
T a x
S u i t ___________________________________________________________________
5 9 2 . 0 0
2 5 0 . 0 0
■
-------------
O h io
C h a m b e r
O h io
M
P e a r l
R o a d —
R o t a r y
C lu b
D e p o s it
C a s im ir s
S tr e e t
A d v is o r y
id e n in g
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00
0 0 0 . 0 0
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5 . 0 0
1 8 0 . 0 0
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5 0 . 0 0
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o f
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C h u r c h _______________________________________________________________________________________________
e n ’s
U n d e r w r ite r s
a n d
P a r k
W
C o u n c i l ____________________________________________________________________
2 5 0 .
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M
W e s t
C a r
o f
8 4 2 . 0 0
C o m m e r c e _______________________________________________________________________________
S tr e e t
M o r r is
S t.
o f
u n ic ip a l
R o b e r t
S a fe
0 0
6 7 9 .7 7
A s s o c i a t i o n _______________________________________________________________________
In v e s t m e n t
C h u r c h
5 0
B o a r d :
R i c h a r d s _____________________________________________________________________________
R .
0 0
8 2.
B u s in e s s
7 1 0 . 0 0
3 2
3 , 2 3 3 .
C o m m u n it y
T .
2 0 0 .
e x p e n s e s _________________________________________________________
C le v e la n d
J .
P r i v i l e g e s ______________________________________
A s s o c i a t i o n _____________________________________________________
In v e s tm e n t
$ 1 ,
A s s o c ia tio n :
2 0 . 0 0
5 . 0 0
U n i o n _______________________________________________________________________________________
1 0. 0 0
T r u s t
2 0. 0 0
O f f ic e r s
C lu b
o f
C l e v e l a n d ___________________________________
C l u b _____________________________________________________________________________________
2 0 . 0 0
G i f t s ________________________________________________________________________________________
2 2 3 . 5 6
C i g a r s _________________________________________________________________________________________________________________
2 6 0 . 3 6
M
1 09 . 0 0
S u n d r y
K iw a n is
C h r is tm a s
a ilm e n
a n d
Total.
P o l i c e m e n ______________________________________________________________________________
47, 966. 42
STOCK EXCHANGE PRACTICES
D u e s ,
d o n a tio n s
a n d
a s s e s s m e n ts —
8301
C o n t in u e d
D IS T R IB U T IO N
B a n k i n g ____________________________________________________________________________________________________________________ $ 3 0 , 6 7 1 .
T r u s t __________________________________________________________________________________________________________________________
S a fe
3 0
5 ,5 4 8 .7 4
d e p o s i t _____________________________________________________________________________________________________________
2 4 4 . 71
B o n d __________________________________________________________________________________________________________________________
1, 7 8 7 . 21
A r l i n g t o n - E d d y ______________________________________________________________________________________________________
4 1 9 .
5 8
C o m m e r c i a l _____________________________________________________________________________________________________________
6 3 3 .
86
C o v e n t r y __________________________________________________________________________________________________________________
8 0 9 .
2 6
E u c l i d - 4 6 t h __________ _________________ _____________________________________________________ __________________________
8 3 1 .
5 6
E u c l i d - 1 0 5 t h _ _ ________________________________ ___________J ____________________ ___________________________________
9 2 3 .8 2
E u c l i d - S u p e r i o r _____________________________________________________________________________________________________
2 6 6 .
3 4
L a k e w o o d _________________________________________________________________________________________________________________
9 4 5 .
8 0
L o r a i n - 1 1 7 t h __________________________________________________________________________________________________________
2 8 8 .
5 4
M i l e s - 1 3 1 s t ___________________________________ _____________ ____________________________________________ _____________ __
2 9 7 .
3 9
P e a r l
2 3 0 .
5 6
R o a d ______________________________________________________________________________________________________________
R o c k y
R i v e r ___________________________________________________________________________________________________________
S h a k e r
S q u a r e ________________________________________________________________________________________________________
4 2 9 .
C l a i r - P a r k w o o d ______________________________________________________________________________________________
4 5 4 .
3 8
S u p e r i o r - 8 0 t h _________________________________________________________________________________________________________
3 1 9 .
7 3
V c e l a ________________ _______________ _________________________________________________________________________________________
9 8 5 .
7 4
W
a s h i n g t o n _____________________________________________________________________________________________________________
8 5 7 .
66
W o o d l a n d - 3 1 s t ______________________________________________________________________________________________________
3 8 7 .
1 2
666.
4 2
S t.
6 3 3 . 5 2
4 7 ,
O f f ic e
1
B u r r o u g h s
A d d in g
5
B u r r o u g h s
B o o k k e e p in g
3
B u r r o u g h s
C le a r a n c e
8 3
Y d s .
1 0
2
C a r p e t
a n d
M
e q u ip m e n t
a c c o u n t
a c h i n e ____________________________________________________________________________
$ 7 5 .
M a c h i n e s ________________________________________________________________
C h e c k
L e s s :
W
M a c h i n e s ______________________________________________________________________
A llo w a n c e
fo r
o ld
m a c h i n e s _____________________________________
2 0 4 . 2 3
2 0 5 .
1 4 5 . 0 0
5
D e s k s _______________________________________________________________________________________________________________________
1
F e r n
1
S t a n d _____________________________________________________________________________________________________________
P ie c e s
L a m
F ilin g
P o s ta l
1
D ic ta p h o n e
5 5 4 .
8 5
4 1 . 2 5
S c a l e s __________________________________________________________________________________________________________
7 0 . 0 0
2. 0 0
T a b l e s ______________________________________________________________________________________________________________________
7 5. 0 0
T y p e w r i t e r s ______ ____________________________________________________________________________
L e s s :
A l l o w a n c e s _________________________________________________________________
1,
1 5 8 . 7 7
1 78 . 3 0
------------------
7
5 0
5 5
S t a n d _______________________________________________________________________________________________
1 3
1
7 7 .
2 5 3 .
1 5. 0 0
e n t ________________________________________________________________________________
p ________________________________________________________________________________________________________________________
2
2
E q u ip m
6 3
5 0
--------------
1 2
00
4 8 2 .
l i n i n g ____________________________________________________________________________________
r i t e r s _________________________________________________________________________ $ 2 2 2 .
0 0
6 5 0 . 0 0
C h a i r s ______________________________________________________________________________________________________ _____________
T o d d
6 0
B r o n z e
P ie c e s
9 8 0 .
T r a y __________________________________________________________________________________________________________
V a l a n c e ______________________________________________________________________________________________________
2
V e n e tia n
1
F r ig id a ir e
1
W
a ln u t
P r o c e e d s
a te r
W a s te
fr o m
3 7 . 9 0
C o o l e r ____________________________________________________________________________________
2 0 5 . 0 0
B a s k e t ________________________________________________________________________________________
s a le
o f
86
5 5 .
B l i n d s ____________________________________________________________________________________________________
W
4 7
1. 8 0
12.
13
e q u i p m e n t _______________________________________________________________________
5 0
0 .
3 , 9 6 9 .
0 0
5 4
d is t r ib u t io n
B a n k i n g ______________________________________________________________________________________________________________________ $ 2 , 4 7 4 .
T r u s t __________________________________ _________________________________________________________________________________________
B o n d __________________________________ _ ________________________________________________________________________________________
S a fe
9 9
7 7 9 .
4 2
3 9 . 0 2
D e p o s i t _____________ . _______________________________________________________________________________________________
2 8 .
C o v e n t r y ____________________________________________________________________________________________________________________
9 8
3 5 . 0 0
1
E u c lid ,
4 6 t h _______________________________________________________________________________________________________________
E u c lid ,
1 0 5 t h ____________________________________________________________________________________________________________
1 9 0 .
5 8 4 . 5 0
2 7
E u c lid ,
S u p e r i o r _______________________________________________________________________________________________________
5 0 . 0 0
L a k e w o o d ___________________________________________________________________________________________________________________
6 9 . 5 2
C l a i r - P a r k w o o d _________________________________________________________________________________________________
5 5 .
86
V c e l a ______________________________ ________________________ ___________ _____________ _____________________________________________
4 2 .
5 2
S t .
3, 969. 54
*Deficit.
8302
STOCK EXCHANGE PBACTICES
S u n d r y
A p p r a is a ls
c h e c k e d
re
s e r v ic e s
B o a r d
o f
a n d
s u p p lie s ,
y e a r
1 9 3 2
E d u c a tio n :
E a s t
C l e v e l a n d ______________________________________________________________________________________________
C it y
o f
S e r v ic e s
A p p r a is a ls
o f
o f
B a n k e r s
B a n k
H a r v e y
c h e c k e d
M e a c h a m
C it y
B in g h a m
P u b lic
C o m p a n y ,
W
illia m s
f u n d s ____________________________________________________________
C u s to d ia n
a n d
o f
S e c u r i t i e s ____________________________________
B ir t h d a y
B o n d s _____________________________________________________________________________________________________
B le e k e r ,
R .
B o n d
re
P r in c e
a n d
B o n d
re
C .
E n s ig n
B y
S e r v i c e s ______________________________________________________________________________________
H .,
P r o d u c ts
C o a l
C is c o
T a x
2 0. 0 0
4 2 .
3 , 0 0 0 .
0 0
1 0 0 .
3 7
n o t e ______________________________________________________________________________
W
.
P .
S o u th a r d
10. 0 0
2 9 .
8 0
4 2 .
5 0
C a r d s ____________________________________________________________________________________________
3 3 7 .
68
T e x .,
4 4 0 .
0 0
A s s e s s m e n t
o n
B o n d s __________________________________________________
S e r v i c e __________________________________________________________________________________________________________
C o lle c tio n
1 8. 0 0
F e e s _______________________________________________________________________________________________________
C o m m is s io n
o n
le a s e
to
A .
&
P .
S to r e ,
W
o o d la n d
5 9 2 .
3 1 s t __________________________
4 8 .
c o s t s ______________________________________________________________________________________________________________
C o m p r o m is e
s ta m p s
s e ttle m e n t
o n
D e te c tiv e
fo r fa ilu r e
to
a t t a c h
a n d
c a n c e l d o c u m e n ta r y
10. 00
d e e d s ________________________________________________________________________________________________
S u p p l i e s _____________________________________________________________________________________________
E d u c a t io n a l
8 3 .
2 9
1 7 0 .
8 4
S e r v i c e ________________________________________________________________________________
2 0 0 .
0 0
F ilin g
fe e ,
S ta te
o f
I l l i n o i s _________________________________________________________________________________
1
4 4 .
0 0
F ilin g
fe e ,
S ta te
o f
W e s t
V i r g i n i a ___________________________________________________________________
1 0 0 .
0 0
F l a g s __________________________________________________________________________________________________________________________
3 0 .
1 5
4 3 3 .
2 0
u p k e e p ____________________________________________________________________________
2 1 4 .
9 4
S u p p l i e s ___________________________________________________________________________________________
4 8 4 .
2 7
F lo w e r s
G u a r d s
fo r
T h r ift
0 0
1 7 9 . 3 8
S e r v i c e __________________________________________________________________________________________________
D is p e n s a r y
2 0
3 6 . 0 0
C o p y r i g h t s _______________________________________________________________________________________________________________
C o u r t
8 0
2. 0 0
h i t l e y _____________________________________________________________________________
C o .,
5 0
1, 0 0 0 . 0 0
e x p e n s e s _____________________________________
C o u n t y ,
C lo c k
W
2 5 . 0 0
2 , 6 2 9 .
G u a r d i a n ___________________________________________________________________________________
A d d re s s ,
C h e c k in g
6 0
C o m p a n y __________________________________________________________
T i c k e t s ____________________________________________________________________________________________________
V .,
0 0
2 4 5 .
P a i n t i n g s _____________________________________________________________________________
C le v e la n d :
L is t in g ,
0 0
2 0 5 .
re :
O il
T r u s t
___________________________________________________________________
B a s e b a ll
C a b le
S 2 0 0 .
C l e v e l a n d _________________________________________________________________________________________
l o b b y __________________________________________________________________________________________________
u n ifo r m s
G y m n a s iu m
H a n d w r it in g
H a u lin g
S e r v ic e s ,
A s h e s
In c o m e
a n d
T a x
a n d
E .
O .
F .
In s u r a n c e
S .
P r e m iu m ,
B o r to n
In v e s tig a tio n
R e p o r ts
J u d ic ia l
C e r tific a te ,
D e v e lo p m e n t
L e tte r in g
L ic e n s e
L o c k s
S ig n s
to
&
a n d
M o r tg a g e
C r a n e ____________________________________________________________________
&
B o r t o n _________________________________________________________
D e b t o r s __________________________________________________________________
H o t e l
H o l l e n d e n _________________________________________________
N a m e
6,
0 0
1 0.
0 0
1 5.
88
0 0 7 .
9 7
1 0.
6 5
1 5 0 .
0 0
e x p e n s e ________________________________________
3 , 9 6 0 .
0 0
P l a t e s ___________________________________________________________________
5 8 3 .
66
2 7.
6 0
R e a liz a tio n
filin g
C o .,
fe e s ,
e t c ________________________________________________________
D e p a r t m e n t _________________________________________________________________________
6 7 4 . 7 0
D e p a r t m e n t s _____________________________________________________________________________________
8 9 . 7 5
L o a n
e x p e n s e :
i s c __________________________________________________________________________________________________________________
R e
3 7 .
K e y s :
D e p o s it
O th e r
M
o n
s e ll s e c u r itie s ,
a n d
S a fe
2 5 . 0 0
1 9 2 9 ________________________________________________________________________________
P r e m iu m ,
S a le s
N o t e s _________________________________________________
R u b b i s h _____________________________________________________________________________
P e titio n ,
In s u r a n c e
L a n d
L a u b e r
s a le
to
In s u r a n c e
C o m p a n i e s ____________________________________________________________
4 2 9 .
1 0, 7 7 0 .
02
2 7
N o ta r y
F e e s ____________________________________________________________________________________________________________
1 1.
10
N o ta r y
P u b lic
1 2.
0 0
3 3 .
9 5
O s tr o m ,
G .
W
P h y s ic ia n ’s
P ic tu r e s
P o s t
R e c o r d e r ’s
.,
S m it h
a n d
F ilin g
C o .
S te n o g r a p h ic
S to r a g e
W
o f
.
13.
0 5
1 0. 7 5
2 0 3 .
1 3
R e t u r n ____________________________
68.
9 8
L a k e w o o d _______________________________________________________________
1, 5 7 9 .
1 8
d e p o s i t i o n s _______________________________________________________________________________
1 00 .
7 0
0 0
M
.,
F e e s ________________________________________________________________________________
1 0 1 . 0 0
re
E x p e n s e ,
P e r s o n a l
In c o m e
T a x
S e r v ic e s :
C le v e la n d
H .
f o r g e r y _________________________________________________________________
R e n t ___________________________________________________________________________________________
F .
S a v in g s
C o a l
re
f r a m e s ______________________________________________________________________________________________
B o x
R id d le b e r g e r ,
S c h o o l
e x p e n s e
S e r v i c e s _____________________________________________________________________________________________
a n d
O ffic e
B o n d s ___________________________________________________________________________________________
T a x ______________________________________________________
10.
H e n n i n g e r _________________________________________________________________________________________
N a t ’l.
2 4.
7 3
R e c o r d s _______________________________________________________________________________________________
6 4 7 .
9 4
1 Deficit.
B a n k
In c o m e
STOCK EXCHANGE PEACTICES
S u n d r y
T a x ic a b
a n d
s u p p lie s ,
y e a r
1 9 3 2 —
C o n tin u e d
$ 1 2 .
S e r v i c e s ___________________________________________________________________________________________________
T e n e m e n t
T r a n s fe r
T r a n s
s e r v ic e
8303
T a x
o n
A t la n t ic
3 6 9 .
S t o c k s ______________________________________________________________________________________
P a s s e n g e r
4 0
1. 0 0
L i c e n s e ________________________________________________________________________________________________
3 3
3 5 . 0 0
A g e n c y ___________________________________________________________________
T r a n s l a t i o n s ____________________________________________________________________________________________________________
1. 0 5
T r a v e le r s ’
C o m m i s s i o n _______________________________________________________________________
6.
M i s c ____________________________________________________________________________________
£ 3 3 2 .
4 8
f e e ______________________________________________________
3, 3 2 0 .
0 0
p a p e r s ________________________________________________________________________________
3 4 2 .
81
T r u s t
C h e c k s ,
D e p a r tm e n t,
V a lu a tio n
W
a n t
W
a te r
S e r v ic e
A d s
in
C o .,
D a ily
M a n a g e m e n t
12. 5 2
R e n t _____________________________________________________________________________________________________________
A c c o u n ts
R e c e iv a b le
K o b lit z
in
re
u n c o lle c te d :
P lu m b in g
T r a v e lin g
a n d
a n d
o th e r
F e d e r a l T a x
O h io
H e a tin g
e x p e n s e s
&
B a n k e r s
K .
G r e n n a n
C o _________________________________
o f
le g is la tio n
A s s n .
L .
6 2
F .
M
.
$1, 576. 44
R id d le b e r g e r
fo r A m e r ic a n
B a n k e r s :
A s s n ______________________________________
T r u s t __________________________________________________
M i s c e l l a n e o u s ________________________________________________________________
717. 08
98
87. 96
3 2 2 .
2 , 7 0 4 .
4 6
4 3 , 6 3 2 . 2 0
D IST R IB U T IO N
B a n k i n g ____________________________________________________________________________________________________________________
3 6 , 2 6 6 . 0 9
T r u s t _________________________________________________________________________________________________________________________
S a fe
3 , 7 6 2 .
D e p o s i t ___________________________________________________________________________________________________________
12
2 9 6 . 3 9
B o n d __________________________________________________________________________________________________________________________
5 5 .
86
A r l i n g t o n - E d d y _____________________________________________________________________________________________________
3 6 .
5 4
C o m m e r c i a l ____________________________________________________________________________________________________________
66.
3 0
C o v e n t r y _________________________________________________________________________________________________________________
5 8 .
3 8
E u c l i d - 4 6 t h _____________________________________________________________________________________________________________
E u c l i d - 1 0 5 t h ................................................................. _ _ _ ......................................................................... ...................................
E u c l i d - S u p e r i o -______________________________________________________________________________________________________
1,
L a k e w o o d ________________________________________________________________________________________________________________
7 6 .
8 5
2 6 7 .
5 0
4 0 .
9 0
7 3 5 .
41
L o r a i n - 1 1 7 t h ___________________________________________________________________________________________________________
2 6 .
6 5
M i l e s - 1 3 1 s t ______________________________________________________________________________________________________________
4 2 . 0 0
P e a r l
R o a d ______________________________________________________________________________________________________________
5 6 .
8 3
R o c k y
R i v e r ___________________________________________________________________________________________________________
2 4 9 .
16
S h a k e r
S q u a r e ________________________________________________________________________________________________________
S t.
8 4 . 3 2
C l a i r - P a r k w o o d ______________________________________________________________________________________________
S u p e r i o r - 8 0 t h _________________________________________________________________________________________________________
3 3 .
5 3
3 4 .
8 5
V c e l a _______________________________________________________________ _________________________________________________________
1 83 . 6 5
W
a s h i n g t o n ____________________________________________________________________________________________________________
150.
5 2
W o o d l a n d - 3 1 s t _______________________________________________________________________________________________________
1 08 .
3 5
T o t a l , __________ ________________________________________________________________________________________________
T r a v e lin g
A m e r ic a n
C a lif .,
A d k in s ,
A v e r s ,
In s t it u t e
L .
W
H .
A .
*o f
B a n k in g
y e a r
1 9 3 2
L o s
A n g e le s ,
i l s o n ____________________________________________________________________________________________________
O .,
In d ia n a p o lis ,
I n d .,
V a n
C a m p
P r o d u c t s _____________________________
A k r o n - Y o u n g s to w n ,
O h io ,
C a n to n ,
O h io ,
D e t r o it,
M ic h .,
Y o r k ,
C la r k
G r o u p
S t a n d a r d
O h io
U n it e d
S l a g _________________________________________
C u lt iv a t o r
M
e ta l
C o _________________________________________
P r o d u c ts
$ 1 5 .
0 0
2 3 .
4 6
2 4 9 .
5 6
4 5
12. 4 9
C o ____________________________
1 2.
5 0
C o r p ’ n _____________________
4 3 .
9 3
C o ______________________________________________________________
1 2 5 .
6 3
R u b b e r __________________________________________________________________
66.
8 9
In d u s tr ia l
B r o w n h o is t
N .Y .:
C o n tr o lle r
S e ib e r K n g
M e e tin g s ,
C a d iz ,
M a n s fie ld ,
C h illic o th e ,
W a r r e n ,
O h i o ________________________________________________________________________________________________
1 2 3 . 9 3
--------------
B e r g ,
$ 4 0 0 .
P .:
B e lle v u e ,
N e w
e x p e n se ,
C o n v e n tio n ,
4 3 ,6 3 2 .2 0
P h illip
C .:
C o lu m b u s ,
O .
B .
J a r n s
M
.
O h io :
A .
M e e t i n g ___________________________________________________________________
3 3 . 2 5
F u n e r a l __________________________________________________________________________
2 8 . 3 3
G ir n o
F u n e r a l __________________________________________________________________
13. 8 3
8304
STOCK EXCHANGE PEACTICES
T r a v e lin g
B e r g ,
P h illip
C .—
e x p e n s e ,
y e a r
1 9 3 2 —
C o n t in u e d
C o n t in u e d .
P h ila d e lp h ia ,
P a .,
S ta te
B a n k
C o m m is s io n e r s ’
C o n v e n
t i o n _____________________ ____________________________________________________________________________
P itts b u r g h ,
T o le d o ,
P a .,
O h io ,
S ta te
C o m m e r c ia l
Y o u n g s to w n ,
B a n k
P e n n a
O h io ,
S o lic ita tio n s
C it y
a n d
$ 8 7 .0 3
B a n k e r s ____________________________________
4 0 .
B a n k ______________________________________________
T r u s t
&
G r o u p
S a v in g s
7 9
1 1 . 6 2
B a n k _________________
2 3 . 6 9
M e e t i n g s ________________________________
1 6 7 . 4 2
$ 4 0 5 . 9 6
B ic k e l,
F .
A .,
B in g h a m ,
B o n d
A k r o n ,
R .
F .,
O h io ,
C e d a r
In d ia
P o in t,
T ir e
B a r
C o m
p a n y __________________________________________
1 2. 8 5
A s s o c i a t i o n ______________________________________________
1 8.
10
S a le s m e n :
H o y t ,
G .
K a s e ,
B ................................................................... .....................................................................................
2 1 .2 7
J _______________________________________________________________________________________________
2 5 . 7 7
K n o w le s ,
W
M e a la n d ,
.
M o r r o w ,
T .
S ih le r ,
P .
S m it h ,
E .
A
B .
________________________________________________________________________________
4 . 0 4
6.
J __________________________________________________________________________________
D
__________________________________________________________________________________
10.
______________________________________________________________________________________
B .
P
6 0
2 7 . 0 0
_______________________________________________________________________________________
H
T h o m p s o n ,
W e s t,
C
A .
0 4
2 . 4 5
_____________________________________________________________________________
F ________________________________________________________________________________________
2 5 3 .
2 0
6.
7 0
'
3 4 4 . 0 3
B r o w n ,
D a le ,
C h ic a g o ,
B r u g g e m e ie r ,
C .
Y o r k ,
G e o .
E n o s
4 2 .
4 0
1 1 6 .
0 5
1, 2 8 9 .
5 6
7 5 .
7 4
2 1 6 .
66
7 0 9 .
86
7 4 .
5 7
l o a n ____________________________________________________
F .:
B a r tle s v ille ,
N e w
1 1 1 .,
O k la .,
E m p ir e
E m p ir e
O il
&
O il
&
R e fin in g
C o _____________________
C o ___________________________________
R e fin in g
1
2 8 0 . 7 7
1 6 4 . 7 2
1
C o o k ,
A lla n
N e w
S a n
Y o r k ,
W
m .
P .,
T r u s t
C o n f e r e n c e _____________________ 3 5 1 . 0 7
C o n v e n t i o n _____________________________ ____ 5 6 1 .
N e w a r k ,
W
is .,
M id - W in te r
T r u s t
C o n fe r-
.........................
N .Y .,
C a n s o n
N .Y .,
N .J .,
V a n
P r o p e r t y ___________________________________________
C a m p
S w in e h a r t
A s s o c i a t e s ________________________________
T ir e
&
R u b b e r
C o _______________________
M
ic h .,
B u r r o u g h s ,
T iin k e n - G e n ’l
U n iv e r s a l
M o to r s ,
C r e d it ,
D e t r o it
F o r d
B a n k s
F a lls ,
P h ila d e lp h ia ,
P itts b u r g h ,
O n t.,
P e n n a
P a .,
S ta te
W
C a n to n ,
H a r v e y
S u n
K re s g e ,
T o le d o ,
C o ____________________________________________________
A .
&
P .,
G u lf
O i l ______________________________________
B a n k s _______________________________________________________________
4 3 5 .
61
2 9 . 6 0
4 7 .
2 3
1 1 9 .
7 5
D .C .,
W
h ite la w
3 2. 0 1
l o a n ______________________________ 4 5 .
66
B a n k _______________________________________
8.
R e t u r n s ____________________________________________________________________________
2 2.
3 0
19.
0 5
G e o .
D .
H a r te r
M e e t i n g s ____________________________________________________________________
9 6
O h io :
C o m m e r c ia l
B f i n k __________________________________________________________________
M a n u fa c tu r e r s ’
J .
O a k e s _________________________________________
O h io :
O .B .A .
N e w
O il
a s h in g to n ,
O h io ,
T a x
H o u s e ,
6 2 . 9 6
R .:
C o lu m b u s ,
H e r r ic k ,
9 6
P a .:
W e s tin g h o u s e ,
.
7 4
68.
( V a r io u s
t r i p s ) _______________________________________________________________________________________________
N ia g a r a
W
8 4 .
R .:
D e t r o it,
G r e e n ,
1 3
S o l i c i t a t i o n s _______________________________________________ ____ 3 7 7 . 3 6
M ilw a u k e e ,
Y o r k ,
A .
a n d
in te r
A .B .A .
C ." :
C h a t h a m ,
N e w
M id - W
C a lif .,
B u s in e s s
E d m o n d s ’ ’ T "
F r a s e r ,
N .Y ,
F r a n c is c o ,
B a n k
D a v is .
B .:
C la y ,
N ia g a r a
D i n n e r ________________________________________________________
F a lls ,
N .Y .,
R o b ’t .
M o r r is
1 1. 9 8
1 2.
2 8
3 8 . 4 6
A s s o c ia te s -
A .:
Y o r k ,
N .Y .,
P h ila d e lp h ia ,
B a n k
C le v e la n d
B u s i n e s s ______________________________________________
a n d
L a k e
E r ie
R
. R
_____________________
2 7 .
5 0
88.
5 0
116. 00
‘ Deficit.
STOCK EXCHANGE PRACTICES
8305
Traveling expense, year 1932—Continued
K a u f m a n ,
L .
J .:
C h ic a g o ,
1 1 1 .,
P it t s b u r g h ,
L e e ,
R o b e r t
R .
D o n n e lly
P e n n a .
&
S o n s ______________________________________
B a n k e r s ’
A s s n __________________________________
$ 4 9 .
1 8
2 0 .
6 2
$ 6 9 .
8 0
4 3 5 .
2 7
8.
3 5
C .:
C h ic a g o ,
1 1 1 .,
C o r p .,
C r e n n a n - In d ia n a
E lm o r e
C in c in n a t i,
D a y t o n ,
O h io
Y o r k ,
&
J o h n
V a n
C h ic a g o ,
I n d .,
7 0 0 . 0 0
C o _________________________________________________
O h m e r
In d ia n a
P r o p e r tie s
R e f u n d
o n
F r a n k lin
F a r e
R e g is te r
7 4.
0 0
C o __________
1 0 6 . 0 0
L i m e s t o n e ___________________________________
3 5 . 0 0
&
C o _____________________________________________________________
a b o v e
M fg .
V a n
P itts b u r g h
S y ra c u s e ,
F e r t ilu v ia
N .Y .:
R e t a il
J o h n
L im e s to n e
T r u s t _________________________________________________________________
O h io ,
In d ia n a p o lis ,
N e w
R .
P a .,
1 9 3 1 - 3 2 __________________________________________________
1
C o __________________________________________________________________
O h io ,
G e a r s
a n d
F o r g in g s ,
In c
0 0
5 3 3 .
9 6
6 1. 4 0
C o m p a n y ______________________________________________________________
D a y t o n ,
3 5 0 .
7 6. 0 0
- -
5 8. 0 0
N .Y .:
F r a n k lin
M
R e f u n d
o to r
o n
C a r
C o ______________________________________________________
a b o v e ___________________________________________________________________
9 2. 0 0
1
3 8 5 .
7 0
4 7
R e fu n d :
L u t h i,
J .
L im e s to n e
C o _________________________________________________________ 1 1 4 2 .
D e tr o it,
C le v e la n d
W a r e h o u s e _________________________________________
J .,
M e g e r th ,
M o n k s ,
In d ia n a
Y o u n g s to w n ,
C .
B .,
T h o s .
E m p ir e
F ir s t
a n d
B a n k ,
R e f u n d
H o m e
o n
B a n k e r s
M
.,
K .,
R id d le b e r g e r ,
A k r o n ,
H a r t v ille ,
a r r e n ,
a s h in g to n ,
O h io ,
H .
3 7 4 . 3 2
1
2 8 9 .
11
3 1 2 .
4 3
2 4 0 . 91
O h io ,
B e rg ,
S ih le r ,
G r e e n ,
F a lls ,
N .Y .,
In d .,
R o b ’t
V a n
M o r r is
C a m p
3 4 3 .
3 7
1 6 7 .
9 4
K a u f m a n ,
W e b e r _______________________________________________________________________________
T a x
Ir w in
A s s o c i a t e s __________
P r o d u c t s ________________________
T r u s t ______________________________________________________
3 1 . 9 2
8 9 .
86
1 7 1 .
86
5 5 6 .
3 1
$ 4 . 4 0
m a t t e r s ______________________________________________________
4 3 .
15
T r u s t _________________________________________________________
1 0.
2 4
7.
5 6
1 06 .
51
K in s m a n
D .C .,
T r u s t ____________________________________________________
C le v e la n d
N a t io n a l
B a n k ________________________
C .:
M ic h .,
T im k e n ,
F o r d ,
G e n e r a l
M o t o r s ____________________
3 1 . 2 5
Y o r k :
T r u s t
C o .
H .
D o h e r ty
L .
d in n e r ,
H ig b e e ,
C itie s
E m p ir e
O il
V a n
C a m p
W a s h in g to n ,
S e n a te
R e fu n d ,
E .
C h ic a g o ,
I n s ______________________________________
1 0 0 .
2 5
C o ____________________________________________________________________
M e tr o
4 3 .
5 0
e t r o _____________________________________________
7 2 .
5 0
C o ____________________________________________________
7 6.
6 7
C o r p ’ n ___________________________________________________________________
6 1 .
5 0
5 9.
21
&
S e r v ic e ,
R e fin in g
M
L ife
D .C .:
C o m m i t t e e s _________________________________________________________________
R .F .C .,
S h a n n o n ,
1
S a v i n g s ___________________________________________
A k r o n ,
L itc h fie ld
O h io ,
W
N e w
P o s ta l
N ia g a r a
O h io ,
W
6 5 . 9 9
M .:
O h io ,
D e tr o it,
7 3 . 4 2
3 8 7 . 4 7
B i l l _________________________________________________________
In d ia n a p o lis ,
F .
C o lu m b u s ,
R o b in s o n ,
D .C .,
F r a s e r ,
A .
F a l l s _______________________________________
m a t t e r s _____________________________________________
a b o v e ___________________________________________________________________
C o n v e n tio n ,
M ills ,
F .
C o _____________________________________________________
Y o r k :
B a n k
o n
a s h in g to n ,
P ic k e r in g ,
B a n k _________________________________
a b o v e ___________________________________________________________________
L o a n
R e f u n d
B r e w ,
R e fin in g
N e w to n
L e g is la tiv e
W a s h in g to n - N e w
P e n h a llo w ,
&
N a t io n a l
O h io :
S ta te
T a x
O h io
O il
F ir s t
5 5 . 0 0
E .:
C o lu m b u s ,
W
O h io ,
1
N e w e ll,
B o a r d
o f
F l e m i n g _______________________________________________________
E d u c a tio n
e x p e n s e _______________________________________
1 2 5 . 9 3
1
14.
5 0
T .:
R .
R .
P h ila d e lp h ia ,
D o n n e lly
P a .,
P e n n a
&
S o n s
R .R .,
C o _________________________________________
L e h ig h
P o r t la n d
C o ___________________________________ ______________________ ____________________________________________
i Deficit.
4 9 .
1 7
5 6 .
31
C e m e n t
105. 48
8306
STOCK EXCHANGE PRACTICES
T r a v e lin g
S h e p h e r d ,
H .
Y o u n g s to n ,
N e w
e x p e n se ,
y e a r
1 9 3 2 —
C o n t in u e d
I.:
Y o r k ,
S t a n d a r d
S a n i t a r y ____________________________________________________ $ 1 8 .
C o n e w a n g o
R e fin in g
C o __________________________________________
4 0
6 7 .
5 0
-----------H .
I.
S h e p h e r d
S tu c k y ,
A .
W
.
a y ,
W
G .,
S h a n n o n ,
T a r r y to w n ,
N .Y .,
S tu c k y ,
M r s .
W
.
S e a rs ,
R .
W
$ 8 5 .
9 0
H e r r i c k ________________________
7 9 . 3 2
a r n e r ________________________________
5 5 . 3 6
C .:
D e t r o it,
N e w
F u n e r a l,
A .
Y o r k ,
I .
A .
B .
I .
C h a p e r ________________________________________________________________
B .
C h a p e r __________________________________________________________
2 0 . 7 5
1 7. 0 0
------------
3 7 .7 5
6 , 2 1 3 . 0 7
D IS T R IB U T IO N
B a n k i n g ________________________________________________________________________________________________________________________
4 , 2 6 3 .
7 8
T r u s t ______________________________________________________________________________________________________________________________
1, 6 0 5 .
2 6
B o n d _________________________________________ _______________________________ _______________ _________________ ____________________
3 4 4 .0 3
6 , 2 1 3 .
F o r e ig n
d e p a r tm e n t,
y e a r
0 7
1 9 3 2
Increase
This Year Last Year (+) or de
crease (—)
Income'
$ 5 ,8 2 2 .9 0
7 , 1 5 4 .2 5
$ 9 ,9 8 6 .3 8
4 ,5 5 0 .8 7
— $ 4 ,1 6 3 .4 8
+ 2 ,6 0 3 .3 8
1 2 ,9 7 7 .1 5
1 4 ,5 3 7 .2 5
- 1 ,5 6 0 .1 0
1 3 8 .5 8
3 6 .0 0
1 8 0 .0 0
6 2 4 .0 0
1 1 7 .5 0
1 0 .2 0
3 7 9 .5 6
2 3 .7 1
3 6 00
1 8 0 .0 0
6 2 4 .0 0
3 8 1 .0 0
+ 1 1 4 . 87
Expense:
6 ,8 0 1 .5 0
4 8 .0 0
8 9 8 .9 5
1 ,2 6 0 .0 0
1 0. 2 0
3 7 5 .3 6
7 .6 2 0 .0 0
4 8 .0 0
6 1 1 .5 9
1 .2 6 0 .0 0
1 0 ,4 9 4 . 29
1 , 6 0 6 14
1 1 ,1 6 9 86
1 2 ,1 0 0 4 3
1 4 ,1 0 6 .1 7
'8 7 6 . 7 2
4 3 1 .0 8
2 ,9 3 6 .3 1
- 2 6 3 . 50
+ 4 . 20
-818
50
+ 2 8 7 .3 6
- 6 7 5 . 57
- 1 , 3 3 0 .1 7
- 2 ,0 0 5
74
+ 4 4 5 . 64
STOCK EXCHANGE PRACTICES
8307
Safe deposit department
T h is y e a r
L ast year
In c r e a s e
(+ ) or d e
crease ( — )
$ 3 4 ,3 8 5 .6 3
9 6 4 .2 5
$ 3 5 ,9 6 6 .1 2
1 ,4 0 0 .0 0
- $ 1 , 5 8 0 .4 9
- 4 3 5 .7 5
3 5 ,3 4 9 .8 8
3 7 ,3 6 6 .1 2
- 2 ,0 1 6 .2 4
5 8 5 .5 6
2 8 .9 8
2 3 4 .4 3
6 6 7 .7 4
6 .6 2
+ 2 2 .3 6
In c o m e :
E xpense:
- 8 2 .1 8
1 3 ,3 3 6 .1 5
1 2 ,0 0 0 .0 0
1 ,4 7 9 .2 5
2 7 3 .9 9
5 3 8 .9 9
1 5 3 .1 8
1 5 ,1 7 6 .6 4
1 2 ,0 0 0 .0 0
1 ,6 9 3 .6 6
- 3 9 .5 6
- 3 5 3 .5 9
+ 6 9 .7 5
- 1 ,8 4 0 .4 9
2 8 ,0 7 2 .7 0
3 0 ,5 0 0 .8 2
- 2 ,4 2 8 .1 2
7 , 2 7 7 .1 8
6 ,8 6 5 .3 0
+ 4 1 1 .8 8
+ 8 ,1 2 5
1 8 5 .4 0
2 2 2 .9 3
— 2 0 4 .4 1
+ 8 ,1 2 5
•
+ 5 ,2 5 3
+ 5 ,7 4 5
-492
666
752
1 ,1 5 8
850
i 492
1982
5 3 ,4 0 1
198
1 93 1
5 3 ,1 9 7
-86
+ 308
+ 394
1930
+ 5 7 ,1 1 2
i D e cre a se .
T ru s t
D e p a r tm e n t
F in a n c ia l
S ta te m e n t
T h is Y e a r
L ast Y ear
C a s h o n H a n d b e g i n n i n g o f Y e a r ........................................................ .
R e c e i p t s — .....................................................................................................................
$ 7 ,2 7 8 ,2 5 2 .5 2
5 1 ,1 5 8 ,3 5 4 .1 4
$ 1 0 ,0 9 0 ,3 3 7 .4 5
1 0 8 ,9 2 9 ,6 1 0 .6 3
D i s b u r s e m e n t s .............................................................. ........................................ .
5 8 ,4 3 6 ,6 0 6 .6 6
5 2 ,5 8 4 ,2 4 6 .6 1
1 1 9 ,0 1 9 ,9 4 8 .0 8
1 1 1 ,7 4 1 ,6 9 5 .5 6
C a s h o n H a n d , D e c e m b e r 3 1 , 1 9 3 2 . . ___________________
M a r k e t V a l u e o f s e c u r itie s h e l d a s A g e n t o r T r u s t e e
u n d e r a g r e e m e n t ...............................................................................................
S e c u r it ie s h e
R e a l E s ta te
N o te s a n d
A c c o u n ts R e
l d i n s p e c i a l d e p o s i t __________________________________
M o r tg a g e s a n d L a n d C o n tr a c ts a n d o th e r
A c c o u n t s t o s e c u r e B o n d I s s u e s ............................
c e iv a b le ( S u b s c r ip tio n A c c o u n t s a n d C o n
t r a c t s ) .............................. .............................................. -......................................... .
N o t e s ( S e c u r e d a n d U n s e c u r e d ) f o r C o l l e c t i o n s .................... .
R e a l E s ta te T it le h e ld as T ru s te e u n d e r L iv in g T ru s ts
a n d W i l l s ................................................................................................................ .
R e a l E s t a t e M o r tg a g e s a n d L a n d C o n t r a c ts h e ld as
A g e n t o r T r u s t e e u n d e r A g r e e m e n t ...............................................
In c re a se (+ ) o r
D ecre ase ( — )
— $ 2 ,8 1 2 ,0 8 4 .9 3
- 5 7 ,7 7 1 ,2 5 6 .4 9
- 6 0 ,5 8 3 ,3 4 1 .4 2
- 5 9 ,1 5 7 ,4 4 8 .9 5
5 , 8 5 2 ,3 6 0 . 0 5
7 ,2 7 8 ,2 5 2 . 52
- 1 ,4 2 5 ,8 9 2 .4 7
1 8 4 ,4 7 9 ,1 9 1 .1 7
5 ,5 4 8 ,8 5 5 .5 5
1 8 8 ,8 6 4 ,1 4 7 .4 8
5 ,8 3 8 ,2 7 4 . 26
- 4 ,3 8 4 ,9 5 6 .3 1
1 0 ,3 5 2 ,7 9 0 .8 2
8 ,0 2 1 ,2 5 5 .7 7
+ 2 ,3 3 1 ,5 3 5 .0 5
2 ,2 6 1 ,1 6 0 .4 3
1 1 ,0 9 5 ,6 7 2 .6 2
2 ,3 6 7 ,7 9 1 .2 5
1 4 ,3 3 7 ,6 2 0 .8 6
- 1 0 6 ,6 3 0 .8 2
- 3 ,2 4 1 ,9 4 8 .2 4
- 2 5 8 ,0 0 0 .3 3
- 2 8 9 ,4 1 8 .7 1
8 ,3 4 4 ,1 6 0 .9 5
8 ,6 0 2 ,1 6 1 .2 8
2 0 ,6 3 5 ,9 2 9 .7 4
2 1 ,5 1 2 ,3 0 7 .5 9
- 8 7 6 ,3 7 7 .8 5
2 4 8 ,5 7 0 ,1 2 1 .3 3
2 5 6 ,8 2 1 ,8 1 1 .0 1
- 8 ,2 5 1 ,6 8 9 .6 8
T o t a l F u n d s H a n d l e d 1 9 3 2 ................................................................................................................................................................... $ 1 0 3 , 7 4 2 , 6 0 0 . 0 0
T o t a l F u n d s H a n d l e d 1 9 3 1 . . .............................................................................................................................................................
2 2 0 ,6 7 1 ,3 0 6 .0 0
D e c r e a s e f o r t h e Y e a r ....................................T..........................................................................................................................
1 1 6 , 9 2 8 , 7 0 6 .00
STOCK EXCHANGE PEACTICES
8308
Trust department, earnings and expenses
T h is Y e a r
Last Y ear
In c r e a s e ( + )
or D e
crease ( — )
E a r n in g s :
$ 3 ,1 7 7 .9 0
1 0 1 ,2 0 3 .7 1
7 4 ,3 2 2 .0 8
1 4 6 ,3 6 2 .7 7
$ 8 ,0 8 8 .5 2
1 4 6 ,8 3 1 .0 6
1 0 2 ,1 3 1 .3 0
2 0 3 ,5 7 7 .7 2
8 6 ,7 3 7 .4 4
1 0 4 ,3 5 7 .9 7
3 9 ,6 3 8 .5 4
— $ 4 ,9 1 0 .6 2
-
4 5 ,6 2 7 .3 5
2 7 ,8 0 9 .2 2
5 7 ,2 1 4 .9 5
2 1 ,5 8 5 .5 6
2 4 ,6 9 2 .1 9
6 5 ,1 5 1 .8 8
7 9 ,6 6 5 .7 8
3 0 ,2 9 0 .3 1
1 0 3 ,6 7 4 .3 4
1 4 2 ,9 6 9 .9 2
- 3 9 ,2 9 5 .5 8
6 0 3 ,8 4 8 .7 7
8 3 4 ,3 2 2 .4 7
- 2 3 0 ,4 8 3 . 7 0
2 0 ,5 1 8 .1 0
2 ,6 1 5 .7 4
1 1 4 .9 1
2 2 ,0 3 6 .8 4
3 ,3 5 0 .9 5
- 1 ,5 1 8 .7 4
- 7 3 5 .2 1
- 1 3 .1 7
— 1 ,5 5 0 .5 0
— 3 ,6 1 5 .1 2
+ 3 9 . 62
- 9 ,3 4 8 .2 3
E xpenses:
3 ,0 9 5 .4 0
5 ,5 4 8 .7 4
3 7 0 .7 7
8 8 0 .7 8
1 2 8 .0 8
4 ,6 4 5 .9 0
9 ,1 6 3 .8 6
3 3 1 .1 5
1 ,3 5 0 .1 1
- 4 6 9 .3 3
In s u r a n c e :
3 ,7 4 8 .9 8
5 ,1 7 2 .7 0
4 0 .4 8
9 ,7 2 2 .3 4
1 ,8 4 0 .6 5
6 2 5 .2 2
7 7 9 .4 2
7 ,1 7 6 .2 8
5 ,3 5 1 .4 4
7 ,4 3 8 .5 8
3 9 3 ,2 1 8 .8 9
1 ,2 5 8 .3 2
3 , 7 6 2 .1 2
1 4 9 .4 4
4 0 .5 5
3 3 .0 1
1 8 0 .0 0
W a t e r & I c e ..................................................................................................................................
— 6 6 1 .3 3
+ 4 1 6 .0 2
4 ,4 1 0 .3 1
4 ,7 5 6 .6 8
3 8 2 .9 5
1 1 ,8 2 1 .3 6
- 3 4 2 .4 7
— 2 ,0 9 9 .0 2
- 6 0 .6 8
- 2 8 8 .8 8
1 ,9 0 1 .3 3
9 1 4 .1 0
3 ,5 8 3 .4 2
9 ,3 0 5 .3 2
1 6 ,6 0 8 .4 7
7 ,1 4 4 .1 5
4 6 9 ,7 8 4 .8 6
1 ,0 3 2 .2 2
2 ,2 6 9 .2 4
2 5 9 .8 4
- 2 ,8 0 4 .0 0
- 2 ,1 2 9 .0 4
- 1 1 ,2 5 7 .0 3
+ 2 9 4 .4 3
- 7 6 ,5 6 5 .9 7
2 2 6 .1 0
+ 1 ,4 9 2 .8 8
- 1 1 0 .4 0
1 8 .9 6
5 1 .6 2
1 8 0 .0 0
+ 2 1 .5 9
— 1 8 .6 1
0
- 2 0 .1 3
— 4 7 1 .6 4
7 ,2 7 7 . 2 0
1 ,6 0 5 . 26
5 9 5 .7 4
7 0 ,5 0 0 .0 0
3 9 1 .4 7
7 ,2 9 7 .3 3
2 ,0 7 6 .9 0
6 6 2 .4 8
7 5 ,0 0 0 .0 0
3 3 .1 0
554, 052. 53
6 6 0 , 501 . 53
- 1 0 6 ,4 4 7 .0 0
6 0 3 ,8 4 8 .7 7
5 5 4 ,0 5 2 .5 3
8 3 4 ,3 3 2 .4 7
6 6 0 ,5 0 1 .5 3
- 2 3 0 ,4 8 3 . 70
4 9 ,7 9 6 . 24
1 7 3 ,8 3 0 .9 4
- 1 2 4 , 034. 70
- 6 6 .7 4
- 4 ,5 0 0 .0 0
+ 3 5 8 .3 7
S um m ary :
T ru s t
d e p a r tm e n t,
L iv in g
N u m b e r o f T r u s t s D e c e m b e r 3 1 , 193 1 -
N u m b e r o f T ru s ts D e c e m b e r
3 1 , 1 9 3 2 .........................................................
<Decrease.
tru s ts
S un d ry
1 ,0 7 0
62
272
1 ,1 3 2
90
283
o p e n e d
In s u r
ance
a n d
B ond
- 1 0 6 ,4 4 9 .0 0
c lo s e d
C ou rt
R e n ta l
S to c k
T o ta l
1 ,0 6 1
35
215
10
438
47
304
385
74
27
1 ,0 9 6
78
225
23
485
72
378
93
412
37
3
4 ,0 1 1
396
1 ,0 4 2
246
1 ,0 1 8
202
413
285
409
3 ,6 1 5
i 28
26
143
i 13
i 25
19
24
1 130
11
3 ,7 4 5
266
STOCK EXCHANGE PRACTICES
T h e
G u a r d ia n
T ru s t
C o m p a n y
tru s ts
B .T .
c o rp o ra te
a s s u m e d
d e p a r tm e n t—
B o n d
d iv is io n f
A u t h o r i z e d is s u e
740
741
742
743
744
B o n d s c e r tif ie d
$ 7 0 ,0 0 0 .0 0
$ 7 0 ,0 0 0 .0 0
6 0 ,0 0 0 .0 0
8 0 0 ,0 0 0 .0 0
4 6 ,0 0 0 .0 0
8 8 ,6 2 0 .0 0
7 7 5 ,0 0 0 .0 0
1 , 0 0 0 ,0 0 0 .0 0
8 8 ,6 2 0 .0 0
7 4 7 ,8 0 0 .0 0
7 5 0 ,0 0 0 .0 0
3 ,0 4 3 ,0 0 0 .0 0
3 ,6 5 1 ,6 0 0 .0 0
2 .9 2 5 .0 0 0 .0 0
1 , 2 0 0 ,0 0 0 .0 0
R e t a i l P r o p e r tie s , I n c .:
748
749
750
*
b o n d
y e a r
N am e
N o.
745
746
747
tru s t
d u r in g
8309
’
3 .5 1 0 .0 0 0 .0 0
6 ,0 0 0 ,0 0 0 .0 0
7 ,0 0 0 ,0 0 0 .0 0
1 7 5 ,3 0 0 .0 0
4 0 0 ,0 0 0 .0 0
1 7 5 ,3 0 0 .0 0
4 0 0 ,0 0 0 .0 0
1 7 ,4 6 3 ,5 2 0 .0 0
1 5 ,5 1 2 ,7 2 0 .0 0
7 51
N . B . — B . T . 741. W e a r e P a y in g A g e n t fo r p r in c ip a l a n d in t e r e s t a n d D e p o s it a r y fo r m o r tg a g e s .
B .T .
748 B o n d Is s u e n o t y e t a u th o r iz e d .
N um ber
is s u e s
B o n d s o u ts ta n d
in g
1 9 3 2 .....................................................................................................................................................................................
$ 1 3 2 ,7 9 4 ,1 2 2 .5 0
188
1 9 3 1 .............................................................................................................................................
1 2 7 ,1 0 7 ,3 9 7 .5 0
1 11
5 ,6 8 6 , 7 2 5 .0 0
i D e cre a se .
S to c k
tra n s fe r
d e p a r tm e n t,
n e w
tru s ts ,
R e g is tr a r
agent
T h e S t a n d a r d T e x t i l e P r o d u c t s C o m p a n y ______________
1 9 8 2
N um ber
T ra n s fe r
C o r p o r a tio n s
y e a r
Y e s .................
Y e s .................
Y e s .................
Y e s ..............
Y e s .................
Y e s .................
C a p it a l s to c k
sh are s, no
p a r v a lu e
2 0 0 ,0 0 0
$ 4 2 5 ,0 0 0 .0 0
2 7 6 ,6 5 0
D e p o s it a r y
T h e S m y th e B u ild in g
C o m p a n y ............................D e p o s i t a r y f o r $ 4 0 0 ,0 0 0 F i r s t M o r t g a g e L e a s e h o l d 7 } 4 % G o l d
B o n d s d u e M a r c h 1 ,1 9 3 2 .
R e t a i l P r o p e r t i e s , I n c ........................................................D e p o s i t a r y f o r 2 0 , 0 0 0 s h a r e s n o p a r p r e f e r r e d a n d 1 8 0 ,0 0 0
s h a re s n o p a r c o m m o n s to c k .
T h e S i m m o n s M a n u f a c t u r i n g C o m p a n y . . . D e p o s i t a r y f o r 7 ,1 5 0 s h a r e s c a p i t a l s t o c k .
T h e C l e v e l a n d & B u f f a l o T r a n s i t C o _______ ' . D e p o s i t a r y f o r $ 6 5 0 ,0 0 0 p a r
S e r ie s “ A ”
F ir s t M o r tg a g e
M a r in e E q u ip m e n t a n d T e r m in a l B o n d s .
T h e B o w m a n - B i l t m o r e H o t e l C o m p a n y . . . D e p o s i t a r y f o r $ 5 0 0 ,0 0 0 p a r F i r s t M o r t g a g e L e a s e h o l d 7 %
S in k in g F u n d G o ld B o n d s .
M e l b o u r n e T i l l m a n D r a i n a g e D i s t r i c t ............. D e p o s i t a r y f o r $ 1 ,8 0 4 ,0 0 0 . 0 0 p a r 6 % S e r i a l B o n d s .
T h e M o d e r n S e r v i c e F i n a n c e C o m p a n y _____D e p o s i t a r y f o r $ 3 3 5 ,0 0 0 p a r F i r s t M o r t g a g e 6 lA % G o l d B o n d s .
T h e N o r w a l k C o m p a n y .................................................. D e p o s i t a r y f o r $ 2 5 0 ,0 0 0 p a r F i r s t M o r t g a g e 7 % S i n k i n g F u n d
G o ld B o n d s .
C i n c i n n a t i & L a k e E r i e R a i l r o a d C o .................A g e n t f o r D e p o s i t a r y f o r d e p o s i t o f $ 2 , 2 2 7 ,2 5 0 . 0 0
f u n d i n g M o r t g a g e S e r ie s “ A ” 6 % B o n d s d u e
f o r D e p o s i t a r y f o r d e p o s i t o f $ 2 0 0 ,0 0 0 p a r C i n c
ilt o n & D a y to n R a ilw a y C o m p a n y , H a m ilt o
F ir s t & R e *
1941. A g e n t
in n a ti, H a m
n C it y D iv i
s io n , F i r s t M o r t g a g e 6 % B o n d s d u e J a n u a r y 1, 1931, a n d
T h e D a y t o n T r a c t io n C o m p a n y F ir s t M o r tg a g e 6 % B o n d s
i n a m o u n t o f $ 2 5 0 ,0 0 0 . 0 0 .
T h e P o s t a l B u i l d i n g C o m p a n y __________________ D e p o s i t a r y f o r $ 2 0 0 ,0 0 0 p a r F i r s t M o r t g a g e 7 % % G o l d B o n d s .
G e a r s & F o r g i n g s , I n c ...........- ......................................... D e p o s i t a r y f o r $ l , 2 5 0 , 0 0 0 p a r F i r s t M o r t g a g e 6 % S i n k i n g F u n d
G o ld B o n d s .
V i l l a g e o f B r o o k l y n , S t a t e o f O h i o ........................ D e p o s i t a r y f o r $ 1 ,1 8 0 ,0 0 0 p a r M u n i c i p a l B o n d s
(v a rio u s
is s u e s ).
T h e V a n S w e r i n g e n C o r p o r a t i o n ........................... D e p o s i t a r y f o r $ 4 ,2 7 0 ,6 0 0 . 0 0 p a r F i r s t M o r t g a g e a n d C o l l a t e r a l
T ru st 6% B onds.
‘
T h e B e s s e m e r L im e s to n e &
C e m e n t C o _____ S u b - D e p o s i t a r y
fo r
20-year
F u n d G o ld B o n d s .
F ir s t
M o rtg a g e
6 ^ %
S in k in g
8310
STOCK EXCHANGE PRACTICES
Depositary—Continued
T h e U n i v e r s i t y R e a l t y C o m p a n y .........................D e p o s i t a r y f o r $ 2 7 0 ,8 0 0 p a r F i r s t M o r t g a g e a n d C o l l a t e r a l
T r u s t 6 H % G o ld B o n d s .
C o n e w a n g o R e f i n i n g C o m p a n y ...............................D e p o s i t a r y f o r $ 3 0 7 ,5 0 0 p a r F i r s t M o r t g a g e 6 % S i n k i n g F u n d
G o ld B o n d s .
T h e J o h n V a n C o m p a n y ................................................D e p o s i t a r y f o r F i r s t M o r t g a g e 6 %
S in k in g
F u n d
G o ld
B o n d s , $ 6 0 4 ,3 0 0 . 0 0 p a r .
T h e M i l l s R e a l E s t a t e C o m p a n y ...........................D e p o s i t a r y f o r $ 2 5 5 ,0 0 0 p a r F i r s t
G o ld B o
C o m p a n y ......................... ............D e p o s i t a r y
G o ld B o
T h e K i n n e y S t e a m s h i p C o m p a n y ........................ D e p o s i t a r y
Bonds
L o e w ' s C h i c T h e a t r e s , I n c ............................................D e p o s i t a r y
T h e A uro ra L a n d
M o rtg a g e 6 M %
nds.
fo r F ir s t M o r t g a g e a n d C o lla t e r a l
n d s , $ 2 3 5 ,9 0 0 p a r .
f o r $ 1 0 0 ,0 0 0 p a r F i r s t M o r t g a g e 6 %
f o r $ 1 ,2 6 5 ,0 0 0 . 0 0 p a r F i r s t a n d
M o rtg a g e
6 ^ %
V e sse l G o ld
R e f u n d in g
g a g e L e a s e h o ld 6 % G o ld B o n d s .
T h e S t i l l m a n I n v e s t m e n t C o m p a n y ...................D e p o s i t a r y f o r $ 2 7 5 ,0 0 0 p a r F i r s t M o r t g a g e
G o ld B o n d s .
T h e E u c l i d - E a s t S e v e n t e e n t h C o m p a n y . ___ D e p o s i t a r y f o r $ 8 6 5 ,0 0 0 p a r F i r s t
L e a s e h o ld
T rust
M o rt
L e a s e h o ld
6%
L e a s e h o ld <
G o ld B o n d s .
N u m b e r o f c o r p o r a tio n s :
C e r t if ic a t e s is s u e d a n d c a n c e le d :
193 1
193 2
. 385
409
193 1
9 5 ,3 0 1
193 2
4 6 ,7 3 7
In c r e a s e .
D e c r e a s e ............................................................................ 4 8 , 5 6 4
D IV ID E N D - P A Y IN G A G E N T
N um ber
Y ear
o f co rp o
r a tio n s
1 9 3 1 .......................................................................................................................................................
1 9 3 2 ....................................................................................................................................................
A r lin g t o n - E d d y
C O M P A R A T IV E
19
19
A m o u n t d iv id e n d s
p a id
N u m b e r of
checks
is s u e d
$ 3 ,3 1 6 ,2 0 1 .9 4
2 ,2 4 3 ,4 1 0 .4 7
3 4 ,8 9 3
1 ,0 7 2 ,7 9 1 .4 7
3 ,1 6 7
3 1 ,7 2 6
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L ast year
In c r e a s e ( + ) o r
d ecrease ( — )
RESOURCES
$ 2 4 ,4 8 0 .6 5
1 4 ,0 0 7 .1 4
$ 3 0 ,6 4 8 .5 0
3 5 ,3 4 0 .0 2
- $ 6 , 1 6 7 .8 5
- 2 1 ,3 3 2 .8 8
3 8 ,4 8 7 .7 9
2 4 ,7 0 7 .3 4
5 1 .5 3
7 1 7 ,2 1 7 .9 3
6 5 ,9 8 8 .5 2
4 1 ,8 7 7 . 58
- 2 7 ,5 0 0 .7 3
- 1 7 ,1 7 0 .2 4
+ 5 1 .5 3
9 0 1 ,8 5 0 .1 9
- 1 8 4 ,6 3 2 .2 6
7 8 0 ,4 6 4 . 59
1 ,0 0 9 ,7 1 6 .2 9
- 2 2 9 ,2 5 1 .7 0
3 , 5 4 2 . 66
9 6 8 .6 6
+ 2 ,5 7 4 .0 0
L IA B I L I T I E S
D e p o s its :
T h r i f t C l u b ........................................................................................................
3 ,4 1 2 .0 0
- 8 0 1 .7 5
9 1 9 ,1 7 7 .8 5
8 6 ,1 5 7 .7 8
- 2 1 4 ,2 4 7 .5 5
7 7 6 ,9 2 1 .9 3
1 ,0 0 8 ,7 4 7 .6 3
- 2 3 1 ,8 2 5 .7 0
7 8 0 ,4 6 4 . 5 9
1 ,0 0 9 ,7 1 6 .2 9
- 2 2 9 ,2 5 1 .7 0
2 ,6 1 0 .2 5
7 0 4 ,9 3 0 .3 0
6 9 ,0 8 1 .3 8
3 0 0 .0 0
- 1 7 ,0 7 6 .4 0
+ 3 0 0 .0 0
STOCK EXCHANGE PEACTICES
A r lin g t o n - E d d y
P R O F IT
A N D
o ffic e —
L O S S
8311
C o n tin u e d
S T A T E M E N T
T h is y e a r
In c r e a s e ( + ) o r
L ast year
de c re ase ( — )
IN C O M E
In te r e s t:
$ 2 ,7 8 6 .4 3
3 6 ,4 9 8 .6 0
$ 4 ,7 1 5 .1 3
5 1 ,2 4 7 .9 6
- $ $ 1 ,9 2 8 .7 0
- 1 4 ,7 4 9 .3 6
5 8 3 ,6 4
4 4 0 .5 3
4 ,9 0 8 .4 0
1 0 4 .3 7
2 7 .4 1
+ 1 4 3 .1 1
2 2 0 .9 2
9 7 .7 5
2 0 1 .9 3
+ 3 4 .7 7
+ 1 8 .9 9
6 ,4 1 9 .1 7
5, 780. 39
6 3 8 .7 6
1 3 .8 7
1 5 7 .2 4
- 1 4 3 .3 7
5 .0 0
- 5 .0 0
4 5 ,7 1 8 .0 7
6 1 ,9 0 5 . 72
- 1 6 ,1 8 7 .6 5
2 0 ,5 9 7 .7 9
2 .3 7
2 9 ,5 0 2 .8 8
6 0 .4 6
— 8 ,9 0 5 .0 9
- 5 8 .0 9
2 0 ,6 0 0 .1 6
2 9 ,5 6 3 . 34
- 8 ,9 6 3 .1 8
3 5 2 .7 4
1 0 ,1 9 0 .2 0
6 9 6 .8 5
4 6 7 .2 5
1 3 ,9 6 8 2 0
3 9 0 39
— 1 1 4 51
— 3 ,7 7 8 .0 0
+ 3 0 6 .4 6
4 ,3 3 5 .6 8
3 ,0 2 2 .6 4
2 ,0 3 8 .0 1
4 1 .7 8
4 ,0 0 9 .7 7
3 ,9 7 3 .1 6
2 , 7 9 3 .6 4
— 4 1 .7 8
+ 3 2 5 .9 1
— 9 5 0 .5 2
- 7 5 5 .6 3
2 0 , 6 3 6 .1 2
2 5 ,6 4 4 .1 9
- 5 ,0 0 8 .0 7
80 47
1 ,5 5 2 . 07
2 9 0 .3 1
9 6 5 .9 5
— 209 84
+ 5 8 6 .1 2
4 2 ,8 6 8 .8 2
5 6 , 4 6 3 . 79
2 ,8 4 9 . 2 5
5 , 4 4 1 . 93
E a r n in g s :
5 ,4 2 7 .1 4
5 4 .9 5
1 3 2 .5 2
+ 5 1 8 .7 4
— 4 9 .4 2
— 2 7 .4 1
EXPENSE
In te r e s t:
C L A S S IF IC A T IO N
O F
G E N E R A L
$54
887
409
12
300
8
6
341
3 0 7 11
.9 0
2 4 6 28
3 3 6 00
9 9 .0 0
3 6 54
3 6 .0 0
510 . 20
- 2 , 592 . 68
48
35
38
25
00
78
02
23
+ $ 5 3 82
— 5 0 7 08
+ 1 0 20
— 1 2 25
+ 7 .1 1
— 7 88
— 6 02
— 9 4 95
- 1 4 4 . 39
4 80 39
118 00
1 2 6 .1 0
— 19 00
— 8 9 56
125 00
5 2 0 . 62
4 7 6 93
4 9 .9 5
4 53 39
3 3. 45
O F
- 1 3 ,5 9 4 .9 7
E X P E N S E
$1 0 8 . 30
3 8 0 27
419 58
R E C O R D
'
— 8 9 00
- 1 0 .4 2
— 2 3 54
— 16 50
55 62
5 6 68
- 1 .0 6
3 , 0 2 2 . 64
3 ,9 7 3 .1 6
- 9 5 0 . 52
A C C O U N T S
S a v in g s
C om m e r
c ia l
T o ta l
2 ,9 7 0
3 ,2 0 5
480
6 77
3 ,4 5 0
3 ,8 8 2
-235
-197
-432
STOCK EXCHANGE PRACTICES
8312
A r lin g t o n - E d d y
N U M B E R
O F
o ffic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
C o m m e r
c ia l
S a v in g s
L ast year
T o ta l
C o m m e r
c ia l
S a v in g s
T o ta l
O p e n e d .....................................................
710
858
1 ,2 9 0
868
949
1 ,1 4 7
945
1 48
345
279
C l o s e d .............................................................
457
1 ,4 0 6
I n c r e a s e ...............................................
» 235
1 1 97
i 432
1 81
1 178
i 259
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 ................................................................................... - .............................................. ........................... ............................................ 2 9 0
D e c e m b e r 3 1 , 1 9 3 1 ..................................... ................................................................................ .......... ............................................................................ 4 6 3
I n c r e a s e ...................................................................................................... .............................................................................................................................1 7 3
S A F E
D E P O S IT
B O X E S
IN
U S E
D e c e m b e r 3 1 , 1 9 3 2 ____________________________________________________________________________ ________________________________________________1 0 2
D e c e m b e r 3 1 , 1 9 3 1 ..................................... ............................................................................................................................ .......... ............................................ 1 0 4
I n c r e a s e _____________________ _________ ___________________________________________________________________________________________________
j
T h is y e a r
i 2
L ast year
)
41
T o ta l N u m b e r o f B ox es in
41
43
15
i 2
26
V a u lt , 200.
i D e cre ase .
C o m m e r c ia l
C O M P A R A T IV E
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L ast year
In c re a s e (+ ) o r
d ec rease ( — )
BESOUBCES
$ 3 9 ,1 4 4 .8 4
$ 8 0 ,1 0 0 .0 0
7 4 ,9 0 6 .7 5
7 4 ,8 2 1 .0 4
7 3 ,8 4 6 .0 9
1 6 1 ,3 5 5 .6 5
C a s h a n d E x c h a n g e o n H a n d .....................................................................
1 8 8 ,8 7 2 .6 3
7 6 ,9 0 4 .6 4
4 1 0 .2 0
3 1 5 ,3 0 1 .7 4
9 7 ,5 4 2 .2 0
8 0 .8 5
D u e f r o m M a i n O f f i c e __________________________________________________
C u s t o m e r s L i a b i l i t y o n L e t t e r s o f C r e d i t ......................................
1 ,4 6 3 ,5 4 7 .8 8
2 ,0 0 0 .0 0
2 ,0 5 5 ,8 2 0 .5 9
3 ,4 0 0 .0 0
- 1 2 6 ,4 2 9 .1 1
- 2 0 ,6 3 7 .5 6
+ 3 2 9 .3 5
— 5 9 2 ,2 7 2 .7 1
- 1 ,4 0 0 .0 0
T o t a l R e s o u r c e s .......................................................................................
1 ,7 3 1 ,7 3 5 .3 5
2 ,4 7 2 ,1 4 5 .3 8
- 7 4 0 ,4 1 0 .0 3
2 1 ,3 1 7 .8 1
2 ,1 5 2 .8 7
+ 1 9 ,1 6 4 .9 4
C e r t i f i e d C h e c k s O u t s t a n d i n g ........................................................
1 ,0 7 5 .0 0
6 7 0 ,0 4 0 .7 0
7 ,0 3 4 .3 5
1 ,0 2 8 ,0 1 6 .7 9
2 ,2 5 0 .7 0
1 ,8 9 5 .0 0
9 2 5 ,8 6 9 .7 5
1 3 ,5 5 8 .8 4
1 ,5 1 0 ,4 7 8 .7 2
1 4 ,7 9 0 .2 0
- 8 2 0 .0 0
- 2 5 5 ,8 2 9 .0 5
- 6 ,5 2 4 .4 9
- 4 8 2 ,4 6 1 .9 3
- 1 2 ,5 3 9 .5 0
T o t a l D e p o s i t s ..........................................................................................
L e t t e r s o f C r e d i t O u t s t a n d i n g ........................................................
1 ,7 0 8 ,4 1 7 .5 4
2 ,0 0 0 .0 0
2 ,4 0 6 ,5 9 2 .5 1
3 ,4 0 0 .0 0
- 7 5 8 ,17\ 97
- 1 ,4 0 0 .0 0
T o t a l L i a b i l i t i e s .......................................................................................
1 ,7 3 1 ,7 3 5 .3 5
2 ,4 7 2 ,1 4 5 .3 8
7 4 0 ,4 1 0 .0 3
D e m a n d C o l l a t e r a l L o a n s ____________________________________________
T i m e C o l l a t e r a l L o a n s ............................................................ .........................
- $ 4 0 ,9 5 5 .1 6
+ 1 ,0 6 0 .6 6
- 8 6 ,5 3 4 .6 1
L IA B IL IT IE S
I n c o m e a n d E x p e n s e . .......................................................................................
D e p o s its :
S a v i n g s A c c o u n t s .........................................................................................
STOCK EXCHANGE PRACTICES
C o m m e r c ia l
P R O F IT
o ffic e —
A N D
L O S S
8313
C o n t in u e d
S T A T E M E N T
T h is y e a r
In c re a s e (+ ) o r
d ecrease ( — )
L ast year
IN C O M E
$ 1 4 ,3 0 8 .6 1
6 9 ,7 8 4 .1 2
$ 2 5 ,7 8 5 .4 7
1 0 5 ,8 2 8 . 9 9
- $ 1 1 ,4 7 6 .8 6
- 3 6 ,0 4 4 .8 7
3 ,7 0 8 .6 4
7 4 2 .6 8
4 4 .2 7
1 0 9 .6 2
2 ,3 0 5 .8 2
8 0 .3 8
6 9 .0 2
+ 1 ,4 0 2 .8 2
+ 6 6 2 .3 0
1 2 0 .5 9
7 .6 0
1 0 1 .1 1
2 7 .6 6
+ 1 9 .4 8
— 2 0 .0 6
4 ,7 3 3 .4 0
1 0 .5 8
2 ,5 8 3 .9 9
1 8 .7 0
2 ,1 4 9 .4 1
- 8 .1 2
8 8 ,8 3 6 .7 1
1 3 4 ,2 1 7 .1 5
- 4 5 ,3 8 0 . 44
1 9 ,1 2 3 .3 6
8 ,8 0 8 .9 8
3 2 ,1 4 5 .8 7
1 2 ,4 8 5 .7 0
- 1 3 ,0 2 2 .5 1
- 3 ,6 7 6 .7 2
2 7 ,9 3 2 .3 4
4 4 ,6 3 1 .5 7
- 1 6 ,6 9 9 .2 3
S a l a r i e s a n d P e n s i o n . . ________________________________________________
5 6 0 .3 6
2 2 ,0 1 5 .1 9
8 0 0 .5 7
O p e r a t i n g , R e n t , H e a t , L i g h t , e t c ........................................................
9 .5 7 3 .0 4
1 5 0 .1 9
2 7 ,8 0 8 .5 2
1 ,3 7 3 .6 2
1 5 8 .3 7
9 .3 5 1 .8 1
4 .4 0 5 .8 2
+ 4 1 0 .1 7
- 5 ,7 9 3 .3 3
- 5 7 3 .0 5
- 1 5 8 .3 7
+ 2 2 1 . 23
I n t e r e s t , L o a n s a n d D i s c o u n t s ______________________________________
I n t e r e s t , M a i n O f f i c e A c c o u n t ______________________________________
E a r n in g s :
N . S . F . S e r v i c e C h a r g e s ..........................................................................
F o r e i g n E x c h a n g e a n d T r a v e l e r s ’ C h e c k s ...........................
C o l l e c t i o n a n d E x c h a n g e .....................................................................
- 2 4 .7 5
+ 1 0 9 .6 2
EXPENSE
I n t e r e s t , S a v i n g s a n d T h r i f t .......................................................................
I n t e r e s t , C o m m e r c i a l A c c o u n t s ...............................................................
3 , 3 4 6 . 21
4 .4 0 3 .0 4
4 0 ,6 9 8 .4 1
T o t a l E x p e n s e .................- .............................................. .. .......................
C L A S S IF IC A T IO N
O F
T e l e p h o n e a n d T e l e g r a p h ..............................................................................
T o i l e t S u p p l i e s ____________________________________________________________
T o t a l — ...............................................................................................................
R E C O R D
O F
6 1 .9 5
4 8 ,8 1 0 .0 2
6 6 .9 4
4 ,7 4 2 .2 0
6 8 ,6 9 2 .7 0
9 8 ,2 5 0 .7 3
- 2 9 ,5 5 8 .0 3
2 0 ,1 4 4 .0 1
3 5 ,9 6 6 .4 2
- 1 5 ,8 2 2 .4 1
G E N E R A L
A u t o m o b i l e U s e & M a i n t e n a n c e .................................. .........................
C o l l e c t i o n a n d E x c h a n g e . . ...........................................................................
C u s t o m e r s ’ P r i n t i n g a n d S u p p l i e s ........................................................
D u e s , D o n a t i o n s , a n d A s s e s s m e n t s ......................................................
E n t e r t a i n m e n t ....... ............................ ......................................................................
I n s u r a n c e o n S e c . S h i p m e n t s & C a r t a g e ________________________
L i b r a r y a n d R e r f e r n c e B o o k s .....................................................................
M a i n t e n a n c e o f M e c h a n i c a l D e v i c e s _____________________________
O f f i c e P r i n t i n g a n d S u p p l i e s .......................................................................
P o s t a g e ..............................................................................................................................
S u p p e r s a n d L u n c h e s .........................................................................................
S u n d r y S e r v i c e s a n d S u p p l i e s ...................................................................
- 8 ,1 1 1 .6 1
- 4 .9 9
- 4 ,7 4 2 .2 0
E X P E N S E
$ 3 6 .1 5
6 .4 3
7 2 8 .4 3
6 3 3 .8 6
9 .0 0
6 5 .0 3
4 4 .8 2
6 .0 0
4 4 6 .1 0
3 1 0 .0 6
5 .0 0
1 5 0 .4 2
$ 5 2 .7 6
4 5 5 .7 7
1 ,1 0 2 .4 2
8 2 5 .2 5
3 3 .0 0
7 2 .3 6
4 4 .2 4
7 .0 5
4 2 8 .4 7
3 0 2 .0 0
1 0 .0 0
1 7 1 .0 4
- $ 1 6 .6 1
- 4 4 9 .3 4
- 3 7 3 .9 9
- 1 9 1 .3 9
- 2 4 .0 0
- 7 .3 3
+ . 58
- 1 .0 5
+ 1 7 .6 3
+ 8 .0 6
- 5 .0 0
- 2 0 .6 2
3 6 5 .0 0
4 7 1 .1 1
6 8 .8 0
3 6 5 .0 0
4 3 3 .3 1
1 0 3 .1 5
+ 3 7 .8 0
- 3 4 .3 5
3 ,3 4 6 .2 1
4 ,4 0 5 .8 2
- 1 ,0 5 9 .6 1
A C C O U N T S
S a v in g s
i Decrease.
175541—34—PT19---- 4
- 1 ,0 5 9 .6 1
- 1 ,1 5 8 .6 5
5 ,5 6 1 .6 9
C o m m e r
c ia l
T o ta l
1 ,1 1 0
1 ,2 7 0
829
730
1 ,9 3 9
2 ,0 0 0
1 160
99
161
STOCK EXCHANGE PRACTICES
8314
C o m m e r c ia l
N U M B E R
O F
o ffic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
S a v in g s
C om m e r
c ia l
L ast year
T o ta l
S a v in g s
C o m m e r
c ia l
T o ta l
201
280
361
1 81
481
542
330
274
196
1 73
526
447
1 160
99
161
56
23
79
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 ............................................................................................................................................................................................................... 1 71
D e c e m b e r 3 1 , 1 9 3 1 ............................................................................................................................................................................................................... 2 0 0
I n c r e a s e ----- --------- ----------------------------------------------------------------------------------------- i 2 9
C o v e n try
C O M P A R A T IV E
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L ast year
In c re a s e (+ ) o r
d ecreases ( — )
RESOURCES
D e m a n d C o l l a t e r a l L o a n s ------------------ ----------------
$ 3 ,4 7 0 .0 0
$ 1 6 4 ,6 1 5 . 7 0
T i m e C o l l a t e r a l L o a n s .......................................................................................
6 2 ,4 5 2 .0 0
1 3 3 ,7 7 6 .5 0
2 7 ,8 0 6 .3 9
4 4 , 8 9 1 . 71
- 1 7 ,0 8 5 .3 2
9 3 ,7 2 8 .3 9
8 8 ,4 4 1 .5 4
3 4 3 ,2 8 3 .9 1
1 2 3 ,1 5 9 .4 6
- 2 4 9 ,5 5 5 .5 2
- 3 4 , 7 1 7 .9 2
O f f i c e __________________________________________________
3 5 3 . 73
2 ,1 2 7 ,9 8 9 .5 6
2 6 8 .0 7
2 ,4 6 6 ,5 6 7 .3 0
- 3 3 8 ,5 7 7 . 74
T o t a l R e s o u r c e s ........................................................................................
2 ,3 1 0 ,5 1 3 .2 2
2 ,9 3 3 ,2 7 8 . 74
- 6 2 2 , 765 . 52
4 1 ,0 1 6 . 05
1, 0 7 3 . 7 7
+ 3 9 , 9 4 2 28
3 ,9 3 4 .5 0
4 , 7 4 0 . 75
1 ,7 4 4 ,7 1 4 .3 8
8 1 4 ,2 5 7 .4 0
2 0 , 2 8 1 . 72
3 4 0 ,6 6 6 .2 3
C a s h a n d E x c h a n g e o n H a n d .....................................................................
D u e fro m M a in
- $ 1 6 1 ,1 4 5 . 70
- 7 1 ,3 2 4 .5 0
+ 8 5 .6 6
L IA B IL IT IE S
I n c o m e a n d E x p e n s e ...........................................................................................
D e p o s its :
S a v i n g s A c c o u n t s ________________________________ _______ ___________
1 ,4 2 8 ,9 9 9 .7 2
5 0 4 ,2 2 5 .6 0
1 6 ,5 8 0 .3 6
3 1 3 ,1 7 0 . 6 2
- 8 0 6 . 25
2 ,5 8 6 37
7 ,5 4 4 .4 9
- 3 1 5 ,7 1 4 .6 6
- 3 1 0 ,0 3 1 .8 0
- 3 ,7 0 1 .3 6
- 2 7 , 4 9 5 . 61
- 4 ,9 5 8 .1 2
T o t a l D e p o s i t s __________ _________________________ ________________
2 , 2 6 9 .4 9 7 .1 7
2 ,9 3 2 ,2 0 4 .9 7
- 6 6 2 , 7 0 7 .8 0
T o t a l L i a b i l i t i e s .......................................................................................
2 ,3 1 0 ,5 1 3 . 22
2 ,9 3 3 , 2 7 8 . 74
- 6 2 2 , 765. 52
C e r t i f i e d C h e c k s O u t s t a n d i n g .................................................. ..
1Decrease.
STOCK EXCHANGE PRACTICES
C o v e n try
P R O F IT
o ffic e —
A N D
L O S S
8315
C o n t in u e d
S T A T E M E N T
T h is y e a r
In c re a s e (+ )
d e c re ase ( — )
L a s t year
IN C O M E
In te r e s t:
$ 9 ,1 8 1 .0 4
1 1 5 ,6 9 8 .0 8
$ 2 0 ,6 2 4 .7 1
- $ 1 1 ,4 4 3 .6 7
1 6 1 ,3 5 6 .8 8
- 4 5 ,6 5 8 .8 0
E a r n in g s :
2 ,2 2 0 .0 5
2 ,1 7 0 .9 4
+ 4 9 .1 1
1 0 ,7 6 7 .8 8
1 7 7 .1 2
8 ,6 3 9 .2 5
2 3 8 .4 2
+ 2 ,1 2 8 . 63
4 7 1 .3 1
3 7 5 .9 3
2 3 5 .7 0
4 6 9 . 9 ft
+ 2 3 5 .6 1
- 9 4 .0 6
1 4 ,0 1 2 .2 9
1 1 ,7 5 4 .3 0
+ 2 ,2 5 7 .9 9
4 4 .0 8
2 9 9 .8 1
1 9 8 .5 9
2 7 4 .8 5
- 2 5 5 .7 3
- 7 6 . 26
1 3 9 ,1 3 4 .0 8
1 9 4 ,3 1 0 .5 5
- 5 5 ,1 7 6 .4 7
3 9 ,6 6 4 .8 1
5 9 ,1 1 9 .3 5
- 1 9 ,4 5 4 .5 4
1 5 ,7 2 8 .3 4
6 8 8 ,7 6
2 2 ,9 5 7 .3 5
1 ,1 8 5 .2 3
- 7 ,2 2 9 .0 1
- 4 9 6 .4 7
5 6 ,0 8 1 .9 1
8 3 ,2 6 1 .9 3
- 2 7 ,1 8 0 .0 2
444. 22
4 8 8 . 51
1 8 , 6 3 7 .0 5
5 ,1 3 8 .1 1
3 5 .0 0
9 ,1 7 7 .5 8
2 3 ,9 7 9 .1 3
6 ,4 1 9 .4 3
615 00
— 4 4 .2 9
- 5 ,3 4 2 .0 8
- 6 1 .3 0
EXPENSE
In te r e s t :
5 ,4 0 8 .8 2
3 ,7 2 7 .3 1
— 85. 60
“ 1 ,7 4 1 .2 7
- 1 ,0 6 8 .5 2
4 2 ,5 6 8 . 09
5 2 ,7 1 1 .1 7
- 1 0 ,1 4 3 .0 8
1 7 4 .5 8
247 . 25
7 9 7 .2 7
3 ,7 3 5 .3 4
- 2 ,9 3 8
07
9 9 , 6 2 1 . 85
1 3 9 .9 5 5 . 6 9
- 4 0 ,3 3 3
84
3 9, 5 1 2 23
C L A S S IF IC A T IO N
O F
G E N E R A L
1 ,0 5 4 .7 5
1 1 9 .5 0
7 8 .3 8
9 6 .7 0
6 7 2 .0 0
O F
- 1 4 ,8 4 2 .6 3
$ 7 7 .1 9
1 ,5 4 5 .0 8
9 9 9 .8 5
5 00
3 1 7 .1 7
3 5 .0 0
5 .5 3
7 0 2 .8 5
1 ,4 1 1 .7 5
2 2 5 .0 0
— $ 6 . 2&
- 7 7 2 .8 7
- 1 9 0 .5 9
+ 5 .0 0
- 1 9 .4 7
.0 0
+ 1 4 .2 2
- 1 6 1 .4 7
— 3 5 7 .0 0
— 1 0 5 .5 0
+ 2 3 .1 5
— 8 7 .9 0
.0 0
7 5 6 .9 9
7 4 .3 0
8 4 5 .5 6
6 8 .2 8
- 8 8 .5 7
+ 6 .0 2
5 ,4 0 8 .8 2
7 ,1 5 0 .0 9
- 1 ,7 4 1 .2 7
A C C O U N T S
4 ,3 9 1
1 Decrease.
86
5 5 .2 3
1 8 4 .6 0
6 7 2 .0 0
S a v in g s
5 4 ,3 5 4
- 7 2 . 67
E X P E N S E
$ 7 0 .9 0
7 7 2 . 21
8 0 9 .2 6
1 0 .0 0
2 9 7 .7 0
3 5 .0 0
1 9 .7 5
5 4 1 .3 8
R E C O R D
- 1 ,2 8 1 .3 2
- 5 8 0 . 00
9 1 ,2 6 3 .1 8
7 ,1 5 0 .0 9
4 ,7 9 5 .8 3
C o m m e r c ia l
T o ta l
4 ,6 3 7
1 ,3 8 7
1 ,6 6 5
5 ,7 7 8
6 ,3 0 2
i 246
i 278
i 524
STOCK EXCHANGE PRACTICES
8316
C o v e n try
N U M B E R
O F
o ffic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
L ast year
C om
m e r c ia l
S a v in g s
947
T o ta l
341
1 ,2 8 8
1 ,1 9 3
i 246
> 278
619
524
C om
S a v in g s
m e r c ia l
1 ,0 9 9
1,2111 ,8 1 2
1 112
T o ta l
496
1 ,5 9 5
1 ,8 8 5 6 7 4
J 1 78
i 290
N u m b e r o f O p e n T h r i f t A c c o u n t s D e c e m b e r 3 1 , 1 9 3 2 . .................................................................................................... .................
441
N u m b e r o f O p e n , T h r i f t A c c o u n t s D e c e m b e r 3 1 , 1 9 3 1 ..........................................................................................................................
543
I n c r e a s e ........................ ...............................................................................................................................- ............ .. ....................................................
1 102
S A F E
D E P O S IT
B O X E S
D e c e m b e r 3 1 , 1 9 3 2 ........... .. ...................................... ................................................................................................................................................................ 3 7 5
D e c e m b e r 3 1 , 1 9 3 1 ...... ............................................................................. ...................................................................................................................................4 1 9
I n c r e a s e .......................................................................... - ............ ..................................................................... .. .................................................................i 4 4
T h is
year L ast
l
year
70
101
1 14
85
44
16
T o t a l n u m b e r o f b o x e s i n v a u l t , 543.
i D e cre a se .
E u c lid —
C O M P A R A T IV E
Ifith
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L ast year
In c re a s e (+ ) o r
de c re ase ( — )
RESOURCES
T i m e C o l l a t e r a l L o a n s .............................
D i s c o u n t s .............................................................
$ 1 8 7 ,5 5 2 .5 6
1 6 4 ,3 1 9 . 2 9
$ 3 4 9 ,5 1 2 .9 4
2 1 5 ,5 0 9 . 7 1
T o t a l L o a n s ........................... ............
3 5 1 ,8 7 1 .8 5
5 6 5 ,0 2 2 .6 3
- 2 1 3 ,1 5 0 .8 0
C a s h a n d E x c h a n g e o n H a n d ............
O v e r d r a f t s ............................................................
1 3 9 ,1 3 3 .2 4
9 3 6 .8 4
2 6 9 ,1 6 8 .9 5
- $ 1 6 1 ,9 6 0 .3 8
- 5 1 ,1 9 0 .4 2
O f f i c e ..............................
1 ,8 0 5 ,4 7 3 .7 1
1 ,8 9 2 .5 7
1 ,8 1 0 ,5 2 4 .4 7
- 1 3 0 ,0 3 5 .7 1
- 9 5 5 .7 3
- 5 ,0 5 0 .7 6
T o t a l R e s o u r c e s ..............................
2 ,2 9 7 ,4 1 5 .6 4
2 ,6 4 6 ,6 0 8 .6 4
- 3 4 9 ,1 9 3 .0 0
1 9 ,2 5 7 .8 4
4 ,5 4 8 .3 3
+ 1 4 ,7 0 9 .5 1
2 ,8 9 3 .2 5
1 ,2 9 8 ,6 1 2 .5 9
4 ,4 0 4 .2 5
1 ,6 3 9 ,9 6 2 .6 4
9 9 4 ,9 9 1 .4 2
D u e fro m
M a in
L IA B IL IT IE S
I n c o m e a n d E x p e n s e ..... ....................... —
D e p o s ite :
T h r i f t C l u b _ _ ........................................
S a v i n g s A c c o u n t s _________ ________
C h e c k A c c o u n t s ..................................
C e r t if ie d C h e c k s O u t s t a n d in g
- 1 ,5 1 1 .0 0
2 ,7 0 2 .0 0
- 3 4 1 ,3 5 0 .0 6
- 1 9 ,0 0 4 .0 4
- 2 ,0 8 7 .4 2
T o t a l D e p o s i t s . . ...........................
2 ,2 7 8 ,1 5 7 .8 0
2 , 6 4 2 , 0 6 0 31
- 3 6 3 ,9 0 2 .5 1
Total Liabilities............
2,297,415.64
2,646,608.64
9 7 5 ,9 8 7 .3 8
6 6 4 .5 8
-349,103.00
STOCK EXCHANGE PRACTICES
E u c lid —
4. 6 t h
o ffic e —
P R O F IT
A N D
L O S S
8317
C o n t in u e d
S T A T E M E N T
T h is y e a r
L ast year
In c r e a s e ( + ) o r
decrease ( — )
IN C O M E
$ 1 9 ,1 0 7 .8 3
7 1 ,2 4 9 .8 9
$ 3 5 ,6 1 9 .0 0
1 0 8 ,1 2 6 .3 2
- $ 1 6 ,7 1 1 .1 7
- 3 6 ,8 7 6 .4 3
2 ,0 9 1 .2 9
7 ,6 3 2 .6 2
2 2 1 .9 5
- 1 2 8 .4 8
+ 3 ,6 0 6 .9 4
- 1 1 3 .4 7
- 3 5 9 .2 9
+ 6 9 .6 6
E a r n in g s :
1 ,9 6 2 .8 1
1 1 ,2 3 9 .5 6
1 0 8 .4 8
2 8 8 .8 3
2 0 7 .4 5
8 .9 3
6 4 8 .1 2
1 3 7 .7 9
2 0 6 .1 7
- 1 9 7 .2 4
1 3 ,8 1 6 .0 6
1 0 ,9 3 7 .9 4
2 ,8 7 8 .1 2
2 7 4 .0 8
2 0 0 .3 4
1 1 5 .5 0
1 4 1 .2 2
+ 5 9 .1 2
104, 648 . 2 0
1 5 5 , 1 3 9 .9 8
- 5 0 ,4 9 1 .7 8
3 8 ,8 4 7 .7 6
3 ,6 6 1 .5 2
6 1 ,2 9 6 .7 0
6 ,7 0 6 .9 5
- 2 2 ,4 4 8 .9 4
- 3 ,0 4 5 .4 3
4 2 ,5 0 9 .2 8
6 8 ,0 0 3 .6 5
- 2 5 , 494. 37
8 0 8 .9 2
2 4 ,3 0 0 .2 0
1 ,2 2 8 .2 1
- 1 0 2 .8 0
- 5 ,5 4 8 .6 8
+ 2 4 5 .8 4
- 4 8 4 .2 7
5 ,4 7 7 .8 6
4 ,8 6 0 .0 1
9 1 1 .7 2
2 9 ,8 4 8 .8 8
9 8 2 .3 7
2 9 4 .0 0
8 ,4 8 5 .8 7
6 ,4 9 8 .9 9
5 ,9 6 9 .7 8
4 2 ,8 8 1 . 63
5 2 ,9 9 1 .6 1
1 4 5 .2 7
1 6 6 ,5 0
2 2 0 .0 5
6 ,1 1 5 .3 6
— 5 ,9 4 8 .8 6
8 5 ,6 5 2 .6 8
1 2 7 ,3 3 0 .6 7
- 4 1 ,6 7 7 .9 9
1 8 ,9 9 5 . 52
2 7 , 8 0 9 . 31
- 8 , 813. 79
$ 5 2 .8 0
1 ,6 7 2 . 2 4
9 0 1 .9 1
2 .5 0
4 2 6 .8 8
3 5 .0 0
- $ 1 4 .6 8
- 4 7 2 .3 2
1 9 .9 7
7 3 8 .7 5
9 5 5 .3 6
2 2 5 .0 0
1 2 4 . 65
- 9 .9 7
“ 1 8 7 .4 2
“ 1 2 .5 6
- 1 4 5 .5 0
- 4 1 .5 0
“ 8 0 .4 5
+ 4 .1 2
1 5 8 .5 8
EXPENSE
11 9 0 .2 7
6 ,3 4 6 .7 0
C L A S S IF IC A T IO N
O F
G E N E R A L
4 2 3 .3 4
3 5 .0 0
1 0 .0 0
5 5 1 .3 3
9 4 2 .8 0
7 9 .5 0
8 3 .1 5
O F
90
- 7 4 .7 8
- 7 0 .3 5
- 2 . 50
- 3 .5 4
8 1. 55
5 5 1 .1 2
5 8 0 .4 6
7 0 .0 1
1 6 2 .0 0
5 4 7 .0 0
6 8 .5 8
+ 1 4 .1 1
4 1 .4 3
5 ,4 7 7 .8 6
6 ,4 9 8 .9 9
- 1 ,0 2 1 .1 3
5 6 6 .3 5
A C C O U N T S
S a v in g s
1Deficit.
- 1 , 1 0 9 . 77
- 1 0 ,1 5 9
E X P E N S E
$ 3 8 .1 2
1 ,1 9 9 .9 2
8 3 1 .5 6
R E C O R D
— 2 ,1 3 9 .1 7
- 1 ,0 2 1 .1 9
C o m m e r c ia l
T o ta l
7 ,1 5 0
1 ,5 6 0
7 ,8 3 0
2 ,0 1 1
8 ,7 1 0
9 ,8 4 1
2 680
2 451
2 1 ,1 3 1
*Decrease.
STOCK EXCHANGE PEACTICES
8318
E u c lid —
N U M B E R
O F
4 6 th
o ffic e —
A C C O U N T S
C o n tin u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
S a v in g s
C o m m e r
c ia l
L a s t year
T o ta l
C om m e r
S a v in g s
737
1 ,4 1 7
347
1 ,0 8 4
1 ,1 8 2
798
2 ,2 1 5
1 ,8 2 6
1680
i 4 51
1 1 ,1 3 1
i 644
c ia l
572
1
T o ta l
847
1 ,7 5 4
2 ,6 7 3
275
i 919
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 ........................ ....................... ............... .. ................................................................................... .. .......................................................3 7 2
D e c e m b e r 3 1 , 1 9 3 1 .............. .................. ............... ......................................... .. ................................. .................................................................................
466
I n c r e a s e ......................................................................................... ............... .. .......................................................................................................................
S A F E
D E P O S IT
94
B O X E S
D e c e m b e r 3 1 , 1 9 3 2 ................................ ......................................... .............. ............... ..................................................................................... .............. .......... 3 3 0
D e c e m b e r 3 1 , 1 9 3 1 .................................................................................................................... .. ............ .. ......................................... ....................................
391
I n c r e a s e ................................................................. ...................... ..................................................................................................................... .....................
T h is y e a r
54
i 61
L ast year
115
80
82
i 61
12
T o t a l n u m b e r o f b o x e s i n v a u l t , 509.
i D ecrease.
E u c lid —
C O M P A R A T IV E
1 0 5 th
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L a s t year
In c re a s e ( + ) or
d e c re ase ( — )
RESOURCES
1 3 1 ,2 7 8 . 1 9
1 1 2 ,3 2 1 .1 6
$ 6 1 ,0 0 0 .0 0
2 1 7 ,7 4 4 .5 5
2 3 6 ,8 8 5 .9 2
- $ 2 0 0 .0 0
- 8 6 ,4 6 6 .3 6
- 1 2 4 ,5 6 4 .7 6
3 0 4 ,3 9 9 .3 5
9 5 ,5 1 6 .8 7
9 1 7 .9 1
5 1 5 ,6 3 0 .4 7
1 7 8 ,4 1 9 .7 2
2 ,2 3 0 .6 3
- 2 1 1 ,2 3 1 .1 2
- 8 2 ,9 0 2 .8 5
O f f i c e .......................................................................... .............
2 ,2 7 0 ,0 2 2 .8 1
2 ,3 7 1 ,6 5 0 .6 8
- 1 ,3 1 2 .7 2
- 1 0 1 ,6 2 7 .8 7
T o t a l R e s o u r c e s . . ..................................................................................
2 ,6 7 0 ,8 5 6 .9 4
3 ,0 6 7 ,9 3 1 .5 0
- 3 9 7 ,0 7 4 .5 6
..............................
1 3 ,4 5 6 . 20
5 2 0 .6 7
+ 1 2 ,9 3 5 .5 3
S a v i n g s A c c o u n t s ............. ...........................................................................
3 .6 3 6 .2 5
2 ,0 8 9 ,8 7 8 .9 0
1 ,5 8 2 .4 9
3 ,7 1 8 .0 0
2 ,3 8 4 ,7 9 3 .8 5
- 8 1 .7 5
- 2 9 4 ,9 1 4 .9 5
1 ,1 4 1 .7 4
2 54 79
D e m a n d C o l l a t e r a l L o a n s _______ _____________________________________
T i m e C o l l a t e r a l L o a n s ......................................................................................
C a s h a n d E x c h a n g e o n H a n d _______________________________________
D u e fro m
M a in
$ 6 0 ,8 0 0 .0 0
L IA B I L I T I E S
I n c o m e a n d E x p e n s e ................................................... —
D e p o s its :
C e r t i f i e d C h e c k s O u t s t a n d i n g ........................................... ............
1 ,2 6 9 .7 4
5 6 0 ,8 0 7 .8 1
1 .2 2 5 .2 5
6 7 5 ,8 5 8 .9 2
1 ,6 4 3 .5 3
5 5 9 .2 5
+ 1 ,0 1 4 .9 5
- 1 1 5 ,0 5 1 .1 1
- 4 1 7 .9 8
T o t a l D e p o s i t s ............... ..........................................................................
2 , 6 7 5 , 4 0 0 .7 4
3 ,0 6 7 ,4 1 0 .8 3
- 4 1 0 ,0 1 0 .0 9
T o t a l L i a b i l i t i e s .......................................................................................
2 ,6 7 0 ,8 5 6 .9 4
3 ,0 6 7 ,9 3 1 .5 0
- 3 9 7 ,0 7 4 .5 6
STOCK EXCHANGE PRACTICES
E u c lid —
P R O F IT
1 0 5 th
A N D
o ffic e —
L O S S
8319
C o n t in u e d
S T A T E M E N T
T h is y e a r
L a s t year
In c r e a s e ( + ) o r
d ecrease ( — )
IN C O M E
I n t e r e s t , L o a n s a n d D i s c o u n t s ______________________________________
I n t e r e s t , M a i n O f f i c e A c c o u n t . . .............................................................
$ 2 2 , 2 9 2 .2 4
1 0 6 ,0 3 2 .8 0
$ 3 6 ,0 7 7 .0 2
1 4 0 ,7 2 4 . 5 8
- $ 1 3 ,7 8 4 .7 8
3 ,5 8 1 .0 9
- 2 9 3 .3 5
+ 3 ,6 8 5 . 52
- 1 4 .6 5
+ 1 4 8 .2 1
- 1 7 4 .1 9
- 3 4 ,6 9 1 .7 8
E a r n in g s :
C o l l e c t i o n a n d E x c h a n g e _______________________________ ________
3 ,2 8 7 .7 4
1 1 ,7 4 5 . 71
3 5 8 .7 1
3 2 6 .7 9
9 1 .0 3
8 ,0 6 0 .1 9
3 7 3 .3 6
1 7 8 .5 8
265 . 22
T o t a l ...................................................................................................................
1 5 ,8 0 9 .9 8
1 2, 4 5 8 . 4 4
3 , 3 5 1 . 54
3 6 4 .4 8
S u n d r y C r e d i t s t o P r o f i t a n d L o s s ................................ ......................
3 7 9 .5 5
1 6 6 .6 2
1 8 8 .0 9
+ 1 5 .0 7
- 2 1 .4 7
1 4 4 ,6 8 1 . 1 9
1 8 9 ,8 1 2 . 6 1
- 4 5 ,1 3 1 . 42
I n t e r e s t , S a v i n g s a n d T h r i f t .......................................................................
6 0 ,1 8 5 .7 6
8 1 ,2 5 9 .9 9
- 2 1 ,0 7 4 .3 3
I n t e r e s t , C o m m e r c i a l A c c o u n t s ...............................................................
2 ,1 6 0 .0 7
5 ,2 7 9 .1 4
- 3 ,1 1 9 .0 7
6 2 ,3 4 5 . 83
8 6 , 5 3 9 .1 3
- 2 4 , 1 9 3 .3 0
4 3 1 .4 7
3 0 ,0 1 3 .2 1
1 ,0 5 2 .8 4
8 1 4 .1 9
3 9 ,9 5 1 .1 2
1 ,0 6 3 .0 0
5 8 4 .5 0
1 4 ,6 4 9 .3 9
6 ,4 2 8 .0 7
6 ,0 0 2 .6 0
1 ,7 4 7 .4 6
1 5 , 7 1 7 .3 1
9 ,7 5 7 .3 1
7 ,9 9 0 .2 0
- 3 ,3 8 2 .7 2
- 9 ,9 3 7 .9 1
- 1 0 .1 6
- 1 ,1 6 2 .9 6
- 1 ,0 6 7 .9 2
- 3 ,3 2 9 .2 4
5 9 ,1 6 2 .0 8
7 7 ,0 4 0 .5 9
- 1 7 ,8 7 8 .5 1
S u n d r y D e b i t s t o P r o f i t a n d L o s s .........................................................
7 5 6 .2 5
8 ,9 4 2 .3 0
6 6 8 .9 6
6 ,1 4 0 .7 9
+ 2 ,8 0 1 .5 1
T o t a l E x p e n s e ...........................................................................................
1 3 1 ,2 0 6 .4 6
1 7 0 ,3 8 9 . 4 7
- 3 9 ,1 8 3 .0 1
1 3 ,4 7 4 .7 3
1 9 ,4 2 3 .1 4
- 5 ,9 4 8 .4 1
$ 5 5 .8 9
2 ,8 0 1 .2 2
1 ,1 3 1 .5 5
2 6 .9 5
5 4 9 .0 8
3 5 .0 0
2 3 .7 0
8 1 2 .1 3
1 ,4 6 2 .2 4
2 3 0 .0 0
- $ 1 7 .5 7
- 1 ,7 9 0 .4 3
- 2 0 7 .7 3
- 2 1 .5 5
F o r e i g n E x c h a n g e a n d T r a v e l e r s ’ C h e c k s .....................................
EXPENSE
S a l a r i e s a n d P e n s i o n ____________________________________________________
O p e r a t i n g ; R e n t , H e a t , L i g h t , e t c .............................. .. .....................
C L A S S IF IC A T IO N
O F
G E N E R A L
- 6 8 .4 6
8 9 5 .4 1
1 3 0 .0 0
+ 4 .8 0
+ 8 9 .0 1
- 3 5 9 .7 0
- 1 2 9 .5 0
- 6 0 7 .9 1
- 3 3 .1 0
8 7 5 .2 5
4 5 6 .0 0
1 , 0 3 7 . 24
- 1 6 1 .9 9
8 5 .7 9
1 1 0 .9 0
- 2 5 .1 1
6 ,4 2 8 .0 7
9 ,7 5 7 .3 1
- 3 ,3 2 9 .2 4
100. 5 0
2 8 7 .5 0
9 6 .9 0
4 5 6 .0 0
O F
+ 8 7 .2 9
E X P E N S E
$ 3 8 .3 2
1 ,0 1 0 .7 9
9 2 3 .8 2
5 .4 0
4 8 0 .6 2
3 5 .0 0
28. 5 0
9 0 1 .1 4
1 ,1 0 2 .5 4
R E C O R D
- 1 ,9 8 7 .6 0
A C C O U N T S
S a v in g s
C o m m e r
c ia l
T o ta l
N u m b e r o f O p e n A c c o u n t s D e c . 3 2 ......... ................. .........................................................................
5 ,5 9 0
N u m b e r o f O p e n A c c o u n t s D e c . 3 1 ........................... ..........................................................................
5 ,8 5 0
1 ,7 7 6
2 ,2 9 4
7 ,3 6 6
8 ,1 4 4
i 200
1 518
1778
1Decrease.
STOCK EXCHANGE PRACTICES
8320
E u c lid —
N U M B E R
O F
1 0 5 th
o ffic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
S a v in g s
L a s t year
C o m m e r
T o ta l
c ia l
S a v in g s
C o m m e r
c ia l
T o ta l
1 ,3 5 5
467
1 ,8 2 2
1 ,6 4 4
733
2 ,3 7 7
1 ,6 1 5
985
2 ,6 0 0
1 ,9 6 9
1 ,0 0 7
2 ,9 7 6
i 260
i 518
i 778
i 325
1274
i 599
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c . 3 1 , 1 9 3 2 ............................................................................................. ............................................................................................................................- 4 2 3
D e c . 3 1 , 1 9 3 1 ............................................................................................................................................................................................................................. 4 9 0
I n c r e a s e ......... ........................................................................................................................................................................................................................- 1 6 7
S A F E
D E P O S IT
B O X E S
D e c . 3 1 , 1 9 3 2 ........................................................................................................................................................................................................................................ 5 6 2
D e c . 3 1 , 1 9 3 1 ............................ ................................................... ....................................................................................................................................................... 6 3 9
I n c r e a s e ............................................................................... ...................................... 1 ...........................................................................................................1 7 7
T h is
year
Last
year
96
173
1 51
136
177
15
T o t a l n u m b e r o f B o x e s i n V a u l t , 847.
1 D e cre a se .
E u c lid - S u p e r io r
C O M P A R A T IV E
S T A T E M E N T
o ffic e
O F
C O N D IT IO N
T h is y e a r
L ast year
In c re a s e (+ ) o r
d ecrease ( — )
RESOURCES
$ 2 4 ,6 9 6 .7 0
7 0 .9 7
4 9 9 ,8 8 4 .3 7
$ 4 3 ,2 8 0 .4 0
2 9 .2 9
6 0 1 ,1 5 7 . 4 1
- $ 1 8 ,5 8 3 .7 0
+ 4 1 .6 8
- 1 0 1 ,2 7 3 .0 4
5 2 4 , 6 5 2 .0 4
6 4 4 , 4 6 7 .1 0
- 1 1 9 ,8 1 5 .0 6
L IA B I L I T I E S
429 . 48
6 9 3 .8 2
-264
34
1 .3 9 2 .0 0
3 9 4 ,4 6 9 .9 4
1 2 6 ,4 0 5 .6 2
1 .9 5 5 .0 0
1 ,9 4 6 .0 0
4 8 8 ,8 5 5 .5 0
1 5 2 ,9 1 9 .7 5
5 2 .0 3
- 5 5 4 .0 0
- 9 4 ,3 8 5 .5 6
- 2 6 , 5 1 4 .1 3
+ 1 ,9 0 2 .9 7
5 24 , 222 . 56
6 4 3 ,7 7 3 . 2 8
- 1 1 9 ,3 5 0 .7 2
5 24 , 652. 0 4
6 4 4 ,4 6 7 .1 0
- 1 1 9 ,8 1 5 .0 6
D e p o s it s :
STOCK EXCHANGE PRACTICES
E u c lid - S u p e r io r
P R O F IT
A N D
o ffic e —
L O S S
8321
C o n t in u e d
S T A T E M E N T
T h is y e a r
L a s t year
In c r e a s e ( + ) o r
decrease ( — )
IN C O M E
In te r e s t, M a in
O f f i c e A c c o u n t ..................................................................
$ 2 4 ,8 9 2 .7 3
$ 3 2 ,8 5 7 .4 3
— $ 7 ,9 6 4 .7 0
6 7 0 .9 6
3 ,1 0 5 .4 3
6 2 .0 4
1 3 5 .8 7
7 4 . 57
6 9 2 .4 8
3 ,4 4 4 .8 8
6 0 .1 8
8 8 .6 8
8 2 .6 9
- 2 1 .3 2
- 3 3 9 .4 5
+ 1 .8 6
+ 4 7 .1 9
- 8 .1 2
4 ,0 4 8 .8 7
4 ,3 6 8 .9 1
- 3 2 0 .0 4
5 0 .2 5
1 7 1 .9 7
9 4 .8 0
2 7 8 .1 3
- 1 0 6 .1 6
2 9 ,1 6 3 .8 2
3 7 , 599. 27
- 8 ,4 3 5 .4 5
1 1 ,3 5 7 .0 0
5 7 4 .6 6
1 5 ,3 0 4 .0 6
8 5 0 .0 0
— 3 ,9 4 7 .0 6
1 1 ,9 3 1 .6 6
1 6 ,1 5 4 .0 6
- 4 ,2 2 2 .4 0
3 9 9 .7 4
8 ,3 6 8 .2 5
3 1 7 .2 0
5 0 .0 0
3 ,1 7 9 .5 9
2 ,5 9 3 .0 2
1 ,6 8 3 .6 3
474 . 39
9 ,5 8 4 .7 0
4 8 0 .6 0
1 ,9 0 6 .1 0
- 7 4 .6 5
- 1 ,2 1 6 .4 5
- 1 6 3 .4 0
+ 5 0 .0 0
- 1 ,2 6 0 .3 6
- 3 7 1 .1 0
- 2 2 2 .4 7
1 6 ,5 9 1 .4 3
1 9 ,8 4 9 .8 6
- 3 ,2 5 8 .4 3
E a r n in g s :
F o r e i g n E x c h a n g e a n d T r a v e l e r s ' C h e c k s ......................................
C o l l e c t i o n a n d E x c h a n g e .....................................................................
S u n d r y C r e d i t s t o P r o f i t a n d L o s s ........................................................
- 4 4 .5 5
EXPENSE
In te r e s t:
S a v i n g s a n d T h r i f t .....................................................................................
C o m m e r c i a l A c c o u n t s ..............................................................................
O p e r a t in g ,
R e n t , H e a t , L i g h t , e t c ........................................................
4 ,4 3 9 .9 5
2 ,9 6 4 .1 2
- 2 7 5 .3 4
5 7 9 .5 8
2 4 5 .5 6
+ 3 3 4 .0 2
S u n d1r4y8 .6
D 3e b i t s t o P r o1f8i 4
t .5
a0
n d L o s s ..........................................................
3 5 .8 7
C L A S S IF IC A T IO N
O F
2 9 ,2 5 1 .3 0
3 6 ,4 3 3 .9 8
- 7 ,1 8 2 .6 8
i 8 7 .4 8
1 ,1 6 5 .2 9
- 1 , 252. 77
$ 5 2 .7 7
6 2 0 .0 3
2 8 6 .8 3
- $ 1 5 . 67
— 2 3 7 .3 1
2 9 2 .0 0
+ .7 5
+ 2 . 69
- 6 .8 2
- 3 8 .5 8
- 1 1 .5 0
- 3 .6 2
- 5 2 . 75
G E N E R A L
E X P E N S E
$ 3 7 .1 0
3 8 2 .7 2
2 6 6 .3 4
2 9 2 .7 5
2 .6 9
2 1 7 .1 3
3 0 3 50
1. 5 0
1 2 3 10
9 7. 25
R E C O R D
O F
4 8 6 .0 0
3 5 0 .9 6
3 1 .9 8
223. 95
3 4 2 .0 8
1 3 .0 0
1 2 6 .7 2
1 5 0 .0 0
486 00
3 4 7 .4 9
2 3 .2 5
2 ,5 9 3 .0 2
2, 9 6 4 .1 2
- 2 0 .4 9
+ 3 .4 7
+ 8 .7 3
- 3 7 1 .1 0
A C C O U N T S
S a v in g s
C om
m e r c ia l
T o ta l
N u m b e r o f O p e n A c c o u n ts :
1 ,5 4 6
iDeficit.
2Decrease.
1 ,7 4 6
497
670
2 ,0 4 3
2 ,4 1 6
2 200
2 173
a 373
STOCK EXCHANGE PEACTICES
8322
E u c lid - S u p e r io r
N U M B E R
O F
o ffic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
S a v in g s
C om
m e r c ia l
L as t year
T o ta l
S a v in g s
C om
m e r c ia l
T o ta l
126
299
435
808
422
516
210
403
632
509
i 200
l 173
i 373
94
i 1 93
i 287
309
919
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 ................................................................................................................................... .. .........................................................................2 21
D e c e m b e r 3 1 , 1 9 3 1 ...............................................................................................................................................................................................................1 7 2
I n c r e a s e ___________________________________________________________________________________________________________________________________
S A F E
D E P O S IT
49
B O S E S
D e c e m b e r 3 1 , 1 9 3 2 ............................................................................................................................................. .. ......................................................................... 1 17
D e c e m b e r 3 1 , 1 9 3 1 ......................................................................................................................................................................................................................... 1 3 2
I n c r e a s e ___________________________________________________________________________________________________________________________________1 15
Last
year
T h is
year
19
34
28
35
15
17
T o t a l n u m b e r o f B o x e s i n V a u lt , 310.
i D e cre a se .
L a k e w o o d
C O M P A R A T IV E
o ffic e
S T A T E M E N T
O F
C O N D IT IO N S
L a s t year
T h is y e a r
In c r e a s e ( + ) o r
D ecrease ( — )
RESOURCES
D e m a n d C o l l a t e r a l L o a n s ..............................................................................
T i m e C o l l a t e r a l L o a n s ......................................................................................
C a s h a n d E x c h a n g e o n H a n d .....................................................................
D u e fro m
M a in
O f f i c e .....................................................................................
T o t a l R e s o u r c e s ........................................................................................
$ 1 4 ,6 5 4 .4 7
5 2 ,8 9 1 .7 2
1 4 6 ,6 5 9 .7 5
$ 2 0 , 7 3 7 .0 0
2 2 3 ,3 5 9 .0 9
1 7 2 ,2 4 4 .6 1
— $ 6 ,0 8 2 .5 3
- 1 7 0 ,4 6 7 .3 7
- 2 5 ,5 8 4 .8 6
2 1 4 ,2 0 5 .9 4
4 1 6 ,3 4 0 . 70
- 2 0 2 ,1 3 4 . 7 6
8 2 ,6 6 1 95
2 0 0 .8 0
2 ,6 1 6 ,7 6 4 .9 3
1 3 6 ,1 8 3 .0 5
3 2 4 .6 9
- 5 3 , 5 2 1 .1 0
- 1 2 3 .8 9
2 ,7 3 3 ,1 4 2 .1 3
- 1 1 6 ,3 7 7 .2 0
2 ,9 1 3 ,8 3 3 .6 2
3 , 2 8 5 ,9 9 0 . 5 7
- 3 7 2 , 156. 9 5
4 2 , 6 2 5 . 21
3, 6 4 9 . 38
+ 3 8 ,9 7 5 . 8 3
3, 845. 75
2 ,3 7 2 ,1 2 0 .2 5
4 , 2 3 0 .1 0
2 ,4 5 4 ,0 3 1 .4 1
1 5 2 ,3 1 2 . 4 3
3 3 0 ,4 0 6 .5 3
L IA B IL IT IE S
I n c o m e a n d E x p e n s e ...........................................................................................
D e p o s its :
S a v i n g s A c c o u n t s .........................................................................................
8 ,5 9 6 .1 1
3 3 2 ,5 7 7 .8 7
- 3 8 4 . 35
- 8 1 ,9 1 1 .1 6
- 1 7 8 ,0 9 4 .1 0
- 1 0 ,2 7 1 .7 2
- 1 4 2 ,1 0 2 .6 1
C e r t i f i e d C h e c k s O u t s t a n d i n g ________________________________
1 , 7 5 6 .0 0
1 8 ,8 6 7 .8 3
4 7 4 ,6 8 0 .4 8
1 2 4 .8 4
T o t a l D e p o s i t s ...........................................................................................
2 ,8 7 1 ,2 0 8 .4 1
3 , 2 8 2 ,3 4 1 .1 9
- 4 1 1 ,1 3 2 .7 8
T o t a l L i a b i l i t i e s .......................................................................................
2 ,9 1 3 ,8 3 3
3, 285 , 990 . 57
- 3 7 2 ,1 5 6 . 95
62
1
+ 1 ,6 3 1 .1 6
STOCK EXCHANGE PRACTICES
L a k e w o o d
P R O F IT
A N D
o ffic e —
L O S S
C o n t in u e d
S T A T E M E N T
T h is y e a r
IN C O M E
In te r e s t:
L o a n s a n d D i s c o u n t s ...............................................................................
M a i n O f f i c e A c c o u n t ______________________________________________
E a r n in g s :
F o r e i g n E x c h a n g e a n d T r a v e l e r s ’ C h e c k s ...........................
I n t e r e s t o n S h o r t B a l a n c e s _______________________________ ______
C o l l e c t i o n a n d E x c h a n g e ________________________________________
S un dry
8323
In c r e a s e ( + ) o r
d ecrease ( — )
L ast year
$ 1 6 ,9 2 3 .2 3
1 2 7 ,1 2 2 .7 4
$ 2 6 ,8 6 4 .6 9
—• $ 9 , 9 4 1 . 4 6
1 4 9 ,3 1 3 .4 2
- 2 2 ,1 9 0 .6 8
3 ,0 8 6 .6 9
1 0 ,1 7 0 .8 6
1 2 0 34
1 7 .0 8
2 7 5 .9 6
3 8 1 .1 1
2 ,8 2 9 .3 5
7 ,9 3 2 .4 7
2 0 0 .2 3
1 8 5 .0 1
1 9 3 .7 0
3 8 5 .2 6
+ 2 5 7 .3 4
+ 2 ,2 3 8 .3 9
- 7 9 .8 9
1 4 ,0 5 2 .0 4
11, 7 2 6 . 0 2
2 ,3 2 6 .0 2
1 1 7 .8 0
1 .6 0
1 2 0 .3 9
0
+ 1 .6 0
1 5 8 , 2 1 7 .4 1
1 8 8 ,0 2 4 . 5 2
- 2 9 ,8 0 7 .1 1
6 5 , 5 1 0 .1 4
4 ,9 2 4 .5 3
9 7 9 .6 6
8 2 ,1 1 4 .7 0
5 ,5 2 1 .5 5
1 ,4 3 1 .4 6
- 1 6 ,6 0 4 . 56
- 5 9 7 .0 2
- 4 5 1 .8 0
7 1 ,4 1 4 . 33
8 9 , 0 6 7 . 71
- 1 7 , 653 . 38
8 2 4 .4 2
2 1 ,7 6 7 .0 3
2 ,2 8 8 .5 5
C r e d i t s t o P r o f i t a n d L o s s ________________________________
— 1 6 7 .9 3
+ 8 2 .2 6
4 .1 5
- 2 .5 9
EXPENSE
In te r e s t:
S a v i n g s a n d T h r i f t _________________________________________________
C o m m e r c i a l A c c o u n t s .............................................................................
O p e r a t i n g — R e n t , H e a t , L i g h t , e t c .......................................................
S u n d r y D e b i t s t o P r o f i t a n d L o s s .........................................................
C L A S S IF IC A T IO N
O F
4 ,3 5 3 .3 7
42, 719. 74
5 1 ,9 8 2 54
- 9 , 2 6 2 .8 0
1 7 2 .0 5
3 ,5 4 5 .5 7
1 5 0 .9 0
7 4 8 .4 8
+ 2 1 .1 5
+ 2 ,7 9 7 .0 9
1 1 7 ,8 5 1 . 6 9
1 4 1 ,9 4 9 . 6 3
- 2 4 ,0 9 7 .9 4
4 0 ,3 6 5 .7 2
4 6 ,0 7 4 . 89
- 5 ,7 0 9 .1 7
$ 2 1 2 84
1, 4 0 2 . 1 6
1, 0 6 5 4 2
1 7 .0 0
3 9 1 .4 3
7 1 .0 0
3 .1 5
7 7 1 .6 1
8 6 7 .3 1
1 9 5 .0 0
2 ,4 0 0 6 7
9 6 59
528 00
5 8 8 .1 4
- $ 1 2 5 .7 2
- 6 6 7 .5 2
- 1 1 9 62
6 9 .5 2
6 ,6 7 4 70
6 ,7 4 2 .1 5
G E N E R A L
3 8 0 .8 8
35 00
26 32
6 0 9 .6 4
7 6 9 .3 0
1 3 3 .0 0
1 ,7 7 1 .1 5
99 05
5 2 9 .8 0
588 68
2 9 .7 7
6 ,7 4 2 .1 5
O F
N u m b e r o f O p e n A c c o u n ts :
D e c . 3 1 , 1 9 3 2 ................................................................................................................
D e c . 3 1 , 1 9 3 1 .....................................................................................................................
- 3 6 5 . 34
+ 2 0 .7 2
- 2 7 8 .0 2
- 1 ,9 0 8 .3 5
- 9 5 5 .4 2
- 1 7 .0 0
- 1 0 55
- 3 6 .0 0
+ 2 5 .1 7
- 1 6 1 .9 7
- 9 8 01
- 6 2 00
— 6 29 52
+ 2 .4 6
+ 1 .8 0
+ . 54
18
- 1 0 .4 1
8 ,6 5 0 . 50
- 1 ,9 0 8 .3 5
40
A C C O U N T S
S a v in g s
i DecSease.
- 5 , 776! 93
E X P E N S E
$ 8 7 .1 2
7 3 4 .6 4
9 4 5 .8 0
R E C O R D
4
8 2 3 .8 8
2 7 ,5 4 3 .9 6
2 ,6 5 3 .8 9
4 8 .8 0
6 ,9 5 2 72
8 , 6 5 0 . 50
5 ,3 0 8 .7 9
6 ,0 8 4
C o m m e r c ia l
T o ta l
6 ,1 8 7
1 ,6 6 7
2 ,1 6 1
7 ,7 5 1
8 ,3 4 8
i 1 03
i 494
i 597
8324
STOCK EXCHANGE PRACTICES
L a k e w o o d
N U M B E R
O F
o ffic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
S a v in g s
L ast year
C om m er
c ia l
923
T o ta l
288
781
2 ,0 2 6
494
1 03
1 ,2 1 1
S a v in g s
C om m e r
c ia l
T o ta l
1 ,6 0 8
1 ,0 6 4
1 ,1 1 2
485
715
1 ,5 4 9
1 ,8 2 7
1597
i 48
230
i 278
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c . 3 1 , 1 9 3 2 ........................................................................................................................................................................................................................
D e c . 3 1 , 1 9 3 1 ........................................................................................................................................................................................................................
551
492
I n c r e a s e ........... .............................................................................................. .................................................................................................................
59
S A F E D E P O S IT B O X E S IN
U S E
D e c . 3 1 , 1 9 3 2 ..................................................................................................................................................................................................................................
552
D e c . 3 1 , 1 9 3 1 ..................................................................................................................................................................................................................................
599
I n c r e a s e ......................................................................................................... .. ............................................. ...................................................................
47
T h is y e a r
L ast year
90
137
118
89
47
29
i
T o t a l n u m b e r o f b o x e s i n v a u l t , 728.
i D e cre a se .
L o r a in
C O M P A R A T IV E
a n d
1 1 7 th
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L ast year
In c re a s e (+ ) o r
d ec rease ( — )
RESOURCES
T i m e C o l l a t e r a l L o a n s ........... .............................................. ............... ............
C a s h a n d E x c h a n g e o n H a n d .....................................................................
$ 8 ,4 6 3 .7 5
3, 234. 59
$ 1 9 ,0 4 2 .5 0
1 1 ,6 9 8 .3 4
2 4 ,7 2 8 .9 5
- 1 3 ,0 3 0 .6 1
2 0 ,9 3 1 .8 3
1 8 9 .9 8
- 3 2 , 3 3 7 . 72
+ 1 1 5 .1 2
+ 6 9 ,6 2 5 .2 4
5, 6 8 6 .4 5
- $ 1 0 ,5 7 8 .7 5
- 2 ,4 5 1 .8 6
O f f i c e .......................................................................................
5 7 4 ,8 8 8 .9 3
5 3 , 2 6 9 .5 5
7 4 .8 6
5 0 5 ,2 6 3 .6 9
T o t a l R e s o u r c e s .......................................................................................
6 0 7 ,7 0 9 .0 8
583 , 337 . 05
+ 2 4 ,3 7 2 .0 3
i 2 ,4 1 8 .1 9
5 1 2 .9 9
- 2 ,9 3 1 .1 8
D u e fro m
M a in
L IA B IL IT IE S
I n c o m e a n d E x p e n s e ...........................................................................................
D e p o s its :
........................................................
1 ,4 7 6 .7 5
2, 2 0 8 . 25
4 3 9 ,1 4 1 .4 8
4 3 2 ,4 8 9 .9 7
2 ,6 0 0 .8 6
2 ,5 5 4 .1 7
1 6 2 ,3 7 7 .2 8
1 4 5 ,3 5 6 .0 7
C e4r,t5i 3
f i0e .d9 0C h e c k s O u t2s1 t5a.6n 0d i n g
- 7 3 1 .5 0
+ 6 ,6 5 1 .5 1
+ 4 6 .6 9
+ 1 7 ,0 2 1 .2 1
+ 4 ,3 1 5 .3 0
T o t a l D e p o s i t s ...........................................................................................
6 1 0 ,1 2 7 . 2 7
5 8 2 ,8 2 4 . 0 6
2 7 ,3 0 3 .2 1
T o t a l L i a b i l i t i e s .......................................................................................
607 , 709. 08
583 , 337 . 05
+ 2 4 ,3 7 2 .0 3
STOCK EXCHANGE PEACTICES
L o r a in
a n d
P R O F IT
1 1 7 th
A N D
o ffic e —
L O S S
C o n t in u e d
S T A T E M E N T
T h is y e a r
IN C O M E
In te r e s t:
L o a n s a n d D i s c o u n t s _____________________ _______________________
M a m O f f i c e A c c o u n t ________________ ____________ ________________
E a r n in g s :
8325
$ 1 ,5 9 8 .9 1
$ 7 8 9 .0 7
2 6 ,9 2 9 .2 7
- $ 8 0 9 .8 4
+ 4 ,0 6 4 .5 2
2 2 ,8 6 4 .7 5
2 5 4 .2 2
3 5 8 .9 7
1 ,2 8 9 .8 0
3 3 .8 3
9 8 .1 8
1 9 4 .8 0
1 ,3 3 6 .1 2
4 1 .7 5
5 7 .3 8
1 3 4 .4 5
1 ,9 7 5 .5 8
1 ,8 2 3 .9 2
F o r e i g n E x c h a n g e & T r a v e l e r s ’ C h e c k s ................................
C o l l e c t i o n a n d E x c h a n g e .....................................................................
In c re a s e ( + ) o r
de c re ase ( — )
L ast year
+ 1 0 4 75
- 4 6 .3 2
- 7 .9 2
+ 4 0 .8 0
+ 6 0 .3 5
+ 1 5 1 .6 6
2 3 .2 6
5 8 .8 6
+ 3 5 .6 0
0 0r e d i t s t o P r o f 1
S u n d r9y0 .C
i t. 0a0n d L o s s ........................................................
+ 8 9 .0 0
2 9, 8 4 2 .7 8
26, 311 . 84
1 1 ,4 7 9 .4 4
1 3 6 .0 3
1 2 ,3 0 8 .4 3
1 5 6 .9 9
- 8 2 8 .9 9
- 2 0 .9 6
1 1 ,6 1 5 .4 7
1 2 ,4 6 5 . 4 2
- 8 4 9 .9 5
9 3 8 .9 7
1 0 ,6 8 6 .9 3
9 0 1 .1 8
1 1 ,7 8 0 .4 6
2 7 8 .8 6
+ 3 ,5 3 0
94
EXPENSE
In te r e s t:
S a v i n g s a n d T h r i f t _______________________________________________
C o m m e r c i a l A c c o u n t s _____________________________ ______________
S a la r ie s a n d
P e n s i o n _______________________________________ ____________
2 ,3 5 6 .0 9
+ 3 7 .7 9
1 ,0 9 8 .5 3
+ 6 7 .1 7
- 1 7 .0 0
- 2 0 4 .2 1
- 2 5 1 .8 2
- 2 2 0 .3 7
2 0, 903 . 79
2 2, 586 . 26
- 1 , 682 . 47
54. 25
3 8 .0 0
144. 36
- 9 0 .1 1
- 1 9 0 .9 8
3 4 6 .0 3
O p e r a t i n g , R e n t , H e a t , e t c ........................................................................
S u n d r y D e b i t s t o P r o f i t a n d L o s s .........................................................
T o t a l E x p e n s e ............................................................................................
C L A S S IF IC A T IO N
O F
1 7 .0 0
4 ,8 9 4 .9 2
2 ,3 5 7 .7 5
4 ,6 9 0 .7 1
2 ,1 0 5 .9 3
2 ,1 3 5 .2 2
2 2 8 .9 8
3 2, 611. 51
35, 425 . 0 2
- 2 ,8 1 3
i 2, 768 . 73
i 9 ,1 1 3 .1 8
+ 6 , 344- 4 5
$8 6. 99
1 8 9 .9 3
2 8 8 .5 4
5 .6 9
3 0 2 .5 0
$ 1 0 6 .2 5
3 5 0 .4 5
2 4 7 .8 5
6 .9 0
3 0 0 .0 0
- $ 1 9 .2 6
- 1 6 0 .5 2
+ 4 0 69
- 1 .2 1
1 9 0 .7 1
1 7 3 .0 0
1 4 .5 0
.2 0
2 2 1 .8 4
1 6 6 .0 0
2 9 .0 0
2 7 .5 0
- .2 0
- 3 1 .1 3
+ 7 .0 0
- 1 4 .5 0
- .8 5
9 3 .0 0
5 0 0 .0 0
- 2 1 .2 5
2 9 5 .8 6
12. 90
- 5 0 .2 4
2 ,3 5 7 .7 5
- 2 5 1 .8 2
G E N E R A L
51
E X P E N S E
2 6 .6 5
7 1 .7 5
5 0 0 .0 0
2 4 5 .6 2
1 0 .0 5
2 ,1 0 5
93
+ 2 .5 0
- 2 .8 5
1 D e fic it.
R E C O R D
O F
A C C O U N T S
C o m m e r c ia l
S a v in g s
T o ta l
N u m b e r o f O p e n A c c o u n ts :
396
389
2 ,0 7 1
1 ,6 3 6
39
7
46
1 ,6 7 5
2 ,0 2 5
STOCK EXCHANGE PRACTICES
8326
L o r a in
N U M B E R
O F
a n d
1 1 7 th
A C C O U N T S
o ffic e —
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
S a v in g s
L ast year
C om m er
c ia l
546
39
T o ta l
200
507
S a v in g s
976
746
193
7
C om m er
c ia l
700
46
652
T o ta l
354
324
1 ,3 3 0
48
14
60
194
846
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 .................................................................................... .....................................................................................................................
D e c e m b e r 3 1 , 1 9 3 1 .................................................... .. .................................................................................................................................................
I n c r e a s e _____________________________________________________________________ _________________________________________________________
300
380
i 80
S A F E D E P O S IT B O X E S
D e c e m b e r 3 1 , 1 9 3 2 ........................ ..........................................................................................................................................................................................
71
D e c e m b e r 3 1 , 1 9 3 1 ........... .............................. .. ............ .. ............ .. .......................................................................................................................................
74
I n c r e a s e ............................................. ................................................ .............. ...............................................................................................................
i 3
T h is y e a r
22
T o ta l n u m b e r o f boxes in
L ast year
25
51
8
13
43
v a u lt , 213.
* D e cre a se .
#
Miles and 131st office
C O M P A R A T IV E
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L ast year
In c re a s e ( + ) o r
de c re ase ( — )
RESOURCES
$ 2 3 1 ,4 9 1 .8 6
5 ,4 5 6 . 0 0
1 ,8 8 1 .0 0
$ 2 5 4 ,0 9 5 . 11
5 ,5 3 1 .0 0
2 ,2 6 5 .9 4
- $ 2 2 ,6 0 3 .2 5
- 7 5 .0 0
- 3 8 4 .9 4
2 3 8 ,8 2 8 .8 6
2 6 1 ,8 9 2 .0 5
2 4 ,0 7 9 .5 1
3 1 ,5 1 4 .3 1
- 2 3 ,0 6 3 .1 9
- 7 ,4 3 4 .8 0
5 1 2 ,0 8 0 .9 8
5 7 9 ,9 9 9 .8 6
- 6 7 ,9 1 8 .8 8
7 7 4 ,9 8 9 .5 5
8 7 3 ,4 0 6 .2 2
- 9 8 , 4 1 6 . 87
- 7 1 0 .9 9
- 8 8 7 .5 7
+ 1 7 6 .5 8
2 ,7 2 4 .7 5
7 3 1 ,5 4 3 .6 3
4 1 ,4 3 1 .9 6
3 ,3 3 2 .7 5
8 3 6 ,3 2 5 .1 0
3 4 ,5 0 2 .0 4
- 6 0 8 .0 0
- 1 0 4 ,7 8 1 .4 7
L IA B I L I T I E S
D e p o s its :
1 3 3 .9 0
+ 6 ,9 2 9 .9 2
- 1 3 3 .9 0
775 , 700. 34
8 7 4 ,2 9 3 . 79
- 9 8 ,5 9 3 .4 5
7 7 4 ,9 8 9 . 3 5
8 7 3 , 406 . 22
- 9 8 ,4 1 6 .8 7
STOCK EXCHANGE PBACTICES
M ile s
a n d
P R O F IT
1 3 1 s t
A N D
o ffic e —
L O S S
8327
C o n t in u e d
S T A T E M E N T
In c re a s e (+ ) o r
L ast year
T h is y e a r
de c re ase ( — )
IN C O M E
I n t e r e s t , L o a n s a n d D i s c o u n t s ..................................................................
I n t e r e s t , M a i n O f f i c e A c c o u n t ..................................................................
$ 1 7 ,4 5 6 .6 6
2 3 ,7 4 6 .9 6
$ 3 6 ,8 5 5 .8 6
1 6 ,2 7 4 .1 6
— $ 1 9 ,3 9 9 .2 0
+ 7 ,4 7 2 .8 0
4 5 1 .9 0
1 ,1 4 5 . 21
4 4 .7 6
+ 1 3 2 .4 1
1 3 6 .0 0
4 1 3 . 44
3 1 9 .4 9
1 ,3 1 1 .2 6
6 0 .2 2
8 1 .4 5
3 7 5 .7 8
2 , 1 9 1 .3 1
2 ,1 4 8 .2 0
4 3 .1 1
3 1 .0 0
1 0 .0 0
4 9 .7 9
9 5 .0 0
- 1 8 .7 9
4 3, 435. 93
5 5 , 4 2 3 .0 1
- 1 1 ,9 8 7 .0 8
2 0 , 2 6 7 . 79
4 6 .2 8
2 5 ,4 5 5 .8 0
5 0 .7 6
- 5 ,1 8 8 .0 1
2 0 ,3 1 4 . 07
2 5 , 5 0 6 .5 6
- 5 ,1 9 2 . 49
7 4 4 .6 8
+ 1 2 8 .4 8
- 4 ,0 7 8 .6 0
+ 4 8 .4 3
- 5 9 .6 1
- 3 4 2 .0 4
E a r n in g s :
F o r e i g n E x c h . & T r a v e l e r s ’ C h e c k s ..........................................
C o l l e c t i o n a n d E x c h a n g e ....... ..............................................................
S u n d r y C r e d i t s t o P r o f i t a n d L o s s .......................................................
- 1 6 6 .0 5
- 1 5 . 46
+ 5 4 .5 5
+ 3 7 .6 6
- 8 5 .0 0
EXPENSE
I n t e r e s t , S a v i n g s a n d T h r i f t _________________________________________
I n t e r e s t , C o m m e r c i a l A c c o u n t s ____________________________________
S a l a r i e s a n d P e n s i o n ............................................................................................
8 7 3 .1 6
1 1 ,1 3 8 .8 6
5 0 1 . 71
O p e r a t i n g — R e n t , H e a t , E t c .......................................................................
4 ,8 2 6 .6 2
T o t a l .................................................................................................................
S u n d r y D e b i t s t o P r o f i t a n d L o s s ..........................................................
C L A S S IF IC A T IO N
O F
1 ,8 9 0 .0 0
2 ,2 2 7 .9 6
1 5 ,2 1 7 .4 6
453 28
5 9 .6 1
5 ,1 6 8 .6 6
2 ,4 2 6 .6 5
3 ,0 4 3 .5 0
2 1 ,4 5 8 .3 1
3 4 .0 5
1 1 9 .5 4
2 7 ,1 1 3 .8 4
1 3 5 .1 7
5 6 .9 8
- 5 ,6 5 5 .5 3
- 1 0 1 .1 2
+ 6 2 .5 6
4 1 ,9 2 5 . 97
5 2 ,8 1 2 . 55
- 1 0 ,8 2 6 .5 8
1 ,5 0 9 . 9 6
2 ,6 1 0 .4 6
- 1 ,1 0 0 .5 0
$ 8 1 .4 5
3 0 9 .1 2
3 7 9 .0 6
9 .9 5
3 0 6 .2 6
- $ 4 4 .4 1
— 2 2 1 .1 7
1 0. 50
2 0 1 .9 7
1 28. 0 0
3 .0 0
8 7 .8 5
+ 9 .2 5
- 5 1 .1 7
— 1 5 .4 3
— 3 .0 0
— 4 5 .8 5
1 0 9 .0 0
4 6 6 .0 0
- 3 7 .6 5
4 6 6 .0 0
2 6 8 .7 9
3 4 .4 8
3 1 7 .0 0
1 7 .4 0
— 4 8 .2 1
+ 1 7 .0 8
1 ,8 9 0 .0 0
2 ,4 2 5 . 56
- 5 3 6 .5 6
G E N E R A L
3 0 1 .8 8
1 9 .7 5
1 5 0 .8 0
1 1 2 .5 7
4 2 .0 0
7 1 .3 5
O F
— 8 1 .6 7
— 9 .9 5
- 4 .3 8
A C C O U N T S
S a v in g s
iDecrease.
- 5 3 6 .6 5
- 8 1 5 .5 4
E X P E N S E
$ 3 7 .0 4
8 7 .9 5
2 9 7 .3 9
R E C O R D
- 4 .4 8
C o m m e r c ia l
T o ta l
2 ,4 8 8
2 ,5 6 4
1 71
213
2 ,6 5 9
2 ,7 7 7
i 76
i 42
i 1 18
STOCK EXCHANGE PRACTICES
8328
M ile s
N U M B E R
O F
a n d
1 8 1 s t
o ffic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
S a v in g s
L ast year
C o m m e r c ia l
T o ta l
S a v in g s
C o m m e r c ia l
T o ta l
600
54
96
654
772
983
759
160
117
1 ,1 4 3
676
i 76
1 42
i 118
224
43
267
876
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 .........................................................................................................................................................................................................
D e c e m b e r 3 1 , 1 9 3 1 ..........................................................................................................................................................................................................
335
459
I n c r e a s e _________________________________________________________________________________ _______________________________________________
1 1 24
S A F E
D E P O S IT
B O X E S
D e c e m b e r 3 1 , 1 9 3 2 __________________________________________________________________________________________________________________________
82
D e c e m b e r 3 1 , 1 9 3 1 . ..................................................................................................................................................................................................................
86
I n c r e a s e ..............................................................................................................................................................................................................................
4
T h is y e a r
27
•25
2
L ast year
44
8
36
215
i D e cre a se .
P e a r l
C O M P A R A T IV E
R o a d
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L ast year
In c r e a s e ( + ) o r
de c re ase ( — )
RESOURCES
$ 2 ,5 1 0 0 0
1 ,9 2 0 .0 0
$ 3 ,5 7 0 0 0
3 ,6 2 5 .0 0
— $ 1 ,0 6 0 .0 0
- 1 ,7 0 6 .0 0
4 .4 3 0 0 0
1 6 ,8 9 8 .6 6
7 ,1 9 5 .0 0
2 4 ,5 0 2 .2 2
- 2 ,7 6 6 .0 0
3 8 9 ,7 2 6 19
359 , 2 6 6 46
+ 3 0 ,4 5 9 .7 3
4 1 1 , 0 5 4 .8 5
3 9 0 ,9 6 3 . 6 8
+ 2 0 ,0 9 1 .1 7
- 1 0 , 2 5 6 . 33
358 . 57
- 1 0 ,6 1 3 .9 0
— 7 ,6 0 3 .5 6
L IA B IL IT IE S
D e p o s its :
5 7 2 .7 5
690. 00
- 1 1 7 .2 5
3 6 4 ,1 0 5 .1 2
2 9 ,3 0 6 .4 2
3 2 1 ,0 0 8 .3 0
3 7 ,8 7 8 . 50
3 ,9 7 7 .0 5
2 3 ,3 1 6 .8 4
3 2 .0 0
3 1 ,0 2 8 .3 1
+ 4 3 ,0 9 6 .8 2
- 8 ,5 7 2 .0 8
+ 3 ,9 7 7 .0 5
- 7 ,7 1 1 .4 7
+ 3 2 .0 0
4 2 1 ,3 1 0 .1 8
3 9 0 ,6 0 5 .1 1
3 0 ,7 0 5 .0 7
4 1 1 ,0 6 4 85
3 9 0 ,9 6 3 .6 8
+ 2 0 ,0 9 1 .1 7
STOCK EXCHANGE PEACTICES
P e a r l
P R O F IT
R o a d
o ffic e —
A N D
L O S S
8329
C o n t in u e d
S T A T E M E N T
T h is y e a r
In c re a s e ( + ) o r
decrease ( — )
L as t year
IN C O M E
I n t e r e s t - L o a n s a n d D i s c o u n t s . .............................................................
In t e r e s t - M a in O ffic e A c c o u n t
.................................................................
$368. IS
1 8 ,4 8 3 .2 7
$ 9 2 4 .1 6
1 7 ,3 6 5 .0 7
1 1 2 .8 0
8 6 9 .9 1
3 6 .0 7
5 7 6 .7 4
— $ *> 6 5 .9 6
+ 1 ,1 2 8 .2 0
E A R N IN G S
F o r e i g n E x c h a n g e & T r a v e l e r s * C h e c k s ...........................................
C o l l e c t i o n a n d E x c h a n g e . ...............................................................................
5 .3 0
4 6 .3 0
1 8 .6 1
T o t a l ....................................................................................................................
1 ,0 5 2 .9 2
.........................2 6 .'2 6 "
1 6 1 .9 8
8 0 1 .0 5
5 1 .8 4
+ 7 6 .7 3
+ 2 9 3 .1 7
+ 5 .3 0
+ 2 0 .0 4
- 1 4 3 .3 7
.1 2
2 5 1 .8 7
- 3 0 .8 4
- . 12
1 9 ,9 1 5 .3 7
1 9 ,1 3 2 .2 4
+ 7 8 3 .1 3
9 ,9 5 6 .3 6
4 6 6 .4 7
1 0 2 .6 2
8 ,1 6 2 .2 7
2 ,1 8 5 .6 4
+ 1 ,7 9 4 .0 8
- 1 ,7 2 0 .1 7
- 1 3 3 .4 9
1 0 . 5 2 4 .4 4
1 0 ,5 3 4 .0 2
- 5 9 .6 8
1 ,1 9 9 .1 1
9 ,7 4 9 .0 0
5 3 5 .9 5
1 .1 5 9 .9 3
1 1 ,6 1 1 .4 6
5 1 3 .8 2
5 2 .0 0
4 .7 1 5 .9 9
+ 3 9 .1 8
1 ,8 6 2 .4 6
+ 2 2 .1 3
2 1 .0 0
EXPENSE
I n t e r e s t , S a v i n g s a n d T h r i f t ............... .........................................................
I n t e r e s t , P u b l i c F u n d s ..................................................................................
I n t e r e s t , C o m m e r i c a l A c c o u n t s ................................................................
S a l a r i e s a n d P e n s i o n . ..........................................................................................
O p e r a t i n g , R e n t , H e a t , e t c ...........................................................................
C L A S S IF IC A T IO N
O F
4 ,5 1 8 .4 3
1 ,9 1 4 .0 3
1 ,9 4 9 .7 8
2 2 ,4 8 3 .7 9
4 2 .0 0
3 6 .1 7
2 6 .0 3
- 2 ,6 1 7 .4 9
+ 5 .8 3
- 2 6 .0 3
3 0 ,4 3 2 . 74
3 3 ,1 3 0 .0 1
- 2 ,6 9 7 .2 7
- 1 3 ,9 9 7 .7 7
+ 3 ,4 8 0 .4 0
E X P E N S E
2 3 0 .5 6
$ 1 1 2 .1 5
2 0 5 .7 3
2 0 1 .8 4
2 4 .6 0
- $ 7 1 .7 0
— 4 3 .0 5
+ 2 8 .7 2
— 2 4 .6 0 '
3 0 1 .0 0
2 .0 0
3 0 0 .0 0
+ 1 .0 0
+ 2 .0 0
1 4 4 .2 4
2 1 0 .1 6
9 0 .0 0
— 6 5 .9 2
+ 2 1 .0 0
5 6 .8 3
5 0 .7 8
7 0 .4 5
5 1 6 .0 0
9 3 .5 6
5 1 6 .0 0
2 8 7 .5 8
+ 6 .0 5
- 2 3 .1 1
1 1 1 .0 0
2 6 2 .9 7
1 5 .8 5
1 ,9 1 4 .0 3
O F
- 5 2 .0 0
- 1 9 7 .5 6
- 1 9 4 .2 7
- 3 7 2 .5 1
- 1 0 ,5 1 7 .3 7
$ 4 0 . 45
1 6 2 .6 8
R E C O R D
2 ,1 0 8 .3 0
2 ,3 2 2 .2 9
1 9 ,8 6 6 .3 0
G E N E R A L
T o i l e t S u p p l i e s ____________________________________________________________
2 3 6 .1 1
- 2 4 .6 1
1 5 .9 0
- .0 5
2, lo a 30
- 1 9 4 .2 7
A C C O U N T S
S a v in g s
C o m m e r c ia l
T o ta l
N u m b e r o f O p e n A c c o u n ts :
>Decrease.
175541—34—PT19-----5
975
814
1 34
146
1 ,1 0 9
161
* 12
149
960
STOCK EXCHANGE PRACTICES
8330
P e a r l
N U M B E R
O F
R o a d
o ffic e —
A C C O U N T S
T h is
S a v in g s
C o n t in u e d
O P E N E D
year,
A N D
T o ta l
c o m m e r c ia l
C L O S E D
L a s t year,
c o m m e r c ia l
S a v in g s
T o ta l
O p e n e d ______________ ______________
C l o s e d ___________________________________
361
200
62
74
423
274
584
164
142
53
726
217
I n c r e a s e ________________________
1 61
1 12
1 49
420
89
509
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 _____ ___________ ___________________________________________________________________________________ ________ _________1 04
D e c e m b e r 3 1 , 1 9 3 1 _____ ________ _________________________________________________________________________________________________________1 54
I n c r e a s e ______ ___________ _______ ________ ___________________________________________________________________________________ ____________ 1 5 0
S A F E
D E P O S IT
B O X E S
D e c e m b e r 3 1 , 1 9 3 2 ________ ________ ___________________ ______________ _______________________________________________________ ________ _________
D e c e m b e r 3 1 , 1 9 3 1 _____________________________________________________________________________________________________________________________
25
20
I n c r e a s e ______ _________ __________________________________________________________________________________________________ ________ ______
5
T h is y e a r
L ast year
10
5
19
5
19
T o t a l N u m b e r o f B o x e s i n V a u l t , 215.
i D e cre a se .
R o c k y
C O M P A R A T IV E
R iv e r
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L ast year
In c re a s e (+ ) o r
d e c re ase ( — )
RESOURCES
D e m a n d C o l l a t e r a l L o a n s ____________________________________________
T i m e C o l l a t e r a l L o a n s .......................................................................................
$ 1 0 ,0 0 0 .0 0
3 7 ,5 5 9 .4 5
1 3 4 ,8 4 1 .3 2
$ 1 3 ,1 0 0 .0 0
6 9 ,2 3 2 . 50
1 6 1 ,6 0 5 .8 8
— $ 3 ,1 0 0 .0 0
— 3 1 ,6 7 3 .0 5
- 2 6 ,7 6 4 .5 6
1 8 2 ,4 0 0 . 7 7
2 4 3 ,9 3 8 .3 8
- 6 1 ,5 5 7 . 61
3 2 , 2 1 7 . 29
8 0 ,1 9 2 .4 8
- 4 7 ,9 7 5 . 19
1 0 1 .0 4
1 ,8 5 7 ,7 3 0 .9 3
1 5 7 .8 0
O f f i c e .......................................................................................
2 ,1 4 0 ,7 1 1 .1 5
- 5 6 .7 6
— 2 8 2 ,9 8 0 .2 2
T o t a l R e s o u r c e s ........................................................................................
% 0 7 2 ,4 5 0 .0 3
2 , 4 6 4 , 9 9 9 . 81
- 3 9 2 ,5 4 9 . 78
2 6 ,7 4 0 . 42
1 ,4 2 7 9 9
+ 2 5 ,3 1 2 .4 3
2 ,4 1 5 .0 0
3 ,0 2 3 .7 5
1 ,9 8 8 ,4 9 3 .5 9
2 2 1 ,5 5 5 .4 1
- 2 5 7 ,9 7 7 .4 2
- 9 7 , 1 7 7 .8 2
C ash and
E x c h a n g e o n H a n d .....................................................................
D u e fro m
M a in
L IA B IL IT IE S
I n c o m e a n d E x p e n s e ..................................................................................... ..
D e p o s it s :
S a v i n g s A c c o u n t s .........................................................................................
1 ,7 3 0 ,5 1 6 .1 7
1 2 4 ,3 7 7 .5 9
C e r t i f i e d C h e c k s O u t s t a n d i n g .........................................................
3 1 .4 5
1 8 8 ,3 4 6 . 2 3
2 3 .1 7
T o t a l D e p o s i t s ...........................................................................................
T o t a l L i a b i l i t i e s .......................................................................................
104 9 5
2 4 9 ,7 1 9 .6 4
- 6 0 8 .7 5
6 7 4 .4 8
- 7 3 .5 0
- 6 1 ,3 7 3 .4 1
- 6 5 1 .3 1
2 , 0 4 5 , 7 0 9 . 61
2 ,4 6 3 , 5 7 1 .8 2
- 4 1 7 ,8 6 2 .2 1
2 ,0 7 2 ,4 5 0 .0 3
2 ,4 6 4 ,9 9 9 .8 1
- 3 9 2 , 5 4 9 .7 8
STOCK EXCHANGE PRACTICES
R o c k y
R iv e r
P R O F IT
A N D
o ffic e —
L O S S
8331
C o n t in u e d
S T A T E M E N T
T h is y e a r
L ast year
In c r e a s e (+ ) o r
de c re ase
(— )
IN C O M E
..............................................................
$ 1 3 ,0 4 1 .6 1
9 2 ,8 1 3 .9 5
$ 1 8 ,2 9 6 .1 0
1 1 2 ,6 4 3 .7 8
— $ 8 ,2 5 4 .5 9
— 1 9 ,8 2 9 .8 3
1 ,7 7 7 .0 0
4 ,0 6 9 .5 2
7 6 .5 9
2 7 7 .6 9
1 ,8 0 0 .2 8
2 ,8 4 0 .8 2
- 2 3 .2 8
+ i ; 2 2 8 .7 0
F o r e i g n E x c h & T r a v e l e r s ’ C h e c k s ...........................................
C o l l e c t i o n a n d E x c h a n g e ________________________________________
I n t e r e s t — L o a n s a n d D i s c o u n t s ................................................................
In te r e s t— M a in
O ffic e A c c o u n t
E a r n in g s :
......................1 3 5 7 3 2 *
+ 7 6 .5 9
+ 1 4 2 .3 7
2 5 3 .3 1
9 6 3 .9 7
6 ,4 5 4 .1 1
5 ,7 4 0 39
7 1 3 .7 2
4 1 .0 0
1 8 2 .8 3
140 3 0
- 1 4 1 .7 4
- 1 4 0 .3 0
1 1 2 ,3 5 0 .6 6
1 3 7 ,0 0 3 4 0
- 2 4 , 6 5 2 .’ 74
6 0 ,0 1 7 .4 6
3 ,0 1 5 .1 4
2 9 6 .3 4
6 1 ,7 0 5 .0 0
5 ,2 9 4 .9 8
- 1 1 , 6 8 7 .5 4
- 2 , 279. 84
6 3 ,3 2 8 .9 4
6 7 ,4 8 1 .3 6
725 85
1 6 ,6 6 7 .6 6
8 1 0 .7 3
2 0 ,2 4 1 .7 1
1 ,5 7 0 .6 8
1 ,9 7 3 .0 6
3 2 5 .6 9
6 ,2 5 4 .5 6
4 ,9 0 2 .1 2
C a s h O v e r ......................................................................................................................
- 7 1 0 .6 6
EXPENSE
I n t e r e s t — S a v i n g s a n d T h r i f t .............................................. .. ....................
I n t e r e s t — P u b l i c F u n d s .......................................................... .........................
I n t e r e s t — C o m m e r c i a l A c c o u n t s ..............................................................
S a la r ie s a n d
P e n s i o n ............................................................................................
O p e r a t i n g — R e n t , H e a t , E t c ............... ......................................................
4 8 1 .3 8
6 ,4 7 9 .4 3
3 ,8 2 0 4 2
3 ,3 3 3 . 50
3 2 ,5 9 7 . 54
- 1 8 5 .0 4
- 1 4 ,1 5 2
42
- 8 4 . 88
- 3 ,5 7 4 .0 5
- 4 0 2 . 38
4 ,0 4 5 . 76
- 3 2 5 .6 9
+ 2 2 4 .8 7
- 1 ,0 8 1 .7 0
- 7 1 2 .2 6
38, 553. 63
- 5 ,9 5 6 . 09
2 2 0 .1 2
- 1 5 7 . 64
6 2 .4 8
S und
+ 3 8 7 . 71
4 8r 9y. 0D2e b i t s t o P r o
1 0f i1t .3a1n d L o s s ..........................................................
C L A S S IF IC A T IO N
O F
8 6, 477 . 98
1 0 6 ,3 5 6 .4 2
- 1 9 ,8 7 8 .4 4
2 5 ,8 7 2 . 68
3 0 ,6 4 6 . 98
- 4 , 774. 30
352. 5 2
$113. 48
1 ,1 7 7 . 6 9
7 3 8 .0 9
4 .0 0
3 6 6 . 24
— $2 7 . 66
- 8 8 6 58
- 1 0 4 . 57
- 4 .0 0
- 1 3 . 72
325 . 99
6 4 7 .5 9
18. 5 0
3 6 6 .0 4
737. 30
1 5 .6 0
2 4 9 .1 6
4 9 .5 0
1 8 6 .2 9
- 1 8 . 50
- 4 0 . 05
- 8 9 . 71
- 3 3 .9 0
+ 6 2 87
85 00
7 2 6 .0 0
3 7 3 . 78
7 2 6 .0 0
3 8 2 .2 1
3 4 .3 3
3 6 .7 8
3 ,8 2 0 . 4 2
4 ,9 0 2 .1 2
G E N E R A L
E X P E N S E
$ 8 5 .8 2
2 9 1 .1 1
6 3 3 .5 2
T o t a l ________________________________________________ __________________
R E C O R D
O F
5 ,0 1 9
5 ,2 0 9
i 1 90
- 8 43
- 2 .4 5
- 1 ,0 8 1
70
A C C O U N T S
S a v in g s
1Decrease
+ 8 5 .0 0
C o m m e r c ia l
1 ,2 7 2
T o ta l
1 ,4 2 3
6 ,2 9 1
6 ,6 3 2
i 151
' 3 41
STOCK EXCHANGE PRACTICES
8332
R o c k y
N U M B E R
O F
R iv e r
o ffic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
S a v in g s
L ast year
C om m e r
T o ta l
c ia l
476
200
666
351
676
1 ,0 1 7
1 190
i 151
t 341
S a v in g s
C o m m e r
c ia l
670
714
347
438
1, 01*
44
i 91
> 1 35
l
T o ta l
1 ,1 5 2
N u m b e r o f O p e n T h r i f t A c c o u n t s D e c e m b e r 3 1 , 1 9 3 2 ......................................................................................................................... ...... 2 7 5
N u m b e r o f O p e n T h r i f t A c c o u n t s D e c e m b e r 3 1 , 1 9 3 1 ......................................................................................................................... ...... 3 4 5
I n c r e a s e .................................................................................... ............................................................................................................................................... 1 7 0
S A F E
D E P O S IT
B O X E S
D e c e m b e r 3 1 , 1 9 3 2 .................................................................................................................................................................................................................. ...... 3 3 2
D e c e m b e r 3 1 , 1 9 3 1 ........................................................................................................... .. ..................................................................................................... ...... 3 6 2
I n c r e a s e .............................................................................................................................................................................................................................. ...... 1 3 0
Last
year
T h is
year
53
83
i 30
60
49
11
566
* D e cre a se .
S h a k e r
C O M P A R A T IV E
S q u a r e
S T A T E M E N T
o ffic e
O F
C O N D IT IO N
T h is y e a r
L ast year
In c re a s e ( + ) o r
d e c re ase ( — )
RESOURCES
D e m a n d C o lla te r a l L o a n s .
T i m e C o l l a t e r a l L o a n s ...........
D i s c o u n t s ............................................
$ 1 6 ,7 4 7 .0 2
7 9 ,9 5 2 .0 0
3 0 ,9 4 2 .1 5
$ 4 2 ,3 6 4 .8 7
1 1 1 ,4 3 7 .5 0
8 6 ,2 9 8 .8 5
- $ 2 5 ,6 1 7 .8 5
- 3 1 ,4 8 5 .5 0
- 5 5 ,3 5 6 .7 0
T o t a l L o a n s __________________
C a s h a n d E x c h a n g e o n H a n d ..
1 2 7 ,6 4 1 .1 7
4 4 ,6 3 6 .6 9
2 4 0 ,1 0 1 .2 2
8 4 ,6 8 8 .3 8
O v e r d r a f t s ..................................................
D u e f r o m M a i n O f f i c e ....................
6 5 .6 0
1 ,0 3 5 ,3 1 2 .5 9
2 6 8 .0 0
1 ,0 0 4 ,6 0 8 .9 8
- 1 1 2 ,4 6 0 .0 5
- 4 0 ,0 5 1 .6 9
- 2 0 2 .4 0
1 ,2 0 7 ,6 5 6 .0 5
1 ,3 2 9 ,6 6 6 .5 8
- 1 2 2 ,0 1 0 .5 3
1 0 ,6 7 9 .8 2
1 ,9 7 9 .0 1
+ 8 ,7 0 0 .8 1
2 ,8 5 0 .5 0
9 7 4 ,7 3 1 .9 1
4 ,2 8 0 .0 0
9 5 2 ,3 2 3 .6 2
- 1 ,4 2 9 .5 0
+ 2 2 ,4 0 8 .2 9
- 2 3 ,2 9 1 .7 3
- 1 3 2 ,4 4 1 .6 5
+ 4 ,0 4 3 .2 5
T o ta l R e so u rc e s.
+ 3 0 ,7 0 3 .6 1
L IA B IL IT IE S
I n c o m e a n d E x p e n s a ....................................
D e p o s its :
T h r i f t C l u b ____________________________
S a v i n g s A c c o u n t s ...................................
P u b l i c F u n d s , . .....................................
2 3 ,2 9 1 .7 3
3 4 7 ,7 8 7 .2 2
C h e c k A c c o u n t s .....................................
C e r tifie d C h e c k s O u t s t a n d in g .
2 1 5 ,3 4 5 .5 7
4 ,0 4 8 .2 5
T o t a l D e p o s i t s ....................................
1 ,1 9 6 ,9 7 6 .2 3
5 .0 0
1 ,3 2 7 ,6 8 7 .5 7
Total Liabilities..
1,207,656.05
1,329,666.58
- 1 3 0 ,7 1 1 .3 4
-122,010.53
STOCK EXCHANGE PEACTICES
S h a k e r
P R O F IT
S q u a r e
A N D
o ffic e —
L O S S
8333
C o n t in u e d
S T A T E M E N T
T h is y e a r
In c r e a s e ( + ) o r
d e c re ase ( — )
L as t year
IN C O M E
I n t e r e s t , L o a n s a n d D i s c o u n t s ..................................................................
I n t e r e s t , M a i n O f f i c e ^ A c c o u n t ..................................................................
$ 1 0 ,1 4 0 .5 4
4 7 ,0 1 9 .2 4
$ 1 6 ,2 0 6 .4 1
6 0 ,8 9 3 .9 9
- $ 6 ,0 6 5 .8 7
- 1 3 ,8 7 4 .7 5
1 ,6 3 3 .1 5
5 ,9 2 6 43
1 8 5 .5 1
1 ,2 3 9 .3 6
3 ,4 4 1 2 3
2 4 1 .9 7
9 .6 6
1 3 1 .1 2
1 7 5 .2 0
5 9 .4 5
3 1 3 .1 7
8 ,0 5 1 .4 1
5 ,3 0 4 .8 4
E a r n in g s :
F o r e i g n E x c h a n g e a n d T r a v e l e r s ’ C h e c k s .....................................
C o l l e c t i o n a n d E x c h a n g e ......................................................................
+ 3 9 3 .7 9
+ 2 ,4 8 5 . 20
- 5 6 .4 6
- 9 .6 6
+ 7 1 .6 7
— 1 3 7 .9 7
8 5 .8 4
3 3 8 .0 3
2 ,7 4 6 .5 7
- 2 5 2 .1 9
6 5 ,2 9 7 .0 3
8 2 , 7 4 3 . 27
1 7 ,4 4 6 .2 4
I n t e r e s t , P u b l i c F u n d s .....................................................................................
I n t e r e s t , C o m m e r c i a l A c c o u n t s ................................................................
2 5 ,1 4 8 .8 2
1 9 .7 5
8 6 5 .6 5
3 1 ,0 8 7 .3 7
9 8 8 .4 2
1 ,6 0 5 .5 9
- 5 ,9 3 8 .5 5
- 9 6 8 .6 7
- 7 3 9 .9 4
T o t a l ..................................................... .............................................................
26, 034. 22
3 3 ,6 8 1 .3 8
- 7 ,6 4 7 .1 6
84. 34
+ 4 0 .3 5
- 3 ,9 5 9 .6 9
- 3 2 2 .6 6
- 5 ,5 4 4 .0 3
- 2 0 6 .8 9
+ 6 5 .5 7
T o t a l ....................................................................................................................
EXPENSE
I n t e r e s t , S a v i n g s a n d T h r i f t ........................................................................
S a l a r i e s a n d P e n s i o n ............................................................................................
1 3 ,2 1 9 .1 9
5 4 1 .0 5
O p e r a t i n g , K e n t , H e a t , e t c ...........................................................................
7 ,7 9 1 .6 2
3 ,8 1 6 .5 8
2 ,6 4 3 .8 2
4 3 .9 9
1 7 ,1 7 8 .8 8
8 6 3 .7 1
9 3 77
7 ,8 3 6 .9 6
4 ,1 8 7 .5 7
3 , 4 3 5 . 75
T o t a l ....................................................................................................................
2 8 ,0 9 6 .6 0
291 76
1 4 0 .5 7
3 3 ,6 4 0 .6 3
4 9 8 .6 5
75 0 0
5 4 , 5 6 3 .1 5
6 7 ,8 9 5
66
- 1 3 ,3 3 2 .5 1
1 0 ,7 3 3 .8 8
1 4 ,8 4 7 .6 1
- 4 ,1 1 3 .7 3
$ 7 5 .4 9
8 7 3 .2 3
4 2 9 .6 0
$ 5 2 .6 8
1 ,0 8 6 .2 6
+ $ 2 2 .8 1
4 3 0 .3 9
- .7 9
3 0 1 .0 0
3 1 0 .5 3
- 9 .5 3
3 5 .0 0
3 7 6 .2 5
6 0 5 69
5 0 3 .4 2
4 8 2 .8 0
4 7 .0 0
8 4 .3 2
6 9 .8 5
8 7 .0 0
1 2 0 78
1 1 4 .1 5
- 1 5 .0 0
- 1 2 7 .1 7
+ 1 2 2 .8 9
- 4 0 .0 0
- 3 6 . 46
- 4 4 .3 0
5 5 0 .0 0
550 00
3 7 0 .5 0
3 3 .6 5
4 0 0 .4 3
3 4 .1 3
- 2 9 .9 3
3 ,8 1 6 .5 8
4 ,1 8 7 .5 7
— 3 7 0 .9 9
S u n d r y D e b i t s t o P r o f i t a n d L o s s . . ...................................................
C L A S S IF IC A T IO N
O F
G E N E R A L
T o t a l .........................................................................................................
R E C O R D
O F
E X P E N S E
- 2 1 3 .0 3
- .4 8
A C C O U N T S
S a v in g s
>Decrease.
— 9 3 .7 7
- 4 5 .3 4
- 3 7 0 .9 9
- 7 9 1 .9 3
C om m er
c ia l
T o ta l
2 ,7 8 0
1 ,0 2 9
3 ,8 0 9
2 ,6 6 9
1 ,0 8 1
3 ,7 5 0
1 11
i 52
59
STOCK EXCHANGE PBACTICES
8334
S h a k e r
N U M B E R
O F
S h a k e r
o f fic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
T h is y e a r
S a v in g s ‘
L ast year
C om m er
690
T o ta l
c ia l
270
960
9 0 13 2 2
579
I 52
111
C om m e r
S a v in g s
59
c ia l
T o ta l
935
431
1 ,3 6 6
481
329
810
454
302
556
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 ............................................................................... ............................................................................................................................... 2 5 8
D e c e m b e r 3 1 , 1 9 3 1 ...............................................................................................................................................................................................................
339
I u c r e a s e ..................... ........................................................................... ................................................................................................................................. 1 8 1
S A F E
D E P O S IT
B O X E S
D e c e m b e r 3 1 , 1 9 3 2 .......................................................................................................................................................................................................................... 2 8 2
D e c e m b e r 3 1 , 1 9 3 1 ........................................-............................................................................................................................................................................... 2 5 7
I n c r e a s e ........... ........................................................................................................................................................................................................................
T h is y e a r
25
L ast year
81
56
118
35
25
83
T o t a l N u m b e r o f B o x e s in V a u lt , 337.
i D e cre a se .
S t.
C la ir
C O M P A R A T IV E
a n d
P a r k w o o d
S T A T E M E N T
O F
o ffic e
C O N D IT IO N
T h is y e a r
L ast year
In c r e a s e ( + ) o r
d e c re ase ( — )
RESOURCES
$ 2 9 ,9 0 2 .8 9
7 .5 5 2 .7 1
$ 4 8 ,1 0 5 .4 5
2 1 ,0 0 7 .2 8
— $ 1 8 ,2 0 2 .5 6
- 1 3 ,4 5 4 :5 7
3 7 .4 5 5 60
6 9 .1 1 2 .7 3
5 7 ,0 7 1 .7 6
7 .2 1
8 9 ,2 3 6 .1 4
4 1 .0 0
- 3 2 ,6 5 7 .1 3
- 3 2 ,1 6 4 .3 8
1 .0 3 7 .2 8 5 .5 8
1 ,2 2 6 ,4 2 7 .6 7
— 3 3 .7 9
- 1 8 9 ,1 4 2 .0 9
1 , 1 3 1 , 8 2 0 . 15
1 ,3 8 4 ,8 1 7 .5 4
- 2 5 2 .0 9 7 .3 9
5 ,6 5 6 .1 5
1 ,0 5 3 .6 4
+ 4 ,6 0 2 .5 0
1 ,7 8 6 .2 5
3 .1 6 7 .0 0
1 ,1 8 4 ,6 9 0 .7 1
- 1 ,3 8 0 .7 5
- 1 9 3 ,1 1 4 .9 9
- 6 0 ,9 3 2 .0 0
- 2 , 1 7 2 .1 5
L IA B I L I T I E S
D e p o s its :
9 9 1 ,5 7 5 .7 2
1 3 2 ,4 0 4 . 18
3 9 7 .8 5
1 9 3 .3 3 6 .1 8
2 .5 7 0 .0 0
1 ,1 2 6 ,1 6 4 .0 0
1 ,3 8 3 ,7 6 3 .8 9
- 2 5 7 ,5 9 9 .8 9
1 ,1 3 1 ,8 2 0 .1 5
1 ,3 8 4 ,8 1 7 .5 4
- 2 5 2 ,9 9 7 .3 9
STOCK EXCHANGE PRACTICES
S t.
C la ir
a n d
P R O F IT
P a r k w o o d
A N D
L O S S
o ffic e —
8335
C o n tin u e d
S T A T E M E N T
T h is y e a r
L ast year
In c r e a s e ( + ) o r
d e c re ase ( — )
IN C O M E
In te re s t:
L o a n s a n d D i s c o u n t s ______ ______________________________________
M a i n O f f i c e A c c o u n t __________________________________ ________
$ 2 ,6 7 6 .9 1
$ 4 . 4 S 0 .58
- $ l , 8 0 3 .6 7
4 9 ,6 3 9 .5 0
6 9 ,8 0 50
- 2 3 ,1 7 1 .0 0
+ 1 2 6 .2 6
+ 1 ,6 2 4 .1 0
E a r n in g s :
7 2 2 .1 7
6 ,9 5 5 .2 5
5 9 5 .9 1
5 ,3 3 1 .1 5
T r a v e l e r s ’ C h e c k s ...........................................
8 8 .3 2
1 3 1 .2 2
- 4 2 .9 0
E x c h a n g e ________________________________________
1 66 59
1 2 8 .7 8
1 0 0 .6 0
2 3 3 .3 1
+ 6 5 .9 9
- 1 0 4 .5 3
6 ,3 9 2 .1 9
16 75
7 ,0 0
+ 1 ,6 6 8 .9 2
- 1 0 .6 5
- 7 .0 0
6 0 ,3 8 3 . 62
8 0 ,7 0 7 .0 2
— 2 0 ,3 2 3 .4 0
2 7 ,9 9 2 .0 3
2 7 8 .9 4
3 8 ,8 2 5 .5 4
1 ,0 6 3 .6 4
- 1 0 ,8 3 3 . 48
- 7 8 4 .7 0
2 8 ,2 7 1 .0 2
3 9 ,8 3 9 .1 8
- 1 1 ,6 1 3 .1 6
6 8 2 .3 9
1 5 ,2 5 9 .4 0
5 5 9 .9 3
5 5 .8 6
3 ,9 7 4 .2 6
2 ,9 1 4 .7 0
3 ,0 4 1 .8 9
7 7 3 .8 2
- 9 1 .4 3
- 2 ,2 2 6 .5 6
+ 1 0 3 .0 3
+ 5 2 8 .8 5
— 1 ,0 4 1 .1 6
- 4 5 4 . 14
" F o r e ig n E x c h a n g e &
C o lle c tio n a n d
8 ,0 5 1
11
6 .1 0
EXPENSE
In te r e s t:
S a v i n g s a n d T h r i f t ....................................................................................
C o m m e r c i a l A c c o u n t s ____________________________________________
S a la r ie s a n d
P e n s i o n ............................................................................................
O p e r a t i n g , R e n t , H e a t , e t c _______ ___________________________________
S un d ry
D e b i t s t o P r o f i t a n d L o s s _________________________________
C L A S S IF IC A T IO N
O F
O F
4 ,0 1 5 .4 2
3 ,3 6 8 .8 4
3 ,4 9 7 .2 3
3 0 ,1 2 5 .1 8
1 1 8 .0 0
2 f 4 7 3 .3 0
- 3 ,6 3 6 .7 5
- 7 3 .5 1
- 1 ,7 5 8 .6 6
5 5, 518. 58
7 2 ,6 0 5 .6 6
- 1 7 ,0 3 7 .0 8
4 ,8 6 5 . 04
8 ,1 0 1 .3 5
- 3 ,2 3 6 .3 2
$ 5 2 . 70
- $ 1 5 .1 1
- 1 ,0 4 1 .6 6
— 54. 94
— 8 . 75
G E N E R A L
E X P E N S E
3 0 5 .1 3
1 ,3 3 4 .7 1
509. 32
1 2 .7 5
3 0 3 .9 3
+ 1 . 20
321 . 36
4 1 5 .1 3
3 7 1 .8 0
5 .5 0
3 3 .5 3
7 1 .3 5
4 6 6 .0 0
459. 25
6 4 .0 0
2 3 .3 7
1 1 8 .8 0
466 00
4 2 7 .1 1
4 1 .4 0
- 1 1 .3 5
8 2 .2 0
4 7 3 .9 3
5 2 75
8 2 .2 0
2, 914. 70
4 ,3 6 8 .8 4
- 1 ,4 5 4 .1 4
— 9 3 .7 7
— 8 7 .4 5
- 5 8 .5 0
+ 1 0 .1 6
- 4 7 .4 5
- 4 6 .5 2
A C C O U N T S
S a v in g s
1Decrease.
- 4 5 5 .3 4
2 6 ,4 8 8 .4 3
4 4 .4 9
7 1 4 .6 4
$ 3 7 .5 9
2 9 3 .0 5
4 5 4 . 38
4 .0 0
R E C O R D
1 7 ,4 8 5 .9 6
4 5 6 .9 0
- 4 7 2 .9 9
C o m m e r
c ia l
T o ta l
3 ,1 1 7
800
3 ,9 1 7
3 ,3 1 8
942
4 ,2 6 0
* 201
142
1 343
STOCK EXCHANGE PBACTICES
8336
S t.
C la ir
N U M B E R
a n d
O F
P a r k w o o d
A C C O U N T S
o ffic e —
O P E N E D
C o n t in u e d
A N D
C L O S E D
T h is y e a r
S a v in g s
684
C o m m e r
c ia l
L ast year
T o ta l
S a v in g s
C om m er
c ia l
T o ta l
172
314
856
1 ,1 9 9
1 ,0 4 5
1 ,1 2 8
327
477
1 ,3 7 2
885
i 2 01
i 142
i 343
183
I 150
1233
1 ,6 0 5
N u m b e r o f O p e n T h r if t A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 ............................................................................................................................................................................................................
D e c e m b e r 3 1 , 1 9 3 1 _ _ .......................................................................................................................................................................................................
257
3 8 ft
I n c r e a s e - .............................................................................................................................................................................................................................* 1 3 9
S A F E D E P O S IT B O X E S
D e c e m b e r 3 1 , 1 9 3 2 .......................................................................................................................................................................................................................
D e c e m b e r 3 1 ,1 9 3 1 ....... ............................ .............................. ....................................................................................................................................................
143
131
I n c r e a s e ..................................................................................................................................................................................................................................
$
T h is
year
T o ta l n u m b e r o f B o x e s in
Last
year
34
31
59
31
3
28
V a u lt , 438.
J D e cre a se .
S u p e r io r
C O M P A R A T IV E
a n d
8 0 th
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
$ 1 4 5 .0 0
1 ,4 8 5 .0 0
T im e C o lla te r a l L o a n s ..
D i s c o u n t s .................................
In c r e a s e ( + ) o r
d e c re ase ( — )
$ 5 0 5 .0 0
7 ,7 3 0 .0 0
- $ 3 6 0 .0 0
- 6 ,2 4 5 .0 0
8 , 2 3 5 .0 0
- 6 ,6 0 5 .0 0
6 1 5 ,9 4 0 .5 1
2 8 ,7 2 7 .2 5
1 8 6 .6 9
7 9 7 ,5 1 1 .9 7
- 7 ,0 7 9 . 20
- 1 5 7 .2 6
- 1 8 1 ,5 7 1 .4 6
6 3 9 ,2 4 9 .9 9
8 3 4 ,6 6 2 .9 1
- 1 9 5 ,4 1 2 .9 2
607 . 50
+ 1 ,1 6 2 .1 6
1 ,1 0 2 . 25
1 ,9 6 2 .0 0
6 1 1 ,7 8 0 .1 8
1 ,2 3 9 .9 8
- 8 5 9 . 75
- 1 8 2 ,3 5 1 . 5 3
2 3 ,3 5 7 .9 2
7 9 4 , 1 3 1 .7 1
2 ,4 2 5 .6 8
3 5 , 5 3 6 .0 2
T o t a l D e p o s i t s ..................- ...............
6 3 7 ,4 8 0 .3 3
8 3 4 ,0 5 5 .4 1
Total Liabilities..
639,249.99
834,562.91
T o t a l L o a n s .............................. .
C a s h a n d E x c h a n g e o n H a n d ..
O v e r d r a f t s ____________ _______ _________
D u e fro m
M a in
O f f i c e ____________
T o ta l R e so u rc e s .
1 ,6 3 0 .0 0
2 1 ,6 4 8 .0 5
L ast year
3 1 .4 3
L IA B IL IT IE S
In c o m e a n d
E xpense.
D e p o s its :
T h r i f t C l u b _______ _____________________
S a v i n g s A c c o u n t s ............................. ..
P r e p a y m e n t s o n L o a n s . — ............
C h e c k A c c o u n t s _____________________
C e r tifie d C h e c k s O u t s t a n d in g .
- 1 ,1 8 5 . 70
- 1 2 ,1 7 8 .1 0
- 1 9 6 ,5 7 5 .0 8
-195,412.92
STOCK EXCHANGE PRACTICES
S u p e r io r
a n d
8 0 th
P R O F IT
A N D
L O S S
o ffic e —
8337
C o n t in u e d
S T A T E M E N T
T h is y e a r
L ast year
In c r e a s e ( + ) o r
d e c re ase ( — )
IN C O M E
I n t e r e s t , L o a n s a n d D i s c o u n t s ..................................................................
In te r e s t, M a in
O f f i c e A c c o u n t ..................................................................
$ 1 1 4 . 73
$ 2 9 3 .5 9
4 5 ,5 7 8 .8 7
3 2 , 5 0 1 . 23
- $ 1 7 8 .8 6
- 1 3 ,0 7 7 .6 4
E a r n in g s :
_______________
3 2 4 .5 5
3 3 6 .4 0
+ 1 1 .9 4
1 ,7 4 3 .1 2
1 ,6 4 3 .7 7
+ 9 9 . 35
F o r e i1g3n7 .5
E 7x c h a n g e a n 2
d 3T
0 .6
r a9 v e l e r s ’ C h e -c 9
k3
s .1 2
C o l l e c t i o n a n d E x c h a n g e ________________________________________
2 3 7 .5 5
3 5 7 .4 8
1 5 2 .3 9
4 9 6 .9 4
+ 8 5 .1 6
- 1 3 9 .4 6
2 , 8 1 2 . 21
2 ,8 4 8 .3 4
- 3 6 .1 3
8 6 .8 9
1 5 7 .7 3
- 7 0 .8 4
S u n d r1y5 . 0
C 0r e d i t s t o P r o7f 3i t. 7a3 n d L o s s ________________________________
- 5 8 .7 3
E xpense:
I n t e r e s t , S a v i n g s a n d T h r i f t ______________ _____________ _______
3 5 ,5 3 0 .0 6
4 8 ,9 5 2 . 26
- 1 3 ,4 2 2 .2 0
1 8 ,2 7 0 . 68
2 5 ,8 9 6 .5 3
- 7 ,6 2 5 .8 5
1 8, 2 7 0 . 6 8
2 5 ,8 9 6 .5 3
- 7 ,6 2 5 .8 5
1 6 1 .4 5
- 9 2 .2 7
9 9 9 .1 8
1 4 .6 1
- 2 4 .5 0
- 4 1 .5 3
- 3 3 0 .6 7
S a l a r i e s a n d P e n s i o n _________________________ __________________________
8 ,2 8 1 .7 8
3 6 2 .8 6
2 5 3 .7 2
9 ,2 8 0 .9 6
3 7 7 .4 7
2 4 .5 0
O p e r a t in g
2 ,7 4 7 .8 8
1, 3 2 4 . 2 6
3 ,7 8 9 .4 1
1 ,6 5 4 .9 3
1 ,6 5 6 .3 4
1 ,8 9 6 .2 3
- 2 3 9 .8 9
1 5, 5 3 4 . 5 7
1 7 ,2 7 7 .2 2
- 1 ,7 4 2 .6 5
R e n t , H e a t , e t c ............................ .. .................... .......................
................... .. .................
C L A S S IF IC A T IO N
O F
1 8 6 .5 4
2 9 2 .9 9
- 1 0 6 .4 5
S u n d r6 y2 . 8D1e b i t s t o P r o1 f4i9t .1a 9n d L o s s ................
- 8 6 .3 8
3 4 ,0 5 4 .6 0
4 3 ,6 1 5 .9 3
- 9 ,5 6 1 .3 3
1 ,4 7 5 .4 6
5 ,3 3 6 .3 3
- 3 ,8 6 0 .8 7
G E N E R A L
E X P E N S E
A u t o m o b i l e U s e & M a i n t e n a n c e .............................................................
C u s t o m e r s P r i n t i n g a n d S u p p l i e s _________________________________
D u e s , D o n a t i o n s , a n d A s s e s s m e n t s ______________________ ________
$ 3 7 .0 6
1 5 6 .6 7
3 1 9 .7 3
$ 5 2 .6 8
3 0 5 .8 7
3 2 9 .9 6
- $ 1 5 .6 2
- 1 4 9 .2 0
- 1 0 .2 3
In s u r a n c e o n S e c. S h ip m e n t s &
C a r t a g e _______________________
1 5 3 . 21
1 5 0 .0 0
+ 3 .2 1
M a i n t e n a n c e o f M e c h a n i c a l D e v i c e s ______________ ______________
O f f i c e P r i n t i n g a n d S u p p l i e s _________________________________________
P o s t a g e ...........................................................................................................................
S up p e rs an d L un ch e s
........... .............
........... .................................
S u n d r y S e r v i c e s a n d S u p p l i e s ...................................................................
9 .5 0
1 8 8 .6 7
5 2 .0 0
8 .0 0
1 7 .7 5
2 9 0 .4 6
8 9 .0 0
2 1 .0 0
7 7 .8 5
- 8 .2 5
- 1 0 1 .7 9
- 3 7 .0 0
- 1 3 .0 0
+ 2 0 .4 0
C
B
T
T
9 8 .2 5
8 0 .7 5
a r F a r e ............ - ........................................... ............ ............................ ............... ..
u r g l a r A l a r m ...........................................................................................................
e l e p h o n e a n d T e l e g r a p h ..............................................................................
o i l e t S u p p l i e s ____________ ________ ______________________________________
3 5 .5 0
1 5 9 .7 2
2 5 .2 0
9 5 .0 0
4 .9 5
1 8 5 . 31
3 5 :1 0
- 1 4 .2 5
+ 3 0 .5 5
T o t a l ....................................................................................................................
1 ,3 2 4 . 26
1 ,6 5 4 .9 3
- 3 3 0 .6 7
R E C O R D
O F
- 9 .9 0
A C C O U N T S
S a v in g s
i Decrease.
- 2 5 .5 9
C om m er
c ia l
T o ta l
3 ,1 5 5
3 ,6 2 8
198
253
3 ,3 5 3
3 ,8 8 1
i 473
i 55
1 528
STOCK EXCHANGE PRACTICES
8338
S u p e r io r
N U M B E R
O F
a n d
8 0 th
o ffic e —
A C C O U N T S
C o n t in u e d
O P E N E D
A N D
C L O S E D
L ast year
T h is y e a r
S a v in g s
C om m e r
c ia l
T o ta l
S a v in g s
C om m e r
c ia l
T o ta l
491
964
76
131
567
1 ,0 9 5
729
918
124
853
149
1 ,0 6 7
1473
l 55
i 528
i 1 89
l 25
i 214
N u m b e r o f O p e n T h r ift A c c o u n ts :
D e c e m b e r 3 1 , 1 9 3 2 ............................................................................................................................................................................................................... 1 9 2
D e c e m b e r 3 1 , 1 9 3 1 ................................................................................................................................................................................................................ 2 7 5
I n c r e a s e ....................................................................................................................................................... ...........................................................................i 8 3
S A F E D E P O S IT B O X E S
D e c e m b e r 3 1 , 1 9 3 2 _____________________________________________________________________________________________________ _______ ________________
D e c e m b e r 3 1 , 1 9 3 1 .........................................................................................................................................................................................................................
77
88
I n c r e a s e .................................................................................................................................................................................................................................... 1 11
T h is
Y ear
L ast
Y ear
12
31
23
15
> 11
16
T o t a l n u m b e r o f B o x e s i n V a u l t , 300.
i D ecre ase .
V c e la
C O M P A R A T IV E
o ffic e
S T A T E M E N T
O F
C O N D IT IO N
T h is y e a r
L ast year
In c r e a s e ( + ) o r
d ecrease ( — )
RESOURCES
R e a l E s t a t e L o a n s ___________ ________
T i m e C o l l a t e r a l L o a n s .............................
D i s c o u n t s ___________________________________
$ 4 ,2 5 9 ,6 6 9 .2 2
9 ,6 6 9 .4 8
8 9 5 .0 0
$ 4 ,1 9 9 ,5 6 3 .9 7
3 0 2 ,0 0 5 .0 0
1 ,7 5 0 .0 0
+ $ 6 0 ,1 0 5 .2 5
- 2 9 2 ,3 3 5 .5 2
- 8 5 5 .0 0
T o t a l L o a n s . - ...................................
C a s h a n d E x c h a n g e o n H a n d ............
O v e r d r a f t s .............................................................
D u e f r o m M a i n O f f i c e . . .........................
4 ,2 7 0 ,2 3 3 . 70
6 9 ,6 1 3 .6 5
1 2 .1 4
- 3 2 4 ,2 3 3 .6 6
4 ,5 0 3 ,3 1 8 .9 7
1 0 0 ,9 1 3 7 7
1 ,1 5 8 .5 9
- 2 3 3 ,0 8 5 .2 7
- 3 1 ,3 0 0 .1 2
- 1 ,1 4 6 .4 5
- 7 9 7 ,2 3 5 .9 0
+ 4 7 3 ,0 0 2 .2 4
T o t a l r e s o u r c e s .................................
4 ,0 1 5 ,6 2 5 .8 3
18, 1 5 5 . 4 3
+ 2 0 7 ,4 7 0 .4 0
I n c o m e a n d E x p e n s e . . ...............................
1 4 ,4 7 8 . 70
- 5 4 , 5 1 7 . 01
+ 6 8 ,9 9 5 .7 1
D e p o s its :
T h r i f t C ] u b ..............................................
S a v i n g s A c c o u n t s ................................
3 ,2 8 3 .0 0
3 ,5 3 9 ,7 6 9 .0 2
1 3 ,1 5 7 .8 9
;, 7 5 0 ,9 2 7 . 4 6
C e r t i f i c a t e o f D e p o s i t ......................
C h e c k A c c o u n t s ________ ____________
C e r tifie d C h e c k s O u t s ta n d in g .
3 9 3 ,0 7 0 .0 0
6 4 , 8 8 9 11
1 3 6 .0 0
T o t a l D e p o s i t s ..................................
4 ,0 0 1 .1 4 7 .1 3
Total Liabilities............
4,015,625.83
L IA B I L I T I E S
8 ,5 8 7 .1
3 ,8 6 2 ,6 7 2 44
, 155.43
- 9 ,8 7 4 .8 9
- 2 1 1 ,1 5 8 .4 4
+ 3 9 3 ,0 7 0 .0 0
- 3 3 ,6 9 7 .9 8
+ 1 3 6 .0 0
+ 1 3 8 ,4 7 4 .6 9
+207,470.40
STOCK
EXCH AN GE
P B A C T IC E S
8 3 3 9
Vcela office— Continued
PROFIT AND LOSS STATEMENT
Interest, LoansandDiscounts..
Interest, MainOfficeAccount..
Earnings:
SafeDeposit............................. .
ServiceCharges...........................
ForeignExchangeandTravelers’ Checks..
Protest, WitnessFees, etc............... .
CollectionandExchange................ .
Miscellaneous...... .................... .
Total....................... .
Cashover .......................
Sundry CreditstoProfit andLoss.
Total income......... .....
Interest, SavingsandThrift__
Interest, Commercial Accounts..
Total.......... ......... .
Advertising................
SalariesandPensions___
Insurance_________
Equipment................
Operating, Rent, Heat, etc.
General Expense...........
Overhead..................
Total.......................
CashShort.......................
Sundry DebitstoProfitandLoss..
Total Expense..
Net Earnings..
Increase(+) or
decrease(—)
Thisyear
Last year
$307,929.44
—23,886.35
$358,773.99
-60,508.70
32.01
1,196.40
44.57
779.94
3460
1,077.99
3,165.51
35.74
283.29
67.08
1,298.93
17.12
214.51
1,880.93
81.41
287,244.34
300,22763
-12,983.29
113,893.92
768.82
114,662.74
95990
25,02893
952.04
42.52
4,570.06
5,76972
5,457.03
42,780.20
71.50
125,037.53
827.27
125,864.80
1,223.58
30,78632
85892
10,864.83
7,089.54
4,620.01
8,209.67
C3,652.87
33.67
300.00
189,950.34
110,227.29
-11,143.61
-58.45
-11,202.06
-263.68
-5,757.39
+93.12
-10,822.31
-2,519.48
+1,149 71
-2,752.64
-20,872.67
+37.83
-399.00
-32.435.90
+19,452.61
157.514.44
129,729.90
-$50,844. 55
+36,622.35
-32.01
+913.11
-22. 51
-518 9&
+17.48
+863.48
-45.67
CLASSIFICATION OF GENERAL EXPENSE
AutomobileUseandMaintenance—.....
Customers’ PrintingandSupplies____
Dues, DonationsandAssessments—......
Entertainment.. .................. ......
InsuranceonSec. ShipmentsandCartage.
LibraryandReferenceBooks.............
MaintenanceofMechanical Devices......
Legal Services... .........................
OfficePrintingandSupplies........ -.....
Postage..................................
SuppersandLunches..........-........
SundryServicesandSupplies....... ....
Car Fare.................. —-............
Burglar Alarm.................. .......
TelephoneandTelegraph_______ —
Toilet Supplies.... -............ .........
WaterandIce___ _______ ___
Total..... ..........................
$390.47
269.13
935.74
319.40
35.00
33.85
.,465.00
543.90
383.06
5.10
204.13
71.05
466.00
556.89
41.00
$54.47
212.89
1,400.96
150.00
348.32
9.64
41285
294.21
4.00
568.33
83.55
468.40
55183
36.62
23.94
4,620.01
5,769.72
+$336.00
+56.24
-4
50.2
—1
15
.02
0
-28.92
+35.00
+24.21
+1,46500
+131.05
+88.85
+1.10
-364. 20
-12.50
-2.40
+5.06
+4 38
-23.94
+1,149.71
RECORD OF ACCOUNTS
mer
Savings Com
cial
Number ofOpenAccountsDecember31,1932.........
Number ofOpenAccountsDecember31,1931........
i Dacrease.
6,240
6,969
i 729
137
130
7
Certifi
cates
185
185
Total
6,562
7,099
i 537
STOCK
8 3 4 0
EXCH AN GE
P R A C T IC E S
Vcela office— Continued
NUMBER OF ACCOUNTS OPENED AND CLOSED
Thisyear
Lastyear
Com Certif
Savings m
ercial icates
721
1,450
i 729
72
65
7
185
185
Com
Total Savings m
ercial
978
1,515
1537
1,200
1,602
i 402
Total
127
42
85
1,327
1,644
i 317
Number ofOpenThrift Accounts:
December31,1932............................................... ...... ...................... 1,310
December31, 1931.................................................... ........................ 730
Increase..................................................................................... 574
SAFE DEPOSIT BOXES
December31, 1932................................................................................. 49
December 31, 1931....... ...............................................................................
Increase.................... .................................. .............................. 49
Thisyear Last>ear
58
9
49
Total number ofBoxesinVault, 63.
i Decrease.
Washington office
COMPARATIVE STATEMENT OF CONDITION
Thisyear
RESOURCES
$3,885,077.57
DemandCollateral Loans.. .................. -......
12,655.86
TimeCollateral Loans.................................
31,341.00
72,810.90
4,001,885.33
CashandExchangeonHand..........................
„58,186.26
14,782.23
DuefromMain Office................................. 1,590,502.42
Total Resources............................. .... 2,484,351.40
LIABILITIES
IncomeandExpense..... ..................... ......
l 6,469.15
Deposits
Thrift Club.... ..................................
2,896.00
SavingsAccounts.................................. 2,350,202.01
43,842.17
84,442.94
PrepaymentsonLoans..................... ......
2,877.94
6,559.49
Total Deposits.................................. 2,490,820.55
Total Liabilities................................. 2,484,351.40
i Decrease.
Lastyear
Increase(+) or
decrease(—)
$4,322,64006 -$437,562.49
-3,882.04
16,537.90
13.720.00 +17,621.00
79,123.74
-6,312.84
4,432,021.70 -430,136. 37
81,850.24
-23,663.98
19,681.57
—4,899.34
1,582,582.22
+7,920.20
2,950,971.29 -466,619. 89
i 34,801.12
+28,331.97
3,937.00
2,827,694.43
46,115.52
100,121.67
11.91
3,050.31
4,841.57
2,985,772.41
2,950,971.29
-1,041.00
-477,492.42
-2,273.35
-15,678.73
-11.91
-172.37
+1,717.92
-494,951.86
-466,619.89
STOCK
EXCH AN GE
P E A C T IC E S
8 3 4 1
Washington office— Continued
PROFIT AND LOSS STATEMENT
Interest:
Increase(+) or
decrease(—)
This year
Last year
$252,546.35
i 68,644.35
$297,491.78
i 74,598.00
*-$44,945.43
—14,046.35
139.32
1,603.76
703.55
5,532.51
183.75
1,104.72
9,297.61
25.87
173,225.48
146.00
1,373,51
1,297,09
6,451.40
115.00
2,188.89
11,571.89
185.63
4.66
234,655.96
—6.68
+230.25
-593.54
—888.89
+68.75
—1,084.17
-2, 274.28
-159. 76
-4.60
-01,430. 48
70,298.10
652.00
70,950.10
1,318.76
24,547.05
941.38
6,256.19
3,627.04
4,912.77
41,603.19
33.78
6,878.27
119,465.34
53,760.14
92,413.25
2,982.76
1,622.00
97,018.01
1,461.19
28,813.20
1,234.57
2,514.91
7,132.14
5,864.69
5,762.64
52,783.34
152.35
3,225.98
153,179.68
81,476.28
-22,115.15
-2, 932.76
-970.00
-26,067.91
—142.43
—4,266.15
-293.19
-2,514.91
-875.95
-2,237.65
-849.87
—11,ISO.15
—118.57
+3,652.29
33,714.34
+27,716.14
INCOME
Earnings:
EXPENSE
CLASSIFICATION OF GENERAL EXPENSE
$44.48
174.44
857.66
454.00
35.75
10.20
366.19
328.00
190.52
74.05
466.00
579.32
40.43
$3,627.04
1Deficit.
$79.60
788.89
1,191.56
2.50
467.33
60.35
577.31
337.50
42.00
1,075.36
101.00
497.97
602.18
41.14
$5,864.69
-$35.12
—614.45
-333.90
—2.50
-13.33
+35.75
-50.15
-211.12
-9. 50
-42.00
-884.84
-26.95
-31.97
-22.86
+5.29
—$2,237.65
RECORD OF ACCOUNTS
mer Total
Savings Cocm
ial
Number ofOpenAccounts:
...........................................
Dec. 31, 1932
Dec. 31,1931.............:...........................................
1 Decrease.
7,084
7,747
i 663
239
303
i 64
7,323
8,050
1727
STOCK
8 3 4 2
EXCH ANGE
P R A C T IC E S
Washington office— Continued
NUMBER OF ACCOUNTS OPENED AND CLOSED
This
year, Total Savings
Savings c
om
mercial
927
1,590
i 663
56
120
i 64
983
1,710
1727
Last
year,
com Total
mercial
2,073
2,609
536
140
102
38
2,213
2,711
i 498
Number ofOpenThrift Accounts:
Dec 31, 1932........................................ ..........................................
Dec. 31,1931...................................................................................
Increase.......................................... ...........................................
SAFE DEPOSIT BOXES
December31,1932.................................. ...............................................
December31,1931............................................................. - ..................
Increase..___ ___________________________________ _______
592
520
72
£9
36
3
Thisyear Last year
11
8
3
13
2
11
Total NumberofBoxesinVault, 99.
iDecrease.
Woodland and 31st office
COMPARATIVE STATEMENT OF CONDITION
Thisyear
RESOURCES
CashandExchangeonHand..........................
DuefromMainOffice.................................
Total Resources........................... . ~
LIABILITIES
IncomeandExpense___________________
Deposits:
Thrift Club.......................................
SavingsAccounts.................................
CheckAccounts..................................
CertifiedChecksOutstanding.....................
Total Deposits..................................
Total Liabilities............................. ....
ase(+) or
Last year Indcere
crease(—)
$39,749.72
$96,167.17
748.51
70764
722,732.26
930,289.49
763,230.49 1,027,164.30
62.77
-$56,417.45
+40.87
-207,557.23
-263,933.81
497.54
-434. 77
2,294.25
2,83800
611,02973 813,51936
149,12499 209,746.80
17500
1,106.35
763,167.72 1,026,666.76
763,230.49 1,027,164.30
+543.75
-202,489.63
-60,621.81
-931.35
-263,499.04
-263,933.81
STOCK
EXCH AN GE
P B A C T IC E S
8 3 4 3
Woodland and Slst office— Continued
PROFIT AND LOSS STATEMENT
Thisyear
Lastyear
Increase(+) or
decrease(—)
INCOME
Earnines:
Total....................................... ....
$34,226.04
$55,30879
-$21, 082.75
268.85
6,263.12
59.38
.00
173.14
4.14
6,76863
27.90
48.87
41,071.44
321.82
2.41883
173.08
13.28
172.48
77.09
3,176.58
66.59
108.72
58,660.68
-52.97
+3,844.29
-113.70
-13 28
+.66
-72 95
+3,592.05
-38.69
-59.85
-17, 589.24
17,678.54
196.09
17,874.63
5.00
13,196.33
495.40
.00
3,573.34
3,10203
2,639.17
23,011.27
27884
234.76
41,399.50
-328.06
30,139.21
391.66
30,53087
7363
17,953.71
615.79
.00
3,322.17
3,291.01
3,590.77
28,84708
203.23
107.65
59,688.83
-1,028.15
-12,460.67
-195.57
-12,656.24
-68 63
-4,757.38
-120.39
.00
+251.17
-188 98
-951.60
-5,835 81
+75.61
+127.11
-18,289.33
+700.09
EXPENSE
CLASSIFICATION OF GENERAL EXPENSE
$37.12
430.44
387.12
406.00
267.19
186.80
152.50
201.35
110.75
487.00
398.66
37.10
3,102.03
$52.78
581.14
406.55
2.50
415.98
3.00
297.52
221.64
144.00
318.75
487.00
312.80
47.35
3,291.01
-$
15
50.6
—1
.76
0
-1
9
.4
—2.53
0
—9.98
—3.00
-30.33
-34.84
+8.50
-117.40
110.75
+85.86
-10.25
-188.98
RECORD OF ACCOUNTS
Savings
4,830
5,478
i 648
• Decrease.
Commercial
416
457
*41
Total
5,246
5,935
i 689
STOCK
8 3 4 4
EXCH ANGE
P R A C T IC E S
Wooland and 81st office— Continued
NUMBER OP ACCOUNTS OPENED AND CLOSED
Thisyear
Com
Savings m
ercial
496
1,144
1648
Lastyear
mmer Total
Total Savings Coc
ial
17
11
2
i 41
567
1,256
689
834
1,373
1539
141
117
24
975
1,490
•515
Number ofOpenThrift AccountsDecember31,1932................................................ 132
Number ofOpenThrift AccountsDecember31,1931................................................ 295
Increase....................................................................................... 116
3
SAFE DEPOSIT BOXES IN USE
December31,1932..................... .............................................................. 71
December31,1931................................................................................... 76
Increase....................................................................................... >5
This
Year
7
12
15
Last
Year
26
24
2
Total numberofBoxesinVault, 275.
i Decrease.
Broadway and 70th property
INCOME AND EXPENSE STATEMENT
Thisyear
Rents:
Lastyear
Increase(4-) or
decrease(—)
INCOME
EXPENSE
AlterationsandRepairs...............................
CommissiononCollectionofRents....................
RateofReturnonInvestmentof$94,663.34............
$4,800.00
3,030.00
150.00
7,980.00
$4,800.00
3,005.00
166.78
7,971.78
+$25.00
-16.78
+8.22
377.38
91.32
60.59
70.98
500.00
116.76
1,210.10
22.50
1.04
2,451.57
5,528.43
5.84
338.10
89.46
4.50
167.85
400.00
191.91
1,214.95
21.36
36.78
2,464.91
5,506.87
5.82
+39.28
+1.86
+56.09
-96.87
+100.00
-75.15
-4.85
+1.14
-34.84
-13.34
+21.56
+. 02
STOCK
EXCH AN GE
P R A C T IC E S
8 3 4 5
Commercial office building
INCOME AND EXPENSE STATEMENT
Thisyear
Rents:
Last year
Increase(+) or
decrease(—)
INCOME
$9,000.00
5,934.54
87.77
15,022.31
$9,000.00
8,821.93
20.61
17,842.54
264.92
110.50
439.00
187.92
15.00
313.89
464.59
1,351.15
258.44
100.66
4,830.33
99.96
4,309.80
68.23
12,814.39
2,207.92
1.10
1,283.03
109.00
389.00
264.65
15.00
728.79
541.14
1,533.32
452.10
105.68
5,608.00
43.50
4,309.80
134.08
15,517.09
2,325.45
1.16
—$2,887.39
+67.16
-2,820.23
EXPEN SE
AlterationsandRepairs...............................
AmericanDistrict TelegraphCo., Services.............
CommissionforCollectionofRents....................
ElectricCurrent:
RateofReturnonInvestmentof$200,000.00...........
-1,018.11
+1.50
+50.00
-76.73
-414.90
-76.55
-182.17
-193.66
-5.02
-777.67
+56.46
-65.85
-2, 702.70
-117.53
-.06
Lorain and 117th property
INCOME AND EXPENSE STATEMENT
Thisyear
Reijts:
Lastyear
Increase(+) or
decrease(—)
INCOME
$ 4 ,2 0 0 .0 0
4 ,0 2 6 .4 5
7 3 .5 0
$ 4 ,2 0 0 .0 0
4 ,6 0 0 .0 0
8 ,2 9 9 .9 5
8 ,8 0 0 .0 0
-5 0 0 .0 5
1 8 0 .5 4
121. 35
9 0 .4 5
1 3 8 .0 0
+ 9 0 .0 0
-1 6 .6 5
3 0 0 .8 6
3 6 0 .0 0
2 ,0 7 9 .4 0
1 8 .6 2
2 0 8 .4 1
3 3 4 .3 9
4 2 0 .0 0
2 ,0 7 9 .4 0
2 7 .3 1
1 4 7 .5 3
- 3 3 .5 3
-6 0 .0 0
3,269.18
5,030.77
3.97
3,237.08
-$573.55
+73.50
EXP EN SE
AlterationsandRepairs................................
CommissiononCollectionofRents...................
RateofReturnonInvestmentof$ 1 2 6 ,6 1 0 .5 8 ............................
175541— 34— PT 19--- 6
5 , 562. 92
4 .3 9
-8 .6 9
+ 6 0 .8 8
+32.10
-5 3 2 .1 5
-.4 2
STOCK
8 3 4 6
EXCH AN GE
P R A C T IC E S
Miles and 131st property
INCOME AND EXPENSE STATEMENT
Last year
Thisyear
Kents:
Increase(+) or
decrease(—)
INCOME
EXPENSE
AlterationsandRepairs................................
CommissiononCollectionofRents....................
RateofReturnonInvestmentof$127,878.14...... .....
$4,200.00
2,825.00
249.73
7,274.73
$4,200.00
3,115.00
276.13
7,591.13
-$290.00
-26.40
-316.40
63.10
84.15
67.63
223.68
53.00
480.00
1,375.62
29.46
19.57
2,396.21
4,878.52
3.81
352.76
92.25
6840
242.69
237.29
4.50
445.00
1,371.30
31.72
26.25
2,872.16
4,73897
3.69
-289.66
-8.10
-68.40
-175.06
-13.61
+48.50
+35.00
+4.32
-2.26
-6.68
-475.95
.+159 55
+. 12
Pearl Road property
INCOME AND EXPENSE STATEMENT
Thisyear
Rents:
Lastyear
Increase(+) or
decrease(—)
INCOME
EXPENSE
$4,200.00
5,186.07
207.74
9,59381
$4,200.00
5,292.50
21.11
9,513.61
—$106.43
+186.63
+80.20
112.71
667.39
155.98
440.10
122.00
367.60
135.56
300.00
5,251.66
32.51
159.81
7,745.32
1,848.49
.87
93.54
920.49
158.78
430.20
115.96
345.91
30.78
240.00
12.64
5,251.66
36.70
85.15
7,721.81
1,791.80
.84
+19.17
-253.10
—2.80
+9 90
+6.04
+21.69
+104.78
+60.00
-12.64
—4.19
+74.66
+23.51
+56.69
+. 03
STOCK
EXCH AN GE
P R A C T IC E S
8 3 4 7
Rocky River property
INCOME AND EXPENSE STATEMENT
This year
Rents:
crease(+) or
Last year Ind
ecrease(—)
INCOME
$6,000.00 . $6,000.00
8,985.93
12,431.20
46.60
84.28
15,032.53
18,515.48
EXPENSE
354.05
755.19
268.76
7080
77.47
643.97
4,50.65
1,16000
129.30
3,19840
16005
7679
7,345.43
7,687.10
4.26
272.50
1,013 11
372.94
86.40
262.15
1,173.66
11.70
1,20000
65.73
3,198.40
431.01
18.25
8,105.85
10,409.63
5.78
-$3,445 27
-37.68
-3,482.95
+81. 55
—257.92
—10418
—15.60
—18468
-529 69
+438.95
—4000
+03 57
—270.96
+58.54
—760460
-2,722. 53
-1.52
St. Clair and Parkwood property
INCOME AND EXPENSE STATEMENT
Thisyear
INCOME
Rents:
TheGuardianTrust Company......
Other Tenants.......................
Miscellaneous...........................
Total Income........ -............
EXPENSE
AlterationsandRepairs_________
CommissiononCollectionofRents......
CommissiononLeases..................
ElectricCurrent.....-..................
Heat.................................. .
Insurance...............................
-Janitor’sServices.................. .....
Supplies.............. ..................
Taxes(Estimated)......................
Water Rent... ..............-..........
Miscellaneous... .... ..................
Total Expense.....................
Net Earnings........—...........
RateofReturnonInvestment of$110,000.
Last year
$3,600.00
4,210.00
8.45
7,818.45
$3,600.00
4,738.72
7.50
8,346.22
587.63
126.30
64.80
215.00
411.77
161.78
640.00
22.17
2,097.32
77.60
49.77
4,454.14
424.54
142.16
1,207.50
342.06
382.38
41.26
640.00
15.39
2,097:32
130.56
321.00
5,74117
3,364.31
3.06
2,602.05
2.36
Increase(+) or
decrease(—)
528.72
+. 95
-527.77
+163.09
-15.86
-1,142.70
-127.06
+29. 39
+120.52
+6. 78
-52.96
-271.23
-1,290. f3
+762.26
+.70
8 3 4 8
STOCK
EXCH ANGE
P E A C T IC E S
Superior and 80th property
INCOME AND EXPENSE STATEMENT
Thisyear
Rents:
Increase(+) or
decrease(—)
Last year
INCOME
EXPENSE
$3,600.00
4,195.11
42.81
7,837.92
$3,600.00
4,967.47
149.83
8,717.30
-$772.36
-107.02
-879.38
101.22
1,086.37
129.76
290.64
305.70
1,479.00
60.15
32.78
1,808.08
49.66
92.54
5,471.96
2,365.96
2.15
301.92
450.80
149.07
238.19
686.96
174.51
350.00
26.78
1,808.08
53.78
67.25
4,207.34
4,509.96
4.10
-200.70
+615.57
-19.31
+58. 45
-221.20
+1,479. 00
-124.36
-350.00
+6.00
-4.12
+25.29
+1.264.62
-2,144. 00
-1.95
Vcela office building
INCOME AND EXPENSE STATEMENT
This year
INCOME
$3,150.OO
1,423.OO
6.53
4,579.53
EXPENSE
Rateofreturnoninvestmentof$125,000.00______________________percent--
245.49
42.89
164.91
118.40
54.8S
2,582.82
1.84
3,201.23
1,378.30
1.27
Banking houses and lots
Commercial, Superior Ave. at W. 6th Street_______________ $200, 000. 00
Harvard and Lee, Harvard and Lee Road________________
60, 000. 00
Lakewood, 14806 Detroit Avenue, Lakewood______________
74, 772. 00
Lorain and 117th, 11718 Lorain Avenue__________________ 126, 610. 58
Miles and 131st, Miles Ave. at E. 131st Street_____________
127, 878. 14
New England Co., Stock, 623 Euclid Avenue______________ 3, 800, 000. 00
Pearl Road, 4250 Pearl Road_________________________
212, 299. 95
Rocky River, Bount Street, Rocky River_________________
180, 141. 36
St. Clair and Parkwood, St. Clair at Parkwood Drive________
110, 000. 00
Superior and 80th, 8017 Superior Avenue_________________ 110, 000. 00
125, 000, 00
Vcela, 5703 Broadway______________________________
Washington, Broadway at Forman Avenue_______________
94, 663. 34
T o ta l_____________ _________________________________________
5 ,2 2 1 ,3 6 5 .3 7
STOCK
EXCH ANGE
P B A C T IC E S
8 3 4 9
Average balances
mer Certifi
Savings Cocm
ial
cates
MainOffice:
ArlingtonEddy:
Commercial:
Coventry:
Euclid46th:
Euclid105th:
EuclidSuperior:
Lakewood:
Lorain-117th:
Miles131st:
Ontario:
Pearl Road:
RockyRiver:
ShakerSquare:
St. Clair-Parkwood:
Superor-feOth:
Vcela:
Washington:
Woodland*31st:
Combined:
$570 $1,973 $9,511
667 2,447 37,180
144
0
237
0
287
127
0
603 1,248
0
729 2,088
0
326
237
0
217
376
182
625
0
495
0
210
0
370
316
408
295
0
254
0
255
0
280
228
0
390
205
o
397
228
417
262
0
264
380
0
294
242
0
162
326
0
191
626
0
0
0
0
374
204
0
394
0
213
345
148
0
382
176
o
351
209
0
357
322
o
318
o
166
o
357
205
194
o
118
140
o
219
474 2,124
549
538
o
758
332
o
353
o
365
330
o
126
358
o
148
458
410 1,209 5,383
473 1,415 37,180
Total
$948
1,197
224
259
879
1,225
304
334
261
268
360
376
255
236
350
353
292
287
291
314
215
o
353
367
305
338
313
347
287
324
190
214
610
542
333
364
145
173
587
704
STOCK EXCHANGE PBACTICES
8 3 5 0
Analysis of cash over and cash short accounts
Teller
N o.
C ash over
ReturnItemTeller.
NewAccounts.....
SAVINGSDEPARTMENT
Sharp, S. R...
Ehrler, J. A...
Bates, L. F...
Dodge, L....
Stevens, B. C_
Cogan, R. S...
King, R. G_
Slagle, E. L...
Wachob, T_
Total, SavingsDepartment__
Morrill, Mrs. N___________
Draft Window____________
Friedman, W., ForeignDepartment.
COMMERCIALDEPARTMENT
Crafts, J...... .
Lutz, Ed.......
May, Jas. R__
Brobst, W___
Owen, F. P__
Gibbons, T....
Wooddell, J. B_.
Dodge, L......
Rowell, S. H_
Rafferty, T__
Sterba, Geo__
Hard, D. J.... .
Farmer, N.... .
Adams, Geo__
Eckert, O. R_
Lambert, D__
MaUo, C. S__
Total, Commercial Department..
PAT ROLLDEPARTMENT
M-D McA.voy, C. W..
51 Barnss, Mrs. M_.
52 DeWeese, R. R..
101
101
102
103
105
LOANDEPARTMENT
Barber, W___
Lundberg, A. Fl.
Cogan, R. S.....
O’Connor, J. V..
Seitz, R B___
Total, LoanDepartmentBondDepartment_______
Trust Department_______
Clearance'Errors,_.............
Transit Errors.............. .
Total, MainOffice.
BRANCHOFFICES
RockyRiver____
Lakewood..........
Euclid-46th........
Euclid-105th.......
Commercial........
Woodland-31st.....
Euclid-Superior__
Coventry..........
Arlington-Eddy....
St. Clair-Parkwood.
Washington........
Superior*80th.......
Shaker Square......
Miles-131st.........
Lorain-117th____
Pearl Road.........
Vcela________
Ontario........ ....
C ash short
$34.98
$104.16
3.17
13.20
1.62
.01
9.80
11.56
10.00
4.17
50.36
4.06
32.10
7.73
5.62
21.36
22.71
21.00
21.00
5.42
4.50
1.00
12.56
115.17
55.86
53.89
3.44
16.52
3.40
54.44
17.50
2.20
13.01
13.71
40.20
14.36
18.80
66.70
5.00
25.06
5.27
19.30
315.47
37.30
2.OO
34.37
is. 2a
20.00
4.00
12.00
53.55
70.25
46.00
126.00
20.00
10.00
41.10
29.66
12.68
537.11
16.00
'ini'
7859
10.19
3.10
.05
14.81
578.58
15.00
15.00
4234
140.42
1.12
.10
.11
18409
10.00
T o ta l, B ranches..
41.09
117.80
274.08
379.55
1058
27.90
5025
44.08
13.87
610
2587
86.89
85.84
3100
58.86
21.00
35.74
269
1,31319
62.48
172.05
14527
75625
6195
278.84
79.58
174.58
80.47
4449
33.T8
18654
291.<6
34.05
54.25
42.00
71.50
21.16
2,591CO
T o ta l.................... .
1,891.77
3,673.75
STOCK
EXCH AN GE
P R A C T IC E S
8 3 5 1
Affiliated companies, December 81, 1982
THE GUARDIAN TRUST COMPANY
THE BRANCH INVESTMENT CO. THE GUARDIAN SECURITIES CO.
THE 4400 SUPERIOR CO.
THE HARRISON COUNTY INV. CO.
THE NEW ENGLAND COMPANY
VCELA BLDG. & LOAN ASSN.
DeWITT HOTELS COMPANY
HOTEL HOLLENDEN COMPANY
VALUATION SERVICE CO.
VINCENT BUILDING COMPANY
LAND DEVELOPMENT AND REALIZATION CO.
Brookside Manor Co.
Memphis Heights Realty Co.
College Heights Realty Co.
Noble Woodworth Company
1761 East 18th St. Co.
Ri-May Realty Company
1874 East 18th St. Co.
Riverside Manor Company
2116 East 40th St. Co.
Severn Park Realty Company
Headlands Realty Co.
Shore Development Co.
Inland Lakes, Inc.
Staten Heights Realty Co.
Affiliated companies, December 81, 1982
THE GUARDIAN TRUST COMPANY
THE BRANCH INVESTMENT CO. THE GUARDIAN SECURITIES CO.
THE 4400 SUPERIOR CO.
THE HARRISON COUNTY INV. CO.
THE-NEW ENGLAND COMPANY
VCELA BLDG. & LOAN ASSN.
DeWITT HOTELS COMPANY
HOTEL HOLLENDEN COMPANY
VALUATION SERVICE CO.
VINCENT BUILDING COMPANY
LAND DEVELOPMENT AND REALIZATION CO.
Brookside Manor Co.
Memphis Heights Realty Co.
College Heights Realty Co.
Noble Woodworth Company
1761 East 18th St. Co.
Ri-Mav Realty Company
1874 East 18th St. Co.
Riverside Manor Company
2116 East 40th St. Co.
Severn Park Realty Company
Headlands Realty Co.
Shore Development Co.
Inland Lakes, Inc.
Staten Heights Realty Co.
Affiliated companies, December 81, 1932
THE GUARDIAN TRUST COMPANY
THE BRANCH INVESTMENT CO. THE GUARDIAN SECURITIES CO.
THE 4400 SUPERIOR CO.
THE HARRISON COUNTY INV. CO.
THE NEW ENGLAND COMPANY
VCELA BLDG. & LOAN ASSN.
DeWITT HOTELS COMPANY
HOTEL HOLLENDEN COMPANY
VALUATION SERVICE CO.
VINCENT BUILDING COMPANY
LAND DEVELOPMENT AND REALIZATION CO.
Brookside Manor Co.
Memphis Heights Realty Co.
College Heights Realty Co.
Noble Woodworth Company
1761 East 18th St. Co.
Ri-May Realty Company
1874 East 18th St. Co.
Riverside Manor Company
2116 East 40th St. Co.
Severn Park Realty Company
Headlands Realty Co.
Shore Development Co.
Inland Lakes, Inc.
Staten Heights Realty Co.
8 3 5 2
STOCK
EXCH ANGE
P R A C T IC E S
The Valuation Service Co., balance sheet December 31, 1933
This year
ASSETS
Last year
Increase (+) or
decrease (—)
$1,781.45
2,165.02
120,755.08
982.00
4,895.90
130,579.45
$4,039.35
2,178.88
117,755.08
1,150.00
6,427.11
131,550.42
—$8,857.90
—13.86
+3,000.00
—168.00
-1,531.21
-970.97
75
2,5
.09
00
0.3
03
0
95.26
750.00
600.00
49.500.00
2,143.86
130,579.45
1,023.43
5,716.08
71,992.05
98.02
500.00
49,500.00
2,722.86
131,550.42
-1,023.43
-125.73
+7.95
-.76
+750.00
LIABILITIES
-579.00
-970.97
RECONCILEMENT OPSURPLUS
3,000.00
3,000.00
2,063.81
2,063.81
+2,722.86
+357.19
+3,030.05
-938.19
+2,143.88
STOCK
EXCH AN GE
P R A C T IC E S
8 3 5 3
The Valuation Service Co.—Income & expense statement, December SI, 1932
This year
Management Division:
Increase (+) or
decrease (—)
INCOME
—$3,059.46
$37,515.64
12,460.25
2,885.73
52,861.62
36,937.35
89,798.97
—12,460.25
-2,885.73
-18,405.44
-23,075.99
-41,481.43
24,239.92
13,320.00
3,217.15
2,307.72
-----26,479.61
+2,826.61
+691.76
+47.37
+1,829.31
-7,634.74
-2,239.C9
9,593.66
6,568.49
3,508.01
19,668.16
43,90S.08
26,421.57
6.760.66
3.722.67
36,904.90
63,384.51
-16,827.91
-192.17
-216.66
-17,236.74
-19,476.43
2,345.65
3,455.05
4,968.94
2,823.67
1,792.87
13,0(0.53
76,425.04
-1,109.40
-4,968.94
-2,823.67
-1,792.R7
—10.694.J8
-30.171.31
$34,456.IS
34,456.18
13,861.36
48,317.54
Management Division:
Last year
EXPENSE
Sales Division:
Overhead:
16,146.61
3,90S.91
2,355.09
1,829.31
2,345.65
46,253.73
2,063.81
. 3,000.00
-936.19
13,373.93
3,000.00
-11,310.012
10,383.93
-11,310.12
8 3 5 4
STOCK
EXCH ANGE
P E A C T IC E S
The New England Company—Statement of Condition December SI, 19S2
1932
ASSETS
CashonHandandinBank........... ........ ......
AccountsReceivable, Rent.—.............. ..........
AccountsReceivable, Light, Power, andGas...... ...
AccountsReceivable, ServiceandSupplies______
NotesReceivable, Tenants___ ___________
1931
Changes
$6,942.45 $1,036,861.51 i $1,029,919.06
12,187.53
27,903.46
15,715.93
4,450.56
3,549.98
»900.58
2,133.41
1,534.17
i 599.24
36,675.56
43,874.08
*7,198.52
1,756,848.58 i 1,756,848.58
483,483.13
483,483.13
560,086.75 3,339,838.80 i 2,779,750.05
Total Current Assets...........................
207.550.00 i 207,550.00
Hotel HollendenCo. 1stMortgageL.H. 6H% Bonds..
2,500.00
2,500.00
DeWitt HotelsCompanyCommonStock........ ....
619.500.00 619.500.00
Vincent BuildingCompanyCommonStock______
52,500.00
50,000.00
i 2,500.00
ValuationServiceCompanyCommonStock__ ___
891.200.00
891,200.00
VeelaBuildingandLoanAssn. Stock.................
681,150.00
Total Investments......................... .... 1,563,200.00 882,050.00
1,939,200.00 1,229,967.15
709,232.85
Building__ _________ _____ _______ 3,845,033. 22 2,595,472.28 1,249,560.94
430,025.20 430,025.20
Total GuardianBuilding....... ........... .... 6,214,258.42 4,255,464.63 1,958,793.79
74,604.60
Less: Reservefor Depreciation__ __________ 1,233,959.28 1,159,354.68
Net GuardianBuilding_______ __ ___ 4,980,299.14 3,096,109.95 1,884,189.19
8,640.09
3,828.32
4,811.77
900.00
900.00
AccuredInterest Receivable(Includes $25,000.00Note
], 150.68
ofV.S. Co.)..........................................
40,854.00
39,703.32
5
0
,3
9
4
.0
9
5
,6
7
9
.
0
0
|
44,515.09
Total DeferredAssets.______________
7
,1
5
3
,9
8
1
.9
8
7,323,877.75 i 169,895.77
Totals______________ ______ ___
LIABILITIES
75,000.00
175,000.00
13,692.71
14.394.09
i 701.33
Interest PayableAccrued..............................
99,436.11
114,675.13
i 15,239.02
381.24
97.84
479.08
Water Rent Accrued___________ .._______
22.50
107.67
85.17
3,762.92
11.422.10
i 7,659.18
ReserveforDoubtful Accounts_____________
i 98,416.57
117,478.49 215,895.06
Total Current Liabilities_____________
19,000.00
38,000.00
i 19,000.00
i 75,000.00
2,987,500.00 3.062.500.00
First Mortgage-Loan................................
3,800,000.00 3.803.003.00
207,482.69 ...... 22,520.80
230,003.49
7,153,981.98 7,323,877.75 i 169,895.77
Contingent Liability on Account Vincent Building
730,000.00 755,000.00
i 25,000.00
CompanyBondsGuaranteed........................
i Decrease.
STOCK
EXCH AN GE
P E A C T IC E S
8 3 5 5
The New England Company— Profit and loss statement, December 31, 1932
This year
INCOME
RevenuefromLeases...........
RevenuefromLight andPower.
RevenuefromGas, Lamps, etc_.
SaJeof WastePaper.... ........
Total OperatingIncome.
AdministrativeOperating:
JanitorService, Wages...........
Janitor Service, Supplies.........
Engineering.....................
Elevator___ _________
Tenant ChangesandAlterations.
Maintenance____ ______
ElectricCurrent.................
Steamtleating............ .....
Refrigeration___________
Gas.............................
Water_____ __ ______
General.........................
TotalOverhead:
Ta<es............................
Depreciation.....................
Insurance.......................
ReservedforDoubtful Accounts..
Total Overhead..........
Total OperatingExpense.
Net OperatingIncome__
Other Income:
InterestonNotesReceivable.
InterestonBankAccount__
Dividends...................
Total OtherIncomeTotal Net Income...
Other Deductions:
Interest onFirst MortgageLoan..
InterestonNotesPayable____
TotalNet IncomebeforeFederal Taxes..
Provisionfor Federal Taxes.......
NeteIn
me.
Divid
ndcso....
Balancefor Surplus..
RECONCILEMENT OFSURPLUS
BalanceDecember31,1931.........
Net Incomefor1932................
AdjustmentofTaxesfor 1931___
Sundry CreditstoProfitandLoss..
BuildingValuationIncrease...... .
LandValuationIncrease_____
Decrease(—) or
increase(+)
$513,526.42
40,855.86
830.67
326.60
555,539.55
$563,839.42
45,820.11
1,592.27
509.48
611,761.2
-$50,333.00
-4,964. 25
-761.60
-282.88
-56,221.73
11,701.03
11,226.77
+474.26
246.34
455.99
222.88
474.13
347.64
382.95
643.39
533.04
137.20
388.15
863.44
702.96
145,099.14
39,993.19
1,82094
15,199.59
23,781.95
7,266.35
15.486.58
23,553.12
12,704.15
139.20
937.68
1,085.43
8,022.87
161,220.87
-3,746.85
-364.95
-1.976.71
—4/307.82
+1,081.29
-3,103.63
-912.73
-171.11
—2.00
-549.53
+777.96
-1,319.91
-16,121.73
91.306.68
74,604.60
6.43260
6,000.00
178,343.88
323.443.02
232.096.53
99,139.01
75.088.£0
5,843.05
12.000.00
192,08066
353,301.73
258,459.55
-7,832.33
-494.20
+589.55
-6, OCO.CO
-13,736.98
-29,858.71
-26,363.02
83.00
8,149.75
48,604.CO
56,836.75
;8,933.28
76,139.10
1,56730
13,000.CO
CO,706.40
349.165.95
-76,056.10
+6,582.45
+35,604.OO
-33,869.65
-60.232.67
167,062.52
528.45
16759097
121.34231
9,819.67
111,522.64
104,500CO
7.02264
171.187.44
2,418.14
173,605.58
175,5^037
19.50724
156,0.B313
152,OCO.CO
4,053 13
-4,124.92
—1,8R9.69
Deduct—
HollendenHotel 1stMtge. L.H. Bondschargedof!-.
HollendenHotel Noteschargedoff................
Land Development & Realization Co. Stock
chargedofl__............................ .......
Dividends..................................... ...
BalanceDecember31,1932.
Last year
(Exhibit D-4-35 faces p. 8440)
-6,014.61
-56,218.06
-9,687.57
-44,530.49
-47, £00.00
+?, P69.51
+207,482.69
+111,522.64
+24,955.16
+43.00
+1,249.560.94
+709,232.85
+2,302,797.28
207,550.00
1,751,243.79
9,500.00
104,500.00 +2,072,793. 79
+230,003.40
8356
E x h ib it G - 4 - 3
The Guardian Trust Company and subsidiaries- -Summary of combined earnings for the years 1929 to 1932, inclusive
Add: IntercompanyDividends..
SubsidiariesEarnings__
ConsolidatedEarnings_
1930
1931
$1,931,061.44
43,531.97
—239,230.00
1,741,313.41
- 15,155.47
92035
111,957.95
2,812.70
270,685.83
10,756.55
259.17
-4,780.07
;2,079,722.27
33,803.39
-224,500.00
1,8S9,025.66
-8,039.68
2,676.81
-161,617.98
5,947.96
239,859.00
-214,807.62
6,032.64
11,404.44
$2,064,542.82
811.09
-125,250.00
1,940,103.91
—14,644.08
1,812.43
-6,578.19
3,064.07
188,362.39
-1,243.42
-411,010.96
2,214.38
20,006.19
-257.37
893.12
-1,744.67
-600.25
-2,432.97
-4,829.01
-761. 56
-736.68
-4,140.95
-2,420.42
-828.54
-103,866.87 -234,424.69
7,833.33
13,000.00
407,763.96 -111, 700.20 -247,424.69
2,149,032.37 1,777,325.46 1,692,679.22
407,763.96
1932
Four-year
total
$1,342,192. 79 $7,417,519.32
84,146.46
’’-i27,’25p.'00* -716,280.00
1,214,942. 79 6,785,385.77
- 2r50i32. - -41,056.39
1,182.06
6,591.66
5,867.81
-50, 370.41
-25.02
-25.02
24.73
U5,,8
928.02
127,020.80
82
7
53.69
16,997.11
-386,642.24 -1,00115,, 701.27
%421.00
10,977.19
6,064.02
6944.8
.53
8
32,-6
192.54
-13,137.09
-13, 137.09
73.80
-1,073.80
“1.0
-1,952.12
491.97
337.30
-2,763.62
-2, 862.59
-1,500.78
-4,513.79
—4,513.79
13.53
-1,513.53
-1. 5
557.89
-1,557.89
-1.
-4, 585.13
-3,848.45
-19, 467.62
-15,326.67
-4,315.91
73633
-1,983.28
983.28
032.62
-2,204.08
-10,259.84
-10, 259.84
-290,368.45 -220,891.05
8,500.00
2t»,333.33
-298,868.45 -250,224.38
916,074.34 6,535,161.3
In thepreparationofthisstatement wehaveusedearningsofTheGuardianTrust CompanyasshownontheAnnual Reports, all other figuresbeingtakenfromExhibit 4 of
Lybrand, RossBros, andMontgomeryreport toSpecial DeputySuperintendentofBanksofOhiodatedJanuary19, 1934.
Stock exchange peactices
TheGuardianTrust Company........ .
Add: IncomeTax PaidbySubsidiaries..
Less: IntercompanyDividends.........
TheGuardianTrust CompanyEarnings.... ..........
TheBranchInvestment Company.....................
The Forty-Four HuniredSuperior Company..........
TheGuardianSecuritiesCompany.....................
TheHarrisonCountyInvestment Company______
TheSmithCoal Company.............................
TheNewEnglandCompany........................ .
DeWitt HoteJsCompany_________ __ __
TheHotel HollendenCompany........... ....
TheValuationServiceCompany...................
TheVincent BuildingCompany........... .......
TheLandDevelopmentandRealizationCompany..
TheBrooksideManor Company...............
TheCollegeHeightsRealtyCompany..........
The1791E. 18thStreet Company...... .......
The 1874E. 18thStreet Company..............
The2116E. 40thStreet Company________
TheHeadlandsRealtyCompany________
InlandLakes, Inc..... ........................
TheMemphisHeightsRealtyCompany.......
TheNoble-WoodworthCompany..............
The Ri-May RealtyCompany.................
TheRiversideManor Company________
TheSevernParkRealtyCompany.............
TheShoreDevelopment Company.............
TheStatenHeightsRealtyCompany........ .
1929
STOCK
EXCH AN GE
P R A C T IC E S
8 3 5 7
E X H IB IT 4
[G-4-4]
T he Guardian T rust Company and its Subsidiary Companies
REPORT UPON INVESTIGATION OP EARNINGS FOR THE YEARS 1923TO 1932INCLUSIVE
(Lybrand, Ross Bros. & Montgomery, Accountants and Auditors, Cleveland
Office)
INDEX
Text of report:
Page
Scope and purpose of examination________________________
1-2
Earnings of bank, including losses on loans and depreciation of
securities_________________________________________ 2-4
Combined earnings of bank and its subsidiaries, including losses on
loans and depreciation of securities______________________
5-8
Losses of bank and subsidiaries incurred or accrued but not given
effect to on books or reports of the bank:
General________________________________________
8-9
Decline in market value of securities___________________ 9-10
Possible losses on delinquent loans_____________________ 10-11
Losses on assets of bank transferred to subsidiaries_________ 11-14
Determination of losses incurred or accrued but not given effect
to on books or reports of bank______________________ 14-15
Earnings of bank on basis of elimination of accruals____________ 16-18
Reserve for taxes____________________________________ 18-20
Reserve for depreciation_______________________________ 20-22
Capital stock and surplus accounts of bank__________________ 22-23
Repurchase sales agreements on securities and loans___________ 23-24
Statements, all for years 1923 to 1932, inclusive:
The Guardian Trust Company:
Exhibit 1: Analysis of earnings and undivided profits, per books
25
Exhibit 2: Analysis of earnings and undivided profits adjusted on
basis of taxes paid and actual losses on loans and securities__
26
27
Exhibit 3: Analysis of reserve for taxes_________________
Exhibit 4: Analysis of reserve for depreciation____________
28
The Guardian Trust Company and subsidiaries:
Exhibit 5: Summary of combined earnings_______________
29
Exhibit 6: Analysis of undivided profits_________________
30
LYBRAND, ROSS BROS. & MONTGOMERY
Accountants and Auditors
MIDLAND BUILDING, CLEVELAND
January 19, 1934.
Mr. Robert Morris Huston,
Special Deputy Superintendent of Banks of Ohio,
Cleveland, Ohio.
Dear Sir: In accordance with your instructions, we have investigated the
earnings of
THE GUARDIAN TRUST COMPANY
and its
SUBSIDIARY COMPANIES
for the years 1923 to 1932, inclusive, for the purpose of determining the following
information:
(а) Earnings of The Guardian Trust Company, including losses on loans
and depreciation of securities;
(б) Combined earnings of The Guardian Trust Company and its subsidiary
con panies, including losses on loans and depreciation of securities;
(c) Losses of The Guardian Trust Company and its subsidiary companies
incurred or accrued but not given effect to on the books or reports
of the bank; and
8 3 5 8
STOCK
EXCH AN GE
P E A C T IC E S
(d) Earnings of The Guardian Trust Company on basis of elimination of
accruals.
Hereinafter The Guardian Trust Company is referred to as the “bank” and
the subsidiary companies as “subsidiaries”.
Earnings of bank, including losses nn loans and depreciation of securities.— In
investigating the earnings of the bank we reviewed the annual reports prepared
by the auditing department of the bank and the bank copies of federal income
tax returns filed with the United States Treasury Department for the years
1923 to 1932, inclusive.
These records indicate that, after the operating accounts were closed to profitand-loss account for the respective years, material adjustments were made of
reserves for taxes and depreciation of securities direct to undivided profits
account. It was also noted that the adjustments for prior years were for large
amounts. As aresult of this procedure, the earnings of the bank as shown in the
auditing department reports did not reflect theactual resultsfromoperations. The
minutes of the Board of Directors for the years 1931 and 1932 indicate that the
earnings of the bank as shown by these adutiing department reports were sub
mitted by the president to the board of directors and considered correct earnings
by them in determining dividends and the financial condition of the bank.
* The earnings of the hank as shown hy the auditing department reports for the
years 1923 to 3932 inclusive, with the direct adjustments to undivided profits
account are summarized in the following statement:
Year
Earnings
current year
perprofit
andloss
account
Add (+) or
Deduct
deduct (—) Addadjust Deduct
Earnings
adjustments mentsof addition?to additionsto in
cluding
ofprior reservefor reservefor special adju
stments
years’ earn
taxes depreciation reserve
ings
1923
$1,287,549.98 -$199.SS5.74
1924 ........ 1,048,649.15 -43,028.10
1925 ........ 1,103,615.50 +5,093.04
1926
1
4,789.08
1,1
.59
02
2,6
.41
56
0.9
.45
4 -1,712.06
1927
1,482,758.00 -26,897.26
1928
1.931.061.44 +123,222.31
1929
1930
2,079,722.27 -43,971.97
1931
2,064.542.82 +12,088.03
1932.-............ 1,342,192.79 -318,469.00
Total___ 15,035,156.34 -496,794. 81
$2,889.67
$215.000.00 $1,306,103.91 .............
506,623.05
180,000.00 680,000.00
754,708.54
200,000.00 564.000.00
65.000.00
10
2,.8
180,00000 4
1,9
25
72
37
8.8
.39
8
150,000.00 400.000.00
980,860.74
475.000.00
1,680,28376
874,000.00
1,335,750.30
122,295.'95" 822.296.96
175.000.00 1,086,000.00 $1,000,000.00 166,630.85
200.000.00 725.000.00 600,000.00 101,276.2t
1,422,295.95 6,876,899.86 1,600,000.00 7,484,257.62
The adjustment of prior years for the year 1931 in the amount of $12,088.03
shown above includes $100,000 transferred from accrued interest payable and
credited direct to undivided profits on the books.
In a subsequent section of our report we include details and comments relative
to the above adjustments which may be briefly explained as follows:
(a) The adjustments of prior years result primarily from accrual of interest on
loans which proved to be uncollectible. Such items should be segregated for
accounting purposes but, in our opinion, should be included in operations in pre
paring operating reports.
(b) The additions to reserve for taxes during the year are provided by charges
to operating expenses. The adjustments should therefore be made to the same
account and included in operations for the year.
(c) The reserve for depreciation was provided to charge off uncollectible loans
and worthless securities. As a result of the procedure followed, all additions to
this reserve were made as direct charges to undivided profits and not included ia
earnings as shown in auditing department reports. As a result, the annual earn
ings were computed without giving effect to any of these losses.
(d) The special reserve was provided for anticipated losses on loans and securi
ties. As shown in the foregoing schedule, the charges to undivided profits
amounted to $1,600,000 for the years 1931 and 1932. In the latter year $2,000,
000 was also credited to the special reserve and charged to capital surplus. In
1932 $1,000,000 was transferred from special reserve to depreciation reserve.
In addition to the transfer from special reserve to depreciation reserve, here
inbefore referred to, other transfers were made between the tax and depreciation
reserves. The tax reserve was also credited with amounts aggregating $209,
723.94, paid by subsidiary companies to the bank, representing the amount of
STOCK
EXCH AN GE
P R A C T IC E S
8 3 5 9
such taxes which the individual returns of the subsidiaries showed were due and
payable. The taxes were not paid because the consolidated returns of the bank
and subsidiaries showed no taxes due or payable except in 1929. In our opinion,
the earnings of the bank for the years under review would therefore be more cor
rectly stated on the basis of actual payments of taxes and actual_ net wiite off
of loans and securities. The following statement is prepared on this basis:
Years
Profitstrans
ferredfrom
profitandloss
account
Actual losses
Add (+) or
chargedto
deduct (-) Addamount Deductactual re
servefor Net adjusted
adjustments reservedas taxespaid dep
reciation earnings
ofprior taxexpense
net of
years
recoveries
$1,287,549.98 -$199,885.74 $300,000.00 $141,497.21 $1,614,251.95
1923
1924
1,048,646.15 —42,023 10 300.000.00 128,069.30 559,21682
1925
1,103,615.50 +5,093.04 300.000.00 132,S46.56 536,520.03
1926
1,192,616.95 -4,789 OS 300.00000 145,321.34 577,035.11
1927 ....... 1,502,45044 -1,712.06 300.00000 175,113.04 242,13525
1923............ 1,482,758.00 -26,897.26 300.00000 202,561.56 663,12498
1929 ....... 1,931,061.44 +123, 222.31 300.000.00 199,588.85 390,821.37
1930
2,079,722. 27 43,971.97 437,50000 131.164.72 749,408.41
1931
2,064,542.82 +12,038.03 450.000.00 378,129.18 1,389,326.45
1932
1,342,192.79 -318,469.00 337.000.00 397,026.68 1,648,016.88
Total__ $15,035,156.34 -*$496,794.8i $3,324,500.00$2,031,318. 44$8,369,857.25
$367,534 M
619,33693
739,341.95
765,471.44
1,383,490.09
890,174.20
1,763,87353
1,592,677.17
759,175.22
684,319.77
$7,461,685.84
Note.—Italicindicatesredfigures.
The earnings of the bank as hereinbefore summarised are in accordance with
the boo’ s. They do not include any pro\ision for losses on delinquent loans,
decline in market value of securities or losses on assets transferred to subsidiaries.
These items are commented upon in a subsequent section of our report.
Combined earnings of bank and Us subsidiaries, including losses on loans and
depreciation of securities: It is an accepted principle of accounting that when
an incorporated company, either commercial or financial, has made material in
vestments in subsidiary or affliated companies, the financial statements should
reflect the combined financial condition and results from operations. Such
statements may be prepared by either of two generally accepted methods, viz.:
1. Consolidated statements by which the investments in subsidiaries and
intercompany transactions are eliminated and the actual assets, liabilities, and
results from operations of subsidiaries are combined with the holding or parent
company.
2. Holding or parent company statements which are adjusted to reflect the
book value of investments in subsidiaries and the results from their operations.
The first method, in our opinion, more accurately reflects the combined opera
tions of the parent company and subsidiaries and the combined earnings of the
bank and its subsidiaries have been determined by us on that basis.
The subsidiaries of the bank were in most instances formed for the purpose of
transferring to them doubtful or illegal assets. As commented upon in detail in
our report dated October 26, 1933, the actual assets, liabilities, and earnings of
the bank can be determined only by preparing its financial statements according
to one of the methods outlined.
It is evident that the management of the bank recognized this accounting prin
ciple by filing federal income-tax returns on a consolidated basis. It should be
noted that as a result of filing on this basis, no income tax liability was incurred
with the exception of $13,424for the year 1929.
We have prepared and annex hereto (Exhibit 5) a statement showing the com
bined earnings of the bank and its subsidiaries for the years 1923 to 1932inclusive.
The annexed statement is summarized in the following table:
Years
N
o t e .— I
t a lic in d ic a te s re d fig ures.
$867,63192
Subsidiaries
Total
$138,000.00 $505,534.92
138.000.00 500,224.52
138.000.00 620,056.00
138.000.00 658,330.37
184,598.53 1,229,419.79
245.000.00 671,762.89
239.280.00 1,574,125.50
224.500.00 1,401,980.56
125.250.00 634,736.31
684,319.77
127.250.00 811,569.77
$7,461,685.84 $209,723.94 $1,697,878.53 $5,973,531.25
619,336.93 *”"$18,887.59"
739,341.95 18,714.05
765,471.44 30,858.93
1,383,49009 30,528.23
890,174.20 26,588.69
1,763,873.53 49,531.97
1,592,677.17 33,803.39
759,175.22
811.09
Deduct*dividendsre
Earningsper ce
edfrom
books othiv
ersubsidi
aries
$54,504.24
20,912.74
91,610.46
66,811.27
SOS.56
397.487.86
407,768.96
103.866.87
23L424-69
290,868.45
$410,131.96
Total
$54,504.24
20,912.74
91,610.46
66,811.27
SOS.56
397,487.86
407,768.96
Combined
earningsof
bankand
subsidiaries
$451,030.68
521,137.26
711,666.46
725,141.64
1,229,116.23
1,069,250.75
1,981,894.46
$7,833.33 Ul, 700.20 1,290,280.30
13,000.00 247,4$4.69 387,311.62
8,500.00 298,868.45 1,UO,438.22
$29,333.33 $380,793.63 $3,354,329.88
STOCK EXCHANGE PBACTICES
1923...........................................................
1924...........................................................
1925............................................................
1920...........................................................
1927...........................................................
1928...........................................................
1929...........................................................
1930...........................................................
1931...........................................................
1932...........................................................
Earningson
basisoftaxes Addincome Deduct divi
paidand taxespaidby dendsre
actual losses subsidiaries ceivedfrom
onloansand tobank subsidiaries
securities
8360
Bank
STOCK
EXCH ANGE
P R A C T IC E S
8 3 6 1
Intercompany interest, rents, management fees, etc., have not been eliminated
in the foregoing statement asthe information was not readily available. Elimina
tion of theseitems would not change the combined earnings shown.
In comparing the earnings of the bank for the years 1923to 1932inclusive with
the combined earnings of the bank and its subsidiaries, it will be noted that the
dividends paid to the bank by the subsidiaries during that period exceed the total
combined earnings of the subsidiaries by $1,107,355.96, asfollows:
Total dividends paid by subsidiaries tobank, 1923to 1932_____ $1, 697, 878. 53
Total combined earnings of subsidiaries, 1923 to
1932_______________________________$380, 798. 63
Add, Federal income taxes paid to bank, 1923 to
1932______________________ _________ 209, 723. 94
-----------------590, 522. 57
Amount of dividends paidin excessof earnings________ $1, 107, 355. 96
It should be noted that dividends were paid from subsidiaries which had earn
ings in excessof dividends paid, but it should alsobe noted that the lossesof other
subsidiaries were not included in the bank statements nor presumably considered
by the management or board of directors in declaring dividends or payment of
bonus toofficers.
In reviewing the operations of the subsidiaries, it should be further noted that
the combined operating income of the bank, as shown by the bank’s books, was
increased $1,317,079.90 during the years 1923 to 1932 inclusive as a result of
dividends andfederal incometaxespaidtothe bank by subsidiaries. This increase
in the bank’searningswas offset by anincreaseinthe operatingdeficit ofthebank’s
subsidiaries of the same amount, as shown in the following computation:
Combined operating deficit of subsidiaries, January 1, 1923____ $117, 424. 60
Deduct, adjustment resulting from subsidiaries liquidated,
acquired, etc___________________________________
105, 321. 00
12, 103. 60
Combined operating deficit of subsidiaries, De
cember 31, 1932______________________$1, 348, 183. 50
Deduct, Dividends declared to bank and paid
subsequent to December 31, 1932_________
19, 000. 00
--------------------- 1, 329, 183. 50
Increase representing:
Dividends paid to bank_______________ 1, 697, 878. 53
Federal income taxes paid to bank_______
209, 723. 94
1, 907, 602. 47
Less, Combined earnings of subsidiaries before
federal tax payments to bank____________
590, 522. 57
--------------------- 1, 317, 079. 90
The dividends paid by subsidiaries to the bank and by subsidiaries to other
subsidiaries are tabulated below:
HoldingCompanies
PaidBy Subsidiaries
TheGuardian TheNewEng
Trust Company landCompany
$1,631,500.00
65,848.53
530.00
..... $20’506"66
8,833.33
29,33333
1,697,878.53
Losses of bank and subsidiaries incurred or accrued but not given effect to on books
or reports of the bank.— In the summaries of earnings for the years 1923 to 1932,
inclusive, no provision has been made for probable losses on the following:
1. Decline in market value of securities owned by the bank and subsidiaries;
2. Losses on delinquent loans of the bank; or
1 7 5 5 4 1 — 3 4 — PT 1 9 -------- 7
8 3 6 2
STOCK
EXCH AN GE
P E A C T IC E S
3. Losses on assets of the bank transferred to subsidiaries.
On the books of the bank a reserve of $2,600,000 had been provided at Decem
ber 31, 1932, for anticipated losses. This reserve was provided by appropriation
of $2,000,000 from capital surplus and $600,000 from undivided profits, as shown
in the following statement:
By charges to undivided profits:
193 1
$1,000,000
193 2
600, 000
1, 600, 000
Less, Transfer to undivided profits, 1932__________ 1, 000, 000
---------------- $600,000
By charges to capital surplus, 1932________________________ 2, 000, 000
2, 600, 000
The following comments pertain to certain losses incurred or accrued on securi
ties owned, delinquent loans on the books of the bank, and assets transferred to
subsidiaries. These comments are based upon the information made available
at the time of our examination.
Decline in market value of securities.— The security records of the bank show
the market value of securities owned at the end of each month. The decline in
market value at the end of the years under review and the changes in market
value during the respective years, as indicated by these records, are shown in
the following statement:
Declineinmarkel valueatendof
years
Changesinmar
ket valueduring
years—The
GuardianTrust TheGuardian TheGuardian
Company Trust Company SecuritiesCom
pany
1924
....................................
1925 .........................................
1926 ..........................................
1927 ....... ......................................
1928__________ __ ___ __ ______
1929 ..............................................
1930 ..............................................
1931
. —
...................
1932...............................................
$9,70832
62,96891
124,84366
280,68012
47,88644
866,38862
5,188,533.15
427,185.83
$204,162.00
213,87032
150,901.41 (Information
26,05775
not
306,737.87 available)
258,851.43
1,125,240.05
6,313,773.20
5,886,587.87 $446,321.71
Note.—Italicindicatesredfigures.
Possible losses on delinquent loans: The annual reports prepared by the bank’s
auditing department include an analysis of loans and discounts which shows
the amount of non-accrual loans and discounts. The non-accrual loans and
discounts are those on which the accrual of interest has been discontinued on
account of non-payment of interest and/or principal. The amounts of the non
accural loans and discounts for the years under review and the changes during
the respective years, as indicated by the audit reports, are shown in the following
statement:
Changesduring Amountsofnon
years, Increase— accrualloansatend
Decrease
ofyears
1923 .......................................................
1924 . .
...............................................
1925_____ ____ - .......... -............................
1926_______ ___________ ________ ___
1927______________ _____________ ____
1923..........................................................
1929..........................................................
1930__
. __________ ___________
1931__ __________ ____ __ _____ ______
1932.... .................. .......... ............ ............
Note.—Italic indicates red figures.
$1,129,88459
995,10367
237,873.70
459,231.57
163,915.79
553,64775
785,74936
2,150,962.17
8,301,431.93
$1,788,888.06
2.918.772.65
1,923,668.98
2,161,542.68
1,702,311.11
1,866,226.90
2.419.874.65
3,205,624.01
5,356,586.18
13,658,018.11
STOCK
EXCH AN GE
P E A C T IC E S
8 3 6 3
Losses on assets of hank transferred to subsidiaries: In our report, dated October
26, 1933, upon “organization and operation of subsidiaries” of The Guardian
Trust Company, we reported in detail upon the transfer of doubtful assets to
subsidiaries and how, as a result of this procedure, doubtful assets of the bank
were transferred to subsidiaries without reflecting the loss in the earnings or
undivided profits of the bank. It was also shown in this report that certain of
the subsidiaries re-appraised land, buildings, and leaseholds and that the resultant
surplus was used to write down notes and mortgages taken over from the bank.
According to the records examined by us, the subsidiaries had recorded on their
books at December 31, 1932, net assets aggregating $7,905,552.65, which had
been acquired from the bank in the manner outlined above and more fully
described in our report of October 26, 1933. The following statement shows a
classification of these assets and the particular subsidiary to which they had
been transferred.
ASSETS
Other real estate owned:
Buildings:
Vincent Building Company___________ $1, 994, 424. 33
Hotel Hollenden Company___________ 2, 147, 303. 89
--------------------- $3, 341, 728. 22
Equipment:
Vincent Building Company___________
199, 491. 62
Hotel Hollenden Company___________ 1, 345, 583. 74
— ----------------- 1, 545, 075. 36
Other real estate:
The Guardian Trust Company:
Transferred in 1933 to the Valuation
Service Company and the Land
Development and Realization Com
pany______________________ 2, 508, 429. 00
Noble Woodworth Company__________
123, 000. 00
Severn Park Realty Company_________
304, 000. 00
--------------------- 2, 935, 429. 00
Unsold lots:
Brookside Manor Company___________
159, 267. 56
College Heights Realty Company_______
15, 221. 64
Headlands Realty Company__________
64, 303. 40
Inland Lakes, Inc__________________
69, 793. 24
Memphis Heights Realty Company_____
87, 921. 39
Ri-May Realty Company________ „___
144, 026. 02
Riverside Manor Company___________
33, 097. 56
Shore Development Company_________
112, 080. 41
Severn Park Realty Company_________
106, 567. 97
Staten Heights Realty Compnay_______
244, 457. 55
-------------------- 1, 036, 736. 74
•
Leasehold estates:
4400 Superior Company_____________
24, 701. 94
Hotel Hollenden Company___________
975, 500. 00
1761 East 18th St. Company__________
2, 002. 55
1874 East 18th St. Company__________
2, 995. 69
2116 East 40th St. Company__________
639. 47
--------------------- 1, 005, 839. 65
Coal lands:
Harrison County Investment Company______________
690,,000. 00
10, 464, 808. 97
8 3 6 4
STOCK
EXCH ANGE
P E A C T IC E S
LIABILITIES
Notes payable:
Brookside Manor Company___________
Memphis Heights Realty Company_____
$3, 602. 50
1, 678. 82
--------------------$5, 281. 32
Mortgages payable:
Hotel Hollenden Company____________ 1, 475, 000. 00
Noble-Woodworth Company__________
54, 000. 00
Severn Park Realty Company_________
294, 975. 00
--------------------- 1, 823, 975. 00
Bonds payable___________________________________
730, 000. 00
2, 559, 256. 32
Net assets_________________________________ 7, 905, 552. 65
As the transfer of these assets by the bank to the subsidiaries resulted in a con
cealment of the true assets, liabilitiesand earnings of thebank, thetrue earnings of
the bank and subsidiaries can not be correctly determined without a proper
appraisal of the assets. We did not have sufficient information to valuethe assets
and determine the possible losses thereon. Therefore the statements included in
this report showing the earnings of the subsidiaries for the years 1923 to 1932
inclusive do not include any provision for losses on the assets transferred to sub
sidiaries.
Hereinbefore we referred to the write-off by subsidiaries of notes and mort
gages acquired fromthe bank against surplus fromrevaluation of land and build
ings. The revaluation surplus accounts on the books of the subsidiaries may be
summarized as follows:
The Hotel Hollenden Company:
Appraisal of leasehold, buildings and equip
ment in 1925 and subsequent adjustments
thereof:
Balance, December 31, 1932:
Leasehold__________________ $976, 500. 00
Equipment_________________
156, 102. 66
------------------- $1, 132, 602. 66
The Ri-May Realty Company and The Riverside
Manor Company:
Balance, December 31, 1932, representing
appraisal of unsold lots in 1931__________________
9, 562. 96
The New England Company:
Appraisal of land and buildings in 1932___ 1, 958, 793. 79
Write off mortgage bonds and notes of The
Hotel Hollenden Company___________ 1, 958, 793. 79
Revaluation surplus, December 31, 1932_____________ •____ 1, 142, 165. 62
The Hotel Hollenden Company was declared insolvent in May 1931. The
loss of The New England Company in mortgage bonds and notes in the amount
of $1,958,793.79, which was written off against revaluation surplus in 1932 was
therefore indicated and probably known at that date. The valuation surplus
recorded on the books of The New England Company in 1932 resulted from the
appraisal of the main bank building of The Guardian Trust Company, which is
owned by that subsidiary. The appraisal of this property and resultant surplus
was presumably made for the specific purpose of writing off the loss on the mort
gage bonds and notes of The Hotel Hollenden Hotel. In this manner an antici
pated and unrealized gain was applied to the absorption of an actual and realized
loss.
Determination of losses incurred or accrued but not given effect to on books or re-ports
of the bank: We do not have sufficient information to determine the actual losses
that were incurred or accrued but not recorded on the books or given effect to in
reports of bank for the years 1923 to 1932 inclusive. A review of the information
outlined above regarding such losses, which was available to the management and
board of directors, indicates material losses for at least all years since 1929 and
probably several years prior to 1929.
STOCK
EXCH ANGE
P R A C T IC E S
8 3 6 5
Some estimate of the probable losses for the years from 1929 to 1932 can be
made from foregoing outlined data summarized as follows:
Total doubt
ful assets
andlosses
Years
1929............
1930............
1931............
1932..........
$2,678,726.08
4,330,86406
11,670,359.38
29,855,273.13
Declineinmarket valueofsecuritiesat
endofyear
Bank
Aggregate
bookvalue
ofassets
transferred
Non*accrual tosubsidia
Subsidiaries loansofbank riesduring
atendofyear
year
Assets
writtenoff
tovaluation
surplusdur
ingyear by
subsidiaries
$258,851.43
$2,419,874.65
(0
0)
3,205,62401
1,125,240.05
(0
0
)
5,356,586.18
6,313,773. 20
0
)
)51.65 $1^958,793.79
5,886,587.87 $446,321.71 13,658,018.11 $7,9050,5
*Not available.
The earnings, undivided profits and dividends paid during the above years are
summarized as follows:
Earningsonbasisoftaxes Undividedprofitsatend
paidandactuallosseson
ofyears
loansandsecurities
Dividends
declared
Bankand
Bankand bybank
Bank subsidiaries Bank subsidiaries
combined
combined
Y,ears
1929........ ................... $1,763,87353 $1,891,894.46 $1,833,781.56 $1,653,30514 $930,000.00
1930........... ................. 1,592,67717 1,290,280.36 2,410,26212 1,893,58550 1,050,000.00
1931............................. 759,17522 387,311.62 2,330,248.43 1,405,397.12 840,00000
1932............ ......... ...... 684,319.77 1,110,438.22 1,295,92866 52,254.84 350,000.00
Note.—Italicindicatesredflgures.
Earnings of bank on basis of elimination of accruals: In a previous section of our
report we have stated the earnings of the bank on the basis of actual cash pay
ments of taxes and actual write offs of uncollectible loans and worthless securities
for the years 1923 to 1932 inclusive. These earnings are determined, however,
on the basis of accruing interest receivable on loans and securities and interest
payable on deposits and other expenses.
The following statement shows the adjusted earnings of the bank for the years
1923 to 1932 inclusive, as hereinbefore stated, and the elimination of net accruals
of interest receivable, etc. for the respective years:
Year
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Adjustedearn* Net accruedin Adjustedearn
ingsonaccrual comeandexpense ings less
basis
included
accruals
$367,53492
619,336.93
739,341.95
765,471.44
1,383,49009
890,174.20
1,763,87353
1,592,677.17
759,175.22
684,819.77
$7,461,685.84
Note.—Italicindicatesredfigures.
$167,53087
17,48900
119,75584
132,666.93
112,60440
64,409.06
348,87615
229,697.65
258,703.68
90,497.98
$967,658.14
$m, ooi os
601,847.93
859,097.79
632,80451
1,270,885.69
825,765.14
1,414,997.38
1,362,979.52
500,471.54
774,817.75
i,494,027.70
8 3 6 6
STOCK
EXCH ANGE
P E A C T IC E S
The decrease of $967,658.14 for the ten year period represents the net increase
in accruals as shown in the following statement:
crease(+)
December December31, In
or Decrease
31, 1922
1932
(—)
Accruedinterestreceivable.
Accruedinterestpayable:
Thrift, accounts
$216,502.88 $305,644.29 +$89,141. 41
85,657.16
55,411.06 -30,246 10
141,943.97
963,781.54 +821,837. 57
3,230.28
1,304.19 -1,m. 09
253,92462 353,816.98 +99,892.36
701,25891 1,679,958.06 +978,699.15
42,39214 +26,358.49
16,03365
717,29256 1,722,35020 +1, 005,057.64
4,23626
36,040.93
1,72133
24,499.89
11,152.66
42907
2,264.94
80,345.08
17,469.57
8,850.00
106,664.65
$610,627.91
15,64296
13,12152
25000
19,20540
19,762.42
1,892.89
50,18384
120,059.03
15,00512
9,00000
144,064.15
$1,578,28605
+11, 406.70
-22,919.41
-1,471.38
-5,294.49
+8,609. 76
-429.07
-372 05
+50,183.84
+39,713.95
-2,464.46
+150.00
+37,399.50
+$967,658.14
It will be noted in the foregoing statement that of the total increase in net ac
cruals of $967,658.14for the ten years’ period, $821,837.57 represents the increase
in accrued interest receivable on real estate loans. The amount of interest re
ceivable accrued on these loans at the beginning and end of the ten year period,
compared with the principal amount of the loans at these dates follow:
mber 31,
December31, Dece1
932
1922
Increase
$21,826,564. 15 $31,490,968.04 $9,664,403.89
821,837.57
141,943.97 963,781.54
Reserve for taxes: We include in our report as Exhibit 3 and analysis of the
reserve for taxes of the bank for the years 1923 to 1932 inclusive. This statement
is summarized as follows:
Balance, December 31, 1932__________________________ $159, 476. 84
Additions:
Accruals:
Charged to profit and
loss_____________$3, 324, 500. 00
Less, Amounts returned
to undivided profits-- 1, 422, 295. 95
■
----------------- — $1, 902, 204. 05
Amounts received from sub
sidiaries for Federal in
come tax_______________________
209, 723. 94
•
-------------------- 2, 111, 927. 99
2, 271, 404. 83
STOCK
EXCH ANGE
P E A C T IC E S
8 3 6 7
Deductions:
Federal income taxes, net of refunds:
For periods prior to 1923
For year 1929____________
State, county, and city taxes paid..
Transfer to reserve for depreciation
$14, 154. 46
13, 424. 00
2, 003, 739. 98
228, 652. 57
-$2, 259, 971. 01
Balance, December 31, 1932
11, 433. 82
As hereinbefore commented upon the accruals charged to profit and loss
account are included in earnings in the annual reports prepared by the auditing
department of the bank, while the excess accruals are credited direct to undivided
profits and not included in earnings in this report. The result of this procedure
is to confuse the statements and distort the actual results from operations.
The amounts credited to the account for income taxes paid by subsidiaries,
aggregating $209,723.94 represent the income-tax liability of certain subsidiaries
on the basis of filing individual returns. The actual liability for income taxes
was determined on the basis of consolidated returns, which resulted in noliability
for any year from 1923 to 1932 inclusive, with the exception of $13,424 for the
year 1929. The payment of $209,723.94 by the subsidiaries indirectly increased
earnings and/or undivided profits of the bank. Although the amounts paid by
the subsidiaries were credited to reserve for taxes, they reduced the aggiegate
amounts charged to profit and lossfor tax accruals. In our opinion this procedure
would be correct if the financial statements of the bank and its subsidiaries were
preparedonaconsolidatedbasisbut resultedin incorrect statementsof thefinancial
condition and earnings of the bank on the statements prepared. In the adjusted
statement of earnings of the bank included in this report, taxes are included at
the amounts paid which results in the exclusion of the amount received from
subsidiary companies.
We are informed that the amounts paid for federal income taxes, as shown in
the foregoing summary, include all assessments for the 10 year period under
review. We are also informed that all state, county and city taxes payable dur
ing the period were paid.
The disposition of the amount transferred to reserve for depreciation is shown
in the analysis of that account.
In the annexed analysis of the reserve for taxes, checks are shown which were
issued and held during the years 1926 to 1930, inclusive. The amounts of these
checks for the respective years were as follows:
Years
1926 ........................................................
1927 .......................................................
1928..........................................................
1929 —
..............................................
1930..........................................................
Payableto yableto
Collectorof Pa
County
Internal
Revenue Treasurer
Total
$22,295.95 $80,820.48 $103,116.43
22.295.95 83,481.04 105,776.99
22,295.95 108,448.63 130,744.58
22.295.95 112,678.85 134,974.80
370,000.00 370,000.00
The above checks were issued at the end of the respective years and held until
redeposited at the beginning of the following year. We are informed that these
checks were issued for the purpose of reducing the book value of the capital stock
of the bank as reported for determination of county taxes.
Reserve for depreciation: Under the accounting procedure used by the bank
losses on loans and securities were charged to reserve for depreciation. The addi
tions to this reserve were direct charges to undivided profits and, as was herein
before shown, werenot included in earnings or profit and loss statements prepared
by the bank’sauditing department for use of the president and board of directors.
We annex as Exhibit 4, an analysis of the reserve for depreciation for the years
1923 to 1932 which may be summarized as follows:
STOCK
8 3 6 8
EXCH ANGE
P E A C T IC E S
Balance, December 31, 1922__________________________ $344, 469. 95
Additions:
By direct charges to undivided profits____ $6, 876, 399. 86
Transfers:
From reserve for taxes____________
228, 652. 57
Special reserve__________________ 1, 000, 000. 00
--------------------- 8, 105, 052. 43
8, 449, 522. 38
Deductions:
Losses on loans and securities, net of recov
eries___________________________ 8, 400, 493. 05
Less, Refund received on federal income
30,
635. 80
taxes_______________________
8, 369, 857. 25
$79, 665. 13
Balance, December 31, 1932__________________
The credits to the above account of $6,876,399.86 representing direct charges
to undivided profits are estimated amounts provided for losses on loans and secu
rities during the year. The transfer of $228,652.57 from reserve for taxes was
made during the year 1929. The transfer of $1,000,000 from special reserve was
made in 1932 and represents the amount credited to this account during 1931 by
charge to undivided profits. The amount of credit resulting from refund of
federal taxes represents over-assessment of income taxes for years 1917 to 1921
on The National Commercial Bank, which was consolidated with The Guardian
Trust Company prior to 1923.
A classification of the losses and loans net of recoveries charged to the account
is shown in the analysis of the reserve annexed hereto. Included in these charges
are the following items:
Amound paid for furniture, fixtures and goodwill of The Wash
ington Savings Bank, which was acquired in 1928___________$95, 994. 61
Amount of cash transferred to Sundry Trust 1092, as covered by
our report on this trust_____________________________ 145, 619. 18
$241, 613. 79
Capital stock and surplus accounts of bank.— The following statement shows the
balances of the capital stock and surplus accounts of the bank at the end of the
years 1923 to 1932, inclusive as shown by the books:
Years
1923.
1924.
1925.
1926.
1927.
1928.
1929.
1930.
1931.
1932.
Capital stock
$4,000,000
4.000.000
4.000.000
4.000.000
4.000.000
4.000.000
7.000.000
7.000.000
7,OCO,000
7.000.000
Capital
surplus
Undivided
profits
000,000 $1,207,682.42’
000.000 1,234,305.47
1,509,014.01
5.000.000
861,841.90
6.000.000
512,580.28
6,000,000
893,441.02'
9.000.000 1,443,724.77
9.000.000 1,729,475.07
9.000.000 1,056,105.92
7.000.000
604,829.71
$4,
4.
4.000.000
The increase in capital stock of $3,000,000 during 1928represents the following
Stock dividend, 25 percent, resulting from capitalization of
surplus______________________________________ $1, 000, 000
Par value of additional stock sold:
16.000 shares sold at $300 per share________________ 1, 600, 000
4.000_shares sold at $250 per share_________________
400, 000
$3, 000, 000
STOCK
EXCH ANGE
P E A C T IC E S
8 3 6 9
The changes in capital surplus as shown in the foregoing summary are sum
marized below:
1926 Transfer from undivided profits_____________________ $1, 000, 000
1927 Transfer from undivided profits_____________________ 1, 000, 000
1929 Transfer from undivided profits_____________________
200, 000
Stock dividend, 25 percent_________________________ 1, 000, 000
Excess of sales price over par of capital stock sold:
16.000 shares at $200 per share__________________ 3, 200, 000
4.000_shares at $150 per share___________________
600, 000
1932 Appropriated to special reserve_____________________ 2, 000, 000
$3, 000, 000
We submit as exhibit 6 an analysis showing details of changes in undivided
profits and comment thereon in a previous section of the report.
Repurchase sales agreements on securities and loans: On September 28, 1931,
and October 30, 1931 certain securities and loans were transferred under repur
chase sales agreements to the Bankers Trust Company and the Chemical Bank
& Trust Company of New York. The following is an outline of these transac
tions:
BankersTrust
Company
Securities
Bookvalueofsecuritiesandloansat datesoftransfer.
Difference between book value and repurchase
Chemical Bank&Trust
Company
Securities
Loans
$2,827,833.43 $2,760,899.37 $3,504,628.64
1,501,534.88 2,000,000.00 3,504,628.64
$1,326,298.55
$760,899.37
Ngte.—Italicsindicateredfigures.
In accordance with the terms of the agreements, the securities and loans
were repurchased in January 1932 for the agreed repurchase prices as adjusted
by dividends and interest as provided in the agreements.
The question has been raised as to whether a loss was realized by the bank at
the dates of the repurchase agreements in the amounts of $1,326,298.55 and
$760,899.37, representing the difference between book value of securities at the
dates transferred and the agreed repurchase prices. In our opinion, the trans
actions were not closed transactions at these dates and therefore no loss was then
realized. As the securities were repurchased, the transactions did not result in
an actual sale and no loss was realized at any time.
The transactions, of course, resulted in an improvement of the cash position
of the bank during the period of the purchase agreements by increasing cash by
$7,006,163.52, which was received from the New York banks under the agree
ments and credited to loans and securities. As no mention of the repurchase
agreements was made in the published report of the bank at December 31,1931,
it was not a correct statement of the bank’s financial position.
Very truly yours,
(Signed) Lybrand Ross Bros. & Montgomery.
C opy N o. 6.
1 . — The
Guardian Trust Company, analysis of earnings and undivided profits, per books, for the years 1928 to 1982, inclusive
1923
1924
1925
1926
1927
1928
1928
1930
1931
1932
Total
STOCK EXCHANGE PRACTICES
Balanceatbeginningofyear_ $1,690,572.09$1,207,682.42$1,234,305.47$1,509,014.01 $861,841.90 $512,580.28 $893,441.02$1,443,724.77$1,729,475.07$1,056,105.92$1,690,57209
Add, Earnings including ad
justments:
Balance fromprofit and
lossaccount_______ 1,287,549.98 1,048,646.15 1,103,615.50 1,192,616.95 1,502,450.44 1,482,758.00 1,931,061-44 2,079,722.27 2,064,542.82 1,342,192.7915,035,156.34
Adjustment of reservefor
122,295.95 175,000.00 200,000.00 1,422,295.95
215,000.00 180,000.00 200,000.00 180,000.00 150,000.00
1,502,549.98 1,228,646.15 1,303,615.50 1,372,616.95 1,652,450.44 1,482,758.00 1,931,061.442,202,018.222,239,542.82 1,542,192.7916,457,452.29
Less*
Adjustmentsapplicableto
199,335.74 42,023.10 5,093.04 4,789.06 1,712.06 26,897.26 123,222.31 43,971.97 112,088.03 318,469.00 496,794.81
Additions to reserve for
depreciation of secur1,306,103.91 680,00000 554,000.00 455,000.00 400,000.00 475,000.00 374,000.00 822,295.95 1.085.000.00 725.000.00 6,876,389.86
1.000.000.00 600.000.00 1,600,000.00
3,505,439.65 722,023.10 548,906.96 459,789.06 401,712.06 501,897.26 250,777.69 866,267.92 2,072,911.97 1,643,469.00 8,973,194.67
Net earningsincludingadjust2,889.67 506,623.05 754,708.54 912,827.89 1,250,738.38 980,860.74 1,680,283.75 1,335,750.30 166,630.85 101,276.21 7,484,257.62
Balancebeforedividendspaid
andtransferstosurplus__ 1,687,682.42 1,714,305.47 1,989,014.01 2,421,841.902,112,580.28 1,493,441.02 2,573,724.77 2,779,475.07 1,896,105.92 954,829.71 9,174,829.71
480,000.00 480,000.00 480,000.00 560,000.00 600,000.00 600.000.00 930.000.00 1,050,00000 840,000.00 350,000.00 6.370.000.00
1,000,000.00 1,000,000.00
200.000.00
2.200.000.00
1,560,000.00 1,600,000.00 600,000.00 1,130,000.00 1,050,000.00 840,000.00 350,000.00 8,570,000.00
Balanceat endofyear... 1,207,683.42 1,234,305.47 1,509,014.01 861,841.90 512,580.28 893,441.02 1,443,727. 77 1,729,475.07 1,056,105.92 604,829.71 604,829.71
1Includes$100,000.00transferredfromreserveforsavingsinterest.
Note.—Italicindicatesredflgures.
8370
E x h ib it
E x h ib it
2 .—
The Guardian Trust Company, analysis of earnings and undivided profits adjusted on basis of taxes paid and actual losses on
loans and securities, for the years 1923 to 1932, inclusive
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Total
8371
Note.—Italicindicatesredfigures.
STOCK EXCHANGE PEACTICES
Balancesperbooks,January1,
1923___ _________ $1,690,572.09
$1,690,572.09
Add:
159,476.84
159,476.84
344,469.95
344,469.95
Adjusted balance, beginning
$2,194,518.88$1,346,983.96$1,505,208.48$1,783,264.48$1,019,594.85 $833,613.17$1,150,376.06$1,833,781.56$2,410,262.12$2,330,248.43$2,194,518.88
Add, Adjusted earnings per
detail inreport.... .
367,534.92 619,336.93 739,34195 765,471.44 1,383,490.09 890,174.20 1,763,873.53 1,592,677.17 759,175.22 684,319.77 7,461,685.84
Income taxes paid by
subsidiaries to the
GuardianTrust Com18,887.59 18,714.05 30,858.93 30,528.23 26,588.69 49,531.97 33,803.39
209,723.94
811.09
Grossundividedprofits.. 1,826,983.96 1,985,208.48 2,263,264.48 $,579,594.85$2,433,613.17$1,750,376.06$2,963,781.56$3,460,262.12$3,170,248.43$1,645,928.66$9,865,928.66
Deduct:
480,000.00 480,000.00 480,000.00 560,000.00 600,000.00 600,000.00 930.000.00 1,050,000.00 840,000.00 350,000.00 6,370,000.00
Transfer toc1a,0
p0
ita
0,0
l0
s0
u.0
rp0lus1.,000,00000
2,200,000.00
200.000.00
480,000.00 480,000.00 480,000.00$1,560,000.00$1,600,000.00 $600,000.00$1,130,000.00$1,050,000.00 $840,000.00 $350,000.00$8,570,000.00
Adjustedbalance, endofyear_. 1,346,983.96 1,505,208.48 1,783,264.48$1,019,594.85 $833,613.17$1,150,376.06$1,833,781.56$2,410,262.12$2,330,248.43$1,295,928.66$1,295,928.66
Reconciliationwithbooks:
Deduct:
102,979.63 113,797.92 99,665.41 2,086.57 4,841.20 103,90074 20,961.07 3,778.59 271,460.50 11,433.82 11,43382
Taxchecksissuedand
held, notofcancella103,116.43 105,776.99 130,744.58 134,974.80 70,000.00
Depreciationreserve.._ 36,321,91 157,105.09 174,585.06 52,549.95 210,414.70 22,289.72 234,120.92 3
307,008.46 2,682.01 79,665.13 79,66513
1,000,000.00 600,000.00 600,000.00
139,301.54 270,903.01 274,250.47 157,752.95 321,032.89 256,93504 390,05679 680,787.05 1,274,142.51 691,098.95 691,098.95
Balanceofundivided
profits at end of
yearperbooks_ $1,207,682,42$1,234,305.47$1,509,014.01 $861,841.90 $512,580.28 $893,441.02$1,443,724.77$1,729,475.07$1,056,105.92 $604,829.71 $604,829.71
3 .—
The Guardian Trust Company— Analysis of reserve for taxes for the years
1923
1924
Note.—Italicindicatesredfigures.
Total
1927
i9,665.41 $2,086.57 $4,841.20 $103,900.74 $20,961.07 $3,778.59$271,460.50 $159,476.84
300,000.00
180,00000
120,000.00
30,85893
150,85893
250,524.34
5,759.19
300,000.00
150,00000
150,000.00
30,528.23
180,528.23
182,614.£
300,00000 300,000.00 437,500.00
122,295.95
300,000.00 300,000.00 315,204.05
26,588.69 49,531.97 33,803.39
326,58869 349,531.97 349,007.44
331,429.89 453,432.71
18.51
5,446.87
~1697666.”17 202,56156 199,588.85
228,052.57
145,321.34 175,113.04 202,561.56 428,241.42
105,203.00 7,501.76 128,868.33 25,191.29
450.000.00
175.000.00
275,000.00
811.
275,811.09
279,589.68
337,000.00 3,324,500.00
200,00000 1,422,295.95
137,000.00 1,902,204.05
209,723.94
137,00000 2,111,927.9
408,460.50 2,271,404.83
14,154.46
13,424.00
2,003,739.98
228,652.57
131,164.72 378,129.18 397,026.68 2,259,971.01
238,803.79 98,539.50 11,433.82 11,433.82
13,424.00
117,740.72 378,129.18
103,116.43 105,776.99 130,744.58 134,974.80 370,000.00
103,116.43 105,776.99 130,744.58 134,97480 370,000.00
'4,967.59
370,000.00
102,979.63 113,797.92 99,66541 2,086.57 4,841.20 103,900.74 20,961.07 3,778.59 271,460.50 11,433.82 11,433.82
103,116.43
Balanceatendofyears.
to 1982> inclusive
STOCK EXCHANGE PEACTICES
Balanceat beginningofyears_____ $159,476.84 $102,97963 $113,797.92
Additions:
Accruals:
Chargedtoprofit andloss___ 300.000.00 300.000.00 300,00000
Less, Amounts creditedto
undividedprofits____ 215.000.00 180.000.00 200,000.00
85,000.00 120,000.00 100,000.00
Amountsreceivedfromsubsidiariesfor
incometaxes_____________
18,887.59 18,71405
Total additions..
85,000.00 138,887.59 118,714.05
244,476.84 241,86722 232,511.97
Deductions:
Federalincometaxes,netofrefunds: 21,114.
235.79 6,883.09
For periodspriorto1923____
For year 1929__________
State, county, andcitytaxespaid.. "I26~383."l3 "127,"’83311 “1397729765
Transfer toreservefordepreciation.
Total deductions_________ 141,497.21 128,069.30 132,846.56
102,979.63 113,797.92 99,665.41
Adjustmentsforchecksissuedandheld:
Issued_______________
Cancelled_____________
1926
8372
E x h ib it
E x h ib it
4 .—
The Guardian Trust Company— Analysis of reserve for depreciation for the years 1923 to 1932, inclusive
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Total
8373
STOCK EXCHANGE PRACTICES
$344,469.95 $36,321.91$157,105.09$174,585.06 $52,549.95$210,414.70 $22,289.72 $234,120.92 $307,008.46 $2,682.01 $344,469.95
Additions:
Reservedbychargetoundividedprofits__ 1,306,103.91 680,000.00 554,000.00 455,000.00 400,000.00 475,000.00 374,000.00 822,295.951,085,000.00 725,000.006,876,399.86
Transfers:
228,652.57
1,000,000.001,000,000.00
1,650,573.86 716,321.91 711,105.09 629,585.06 452,549.95 685,414.70 624,942.291,056,416.871,392,008.461,727,682.018,449,522.38
30,635.80
Recoveries:
788.68 79,111.56 20,215.83 18,140.27 35,654.75 7,012.86 123,223.31 5,259.62 3,765.88 966.13 294,138.89
25,441.52 14,942.52 14,485.96 6,265.11 48,264.07 20,356.72 7,667.13 8,493.24 23,298.71 24,644.96 193,859.94
104.98 471.01
32.00 1,065.18
24.58
432.61
52,554.01 44,781.45 257,205.29 30,981.80 82,401.59 79,704.20 36,965.99 27,666.74 1,203.04 4,986.21 618,450.32
246.95
246.95
3,064.09
3,064.09
713.88
713.88
1,584.84 3,353.33 10,687.95 2,847.23 18,473.35
109,420.01 142,171.15 292,620.96 55,387.18 166,753.02 107,073.78 169,441.27 44,877.91 39,42659 33,476.531,160,648.40
Losses:
390,410.28 222,901.98 255,432.33 167,480.23 677.80 125,061.99 34,424.23 70,160.09 224,874.37 209,539.721,700,963.02
45,869.59
639,511.23 94,074.32 193,789.31 147,91619 122,532.68 304,440.68 394,27787 574,867.26 352,495.47 521,964.581,3
20.75
757.17 36,686.08 90,541.54 21,32258 54,857.20 107,170.63 30,184.59 341,54054
163,502.60 73,815.18 134,622.54 209,825.73 112,875.71 14,787.43 92,81896 68,790.54 522,768.61 747,210.612,140,417.91
6,722.56
374,917.11 155,821.12 224,752.56 100,593.00 136,116.00 131,685.26 17,419.00 20,635.59 75,82478 158,958.141,39
13,635.77 52,445.11
11,481.23
4,975.64
8,815.55 5,849.97
7,686.95
8,680.69
8,680.69
284,734.02
135,168.82 149,565.20
3,856.91
3,856.91
6,737.20
1,332.51 5,404.69
6,924.01
6
,9
2
4
.0
1
WashingtonSavingsBank:
30,994.91
30,994.91
65,000.00
65,000.00
145,619.18
145,619.18
1,723,671.96 701,387.97 829,140.99 632,422.29 408,888.27 770,198.76 560,262.64 794,286.321,428,753.041,681,493.419,530,505.65
1,614,251.95 559,216.82 536,520.03 577,035.11 242,135.25 663,124.98 390,821.37 749,408.411,389,326.451,648,016.888,369,857.25
$36,321.91$157,105.09$174,585.06 $52,549.95$210,414.70 $22,289.72$234,120.92 $307,008.46 $2,682.01 $79,665.13 $79,665.13
The Guardian Trust Company and subsidiaries— Summary of combined earnings for the years 1923 to 1932, inclusive
1923
Add, Income tax paid by subsidi-
1924
1925
1926
1927
1930
1931
1932
Total
209,723.94
26,588.69 49,531.97 33,80339 811.09
245,000.00 239,280.00 224,500.00 125,250.00 127,250.00 1,697,878.53
671,762.89 1,574,125.50 1,401,980.56634,736.31 811,569.77 5,973,531.25
13,101.89 15,156.47 8,039.68 14,644•08 %50432 13,916.10
76723
92036 2,676.81 1,812.43 1,182.06 7,358.89
117,342.45 111,957.95 161,617.98 6,578.19 5,867.81 98,030.68
25.02
2502
,845 76
77,461.52
88
20,219.00
8,394.87 2,812.70 5,947.96 3,06407
263,042.21 270,68583 239,859.00 188,362.39 127,020.80 1,811,963.86
1,243.42 16,997.11 15,75369
47,994.18 102,501.45 185,62254 1,307.65 10,756.55 214,807.62 411,010.96 386,642.24 1,S39,130.09
259.17 6,082.64 2,214.38 2,421.00 10,977.19
7,849.49 3,85314 4,78007 11,404.44 20,006.19 6,064.02 20,991.95
192.54
64.83
257.87
13,137,09
1,073.80
893.12 2,432.97 1,952.12
1,744 67 4,829.01 2,763.62
600.25 761.56 1.500.78
4.513.79
1,513.53
*1,557.89
736.68 3,848.45
4,140.95 15,326.67
2,420.4 2
4,315.91
1,983.28
828.64 2,204.08
13,137.09
1,073.80
3,491.97
9,337.30
2,862.59
4,51S.79
1,513.53
1,557.89
4,585.13
19,467.62
6,736.33
1,983.28
3,032.62
STOCK EXCHANGE PRACTICES
TheRiversideManor Company.
The Severn Park Realty ComThe Shore Development Com-
1929
$367,5349®$619,336.93$739,341.95$765,47144$1,383,490.09 $890,174.20$1,763,873.53$1,592,677.17$759,175.22 $684,319.77$7,461,685.84
18,887.59 18,714.05 30,85893 30,528.23
138,000.00 138,000.00 138,000.00 138,000.00 184,598.53
TheGuardianTrust Company, earnings. 505,534.92 500,224.52620,056.00658,330.371,229,419.79
TheBranchInvestment Company..... 9,676.26 11,538.08 1,665.19 3,766.57 5,53940
TheFortyFourHundredSuperiorCom31,058.64
TheHarrisonCountyInvestment ComTheElyriaMachineCompany......... 48,908.61 39,937.15
TheBuckeyeDrill andLatheCompany— 13,570.86 53,601.04 10,195:12 94.50
126,658.97 125,989.01 148,134.57165,640.65 156,57043
The Land Development andRealiTheBrooksideManor Company,
TheCollegeHeightsRealtyComThe 1761East 18thStreet ComThe1874East 18thStreet ComThe2116East 40thStreet ComTheReedlandsRealtyCompany
The Memphis Heights Realty
The Noble-Woodworth Com-
1928
8374
E x h i b i t 5 .—
TheStatenHeightsRealtyCom54,504.24 20,912.74 91,610.46 66,811.27
10,269.84 10,259.84
303.56 397,487.86 407,768.96 103,866.87 234,4U*69 290,368.45 410,131.96
7,833.33 13*000.00 8,5Q0.,0£) 29,333.33
Subsidiaries’ earnings............. 54,504.24 20,912.74 91,610.46 66,811.27
303.66 397,487.86 407,768.96 111,700.m 247,424-69 298,868.45 380,798.63
Consolidatedearnings............ 451,030.68 521,137.26711,666.46725,141.64 1,229,116.23 1,060,250.75 1,981,894.46 1,290,280.36 387,311.62 1,110,438.22 6,354,329.88
Note.—Italicindicatesredfigures.
6 .—
The Guardian Trust Company and subsidiaries— analysis of undivided profits for the years 1923 to 1932, inclusive
1923
Adjustedbalance,beginningof
year:
TheGuardianTrust Com-
Deficit of subsidiaries
whichwereliquidatedor
dissolvedbycourtorder..
1925
1926
1927
1928
1929
1930
1931
1932
Totals
$2,194,518.88$1,346,983.96$1,505,208.48$1,783,264.48$1,019,594.85 $833,613.17$1,150,376.06$1,833,781.56$2,410,262.12$2,330,248.43$2,194,518.88
117,42460 200,920.86 184,011.79 417,992.84 $12,740.66 500,703.24 345,215.88 180,476.42 516,676.62 924,851.31 117,424 60
2,077,09428 1,146,063.60 1,321,196.69 1,365,271.64 706,854.19 332,909.93 805,160.68 1,653,305.14 1,893,585.50 1,405,397.12 2,077,094.28
505,534.92 500,224.52 620,056.00 658,330.37 1,229,419.79 671,762.89 1,574,125.50 1,401,980.56 634,736.31 811,569.77 5,973,531.25
54,504.24 20,912.74 91,610.46 '66,811.27
808.56 397,487.86 407,768.96 111,700.20 247,424.69 298,868.45 380.798.63
133,995.83
19,629.11 290.807.63
176,440.91
451,OSO.68 655,133.09 711,666.46 901,582.55 1,229,116.23 1,069,250.75 1,981,894.46 1,290,280.36 387,311.62 1,ISO,067.88 6,645,137. 51
1,626,063.60 1,801,196.69 2,032,863.15 2,266,854.19 1,935,970.42 1,402,160.682,787,055.14 2,943,585.50 2,280,897.12 275,329.798,722,231.79
Deduct:
Dividendsdeclaredby:
The Guardian Trust
480,00000 480.000.00 480.000.00 560.000.00 600,000.00 600,000.00 930.000.00 1,050,000.00 840,000.00 350.000.00 6,370,000.00
Subsidiaries, payable
to the Guardian
Trust Company__ 138.000.00 138,000.00 138.000.00 138.000.00 187,598.53 242.000.00 243,030.00 224,500.00 160,750.00 107.000.00 1,716,878.53
Dividends paid by sub
sidiariestotheGuardian
Trust Company____ 138.000.00 138.000.00 138.000.00 138.000.00 184,598.58 245.000.00 2$9,280.00 1 224,500.0 0 125,250.00 127,25000 1,697,878.53
Transfers: To Capital Sur1,000,000.00 1,000,000.00
200.000.00
2,200,000.00
Deflcits of subsidiaries at
187,591.51
2,16587 185,486.63
60.49
480,000.00 480,000.00 667,591.51 1,560,000.00 1,603,06049 597,000.00 1,133,750.00 1,050,00000 875,500.00 327,584.63 8,774,486.63
Adjustedbalance,endofyear:
TheGuardianTrust Com1,346,983.96 1,505,208.48 1,783,264.48 1,0l9,594.85 833,613.17 1,150,376.06 1,833,781.56 2,410,262.12 2,330,248.43 1,295,928.66 1,295,928.66
200,92086 184,011.79 417,992.84 812,740.66 500,703.24 845,215.88 160,476.42 516,676.62 924,851.81 1,848,188.50 1,848,183.50
1,146,063,60 1,321,196.69 1,365,27164 706,854.19 332,909.93 805,160.68 1,653,305.14 1,893,585.50 1,405,397.12 52,254.84 52,254.84
Note.—-Italicindicatesredfigures.
STOCK EXCHANGE PEACTICES
Add:
Adjustedearnings, perde
tail inreport:
The Guardian Trust
1924
8376
E x h ib it
STOCK
[G -4 -4 ]
EXCH AN GE
P R A C T IC E S
8 3 7 7
T he Guardian T rust Company and Subsidiaries
INDEX
Text of report:
Pages
Scope and purpose of examination________________________ _8377
Earnings of bank, including losseson loans and depreciation of securi
ties______________________________________________8378
Combined earnings of bank and its subsidiaries, including losses on
loans and depreciation of securities______________________ _8379
Losses of bank and subsidiaries incurred or accrued but not given
effect to on books or reports of the bank:
General________________________________________ _8381
Decline in market value of securities___________________ _8382
Possible losses on delinquent loans______________________8382
Losses on assets of bank transferred to subsidiaries_________ _8383
Determination of losses incurred or accrued but not given effect
to on books or reports of bank______________________ _8384
Earnings of bank on basis of elimination of accruals___________ _8385
Reserve for taxes____________________________________ _8386
Reserve for depreciation_______________________________ _8387
Capital stock and surplus accounts of bank___________________8388
Repurchase sales agreements on securities and loans___________ _8389
Statements— all for years 1923 to 1932 inclusive:
The Guardian Trust Company:
Exhibit 1— Analysis of earnings and undivided profits, per books-- 8390
Exhibit 2— Analysis of earnings and undivided profits adjusted
on basis of taxes paid and actual losses on loans
and securities_________________________ _8391
Exhibit 3— Analysis of reserve for taxes_________________ _8392
Exhibit 4— Analysis of reserve for depreciation____________ _8393
The Guardian Trust Company and subsidiaries:
Exhibit 5— Summary of combined earnings__________________ _8394
Exhibit 6— Analysis of undivided profits____________________ _8396
LYBRAND, ROSS BROS. & MONTGOMERY
Accountants and Auditors
MIDLAND BUILDING, CLEVELAND
Mr.
r. Robert Morris Huston,
January 19, 1934.
Special Deputy Superintendent of Banks of Ohio,
Cleveland, Ohio.
Dear
Sir:
Dear S
ir: In accordance with your instructions, we hav
have investigated the
earnings of
THE GUARDIAN TRUST COMPANY
and its
SUBSIDIARY COMPANIES
for the years 1923 to 1932 inclusive for the purpose of determining the following
information:
(a) Earnings of The Guardian Trust Company, including losses on loans and
depreciation of securities;
(b) Combined earnings of The Guardian Trust Company and its subsidiary
companies, including losses on loans and depreciati
depreciation of securities;
1 7 5 5 4 1 — 34— PT 19---- 8
8 3 7 8
STOCK
EXCH AN GE
P R A C T IC E S
(c) Losses of The Guardian Trust Company and its subsidiary companies
incurred or accrued but not given effect to on the books or reports
of the bank; and
(d) Earnings of The Guardian Trust Company on basis of elimination of
accruals.
Hereinafter The Guardian Trust Company is referred to as the “bank” and
the subsidiary companies as “subsidiaries”.
Earnings of bank, including losses on loans and depreciation of securities: In
investigating the earnings of the bank we reviewed the annual reports prepared
by the auditing department of the bank and the bank copies of federal income tax
returns filed with the United States Treasury Department for the years 1923
to 1932inclusive.
These records indicate that, after the operating accounts were closed to profit
and loss account for the respective years, material adjustments were made of
reserves for taxes and depreciation of securities direct to undivided profits
account. It was also noted that the adjustments for prior years were for large
amounts. As a result of this procedure, the earnings of the bank as shown in
the auditing department reports did not reflect the actual results from operations.
The minutes of the board of directors for the years 1931 and 1932 indicate that
the earnings of the bank as shown by these auditing department reports were
submitted by the president to the board of directors and considered correct earn
ings by them in determining dividends and the financial condition of the bank.
The earnings of the bank as shown by the auditing department reports for the
years 1923 to 1932 inclusive, with the direct adjustments to undivided profits
account are summarized in the following statement:
Years
Earnings
currentyear
perprofit
andloss
account
1923.............
1924..............
1925.......... .
1926..............
1927..............
1928..............
1929........... 1930..............
1931..............
1932.............
Total......
$1,287,549.98
1,048,646.15
1,103,615.50
1,192,616.95
1,502,450.44
1,462,758.00
1,931,061.44
2,079,722.27
2,064,542.82
1,342,192.79
15,035,156.34
Addorde ddadjust
duct adjust A
tsofre
mentsof menrv
efor
prioryears seta
xes
earnings
$199,335.74
42,023.10
5
4,,079
83
9.0
04
6
1,712.06
26,897.26
123,222.31
43,971.97
12,088.03
318,469.00
496,794.81
Deductaddi Deductaddi Earnings
tionstore nstospe including
serveforde tio
preciation cial reserve adjustments
$215,000.00 $1,306,103.91
180,00000 680,00000
200,00000 554.000.00
180,000.00 455.000.00
150,000.00 400.000.00
475,000.00
374,000.00
122,295.95 822,295.95
175,00000 1,085,000.00 1,000,00000
200,000.00 725.000.00 600,00000
1,422,295.95 6,876,399.86 1,600,000.00
$2,889.67
506,623.05
754,708.54
912,827.89
1,250,738.38
980,860.74
1,680,283.74
1,335,750.30
166,630.85
101,276.21
7,484,257.62
The adjustment of prior years for the year 1931 in the amount of $12,088.03
shown above includes $100,000 transferred from accrued interest payable and
credited direct to undivided profits on the books.
In a subsequent section of our report we include details and comments relative
to the above adjustments which may be breifly explained as follows:
(a) The adjustments of prior years result primarily from accrual of interest
on loans which proved to be uncollectible. Such items should be segregated for
accounting purposes but, in our opinion, should be included in operations in pre
paring operating reports.
(b) The additions to reserve for taxes during the year are provided by charges
to operating expenses. The adjustments should therefore be made to the same
account and included in operations for the year.
(c) The reserve for depreciation was provided to charge off uncollectible loans
and worthless securities. As a result of the procedure followed, all additions to
this reserve were made as direct charges to undivided profits and not included in
earnings as shown in auditing department reports. As a result, the annual earn
ings were computed without giving effect to any of these losses.
(d) The special reserve was provided for anticipated losses on loans and secur
ities. As shown in the foregoing schedule, the charges to undivided profits
amounted to $1,600,000for the years 1931 and 1932. In thelatter year $2,000,000
was also credited to the special reserve and charged to capital surplus. In 1932
$1,000,000 was transferred from special reserve to depreciation reserve.
In addition to the transfer from special reserve to depreciation reserve, herein
before referred to, other transfers were made between the tax and depreciation
STOCK
EXCH ANGE
P E A C T IC E S
8 3 7 9
reserves. The tax reserve was also credited with amounts aggregating $209,
723.94, paid by subsidiary companies to the bank, representing the amount of
such taxes which the individual returns of the subsidiaries showed were due and
payable. The taxes were not paid because the consolidated returns of the bank
and subsidiaries showed no taxes due or payable except in 1929. In our opinion,
the earnings of the bank for the years under review would therefore be more
correctly stated on the basis of actual payments of taxes and actual net write
off of loans and securities. The following statement is prepared on this basis:
Years
Profitstrans
ferredfrom
profitandloss
account
1923
. $1,287,549.98
1924
1,048,646.15
1,103,615.50
1925
1,192,616.95
1926
1.502.450.44
1927
1928
1,482,758.00
1.931.061.44
1929
2,079,722.27
1930
1931 ........ 2,064,542.82
1,342,192.79
1932
Total
15,035,156.34
Actuallosses
Addorde ddamount Deduct ac chargedto
reservefor Netadjusted
ductadjust Are
s
e
rv
e
d
a
s
tu
a
l
ta
x
e
s
ciation earnings
mentsof
paid denpere
prior years taxexpense
t ofre
coveries
$199,335.74
42,023.10
5,093.04
4,789.06
. 1,712.06
26,897.26
123,22231
43,971.97
12,088.03
318,469.00
496,794.81
$300,000.00
300.000.00
300.000.00
300.000.00
300.000.00
300.000.00
300.000.00
437,500.00
450.000.00
337.000.00
3,324,500.00
$141,497.21 $1,614,251.95
128,069.30 559,216.82
132,846.56 536,520.03
145,321.34 577,035.11
175,11304 242,135.25
202,56156 663,124.98
199,588.85 390,821.37
131,164.72 749,408.41
378,129.18 1,389,326.45
397,026.68 1,648,016.88
2,031,318.44 8,369,857.25
$367,534.92
619,336.93
739,341.95
765,471.44
1,383,490.09
890,174.20
1,763,873.53
1,592,677.17
759,175.22
684,319.77
7,461,685.84
The earnings of the bank as hereinbefore summarized are in accordance with
the books. They do not includeany provision for losses on delinquent loans,
decline in market value of securities or losses on assets transferred to subsidiaries.
These items are commented upon in a subsequent section of our report.
Combined earnings of bank and its subsidiaries, including losses on loans and
depreciation of securities: It is an accepted principle of accounting that when an
incorporated company, either commercial or financial, has made material invest
ments in subsidiary or affiliated companies, the financial statements should
reflect the combined financial condition and results from operations. Such
statements may be prepared by either of two generally accepted methods, viz:
1. Consolidated statements by which the investments in subsidiaries and inter
company transactions are eliminated and the actual assets, liabilities, and results
from operations of subsidiaries are combined with the holding or parent company.
2. Holding or parent company statements which are adjusted to reflect the
book value of investments in subsidiaries and the results from their operations.
The first method, in our opinion, more accurately reflects the combined
operations of the parent company and subsidiaries and the combined earnings
of the bank and its subsidiaries have been determined by us on that basis.
The subsidiaries of the bank were in most instances formed for the purpose
of transferring to them doubtful or illegal assets. As commented upon in detail
in our report dated October 26, 1933, the actual assets, liabilities, and earnings
of the bank can be determined only by preparing its financial statements accord
ing to one of the methods outlined.
It is evident that the management of the bank recognized this accounting
principle by filing Federal income tax returns on a consolidated basis. It should
be noted that as aresult of filing on this basis, no income tax liability was incurred
with the exception of $13,424 for the year 1929.
We have prepared and annex hereto (Exhibit 5) a statement showing the
combined earnings of the bank and its subsidiaries for the years 1923 to 1932,
inclusive. The annexed statement is summarized as follows:
Years
$367,534.92
619,336.93 """$18,887.59"
739,341.95 18,714.05
765,471.44 30,858.93
1,383,490.09 30,528.23
890,17420 26,588.69
1,763,873.53 49,531.97
1,592,677.17 33,80339
759,175.22
811.09
684,319.77
7,461,685.84 209,723.94
$138,000.00
138.00000
138.00000
138.000.00
184,598.53
245.000.00
239.280.00
224.500.00
125.250.00
127.250.00
1,697,878.53
Subsidiaries
Total
$505,534.92
500,224.52
620,056.00
658,330.37
1,229,419.79
671,762.89
1,574,125.50
1,401,980.56
634,736.31
811,569.77
5,973,531.25
Deduct divi
dendsre
Earningsper ce
ivedfrom
books
othersub
sidiaries
$54,504.24
20,912.74
91,610.46
66,811.27
303.56
397.487.86
407,768.96
103.866.87
234,424.69
290,368.45
410,131.96
$7,833.33"
13,000.00
8,500.00
29,333.33
Total
$54,504.24
20,912.74
91,610.46
66,811.27
303.56
397,487.86
407,768.96
111,700.20
247,42469
298,868.45
380,798.63
Combined
earningsof
bankand
subsidiaries
$451,030.68
521,137.26
711,666.46
725,141.64
1,229,116.23
1,069,250.75
1,981,894.46
1,290,280.36
387,311.62
1,110,438.22
6,354,329.88
STOCK EXCHANGE PRACTICES
1923 ........................... ..............................
1924............................ .............................
1925 ..........................................................
1926 ..........................................................
1927...........................................................
1928 ..........................................................
1929 ..........................................................
1930 .................. ......................................
1931 .........................................................
1932 ............. ...........................................
Earningson
basisoftaxes Addincome Deduct divi
paidand taxespaidby dendsre
actual losses subsidiaries ceivedfrom
onloansand tobank subsidiaries
securities
8380
Bank
STOCK
EXCH AN GE
P E A C T IC E S
8 3 8 1
Intercompany interest, rents, management fees, etc., have not been eliminated
in the foregoing statement as the information was not readily available. Elimi
nation of those items would not change the combined earnings shown.
In comparing the earnings of the bank for the years 1923 to 1932 inclusive
with the combined earnings of the bank and its subsidiaries, it will be noted that
the dividends paid to the bank by the subsidiaries during that period exceed the
total combined earnings of the subsidiaries by $1,107,355.96, as follows:
Total dividends paid by subsidiaries to bank, 1923 to 1932___ $1, 697, 878. 53
Total combined earnings of subsidiaries, 1923 to
1932_______________________________ $380, 798. 63
Add Federal income taxes paid to bank, 1923 to
1932_______________________________ 209, 723. 94
------------------ 590, 522. 57
Amount of dividends paid in excess of earnings_______ 1, 107, 355. 96
It should be noted that dividends were paid from subsidiaries which had earn
ings in excess of dividends paid, but it should also benoted that the lossesof other
subsidiaries were not included in the bank statements nor presumably considered
by the management or board of directors in declaring dividends or payment of
bonus to officers.
In reviewing the operations of the subsidiaries, it should be further noted that
the combined operating income of the bank, as shown by the bank’s books, was
increased $1,317,079.90 during the years 1923 to 1932 inclusive as a result of
dividends and Federal income taxes paid to the bank by subsidiaries. This
increase in the bank’searnings was offset by an increase in the operating deficit
of the bank’s subsidiaries of the same amount, as shown in the following com
putation:
Combined operating deficit of subsidiaries, January 1, 1923____ $117, 424. 60
Deduct, adjustment resulting from subsidiaries liquidated, ac
quired, etc_____________________________________
105, 321. 00
12, 103. 60
Combined operating deficit of subsidiaries, Decem
ber 31, 1932__________________ _____ _ $1, 348, 183. 50
Deduct, dividends declared to bank and paid sub
sequent to December 31, 1932____________
19, 000. 00
1, 329, 183. 50
Increase representing—
Dividends paid to bank_______________ 1, 697, 878. 53
Federal income taxes paid to bank_______
209, 723. 94
1, 907, 602. 47
Less, combined earnings of subsidiaries before
Federal tax payments to bank___________
590, 522. 57
--------------------- 1, 317, 079. 90
The dividends paid by subsidiaries to the bank and by subsidiaries to other
subsidiaries are tabulated below:
HoldingCompanies
PaidBy: Subsidiaries
TheGuardian TheNewEng
Trust Company landCompany
$1,631,500.00
65,848.53
530.00
$1,697,878.53
$20,500.00
8,833.33
$29,333.33
Losses of bank and subsidiaries incurred or accrued but not given effect to on books
or reports of the bank: In the summaries of earnings for the years 1923 to 1932
inclusive, no provision has been made for probable losses on the following:
8 3 8 2
STOCK
EXCH ANGE
P E A C T IC E S
1. Decline in market value of securities owned by the bank and subsidiaries;
2. Losses on delinquent loans of the bank; or
3. Losses on assets of the bank transferred to subsidiaries.
On the books of the bank a reserve of $2,600,000 had been provided at Decem
ber 31, 1932 for anticipated losses. This reserve was provided by appropriation
of $2,000,000 from capital surplus and $600,000 from undivided profits, as shown
in the following statement:
By charges to undivided profits:
193 1
$1,000,000
193 2
600, 000
1, 600, 000
Less, Transfer to undivided profits, 1932_______ 1, 000, 000
---------------- $600,000
By charges to capital surplus, 1932________________________ 2, 000, 000
2, 600, 000
The following comments pertain to certain losses incurred or accrued on se
curities owned, delinquent loans on, the books of the bank and assets transferred
to subsidiaries. These comments are based upon the information made available
at the time of our examination.
Decline in market value of securities: The security records of the bank show the
market value of securities owned at the end of each month. The decline in
market value at the end of the years under review and the changes in market
value during the respective years as indicated by these records are shown in the
following statement:
Declineinmark3tvalueatend
ofyeirs
Changesin
marketvalue
duringyears—
TheGCuoam
rdpia
ny TheGuardian The
Guuritie
ardsian
Trust
an
Sec
Trust Company C
ompany
1924................................................
1925...............................................
1926. ............................. ...............
1927................................................
1928................................................
1929................................................
1930...............................................
1931...................................... .........
1932................................................
$9,708.32
62,96891
124,843.66
280,680.12
47,88644
866,388.62
5,188,533.15
427,185.33
$204,162.00
213,870.32
150,901.41 (Information
26,057.75 ot avail
306,737.87 n
258,851.43 able)
1,125,240.05
6,313,773.20
$446,321.71
5,886,568.87
Possible losses on delinquent loans: The annual reports prepared by the bank’s
auditing department include an analysis of loans and discounts which shows the
amount of non-accural loans and discounts. The non-accrual loans and dis
counts are those on which the accrual of interest has been discontinued on account
of non-payment of interest and/or principal. The amounts of the non-accrual
loans and discounts for the years under review and the changes during the
respective years, as indicated by the audit reports, are shown in the following
statement:
Changes during Amounts of non
years (Increase accrual loans at
orDecrease)
endofyears
1923____________ ___________ _____ ___
1924.................... ... ...................................
1925...........................................................
1926................ ........ ..................................
1927................. .... ....................... .............
1928..........................................................
1929 ......................................................
1930...........................................................
1931..........................................................
1932................ ...........................................
$1,129,884.59
995,103.67
237,873.70
459,231.57
163,915.79
553,747.75
785,749.36
2,150,962.17
8,301,431.93
$1,788,88806
2.918.772.65
1,923,668.98
2,161,542.68
1,702,311.11
1,866,226.90
2.419.874.65
3,205,62401
5,356,586.18
13,658,018.11
STOCK
EXCH AN GE
P E A C T IC E S
8 3 8 3
Losses on assets of bank transferred to subsidiaries: In our report, dated October
upon “organization and operation Of subsidiaries” of The Guardian
Trust Company, we reported in detail upon the transfer of doubtful assets to ‘
subsidiaries and how, as a result of this procedure, doubtful assets of the bank
were transferred to subsidiaries without reflecting the loss in the earnings or
undivided profits of the bank. It was alsoshown in this report that certain of the
subsidiaries reappraised land, buildings and leaseholds and that the resultant
surplus was used to write down notes and mortgages taken over from the bank.
According to the records examined by us, the subsidiaries had recorded on
their books at December 31, 1932, net assets aggregating $7,905,552.65, which
had been acquired from the bank in the manner outlined above and more fully
described in our report of October 26, 1933. The following statement shows a
classification of these assets and the particular subsidiary to which they had been
transferred.
ASSETS
26, 1933,
Other real estate owned
Buildings:
Vincent Building Company__$1,194,424.33
Hotel Hollenden Company__ 2, 147, 303. 89
------------------- $3,341,728.22
Equipment:
Vincent Building Company... 199, 491. 62
Hotel Hollenden Company__ 1, 345, 583. 74
-— --------- —
1, 545, 075. 36
Other real estate:
The Guardian Trust Com
pany:
Transferred in 1933 to the
Valuation Service Com
pany and the Land De
velopment and Realiza
tion Company______ 2, 508, 429. 00
Noble Woodworth Company.. 123, 000. 00
Severn Park Realty Company. 304, 000. 00
------------------- 2, 935, 429. 00
Unsold lots:
Brookside Manor Company. _ 159, 267. 56
College Heights Realty Com
pany________________
15, 221. 64
Headlands Realty Company..
64, 303. 40
69, 793. 24
Inland Lakes, Inc________
Memphis Heights Realty
Company____________
87, 921. 39
Ri-May Realty Company___ 144, 026. 02
Riverside Manor Company__
33, 097. 56
Shore Development Com
pany________________
112, 080. 41
Severn Park Realty Company. 106, 567. 97
Staten Heights Realty Com
pany________________ 244, 457. 55
------------------- 1, 036, 736. 74
Leasehold estates:
4400 Superior Company____
24, 701. 94
Hotel Hollenden Company__ 975, 500. 00
1761 East 18th St. Company.
2, 002. 55
1874 East 18th St. Company.
2, 995. 69
2116 East 40th St. Company.
639. 47
------------------- 1,005,839.65
Coal lands:
Harrison County Investment
Company_______________________
600, 000. 00
------------------- $10,464,808.97
8 3 8 4
STOCK
EXCH ANGE
P R A C T IC E S
LIABILITIES
Notes payable:
Brookside Manor Company..
$3, 602. 50
Memphis Heights Realty
1, 678. 82
Company____________
$5, 281. 32
Mortgages payable:
Hotel Hollenden Company__ 1, 475, 000. 00
Noble-Woodworth Company.
54, 000. 00
Severn Park Realty Company. 294, 975. 00
------------------- 1, 823, 975. 00
Bonds payable________________________
730, 000. 00 $2, 559, 256. 32
Net assets_________________________________ $7, 905, 552. 65
As the transfer of these assets by the bank to the subsidiaries resulted in a con
cealment of the true assets, liabilities and earnings of the bank, the true earnings
of the bank and subsidiaries can not be correctly determined without a proper
appraisal of the assets. We did not have sufficient information to value the
assets and determine the possible losses thereon. Therefore the statements
included in this report showing the earnings of the subsidiaries for the years 1923
to 1932inclusive do not include any provision for losses on the assets transferred
to subsidiaries.
Hereinbefore we referred to the write off by subsidiaries of notes and mort
gages acquired from the bank against surplus from revaluation of land and build
ings. The revaluation surplus accounts on the books of the subsidiaries may be
summarized as follows:
The Hotel Hollenden Company:
Appraisal of leasehold, buildings and equip
ment in 1925 and subsequent adjustments
thereof:
Balance, December 31, 1932:
Leasehold___________________ $976, 500. 00
Equipment__________________
156, 102. 66
------------------- $1, 132, 602. 66
The Ri-May Realty Company and The Riverside
Manor Company:
Balance, December 31, 1932, representing ap
9, 562. 96
praisal of unsold lots in 1931_____________________
The New England Company:
Appraisal of land and buildings in 1932____ 1, 958, 793. 79
Write off mortgage bonds and notes of The
Hotel Hollenden Company___________ 1, 958, 793. 79
Revaluation surplus, December 31, 1932___________ $1, 142, 165. 62
The Hotel Hollenden Company was declared insolvent in May, 1931. The
loss of The New England Company in mortgage bonds and notes in the amount
of $1,958,793.79, which was written off against revaluation surplus in 1932 was
therefore indicated and probably known at that date. The valuation surplus
recorded on the books of The New England Company in 1932 resulted from the
appraisal of the main bank building of The Guardian Trust Company, which is
owned by that subsidiary. The appraisal of this property and resultant surplus
was presumably made for the specific purpose of writing off the loss on the mort
gage bonds and notes of The Hollenden Hotel. In this manner an anticipated
and unrealized gain was applied to the absorption of an actual and realized loss.
Determination of losses incurred or accrued but not given effect to on books or
reports of the bank: We do not have sufficient information to determine the actual
losses that were incurred or accrued but not recorded on the books or given effect
to in reports of bank for the years 1923 to 1932 inclusive. A review of the
information outlined above regarding such losses, which was available to the
management and board of directors, indicates material lossesfor at least all years
since 1929 and probably several years prior to 1929.
STOCK
EXCH AN GE
P E A C T IC E S
8 3 8 5
Some estimate of the probable losses for the years from 1929 to 1932 can be
made from foregoing outlined data summarized as follows:
Decline in market value
f securities at end of Non-accrual
Total doubt o
loansofbank
ful assetsand year
losses
atendofyear
Bank Subsidiaries
Years
1929 .......
1930 .......
1931 .
1932..........
$2,678,726.08
4,330,864.06
11,670,359.38
29,855,273.13
$258,851.43
0)
1,125,240.05
6,313,773.20
(021.71
5,886,587.87 $446,3
Aggregate
bookvalueof
assetstrans
ferredtosub
sidiariesdur
ingyear
Assetswrit
tenofito
valuation
surplusdur
ingyearby
subsidiaries
$2,419,874.65
3,205,624.01
h
5,356,586.18
)51.65 $1,958,793.79
13,658,018.11 $7,9050,5
>Not available.
The earnings, undivided profits, and dividends paid during the above years are
summarized as follows:
Earningsonbasisoftaxes
paidandactuallosseson Undividedprofitsatendof
loansandsecurities
years
Dividends
deolaredby
bank
Bankand
ankand
Bank sB
bsidiaries
ubsidiaries Bank scuo
mbined
Years
1929............................ $1,763,873.53 $1,981,894.46 $1,833,781.56 $1,653,305.14 $930,000.00
1930............................. 1,592,677.17 1,290,280.36 2,410,262.12 1,893,585.50 1,050,000.00
1931............................ 759,175.22 387,311.62 2,330,248.43 1,405,397.12 840.000.00
1932............................ 684,319.77 1,110,438.22 1,295,928.66 52,254.84 350.000.00
Earnings of bank on basis of elimination of accruals: In a previous section of
our report we have stated the earnings of the bank on the basis of actual cash
payments of taxes and actual write-offs of uncollectible loans and worthless
securities for the years 1923 to 1932 inclusive. These earnings are determined,
however, on the basis of accruing interest receivable on loans and securities and
interest payable on deposits and other expenses.
The following statement shows the adjusted earnings of the bank for the years
1923 to 1932 inclusive, as hereinbefore stated, and the elimination of net accruals
of interest receivable, etc. for the respective years:
Years
1923.
1924.
1925.
1926.
1927.
1928.
1929.
1930.
1931.
1932.
Adjustedearn Net accruedin Adjustedearn
ingsonaccrual comeandexpenseingslessaccruals
basis
included
$367,53492
619,336.93
739,341.95
765,471.44
1,— 490.09
890,174.20
1,763,873.53
1,592,677.17
759,175.22
684,319.77
$167,530.87
17,489.00
119,755.84
132,666.93
112,604.40
64,409.06
348,876.15
229,697.65
258,703.68
90,497.98
$200,004.05
601,847.93
859,097.79
632,804.51
1,270,885.69
825,765.14
1,414,997.38
1,362,979.52
500,471.54
774,817.75
7,461,685.84
967,658.14
6,494,027.70
8 3 8 6
STOCK
EXCH ANGE
P E A C T IC E S
The decrease of $967,658.14 for the ten year period represents the net increase
in accruals as shown in the following statements:
December31, December 31, Increaseor
1922
1932
decrease
Accruedinterestreceivable:
Accruedinterestpayable:
$216,502.88 $305,644.29 $89,141.41
85,657.16
55,411.05
30,246.10
141,943.97 963,781.54 821,837.57
3,23028
1,304.19
1,926.09
253,924.62 353,816.98 99,892.36
701,258.91 1,679,95806 978,699.15
42,392.14
16,033.65
26,358.49
717,292.56 1,722,35020 1,005,057.64
4,23626
15,642.96
36,040.93
13,121.52
1,721.33
25000
24,499.89
19,205.40
11,152.66
19,762.42
429.07
2,264.94 ...... 1,89289"
50,183.84
80,345.08
120,05903
17,46957
15,005.12
8,850.00
9,00000
106,664.65 144,06115
610,62791 1,578,286.05
11,406.70
22,919.41
1,471.33
5,294.49
8,609.76
429.07
372.05
50,183.84
39,713.95
2,464.45
150.00
37,399.50
967,658.14
It will be noted in the foregoing statement that of the total increase in net
accruals of $967,658.14 for the ten years’ period, $821,637.57 represents the
increase in accured interest receivable on real estate loans. The amount of
interest receivable accrued on these loans at the beginning and end of the ten
year period, compared with the principal amount of the loans at these dates
follows:
December31, December31,
1922
1932
Increase
$21,826,504.15 $31,490,968.04 $9,664,403.89
141,943.97
963,781.54
821,837.57
Reserve for taxes: We include in our report as Exhibit 3 an analysis of the
reserve for taxes of the bank for the years 1923 to 1932 inclusive. This state
ment is summarized as follows:
Balance, December 31, 1932__________________________ $159, 476. 84
Additions:
Accruals:
Charged to profit and
loss_____________ $3, 324, 500. 00
Less, Amounts returned
to undivided profits.. 1,422,295.95
--------------------- $1, 902, 204. 05
Amounts received from subsidiaries for fed
eral income tax___________________
209, 723. 94
--------------------- 2, 111, 927. 99
2, 271, 404. 83
STOCK
EXCH AN GE
P E A C T IC E S
Deductions:
Federal income taxes, net of refunds:
For periods prior to 1923
For year 1929____________
State, county and city taxes paid__
Transfer to reserve for depreciation.
8 3 8 7
$14, 154. 46
13, 424. 00
2, 003, 739. 98
228, 652. 57
2, 259, 971. 01
Balance, December 31, 1932.
$11, 433. 82
As hereinbefore commented upon, the accurals charged to profit and loss ac
count are included in earnings in the annual reports prepared by the auditing
department of the bank, while the excess accruals are credited direct to undivided
profits and not included in earnings in this report. The result of this procedure
is to confuse the statements and distort the actual results from operations.
The amounts credited to the account for income taxes paid by subsidiaries,
aggregating $209,723.94 represent the income tax liability of certain subsidiaries
on the basis of filing individual returns. The actual liability for income taxes
was determined on the basis of consolidated returns, which resulted in no liability
for any year from 1923 to 1932, inclusive, with the exception of $13,424 for the
year 1929. The payment of $209,723.94 by the subsidiaries indirectly increased
earnings and/or undivided profits of the bank. Although the amounts paid by
the subsidiaries were credited to reserve for taxes, they reduced the aggregate
amounts charged to profit and loss for tax accruals. In our opinion this pro
cedure would be correct if the financial statements of the bank and its subsidiaries
were prepared on a consolidated basis but resulted in incorrect statements of the
financial condition and earnings of the bank on the statements prepared. In
the adjusted statement of earnings of the bank included in this report, taxes are
included at the amounts paid whichresults in the exclusion of the amount received
from subsidiary companies.
We are informed that the amounts paid for federal income taxes, as shown in
the foregoing summary, include all assessments for the ten year period under
review. We are also informed that all state, county and city taxes payable
during the period were paid.
The disposition of the amount transferred to reserve for depreciation is shown
in the analysis of that account.
In the annexed analysis of the reserve for taxes, checks are shown which were
issued and held during the years 1926 to 1930 inclusive. The amounts of these
checks for the respective years were as follows:
Years
1926.... ......................... ..........................
1927.........................................................
1928............................... —........ ..............
1929....................................................
1930......................... .............................
Payableto yableto
Collectorof Pa
County
Internal
Revenue Treasurer
Total
$22,295.95 $80,820.48 $103,116.43
22,295.95 83,481.04 105,776.99
22,295.95 108,448.63 130,744.58
22,295.95 112,678.85 134,974.80
370,000.00 370,000.00
The above checks were issued at the end of the respective years and held until
redeposited at the beginning of the following year. We are informed that these
checks were issued for the purpose of reducing the book value of the capital stock
of the bank asreported for determination of county taxes.
Reserve for depreciation: Under the accounting procedure used by the bank
losses on loans and securities were charged to reserve for depreciation. The
additions to this reserve were direct charges to undivided profits and, as was
hereinbefore shown, were not included in earnings or profit and loss statements
prepared by the bank’sauditing department for use of the president and board of
directors.
STOCK
8 3 8 8
EXCH ANGE
P E A C T IC E S
W e annex as Exhibit 4, an analysis of the reserve for depreciation for the years
1923 to 1932 which m ay be summarized as follows:
Balance, December 31, 1922__________________________ $344, 469. 95
Additions:
By direct charges to undivided profits____ $6, 876, 399. 86
Transfers:
From reserves for taxes___________
228, 652. 57
Special reserve__________________ 1, 000, 000. 00
--------------------- 8, 105, 052. 43
8, 449, 522. 38
Deductions:
Losses on loans and securities, net of recov
eries___________________________ 8, 400, 493. 05
Less, Refund received on federal income
30,
635. 80
taxes_______________________
8, 369, 857. 25
Balance, December 31, 1932_____________________
79, 665. 13
The credits to the above account of $6,876,399.86 representing direct charges
to undivided profits are estimated amounts provided for lossesonloans and securi
ties during the year. The transfer of $228,652.57fromreservefor taxes was made
during the year 1929. The transfer of $1,000,000 from special reserve was made
in 1932 and represents the amount credited to this account during 1931 by charge
to undivided profits. The amount of credit resulting fromrefund of federal taxes
represents overassessment of income taxes for years 1917to 1921 on The National
Commercial Bank, which was consolidated with The Guardian Trust Company
prior to 1923.
_
A classification of the losses and loans net of recoveries charged to the account
is shown in the analysis of the reserve annexed hereto. Included in these charges
are the following items:
Amount paid for furniture, fixtures and good will of The Washington
Savings Bank, which was acquired in 1928_________________ $95, 994. 61
Amount of cash transferred to Sundry Trust 1092, as covered by our
report onthis trust_________________________________ 145,619.18
241, 613. 79
Capital stock and surplus accounts of bank: The following statement shows the
balances of the capital stock and surplus accounts of the bank at the end of the
years 1923 to 1932 inclusive as shown by the books:
Years
Capital
stock
1923.......
1924.......
1925.......
1926.......
1927.......
$4,000,000
4.000.000
4.000.000
4.000.000
4.000.000
Capital
surplus
Undivided
profits
$4,000,000 $1,207,682.42
4.000.000 1,234,305.47
4.000.000 1,609,014.01
5.000.000 861,841.90
6.000.000 512,680.28
Years
Capital
stock
1928......
1929......
1930......
1931.......
1932.......
$4,000,000
7.000.000
7.000.000
7.000.000
7.000.000
Capital Undivided
surplus
profits
$6,000,000
9.000.000
9.000.000
9.000.000
7.000.000
$893,441.02
1,443,724.77
1,729,475.07
1,056,105.92
604,829.71
The increase in capital stock of $3,000,000 during 1928represents the following:
Stock dividend, 25 per cent, resulting from capitalization of surplus. $1, 000, 000
Par value of additional stock sold:
16.000 shares sold at $300 per share_____________________ 1, 600, 000
4.000_shares sold at $250 per share_____________________
400, 000
3, 000, 000
STOCK
EXCH ANGE
P R A C T IC E S
8 3 8 9
The changes in capital surplus as shown in the foregoing summary are sum
marized below:
1926 Transfer from undivided profits_____________________ $1, 000, 000
1927 Transfer from undivided profits_____________________ 1, 000, 000
1929 Transfer from undivided profits_____________________
200, 000
Stock dividend, 25 per cent________________________ 1, 000, 000
Excess of sales price over par of capital stock sold:
16,000 shares at $200 per share__________________ 3, 200, 000
4,000 shares at $150 per share__________________
600, 000
1932 Appropriated to special reserve_____________________ 2, 000, 000
3, 000, 000
We submit as Exhibit 6 an analysis showing details of changes in undivided
profits and comment thereon in a previous section of the report.
Repurchase sales agreements on securities and loans: On September 28, 1931 and
October 30, 1931 certain securities and loans were transferred under repurchase
sales agreements to the Bankers Trust Company and the Chemical Bank &
Trust Company of New York. The following is an outline of these transactions:
BankersTrust
Company
Securities
Chemical Bank&Trust
Company
Securities
Loans
Bookvalueofsecuritiesandloansatdatesoftransfer__ $2,827,833.43 $2,760,899.37 $3,504,628.64
1,501,534.88 2,000,000.00 3,504,628.64
Difference between book value and repurchase
$1,326,298.55 $760,89937
In accordance with the terms of the agreements, the securities and loans were
repurchased in January 1932 for the agreed repurchase prices asadjusted by divi
dends and interest as provided in the agreements.
The question has been raised as to whether a loss was realized by the bank
at the dates of the repurchase agreements in the amounts of $1,326,298.55 and
$760,899.37, representing the difference between book value of securities at the
dates transferred and the agreed repurchase prices. In our opinion, the trans
actions were not closed transactions at these dates and therefore no loss was then
realized. As the securities were repurchased, the transactions didnot result in an
actual sale and no loss was realized at any time.
The transactions, of course, resulted in an improvement of the cash position
of the bank during the period of the purchase agreements by increasing cash by
$7,006,163.52, which was received from the New York banks under the agree
ments and credited to loans and securities. As no mention of the repurchase
agreements was made in the published report of the bank at December 31, 1931,
it was not a correct statement of the bank’s financial position.
Very truly yours,
Lybrand Ross Bros. & Montgomery.
C opy N o. 6.
The Guardian Trust Company— Analysis of earnings and undivided profits, per books for the years 1928 to 1982, inclusive
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Total
1Includes$100,000transferredfromreserveforsavingsinterest.
STOCK EXCHANGE PEACTICES
Balanceatbeginningofyear_ $1,690,572.09$1,207,682.42$1,234,305.47$1,509,014.01 $861,841.90 $512,580.28 $893,441.02$1,443,724.77$1,729,475.07$1,056,105.92$1,690,572.09
Add, Earnings including ad
justments:
Balance fromprofit and
lossaccount............. 1,287,549.98 1,048,646.15 1,103,615.50 1,192,616.95 1,502,450.44 1,482,758.00 1,931,061.44 2,079,722.27 2,064,542.82 1,342,192.7915,035,156.34
Adjustment ofreservefor
122,295.95 175,000.00 200,000.00 1,422,295.95
taxes................... 215,000.00 180,000.00 200,000.00 180,000.00 150,000.00
1,502,549.98 1,228,646.15 1,303,615.501,372,616.95 1,652,450.44 1,482,758.00 1,931,061.44 2,202,018.222,239,542.82 1,542,192.7916,457,452.29
Loss:
Adjustmentsapplicableto
prior years.............. 199,335.74 42,023.10 5,093.04 4,789.06 1,712.06 26,897.26 123,222.31 43,971.97 i 12,088.03 318,469.00 496,794.81
Additionstoreserveforde
preciationofsecurities-.. 1,306,103.91 680,000.00 554,000.00 455,000.00 400,000.00 475,000.00 374,000.00 822,295.95 1.085.000.00 725,000.00 6,876,399.86
Additions to special re1.000.000.00 600,000.00 1,600,000.00
1,505,439.65 722,023.10 548,906.96 459,789.06 401,712.06 501,897.26 250,777.69 866,267.922,072,911.97 1,643,469.00 8,973,194.67
Net earningsincludingadjust
ments.....................— 2,889.67 506,623.05 754,708.54 912,827.89 1,250,738.38 980,860.74 1,680,283.75 1,335,750.30 166,630.85 101,276.21 7,484,257.67
Balancebeforedividendspaid
andtransferstosurplus.-__ 1,687,682.42 1,714,305.47 1,989,014.01 2,421,841.90 2,112,580.28 1,493,441.02 2,573,724.77 2,779,475.07 1,896,105.92 954,829.71 9,174,829.71
Dividendspaid.............. 480,000.00 480,000.00 480,000.00 560,000.00 600,000.00 600,000.00 930,000.00 1,050,000.00 840,000.00 350,000.00 6.370.000.00
1,000,000.00 1,000,000.00
200,000.00
2.200.000.00
480,000.00 480,000.00 480,000.00 1,560,000.00 1,600,000.00 600,000.00 1,130,000.00 1,050,000.00 840,000.00 350,000.00 8,570,000.00
Balanceatendofyear... 1,207,682.42 1,234,305.47 1,509,014.01 861,841.90 512,580.28 893,441.02 1,443,724.77 1,729,475.07 1,056,105.92 604,829.71 604,829.71
8390
E x h i b i t 1 .—
E x h ib it
2 .—
The Guardian Trust Company, analysis of earnings and undivided profits, adjusted on basis of taxes paid and actual losses on
loans and securities, for the years 1923 to 1932 inclusive
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Total
8391
STOCK EXCHANGE PRACTICES
Balancesperbooks,January1,
$1,690,572.09
1923........................ $1,690,572.09
Add.
159,476.84
159,476.84
344,469.95
344,469.95
Adjustedbalance,beginningof
2,194,518.88$1,346,983.96$1,505,208.48$1,783,264.48$1,019,594.85 $833,613.17$1,150,376.06$1,833,781.56$2,410,262.12$2,330,248.43 2,194,518.88
Add, Adjusted earnings per
detail inreport____ 367,534.92 619,336.93 739,34195 765,47144 1,383,490.09 890,174.20 1,763,873.53 1,592,677.17 759,175.22 684,319.77 7,461,685.84
Income taxes paid by
subsidiaries to The
Guardian Trust Corn209,723.94
18,887.59 ,18,714.05 30,858.93 30,528.23 26,588.69 49,531.97 33,803.39
811.09
Grossundividedprofits,. 1,826,983.96 1,985,20848 2,263,264.48 2,579,59485 2,433,613.17 1,750,376.06 2,963,781.563,460,262.12 3,170,248.43 1,645,928.66 9,865,928.66
Deduct:
Dividendsdeclared____ 480,000.00 480,000.00 480,000.00 560,00000 600,000.00 600,000.00 930.000.00 1,050,000.00 840,000.00 350,000.00 6,370,00000
200.000.00
2,200,000.00
Transfertocapital surplus.
1,000,000.00 1,000,000.00
480,000.00 480,000.00 480,000.00 1,560,00000 1,600,000.00 600,000.00 1,130,000.00 1,050,000.00 840,000.00 350,000.00 8,570,000.00
Adjustedbalance,endofyear.. 1,346,983.96 1,505,20848 1,783,264.48 1,019,59485 833,611.17 1,150,37606 1,833,781.56 2,410,262.12 2,330,248.43 1,295,928.66 1,295,928.66
Reconciliationwithbooks:
Deduct:
Taxreserve______ 102,979.63 113.797.94 99,66541 2,086.57 4,841.20 103,900.74 20,961.07 3,778.59 271,460.50 11,433.82 11,433.82
Taxchecksissuedand
held, netofcancella103,116.43 105,776.99 130,744.58 134,974.80 370,000.00
Depreciationreserve—_ 36,321.91 157,105.09 174,585.06 52,549.95 210,414.70 22,289.72 234,120.92 307,008.46 2,682.01 79,665.13 79,665.13
1,000,000.00 600,000.00 600,000.00
139,301.54 270,903.01 274,250.47 157,752.95 321,032.89 256,935.04 390,056.79 680,787.05 1,274,142.51 691,098.95 691,098.95
Balanceofundivided
profits at end of
yearper books... $1,207,682.42$1,234,305.47$1,509,014.01 $861,841.90 $512,580.28 $893,441.02$1,443,724.77$1,729,475.07$1,056,105.92 $604,899.71 $604,829.71
3 .—
The Guardian Trust Company— analysis of reserve for taxes for the years 1923 to 1932 inclusive
1923
1924
1925
1927
1928
1929
1930
1931
1932
Total
$99,665.41 $2,086.57 $4,841.20 $103,900.74 $20,961.07 $3,778. 59$271,460.50 $159,476.84
300,000.00
180,000.00
120,000.00
30,858.93
150,858.93
250,524.34
300.000.00
150.000.00
150,000.00
30,528.23
180,528.23
182,614.80
300,000.00 300,000.00 437,500.00
122,295.95
300,000.00 300,000.00 315,204.05
26,588.69 49,531.97 33,803.39
326,588.69 349,531.97 349,007.44
331,429.89 453,432.71 369,968.51
5,759.19 5,446.87
151,080.53 169,666.17 202,561.56 199,588.85
228,652.57
145,321.34 175,113.04 202,561.56 428,241.42
105,203.00 7,501.76 128,868.33 25,191.29
103,116.43 105,776.99
103,116.43
103,116.43 2,660.56
102,979.63 113,797.92 99,665.41 2,086.57 4,841.20
130,744.58
105,776.99
24,967.59
103,900.74
134,974.80
130,744.58
4,230.22
20,961.07
450.000.00
175.000.00
275,000.00
811.09
275,811.09
279,589.68
337.000.00 3,324,500.00
200.000.00 1,422,295.95
137,000.00 1,902,204.05
209,723.94
137,000.00 2,111,927.99
408,460.50 2,271,404.83
14,154.40
13,424.00
13,424.00
117,740.72 378,129.18 397,026.68 2,003,739.98
228,652.57
131,164.72 378,129.18 397,026.68 2,259,971.01
238,803.79 98,539.50 11,433.82 11,433.82
370,000.00
134,974.80 370,000.00
235,025.20 370,000.00
3,778.59 271,460.50 11,433.82
11,433.82
STOCK EXCHANGE PEACTICES
$159,476.84$102,979.63$113,797.92
Additions:
Accruals:
Chargedtoprofitandloss...... 300,000.00 300,000.00 300.000.00
Less, amounts credited to
215,000.00 180,000.00 200.000.00
85,000.00 120,000.00 100,000.00
Amountsreceivedfromsubsidiaries
18,887.59 18,714.05
85,000.00 138,887.59 118,714.05
244,476.84 241,867.22 232,511.97
Deductions:
Federalincometaxes,netofrefunds:
235.79 6,883.09
21,114.08
State, countyandcity12ta
xe8s3.1
paid...
0,3
3 127,833.51 139,729.65
Transfertoreservefordepreciation
Total deductions...... -......... 141,497.21 128,069.30 132,846.56
102,979.63 113,797.92 99,665.41
Adjustmentsforchecksissuedandheld:
1926
8392
E x h ib it
E x h i b it 4 .—
The Guardian Trust Company— Analysis of reserve for depreciation for the years 1923 to 1932, inclusive
1924
1925
1926
1927
1928
1929
1930
1931
1932
Total
8393
$344,469.95 $36,321.91$157,105.09$174,585.06 $52,549.95$210,414.70 $22,289.72 $234,120.92 $307,008.46 $2,682.01 $344,469.95
Additions:
Reservedbychargetoundividedprofits.... 1,306,103.91 esa000.00 554,000.00 455,000.00 400,000.00 475,000.00 374,000.00 822,295.951,085,000.00 725,000.006,876,399.86
Transfers:
228,652.57
228,652.57
1,000,000.001,000,000.00
1,650,573.86 716,321.91 711,105.09 629,585.06452,549.95 685,414.70 624,942.291,056,416.871,392,008.461,727,082.018,449,522.38
30,635.80
30,635.80
Recoveries:
788.68 79,111.56 20,215.83 18,140.27 35,654.75 7,012.86 123,223.31 5,259.62 3,765.88 966.13 294,138.89
25,441.52 14,942.52 14,485.96 6,265.11 48,264.07 20,356.72 7,667.13 8,493.24 23,298.71 24,644.96 193,859.94
24.58
432.61
104.98 471.01 ' 32.00 1,065.18
52,554.61 44,781.45 257,205.29 30,981.80 82,401.59 "79,754.26"367965.99 27,666.74 1,203.04 4,986.21 618,450.32
246.95
246.95
3,064.09
3,064.09
713.88
713.88
1,584.84 3,353.33 10,687.95 2,847.23 18,473.35
10|,420.01 142,171.15 292,620.96 55,387.18 166,753.02 107,073.78 169,441.27 44,877.91 39,426.59 33,476.531,160,648.40
Losses:
390,410.28 222,901.98 255,432.33 167,480.23 677.80 125,061.99 34,424.23 70,160.09 224,874.37 209,539.721,700,963.02
639,511.23 94,074.32 193,789.31 147,916.19 122,532.68 304,440.68 394,277.87 574,867.26 352,495.47 521,964.583,345,869.59
20.75
757.17 36,686.08 90,541.54 21,322.58 54,857.20 107,170.63 30,184.59 341,540.54
163,502.60 73,815.18‘l34,"022754 209,825.73 112,875.71 14,787.43 92,818.96 68,790.54 522,768.61 747,210.612,140,417.91
374,917.11 155,821.12 224,752.56 100,593.00 136,116.00 131,685.26 17,419.00 20,635.59 75,624.78 158,958.141,396,722.56
11,481.23
8,815.55 5,849.97
7,686.95
4,975.64
13,635.77 52,445.11
8,680.69
8,680.69
284,734.02
135,168.82 149,565.20
3,856.91
3,856.91
1,332.51 5,404.69
6,737.20
6
,9
2
4
.0
1
6,924.01
WashingtonSavingsBank;
30,994.91
30,994.91
65,000.00
65,000.00
145,619.18
145,619.18
Total losses........ .................. 1,723,671.96 701,387.97 829,140.99 632,422.29 408,888.27 770,198.76 560,262.64 794,286.321,428,753.041,681,493.419,530,505.65
1,614,251.95 559,216.82 536,520.03 577,035.11 242,135.25663,124.98 390,821.37 749,408.4111,389,326.451,648,016.888,369,857.25
36,321.91 157,105.09 174,585.06 52,549.95 210,414.72 22,289.72 234,120.92 307,008.46 2,682.01 79,665.13 79,66513
STOOK EXCHANGE PEACTICES
175541—34—PT 19-
1923
The Guardian Trust Company and subsidiaries— Summary of combined earnings for the years 1923 to 1932, inclusive
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Total
STOCK EXCHANGE PBACTICES
TheGuardianTrust Company......... $367,534.92$619,336.93$739,341.95$765,471.44$1,383,490.09 $890,174.20$1,763,873.53$1,592,677.17$759,175.22 $684,319.77$7,461,685.84
209,723.94
Add, Incometaxpaidbysubsidiaries.
18,887.59 18,714.05 30,858.93 30,528.23 26,580.69 49,531.97 33,803.39 811.09
138,000.00 138,000.00 138,000.00 138,000.00 184,598.53 245,000.00 239,280.00 224,500.00 125,250.00 127,250.00 1,697,878.53
TheGuardianTrust Company, earnings. 505,534.92 500,224.52620,056.00658,330.371,229,419.79 671,762.89 1,574,125.50 1,401,980.56634,736.31 811,569.775,973,531.25
11,538.08 ], 665.19 3,766.57 5,539.40 13,101.89 15,156.47 8,039.68 14,644.08 2,504.32 13,916.10
TheFortyFourHundredSuperiorCom- 9,675.26
767.23
920.36 2,676.81 1,812.43 1,182.06 7,358.89
31,058.64 117,342.45 111,957.95 161,617.98 6,578.19 5,867.81 98,030.68
TheHarrisonCountyInvestment Com25.02
25.02
88,845.76
48,908.61 39,937.15
d4L
10,195.12
77,461.52
13,570.86 53,60The
1.04BuckeyeDrill an9
.5a0theCompany.
20,219.60
8,394.87 2,812.70 5,947.96 3,064.07
126,658.97 125,989.01 148,134.57 165,64065 156,570.43 263,042.21 270,685.83 >239,859,00 188,362.39 127,020.80 1,811*963.86
1,243.42 16,997.11 15,753.69
47,$94.18 102,501.45 185,622.54 1,307.65 10,756.55 214,80762 411,010.96 386,642.24 1,339,130.09
TheHotel HollendenCompany..
259.17 6,082.64 2,214.38 2,421.00 10,977.19
7,84949 3,853.14 4,780.07 11,404.44 20,006.19 6,064.02 20,991.95
TheLandDevelopmentandRealiza64.83
192.54
257.37
TheBrooksideManorCompany.
13,137.09 13,137.09
The College Heights Realty
1,073.80 1,073.80
The1761East 18thStreet Com893.12 2,432.97 ' 1,952.12 3,491.97
The1874East 18thStreet Com1,744.67 4,829.01 2,763.62 9,337.30
The2116East 40thStreet Com600.25 761.56 1,500.78 2,862.59
4,513.79 4,51379
TheKeedlandsRealtyCompany
1,513.53 1,513.53
The Memphis Heights Realty
1,557.89 1,557.89
The Noble-Woodworth Com736.68 3,848.45 4,585.13
4,140.95 15,326.67 19,467.62
2,420.42 4,315.91 6,736.33
TheRiversideManor Company.
The Severn Park Realty Com
1,983.28 1,983.28
pany..........................
8394
E x h i b i t 5 .—
The Shore Development ComTheStatenHeightsRealtyCom-
828.54
303.56 397,487.86 407,768.96 103,866.87 234,424.69
7,833.33 13,000.00
303.56 397,487.86 407,768.96 111,700.20 247,424.69
Subsidiaries’ earnings............. 54,504.24 20,912.74I 91,610.46 66,811.27
Consolidatedearnings............ 451,030.68 521,137.26' 711,666.46725,141.64 1,229,116.23 1,069,250.75 1,981,894.46 1,290,280.36387,311.62
54,504.24 20,912.74 91,610.46 66,811.27
2,204.08 3,032.62
10,259.84 10,259.84
290,368.45 41$131.96
8,50000 29,333.33
298,868.45 380,798.63
110,438.22 6,354,§29.88
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
Totals
STOCK EXCHANGE PBACTICES
Adjusted balance, beginning
ofyear:
TheGuardianTrust Com
pany.................. $2,194,518.88$1,346,983.96$1,505,208.48$1,783,264.48$1,019,594.85 $833,613.17$1,150,376.06$1,833,781.56$2,410,262.12$2,330,248.43$2,149,518.88
Subsidiaries.............. 1X7,424.60 200,920.36: 184,011.79 417,992.84 312,740.66 500,703.24 345,215.38 180,476.42 516,676.62 924,851.31 117,424.60
2,077,094.28 1,146,063.60 1,321,196.69 1,365,271.64 706,854.19 332,909.93 U)5,160.68 1,653,305.14 1,893,585.50 1,405,397.12 2,077,094.28
Add:
Adjusted earnings, per
detail inreport:
The Guardian Trust
Company........... 505,534.92 500,224.52 620,056.00 658,330.37 1,229,419.79 671,762.89 1,574,125.50 1,401,980.56 634,736.31 811,569.77 5,973,531.25
Subsidiaries..........
54,504.24 20,912.74 91,610.46 66,811.27
303.56 397,487.86 407,768.96 111,700.20 247,424.69 298,868.45 380.798.63
Deficit of subsidiaries
which were liquidated
or dissolved by court
133,995.83
176,440.91
19,629.11 290.807.63
451,030.68 655,133.09 711,666.46 901,582.55 1,229,116.23 1,069,250.75 1,981,894.46 1,290,280.36 387,311.62 1,130,067.33 6,645,137.51
1,626,063.60 1,801,196.69 2,032,863.15 2,266,854.19 1,935,970.42 1,402,160.68 2,787,055.14 2,943,585.50 2,280,897.12 275,329.79 8,722,231.79
Deduct:
Dividendsdeclaredby:
The Guardian Trust
Company__ ___ 480.000.00 480.000.00 480.000.00 560.000.00 600,000.00 600,000.00 930.000.00 1,050,000.00 840,000.00 350.000.00 6.370.000.00
Subsidiaries, payable
to The Guardian
Trust Company.... 138.000.00 138.000.00 138.000.00 138.000.00 187.598.53 242,000.00 243.030.00 224,500.00 160.750.00 107.000.00 1.716.878.53
Dividendspaidbysubsid
iaries to The Guardian
Trust Company........ 138,000.00 138.000.00 138.000.00 138.000.00 184.598.53 245,000.00 239.280.00 224,500.00 125.250.00 127,250.00 1.697.878.53
Transfers:
1,000,000.00 1,000,000.00
200.000.00
2.200.000.00
Deficits of subsidiaries at
dateofacquisition.-- ___
187,591.51
60.49
2,165.37 185,486.63
480,000.00 480,000.00 667,591.51 1,560,000.00 1,603,060.49 597,000.00 1,133,750.00 1,050,000.00 875,500.00 327,584.63 8,774,486.63
Adjustedbalance, endofyear:
TheGuardianTrust Com
pany.................... 1,346,983.96 1,505,208.48 1,783,264.48 1,019,594.85 833,613.17 1,150,376.06 1,833,781.56 2,410,262.12 2,330,248.43 1,295,928.66 1,295,928.66
Subsidiaries_______ 200,920.36 184,011.79 417,992.84 312,740.66 500,703.24 345,‘215.38 160,476.42 516,676.62 924,851.31 1,348,183.50 1,348,183.50
1,146,063.60 1,321,196.69 1,365,271.64 706,854.19 332,909.93 805,160.68 1,653,305.14 1,893,585.50 1,405,397.12 52,254.84 52,254.84
8396
E x h ib it 6.— The Guardian Trust Company and subsidiaries— analysis of undivided profits for the years 1928 to 1982 inclusive
E x h ib it G -4 -5 .— The Guardian Trust Company, Cleveland, Ohio— Reconciliation between result of combined operations for bank and
subsidiaries as reported by president for the year 1931 and correct figures
ssesofSub
sesOn Dividends TaxAdjust DirectCharge TaxesPaid Lsoid
riesNot Adjusted
Per Annual BadDebts EarningsNot LPoasrtic
byBankto Onia
ipa fromSubsidi ment
toSurplus S
Report WrittenOfl OnReport
tions
aries
ubsidiaries BpaonrtkRe Earnings
$15,437.87
$3,100.50
$125,250.00
13,000.00
$1,812.43
3,064.07
2,214.38
$811.09
$32,820.76
875.10
$511.50
$1,£43.42
411,010.96
257.37
2,432.97
4,829.01
761.56
736.68
4,140.95
2 ,420.42
828.54
Land Development & Realiza1761E. 18thCompany....... ....
$1,940,103.91
6,578.19
175,362.39
14,644.08
20,006.19
1,812.43
3,064.07
2,214.38
1.243.42
411,010.96
257.37
2,432.97
4,829.01
761.56
736.68
4,140.95
2 .420.42
828.54
170,750.00
Reportedby President at annual
2,066,293.14
1,692,679.22
373,613.92
3,100.50
7,090.88
15,437.07
138,BSO.00
33,695.86
511.50
811.09 428,661.88 1,692,679.22
STOCK EXCHAjSTGE PRACTICES
$2,064,542.82
8,859.68
156,053.13
11,543.58
19,131.09
Note.—Italicindicatesredfigures.
8397
£ 3 9 8
STOCK
EXCH AN GE
P B A C T IC E S
Exhibit G-4-6
ANNUAL MEETING OP SHAREHOLDERS, MONDAY, JANUARY 18, 1932
The President reported the Gross and Net Earnings, also the Gross Expenses,
by departments; the Net Earnings of the Company, including its Subsidiary
Companies and after eliminating inter-company dividends, being $2,066,293.14,
compared with $2,115,578.34 for the year 1930.
He also reported the balance in the Retirement Fund, as of December 31, 1931,
was $1,485,137.63.
The foregoing mentioned Reports of Condition and Earnings were, on motion,
approved and ordered filed:
The names of Messrs:
Arter, C. K.
McIntosh, H. P.
Bicknell, Warren
McIntosh, H. P. Jr.
Bishop, Robert H. Jr.
Marlatt, W. H.
Bolton, Irving C.
Marshall, George G.
Bond, S. M.
Marshall, W. G.
Brand, C. W.
Mills, James R.
Brooks, Arthur D.
Monks, Thos. E.
Brown, Jr. Harvey H.
Murfey, C. L.
Carlton, H.A.
Oakes, H. K.
Case, Geo. S.
Patterson, Proctor
JDaley, W. A.
Petrequin, E. A.
Dalton, H. G.
Pomerene, Atlee
Dean, A. W.
Prentiss, F. F.
Deasy, John F.
Prescott, Orville W.
.Durell, Geo. B.
Purdon, W. D.
Eide, Randolph
Robinson, H. C.
Foote, L. B.
Rogers, E. D.
Force, C. H
Rogers, E. S.
Fuller, Ralph L.
Rossiter, W. T.
Grossman, L. J.
Sears, R. P.
Hall, R. S.
Shepherd, H. I.
Hanna, Dan R. Jr.
Stewart, H. B.
Hanna, L. C. Jr.
Stone, Arthur L.
Heer, C. G.
Taylor, A. S.
Hine, Charles P.
Tillotson, E. G.
House, J. A.
Wade, Geo. Garretson
Hunt, Wm. H.
Wallace, R. B.
Inglis, Richard
Warwick, Jas. W.
Kellogg, F. D.
Whelan, Geo. J.
Kling, J. D.
iwere placed in nomination for Directors of the Company.
Exhibit G-4-7
ANNUAL MEETING OP BOARD OP DIRECTORS, TUESDAY, JANUARY 19, 1932
Deposits, decrease_______________________________ $34, 032, 260. 82
Bills Payable, increase_____________________________ 9, 155, 709. 41
Undivided Profits, decrease_________________________
673, 369. 15
Special Reserve Fund, increase______________________
1, 000, 000. 00
Total Resources, decrease__________________________ 24, 940, 198. 31
Number of Accounts, decrease_______________________
7, 402
‘The President reported the following items for the year 1931:
Gross Income_______________________________ $8, 980, 642. 24
Total Interest Paid & Expenses___________________ 6, 916, 099. 42
Net Earnings________________________________ 2, 064, 542. 82
Compared with___________________________
2, 079, 722. 27
for the year 1930.
Also that including the earnings of our subsidiary com
panies and eliminating inter-company dividends the
Net Earnings were__________________________
2, 066, 293. 14
Compared with___________________________
2, 115, 578. 34
for the preceding year.
The balance in the Retirement Fund is_____________
1, 485, 137. 63
STOCK
EXCH ANGE
P R A C T IC E S
8 3 9 9
Vice President Stucky reported for the Trust Department for the year 1931 as
follows:
The gross earnings of the department were $834,332.47, a decrease from the
previous year of $77,854.34; that the net earnings were $173,830.94, a
decrease from the previous year of $21,364.95.
That the department opened 392 Trusts, making 3745 Trusts on our books,
in which were cash and securities totaling $256,821,811.01.
There were deposited with us 356 Wills, making a total of 5146.
He stated that the first half of 1931 was satisfactory from the standpoint of
new business obtained but that the last half was not. He stated that the
existing good-will of the department together with the cooperation of each
of our Directors should make 1932 a better year than the one just ended.
All the foregoing reports were, on motion made and seconded, accepted and
approved.
The Chairman stated the next order of business would be the election and
appointment of Officers and Committees for the ensuing year, whereupon the
following named Officers were nominated:
Chairman of the board: H. P. McI ntosh.
President: J. A. House.
Executive vice president: H. C. Robinson.
Exhibit G-4-8
ANNUAL MEETING OF SHAREHOLDERS, MONDAY, JANUARY 20, 1930
The Annual Meeting of the Shareholders of The Guardian Trust Company,
Cleveland, Ohio, was held pursuant to call, at the Office of the Company at 10:00
A. M., Monday, January 20, 1930.
On motion made and seconded, Mr. A. W. Dean was chosen Chairman of the
Meeting.
On motion made and seconded, Mr. R. P. Sears was chosen Secretary of the
Meeting.
Call for the Meeting, as published and as mailed to each Shareholder was then
read, a copy of which follows and is made a part of the Minutes of this Meeting.
Minutes of the last Annual Meeting, January 14, 1929, were read, and on
motion made and seconded, the same were unanimously approved.
Report of the Condition of the Company at the close of the fiscal year, Decem
ber 31, 1929, was read, showing total deposits of $147,054,664.12; Capital Stock
$7,000,000.00; Surplus $9,000,000.00; Undivided Profits $1,443,724.70; Total
Resources $178,022,916.01. The foregoing figures were increases over Decemher
31, 1928, as follows:
Capital Stock__________ ______________ _______$3,000,000.00
Surplus________ _____ . ____ __
___________ 3,000,000.00
Undivided Profits__________ _______
_______ 550,283.75
Total Resources_______ .. __________
___ ____ 12,862,538.79
The President reported the Net Earnings of the Company for the year 1929
were $1,931,061.44, compared with $1,482,758.00 for the year 1928— an increase
of $448,303.44. Said earnings fe>r the year 1929 were at the rate of $32.18 per
share on the average Capital Stock for the year.
The President reported further that the Net Earnings of the Company (includ
ing the Net Earnings of its subsidiary companies and eliminating inter-company
dividends) were $2,087,359.93, compared with $1,605,018.72 for the year 1928.
The foregoing mentioned Reports of Condition and Earnings were, on motion,
approved and ordered filed.
The names of Messrs:
Bicknell, Warren
Brown, Jr. Harvey H.
Bishop, Robert H. Jr.
Carlton, H. A.
Bolton, Charles C.
Case, Geo. S.
Bolton, Irving C.
Daley, W. A.
Bond, S. M.
Dalton, H. G.
Bowman, Geo. H.
Dean, A. W.
Brand, C. W.
Dietz, Wm. G.
Brooks, Arthur D.
DureU, Geo. B.
8 4 0 0
STOCK
EXCH ANGE
P B A C T IC E S
Mills, James R.
Eide, Randolph
Monks, Thos. E.
Foote, L. B.
Murfey, L. A.
Force, C. H.
Murfey, C. L.
Fuller, Ralph L.
Oakes, H. K.
Gill, K. F.
Patterson, Proctor
Griffiths, E. S.
Petrequin, E. A.
Grossman, L. J.
Pomerene, Atlee
Hall, R. S.
Prentiss, F. F.
Hanna, Dan R. Jr.
Prescott, Orville W.
Hanna, L. C. Jr.
Robinson, H. C.
Harmon, F. S.
Rogers, E. D.
Hine, Charles P.
Rogers, E. S.
Holding, S. H.
Rossiter, W. T.
House, J. A.
Sears, R. P.
Hunt, Wm. H.
Shepherd, H. I.
Inglis, Richard
Stewart, H. B.
Kline, Selden
Stone, Arthur L.
Kling, John A.
Taylor, A. S.
McIntosh, H. P.
Tillotson, E. G.
McIntosh, H. P. Jr.
Wade, Geo. Garretson
Marlatt, W. H.
Marshall, Geo. G.
Wallace, R. B.
Marshall, W. G.
Warwick, Jas. W.
Whelan, Geo. J.
Mather, W. G.
were placed in nomination for Directors of the Company.
The following Resolution by Mr. Wm. G. Dietz, seconded by Mr. S. Q. Kerruish, was unanimously adopted, viz:
RESOLVED, that the Shareholders proceed to ballot for sixty-four Directors
for the ensuing year, and that the polls for such election shall close at 10:30 A. M.
Exhibit G-4-9
ANNUAL MEETING OP SHAREHOLDERS, MONDAY, JANUARY 19, 1931
The annual Meeting of the Shareholders of The Guardian Trust Company,
Cleveland, Ohio, was held pursuant to call, at the Office of the Company at 10:00
o’clock A.M., Monday, January 19, 1931.
On motion made and seconded, Mr. W. H. Marlatt was chosen Chairman of
the Meeting.
On motion made and seconded, Mr. R. P. Sears was chosen Secretary of the
Meeting.
Call for the Meeting, as published and as mailed to each Shareholder, was
then read, a copy of which follows and is made a part of this Meeting.
The Secretary of the Company reported there was a sufficient number of
Shareholders present in person or by proxy to constitute a quorum, and an
nounced that there was a list of Shareholders available for inspection by any
Shareholder so desiring.
•
Minutes of the last Annual Meeting, January 20, 1930, were read, and, on
motion made and seconded, were unanimously approved.
Report of the Condition of the Company at the close of the fiscal year, Decem
ber 31, 1930, was read, showing total deposits of $157,297,047.01; Capital Stock
$7,000,000.00; Surplus $9,000,000.00; Undivided Profits $1,729,475.07; Total
Resources $181,934,969.06. The foregoing figures were increases over December
31, 1929, as follows:
Deposits_______________________________________$10, 242, 382. 82
Undivided Profits________________________________
265, 750. 30
Total Resources_________________________________
3, 912, 053. 05
The President reported the Net Earnings of the Company for the year 1930
including the Net Earnings of its subsidiary companies and eliminating inter
company dividends, were $2,115,578.34, compared with $2,087,359.93 for the
year 1929.
He also reported the balance in the Retirement Fund, December 31, 1930, was
$1,290,975.85.
STOCK EXCHANGE PRACTICES
8401
The foregoing mentioned Reports of Condition and Earnings were, on motion,
approved and ordered filed.
The names of Messrs:
HaH, R. S.
Arter, Charles K.
Petrequin, E. A.
Bicknell, Warren
Hanna, Dan R. Jr.
Pomerene, Atlee
Hanna, L. C. Jr.
Bishop, Robert H., Jr.
Prentiss, F. F.
Bolton, Irving C.
Hine, Charles P.
Prescott, Orville W.
Purdon, W. D.
Holding, S. H.
Bond, S. M.
Bowman, Geo. H.
Robinson, H. C.
Hose, J. A.
Brand, C. W.
Hunt, Wm. H.
Rogers, E. D.
Inglis, Richard
Brooks, Arthur D.
Rogers, E. S.
Brown, Jr., Harvey H.
Rossiter,
W. T.
Kline, Selden
Carlton, H. A.
Kling, John A.
Sears, R. P.
McIntosh, H. P.
Case, Geo. S.
Shepherd, H. I.
McIntosh, H. P. Jr.
Daley, W. A.
Stewart. H. B.
Dalton, H. G.
Stone, Arthur L.
Marlatt, W. H.
Dean, A. W.
Taylor, A. S.
Marshall, George G.
Deasy, John F.
Tilotson, E. G.
Marshall, W. G.
Durell, Geo. B.
Mather, W. G.
Wade, Geo. Garretson
Eide, Randolph
Mills, James R.
Wallace, R. B.
Foote, L. B.
Warwick, Jas. W.
Monks, Thos. E.
Force, C. H.
Whelan, Geo. J.
Murfev, C. L.
Fuller, Ralph L.
Oakes, H. K.
Grossman, L. J.
Patterson, Proctor
were placed in nomination for Directors of the Company.
The following Resolution by Mr. O. J. Zinner, seconded by Mr. Robert F.
Bingham, was unanimously adopted, viz:
E
x h ib it
G-4-10
A N N U A L M E E T IN G OF B O A RD OF DIR E CT O RS, TUESDAY, JA N U A R Y 20, 1931
Said Report also gave the following items:
An increase during 1930 in total Branch Deposits of________ $9, 181, 234. 03
Total number of Open Accounts_________________________
178, 496
An increase of 16626 for the year.
The President reported the following items for the year 1930:
Gross Income___________________________ $9, 715, 332. 69
Total Interest Pd. & Expenses____________ 7, 635, 610. 42
Net Earnings________________________________________
2, 079, 722. 27
Compared with________________________________________
1, 931, 061. 44
For the year 1929.
Also that including the earnings of our subsidiary companies
and eliminating inter-company dividends the Net Earn
ings were____________________________________________ 2, 115, 578. 34
Compared with________________________________________ 2, 087,359.93
For the preceding year.
He also read many of the detailed items of our General
Expense, as listed in the Comptroller’s Report, Pages 46
and 47.
The balance in the Employees Retirement Fund is_________
1, 290, 975. 85
During the year 1930, we had opened 4 new Branches.
Vice President Robinson, on behalf of our Business Extension Department,
reported that the estimated budget of expenses for the year 1930 was $109,
705.00, and that we expended $107,775.00; also that we distributed 1,050,000
pieces of literature during the year; also that we have decided to discontinue
the National Advertising in which we had stressed “ Cleveland” .
Vice President Stucky reported for the Trust Department as follows:
The gross earnings of the department were slightly in excess
of the previous year, and that the net earnings were_____
$195, 195. 89
STOCK EXCHANGE PEACTICES
8402
That during the year 1930 the value of new Living Trusts,
Life Insurance Trusts and the estimated value of Wills
placed with us, totaled______________________________ $75, 074, 000. 00
We accepted 548 Wills, making a total on deposit with us of
4883.
We are now managing 1284 Properties.
The value of cash and securities managed by the Trust
Department is______________________________________ 259, 131, 000. 00
That the four cornerstones upon which the Trust Depart
ment builds are Service, Business Development, Com
pensation and Economy of Operation.
All of the foregoing reports were, on motion made and seconded, accepted and
approved.
E
x h ib it
G-4-11
A N N U AL M E E T IN G OP SH ABEH OLDERS-- M O N DAY, JA N U A R Y 16, 1933
Surplus, decrease___________________________________________ $2, 000, 000. 00
Undivided Profits, decrease__________________________________
451, 276. 21
Total Resources, decrease___________________________________ 8, 524, 498. 55
The President reported the Gross Income, also the Gross Expenses, of the Com
pany for the year 1932; he also reported the Net Earnings of the Company, includ
ing its Subsidiary Companies and after eliminating intercompany dividends, were
$1,359,054.83, compared with $2,066,293.14 for the year 1931.
He also reported the balance in the Retirement Fund, as of December 31, 1932,
was $1,489,053.04.
He stated that the amount paid for salaries during 1933, on the present basis,
would be approximately 30% less than the amount paid during 1931.
The names of Messrs:
Arter, C. K.
Grossman, L. J.
Oakes, H. K.
Bicknell, Warren.
Hall, R. S.
Petrequin, E. A.
Bishop, Robert H., Jr.
Hanna, Dan R., Jr.
Prentiss, F. F.
Bolton, Irving C.
Hanna, L. C., Jr.
Prescott, Orville W.
Bond, S. M.
Heer, C. G.
Purdon, W. D.
Brand, C. W.
Hine, Charles P.
Robinson, H. C.
Brooks, Arthur D.
House, J. A.
Rogers, E. D.
Carlton, H. A.
Kling, J. D.
Rogers, E. S.
Case, Geo. S.
McIntosh, H. P.
Rossiter, W. T.
Daley, W. A.
McIntosh, H. P., Jr.
Sears, R. P.
Dalton, H. G.
Marlatt, W. H.
Stewart, H. B.
Dean, A. W.
Marshall, George G.
Stone, Arthur L.
DureU, Geo. B.
Marshall, W. G.
Taylor, A. S.
Eide, Randolph.
Mills, James R.
Wade, George Garretson.
Foote, L. B.
Monks, Thos. E.
Force, C. H.
Murfey, C. L.
E
EXCERPT
FROM
x h ib it
G-4t-12
THE A N N U A L M E E T IN G OP THE B O A R D OP D IRECT O RS JA N U A R Y
17, 1933, THE G U A R D IA N TRUST COM PANY, B O O K 17
January 17, 1933
The Secretary read from the “Annual Report” for the year 1932, the con
dition of the Company, at the close of the fiscal year December 31, 1932, showing
Total Deposits_______________________________________ $109, 804, 334. 84
Bills Payable and Rediscounts________________________
18, 223, 740. 66
Reserve for Depreciation_____________________________
79, 665. 13
Special Reserve Fund________________________________
2, 600, 000. 00
Capital Stock________________________________________
7, 000, 000. 00
Surplus_____________________________________________
7, 000, 000. 00
Undivided Profits____________________________________
604, 829. 71
Total Resources______________________________________ 148, 470, 272. 20
Number of Open Accounts________________ , __________
159, 168
STOCK EXCHANGE PRACTICES
8403
The foregoing figures compared with December 31, 1931, showed the following
changes:
Deposits—decrease____________________________________ $13, 460, 451. 35
Bills Payable and Rediscounts—increase________________
9, 068, 031. 25
76, 983. 12
Reserve for Depreciation— increase_____________ _______
Special Reserve Fund— increase________________________
1, 600, 000. 00
Surplus— decrease_____________________________________
2, 000, 000. 00
Undivided ProfitsT-r^decrease___________________________
451, 276. 21
Total Resources—decrease_____________________________
8, 524, 498. 55
Number of Open Accounts— decrease___________________
11, 926
The President reported the following items for the year 1932:
Gross Income_________________________________________
7, 304, 279. 12
Total Interest Paid and Expenses______________________
5, 962, 086. 33
Net Earnings_________________________________________
1, 342, 192. 79
Compared with_______________________________________
2, 064, 542. 82.
for the year 1931.
Also that including the earnings of our subbidiary com
panies and eliminating intercompany dividends, the Net
Earnings were______________________________________
1, 359, 054. 83
Compared with_______________________________________
2, 066, 293. 14.
for the preceding year.
In giving the foregoing figures he reported the amount of Net Earnings for
each of our Branch Offices.
He also reported that during the year 1932 there was transferred $725,000.00
from Undivided Profits into Reserve for Depreciation and that there were
other credits to said account of $33,476.53; that there were charges against
said account totaling $1,681,493.91, leaving a balance, as of December 31,
1932, in the Reserve for Depreciation Account of $79,665.13.
He reported the Reconcilement of Profits since organization as follows:
Surplus Paid In_______________________________________ $7, 176, 250. 00
Net Earnings____________________________________ 1____ 26, 174, 145. 26
33, 350, 395. 26Dividends— Cash______________________$10, 421, 814. 54
1, 000, 00Q. 00
Dividends—Stock_____________________
Employes’ Profit-sharing Fund_________
34, 792. 47
Transfer to Reserve for Dep____________ 11, 609, 293. 41
------------------------
23, 065, 900. 42
10, 284, 494. 84
The balance in the Retirement Eund December 31, 1932 _ _
1, 489, 053. 04
All the foregoing reports were on motion made and seconded, accepted,
approved, and ordered filed.
E
x h ib it
G-4-13
Nonaccruing loans and investments, August 13, 1929
Time Collateral Loans:
Baier, A. F_______________________________ __ $6,209,97
Connelly, L. S_______________ _ ____________
120. 00
3, 820. 65
Free, J. L___________________________________
Fuller, J. H_________________________________ .
9, 400. 00
Hopper, Ray B______________
________ _
5, 505. 00
Jones, Malcolm F____________
_________
2, 755. 00
Lester, Emily H_____________________________
2, 886. 75
Loomis, C. H________________________________
8, 000. 00
Loomis, H. E________________________________
5, 000. 00
National Coal Co____________________________ 115, 000. 00
Old Dominion Mortgage Co__________________
14, 000. 00
Past Due Soldiers Loans_____________________
2, 012. 00
. Wail,-Wm. E________________________________
9,720.00
----------------- $184, 429. 37
8404
STOCK EXCHANGE PEACTICES
Nonaccruing loans and investments, August 13, 1929-^ Continued
Demand Collateral Loans:
Bell, J. Lorain_______________________________
$980. 00
Crane, F. S__________________________________
5, 850. 00
Ellinwood, C. B_____________________________
25, 026. 55
Fairchild, E. N ______________________________ 43, 979. 21
Free, J. L___________________________________ 39, 412. 84
Guardian Trust Co__________________________
434. 22
Interstate Foundries Co______________________ 349, 457. 58
Pilliod, Chas. J., Jr__________________________
2, 814. 82
Portch, Edw. G______________________________ 20, 071. 00
30, 000. 00
Superior Building Mfg. Co___________________
Wall, Wm. E________________________________
6, 500. 00
----------------Real Estate Loans:
Mayfield Noble Land Co_____________________
4, 815. 44
Richmond Mayfield Land Co_________________ 120, 090. 37
Summit Park Realty Co_____________________
16, 409. 00
----------------Demand Unsecured Loans:
Gulf Region Lumber Co______________________ 132, 752. 84
Paul, Geo. J. & Edw. W _____________________ 136, 292. 55
Smith Coal Co_______________________________
1, 400. 00
$524, 526. 22
141, 314. 81
270, 445. 39
Advances on Acceptances:
Alliance Window Glass Co___________________
4, 975. 64
Gulf Region Lumber Co______________________ 376, 146. 14
”381, 121. 78
Exhibit G-4-13a
Time unsecured loans:
Apex Coal Company_________________________ $18, 952. 68
Baier, A. F. Company________________________
10, 617. 76
Blatz, Chas. L_______________________________
1, 024. 23
Central Tractor Company____________________
66, 751. 77
Frankel Bros. Realty Company_______________
50, 000. 00
Gulf Region Lumber Company_______________
142, 049. 71
Haber, D. C_________________________________
13, 800. 00
Jones, Walter A_____________________________
42, 798. 77
Lawrence E. Layboume Trustee, Estate of
Leon H. Houston__________________________
4, 220. 00
McGraw Tire & Rubber Company____________
3, 000. 00
Muhler Wallace_____________________________
355. 00
Phoenix Mortgage Co________________________
30, 252. 36
Potter Acme Mfg. Co________________________
5, 451. 84
Robbins, C. C., Borton, T. E., Stewart, Vance..
41, 544. 21
Russell Holding Company____________________
2, 750. 00
State Mortgage Investment Co_______________
11, 539. 88
Templar Realty Company____________________
1. 00
Wallack Bros. Company_____________________
618. 48
445, 727. 69
Total Unsecured Loans________________________________ $1,097,294.86
Branches:
Euclid-46th Office:
Amacher, K. M_________________________
190. 55
Brockman, T. L_________________________
110. 00
Cuyler Scharf Co________________________
455. 57
Goldstein, I_____________________________
37. 02
Post, Anna M___________________________
32. 55
Sheinkman, M__________________________
104. 85
Weinzimmer, Harry_____________________
205. 00
1, 135. 54
STOCK EXCHANGE PEACTICES
8405
Branches—Continued.
Commercial Office:
Cost of Appraisal and cruise of timberland
in re-Embury Martin.Lumber Co. Loan. $1, 278. 00
St. Clair-Parkwood Office:
Harris, Madeline L______________________
200. 00
Klein, B. B_____________________________
15. 00
Scher Bros__________ ____________________
140. 48
355. 48
Total Branches___________________________________
Investments:
Stocks:
Shares
Carried At
2,010
Akron
Rubber
Reclaiming
Common__________________ $40, 200. 00
50
Baker R. & L. Co. Pfd________
2, 062. 50
2, 273. 50
4,547
Bond Stores Inc. “A” _________
50
Bond Stores Inc. “ B” ____________________
252
Cities Service Co. Common___
5, 701. 50
50
Dodge Mfg. Corp., Preferred__
1, 000. 00
110
Goodyear Tire & Rubber Co.
Common__________________
12, 832. 16
550
Kenilworth Lodge____________
50
Lenitone Laboratories Co. Cap
ital------------------------------------9
McGraw Tire & Rubber Co.
Preferred___________________
25
McMillen Music Co. Preferred. _
75
Republic Iron & Steel Co.
Common__________________
6, 183. 50
853
Seiberling Rubber Co. Com
mon_______________________ 49, 474. 00
182. 00
3
Standard Oil Co. of Indiana___
70
Swinehart Tire & Rubber Co.
Common______________________________
16,367
Timken-Detroit Axel Co. Com
mon_______________________ 393, 808. 00
Total a/c R. T. Meacham. 513, 717. 16-
Exhibit G-4r-13b
1, 000
Branch Investment Co. Capital.$375, 000. 00
Geo. E. Breece Lumber Co.
Common__________________
2, 222. 21
150
Cincinnati, Lawrenceburg &
Aurora Rd. Co____________
3, 750. 00
1, 231. 00
Cleveland Welding Co. Com
mon______________________ 24, 620. 60
44
Cleveland Worsted Mills Capi
tal____________ _________ _
1, 100.00
1,171
Clinchfield Coal Corp. Common. 35,116.66
1, 200
Continental Shares Inc. Com
. mon______________________ 44, 500. 00
100
4400 Superioi Co. Common___
500. 00
750
S. Korach Co. Common “ A ” .. 15,000.00
320
Medusa' Portland Cement Co.
Common__________________ 34, 404. 20
20. 1625 Midland Engineering Co. Com
mon______________________ 52, 581. 45
2,350
Miller Rubber Co. 8 % Pre
ferred_____________________ 233,549.67
117
$2, 769. 02
8406
STOCK EXCHANGE PRACTICES
Investments—Continued.
Stocks—Continued.
Shares
Carried At
275
New York Railways Preferred. $2, 931. 00
600
Euclid Windsor Co. Preferred!
, , non
1,200
Euclid Windsor Co. Common/"
’
'
142
American Petroleum Corp____ 10, 507. 40
20, 900
Paragon Refining Co. Common. 201, 466. 78
401
Peerless Chemical Co________ ______ 0
100
Robbins & Myers Inc. Common
550. 00
400
Robbins & Myers Inc. Preferred 4, 800. d0
100
Smith Coal Co. Capital______
500. 00
3, 108
Standard Textile Products Co.
Common__________________
3, 108. 00
98. 01
Struthers Iron & Steel, Pre-
fcrrcd
2 534* 00
60
Upson Walton Co. Preferred... 1, 500. 00
809
Upson Walton Co. Common__ 4, 045. 00
762 Plus Worthington Pump & Mach.
Preferred__________________ 42, 063. 96
Total Stocks______________________ $1 641, 068. 09
U. S. Bonds & Treasury Certificates:
Adjustment of difference between par of bonds and ledger
73, 065. 92
balance__________________________________________
State, County & Municipal Bonds:
Adjustment of difference between par of bonds and ledger
49, 383. 61
balance__________________________________________
Other Bonds
34, 000
Kansas Citv Jt. Stock Land
Bank___ 1_________________
25,835.00
40, 000
Liberty Jt. St. Land Bank, Salina
Kansas____________________
40, 000. 00
73, 789. 06 Alleghany By Products Coke Co. 42, 909. 47
9, 000
Auditorium Building Co_______
7, 898. 33
10, 000
Edgehill Overlook Co_________
8, 000. 00
50, 000
Estates and Investment Co____ 50, 000. 00
19, 700
Euclid-46th Market Co________ 18, 882. 00
1, 000
Euclid Windsor Co____________
940. 00
12, 000
Euclid 71st Building Co_______
4, 800. 00
175, 000
Cert, of Eq. Ownership Lorain
property____ _____1________ 175,000. 00
600, 000
Golden Age Macaroni Co_____ 454, 005. 27
48, 000
Muncie Hartford & Fort Wayne.
8, 000. 00
44, 000
Imperial Chinese Govt________
11, 000. 00
100, 000
Imperial Russian Govt________ 12, 500. 00
950
Maher Collieries______________
950. ,0Q
'
Adjustment of difference between
' '
par of bonds and ledger bal
ance_______________________ 346, 105. 1-5
Total Other Bonds_________________
Other Investments:
Agricultural Securities Corp______________
29, 250. 00
Advance Euc-46th Market Co____________
5, 191. 67
Flood Credits Corp______________________
532. 50
Land Contracts & Mortgages— G. S. Beck
with__________________________________
600. 00
Collateral in Estate C. C. Robbins________ 72, 589. 30
Short Creek Coal Company______________
22, 840. 00
Total ’Other Investments______________________
514, 614. 92
131, 003. 47
Total Non-Accruing Loans & Investments______ l:, 359, 470. 29
Note.—Italicindicatesredflgures.
STOCK EXCHANGE PRACTICES
E
x h ib it
8407
G -4 -1 4 — Adjusted Earnings Statement, 10 Years 1928 to 1932, Inclusive
—Italicindicatesredfigures]
[N o t e .
Minutes
1-14-24(B)...... ..............
1-10-25(A)....... ............1-19-26(A)..... - .....
______
____
1
1-1
-18
7-2
-27
8(A)____
(A)__ ____
1-15-29(A)___________
1-21-30(A)..... ................
1-20-31(B).....................
1-19-32..........................
1-17-33..........................
Totals....................
AdjustedEarnings—Dividends
EarningsPer
Year P&L State
ment
Accrual Basis CashBasis Declared
1923 $1,287,549.98
1924 1,048,646.16
1925 1,103,615.50
1926 1,192,616.95
1927 1.502.450.44
1928 1,482,758.00
1929 1.931.061.44
1930 2,079,722.27
1931 2,064,542.82
1932 1,342,192.79
$15,035,156.35
$367,684.9$
$200,004.06 $480,000.00
619,336.93
601,84793 480.000.00
739,341.95
859,097.79 480.000.00
632,804.51 560.000.00
765,471.44
1,383,490.09 1,270,885.69 600.000.00
890,174.20 825,765.14 600,000.00
1,763,873.53 1,414,997.38 930.000.00
1,592,677.17 1,362,979.52 1,050,000.00
759,175.22
500,471.54 840.000.00
684,319.77
774,817.76 350.000.00
$7,461,685.84 $6,494,027.70 $6,370,000.00
Difference, $967,658.14.
DifferenceAccountedFor:
AccruedIncome&Exp. 12-31-32....... $1,678,286.05 DividendRes. 1-1-23______ $120,000.00
“
“ “ B 1-1-23......... 610,627.91
70,000.00
$967,658.14
$50,000.00
ProcessofAdjustmentandSourceofData:
1. UseNet Earningsperearningsstatementinannualreport.
2. Adjust sothatthereisreflectedinnetearnings:
(a) Actual recoveriesandlosseswrittenofftoReserveforDepreciation.
(b) Lossesandgainsapplicabletoprioryears.
(c) Taxesactually-paid.
3. Theresultisthe.scheduleunder “AccruedBasis”.
4. Adjust “AccruedBasis"abovebyeliminatingtheaccruedincomeandexpenseatthestartandend
ofeachyear.
5. Resultisscheduleunder “CashBasis”.
A. Beforediv. andRes. forDepreciation.
B. NomentionofReserveforDepreciation.
N
.—Earningsp
erP&L statementwereobtainedfromannualreportsoftheToank. Adjusted earn
ingsonaccrual basiswereobtainedfromPage4ofExhibit Y-4r4. Adjustedearnings.oncashbasis were
obtainedfromPage16of Exhibit Y-4-4. Dividendsdeclaredwereobtained,fromannual reportsofthe'
Bank.
ote
1923
ReserveforDepreciation:
Profit&LossPrior Years:
1925
G -4 -i5
1926
1927
1928
1929
1930
1931
1932
$1,287,549.98 $1,048,646.15 $1,103,615.50 $1,192,616.95 $1,502,450.44 $1,482,758.00 $1,931,061.44 $2,079,722.27 $2,064,542.82 $1,342,192.79
78,784.21 142.171.15 292,620.96 55,387.18 166,753.02 107,073.78 169,441.27 44,877.91 39,426,59 33,476.53
1,728,671.96
701,387.97
829,140.99
63$, 422. 29
408,888.27
674,203.86
560,262,64
794,286.32 1,428,763.04
1,530.57 8,953.55 38,201.53 42,059.09 11,134.15 19,610.00 140,725.25 7,941.37 105,854.56
93,766.63
200, 866.31
60,976.66
33,168.49
46,848.16
12,846.21
17,602.94
61,913.34
46,607.32
300,000.00 300,000.00 300,OQ0.00 300,000.00 300,000.00 300,000.00 300,000.00 437,500.00 450,000.00
130,635.80
223.85 8,923.51 11,411.73 7,348.68
378,129.18
141,497.21
128.293.16
141,770.07
166,733.07
182,961.72
202,661.66
30,994.91
66,000.00
367,634.98
199,588.85
117,740.72
1,681,493.41
15,785.15
337,000.00
334,254.15
397,026.68
13,424.00
619,336.93 739,341.95 765,471.44 1,383,490.09 890,174.20 1,763,873.53 1,592,677.17 759,175.22
684,319.77
$7,461,685.84
i EnteredinReserveforDepreciationAccount asRecovery.
—Italicindicatesredfigures.
Takenfrompage4ofExhibit G-4-4.
N ote.
STOCK EXCHANGE PEACTICES
Non-RecurringExpenses:
WashingtonSavingsBank:
GoodWill...............
1924
x h ib it
8408,
E
E x h i b i t G - 4 - 1 6 — Recoveries
Recoveries:
Collateral Loans............................
Discounts.................................
Real Estate................................
Bonds......................................
Stocks......................................
Total Recoveries.........................
LessLosses:
Collateral Loans...........................
Discounts.................................
Acceptances................................
Real Estate.... ............................
Bonds_______ __ ______ ..
Stocks......................................
$788.68
23,675.20
1,766.32
50,644.01
1,909.00
1.00
1924
$79,111.56
14,0 4 2 . 52
271.53
6,047.37
38,734.08
3,064.09
1925
1926
1927
1928
1929
$20,215.83 $18,140.27 $35,654.75 $7,012.86 $123,223.31 ‘ $5,259.62
14,485.96 6,265.11 48,264.07 20,356.72 7 , 667.13 8,493.24
432.61
104.98
713.88
1,584.84 3,353.33
24,347.23 "'"4,417.78" " 24,879.16*” 52*616.'io" 11,461.75 27,059.90
232,858.06 26,564.02 57,522.43 27,688.10 25,504.24 606.84
i 78,784.21 142,171.15 292,620.96 55,387.18
390,410.28 222,901.98 255,432.33 167,480.23
639,511.23 94,074.32 193,789.31 147,916.19
8,815. 55 5,849.97
11,481.23
~"1,"S77."66"
757.17
163,502.60 75,147.69 139,"427."2§" 209,825.73
374,917.11 155,823..12 224,752.56 100,593.00
143,849.51 149,565.20 6,924.01
166,753.02 107,073.78
677.80 125,061.99
122,532.68 304,440.68
7,686.95
36,686.OS •90,541.54
112,875.71 14,787.43
136,116.00 131,685.26
S5,994.91
Total Losses............................ 1,723,671.96 701,387.97 829,140.99 632,422.29 408,888.27 770,198.76
Net Write-offfortheYear..................... 1,644,887.75 559,216.82 536,520.03 577,035.11 242,135.25 663,124.98
1931
$3,765.88
23,298.71
471.01
10,687.95
374.70
828.34
169,441.27 44,877.91 39,426.59
34,424.23 70,160.09 224,874.37
394,277.87 574,867.26 352,495.47
4,975.64
"21,322.58" 54,857.20 "”i07;i76:63"
92,818.96 68,790.54 522,768.61
17,419.00 20,635. 59 7 5 , 824.78
145,619.18
1932
$966.13
24,64196
32.00
2,847.23
290.00
31.68
4 ,0
14.58
649.95
33,476.53
209,539.72
521,964.58
13,635.77
30,184.59
747,210.61
158,958.14
560,262.64 794,286.32 1,428,753.04 1,681,493.41
390,821.37 749,408.41 1,389,326.45 1,648,016.88
i Thisdoesnotinclude$30,636.80RefundonNational Commercial Bank’sincometaxesforyears1917, 1918, 1919,1920,and1921.
8409
1930
STOCK EXCHANGE PRACTICES
175541— 34— PT 19-
1923
and losses entered direct to reserve for depreciation account
G - 4 -1 7 .—
Recoveries and losses on collateral loans entered direct to reserve for depreciation account
1923
Losses
1924
1925
White, P. T
.............
71,783.11 29,062.19 23,466.94 54,234.11
788.68 76,165.98 13,841.29
9,522.40
1929
1930
1931
1932
12,020.00
100,000.00
3,096.66
2,299.62
700.57
4,851.37
8,545.37
25.000.00 12,666.66
18,512.02
56.000.00 5,651.91
$57.00
17.000.00 18,460.88
10.000.00 56,500.00
25,026.55
30.000.00
40.000.00
112,623.65
64,674.00
20,383.72
677.80 25,549.97 22,424.23 18,133.54 79,913.49 11,858.35
3,979.45
1,012.86 10,474.74
960.00
617.71
Total
$52,575.07
32.500.00
27,675.27
78,000.00
84,847.32
49,552.40
56,305.90
23.750.00
$3,109.93
8,000.00 $6,000.00 $4,000.00 $2,000.00 $2,000.00
=
447.60
-
Weil, G. S.............................
1928
909.13
35.845.00
146,120.39
13.000.00
20.961.68
17.276.68
32.383.00
21,079.39
36.943.00
18,512.02
50,348.09
35,460.88
66.500.00
25,026.55
30.000.00
40.000.00
112,623.65
64.674.00
20,383.72
337,103.73
118,272.24
389,621.60 143,790.42 235,216.50 149,339.06 34,976.95 118,049.13 88,779.08 64,900.47 221,108.49 208,573.59 1,406,843.23
—Thesefiguresobtainedfromannualreport ofthebank. Italicindicatesredfigures.
N ote.
STOCK EXCHANGE PRACTICES
$52,575.07
32,500.00
48,704.78 $2,945.58 $6,356.18 $8,617.87
100,000.00
84,847.32
0.000.00
• - 5
6,305.90
f 5
23,750.00
50.000.00 50,000.00
13,783.89
18.41
35,845.00
146,120.39
13,000.00
20,961.68
25,822.05
32,383.00
........
21,079.39
Wall, Wm. E
1927
1926
8410
E x h ib it
E
x h ib it
G -4 -1 8 . — Recoveries and losses on discounts entered direct to reserve for depreciation account
Losses
SwinshartTire&Rubber Co..........
Wilson, J. W..........................
GuardianTrust Co. Trusteefor H. A.
57,707.08 29,616.02
26,280.W 14,91&.52
1927 '
$86,797.68'
1928
1929
1930
1932
1932
$17,500.00
642
$14-66
$55,000.00
400.00 }......
22,000.00 {f 119,,0
63.51 /..........
$21,350.00
15,400.00
50,000.00
29,738.16
900.00 ],500.00 lf000.00
226,052.55
899.02
41,511.53
50,653.10 25,325.00
18,952.68
23,600.00
106,273.03
30,252.36
30.000.00
35.000.00
150.000.00
10,000.00
10,00000
150.000.00
166,926.69
$17,589.82 $21,671.18
1,872.00
25,000.00
50.000.00 220,490.15
32,700.00
24,547.95 400.00
30.000.00
62,380.00
17,598.85
,
46,161.84 55,516.19 23,731.01 36,876.60 78,196.70 62,615.57 110,268.67
7,110.11 6,265.11 10,066.89 1,950.80 6,678.1'l 7,478.58 8,887.89
179,303.35 141,651.08 74,268.61 284,083.96 386,610.74 566,374.02 329,196.76
Italicsindicatesredfigures.
"42,442.05"
15,000.00
178,509.94
65,522.44
2,578.78
Total
$80,312.59
104.070.00
150,000.00
70,080.54
139.550.00
21,027.44
19.548.35
47.997.05
30,504.34
69.125.00
■ 55,000.00
453.01
36.750.00
50.000.00
24,46616
226,052.55
41,112.51
100,978.10
18,952.68
23.600.00
106,273.03
30.252.36
30.000.00
35.000.00
420,490.15
42.700.00
34,147.95
180,000.00
166,926.69
62.380.00
17,598.85
42.442.05
15.000.00
178,509.94
566,192.12
86,272.49
497,319.62 3,152,220.97
8411
N ote
614,281.03'- 79,131,80
.—Thesefig
uresobtainedfromannual reportsofbank.
1926
STOCK EXCHANGE PEACTICES
1925
1923 ' 1924
$62,319.23 $17,993.36
104.070.00
150,000.00
$1,486.70
71,567.24
139.550.00
17,500.00
36,797.68
21,027.44
25,437.50 5,889.15
47,997.05
30,525.42
69,125.00
1923
1924
1925
1926
1927
G —4 ^ 1 9
1928
1929
1930
1932
$759,175.22 $684,319.77 $7,461,685.84
1,229,084.39 1,487,788.07
1,487,788.07 1,578,886.05
500,471.54 774,817.75 6,494,027.70
840,000.00 350,000.00 6,870,000.00
STOCK EXCHANGE PEACTICES
ActualNetEarnings, Accrual
Basis...................... $867,584.92 $619,336.53 $739,341.95 $765,471.44 $1,383,490.09 $890,174.20 $1,763,873.53 $1,592,677.17
Accruals:
BeginningofYear....... 610,627.91 443.097.04 460,586.04 340,830.20 473,497.13 586,101.53 650,510.59 999,386.74
EndofYear............. 443,097.04 460.588.04 $40,880.m 478,497.18 586,101.53 650,510.59 $99,586.74 1,m ,084.89
CashEarnings......... 200,004.05 601,847.93 859,097.79 632,804.51 1,270,885.69 825,765.14 1,414,997.38 1,362,979.52
Dividends Paid, Accrual 480,000.00
Basis......................
480,000.00 480,000.00 560,000.00 600,000.00 600,000.00 930,000.00 1,050,000.00
1931
8412
E x h ib it
[G -4^19b]
1922
1923
1924
1925
1926
1927
1928
1929
,
1930
1932
$285,675.39 $305,644.29
55,411.06
1,159.25
904,029.17 963,781.54
1,606.13
1,304.19
357,917.66 353,816.98
16,057.08
16,006.12
17,152.87
41,382.88
11,239.27
18,133.17
1,591,528.07 1,693,345.08
19,482.19
15,642.96
13,121.52
34,633.75
2,000.00
250.00
12,193.61
19,205.40
19,762.42
28,819.98
1,892.89
2,109.50
9,699.08
50,183.84
4,200.00 14,000.00
4.000.00
6,000.00
4,000.00
5.000.00
STOCK EXCHANGE 'PRACTICES
Accrued Interest Receivable
andPayable:
SecuredLoans........ ... $216,602.88 $209,041.08 $165,096.33 $133,395.46 $181,150.13 $185,981.04 $137,877.40 $151,544.78 $145,238.51
UnsecuredLoans....... 85,657.16 76,829.42 77,848.18 70,287.60 60,288.72 29,725.13 42,625.95 86,738.68 34,984.73
Real EstateLoans____ 141,943.97 139,52498 140.311.60 219,194.38 257,208.37 377,339.82 442,252.62 559,423.04 730,927.81
DuefromBanks___ 3,230.28 2,393.94 3,091.40 3,116.51
3,314.75 5,090.12
4,210.19 4,456.18
4,327.17
Bonds, StocksandInv... 253,924.62 258,974.19 361.138.60 223,509.87 290,380.87 287,229.96 437,162.39 420,361.50 439,967.73
PrepaidDep. BoxRent... 17,469.67 18,084.77 16,984.87 16,187.88 18,953.38 18,216.47 14,437.56 11,297.02 15,139.70
8,106.25
18.30
SundryEarnings........
1,079.98 16,940.32 12,125.30 11,213.73 15,624.43
11,204.66
Total Receivables . . 683,807.64 523,676.25 575,860.38 492,790.74 658,892.05 884,089.92 976,564.39 1,099,963.63 1,367,13534
SavingsAccounts............ 4,236.26 4,071.01 22,362.50 58,706.42 101,105.88 126,430.30 154,874.62 17,601.88 12,564.63
CertificatesofDep... _ - 36,040.93 28,154.77 16,557.62 23,499.44 18,547.57 77,292.54 86,697.76 19,945.75 37,606.06
Trust Funds......______ 1,721.33 1,154.26 1,667.65 1,280.50
1,500.00 2,000.00 3,000.00
3,006.81
3,500.00
PublicFunds___
. . 24,499.89 35,344.20 35,45088 33,046.55 34,699.00 27,34634 18,918.93 35,216.02 17,293.53
Commercial Accounts.. ... 11,152.66 23,350.28 35,273.23 42,333.59 46,394.37 52,481.03 48,766.92 50,273.78 52,644.83
429.07
622.44 174.02 145.45
DuetoBanks... ............ 2,264.94 4,276.89 3,439.13 2,731.79
2,507.36 3,267.20 3,490.85
4,060.39
4,285.94
9,807.21
11,767.88 21,338.78 6 ,636.44
BillsPay. Rediscts... _ ...
342.47
1,371.43
1.350.00 13,336.37 "i,356.65" 1,491.60
AccruedOper. Exp__
1,40000 3,000.00
2.500.00 24
,000.00
3,666766
3.500.00 8,000.00 8,000.00 3,000.00 3,000.00 2,00000 3.500.00
AccruedAdv. Exp__
4.500.00
2.500.00
AccruedMisc. Exp____
3.500.00 1,000.00 1,500.00 3,500.00 3,500.00 3,500.00 9,000.00
6.500.00 5.000 00
PrepaidInsurance........... 16,015.85 17,428.80 10,507.84 5,899.42
6 ,620.48
6 ,153.41
5,137.76 23,856.31
50000
607.60
700.00 70000
700.00
700.00
844•04
10,760.83
Total Payables........ 73,179.73 80,579.21 115,274.34 151,960.54 185,394.92 297,98&39 326,053.80 100,576.89 138,050.95
Net Accrued________ 610,627.91 443,097.04 460,586.04 340,830.20 473,497.13 586,101.53 650,510.59 999,386.74 1,229,084.39
1931
103,740.00 115,059.03
1,487,788.07 1,578,286.05
—Italicindicatesredfigures.
N ote.
8413
x h ib it
8414
E
G -4 -2 0
OFFICERS SALARIES AND BONUS—{1928 to 1932 Inclusive)
1928
Salaries
Bobus
1929
Salaries
Total
Bonus
1930
Total
Salaries
Bonus
Total
$567,333.30 $69,260.74 $636,594.04 $616,165.69 $76,311.65 $665,477.34 $625,100.00 $69,661.47 $694,761.47
Salaries
$605,000.00
Bonus
Total
Salaries
$605,000.00 $464,841.61
InformationobtainedfromBank’sStatements.
Bonus
Total
Total
Salaries
Bonus
Total
$464,841.61 $2,878,440.60 $288,233.86 $3,096,674.46
STOCK EXCHANGE PRACTICES
1932
1931
E
x h ib it
G -4^21 — The Guardian Trust Company, Cleveland, Ohio— Capital, surplus, undivided profits, reserves, dividends paid {January 1,
1929 to December 31, 1932)
Date
Total Not
ar'sRe Net Differ Year’sActual Adjustments CashDivi
cluding StockDivi pYoerte
Shares StatedValue SIn
dNet encePer Ex Net Profits To Reserves dendsPaid
tockDivi
dend
P
rofits
hibit
dend
1929................................................
1930_______________ ___ _______
1931.................... ............................
1932............................................ ...
70,000
LeavingonDecember 31,1932:
N ote.
$10,893,441.02
$1,000,000.00
2,000,000.00
3,800,000.00
$16,693,441.02
3,431,406.15
$20,124,847.17
$3,170,000.00
2,350,017.46 5,520,01746
7.000.000.00
7.000.000.00
604,829.71 $14,604,829.71
—ItalicindicatesredfiguresBasedonAnnual ReportsofBankandExhibit 3.
8415
$1,931,061.44 $167,187.91 $1,763,873.53 $83,589.78 $930,000.00
2,079,722. 27. 487,045.10 1,592,677.17 256,926.87 1,050,000.00
2,064,54282 1,305,367.60 759,175.22 592,544.37 840,00000
1,342,192.79 2,026,512.56 e84,319.77 1,416,956.44 350,000.00
$7,417,519.32 $3,986,113.17 $3,431,406.15 $2,350,01746 $3,170.000.00
STOCK EXCHANGE PEACTICES
Balance:
Dec. 31,1928.................................... 40.000
Jan. 15,1929... ................................. 10.000
Jan. 15,1929.................................... 20,000
Jan. —, 1929—PaidinSurplusfor Capital Stock
Sold............ ...........................
x h ib it
J G -4 -2 2 .—
Comparative statement of condition as at the close of business December 31 for the years 1929-1930-1931-1932
1929
1930
Increaseor
Decrease
1931
Decrease
1932
$1,485,342.33 $1,944,721.67
3,181.36
22,440.13
422,775.2l 4,615,172.88
2,271,815.B6 5,958,639.69
747,264.61 1,376,015.71
$1,107,281.27 $13,916,989.48
$7,302,707.16 $35,068,765.53
109,679.50
44,085. 28
2,973,716.01 31,490,968.04
2,757,375.18 19,056,575.36
114,426.00
665,051.53
162,134.34
$18,694,108.87 $85,822,528.55
$2,772,032.88 $16,131,481.60
2,926,594.40 5,684,580.57
8,214,785.6 4
8,019,377.63
1,868,187.60 5,799,531.99
84,441.67
339,517.94
$10,816,042.19 $35,974,489.73
$24,010,145.56 $121,797,018.28
$229,454.14 $137,761.70
89.767.26
104,750.50
331,379.45 7,859,198.15
224,392.73 1,693,345.08
2,658,211.89 1,696,471.49
2,622,335.38 1,204,032.52
78.446.26
60,705.00
Increaseor
Decrease
$3,433,865.81
15,998.74
1,215,533.14
114,987.20
191,815.07
$2,278,661.80
$3,726,180.26
9,239.68
2,727,591.40
4 ,639,275.64
114,426.00
394,1$7.19
$11,610,850.17
$3,406,238.43
1,598,301.61
219,216.51
1,453,673.69
316,017.94
$6,993,448.18
$4,617,401.99
$25,107.41
54,337.05
1,159,381.48
101,817.01
1,559,928.57
1,418,302.8 6
9,153.72
$108,8*2.26 $2,961,209.01
$24,940,198.31 148,470,272.20
$2,969,077.71
8,524,498.55
$5,717.68
$64,980.75
11,606,777.81 46,000,201.28
2 ,842,180.35
1,781,745.80
$24,918.24
9.277.686.68
8,237,436.90
1.014.814.69
490,504.83
1,368,356.98
165,984.32 1,449,737.38
200,000.00 1,090,504.83
1,204,849.57 1,405,106.03
STOCK EXCHANGE PRACTICES
RESOURCES
CashandExchangeonHand.................................—- $4,963,808.85 $3,891,745.15 $1,072,068.70 $5,377,087.48
807.86
4,067.89
6,441.39
CashItems............... .....................................
3,260.03
Duefrom&anksandBankers______ ____________ 3,465,063.01 2,977,863.93 487,199.08 3,400,639.14
,537,994.68 8,114,968.15 . 576,973.47 5,843,652.49
DuefromFederal ReserveBanks—Res. Acct.................. 7
DuefromFederal ReserveBank—Transit Acct........ -...... 2,714,015.92 2,315,095.29 898,920.68 1,567,830.78
Total CashonHandandinBanks....................... $18,684,950.35 $17,302,932.55 $1,882,017.80 $16,195,651.28
CollateralLoans............................................... $47,080,021.59 $46,097,652.94 $982,868.65 $38,794,945.79
42,889.08
205,343.49 163,004.46
53,324.96
BillsofExchange..............................................
Real EstateLoans__________ _____ __ ______ 31,011,749.79 37,192,275.45 6,180,525.66 34,218,559.44
Discounts...................................................... 31,801,614.24 26,453,226.18 6,848,888.06 23,695,851.00
114,426.00
556,271.53
AdvancesonAcceptances______________ ___ __ 1,387,443.59 1,221,323.06 166,120.58
Total Loans, Discounts&Acceptances_- .............. $111,486,172.70 $111,127,482.09 $368,690.61 $97,433,378.72
UnitedStatesBonds.....................................
- $13,018,828.36 $15,497,276.05 $2,478,447.69 $12,725,243.17
State, CountyandMunicipal Bonds___ _____ ___ 8,949,651.43 7,012,873.36 1.936.778.07 4,086,278.96
OtherBonds................................................... 7,827,385.69 11,014,946.76 3.187.561.07 7,800,161.12
Stocks... ...................................................... 5,424,531.40 5,714,045.90 289,514.50 4,345,858.30
126,914.17
57,941.67
68,972.60
OtherInvestments.............................................
23,500.00
Total Investments....................................... $35,347,311.05 $39,297,083.74 $3,949,772.69 $28,981,041.55
Total LoansandInvestments............................ $146,833,483.75 $150,424,565.83 $3,591,082.08 $126,414,420.27
SecuredAdvancestoTrust Estates............................ $592,621.09 $342,108.43 $250,512.66 $112,654.29
Overdrafts........ .............................................
63,993.23
90,180.71
26,187.48
50,413.45
BankingHousesandOther Real Estate........................ 5,201,019.10 6,368,437.22 1,167,418.12 6,699,816.67
267,171.71 1,591,528.07
AccruedInterest, AccountsReceivable, Etc................... 1,099,963.63 1,367,135.34
Customer’sLiabilityonAcceptances.. ........................ 5,380,333.07 5,909,611.45 529,278.38 3,256,400.06
2,622,335.38
LiabilitiesofBankersa/cAcceptancesguaranteedorendoresed.
86,554.26
CustomersLiabilityonlettersofcreditandtravelerschecks__
166,551.79 129,997.53
51,551.28
Total Customers Liability on Acceptances, Letters of
Credit andTravelerschecks...................... .... $5,546,884.86 $6,039,608.98 $1,492,724.12 $5,930,286. 72
Total Resources.......................................... $178,022,916.01 $181,934,969.06 $3,912,053.05 156,994,770.75
LIABILITIES
Thrift Club______ _ ___________________
95,616.52
$8,200.57
$89,898.99
87,415.95
SavingsAccounts.............................................. 56,816,116.50 66,784,665.27 9,968,548.77 55,277,887.96
CertificatesofDeposit........................................ 2,668,961.53 7,501,363.05 4,832,401.52 5,019,182.70
CityofCleveland.............................................. 3,203,854.94 2,298,567.75 905,287.19 2,464,552.07
200,000.00 400,000.00
200,000.00
600,000.00
CityofCleveland, SinkingFund..................... -.......
CountyofCuyahoga...... ................................... 4,563,207.11 1,568,613.39 2,994,598.72 2,773,462.96
Increaseor
8416
E
BoardofEducationofCleveland.
47,576.15 948,200.87
U.S. Government War Loan__
Postal Savings..................
Other PublicFunds.............
>,111.52 4,881,823.77
Total PublicFunds...
$13,694,749.72 $10,097,205.78
7,487,183.16 $6,893,672.95
DuetoBanksandBankers.
Other CheckAccounts___
51,706,592.39 52,229,424.39
Special Deposits.... ........
108,277.55
52,687.88
Trust Department Funds-11,917,029.09 10,432,445.88
ChecksOutstanding____
2,568,33823 3,209,965.29
Total Deposits....... .........................
147,054,664.12 $157,297,047.01
LettersofCredit andTravelers’ ChecksOutstanding.
166,551.79 $129,997.53
Bankers' AcceptancesGuaranteedor Endorsed___
AcceptancesOutstanding....... -.....................
10,333.07 5,909,611.45
Total Acceptances, Letters of Credit, and Travelers'
ChecksOutstanding.................................. ;5,546,884.86 ;6,039,608.98
InterestAccrued, AccountsPayable, etc......................
$100,57689 $138,050.95
Branchofficeitemsintransit.................................
1,983.38
Total InterestAccruedandOther Liabilities$102,560.27 $138,050.95
ReservedforDividend............................
$420,000.00 $420,000.00
ReservedforTaxes...................... ..........
20,961.07
3,778.59
234,120.92 307,008.46
ReservedforDepreciation.-........... ...........
BillsPayableandRediscounts....................
7.200.000.00
Capital Stock______ _______ _____
7.000.000.00 7.000.000.00
SurplusFund........... .........................
9.000.000.00 9.000.000.00
UndividedProfits................. -...............
1,443,724.77 1,729,475.07
Special ReserveFund............. ...............
Total Capital Stock, Surplus, Undivided Profits, and
Special Reserve................-............ -.... ... $17,443,724.77 $17,729,475.07
Total Liabilities............................... -........ $178,022,916.01 $181,934,969.06
Note.—Italicsindicateredfigures.
TakenfromAnnual ReportsofBank.
900,624.72
424,581.74
373,000.00
798,287.75 i,195,592.90
$S,597,543.94 $9,831,189.67
$593,510.21 $7,317,689. 54
522,832.00 37,116,649.82
55,589.67
81,095.23
$1,484,583.21 7,390,906.81
641,627.06 1,140,285.47
10,242,382.1 $123,264,786.19
$51,551.28
$86,554.!
2,622,335.38
529,278.38 3,256,400.06
$492,724.12 5,930,286.72
$37,474.06
103,740.00
1,983.38
$35,490.68
$103,740.00
$210,000.00
271,460.50
1,002,682.01
9,155,709.41
7.000,000.00
9.000,000.00
285,750.30 1,056, 105.93
$17,182.48
72,887.54
7,200,000.00
$285,750.30 17,056,105.92
,912,053.05 $156,994,770.75
26,330.27
398,251.47
3.481.400.00 3.481.400.00
5.174.102.00 48.01.102.00
1,313,230.87 1,638,318.09 1,557,274.81
$266,016.11 $14,265,498.60 $4,434,308.93
$424,016.59 5,462,266.03 1,855,423.51
15,112,774-•57 28,298,556.16 8,818,093.66
13,944.83
28,407.35
67,150.40
3,041,539.07 5,990,121.75 1,400,785.06
2,069,678.82 7,873,814.07 6,733,528.60
$34,032,260.82 09,804,334.84 $13,460,451.35
$78,446.25
60,705.00
9,153.72
2.622.335.38 1,204,032.52 1,418,302.86
2.653.211.39 1,696,471.49 1,559,928.57 Ui
H
O
$109,322.26 $2,961,209.01
'.,969,077.71 Q
$34,310.95 $115,059.03
$11,319.03 H
fei
$34,310.95 $115,059.03
$11,319.03 x
$210,000.00
$70,000.00 $140,000.00 a
11,433.82
267,681.91
260,026.68 W
695,673.55
79,665.13
923,016.88
9,155,709.41 18,223,740.66 9,068,031.25 !»
7.000.000.00
7.000.000.00 2,000,000.00 O
451,276.21 H
9.15
604,829.71
j
2.600.000.00 2,600,000.00 h
W
!»
$673,369.15 $17,204,829.71
$148,723.79 Q
$24,940,198.31 5148,470,272.20 $8,524,498.55 H
M
Q
H
CO
523,619.13
-a
8418
STOCK EXCHANGE PEACTICES
Exhibit
G-4^23
G U A R D IA N TRUST COM PANY OF CLEVELA N D-- STATEMENT OF C ON DIT ION
D E C E M B E R 31, 1929
DIRECT O RS
Warren Bicknell, Chairman of Board, The Ltfndoff-Bicknell Co.
Robert H. Bishop, Jr., Secretary, University Hospitals of Cleveland.
Charles C. Bolton, Cleveland.
Irving C. Bolton, Treasurer, The Warner & Swasey Co.
S. M. Bond, Cleveland.
Geo. H. Bowman, President, The Geo. H. Bowman Co.
Carl W. Brand, Vice President, Standard Brands Incorporated.
Arthur D. Brooks, President, The Brooks Co.
Harvey H. Brown, Jr., Vice President, The Stewart Furnace Co.
Geo. S. Case, President, The Lamson & Sessions Co.
W. A. Daley, President, The W. S. Gilkey Printing Co.
H. G. Dalton, Pickands, Mather & Co.
A. W. Dean, President, West Virginia-Pittsburgh Coal Co.
Wm. G. Dietz, Investment Securities.
Geo. B. Durell, President, American Fork & Hoe Co.
Ralph L. Fuller, Chemicals.
K. F. Gill, President John Gill & Sons.
E. S. Griffiths, President, The Cleveland Machine & Manufacturing Co.
Louis J. Grossman, Grossman and Grossman.
R. S. Hall, President, The Bourne-Fuller Co.
Dan R. Hanna, Jr., President, The Cleveland News.
L. C. Hanna, Jr., Member Executive Committee, The M. A. Hanna Co.
F. S. Harmon, Cleveland.
Charles P. Hine, Thompson, Hine & Flory.
S. H. Holding,,Holding, Duncan & Leckie.
J. A. House, President.
Wm. H. Hunt, Chairman Advisory Board, Sun Life Assurance Co. of Canada.
Richard Inglis, Otis & Company.
John A. Kling, Chairman, The Kelly Island Lime & Transport Co.
Selden Kline, Otis & Company.
W. H. Marlatt, Treadway & Marlatt.
W. G. Marshall, President, The Marshall Drug Co.
W. G. Mather, President, The Cleveland Cliffs Iron Co.
H. P. McIntosh, Chairman.
H. P. McIntosh, Jr., Vice President.
James R. Mills, Manager of Sales, Carnegie Steel Co.
Thos. E. Monks, Vice President.
L. A. Murfey, Vice President.
C. L. Murfey, Vice President.
H. K. Oakes, Vice President Bethlehem Transportation Corporation.
Proctor Patterson, President, The W. S. Tyler Co.
E. A. Petrequin, President, The Petrequin Paper Co.
Atlee Pomerene, Squire, Sanders & Dempsey.
F. F. Prentiss, Vice President, The Cleveland Twist Drill Co.
Orville W. Prescott, The Saginaw Bay Co.
H. C. Robinson, Senior Vice President.
E. D. Rogers, President, The Morse-Rogers Steel Co.
E. S. Rogers, Cleveland.
W. T. Rossiter, Vice President, The Cleveland Builders Supply Co.
H. I. Shepherd, Vice President.
H. B. Stewart, President, The Akron, Canton & Youngstown Railroad.
Arthur L. Stone, Secretary-Treasurer, The Nicola, Stone & Myers Co.
A. S. Taylor, V. C. Taylor & Son.
E. G. Tillotson, President, E. G. Tillotson & Co., Incorporated.
Geo. Garretson Wade, Secretary-Treasurer, The Wade Realty Co.
Robert B. Wallace, President, Kinney Steamship Co.
Jas. W. Warwick, President, The Drake Coal Co.
Geo. J. Whelan, President, The Kelly Island Lime & Transport Co.
STOCK EXCHANGE PRACTICES
8419
Sta t e m e n t
THE G U A R D IA N TRUST COM PANY
December 31, 1929
RESO U RC E S
Cash on hand and in banks_______________________________
United States bonds______________ _ ____________________
Loans, advances, and investments____ _ _______ _____ ____
Overdrafts___________________________ _________ ________
Banking houses and other real estate________ ___________
Interest accrued and other resources________ ______________
Customers’ .liability on acceptances and letters of credit_____
Total_____________________________________________
$18, 590, 442.
13, 018, 828.
134, 757, 949.
16, 946.
5, 201, 019.
1, 123, 819.
5, 482, 472.
74
36
70
76
10
94
20
178, 191, 478. 80
L IA B IL IT IE S
Deposits_________________________________________________ $147, 201, 353. 98
Acceptances and letters of credit___________________________
5, 546, 884. 86
Due Federal Reserve bank________________________________
7, 200, 000. 00
420, 000. 00
Reserve for January 1, 1930, dividend_______.______________
Interest accrued and other reserves________________________
379, 515. 19
Capital stock______________________________ $7, 000, 000. 00
Surplus___________________________________ 9, 000, 000. 00
Undivided profits__________________________ 1, 443, 724. 77
17, 443, 724. 77
Total_____________________________________________
178, 191, 478. 80
COM PA RISO N OF DEPOSITS
December 31, 1925_______________________________________
December 31, 1927_______________________________________
December 31, 1929_______________________________________
$105, 317, 785. 18
135, 305, 911. 48
147, 201, 353. 98
OF FIC E RS
Chairman of the board: H. P. McIntosh.
President: J. A. House.
Senior vice president: H. C. Robinson.
Vice presidents: Philip C. Berg, H. A. Carlton, Allan B. Cook, John Fish,
X. B. Foote, C. H. Force, A. R. Fraser, W. R. Green, Clay Herrick, A. L. Irish,
Geo. B. Johnson, L. J. Kaufman, H. P. McIntosh, Jr., C. R. Megerth, Thos.
E. Monks, L. A. Murfey, C. L. Murfey, S. J. Olstyn, W. D. Purdon, E. T.
Shannon, H. I. Shepherd, A. G. Stucky, A. F. Young.
Secretary: R. P. Sears.
Assistant secretaries: C. F. Bruggemeier, T. F. Buzard, H. J. Coates, R. R.
Emmick, O. H. Gray, W. N. Hoppe, J. J. Luthi, H. H. McKee, J. A. Purcell,
T. P. Reitinger, E. A. Stockwell, J. A. Ward.
Assistant treasurers: Geo. A. Church, T. C. Edmonds, O. W. Fullerton, L. J.
Geib, Elmer Guentzler, H. C. Hutchinson, P. P. Janicki, E. L. Neuswander, G. J.
Provo, T. R. Roberts, G. F. Rueter, J. R. Ruggles, W. H. Steinkamp, F. G.
Stuber, K. B. Wiggins.
Assistant trust officers: W. Kenneth Brew, Wm. P. Davis, Thobum Mills.
Auditor: R. H. Garner.
Bond department: P. A. Sihler, manager.
Tax department: F. M. Riddleberger, consultant.
Travel bureau: Geo. W. Bohn, manager.
F
a c il it ie s
and
S e r v ic e s
B A N K IN G DEPARTM ENT
Provides a complete commercial service for individuals, firms, corporations
banks, estates, and associations.
Pays interest at the rate of 4% per annum on savings accounts.
Issues interest-bearing certificates of deposit, payable at a specified time.
Makes collections for local or foreign customers at minimum cost. Corre
spondents in all principal cities.
STOCK EXCHANGE PEACTICES
8420
TRUST DEPA RTM ENT
Acts as executor and trustee under wills. Manages and conserves estates,
distributing the income and eventually the principal, as directed.
As trustee under a living trust, invests funds under a well-balanced invest
ment plan. Replaces speculation with conservatism and, through securities
analysis, safeguards both principal and income.
Under a custodianship collects all dividends and coupons, analyzes invest
ments and recommends purchase or sale. All transactions subject to approval
of owner.
Acts as transfer agent and registrar for corporations; also, as custodian of
pledged collateral and depository for securities controlled by reorganization
committees.
Manages real estate for owners, taking care of taxes, repairs and rentals.
As escrow agent holds moneys or securities pending fulfillment of stipulated
conditions.
LOAN DEPARTM ENT
Loans upon acceptable securities and grants first mortgages on real estate.
Discounts paper, handles acceptances and customers’ notes. Buys and sells
bankers’ acceptances in the open market; organizes syndicates of banks to accept
drafts drawn against existing values of merchantable commodities.
B O N D DEPA RTM ENT
Invites inquiries from customers desiring recommendations regarding sound
securities.
F O R E IG N DEPA RTM ENT
Buys and sells foreign moneys and remits by mail or cable to all parts of the
world. Finances imports and exports. Establishes commercial credits, exe
cutes acceptances, collects bills on all countries.
T R A V E L DEPA RTM ENT
Sells steamship tickets to all parts of the world, personally conducted tours
and itineraries arranged. Travelers’ letters of credit and travelers’ checks issued,
payable in all parts of the world.
SAFE D E P O SIT D EPA RTM EN T
Boxes from $5 a year up. Storage for silverware, trunks, chests, and valuable
packages.
Member Cleveland Clearing House Association
offices: main office---623 EUCLID avenue
Arlington-Eddy office, L. O. Bond, manager; Arlington at Eddy Road.
Commercial office, H. E. Rafferty, manager; Superior at W. Sixth Street.
Coventry office, F. G. Stuber, assistant treasurer; Coventry at •Lancashire
Road.
Euclid, forty-sixth office, W. J. Strater, manager; 4701 Euclid Avenue.
Euclid, one hundred and fifth office, G. J. Provo, assistant treasurer; 10300
Euclid Avenue.
Euclid, Superior office, W. H. Mynderse, manager; Euclid at Superior Avenue.
Lakewood office, W. H. Steinkamp, assistant treasurer; Detroit at Warren
Road.
Rocky River office, G. F. Rueter, assistant treasurer; Rocky River, Ohio.
St. ClairrParkwood office, P. P. Janicki, assistant treasurer; St. Clair at Park
wood Drive.
Shaker Square office, F. G. Stuber, assistant treasurer; 13117 Shaker Square.
Superior, eightieth office, Joseph Mosinski, manager; 8017 Superior Avenue.
Washington bank office, S. J. Olstyn, vice president; Broadway at Forman
Avenue.
Woodland office, Jos. Duffner, manager; 3106 Woodland Avenue.
There is a spirit of helpfulness in the Guardian Bank.
Member Federal Reserve System.
STOCK EXCHANGE PEACTICES
Exhibit
8421
G-4—24
G U A R D IA N TRUST COM PANY OF CLEVELA ND -- STATEMENT OF C ON DIT ION
D E C E M B E R 31, 1930
D IR E CT O RS
Warren Bicknell, Chairman of Board, The Lundoff-Bicknell Co.
Robert H. Bishop, Jr., Secretary, University Hospitals of Cleveland.
Irving C. Bolton, Treasurer, The Warner & Swasey Co.
S. M. Bond, Cleveland.
Geo. H. Bowman, President, The Geo. H. Bowman Co.
Carl W. Brand, Vice President, Standard Brands, Incorporated.
Arthur D. Brooks, President, The Brooks Co.
Harvey H. Brown, Jr., Vice President, The Stewart Furnace Co.
Geo. S. Case, President, The Lamson & Sessions Co.
W. A. Dalev, President, The W. S. Gilkey Printing Co.
H. G. Dalton, Pickands, Mather & Co.
A. W. Dean, President, West Virginia-Pittsburgh Coal Co.
Geo. B. Durell, President, American Fork & Hoe Co.
Randolph Eide, President, Ohio Bell Telephone Co.
Ralph L. Fuller, Chemicals.
Louis J. Grossman, Grossman and Grossman.
R. S. Hall, President, The Bourne-Fuller Co.
Dan R. Hanna, Jr., President, The Cleveland News.
L. C. Hanna, Jr., Member Executive Committee, The M. A. Hanna Co.
F. S. Harmon, Cleveland.
Charles P. Hine, Thompson, Hine & Flory.
S. H. Holding, Holding, Duncan & Leckie.
J. A. House, President.
Wm. H. Hunt, Chairman Advisory Board, Sun Life Assurance Co. of Canada.
Richard Inglis, Otis & Company.
John A. Kling, Chairman, The Kelley Island Lime & Transport Co.
Selden Kline, Otis & Company.
W. H. Marlatt, Treadway & Marlatt.
G. G. Marshall, Vice President and Secretary, The Marshall Drug Co.
W. G. Marshall, President, The Marshall Drug Co.
W. G. Mather, President, The Cleveland Cliffs Iron Co.
H. P. McIntosh, Chairman of the Board.
H. P. McIntosh, Jr., Vice President.
James R. Mills, Manager of Sales, Carnegie Steel Co.
Thos. E. Monks, Vice President.
C. L. Murfey, Vice President.
H. K. Oakes, Vice President, Bethlehem Transportation Corporation.
Proctor Patterson, President, The W. S. Tyler Co.
E. A. Petrequin, President, The Petrequin Paper Co.
Atlee Pomerene, Squire, Sanders & Dempsey.
F. F. Prentiss, Vice President, The Cleveland Twist Drill Co.
Orville W. Prescott, The Saginaw Bay Co.
H. C. Robinson, Senior Vice President.
E. D. Rogers, President, The Morse-Rogers Steel Co.
E. S. Rogers, Cleveland.
W. T. Rossiter, Vice President, The Cleveland Builders Supply Co.
H. I. Shepherd, Vice President.
E. W. Smith, Vice President, Pennsylvania Railroad Co.
H. B. Stewart, President, The Akron, Canton & Youngstown Railway.
Arthur L. Stone, Secretary-Treasurer, The Nicola, Stone & Myers Co.
Alexander S. Taylor, President, V. C. Taylor & Son, Inc.
E. G. Tillotson, President, E. G. Tillotson & Co., Inc.
Geo. Garretson Wade, Secretary-Treasurer, The Wade Realty Co.
Robert B. Wallace, President, The Kinney Steamship Co.
Jas. W. Warwick, President, The Drake Coal Co.
Geo. J. Whelan, President, The Kelley Island Lime & Transport Co.
STOCK EXCHANGE PEACTICES
'8 4 2 2 ,
Statement of condition of The Guardian Trust Co. of Cleveland December 31, 1930
RESO U RC E S
Cash on hand and in banks_______________________________
United States bonds______________________________________
Loans, advances, and investments_________________________
Banking houses and other real estate______________________
Interest accrued and other resources_______________________
Customers’ liability on acceptances and letters ot credit_____
$17, 212, 316, 71
15, 497, 276. 05
135, 347, 370. 44
6, 368, 437. 22
1, 367, 135. 34
6, 034, 958. 98
Total_____________________________________________
181, 827, 494. 74
L IA B IL IT IE S
Deposits_________________________________________________ $157, 189, 572. 69
Acceptances and letters of credit__________________________
6, 039, 608. 98
Reserve for Jan. 1, 1931, dividend_________________________
420, 000. 00
Interest accrued and other reserves________________________
448, 838. 00
Capital stock______________________________ $7, 000, 000. 00
Surplus___________________________________ 9, 000, 000. 00
Undivided profits__________________________ 1, 729, 475. 07
17, 729, 475. 07
Total_____________________________________________
COM PARISON
of
181, 827, 494. 74
d e p o s it s
December 31; 1926_______________________________________ $118, 925,139. 09
December 31, 1928_______________________________________ ' 147, 186,' 449. 83
December 31, 1930_______________________________________
157, 189, 572. 69
O FFIC ERS
Chairman of the board, H. P. McIntosh.
President, J. A. House.
Senior vice president, H. C. Robinson.
Vice presidents: Philip C. Berg, H. A. Carlton, Allan B. Cook, John Fish,
L. B. Foote, C. H. Force, A. R. Fraser, W. R. Green, Clay Herrick, Arthur L.
Irish, Geo. B. Johnson, L. J. Kaufman, H. P. McIntosh, Jr., C. R. Megerth,
Thos. E. Monks, C. L. Murfey, S. J. Olstyn, W. D. Purdon, E. T. Shannon,
H. I. Sheperd, A. G. Stucky, A. F. Young.
Secretary, R. P. Sears.
Treasurer, C. F. Bruggemeier.
Assistant secretaries: T. F. Buzard, Wm. P. Davis, R. R. Emmick, O. H. Gray,
W. 'N .1Hoppe,- C. F.,.Koch, J. J. Luthi, H. H. McKee, T. P. . Reitinger, E. A.
Stockwell, J. A. Ward.
' '‘
Assistant treasurers: Geo. A. Church, T. C. Edmonds, O. W. Fullerton, L. J.
Geib, Elmer Guentzler, H. C. Hutchinson, P. P. Janicki, J. A. Kainsirger, E. L.
Neuswander, G. J. Provo, J. A. Purcell, T. R. Roberts, G. F. Rueter, J. R.
Ruggles, W. H. Steinkamp, F. G. Stuber, K. B. Wiggins.
Assistant trust officers: W. Kenneth Brew, W. H. Holmwood, Thoburn Mills,
F. C. Fulton, E. L. Mallon.
Auditor, R. H. Garner.
Bond department, P. A. Sihler, Manager.
Tax department, F. M. Riddleberger, Consultant.
Travel bureau, Geo. W. Bohn, Manager.
F
a c il it ie s
and
S e r v ic e s
B A N K IN G DEPARTM ENT
Provides a complete commercial service for individuals, firms, corporations,
banks, estates and associations.
Pays interest at the rate of 3% percent per annum on savings accounts.
Issues interest-bearing certificates of deposit, payable at a specified time.
Makes collections for local or foreign customers at minimum cost. Corre
spondents in all principal cities.
STOCK EXCHANGE PEACTICES
8423
TRUST DEPARTM ENT
Acts as executor and trustee under wills. Manages and conserves estates,
distributing the income and eventually the principal, as directed.
As trustee under a living trust, invests funds under a well-balanced investment
plan. Replaces speculation with conservatism and, through securities analysis,
safeguards both principal and income
Under a custodianship collects all dividends and coupons, analyzes investments
and recommends purchase or sale. All transactions subject to approval of owner.
Acts as transfer agent and registrar for corporations; also, as custodian of
pledged collateral and depositary for securities controlled by reorganization
committees.
.
Manages real estate for owners, taking care of taxes, repairs and rentals.
As escrow agent holds moneys or securities pending fulfillment of stipulated
conditions.
LOAN DEPA RTM ENT
Loans upon acceptable securities and grants first mortgages on real estate.
Discounts paper, handles acceptances and customers’ notes. Buys and sells
bankers’ acceptances in the open market; organizes syndicates of banks to accept
drafts drawn against existing values of merchantable commodities.
BON D DEPARTM ENT
Invites inquiries from customers desiring recommendations regarding sound
securities.
F O R E IG N DEPARTM ENT
Buys and sells foreign moneys and remits by mail or cable to all parts of the
world. Finances imports and exports. Establishes commercial credits, executes
acceptances, collects bills on all countries. Travelers’ letters of credit and
travelers’ checks issued, payable in all parts of the world.
T R A V E L DEPARTM ENT
Sells steamship tickets to all parts of the world, personally conducted tours and
itineraries arranged.
SAFE D EPO SIT DEPARTM ENT
Boxes from $5 a year up.
packages.
Storage, for silverware, trunks,- chests and valuahle
OFFICES
Main Office, 623 Euclid Avenue.
Arlington-Eddy office, L. O. Bond, Manager; Arlington at Eddy Road.
Commercial office, H E. Rafferty, Manager, Superior at W. Sixth* Street.
Coventry office, R. E. Kirk, Manager, Coventry at Lancashire Road.
Euclid-46th office, W. J. Strater, Manager, 4701 Euclid Avenue. ,
Euclid-105th office, G. J. Provo, Ass’t Treas., 10300 Euclid Avenue;.
Euclid-Superior office, W. H. Mynderse, Manager, Euclid at Superior Avenue.
Lakewood office, W. G. Steinkamp, Ass’t. Treas., Detroit at Warreji Road.
Lorain-W. 117th office, D. B. Hull, Manager, 11718 Lorain Avenue. ‘
Miles-131st office, P. P. Janicki, Ass’t. Treas 13034 Miles Avenue.
Pearl Road office, H. B. Todd, Manager, 4250 Pearl Road.
Rocky River office, G. F. Rueter, Ass’t Treas , Rocky River, Ohio.
St. Clair-Parkwood office, O. H. Gray, Ass’t. Secretary, St. Clair at Parkwood
Drive.
Shaker Square office, F. G. Stuber, Ass’t. Treas , 13117 Shaker'Square.
Superior-80th office, Joseph Mosinski, Manager, 8017 Superior Avenue.
Vcela office, Chas. F. Koch, Ass’t. Secretary, 5703 Broadway.
Washington Bank office, J. J. Cetkowski, Manager, Broadway at Forman
Avenue.
Woodland office, Jos. Duffner, Manager, 3106 Woodland Avenue.
Member Federal Reserve System, Cleveland Clearing House Association.
8424
STOCK EXCHANGE PBACTICES
Exhibit G—4-25
G U A R D IA N TRUST COM PANY OF CLEV E LA N D-- STATEMENT OF C O N D IT IO N
D E C E M B E R 31, 1931
D IR E CT O RS
Charles K.^Arter, Dustin, McKeehan, Merrick, Arter & Stewart.
Warren Bicknell, Chairman of Board, The Lundoff-Bicknell Co.
Robert H. Bisnop, Jr., Secretary, University Hospitals of Cleveland.
Irving C. Bolton, Treasurer, The Warner & Swasey Co.
S. M. Bond, Cleveland.
Carl W. Brand, Vice President, Standard Brands, Incorporated.
Arthur D. Brooks, President, The Brooks Co.
Harvey H. Brown, Jr., Vice President, The Stewart Furnace Co.
Geo. S. Case, President, The Lainson & Sessions Co.
W. A. Daley, President, The W. S. Gilkey Printing Co.
H. G. Dalton, Pickands, Mather & Co.
A. W. Dean, President, West Virginia-Pittsburgh Coal Co.
John F. Deasy, Vice President, Pennsylvania Railroad Co.
Geo. B. Durell, President, American Fork & Hoe Co.
Randolph Eide, President, The Ohio Bell Telephone Co.
Ralph L. Fuller, Chemicals.
Louis J. Grossman, Grossman & Grossman.
R. S. Hall, President, The Bourne-Fuller Co.
Dan R. Hanna, Jr., President, The Cleveland News.
L. C. Hanna, Jr., Member Executive Committee, The M. A. Hanna Co.
Chas. G. Heer, Treasurer, The Cleveland Cliffs Iron Co.
Charles* P. Hine, Thompson, Hine & Flory.
J. A. House, President.
Wm. H. Hunt, Chairman Advisory Board, Sun Life Assurance Co. of Canada.
Richard Inglis, President, Inland investors, Inc.
F. D. Kellogg, President, The Ohio Cut Stone Co.
John A. Kling, Chairman, The Kelley Island Lime & Transport Co.
W. H. Marlatt, Treadway & Marlatt.
G. G. Marshall, Vice President and Secretary, The Marshall Drug Co.
W. G. Marshall, President, The Marshall Drug Co.
H. P. McIntosh, Chairman of the Board.
H. P. McIntosh, Jr., Vice President.
James R. Mills, Manager of Sales, Carnegie Steel Co.
Thos. E. Monks, Vice President.
C. L. Murfey, Vice President.
H. K. Oakes, Vice President, Bethlehem Transportation Corporation.
Proctor Patterson, President, The W. S. Tyler Co.
E. A. Petrequin, President, The Petrequin Paper Co.
Atlee Pome'rene, Squire, Sanders & Dempsey.
F. F. Prentiss, Chairman of Board, The Cleveland Twist Drill Co.
Orville W. Prescott, The Saginaw Bay Co.
H. C. Robinson, Senior Vice President.
E. D. Rogers, President, The Morse-Rogers Steel Co.
E. S. Rogers, Cleveland.
W. T. Rossiter, Vice President, The Cleveland Builders Supply Co.
H. I. Shepherd, Vice President.
H. B. Stewart, President, The Akron, Canton & Youngstown Railway.
Arthur L. Stone, Secretary-Treasurer, The Nicola, Stone & Myers Co.
Alexander S. Taylor, President, V. C. Taylor & Son, Inc.
E. G. Tillotson, President, E. G. Tillotson & Co., Inc.
Geo. Garretson Wade, Secretary-Treasurer, The Wade Realty Co.
Robert B. Wallace, President, The Kinney Steamship Co.
Jas. W. Warwick, President, The Drake Coal Co.
Geo. J. Whelan, President, The Kelley Island Lime & Transport Co.
STOCK EXCHANGE PRACTICES
8425
Statement of Condition of The Guardian Trust Company, of Cleveland, December 31,
1931
RESOURCES
Cash on Hand and in Banks______________________________
United States Bonds______________________________________
Other Bonds and Securities________________________________
Loans and Discounts_____________________________________
Banking Houses and Other Real Estate____________________
Interest Accrued and Other Resources_____________________
Customers’ Liability on Acceptances and Letters of Credit__
Total_______ _______ _______________ _____ _________
$16, 069, 618. 11
12, 725, 243. 17
16, 255, 798. 38
97, 591, 266. 46
6, 699, 816. 67
1, 591, 528. 07
5, 930, 286. 72
156, 863, 557. 58
LIABILITIES
Deposits_________________________________________________ $123, 133, 573. 02
Acceptances and Letters of Credit_________________________
5, 930, 286. 72
Reserve for January 1, 1932, Dividend_____________________
210, 000. 00
Interest Accrued and Other Reserves______________________
1, 377, 882. 51
Bills Payable at Federal Reserve Bank_____________________
2, 8.r0, 000. 00
Rediscounts______________________________________________
6, 305, 709. 41
7, 000, 000. 00
Capital Stock______________________________ ______ _______
Surplus and Undivided Profits_____________________________
10, 056, 105. 92
Total____________________ _______ _______ __________
156,863,557.58
OFFICERS
Chairman of the Board: H. P. McIntosh.
President: J. A. House.
Senior Vice President: H. C. Robinson.
Vice Presidents: Philip C. Berg, H. A. Carlton, Allan B. Cook, John Fish,
L. B. Foote, C. H. Force, A. R. Fraser, W. R. Green, Clay Herrick, Arthur L.
Irish, Geo. B. Johnson, L. J. Kaufman, H. P. McIntosh, Jr., C. R. Megerth,
Thos. E. Monks, C. L. Murfey, S. J. Olstyn, W. D. Purdon, E. T. Shannon,
H. I. Shepherd, A. G. Stucky, A. F. Young.
Secretary: R. P. Sears.
Treasurer: C. F. Bruggemeier.
Assistant Vice Presidents: Dale Brown, Robert C. Lee, Thoburn Mills,
G. J. Provo, F. G. Stuber.
Assistant Secretaries: T. F. Buzard, Wm. P. Davis, R. R. Emmick, O. H. Gray,
W. N. Hoppe, S. F. Koch, J. J. Luthi, H. H. McKee, T. P. Reitinger, E. A.
Stockwell, J. A. Ward.
Assistant Treasurers: Geo. A. Church, T. C. Edmonds, O. W. Fullerton,
L. J. Geib, Elmer Guentzler, H. C. Hutchinson, P. P. Janicki, J. A. Kainsinger,
E. L. Ncuswander, J. A. Purcell, T. R. Roberts, G. F. Rueter, J. R. Ruggles,
W. H. Steinkamp, H. J. Weber, K. B. Wiggins.
Assistant Trust Officers: W. Kenneth Brew, F. C. Fulton, W. H. Holmwood,
E. L. Mallon.
Auditor: R. H. Garner.
Bond Department: P. A. Sihler, Manager.
Tax Department: F. M. Riddleberger, Consultant.
Travel Bureau: Geo. W. Bohn, Manager.
Facilities
and
Services
BANKING DEPARTMENT
Provides a complete commercial service for individuals, firms, corporations,
banks, estates, and associations.
Pays interest at the rate of 3 percent per annum on savings accounts.
Issues interest-bearing certificates of deposit, payable at a specified time.
Makes collections for local or foreign customers at minimum cost. Corre
spondents in all principal cities.
1 7 5 5 4 1 — 3 4 — p t 1 9 -------- 11
8426
STOCK EXCHANGE PEACTICES
TRUST DEPARTMENT
Acts as executor and trustee under wills. Manages and conserves estates,
distributing the income and eventually the principal, as directed.
As trustee under a living trust, invests funds under a well-balanced investment
plan. Replaces speculation with conservatism and, through securities analysis,
safeguards both principal and income.
Under a custodianship collects all dividends and coupons, analyses investments,
and recommends purchase or sale. All transactions subject to approval of owner.
Acts as transfer agent and registrar for corporations; also, as custodian of
pledged collateral and depositary for securities controlled by reorganization
committees.
Manages real estate for owners, taking care of taxes, repairs, and rentals.
As escrow agent holds moneys or securities pending fulfillment of stipulated
conditions.
LOAN DEPARTMENT
Loans upon acceptable securities and grants first mortgages on real estate.
Discounts paper, handles acceptances and customers’ notes. Buys and sells
bankers’ acceptances in the open market; organizes syndicates of banks to accept
drafts drawn against existing values of merchantable commodities.
BOND DEPARTMENT
Invites inquiries from customers desiring recommendations regarding sound
securities.
FOREIGN DEPARTMENT
Buys and sells foreign moneys and remits by mail or cable to all parts of the
world. Finances imports and exports. Establishes commercial credits^ executes
acceptances, collects bills on all countries. Travelers’ letters of credit and
travelers’ checks issued, payable in all parts of the world.
TRAVEL DEPARTMENT
Sells steamship tickets to all parts of the world, personally conducted tours
and itineraries arranged.
SAFE DEPOSIT DEPARTMENT
Boxes from $5 a year up.
packages.
Storage for silverware, trunks, chests, and valuable
OFFICES
Main Office, 623 Euclid Avenue.
Arlington-I ddy Office, L. O. Bond, Manager, Arlington at Eddy Road.
Commerc.i.1 0.fice, F. G. Stuber, Ass’t. Vice President, Superior at W. 6th St.
Coventry Office, R. E. Kirk, Manager, Coventry at Lancashire Road.
Euclid-46th Office, W. J. Strater, Manager, 4701 Euclid Avenue.
Euclid-105th Office, G. J. Provo, Ass’t. Vice President, 10300 Euclid Avenue.
Euclid-Superior Office, W. H. Mynderse, Manager, Euclid at Superior Avenue.
Garfield Office, Stephen Piotrowski, Manager, 4600 Turney Road.
Lakewood Office, W. H. Steinkamp, Ass’t. Treas., Detroit at Warren Road.
Lorain-W. 117th Office, D. B. Hull, Manager, 11718 Lorain Avenue.
Miles-131st Office, P. P. Janicki, Ass’t. Treas., 13034 Miles Avenue.
Pearl Road Offic H. B. Todd, Manager, 4250 Pearl Road.
Rocky River Office, G. F. Rueter, Ass’t. Treas., Rocky River, Ohio.
St. Clair-Parkwood Office, O. H. Gray, Ass’t. Secretary, St. Clair at Parkwood
Dr.
Shaker Square Office, F. G. Stuber, Ass’t. Vice President, 13117 Shaker Square.
Superior-80th Office, Joseph Mosinski, Manager, 8017 Superior Avenue.
Vcela Office, J. A. Kainsinger, Ass’t. Treasurer; Chas. F. Koch, Ass’t. Secretary,
5703 Broadway.
Washington Bank Office, J. J. Cetkowski, Manager, Broadway at Forman Ave.
Woodland Office, Jos. Duffner, Manager, 3106 Woodland Avenue.
Member: Federal Reserve System; Cleveland Clearing House Association.
STOCK EXCHANGE PBACTICES
Exhibit
December
8427
G-4-26
31, 1932— Guardian
Trust Company op Cleveland
Statement op Condition
directors
Charles K. Arter, Dustin, McKeehan, Merrick, Arter & Stewart.
Warren Bicknell, Chairman of Board, The Lundoff-Bicknell Co.
Robert H. Bishop, Jr., Secretary, University Hospitals of Cleveland.
Irving C. Bolton, Treasurer, The Warner & Swasey Co.
Charles C. Bolton.
S. M. Bond, Cleveland.
Geo. H. Bowman.
Carl W. Brand, Ettinger & Brand.
Arthur D. Brooks, Cleveland.
Harvey H. Brown, Jr., Vice President, The Stewart Furnace Co.
Geo. S. Case, President, The Lamson & Sessions Co.
W. A. Daley, President, The W. S. Gilkey Printing-Co.
H. G. Dalton, Pickands, Mather & Co.
A. W. Dean, President, West Virginia-Pittsburgh Coal Co.
John F. Deasy, Vice President, Pennsylvania Railroad Co.
Wm. G. Dietz.
Geo. B. Durell, President, American Fork & Hoe Co.
Randolph Eide, President, The Ohio Bell Telephone Co.
Ralph L. Fulton.
K, F. Gill
Louis J. Grossman, Grossman & Grossman.
R. S. Hall, Vice President, Republic Steel Corporation.
Dan R. Hanila, Jr., President, The Cleveland News.
L. C. Hanna, Jr., Member Executive Committee, The M. A. Hanna Co.
F. S. Harmon.
Chas. G. Heer, Treasurer, The Cleveland Cliffs Iron Co.
Charles P. Hine, Thompson, Hine & Flory.
S. H. Holding.
J. A. House, President.
Wm. H. Hunt, Cleveland
Richard Inglis, President, Inland Investors, Inc.
F. D. Kellogg, President, The Ohio Cut Stone Co.
Selden Kline.
John A. Kling.
John D. Kling, Secretary-Treasurer, Metropolitan Concrete Co.
W. H. Marlatt, Treadway & Marlatt.
W. G. Marner.
G. G. Marshall, Vice President and Secretary, The Marshall Drug Co.
W. G. Marshall, President, The Marshall Drug Co.
H. P. McIntosh, Chairman of the Board.
H. P. McIntosh, Jr., Vice President.
James R. Mills, Manager of Sales, Carnegie Steel Co.
Thos. E. Monks, Vice President.
C. L. Murfey, Vice President.
L. A. Murfey.
H. K. Oakes, Vice President, Bethlehem Transportation Corporation.
Proctor Patterson.
E. A. Petrequin, President, The Petrequin Paper Co.
Atlas Pomerene.
F. F. Prentiss, Chairman of Board, The Cleveland Twist Drill Co.
F. F. Prentiss.
Orville W. Prescott, The Saginaw Bay Co.
H. C. Robinson, Executive Vice President.
E. D. Rogers, President, The Morse-Rogers Steel Co.
E. S. Rogers, Cleveland.
W. T. Rossiter, Vice President, The Cleveland Builders Supply Co.
H. I. Shepherd.
E. W. Smith.
H. B. Stewart, President, The Akron, Canton & Youngstown Railway.
Arthur L. Stone, Secretary-Treasurer, The Nicola, Stone & Myers Co.
8428
STOCK EXCHANGE PEACTICES
Alexander S. Taylor, President, V. C. Taylor & Son, Inc.
E. S. Tilotson.
Geo. Garretson Wade, Secretary-Treasurer, The Wade Realty Co.
Robert B. Wallace, President, The Kinney Steamship Co.
Jas. W. Warwick, President, The Drake Coal Co.
Geo. J. Whelan, President, The Kelley Island Lime & Transport Co.
Statement of condition of The Guardian Trust Company of Cleveland, December
SI, 1932
RESO U RC E S
Cash on Hand and in Banks________________________________$13, 872, 696. 13
United States Government Securities_______________________
16, 131, 481. 60
Municipal Bonds and Other Bonds and Securities, including
Stock in Federal Reserve Bank___________________________ 19, 843, 008. 13
Collateral Loans______________ ,____________________________ 35, 068, 765. 53
First Mortgage Real Estate Loans__________________________ 31, 589, 912. 63
Other Loans, Discounts and Advances______________________
19, 401, 732. 47
Bank Premises____________________________________________
5, 221, 365. 37
Other Real Estate Owned__________________________________
2, 637, 832. 78
Interest Accrued and Other Resources______________________
1, 693, 345. 08
Customers’ Liability on Acceptances amd Letters of Credit___
2, 954, 426. 85
Total___ ______ _____________________________ _______ 148,417,566.57
L IA B IL IT IE S
Deposits_________________________________________________ $109, 751, 629. 21
Acceptances and Letters of Credit_________________________
2, 961, 209. 01
December 31, 1932, Dividend_____________________________
70, 000. 00
Interest Accrued and Other Reserves______________________
206, 157. 98
Bills Payable_____________________________________________
15, 225, 674. 98
Rediscounts______________________________________________
2, 998, 065. 68
Capital__________________________________________________
7, 000, 000. 00
Surplus and Undivided Profits_____________________________
7, 604, 829. 71
Special Reserve Fund_____________________________________
2, 600, 000. 00
Total___________________ _____ - .............................. .
148, 417, 566. 57
O F FIC E R S
Chairman of the Board: H. P. McIntosh.
President: J. A. House.
Executive Vice President: H. C. Robinson.
Vice Presidents: Allan F. Ayers, Philip C. Berg, H. A. Carlton, Allan B. Cook,
John Fish, L. B. Foote, C. H. Force, A. R. Fraser, W. R. Green, Clay Herrick,
Arthur L. Irish, Geo. B. Johnson, L. J. Kaufman, Robert C. Lee, H. P. McIntosh, Jr.,
C. R. Megerth, Thos. E. Monks, C. L. Murfey, S. J. Olstyn, W. D. Purdon,
E. T. Shannon, A. G. Stucky, A. F. Young.
Secretary: R. P. Sears.
Treasurer: C. F. Bruggemeier.
Assistant Vice Presidents: Dale Brown, Thoburn Mills, G. J. Provo, J. A.
Purcell, F. G. Stuber.
Assistant Secretaries: T. F. Buzard, Wm. P. Davis, R. R. Emmick, W. N.
Hoppe, J. J. Luthi, H. H. McKee, T. P. Reitinger, T. R. Roberts, J. R. Ruggles,
E. A. Stockwell, K. B. Wiggins.
Assistant Treasurers: T. C. Edmonds, L. J. Geib, O. H. Gray, J. A. House, Jr.,
H. C. Hutchinson, P. P. Janicki, J. A. Kainsinger, C. F. Koch, H. P. McIntosh III,
P. C. O’Brien, G. F. Rueter, W. H. Steinkamp, H. J. Weber.
Assistant Trust Officers: W. Kenneth Brew, F. C. Fulton, W. H. Holmwood,
E. L. Mallon.
Auditor: John A. Boll.
Tax Consultant: F. M. Riddleberger.
STOCK EXCHANGE PBACTICES
Facilities
and
8429
Services
banking department
Provides a complete commercial service for individuals, firms, corporations,
banks, estates, and associations.
Makes collections for local or foreign customers at minimum cost. Corre
spondents in all principal cities.
Buys and sells foreign moneys and remits by mail or cable to all parts of the
world. Issues travelers’ letters of credit and travelers’ checks, payable in all
parts of the world.
This bank no longer maintains a bond department for the sale of securities to
the public.
savings department
Pays interest at 3 percent per annum on savings accounts. Money deposited
the first three business days of any month earns interest from the first of the
month.
Issues interest-bearing certificates of deposit, payable at a specified time.
loan department
Loans upon acceptable securities and grants first mortgages on real estate.
Discounts paper, handles acceptances and customers’ notes. Buys and sells
bankers’ acceptances- in the open market; accepts drafts drawn against existing
values of merchantable commodities.
TRUST DEPARTMENT
Acts as executor and trustee under wills. Manages and conserves estates, dis
tributing the income and eventually the principal, as directed.
As trustee under a living trust, invests funds under a well-balanced investment
plan. Through securities analysis periodically reviews the investments in each
individual trust account.
Under a custodianship collects all dividends and coupons, analyzes investments
and recommends purchase or sale. All transactions subject to approval of ov. ner.
Acts as transfer agent and registrar for corporations; also, as custodian of
pledged collateral and depositary for securities controlled by reorganization
committees.
Manages real estate for owners, taking care of taxes, repairs, and rentals. As
escrow agent holds moneys or securities pending fulfillment of stipulated con
ditions.
SAFE DEPOSIT DEPARTMENT
Safe deposit boxes from $5 a year up.
and valuable packages.
Storage for silverware, trunks, chests
OFFICES
Main office, 623 Euclid Avenue.
Arlington-Eddy Office, L. O. Bond, Manager, Arlington at Eddy Road.
Commercial Office, F. G. Stuber, Assistant Vice President; Superior at W. 6th
St.
Coventry Office, R. E. Kirk, Manager; Coventry at Lancashire Road.
Euclid-46th Office, W. J. Strater, Manager; 4701 Euclid Avenue.
Euclid-105th Office, G. J. Provo, Assistant Vice President; 10300 Euclid Avenue.
Euclid-Superior Office, L. O. Bond, Manager; Euclid at Superior Avenue.
Garfield Office, Stephen Piotrowski, Manager; 4600 Turney Road.
Lakewood Office, W. H. Steinkamp, Assistant Treasurer; Detroit at Warren
Road.
Lorain-W. 117th Office, D. B. Hull, Manager; 11718 Lorain Avenue.
Miles-131st Office, P. P. Janicki, Assistant Treasurer; 13034 Miles Avenue.
Pearl Road Office, H. B. Todd, Manager; 4250 Pearl Road.
Rocky River Office, G. F. Rueter, Assistant Treasurer; Rocky River, Ohio.
St. Clair-Parkwood Office, 0. H. Gray, Assistant Treasurer; St. Clair at Parkwood Drive.
Shaker Square Office, F. G. Stuber, Assistant Vice President; 13117 Shaker
Square.
Superior-SOth, Office, Joseph Mosinski, Manager; 8017 Superior Avenue.
8430
STOCK EXCHANGE PEACTICES
Vcelia Office, J. A. Kainsinger, Assistant Treasurer, Chas. F. Koch, Assistant
Treasurer; 5703 Broadway.
Washington Bank Office, J. J. Cetkowski, Manager; Broadway at Forman
Avenue.
Woodland Office, Jos. Duffner, Manager; 3106 Woodland Avenue.
Member: Federal Reserve System; Cleveland Clearing House Association.
Exhibit
Mr.
G—4-32
December
Harold H. Helm,
28, 1932.
Vice President The Chemical Bank and Trust Company,
New York, N. Y.
Dear Mr. Helm: Referring to the $2,000,000. of New York funds which you
are to make available to us on December 30, 1932, secured by $2,000,000. Fourth
4-1/4% U. S. Liberty Loan Bonds, the Discount Corporation of New York on
January 3, 1933 will, upon delivery by you of the above-mentioned bonds, pay
the sum of $2,000,000. which please credit to our account.
Immediately thereafter please transfer this amount through the Federal Reserve
Bank of New York for credit of our account at the Federal Reserve Bank of
Cleveland.
We thank you for taking care of this matter for us which we assure you we
greatly appreciate.
Very truly yours,
H., President.
JAH-MB.
Exhibit
Mr.
William Feick,
G-4—33
December
31, 1932.
Vice President, Irving Trust Company,
One Wall Street, New York City.
Dear Mr. Feick: Regarding the following bonds, concerning which we have
had some correspondence—
2,000,000 Fourth 4% United States Liberty Loan Bonds.
2.300.000 United States Treasury 4’s 54/44.
500.000 United States Treasury 3-3/4’s 56/46.
250.000 United States Treasury 3-1/4% Notes August 1, 1936.
Will you kindly deliver the above bonds to the Discount Corporation of New
York on January 4th, 1933, and receive therefor the Discount Corporation’s
■check, payable in Federal funds, for Five Million Dollars ($5,000,000.00) which
kindly credit to our account.
Thanking you in advance, we remain
Very truly yours,
R., Executive Vice President.
HCR-CT.
Exhibit G-4—51
Company Correspondence
T he Guardian T rust Company,
4/6/31.
From: A. F. Young.
To: Mr. Green.
On April 15th, Mr. Way, of the Corporate Trust Department, will present to
you debits against the $25,000 Special Revolving Fund of the Trust Department,
for the following purposes:
Chester East 19th Street Land Trust Certificates, ground rent, $1,650.00;
Lower Chestnut Company Land Trust Certificates, current ground rent,
$1,962.84;
Gasser Building Company Land Trust Certificates, current ground rent,
$3,000.00
STOCK EXCHANGE PEACTICES
8431
Total $6,612.84.
The first two should come back to us promptly, not later than May 1st, and the
Gasser Building Company is held up by court proceedings for an indefinite period.
These bear my approval and the funds should be made promptly available.
AFY/sg
A. F. Young per M. D. Way.
Exhibit G-4—52
Company Correspondence
T he Guardian T bust Company,
April S3, 1931.
From: E. L. Geffine,
Dept.: Mortgage Loan:
To: Willy Neuber, General Books.
This is to advise that the original loan to The Great Lakes Sash and Door
Company upon which there is an unearned commission of $312.80 has been paid
in full.
A new loan of $105,000.00 payable in two years has been made. A commission
of $2,100.00 was charged on this loan and we are enclosing official check ML88309
which you will kindly credit to unearned commissions’ account.
ELG: kh
E. L. Geffine.
end: 1
Exhibit G-4-53
Company Cobbespondence
The Guabdian Trust Company,
July 87, 1931.
From: W. H. Staten.
Dept.: Commercial Loan Department.
To: Mr. E. A. Gleason, Trust Department.
Subject: Deferred earnings—one-half of profit on sale of acceptances.
Attached is our official check No. D 15933 for $5,,611.69, which represents onehalf of the profit on the following sales:
Soldto
Date
Do ......................................... .........................
7/6/31
7/22/31
W. H.
WHS:ML.
Amount
$2,613.21
3,998.48
Staten.
Exhibit G-4-54
Company Correspondence
The Guardian Trust Company,
August 3, 1931.
From: F. W. Jutze,
Chief Clerk,
Dept. Collateral Loan.
To: Mr. J. J. Luthi.
Attached find our official check payable to The Guardian Trust Company for
$5,000.00 representing commission on the loan to the Receivers of the Jordan
Motor Car Company.
This check is to be held in the deferred earnings account until the loan is paid in
full when it will be credited to earnings.
F. W. J utze.
STOCK EXCHANGE PEACTICES
8432
Exhibit G—4-55
Company Correspondence
The Guardian Trust Company
8126131.
From: A. F. Young.
To: Mr. Green.
Subject: Fort Hays Hotel.
The servicss of Mr. Wilson, represented by the attached bill, were rendered at
our request in connection with one of the land-trust issues created by us. It is
one of those items which we anticipated and contemplated would have to be paid
out of the special $25,000 reserve account set up for the Trust Department.
Young.
AFY/SG
Exhibit G-4-56
Company Correspondence
The Guardian Trust Company
January 12, 1932.
From: W. H. Staten.
Dept.: Commercial Loan.
To: Mr. Gleason, Trust Department.
Subject: Deferred earnings—-one-half the profit on sale of acceptances.
The attached official check No. D 16292 for $1,021.35 represents one half the
profit on the sale of our acceptances as follows:
To Alexander T. Stephan, Inc______________________________________$658. 85
To Discount Corporation of N.Y___________________________________ 362. 50
W. H. Staten.
WHS: ML
Attach
Exhibit G—4-34
LYBRAND, ROSS BROS. & MONTGOMERY
WILLTAMM.LYBRAND
T.EDWARDR033
ROBERTH.MONTGOMERY
JOSEPHM. PUGH
WALTERA. STAUB
H. HILTONDUMBRILLE
JOHNHOOD, JR.
HOMERN. SWEET
THOMASBG.HENDERSON
GEORGER. KEA9T
PRIORSINCLAIR
R. E. WARREN,
Accountants and Auditors
MIDLAND BUILDING, CLEVELAND
DETROIT
NEWYORK
CLEVELAND
PHILADELPHIA
CINCINNATI
CHICAGO
ROCKFORD
BOSTON
LOUISVILLE
NEWARK
BALTIMORE
ST.LOUIS
WASHINGTON
ATLANTA
PITTSBURGH
DALLAS
HOUSTON
SANFRANCISCO
LOSANGELES
PORTLAND
SEATTLE
LONDON
PARIS
BERLIN
Manager
Mr. Robert Morris Huston,
of
November 10, 1933.
Special Deputy Superintendent of Banks of Ohio,
Cleveland, Ohio.
Dear Sir: In accordance with your instructions, we have examined the records
THE GUARDIAN TRUST COMPANY
Sundry Trust Number 1092
from January 1, 1927, to February 28, 1933. The following report contains
various schedules and statements which present the facts developed by our
examination together with our comments thereon.
STOOK EXCHANGE PRACTICES
8433
H IST O R Y OF FUND
As at February 28, 1933, the assets of the fund and the income and expense
thereof were grouped in seven separate divisions. The first three divisions were
created by the transfer thereto for safe-keeping and accounting purposes of cer
tain securities, loans, collateral, and other assets which had been charged off by
The Guardian Trust Company through the reserve for depreciation on the
bank’s books.
Division Four: Division Four was originally intended as a segregation of The
Guardian Trust Company’s portion of the commissions on real estate loans made
for various insurance companies. This division when originally started in 1922,
was called Sundry Trust 945. The loans upon which the commissions were
earned were consummated by A. D. Fraser and were paid to him. These commis
sions originated under an agency agreement which had been made between
various insurance companies and The Guardian Trust Company, with A. D.
Fraser representing The Guardian Trust Company. The total commissions, net
of expenses, were received in cash and divided in the ratio of 60 percent to The
Guardian Trust Company and 40 percent to A. D. Fraser.
The Guardian Trust Company’s portion of the commissions received were
credited to division four of the trust fund instead of being taken up in the bank’s
earnings. According to the best information available, this was done under the
theorjf that the commissions were not earned by the bank when the loans were
made and the commissions received, but were earned over the life of the loan.
Thus assuming a commission of $300 on a ten year mortgage loan, the commission
would be taken up in the bank’s earnings at the rate of $30 per year during the
life of the loan.
In 1926 the bank began to use division four of the trust fund as a means of
deferring certain other earnings such as commissions charged to its borrowers.
This was likewise done, according to the available information, under the theory
that these commissions were not earned by the bank at the time the loans were
made but were earned over the life of the individual loans. Likewise in 1931 one
half of the profits on the sale of acceptances were deposited to the credit of divi
sion four of the trust fund and were not entered as earnings of the bank.
In 1925 the cash in the division, representing accumulated commissions not
transferred to the bank’s earnings, was loaned to sundry borrowers.
Beginning in 1927, cash held in division four was used to purchase real-estate
loans from The Guardian Trust Company and in 1931 a portion of such funds
was transferred to other trusts operated by The Guardian Trust Company as
trustee. These transactions are commented upon hereinafter in greater detail.
These variations from the original purpose of the trust fund, once inaugurated
in the years mentioned, were continued until the closing of the bank.
Section Five: This section was started in 1931 with total cash of $28,000. Of
this amount $3,000 was charged to the earnings of the Trust Department of the
bank. The remaining $25,000 was charged to the reserve for depreciation on the
bank’s books.
Each month subsequent to the origination of section five, $3,000 in cash was
transferred to this section These monthly transfers, as well as the original
transfer of $3,000, represented a portion of the earnings of the trust department.
The effect of the transfers was to reduce the earnings of the trust department
and segregate a portion thereof.
Section Six: Section Six was created in 1931 with a transfer thereto of $127,
217.64. This transfer was charged to the reserve for depreciation on the bank’s
books. In the same year $122,836.62 of the amount transferred was applied to
purchase bonds from other trust funds operated by the bank as trustee. The
remaining $4,380.82 was transferred back to the bank and credited to the reserve
for depreciation.
Section Seven: Section Seven was created in 1932 by a transfer of $3,150 in
cash from Rental Trust 910. The assets of the latter trust, for the most part,
consisted of rentals collected from properties which had been acquired by the
bank through foreclosure proceedings.
In July, 1932 the entire $3,150 was transferred to the bank and credited to real
estate owned, thus reducing the book value thereof.
As hereinbefore noted, Sundry Trust Number 1092 resulted from the combina
tion of Sundry Trusts 945 and 368. The exact date of the change in number is
not indicated on the records. At December 31, 1926, there was $25,354.06 on
deposit in Sundry Trust 945, and $23,275.00 in Sundry Trust 368. Trust 368
was transferred to Sundry Trust 945 on July 15, 1927. The consolidation of
these two trusts, as at December 31, 1926, shows a total of $48,629.06 on deposit.
STOCK EXCHANGE PEACTICES
8434
The assets of the combined trust funds at that date and the source thereof are
shown in the following statement:
Assets
Source
$48,629.06
123,625.00
$123,625.00
25,35406
23,275.00
172,254.06 172,254.06
An analysis of the above statement reveals the fact that the cash representing
so-called unearned commissions on the Fraser agency loans had been loaned on
sundry notes receivable. The cash representing commissions on real estate and
collateral loans was still on deposit.
Between January 1, 1927, and February 28, 1933, there were receipts of $1,443,
085.21 and disbursements totaling $1,416,645.56 in the trust fund; the net of these
amounts, together with the balance at December 31, 1926, or $48,629.06, accounts
for the cash on hand February 28, 1933 of $75,068.71.
The following schedules show the source of the deposits into the fund segregated
by divisions and the application of the disbursements therefrom, for the period
from January 1, 1927 to February 28, 1933:
Sections
Four
Receipts:
Fromearnings:
$202,823.31
6,50871
4,428.75
83,56207
56,428.60
Commissions, real estateloans... 171,44755
Commissions, collateral loans_ 98,543.03
Five
Six
Seven
Totals
1,197,177.54
202,823.31
6,508.71
4,428.75
$81.56
83,643.63
56,428.60
171,447.55
98,543.03
$3,15000 3,150.00
78,000.00
78,000.00
4,000.00
4,000.00
82,081.56
708,973.58
94,816.71
456,180.93
25,000.00 $127,217.64
152,217.64
3,120.00
19,317.88
2,30737
2,307.37
2,888.60
2,888.60
3,262.50
3,262.50
115,540.03 127,217.64 3,150.00 1,443,085.21
266,931.28
121,292.98
48,219.52
436,443.78
Foreclosurelosses, Fraseragency__
5,010.57
Agencyagreementcommissionspaid
1,200.00
Commissions, real estate, refunded-_ 6,847.76
Paidtobanktoreduceaccounts:
4,71465
2,000.00
4,98676
1,521.71
100.00
13,323.12
266,931.28
121,292.98
48,219.52
436,443.78
5,010.57
1,200.00
6.847.76
3,150.00
7,864.65
2,000.00
4.986.76
1,521.71
100.00
16,473.12
623,742.02
94,816.71
456,180.93
Liquidating dividend, H. A. Stahl
3,12000
19,317.88
Deposited by Corporate trust deDisbursements:
To bankearnings:
Commissions, collateral loans_
STOCK EXCHANGE PEACTICES
8435
Sections
Four
Disbursements—Continued.
Commissionsearned-applied, tore
duceprincipal ofnotereceivable,..
Transfer of commissions earned to
Five
Six
Seven
Totals
$5,00000
5.050.00
137,562.59
449,39261
1.650.00
94,416.29
6.00000
9,120.00
19,317.88
1,143.37
$5,000.00
5.050.00
137,562.59
449,392.61
1.650.00
$122,836.82
217,253.11
6,000.00
9.120.00
19,317.88
1,143.37
$950.20
950.20
22,807.28
22,807.28
3,939.99
3,939.99
3,262.50
3,262. 50
7,934.49
7,934.49
55,905.49
55,905.49
4,380.82
4,380.82
1,191,477.97 94,799.95 127,217.64 $3,150.00 1,416,645.5ft
Receipts: The foregoing statements of receipts and disbursements show that
$708,973.58 of bank earnings were diverted into this fund and $436,443.78 of
earnings were disbursed from the fund and taken into the earnings of the Guardian
Trust Company from January 1, 1927 to February 28, 1933.
Hence the net earnings of the bank diverted in cash to the trust fund during
the period were $272,529.80. In addition $45,859.39 of earnings were diverted
to the trust fund in the form of assets other than cash, making a total of
$318,389.19 earnings diverted to the fund during the period. This amount plus
the earnings of $172,254.06 net, deferred prior to January 1, 1927, totals
$490,643.25 of earnings diverted to the trust fund.
During the same period of time $147,836.82 net, in cash, was transferred to the
trust fund and charged to the reserve for depreciation on the bank’s books.
The income deferred and diverted to the trust fund in cash and the amounts
transferred and charged to the reserve for depreciation are summarized as follows:
Total cash earnings of the bank deferred and carried
as trust fund assets as at December 31, 1926_________________ $172, 254. 06
Cash earnings of the bank deferred and diverted to
trust fund, January 1, 1927, to February 28, 1933__ $708, 973. 58
Less, Cash transferred to bank from the trust fund
January 1, 1927 to February 28, 1933___________ 436, 443. 78
------------------- 272, 529. 80
Cash earnings deferred, net_____________________________
Earnings represented by notes receivable transferred
to trust____________________________________________________
444, 783. 86
Total earnings deferred_________________________________
Net cash transferred to trust fund and charged to
reserve for depreciation on the bank’s books__________________
490, 643. 25
45, 859. 39
147, 836. 82
Total assets net, diverted to trust fund__________ ______ $638, 480. 07
Disbursements: As at February 28, 1933, the cash in the trust fund was
$75,068.71. As shown by the foregoing statement, the total assets diverted to
the fund up to and including February 28, 1933 aggregated $638,480.07. The
difference between the amount diverted and the cash in the fund was $563,411.36.
The purposes to which this amount was applied are shown in the following
statement:
Investment in and advances to Resarf Company:
Capital stock, 60 per cent of total outstanding___ $6, 000. 00
Loans_____ ______ _____________________________ 79,800.00
---------------- $85, 800. 00
8436
STOCK EXCHANGE PEACTICES
Payments for investments, rentals, etc., to other trusts operated
by The Guardian Trust Company as trustee_________________ $299, 524. 39
Reimbursement of The Guardian Trust Company for losses and
expenses___________________________________________________
40, 653. 69
Purchase of second mortgages on real estate, less amounts received
thereon____________________________________________________
44, 748. 64
Participations in first-mortgage real-estate loans with insurance
18, 361. 68
companies, less principal payments received__________________
Notes receivable, sundry debtors_______________________________
63, 675. 00
Expenses paid_________________________________________ ______
950. 20
Fraser agency commission on a $200,000 mortgage on the Heather
Building paid to H. P. McIntosh, Sr., owner__________________
1, 200. 00
Commissions on real-estate loans refunded______________________
6, 847. 76
Commission from Hotel Hollenden Company paid to the New
England Company__________________________________________
1, 650. 00
563, 411. 36
The following comments pertain to the various items in the foregoing summary
of disbursements:
Resarf Company: According to the terms of the agency agreement, The
Guardian Trust Company was not required to assume any foreclosed property.
However, as a matter of policy, this was done. The Resarf Company was organ
ized to manage and operate these foreclosed properties. This company was
incorporated in 1931 for $10,000. The Guardian Trust Company subscribed to
$6,000, which was disbursed from this fund. A. D. Fraser subscribed to the
balance, or $4,000. To finance the foreclosures, The Resarf Company borrowed
from this fund $7,600 in 1931 and $79,800 in 1932. The $7,600 was renaid in 1932.
Payments for investments, rentals, etc., to olher trusts operated by The Guardian
Trust Company: The payments for investments, rentals, etc., to other trusts
Operated by The Guardian Trust Company are summarized as follows:
Bonds_______________________________________________________ $214, 133. 11
Land Trust Certificates_______________________________________
55, 905. 49
Land rentals_________________________________________________
22, 807. 28
Advances to other trusts for rentals, interest, etc., less repayments
6, 678. 51
$299, 524. 39
The bonds purchased by the fund were:
Cost
ParValue
TheH. A. Stahl Properties, Inc:
FirstMortgageandCollateralTrust percentGoldBonds. $94,,416.29
Less: Liquidatingdividendof percent_______ 3,120.00
$91,296.29 $124,800.00
Center WoodlandRealtyCompany, First MortgageLeasehold6Hpercent.. 122,836.82 190,500.00
$214,133.11 $315,300.00
The variations between cost and market of the bonds on the dates purchased
are scheduled below:
Average
Cost
The H. A. Stahl Properties, Inc :
February 10, 1931...............
March 4, 1931—..... ..... ......
March 6, 1931__________
April 4, 1931_______ ___
Center Woodland Realty Company:
March 28, 1931............. ....
April 1,1931..... ............
April 3, 1931......... - .... ....
April 13, 1931...... ....... .....
April 22, 1931.... ...... .......
July 21, 1931............... ....
October 29, 1931.......... .....
1N o
q uo ta tio n s.
Bid
$80.31 $60.00
74.74 3500
7219 35.00
7018 35.00
6557 5500
59.97 55.00
6231 5500
65.55 5500
52.50 5500
40.50 (0
40.50 0)
Ask
$45.00
45.00
45.00
65.00
65.00
6500
65.00
65.00
(o
«
STOCK EXCHANGE PRACTICES
8437
The market quotations on these unlisted securities were furnished by Wm. J
Mericka & Company, Inc.
The land trust certificates and accrued rentals which this fund purchased frcm
other trust funds through the Estates Department are as follows:
ccrued
Certificates AR
ental
$6,000.00
3.250.00
4.250.00
6,900.00
200.00
70000
380.00
7,50000
75000
2,750.00
4,90000
800.00
3,450.00
750.00
7,000.00
1,300.00
2,55000
2,350.00
$55,780.00
Total
$18.28 $6,018.28
45.00 3,29500
4,250.00
6,900.00
200.00
70000
3.87
38387
7,500.00
75000
2,750.00
44.17 4,944.17
800.00
3,450.00
75000
7,000.OO
1,300.00
150 2,551.50
12.67 2,362.67
$125.49 $55,905-49
Rents paid: Land rents paid to trusts operated by The Guardian Trust Com
pany from this fund were:
Chester-19th StrSet____________________________________________ $1, 650. 00
Lower Chestnut Company_____________________________________
1, 962. 84
Glasser Building Company_____________________________________
14f 694. 44
Reserve Square Realty Company_______________________________
4 f 500. 00
22, 807. 28
To reimburse The Guardian Trust Company for losses: These losses and/or
expenses of the bank which were diverted from the bank’s records into this fund
were as follows:
For certain sub-lots released in The Richmond-Mayfield Company’s
subdivision, now The Ri-May Company, a subsidiary of The Val
uation Service Company_____________________________________ $9; 120. 00
Rentals received from real estate owned applied to reduce book value
of the real estate____________________________________________
3; 150. 00
Losses on insurance companies, Fraser agency loans due to fore
closure---------------------------------------------------------------------------------5, 010. 57
Commission on real estate'loan used to reduce carrying cost on fore
closed property. Murphy-Williams Company now the Headlands
Realty Company, a subsidiary________________________________
1 214. 65
Commissions on collateral loans applied to:
Commission from J. A. Wigmore Company transferred to agency
commissions____________________________________________
5, 050. 00
Commission from Clayton C. Townes used to reduce the loan___
2, 000. 00
Commission from Harry Sturer, Inc. and The Marmon Realty
Company used to reduce carrying cost of real estate owned___
3, 500. 00
Commission from Middleton Worthington Company applied to:
Reduce carrying cost on the collateral__________________
4, 986. 76
Pay the accrued interest on the loan____________________
1, 521. 71
Paid to stock transfer department______________________
100. 00
Commission from B. Benjamin & Company used to reduce loan
5; Q00. 00
to same company-----------------------------------------------------------40, 653. 69
Second mortgages receivable: The mortgages receivable of $44,748.64 represent
the balances on second mortgages, with the exception of a mortgage of Mary
Duckwitz, taken over from The Valuation Service Company, totaling $50,223.35.
The Valuation Service Company in 1929 borrowed $55,776.78, which was repaid
by $5,553.43 in cash and second mortgages valued at $50,223.35.
The details of these mortgages are shown in the following statement:
Original Mortgage
Date
A m ount transferred to
fund__________________
Am ount
Date
Am ount
Charges
1930
1932
$36.00
$123.00
$236.00
$523.00
$1,800.00
117.02
179.68
143.51
135.90
368.13
341.90
735.00
32.60
1,834.27
2,628.85
3,268.97
Oct. 13,1931
$2,400.00
2.480.00
3.425.00
3.300.00
Oct. 13,1931
Oct. 13,1931
Oct. 13,1931
2,162.61
3,461.53
3,158.06
1.1930
12,1922
9.1930
21.1930
3,050 00
4.200.00
i 1,966.95
2.900.00
Oct. 13,1931
2,776.14
Oct. 13,1931
2,564.04
26.1930
4.200.00
Oct. 13,1931
3,727.93
227. 58
30.1931
3, 295.16
Oct. 13,1931
3,295.16
205. 78
1.1930
3,800. 00
Oct. 13,1931
3,341.38
193.54
8.1930
2, 500. 00
Oct. 13,1931
2,144.12
124. 63
21.1931
2.650.00
Oct. 13,1931
2,499.52
144.31
7.1930
18.1930
17.1930
4,200.00'
3, 244. 00
3.900.00
Oct 13,1931
Oct. 13,1931
Oct. 13,1931
3,669. 43
2,843. 01
3,634.11
196. 57
158. 77
208.42
22,:
2, 800. 00
Oct. 13,1931
2,614.43
162. 83
13.1931
17.1931
3, 750 00
2.300.00
Oct. 13,1931
Oct. 13,1931
3, 744.48
2,187 40
233.22
50,223.35
41.64
35.81
1933
$38.85
168.09
157.28
780.1
Balance
February
28,1933
1932
$3,900.00
$35.81
Credits
1931
5,1930
1 Transferred from Guardian Trust Company.
2 Foreclosed January 6,1933, and charged to Reserve for depreciation on bank's books.
1931
7.1930
12,1931
2.1930
i 1,966.95
M o r t g a g e s O w n ed
2,744.23
45.00
45.00
293.61
210.41
259.78
1933
2,895.87
$1.77
1,560 79
2,500.00
3,936. 43
53.39
3, 612. 54
136.20
136.20
32.02
134.90
31.38
2,166.82
33.98
136.50
280.50
2, 299.57
210.00
840.00
350.00
325.00
2.871.04
2,544.43
3.422.04
150.00
150.00
3, 312. 64
2 2,816.48
60.51
218.75
114.77
2,106.3S
2,186.01
6,217.15
4,094.38
2, 818.25
44,748. 64
STOCK EXCHANGE PRACTICES
E . O. and J. F. Bower________ Aug.
Walter P. and Ethel E . Brunning------------------- Oct.
Freda M and E d J. Callahan. M ar.
Pauline and C. S. Carlson____ M ay
Georgia S. and Burt L . C ham
berlin______________________ Aug.
‘M ay
M ary Duckw itz______ _____—.
Dec.
Harvie G. and M . F. Howson. M ay
Herbert W . and E d ith Humitsch................................... M ay
Arch W . and Eleanor T.
H u tto n ___ _________________ Ju ly
Wm. H
and Gertrude S.
Jeffreys_____________________ Nov.
Louis K . and Agda Eleanor
M ille r ..._____ _____________ Apr.
Arthur C . and Pearl E .
Schraitle____________________ Feb.
Judson L . and Lizabeth J.
Stewart___________ _________ Aug.
Isabel B and Leo A. Troflmor. June
Erm a and Theodore H . Zulauf. June
Joseph J. and Margaret M .
Owens____ _________________ Aug.
Courtland D . and Clara N .
V aughn.................... ......... .
Feb.
Norma D . and R alp h C. Curth. Apr.
From Valuation Service
Company
1 0 9 2 -0 4 ,
8438
T h e G u a rd ia n T r u s t Com pany— S u n d ry T r u s t
STOCK EXCHANGE PEACTICES
8439
Participations in first mortgages, real estate loans with insurance companies:
during the years 1925 to 1931, this fund purchased from A. D. Fraser $217,440.83
of first mortgage participations with insurance companies of which the mort
gagors repaid $199,079.15 in the same period, leaving a balance of $18,361.68 at
February 28, 1933.
These participations, according to information given us, are due to the fact
that the insurance companies refused to underwrite the full amount of the loans.
The bank instead of guaranteeing part of the principal, took a subordinate
interest in the loan.
Notes receivable: A schedule of unpaid balances, as at February 28, 1933, of
the notes receivable follows:
Balance
Edward Morgan________________________________________________ $1, 775. 00
A. D. Fraser____________________________________________________ 1, 900. 00
Cleveland Cliffs Iron Company__________________________________ 45, 000. 00
B. Benjamin & Company________________________________________ 15, 000. 00
63, 675. 00
The note receivable of the Cleveland Cliffs Iron Company originated in the
following transaction: This company borrowed $2,000,000 on a collateral loan.
In consideration of this loan, this company gave its notes for $20,000 as a com
mission. In renewing the collateral loan the commission was increased from
$20,000 to $40,000 and then to $45,000, for which new notes were given.
A. D. Fraser has a balance of $1,900 due on a note, resulting from the borrowing
of $3,500 in 1932, and the repayment of $1,600 in 1933.
In 1929 there was deposited in this fund a commission of $10,000 resulting
from a collateral loan to B. Benjamin & Company. During the same year this
company borrowed $20,000 from this fund and in 1930, in order to record a
reduction in this indebtedness, $5,000 of the commission deposited in 1929 was
transferred and applied in payment of this loan. A. D. Fraser has a participation
of $10,000 in this loan.
ASSETS
The following tabulation shows the assets of the trust by sections, as shown by
the books as at February 28, 1933. The various assets are described in detail
hereinbefore.
Sections
Four
Five
Six
Totals
$54,328.63 $20,740.08
6,000.00
91,296.29
$122,836.82
9,120.00
44,748.64
161,836.68
55,905.49
367,330.24 76,645.57 122,836.82
$75,068.71
6,000.00
214,133.11
9,120.00
44,748.64
161,836.68
55,905.49
566,812.63
Summary. The foregoing statements and comments thereon indicate that Sun
dry Trust Number 1092 was, in fact, a segregation of a portion of the bank’s
assets; that it made it possible to eliminate from the regular accounts of the bank
certain items of income, expense, profits, and losses; and that, subsequent to
January 1, 1927, this fund was in substance a secret reserve, in which profits were
segregated and subsequently applied to losses of The Guardian Trust Company
and/or trusts and estates of which the institution was trustee.
This conclusion is substantiated by a computation of the assets diverted to the
trust and the ultimate disposition thereof:
Total assets diverted to trust__________________________________ $638, 480. 07
Less amount charged to reserve for depreciation, net____________
147, 836. 82
Amount diverted and not charged to expense or reserves on
bank’s books________________________________________
490, 643. 25
Cash on hand February 28, 1933________________________
75, 068. 71
Rem ainder to be accounted fo r _____________________________
415, 574. 54
8440
STOCK EXCHANGE PEACTICES
The foregoing statement of the assets of the trust as at February 28, 1933, and
the explanatory comments indicate that after eliminating the bonds of liquidated
companies, the investments in and advances to the Resarf Company and other
doubtful assets, the sound value of the assets other than cash did not exceed
$182,690.81 as at the latter date. This amount is computed as follows:
Second mortgages, book value___________________________ $44, 748. 64
Notes receivable, other than from the Resarf Company,
book value___________________________________________
63, 675. 00
Participation in first mortgage real estate loans, book value. _ 18, 361. 68
Land trust certificates, book value________________________
55, 905. 49
182, 690. 81
Assuming that the value of the assets just enumerated is sound, which is
exceedingly doubtful in view of their character and the surrounding circumstances,
the difference between the diverted assets and the value of the remainder thereof
at February 28, 1933 is $232,883.73 computed as follows:
Remainder of assets diverted and not charged on the bank’s books. $415, 574. 54
182, 690. 81
Book value of assets at February 28, 1933______________________
232, 883. 73
It follows that this $232,833.73 represents expenses, losses, and depreciation
in the value of assets of The Guardian Trust Company not recorded on the books
of that institution.
The losses and expenses are further summarized in the following statement:
Loss on investment in and advances to the Resarf Company_____
$85, 800. 00
Loss on bonds acquired from trusts operated by The Guardian
Trust Company as trustee____________ ______________________
214, 133. 11
Rentals and other items paid to trusts operated by The Guardian
Trust Company as trustee___________________________________
29, 485. 79
Sundry losses of The Guardian Trust Company_________________
40, 653. 69
Sundry expenses and commission allowed_______________________
10, 647. 96
Total__________________________________________________
Less amount recorded on books of The Guardian Trust Company
by a charge to reserve for depreciation_______________________
380, 720. 55
147, 836. 82
Total loss and expense diverted from the books of the bank
to the trust__________________________________________ $232, 883. 73
It should be noted that our examination did not include an inspection or other
verification of the assets of the trust.
Very truly yours,
Lybr^nd, Ross Bros. & Montgomery.
Copy No. 3.
(ExhibitsG-4-35throughG-4-43facethispage)
Exhibit G—4-44
[Companycorrespondence]
T he Guardian T rust Company,
January 18, 1930.
From: W. R. Green.
Dept.: Comptrollers.
To: Mr. O. H. Gray, Trust Department.
In connection with the mortgages held by you in S.T. 1092, Div. 4, which were
purchased from the First State Bank of Newton Falls, Ohio, I wish to advise it
will not be necessary for you to bill these customers for the payment of their
interest or principal, as this will be handled direct by the First State Bank of
Newton Falls.
W. R. Green, Vice President.
E x h ib it
G -4 -3 7
$
h e
G
u
a
r d
i a
n
T r u s t
G
#
i p
a
n
y
C L E V E L A N D . O _____
Exhibit G-4-38
Exhibit G-4- 39
G
u
a
r d
i a
n
T r u s t
G
®
p a
n
y
C L E V E L A N D , O ____
E
x h ib it
G -4 -4 0
Exhirit G-4-41
Exhibit G-4-42
E
x h ib it
G -4 -4 3
STOCK EXCHANGE PEACTICES
8441
Exhibit G-4-45
A.
In re Cerny & Turoff Loan, Garfield Blvd.
Mr. H. C. Robinson,
D. Fraser,
Cleveland, Ohio, May 15, 1930.
Vice President The Guardian Trust Com-pany, City,
Dear Mr. Robinson:
We made a loan of $22,000.00 on the above property
and took a $550 participation due May 1, 1930, which participation has been
paid. The balance of $21,450.00 was taken by The Lincoln National Life In
surance Co. and upon inspection of the property Mr. Thorne of that Company
advised us that they thought the loan was too full and asked that we take a sub
ordinated interest of $5,000.00 in the loan.
This matter was taken up with the Committee in September, 1929, and it was
agreed that we would guarantee $5,000.00 on the principal on the last maturity
of the loan rather than take the loan back from The Lincoln National.
The Lincoln National have drawn an agreement, which is enclosed herewith
together with correspondence with them, asking that this agreement be signed,
relative to the participation of $5,000.00.
Will you please have the signing of this agreement authorized, and oblige,
Yours very truly,
A. D. Fraser.
Exhibit G-4-46
COMPANY CORRESPONDENCE-THE GUARDIAN TRUST COMPANY,
May 26, 1930.
From: W. R. Green.
Dept.: Comptrollers.
To: Mr. H. C. Robinson, Vice President.
Replying to your inquiry of the other day regarding our guaranteeing $5,000.00
of a loan for $22,000.00 to Cerny & Turoff, held by the Lincoln National Life
Insurance Company, I wish to advise you that instead of our guaranteeing the
$5,000.00, as suggested by the insurance company, I would suggest that we take
a participation of $5,000.00 and carry it in S.T. 1092.
I am writing Mr. A. D. Fraser to get-for us the proper evidence to support our
$5,000.00 participation in the Loan.
W. R. Green, Vice President.
Exhibit G-4r-47
COMPANY CORRESPONDENCE-THE GUARDIAN TRUST COMPANY,
July 16, 1930.
From: F. W. Jutze, Chief Clerk.
Dept.: Collateral Loan.
To: Mr. W. R. Green, Vice President.
Attached please find our official check for $8,250.00 which represents 3% com
mission on our $275,000.00 loan made to the American Insurance Union on July
12th. This note matures on November 1, 1932.
Will you please hold these funds in deferred-earnings account until the maturity
of this note, when they are to be credited to earnings.
F. W. Jutze.
Exhibit
G-4-48
COMPANY CORRESPONDENCE-THE GUARDIAN TRUST COMPANY
December 26, 1930.
From: W. R. Green.
Dept.: Comptrollers.
To: Mr. Willy Neuber, Comptrollers Dep’t.
I am enclosing herewith two checks totaling $7,500.00, which you will please
deposit in the S.T. 1092 Special Fund for Deferred Earnings.
1 7 5 5 4 1 — 3 4 — P T 1 9 ---------- 1 2
8442
STOCK EXCHANGE PEACTICES
This has been received in connection with the purchase of $250,000 par value
First Mortgage Ten Year 6% Serial Gold Bonds of the Algers, Winslow & Western
Railway Company, dated December 1st, 1930, and maturing $25,000.00 each
year.
This fund is to be held until the total amount of the bonds either mature or
have been sold.
W . R. G r e e n , Vice President.
E
x h ib it
G-4-49
COM PA NY C O R R E SP O N D E N C E -- T H E G U A R D IA N TRUST COM PAN Y
D e c e m b e r 29, 1930.
From: F. W. Jutze.
Dept.: Collateral Loan.
To: Mr. J. J. Luthi.
Attached please find our official check for $3,690.80 which represents commis
sion paid us by the Cleveland Trinidad Paving Company on a note made to them
on December 26th.
Please credit this check to your deferred earning account repaying us thia
amount in the amount of $922.70 semiannually commencing July 1, 1931.
F. W. J u t z e .
E
xtract
G-4-50
COM PA NY COR R ESPO N D E N CE -- THE G U A R D IA N TRUST COM PAN Y
December 29, 1931.
From A. F. Young,
Dept. Vice President.
To Mr. W. R. Green, Vice President.
Subject
In a conversation yesterday with Mr. House he approved a charge of $9,009.77
against S. T. 1092/5 Reserve Account, the money to be placed in L. T. 1043
Security Cash to cover items set forth in the attached account. The securities
referred to in this account are attached hereto, consisting of the following:
$1,000 par Belmont Building Co. 7% Certificate of Participation Cer
tificate No. 1770
1,000 par Rockefeller Building Site Land Trust 6s— 1/1400th interest—
Certificate No. 822
2,500 par Belmont Building Co. 7% Certificate of Participation Certificate
No. 1796
200 par Chester E. 19th St. 6% Land Trust Certificate— 2/1100ths
interest__Certificate
90
500 par E. 70-71st Streets 4}i% Land Trust Certificate— l/400th interest—
Certificate No. 102
Kindly acknowledge receipt of these securities by signing the carbon copy of
this memo.
A. F. Y o u n g ,
WPD.
WPD:CB
File S-1092-5. O.J.P.
STOCK EXCHANGE PRACTICES
8443
Exhibit G-6a-l
The Guardian Trust Company, financial condition, 1929 to 1933
LOAN ANALYSIS
Per StateExaminationofNov. 15,1929
ated
^T%
ojfTo
cal 1Amount %Past Estim
Loss
Loans ' Past Due Due
112,006,762.86
31,098,693.25 27.93 2,357,460.17 06.45
49,832,392.14 44.15 2,103,011.52 04.08
Delinquentas %De
tointerest linquent
31,075,677.47 27.92 4,704,207.28 12.90
112,006,762.86 100.00 9,164,678.97 08.03 $570,625.29
Per StateExaminationofFeb. 29,1932
%T0 Amount %Past Estimated
Total
Loss
Loans Past Due Due
92,798,772.04
22;683,232.78 ‘24.50
37,623,207.91 40.53 }l2,231,152.64 20.23
Delinquentas %De
tointerest linquent
32,492,331.25 34.97 7,195,806.48 22.13
92,798,772.04 100.00 19,426,959.12 20.65 $4,010,483.00
LOANS TO OFFICERS, DIRECTORS &INTERESTED COMPANIES (INCLUDED IN
ABOVE FIGURES)
Total Direct LoanstoOfficersandDirec7,409,060.51 06.25
LoanstoDirector, InterestedCompanies.. 2,649,68200 01.78
LOANS TO OFFICERS, DIRECTORS &INTERESTED COMPANIES (INCLUDED IN
ABOVE FIGURES)
Total Direct LoanstoOfficersandDirec5,335,131.44 05.69
Loanstot>Jirector, InterestedCbmpanies.. '2,091,459.63 02.15
Exhibit G-6-3
Analysis of securities as of 8-26-32
Book
Value
U.S. Securities........... $18,360,688
88,276
FederalLandBank, Joint
Stock.................. 566,892
Municipals.. ___ _ 3,369,584
Other Bonds, B1........
475,584
520,212
“ “ B1.... .
“ “ B_____ 1,180,098
“ “ Cl____
478,555
“ “ Cl.... .
365,463
“ “ C_____
14,475
Defaulted-—Municipals.. 1,056,357
Defaulted—Others...... 1,974,414
Not Rated,__ _ — 3,824,921
Totals.......
. 32,275,519
Stocks___ ____ __ 5,387,654
Totals....... .... 37,663,173
dged Unpledged
%of Market Ple
arket Market
Total Value M
Value
Value
487 $17,409,497 $17,128,482 $281,015
.2
0
74,580 74,580
15 328,644 325.834
2,810
89 3,282,630 1,383,464 1,899,166
1.3 327,845 273,670 54,175
1.4 302,609 272.834 29,775
3.1 584,667 484,798 99,869
13 224,697 152,777 71,920
7,045
10 90,395
13,350 71
,520
.0
1,520
0
2.8 826,400 644,270 182,130
5.2 955,753
55,175 900,578
103 3,222,686 719,961 2,502,725
85.7 27,631,923 21,529,195 6,102,728
14.3 1,967,630 1,190,163 777,467
100.0 29,599,553 22,719,358 6,880,195
Deprecia Desir
tion ability
$951,191 100%
13,696 90%
238,248 80%
86.954 80%
147,739 80%
217,603 50%
595,431 10%
253,858 0%
275,068 0%
12.955 0%
229,957 0%
1,018,661
%
602,235 0
0%
4,643,596
3,420,024
8,063,620
8444
STOCK EXCHANGE PEACTICES
E x h ib it G -6 a -4
The Guardian Trust Company, Cleveland, Ohio—Comparative statement of assets
pledged, rediscounted, etc., to investments, securities, etc., and total resources
Per examiningcommitteereport ofMarch23, 1929
%tonet
Total
total re
sources
30,758,72652
Investments____________ 38,649,524. 78
68,672,557.47
25,271,517.78
Total Resources before de
ductingContraAccounts.. 163,352,326.55
Deduct ContraAccounts alsoin3,857,640.89
1
5
NET RESOURCES...... 9,494,685.66
Pledged
19.62%
2421% 36,529,552.10
42.91%
15.81%
Free
ple%
dged
30,758,726.52
2,119,972.68 94.56%
68,672,557.47
25,271,517.78
102.19% 36,529,552.10 126,822,774.45 22.28%
02.19%
100.00%
Per StateExaminer'sReport ofFeb. 29,1932
%tonet
Total Re
sources
Total
Mortgages..... .... ............ 23,857,688.29
Investments____________ 38,137,666.54
Loans_______ ______ 69,813,865.60
27,972,163.62
Todta
l
R
e
s
o
u
rc
e
s
b
e
fo
re
d
e
uctingContraAccounts.. 159,781,384.05
Deduct Contra Accounts alsoin6,702,016.14
NET RESOURCES....... 153,079,367.91
Pledged
15.55% 4,104,190.17
24.90% 28,716,582.21
45.62% 12,178,951.80
18.23%
Free
Ple%
dged
19,753,498.12 17.23%
9,421,084.33 75.33%
57,634,913.80 17.48%
27,972,163.62
104.30% 44,999,724.18 114,781,659.87 29.51%
0130%
100.00%
Per Conservator’sReportofApril 8, 1933
Total
Mortgages....... ....... ........ 13,466,068.09
Investments....... .............. 26,677,398.65
Loans__ ... ______ 65,801,704.45
682,523.55
AdvancesonAcceptances........
7,047,497.78
Total Resources before de
ductingContraAccounts._ 113,675,192.52
Deduct Contra Accounts alsoin1,384,775.69
NET RESOURCES....... 112,290,416.83
Note.—Italicsindicateredfigures.
%tonet
TotalResources
Pledged
11.94% 8,506,746.89
23.71% 19,126,022.44
58.65% 33,875,425.53
500,000.00
6.7
.21
3%
%
Free
4.959.321.20
7.551.376.21
31,926,278.92
182,523.55
7,047,497.78
Ple%
dged
63.44%
71.81%
51.52%
73.32%
101.24% 62,008,194.86 51,666,997.66 55.26%
. %
01 24
100.00%
E x h ib it G -6 a -5 a
Comparative consolidated balance sheet of the Guardian Trust Company and subsidiaries as per Lybrand, Ross Bros. & Montgomery report of
October 26, 1933, to special deputy superintendent of banks of Ohio
[Note.—Italicindicatesredfigures]
Dec. 31, 1931
165,972,810.38
$2,307, 265. 59
4,545, 122 43
7,334, 655. 40
16,131, 481. 60
5,684, 580 57
7,310, 966.77
5,155, 844.08
1,729, 766.09
982. CO
34,099, 365.53
31,004, 492.40
19,170, 794.98
2, 462, 154.95
1, 421, 365. 37
6,114, 258.42
11,679, 734. 69
70, 049. 85
137, 761. 70
104, 750 50
60, 705 00
3, 062, 638. 35
36, 945. 00
72, 620. 76
159,698,302 03
-$4,465,464.04
+1,195, 845. 27
-76,827.87
+3,406, 238.43
+ 1,598, 301.61
+190, 616.51
+1,610, 985.78
+148, 701. 94
168.00
975m
-8,008,626 80
—O, Vox, 096.46
+608, 424.34
+125, 00000
+1,858, 793.79
+2,585, 755.66
+18, 687.87
+25, 107.41
+54, 333.06
+9, 153.72
-16,712 50
-27,649.19
-6,274,503 35
Feb. 28, 1933
$1,224, 825.99
1,501, 997.68
1,275, 073.95
9,970, 548. 94
4,349, 922 41
8,028, 708.92
5,695, 343.35
15,033, 084. 24
399, 353 19
33,897, 247.37
12, 759, 727.48
18,459, 840.67
2,638, 760. 78
1, 421, 365. 37
6,214, 258. 42
11,662, 547. 50
11,197. 93
169, 608.14
103, 944. 86
65, 770 00
2,245, 224.89
40, 515.00
93, 722. 36
500, 000.00
46, 664.89
137,849,254.33
Increase (+) or
decrease (—)
-$1,082,
-3,043, 124.75
-6,059, 581.45
-6,160,93266
-1,334,658.16
+717, 742 15
+539, 499. 27
+13,333, 318.15
371.19
118.16
-18,214, 764.92
-710,954.31
+176, 605.83
""’+i6o7660:60
-17, 187.19
-58, 851.92
805.64
+5, 065.00
-817,413.46
+31, 846. 44
570 00
++3,
21, 101. 60
+500, 000.00
Increase (+) or
decrease (—)
Feb. 1933 over
Dec. 31,1931
-$5,547,903.64
-1,847,279.48
-6,136,409.32
-2,754,69423
+263, 643. 45
+908, 358.66
+2,150, 485.05
+13,482, 020 09
+398, 203.19
-8,901,093.42
-21,248,391.72
-5,783,040.77
+785, 030.17
+125, 000.00
+1,958, 793.79
+2,568, 568.47
-40, 164.05
+56, 953.85
+53, 527.42
+14, 218. 72
-4,189,782.08
+20, 282.50
-6,547.59
+46, 664.89
+500, 00000
+46, 664.89
-21,849,047.70
-28,123,556.05
8445
$6,772, 729.63
3,349, 277.16
7,411, 483. 27
12,725, 243 17
4, OSO, 278.96
7,120, 350 26
3,544, 858 30
1,581, 034 15
1,150 00
37,798, 340 79
34,008, 119 20
24,252, 881.44
1,853, 730. 61
1, 296, 365 37
4,255, 464. 63
9,093, 979. 03
51, 361 98
112,654.29
50, 417.44
51, 551. 28
6,435, 006. 97
20,232.50
100,269. 95
Increase (+) or
decrease (—)
STOCK EXCHANGE PEACTICES
RESOURCES
Cash_______ _________
D ue from Banks a'nd Bankers_____ _____________
Due from Federal Reserve B an k ________________
U nited States Government Bonds_____ _________
State, County and M unicipal B o n d s ...................
Other Bonds___________________ ________________
Stocks------ --------------------------Other Investments-.............. ............. ............. ........
Mortgages Owned_______________________________
Collateral Loans________________________________
Real Estate Loans______________________________
Other Loans, discounts and advances....................
Notes and accounts receivable___________________
Investment m Banking Houses.......... ............. ......
Guardian B uilding_______ ______________________
Other Real Estate O w n e d .....................................
Special Collections___ __________________________
Advances to Trust Estates________________ _____
Overdrafts______________________________________
Customers L iability on Letters of Credit________
Customers and Bankers liability on acceptances..
Treasury Stock and Bonds______________________
Prepaid and Deferred Item s........................ ...........
Special Cash Reserve___________________________
Miscellaneous Other Resources..... ............... -........
Dec. 31, 1932
Dec. 31,1931
ase(+) or
Dec. 31,1932 Indcere
crease(—)
Increase(+) or
ase(+) or decrease(—)
Feb. 28,1933 Indcere
crease(—) Feb. 1933over
Dec. 31,1931
-$20,193,979.95 $79,669,094. 65 -$22,261,426.12 -$4$,455,406.07
+12,$76,043.88 18,946,907. 27 +3,547,884.32 +15,923,928.20
-8,308,BIS.07
3,739,732. 72 +739,636.3$ -2,568,576.69
t4,718.68
-148.0Q
35,033.32
4>966.68
+219, 517.73 8,308,618.19 +3, 714,800.44 +3,934,318.19
- 25,000.00
705,000.00
—25,000.00
+6, 733,528.60
917,162.89 '''-6~,~95ti65l'.18
-223,122.58
-101,449.50
+162,614.1$
573,488.09
+61,164.69
-68,687.98,
-646,016.OS
2,802,945.99
-714,054.01
+2jB3,407.48
191,488.78 -148,OSO.68
+120,376. 79
+2,600,000.00
+$74,761. 76
-rl61,8SS.88
-2,000,000.00
+1,916,087.47
+855,240.72
+1,810.89
+9,153.72
-8,372,868.62
~6t$74,508.35
3.600.000.00 +1,000,000.0Q +3,600,000.00
920,567.78 +324,463:08
+599,224.84
-76,588.84
13,166.66
-288,416.67
7.000.000.00
125,500.00
6.000.000.00 -1,000,000.00 -S,000,000.00
-7,117.72 +1,908, 960.75
3,199,278. 73
1,210,138.91
+11,005.01
+866,245. 73
-1,397.61
4
1
3
.2
8
+413.28
65,770.00
+5,065.00
+14,218.72
2,245,224.89 +8/7,418.46 -4,189,782.08
$137,849,254.33 -21,849,047.70 -28,123,556.05
STOCK EXCHANGE PEACTICES
[Exhibit G-6a-5b]
LIABILITIES
Deposits----------- ---- ------------------------------------------ $122,124,500.72 $101,930,520.77
3,022,979.07 15,399,022.95
BillsPayable-.....................................................
6,308,309.41 3.000.096.34
BillsRediscounted.................................................
40,000.00
35,281.32
NotesPayable.....................................................
4.374.300.00 4,593,817.75
MortgagesPayable ...............................................
BondsPayable.....................................................
730,000.00
705,000.00
ChecksOutstanding......... ......... ............... ........ .
1,140,285.47 7,873,814.07
512,323.40
410,873.90
ReserveforTaxes..... .............. -.... ......................
ReserveforDepreciation(IncludingBuildings) __ ____ ___
3.517.500.00 2,871,583.97
71,111.99
334,519.47
ReserveforDoubtful Accounts_________ __ __ __ __
2.600.000.00
321,342.94
596,104.70
AccruedInterest Payable____________ ____ __ __
AccruedDividends.-__ _________ ____ __ ____
251,583.33
89.750.00
7.000.000.00 7.000.000.00
125,500.00
125,500.00
9.000.000.00 7.000.000.00
UnrealizedAppreciationonreal estateandpaidinsurplusofSub
1,290,308.98 3,206,396.45
sidiaries .........................................................
343,893.18 1,199,133.90
UndividedProfits..................................................
1,810.89
MinorityinterestinSubsidiaries_____ ___ -___ _____
CustomersLiabilitiesonLettersofCredit__ ___ ____ ___
51,551.28
60.705.00
Acceptancesexecuted___ __________________ _
6,435,006.97 3,062,638.35
165,972,810.38 159,698,302.03
8446
Comparative consolidated balance sheet of the.Guardian Trust Company and subsidiaries as per Lybrand, Ross Bros. & Montgomery report of
October 26, 1933, to special deputy superintendent of banks of Ohio■— Continued
E x h ib it G -6 a~6
The Guardian Trust Company— Cleveland, Ohio: Comparative statement of securities owned by the Guardian Trust Company as taken from
bank examining committee reports
[Note.—Italicindicatesredfigures]
March23,1929
$18,156,849.54 $18,406,604.02 +$249,754.48 $19,922,490.36 +$1,515,886.34 +$1,765,640.82
9,553,634.10 4,017,508.58 -5,586,125.b2 4,492,260.25 +474,751.67 - 5,061,878.85
+42,899.94
-2^,629 16
563,646.84
+67,529.10
520,746.90
496,117. 74
1,349,526.52 +456.550. 27
-806,055.71
1,655,582. 23
892,976.25 -762,605.98
-37,818.78
496,797.52 +134,211.25
+96,392.52
400,405.00
362,586.27
- 166,029.78 +1,918,328.27
1,630,809.53 3,715,167. 58 +2,084,358.05 3,549, 137.80
1,644,633.41 -158,438.87
-879,912.10
2,024,545.51 1,798,072. 28 -226,478.28
-2,915.68
341,994.15
261,917.00
-80,077.15
339,078.52
+77,161.52
-81,000.00
-444,113.68
494,963.68
81,85000 -418,118.68
50,850.00
3,760,986.22 3,018,680.33
-742,805.89
5,799,531.99 +2, 780,851.66 +2, 038,545.77
+316,017.94
212,480.63
£3,500.00
-188,980 68
339,517.94
+127,03731
-2,970.00
2,970.00
K -2,970.00
38,755,967.49 33,074,980.05 -5,680,987.44 38,547,471.15 +5,472,491.10
-208,496.84
8447
ase(+) or
ase(+) or Incere
Jan. 28, 1933 InDcere
crease(—),
crease(•••) D
1933over 1929
STOCK EXCHANGE PEACTICES
U.S. SecuritiesandFederal FarmLoanBonds.....................
Municipal Bonds..................................................
Joint StockLandBankFarmLoanBonds.........................
RailroadBonds....................................................
PublicUtility Bonds...............................................
Industrial Bonds........................... .......................
Real EstateandBuildingBonds ................................
ForeignBonds.....................................................
Joint Account Bonds...............................................
OtherInvestments.................................................
ase(+) or
Jan. 30, 1932 InDcere
crease(—)
8448
E x h ib it G -6 a -7 a
The Guardian Trust Co. statement of assets, April 8, 1933
ReconstructionFederal ReserveBank
Exhibit Page
number numbers
Customers’ Liability on Travelers
Customers’ LiabilityonAcceptances....
Bankers’ Liability a/c of Acceptances
”
”
” Special Reserve
A/C
Federal ReserveBank—Special Deferred
1-20
21-190
191-405
406-517
518-802
$03
804
808-809
810-984
985-1035
1036-1040
1041-1042
1043-1115
1116-1120
1121-1126
1127-1128
805-807
1129
1130-1138
1139
1140
1141-1142
Free
Pledged
Finance Billspayable Rediscounts
Corp.
$3,464,36893 $2,606,255.46 $858,11347 $618,00000
14,077,17341 4,901,41002 9,175,76339 4,035,832.96
16,190,73516 5,929,033.78 10,261,701.38 9,704,259.65
18,945,882.52 9,944,450.61 9,001,431 91 8,862, 57738
13,123,544.43 8,545,129.05 4,578,41538 4,578,415.38
2,04333 2,043.33
682,523.55 182,523.55 500,000.00
37,31075 37,31075
13,466,068.09 4.959.321.20 8,506,74689 3,516,050.49
26,677,398.65 7.551.376.21 19,126,022.44 11,674,783.24
237,617.93 237,617.93
1,421,365.37 1,421,365.37
9,124.92 9,124.92
118,14481 118,144,81
45,300.00 45,300.00
918,769.24 918,769.24
420,706.45 420,706.45
674,95402 674,954.02
16,48132 16,481.32
218.74
218.74
49,160.96 49,16096
159,970.76 159,97076
90,864.71 90,864.71
670,404.97 670,404.97
2,039,604.20 2,039,604.20
135,455.30 135,455.30
113,675;192.52 51,666,997.66 62,008,194.86 42,989,919.10
Other
Publicfunds pu
rposes
$240,11347 $4,593,415.11
546,515.32 4,593,415.11
100,607.37 456,834.36
138,85453
$500,000.00
$4,990,696.40
7,301,239.20 150,000.00
887,236.16 5,189,104. 00 12,291,935.60 650,000.00
STOCK EXCHANGE PEACTICES
WesternReserveMortgageCo. Notes....
1
1
2
2
2&3
2
2
3
3
4
5
6
7
8
8
2
2
1
8
8
8
8
Totals
STOCK EXCHANGE PEACTICES
Exhibit
8449
G-6a-7b
The Guardian Trust Company—Liabilities April 8, 1933
Totals
Deposits:
Thrift Club...............
Amount
pledged
tosecure
$142,92580
39,191,295.55
1,985,250.82
PublicFunds...................................................... 10,748,397.21 $12,291,935.60
1,848,346.08
28,204.63
15,862,329.38
150,000.00
4,908,491.17
9,532.91
62,576.54
74,787,330.09 12,441,935.60
ChecksOutstanding:
727.34
638,311.39
73,978.72
19,554.64
1,494.75
734,066.84
1,874,93401
77,396,330.94
Contra.
45,30000
Contra.
420,70645
918,769.24
Contra.
5.18 ..... 887,*236."16
79,316.84
500,000.00
250,000.00
14,900,481.40 42,989,919.10
3,893,04230 5,189,104.00
12,383.09
16997
166,891.93
m ,754.37
3.600.000.00
7.000.00000
6.000.000.00
............................
795,450.45
113,675,192.52 62,008,194.86
Note.—Italicindicatesredfigures.
Exhibit G-6a-8
Western Reserve Mortgage Company—Notes receivable to April 8, 1933
(in “ other investment” ledger)
Debit
Credit
Balance
#794
*
1933
Feb. 16 For Mortgage sold to Western Reserve
$8,278,415.38JE
17
$3,642,998.68
23
51,720.00
Mar. 7 Amount Deductedby R.F.C. fromWest5,281.32 $4,578,415.38
#805
Feb. 20 For Mortgages sold to Western Reserve
3,070,939.61 JE
23
me
1,212,354.61
],858,585.00
Feb. 24 For Mortgages sold to Western Reserve
8,358,354.43 JE
24
857,680.55
25
403,092.41
25
33,31839
Mar. 7
21,315.78 7,042,947.30
19,707,709.42 6,227,76174 13,479,947.68
me
Mar. 22 SetupNewReservoinVcelaMortgagesat
rateof56086137%______ ___ __
367,077.44
367,007.44
Apr. 8
1
9
,
3
4
0
,
7
0
1
.9
8
6
,
2
2
7
,
7
6
1
.
7
4
1
3
,1
12,94024
Apr. 8
13,123,544.43
(Differenceduetosmall errorsrecordedinbooksafterApril 8, 1933)
8450
STOCK EXCHANGE PBACTICES
Exhibit
G-6a-9
Accounting for real estate loans, January 1 to April 8, 1933
Debit
Credit
Dec. 31, 1932:
' NewMortgagefromValuationServiceandLandDevelopment__
$31,589,912.63
2,508,429.00
34,098,341.63
"$i’l98,"3i9."74"
SoldtoWesternReserveMortgageCompany____________ 19,707,709.42 "" 20,"906,02tK16
$13,192,312.47
727,494.33
PurchaseofVcelaMortgagefromNewEnglandCo. J 160..........
April 8,1933: Computedbalancewithout consideringpaymentsorother
$13,919,806.80
$13,466,068.09
(ThisisageneralaccountingfortheReal EstateLoansin1933,andaspayments onloanswerenot con
sidered, theabovedifferenceinthebalancewasnotcheckedout.)
Exhibit G-6a-10
Accounting for other real estate owned January 1 to April 8, 1933
Debit
Dec. 31,1932:
Lesssoldto:
LandDevelopment &RealizationCo______________
$1,180,960.11
1,327,468.89
Credit
$2,637,832.78
108,214.15
$2,746.046,93
2,508,429.00
$237,617.93
Exhibit G -6a-ll
Loan and deposit comparisons from annual reports for dates indicated
Date
12-31-28.........
12-31-29.........
12-31-30.........
12-31-31.........
12-31-32.........
Cash&
teral Real Estate Discounts
Exchange CoLlla
Loans
oans
OnHand
Deposits per
Total
Annual
Resources
Report
$6,731,579.11$37,280,136.15$30,857,599.51$27,183,245.16$165,160,377.22$147,248,709.92
4,963,808.85 47,080,021.59 31,011,749.79 31,801,614.24 178,022,91601 147,054,664.12
3,891,745.15 46,097,652.94 37,192,275.45 26,453,226.18 181,934,969.06 157,297,047.01
5,377,087.48 38,794,945.79 34,218,559.44 23,695,851.00 156,994,770.75 123,264,786.19
1,944,721.67 35,068,765.53 31,490,968.04 19,056,575.36 148,470,272.20 109,804,334.84
STOCK EXCHANGE PEACTICES
8451
Exhibit G-6a-12a
COMPANY CORRESPONDENCE-—THE GUARDIAN TRUST COMPANY
June 8th, 1932.
From: J. A. House.
Dept.: President.
To: H. C. Robinson, Executive Vice President.
I find that the meeting in New York cannot be called off. I am leaving ton 'g 'it and will be back Friday morning.
To bring you up on the North American situation: The North American
have passed a resolution allowing the Clearing House to go in and make an
examination. I believe Mr. Hoffmever is now in the bank.
The F,F.C. declined to make the $600,000.00 loan on the collateral submitted
but Washington has said they would loan $100,000.00 more on additional col
lateral so Mr. Seliskar has given them the collateral for that purpose.
Mr. Fulton and Mr. McEldowney met with Messrs. Baldwin, Creech, Sullivan
and myself yesterday afternoon in connection with the North American affairs
and they indicated they had made an examination of the bank and were some
what concerned over the situation and wanted to know what the attitude of the
Clearing House banks was. We suggested that the matter be allowed to run
along for a few days before they took any action. In the meantime, we told
them what the R.F.C. was willing to do which seemed to satisfy them to the
extent they would not be running into danger and they allowed them to con
tinue for a few days.
After Fulton .and McEldowney left the meeting we talked the situation over
and suggested that Harris Creech talk with Mr. Meyer in Washington to get
him to consent to give the full amount of the $600,000. This morning Harris
called and said he had thought it over during the night and had a suggestion to
make to the effect that the North American apply for a loan of $1,200,000. to
clean up all of their indebtedness and give them money to run along on during
these times, which would obviate anyone going in, and would give us time to
look over their picture. This has been communicated to Fleming and he is in
sympathy with the procedure.
We gave them $50,000 yesterday but that is to be paid back this week. It
was given to them to give them cash to allow their merchants to cash pay-roll
checks of the New York Central and Fisher Body.
We had a meeting this afternoon in Baldwin’s office in connection with the
Metropolitan Utilities loan, Greene and Sherwin representing the Cleveland
Trust and Midland, Ginn was also present.
The purpose of the meeting was to notify us, as parties interested in the
$4,500,000. loan to the Metropolitan Utilities that the New York Central had
served definite notice upon the Terminal people that if the arbitrators were not
satisfied suit would be commenced within ten days. It might be very disastrous
to have suit started at the present time.
The question was, if it would not be possible at the present time to appoint
someone to represent the banks interested in this loan to work out a plan. The
name of Otto Miller was suggested as being well qualified to do the job by reason
of his contacts with the New York Central, through Hayden-miller, the Nickel
Plate, through Williams, and his own interest in the Van Sweringen situation.
The job is not an operating one but one of planning and keeping the proper
contacts.
’
Of course, there are some delicate questions in connection with the whole
situation but the banks have a very primary interest in the situation with
$4,500,000. involved directly, together with $4,100,000 which the Union Trust
Company has loaned on Metropolitan Securities stock.
Personally, I can see no objection to Otto Miller representing the banks in
this particular transaction if it is going to bring about the situation with the
Central. I have no doubt that some arrangements could be made with the
Central if the Van Sweringens accepted arbitrations whereby the amount in
volved could be deferred for 3-4 or 5 years, which is very necessary at this time,’*’
rather than allow a law suit and the whole matter aired in court, which would be
very detrimental to the Van Sweringens and to ourserves, as well.
With respect to the dividend, which is to be discussed tomorrow, my feeling
4s we should not go below 6%. I think Mr. Prentiss expressed himself that
way, when it was talked in committee, as did other members. I think the other
parties would agree to that. I do not tnink we should agree to any lower rat*
8452
STOCK EXCHANGE PEACTICES
than that, particularly without taking it up with our committee. I shall stand
very frankly and firmly for paying 6% although Joe Kraus wants to cut it out
entirely, or reduce the rate to a very much lower level.
J. A. House.
UNITED STATES SENATE-MEMORANDUM
The following exhibits are mentioned in the Guardian Trust Company report
re: Window Dressing, but are not included with the exhibits accompanying the
report:
Exhibit G-8-2 is a copy of the minutes of a meeting of the Executive Com
mittee, Pages 98 to 100 and 102, and will be found with the Minutes of The
Guardian Trust Company.
Exhibit G—8-7 is a published statement of condition of the Bank for December
31, 1931 which is G-4-25.
G-8-18. There is no such exhibit. The number was simply skipped.
(ExhibitsG-6a-13throughG-fla-16facethispage)
Exhibit G-8-la
September 28, 1931.
Guardian Trust Company,
Cleveland, Ohio.
Gentlemen: We have this day bought from you and you have sold and
delivered to us the stocks listed in annexed “ Schedule A ” , and we have paid you
for such stocks the total purchase price indicated on such schedule by crediting
your account such total purchase price. This sale carries with it dividends
declared as to the stocks other than those payable to holders of record of the
stocks as of this date or prior hereto.
We have also bought from you, and you have assigned, sold, and delivered to
us, the loans and (except one that is a participation in a loan) the notes evidencing
the same, together with all col'ateral security, listed in annexed “ Schedule B” ,
and we have paid you for such loans the total purchase price indicated on such
schedule by crediting your account such total purchase price. As interest pay
ments are made upon such loans you are to have the unpaid interest accrued
thereon to date, and we are to have such interest as may accrue from date, at
the respective rates specified in such different loans. All of such loans are unen
dorsed by others and your endorsements are without recourse.
Thirty days after date, you agree to repurchase from us, and we agree to
resell to you, such stocks set forth in “ Schedule A ”, together with all dividends
not received by us, at the total purchase price paid by us to you this date for such
stocks, plus a further amount equal to the interest, at the rate of 3% per annum,
upon such total purchase price from date to the date of such repurchase (but
such further amount to be diminished by the dividends received by us frona
date to the date of your repurchase).
Exhibit G-8-lb
Thirty days after date, you agree to repurchase from us, and we agree for
resell to you, such loans set forth in “ Schedule B” then unpaid for a repurchase
price equal to the total purchase price paid by us to you on this date (less any
principal amounts paid us during sucli thirty days), plus a further amount equal
to the interest accrued upon such loans from date to the date of such repurchase,
(such further amount to be diminished by the interest payments received by us
as to such loans from date to date of your repurchase).
At any time prior to such thirty days from date, you may anticipate such
repurchases, in whole or in part. In the case of such a repurchase of any stocks
in part, the repurchase price shall be the purchase prices stated as to such stocks,
respectively, in such “ Schedule A ” , plus a further amount equal to the interest,
at the rate of 3% per annum, upon such respective repurchase prices (such
further amount to be diminished by the dividends received by us as to such
respective stocks from date to the date of such repurchase). In case of such
repurchase of any of the loans in part, the repurchase price shall be the amount
w’e paid for such loans, as stated as to such loans, respectively, in “ Schedule B ”
(less any principal payments received by us prior to such repurchase), plus an
additional amount equal to the interest accrued upon the loans so repurchased
from date to the date of such repurchase (less any interest payment received by
us as to such loans from date to the date of such repurchase).
-^-X^/3
t h e G u a r d i a n a d v e r t is e d :
U b£
S O L ID
A g
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x
F O R T R E S S
IN
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G u a r d i a n d e p o s it s h a v e g r o w n m o r e t h a n 5 0 t im e s in th e s e
t h ir ty - f o u r y e a r s b e c a u s e i n d i v id u a ls a n d c o r p o r a t io n s a lik e
v a l u e s o u n d n e s s c o u p le d w i t h a r e a l s p ir it o f h e lp fu ln e s s .
GUARDIAN
TR U S T COM PANY
E x h ib it
G -6 a -1 3
m
M
A
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Y
A
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A
N
owes his success to thc habit
of savingacquired earlyin life.
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aSavingsAccount withus.
T H E
G
U
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I A
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O
108 Superior Stt:ct
N
P A
T R U S T
N
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Wade Building
MANY a fortune is intact, many a cash reserve is steadily growing because
the owners agreed with the sound idea expressed in 1899 and saved with the
Guardian. Thousands of depositors, large and small, have approved the Guard
ian’s safe-and-sure policy.
They have shown that approval by increasing
their deposits more than 50 times since the advertisement above was written.
G U AR D IAN
TR U S T
..........
C O M P A N Y
... C..V...N.
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SAVE AND HAVE
Nearlyalikeinspelling.
Identical infact.
THE
GUARDIANTRUST
COMPANY
lo
IN
1 9 3 2
and inall theyearsbetween, theGuardian has continued togive the
same sound advice. Homely philosophy/ perhaps, yet events have
proved it to be the one and onlysureroutetoprosperity andsafety.
Thousands of Clevelandersfollowed the advice inthat oldadvertise
ment and havesavedfor yearsat theGuardian. Again theGuardian
urges, for your safety and peace of mind — Save end Have.
G U AR D IAN
TR U S T
C O M P A N Y
E x h ib it G - 6 a - 1 6
STOCK EXCHANGE PRACTICES
8453
All repurchases by you from us of loans and stocks shall be without recourse
to us.
We rely upon you for the correctness of the annexed schedules and of the
statements such schedules contain.
Please confirm the above by your signature below.
Very truly yours,
Bankers T rust Company,
By W. A. Henderson, Vice President.
Confirmed.
Guardian T rust Company,
By H. P. McIntosh, Jr., Vice President.
Exhibit
STATEM ENT
OP
C O N D IT IO N ,
G-8-3
S E P T E M B E R 29,
C leveland
1931,
G U A R D IA N
T R U ST
Co.
OP
d ir e c t o r s
Charles K. Arter, Dustin, McKeehan, Merrick, Arter & Stewart.
Warren Bicknell, Chairman of Board, The Lundoff-Bicknell Co.
Robert H. Bishop, Jr., Secretary, University Hospitals of Cleveland.
Irving C. Bolton, Treasurer The Warner & Swasey Co.
S. M. Bond, Cleveland.
Carl W. Brand, Vice President Standard Brands, Incorporated.
' Arthur D. Brooks, President The Brooks Co.
Harvey H. Brown, Jr., Vice President The Stewart Furnace Co.
Geo. S. Case, President The I amson & Sessions Co.
W. A. Daley, President The W. S. Gilkey Printing Co.
H. G. Dalton, Pickands, Mather & Co.
A. W. Dean, President West Virginia-Pittsburgh Coal Co.
John F. Deasy, Vice President Pennsylvania Railroad Co.
Geo. B. Durell, President American Fork & Hoe Co.
Randolph Eide, President The Ohio Bell Telephone Co.
Ralph L. Fuller, Chemicals.
Louis J. Grossman, Grossman & Grossman.
R. S. Hall, President The Bourne-Fuller Co.
Dan R. Hanna, Jr., President The Cleveland News.
L. C. Hanna, Jr., Member Executive Committee The M. A. Hanna Co.
Chas. G. Heer, Treasurer The Cleveland Cliffs Iron Co.
Charles P. Hine, Thompson, Hine & Flory.
J. A. House, President.
Wm. H. Hunt, Chairman Advisory Board, Sun Life Assurance Co. of Canada.
Richard Inglis, President Inland Investors, Inc.
F. D. Kellogg, President The Ohio Cut Stone Co.
John A. Kling, Chairman The Kelley Island Lime & Transport Co.
W. H. Marlatt, Treadway & Marlatt.
G. G. Marshall, Vice President and Secretary The Marshall Drug Co.
W. G. Marshall, President The Marshall Drug Co.
H. P. McIntosh, Chairman of the Board.
H. P. McIntosh, Jr., Vice President.
James R. Mills, Manager of Sales Carnegie Steel Co.
Thos. E. Monks, Vice President.
C. L. Murfey, Vice President.
H. K. Oakes, Vice President Bethlehem Transportation Corporation.
Proctor Patterson, President The W. S. Tyler Co.
E. A. Petrequin, President The Petrequin Paper Co.
Atlee Pomerene, Squire, Sanders & Dempsey.
F. F. Prentiss, Chairman of Board The Cleveland Twist Drill Co.
Orville W. Prescott, The Saginaw Bay Co.
H. C. Robinson, Senior Vice President.
E. D. Rogers, President The Morse-Rogers Steel Co.
E. S. Rogers, Cleveland.
W. T. Rossiter, Vice President The Cleveland Builders Supply Co.
H. I. Shepherd, Vice President.
H. B. Stewart, President The Akron, Canton & Youngstown Railway.
8454
STOCK EXCHANGE PEACTICES
Arthur L. Stone, Secretary-Treasurer The Nicola, Stone & Myers Co.
Alexander S. Taylor, President V. C. Taylor & Son, Inc.
E. G. Tillotson, President E. G. Tillotson & Co., Inc.
Geo. Garretson Wade, Secretary-Treasurer, The Wade Realty Co.
Robert B. Wallace, President The Kinney Steamship Co.
Jas. W. Warwick, President The Drake Coal Co.
Geo. J. Whelan, President The Kelley Island Lime & Transport Co.
R ESO U RC E S
Cash on Hand and in Banks______________________________
United States Bonds______________________________________
State, County and Municipal Bonds_______________________
Other Bonds and Securities including stock of Federal Reserve
Bank of Cleveland_____________________________________
Commercial Loans and Discounts__________________________
Collateral Loans__________________________________________
First Mortgage Real Estate Loans_________________________
Bank Premises___________________________________________
Other Real Estate Owned_________________________________
Secured Advances on Trust Estates________________________
Interest Accrued and Other Resources_____________________
Customers’ Liability on Acceptances and Letters of Credit__
$20, 526, 679. 43
10, 880, 519. 52
5, 230, 571. 29
13, 790, 983. 63
27, 340, 161. 36
36, 757, 895. 83
36, 022, 770. 34
5, 096, 365. 37
1, 562, 610. 31
513, 700. 41
1, 727, 131. 91
3, 948, 594. 98
Total.............................................. ............ ...................... $163,397,984.38
L IA B IL IT IE S
Deposits_________________________________________________ $140, 066, 538. 15
Acceptances and Letters of Credit_________________________
3, 949, 094. 98
Reserve for October 1, 1931, Dividend_____________________
210, 000.00
1, 272, 329. 91
Interest Accrued and Other Reserves______________________
Bills Payable and Rediscounts_____________________________
None
Capital Stock_____________________________ $7, 000, 000. 00
Surplus___________________________________ 9, 000, 000. 00
Undivided Profits__________________________ 1, 900, 021. 34
------------------- —
17, 900, 021. 34
Total.______ _______________ ______ _______________ $163,397,984.38
O F F IC E R S
Chairman of the board, H. P. McIntosh.
President, J. A. House.
Senior vice president, H. C. Robinson.
Vice presidents: Philip C. Berg, H. A. Carlton, Allan B. Cook, John Fish,
L. B. Foote, C. H. Force, A. R. Fraser, W. R. Green, Clay Herrick, Arthur L.
Irish, Geo. B. Johnson, L. J. Kaufman, H. P. McIntosh, Jr., C. R, Megerth,
Thos. E. Monks, C. L. Murfey, S. J. Olstyn, W. D. Purdon, E. T. Shannon,
H. I. Shepherd, A. G. Stucky, A. F. Young.
Secretary, R. P. Sears.
Treasurer, C. F. Bruggemeier.
Assistant vice presidents: Dale Brown, Robert C. Lee, Thoburn Mills, G. J.
Provo, F. G. Stuber.
Assistant secretaries: T. F. Buzard, Wm. P. Davis, R. R. Emmick, O. H.
Gray, W. N. Hoppe, C. F. Koch, J. J. Luthi, H. H. McKee, T. P. Reitinger,
E. A. Stockwell, J. A. Ward.
Assistant treasurers: George A. Church, T. C. Edmonds, O. W. Fullerton,
L. J. Geib, Elmer Guentzler, H. C. Hutchinson, P. P. Janicki, J. A. Kainsinger,
E. L. Neuswander, J. A. Purcell, T. R. Roberts, G. F. Rueter, J. R. Ruggles,
W. H. Steinkamp, H. J. Weber, K. B. Wiggins.
Assistant trust officers: W. Kenneth Brew, F. C. Fulton, W. H. Holmwood,
E. L. Mallon.
Auditor, R. H. Garner.
Bond department, P. A. Sihler, manager.
Tax department, F. M. Riddleberger, consultant.
Travel bureau, Geo. W. Bohn, manager.
STOCK EXCHANGE PRACTICES
F
a c il it ie s
and
8455
S e r v ic e s
BANKING DEPARTMENT
Provides a complete commercial service for individuals, firms, corporations,
banks, estates and associations.
Pays interest at the rate of 3% per annum on savings accounts.
Issues interest-bearing certificates of deposit, payable at a specified time.
Makes collections for local or foreign customers at minimum cost. Corre
spondents in all principal cities.
TRUST DEPARTMENT
Acts as executor and trustee under wills. Manages and conserves estate?,
distributing the income and eventually the principal, as directed.
As trustee under a living trust, invests funds under a well-balanced invest
ment plan. Replaces speculation with conservatism and, through securities
analysis, safeguards both principal and income.
Under a custodianship collects all dividends and coupons, analyzes invest
ments and recommends purchase or sale. All transactions subject to approval
of owner.
Acts as transfer agent and registrar for corporations; also, as custodian of
pledged collateral and depositary for securities controlled by reorganization
committees.
Manages real estate for owners, taking care of taxes, repairs and rentals.
As escrow agent holds moneys or securities pending fulfillment of stipulated
conditions.
LOAN DEPARTMENT
Loans upon acceptable securities and grants first mortgages on real estate.
Discounts paper, handles acceptances and customers’ notes. Buys and sells
bankers’ acceptances in the open market; organizes syndicates of banks to accept
drafts drawn against existing values of merchantable commodities.
BOND DEPARTMENT
Invites inquiries from customers desiring recommendations regarding sound
securities.
FOREIGN DEPARTMENT
Buys and sells foreign moneys and remits by mail or cable to all parts of
the world. Finances imports and exports. Establishes commercial credits,
executes acceptances, collects bills on all countries. Travelers’ letters of credit
and travelers’ checks issued, payable' in all parts of the world.
TRAVEL DEPARTMENT
Sells steamship tickets to all parts of the world, personally conducted tours
and itineraries arranged.
SAFE DEPOSIT DEPARTMENT
Boxes from $5 a year up.
packages.
Storage for silverware, trunks, chests and valuable
OFFICES
Main offices, 623 Euclid Avenue.
Arlington-Eddy office, L. O. Bond, manager: Arlington at Eddy Road.
Commercial office, F. G. Stuber, ass’t. vice president, Superior at W. 6th St.
Coventry Office, R. E. Kirk, manager; Coventry at Lancashire Road.
Euclid-46th office, W. J. Strater, manager; 4701 Euclid Avenue.
Euclid-105th office, G. J. Provo, ass’t. vice president, 10300 Euclid Avenue.
Eulcid-Superior office, W. H. Mynderse, manager; Euclid at Superior Avenue.
Garfield Office, Stephen Piotrowski, manager; 4600 Turney Road.
Lakewood office, W. H. Steinkamp, Ass’t. Treas.; Detroit at Warren Road.
Lorain-W. 117th office, D. B. Hull, manager; 11718 Lorain Avenue.
Miles-131st Office, P. P. Janicki, Ass’t Treas.; 13034 Miles Avenue.
Pearl Road office, H. B. Todd, manager; 4250 Pearl Road.
Rocky River office, G. F. Rueter, ass’t. treas.; Rocky River, Ohio.
STOCK EXCHANGE PRACTICES
8456
S t . C la i r - P a r k w o o d o ffic e , O . H . G r a y , a s s ’t . s e c r e t a r y ; S t . C l a i r a t P a r k w o o d
D r.
S h a k e r S q u a r e o ffic e , F . G . S t u b e r , a s s ’t . v ic e p r e s i d e n t ; 1 3 1 1 7 S h a k e r S q u a r e .
S u p e r io r - 8 0 t h o ffic e , J o s e p h M o s in s k i, m a n a g e r ; 8 0 1 7 S u p e r io r A v e n u e
V c e la o ffic e , J . A . K a in s i n g e r , a s s ’t . T r e a s u r e r ; C h a s . F . K o c h , a s s ’t . s e c r e t a r y ;
57 0 3 B r o a d w a y .
W a s h i n g t o n B a n k o ffic e , J . J . C e t k o w s k i , m a n a g e r ; B r o a d w a y a t F o i m a n A v e .
W o o d l a n d o ffic e , J o s . D u f f n e r , m a n a g e r ; 3 1 0 6 W o o d l a n d A v e n u e .
M e m b e r : F e d e r a l R e s e r v e S y s t e m , C le v e l a n d C le a r i n g H o u s e A s s o c ia t io n .
E x h ib it
G -8-4b
O h io , a n d th e C h e m ic a l B a n k & T r u s t C o m p a n y o f N e w Y o r k
(T h is a g r e e m e n t is r e f e r r e d t o i n t h e m i n u t e s o f a m e e t i n g o f t h e E x e c u t iv e
c o m m i t t e e h e ld O c t . 3 0 , 19 3 1 a n d b y r e fe r e n c e h e r e t o is m a d e a p a r t o f t h o s e
m in u te s .
R . P . S e a r s , S e c ’y .)
T h e G u a r d i a n T r u s t C o m p a n y h a v i n g t h i s d a y s o ld t o t h e C h e m i c a l B a n k &
T r u s t C o m p a n y t h e f o llo w i n g s e c u r itie s , i.e .:
Due
$185,000 U .S .A . F o u r t h L i b e r t y L o a n , 4% ................................. .............................. ................ O c t. 15, 1938-33
159,800 C h ic . M ilw a u k e e , S t P a u l & P a c ific R . R . C o . S er. A , 5................................ F e b . 1, 1975.
50.000 E r ie R a ilr o a d C o . R e f & I m p . M t g e . , 5 ........... ................................................... .. A p r . 1, 1975.
25.000 D e n v e r & R i o G r a n d e W e s te r n R . R . C o R e f I m p . , 5......................................A p r . 1, 1978.
10.000 G r e a t N o r t h e r n R a ilw a y C o ., G e n . M t g e . Series E . , 4 ^ .................................. J u l y 1, 1977.
65.000 I llin o is C e n tr a l R . R . C o m p a n y , 4 H __________ _________ _______________________ J u n e 1, 1934.
120.000 I n t e r n a t io n a l G r e a t N o r t h e r n R . R . C o . A d ] . S er. A ., 6 ................................ .. J u l y 1, 1952.
50.000 N . Y . , C h ic a g o & S t. L o u is R . R . C o . R e f M t g . Series C ., 4 ^ ....................... S e p t. 1, 1978.
89.000 S t. L o u is - S a n F r a n c is c o R w y . C o . C o n s . M t g . S er. A ., 4 ^ .............................M a r . 1, 1978.
54.000 S o u th e r n P a c ific C o , 4 H ............. .......................................-........................................... M a y 1, 1981.
27.000 W e s te rn M a r y l a n d R w y C o 1st & R e f. Series A ., 5 M ...................................... J u l y 1, 1977.
50.000 A sso c ia te d G a s & E le c C o ., c o n v . d e b ., 4 y<i____________________ ______________ J a n . 15, 1949.
50.000 C o n t in e n t a l G a s & E le c . C o r p . d e b . Series A ., 5 . . .............................................. F e b . 1, 1958,
30.000 C i n c i n n a t i S tre e t R a i lw a y C o . 1st M t g Ser. B , 6 ...............................................A p r . 1, 1955.
50.000 C e n t r a l S ta te s E le c . C o r p . o p t . d e b . w a r r . a t t ., 5 M .............................................S e p t. 15, 1954.
34.000 O h io W a t e r S ervice C o 1st M t g e Series A ., 5 _ _ _ ................................................F e b . 1, 1958.
89.000 A m e r ic a n R o l li n g M i l l C o m p a n y , 4 ^ ............................................................. ..........N o v . 1, 1933.
30.000 A m e r ic a n In te r n a t io n a l C o r p c o n v . d e b ., 5j/2- ...................................................... J a n . 1, 1949.
40.000 A r m o u r & C o ., R e a l E s ta te F ir s t m tg e , 4K __________________________________ J u n e 1, 1939.
10.000 C h ile C o p p e r C o m p a n y , d e b e n tu re s , 5 . _ ............................................ ....................J a n . 1, 1947.
32.000 C ig a r S to res R e a lt y H o ld in g s , I n c . d e b . S er. A ., 5}4................................ -____ J a n . 1, 1949.
136.000 B . F . G o o d r ic h C o m p a n y , c o n v . d e b ., 6 ............... ...................................................J u n e 1, 1945.
244.000 G o o d y e a r T ire & R u b b e r C o . 1st M t g . & C o ll. T r ., 5 ._ ....................................M a y 1, 1957.
100.000 H u d s o n C o a l C o 1st M t g e . Series A , 5...... ............................................................. J u n e 1, 1962.
25.000 I n t e r n a t io n a l M a t c h C o r p . c o n v . d e b , 5______________________________________ J a n . 15,1941
75.000 M c K e s s o n & R o b b in s , I n c c o n v . d e b ., 53^______ ____________________________ M a y 1, 1950.
44.000 N a t io n a l Ste e l C o r p . 1st c o ll m t g e ., 5........ ................................................................A p r . 1, 1956.
167.000 G e r m a n G o v t I n t e r n a t io n a l L o a n 1930, 5}4___________________________________J u n e 1, 1965.
150.000 R e p u b l ic of P o la n d , 7____________________ ______________ __________________________ O c t . 15, 1947.
18.000 F e d e r a l L a n d B a n k of L o u is v ille , F a r m L o a n , 4 J^___________________________J a n . 1, 1956.
16.000 F e d e r a l L a n d B a n k of L o u is v ille , F a r m L o a n , 4 _ ............................................ .. M a y 1, 1958.
10.000 F e d e r a l L a n d B a n k of S t P a u l, F a r m L o a n ,
______________________ _____ J a n . 1, 1956.
12.000 F e d e r a l L a n d B a n k of W ic h i t a , F a r m L o a n , 4A _____________________________J a n . 1, 1956.
20.000 F e d e r a l L a n d B a n k of H o u s t o n , F a r m L o a n , 4 ^ ............................................ .. J a n . 1, 1956.
23.000 S p e c ia l R d . & B r id g e D i s t . 2, A la c h u a C o ., F la ., 6_____________ _____________J u l y ' l , 1934-39.
2.000 B d . E d u c . C h illic o t h e C i t y S c h . D is t . R o s s C o ., O h io , 4
................... ........A p r . 1, 1933.
1.000 B d . E d u c , C i t y of C le v e la n d , b u i ld i n g , 4 . ........................................ .................... J u l y 1, 1932.
6.000 C o ll in C o u n t y , T exas, R o a d D i s t . N o . 23, 5 lA - ............................................ ........M a y 1, 1934-36.
10.000 C o r n in g V illa g e S c h o o l D i s t . P e r r y C o , O h io , 5___ __________________________A p r . 1, 1933-42.
4.500 C r e s to n V illa g e S c h o o l D i s t . W a y n e C o ., O h io , 5________________ ___________ S e p t. 1, 1932-34.
7.000 C u y a h o g a C o , O h io , P o o r R e lie f, 5% _________ _____ ________________ _________ S e p t. 15, 1934.
190.000 C u y a h o g a C o , O h io , C o . S ew e r D i s t . im p r o v e m e n t , 6..................... .............. . M a r . 1, 1932.
64.000 C u y a h o g a F a lls , S u m m i t C o ., O h io , im p r o v e m e n t , 4% _____ _______________ O c t . 1, 1934-39.
19.000 D e t r o it C i t y , W a y n e C o ., M i c h . P u b . U t i l . W t r . S u p p ly , 4 _________ ______M a y 1, 1961.
14.000 C i t y of E . C le v e la n d , C u y a h o g a C o . O h io , S tre e t im p . , 5........... ................
O c t . 1, 1932.
20.000 C i t y of E . C le v e la n d , C u y a h o g a C o O h io , C i t y h o s p ., 4 M ........ .................... J u n e 1, 1932-35.
16.000 B d E d u c . E C le v e la n d C i t y S c h o o l D i s t . C u y a h o g a C o , 5....... ..................O c t . 1, 1932-35.
10.000 G lo u s te r V illa g e S c h o o l D i s t . A t h e n s C o O h io , 5................................................ A p r . 15, 1941-50.
18.000 G r a n d v ie w H t s E x e m p t e d V illa g e S c h D i s t . F r a n k li n C o . O h io , 4 % ___ S e p t. 1, 1932-34.
4.000 V illa g e of H u b b a r d , T r u m b u l l C o . O h io , M u n i c . B ld g , 5 .............................. O c t. 1, 1932-33.
5.000 V illa g e of L a G r a n g e , L o r a in C o . O h io , S ch o o l D i s t ., 5 ......................................{ o c t
12.000
55.000
2,850
1,450
2.000
2.000
3, 500
3.500
2.000
4.500
10,500
1 * 1932-33'
C i t y of L a k e w o o d , C u y a h o g a C o O h io , stree t i m p t , 5 .................................... O c t . 1,1932-33.
C i t y of L e x in g to n , N o C a r o lin a , S c h o o l b ld g , 4 % ..................... ........................J a n . 1, 1939-52.
L i m a C i t y , A lle n C o . O h io , K e n ilw o r t h A v e . P a v in g ,
..............................N o v . 1, 1931.
L i m a C i t y , A lle n C o O h io , Q u i l n a A v e P a v in g , 5 A
l _______________________ N o v . 1, 1931.
L i m a C i t y , A lle n C o . O h io , P ie rc e S t. P a v in g , hx
A ............................................. N o v . 1, 1931.
L i m a C i t y , A lle n C o . O h io , M a r i a n A v e . P a v in g , 5 M ................-................ .. N o v 1, 1931
L i m a C i t y , A lle n C o . O h io , W e s t M a r k e t S t. P a v in g , 5 H - ............................N o v . 1, 1931.
L i m a C i t y , A lle n C o . O h io , G r a n d A v e . P a v in g , 5 K ........................................ N o v . 1, 1931.
L i m a C i t y , A lle n C o O h io , R o s e d a le A v e . P a v in g , 5M - ..................................N o v . 1, 1931.
C i t y of L o r a in , L o r a in C o . O h io , stree t im p r ., 4 ^ ...............................................S e p t. 15, 1933-35.
C it y of L o r a in , L o r a in C o . O h io , Sew er I m p r . , 4^6..............................................S e p t. 15, 1933-35,
STOCK EXCHANGE PRACTICES
8457
Due
$44,000
482.23
1,172 03
625.71
2 , 566.91
487.06
X, 860.55
2.000
5 .4 0 0
M a h o n i n g C o . O h io , S o. A v e . B r id g e 4 0 I C H 83 i n Y o u n g s t o w n , 4 ^ _____O c t . 1, 1932-35
M a s s illo n C i t y , S ta r k C o . O h io , S tre e t I m p r . , 5 ................................................... O c t . 1,1932
M e d m a V illa g e , M e d i n a C o . O h io , E . N o r t h S t. I m p . , 6................................. J u n e 1,1932
M e d m a V illa g e , M e d i n a C o . O h io , B o w e r D is t . #1, 6........................................ J u n e 1,1932
M e d m a V illa g e , M e d i n a C o . O h io , W . F r ie n d s h ip S t. 6 ____________________ J u n e 1,1932
M e d i n a V illa g e , M e d m a C o . O h io , N . H u n t i n g t o n S t. , 6 _____ _____________J u n e 1, 1932
M e d i n a V illa g e , M e d m a C o . O h io , S. B r o a d w a y S t. , 6 _____________________ J u n e 1,1932
M u s k i n g u m C o . O h io , R e f u n d i n g , 4.73..................-................................................. M a y 1, 1933
N a s h v ille V illa g e S c h . D i s t . H o lm e s C o . O h io , 5_____________________________ M a r 15 ’32-36 S e p t.
15 ’32 -5
1.000 N e w a r k C i t y , L ic k in g C o . O h io , E l i m i n . o f g ra d e crossing , 4 % ____________A p r . 1, 1933
19.000 N e w B o s to n V illa g e , S c io to C o . O h io , S t w id e n in g & i m p . , 4 ^ ...................S e p t. 1,1932-33
49.000 P o lk C o . F l a ., S p e c ia l R d . & B r id g e D is t . #9,
......... .................................. .. J u l y 1, 1939-41
2.400 R a v e n n a T o w n s h ip , P o r ta g e C o . O h io , R u r a l S c h . D i s t . , 5M---................. O c t. 1, 1932-34
2 .0 0 0 R o c k C r e e k V illa g e , A s h t a b u l a C o . O h io , S tre e t i m p . , 5 ..............................M a r . 1 ’32-33 S e p t.
1 ’32-33
2.500 R i t t m a n V illa g e , W a y n e C o . O h io , W . O h io A v e . i m p . , 6 .............................. S e p t. 1,1933
14.000 R i t t m a n V illa g e , W a y n e C o . O h io , W . O h io A v e . i m p . , 6..................... ..........S e p t. 1,1933
500 B d . E d u c S e b r in g S pec. S c h . D i s t M a h o n i n g C o . O h io , 5 _______________ _ S e p t. 17,1933
5.000 T o w n o f S o u t h e r n P in e s , N o . C a r o lin a , w a te r b o n d s , 5
............................ J u l y 1, 1946-50
8.500 T ip p e c a n o e V illa g e , M i a m i C o O h io , E le c . l t . & w t r . w k s . r e p a ir , 5......... O c t . 1, 1932 & 1934
3.500 T o r o n t o C i t y , Je fle rs o n C o . O h io , S tre e t i m p r ., 4H . ......... ................................ S e p t. 1,1938-39
4.00 0 W a lb r id g e V illa g e , W o o d C o . O h io , w a te r w o r k s , 6............... -...........................S e p t. 1, 1939-46
3, 500 W a y n e T o w n s h ip , A d a m s C o . O h io , R u r a l S c h o o l D i s t . , 5 H ........................ S e p t. 1,1932-34
9.000 W h i t l e y C o ., K e n t u c k y , F u n d i n g , 5% ...........-......................................................... S e p t. 1,1932-35
22,500 N o t e o f M a r y S a n d e rs C la r k ............ .............................................................................. F e b . 1,1932
25.000 N o t e of M a r ie K D u n b a r . ............................................................................................. N o v . 17,1931
25.000 N o t e o f E . E . F in l e y a n d S a m D . S c h e a re r............................................................ O c t. 26,1931
104.000 N o te of E d w i n S. G r if f it h s _________________ _____ _________ _____________________F e b . 17, 1930
10.000 N o t e o f F r a n k I ) . J o h n s o n _______________________________________________________ D e c . 28, 1931
27,950 N o t e o f H . P . M a n s f i e ld ................................................................................................... N o v . 9,1931
30.000 N o te o f M a u r ic e M a s c h k e _________________________ _____ _______________________ N o v . 2,1931
130.000 N o t e o f S . L iv in g s t o n M a t h e r ,
27,8 00 N o t e of B e n R i c h ________ _____ ________________________ ___________ ______________ N o v . 14,1931
17,990 N o te s of: E . D S a u n d e r s , $10,000............................................................................
D e c . 21,1931
E r n e s t D . S a u n d e r s , 7,990___________________________________________ J a n . 4, 1932
38, 500 N o t e o f H V . S h u lte r s ( d e m a n d )
21,703 N o te s of H e n r y A . T a y lo r ( d e m a n d )
15.000 N o t e o f G G W a d e ( d e m a n d )
10.000 N o t e of M a u r ic e M a s c h k e ( d e m a n d )
f o r $ 2 ,0 0 0 ,0 0 0 f la t , h e r e b y a g re e s t o r e p u r c h a s e t h e s e s e c u r itie s f r o m
B an k
th e
&
T rust C o m p an y
C h e m ic a l
G u a r d ia n
T rust
he re b y
a g re e s
b e fo re
Jan ua ry
C om pany
11,
B an k
&
to
1932,
w ith o u t
pow er an d
r ig h ts w it h
w e re p le d g e d w it h
a
copy
fo r th w ith
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to
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re sp e c t to
in
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th e
to
an d
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sam e
th e
T he
f la t;
fo r th e
th e
s a id
i t u n d e r its f o r m
a tta c h e d
to
pay
p r o v id e d ,
n o tic e
h a v in g
$ 2 ,0 0 0 ,0 0 0
and
11,
1932 fo r
th is
a b o v e - m e n tio n e d
s e c u r itie s
fo r
ta k e
h e r e in b e fo r e
Jan ua ry
C om pany
th e
r e s e ll t h e s e
11,
fo r th w ith ,
is
o r b e fo re
T rust
C om pany
s h a ll f a il to
1932, as
on
day
G u a r d ia n
s a id
in
s e c u r itie s
G u a r d ia n
&
T rust
fo r
T rust
case
C h e m ic a l B a n k
s a id
pu rch ased
s e c u r itie s
an d
T he
on
m anner
as
T he
G u a r d ia n
th o u g h
it
T he
$ 2 ,0 0 0 ,0 0 0
f la t,
C o m pan y
on
T rust
C om pany
i t w o u ld
n o te
T rust
w ere
or
o r b e fo re J a n u a r y
C om pany ,
s e c u r itie s w h ic h
f la t, a n d
fro m
G u a r d ia n
T rust
o f c o lla te r a l p r o m is s o r y
s a id
th e C h e m ic a l
$ 2 ,0 0 0 ,0 0 0
a ll
have
if th e y
o f w h ic h
C o m pan y
o b lig a te d
s h a ll
have
to
th e
th e re
ag re e s
pay
th e
s a m e o n it s c o lla t e r a l p r o m is s o r y n o te , a n a m o u n t e q u iv a le n t t o t h e s a id p u r c h a s e
p r ic e o f t h e
s a id s e c u r itie s .
I t is f u r t h e r u n d e r s t o o d a n d a g r e e d t h a t t h e C h e m i c a l B a n k
is t o r e c e iv e in t e r e s t a t t h e r a t e o f
5%
per an n u m
fro m
&
T rust C o m p an y
d a t e t o e x p ir a t io n o f th is
a g r e e m e n t, o n th e p r in c ip a l a m o u n t in v o lv e d .
T
h e
G
u a r d ia n
B y
J. A . H o u se ,
B y
G . T . Jo n e s,
C h e m ic a l
D
a t e
T
r u st
C
o m p a n y
, C
l e v e l a n d
, O
h io
,
P re st.
B a n k
&
T ru s t
C om pany, N e w
Y o r k , N .Y .,
V ic e P re s id e n t.
, O c t. 30, 1931.
Coates,
Dear Sir:
Exhibit
G -8-5
January
14,
19 32 .
TVTr. F .
J r .,
C le a r in g H o u s e E x a m in e r ,
_
F e d e r a l R e s e r v e B a n k B u i l d i n g , C le v e la n d , O h io .
W e a r e e n c lo s in g h e r e w i t h S t a t e m e n t o f C o n d i t i o n o f t h i s c o m p a n y
a s o f t h e clo se o f b u s in e s s D e c e m b e r 3 1 , 19 31 .
I n a d d i t i o n t o t h e fig u r e s s h o w n o n t h e r e p o r t w e w i s h t o a d v i s e y o u th e r e w a s ,
a s o f th e d a te o f t h e s ta te m e n t, a c o n t in g e n t lia b i l it y fo r th e r e p u rc h a s e o f U n it e d
1 7 5 5 4 1 — 3 4 — p t 1 9 -----1 3
STOCK EXCHANGE PEACTICES
8458
S t a t e s B o n d s s o ld t o t h e F e d e r a l R e s e r v e B a n k , i n t h e a m o u n t o f $ 5 ,7 3 4 ,0 0 0 .0 0 ,
a n d l o a n s a n d s e c u r itie s s o ld t o o th e r s i n t h e a m o u n t o f $ 4 ,9 5 4 ,7 7 0 .4 0 .
V e ry tr u ly y o urs,
W . R . G ., V ic e P re sid en t.
W R G ’G M N
Iba Fulton,
Dear Sir:
M r.
Exhibit
G —8 - 6
J.
S u p e r i n t e n d e n t o f B a n k s , C o lu m b u s , O h io .
January
14, 1 9 3 2 .
W e a r e e n c lo s in g h e r e w i t h S t a t e m e n t o f C o n d i t i o n o f t h i s c o m p a n y
a s o f t h e c lo s e o f b u s in e s s D e c e m b e r 3 1 , 1 9 3 1 , t o g e t h e r w i t h p u b li s h e d s t a t e m e n t
w i t h p u b l i s h e r ’s C e r t i f i c a t e a t t a c h e d .
I n a d d i t i o n t o t h e fig u r e s s h o w n o n t h e r e p o r t , w e w i s h t o a d v is e y o u t h e r e
w a s, a s o f th e d a t e o f t h e S t a t e m e n t , a c o n t in g e n t lia b i l it y fo r t h e r e p u rc h a s e o f
U n i t e d S t a t e s B o n d s s o ld t o t h e F e d e r a l R e s e r v e B a n k , i n t h e a m o u n t o f
$ 5 7 3 4 ,0 0 0 .0 0 a n d lo a n s a n d s e c u r itie s s o ld t o o t h e r s i n t h e a m o u n t o f
$ 4 „ 9 5 4 , 7 7 0 .4 0 .
V e ry tr u ly y o urs,
W . R . G ., V ic e P r e s id e n t.
W R G ’G M N
Exhibit G-8-8
Guardian TPrivate
elegram,
Line,
Triplicateretained
C le v e la n d , 0 . , 1 0 1 2 7 1 8 1 .
H. H. Helm,
(1 92-)
( S e n t)
V .P .
C h e m ic a l B a n k & T r u s t C o .,
N e w Y o r k C ity
P le a s e i n s t r u c t t h e F e d e r a l R e s e r v e B a n k a t C l e v e l a n d t o r e c e iv e f r o m u s f o r
y o u r a c c o u n t $ 1 9 0 ,0 0 0 C u y a h o g a C o u n t y S e w e r D i s t r i c t N o . 1 S e w e r I m p r o v e
m e n t 12 3 s ix - p e r c e n t n o t e s a s k i n g t h e m t o d e liv e r t o u s $ 1 1 0 ,0 0 0 C u y a h o g a
C o u n t y J u v e n i l e C o u r t 3 % % B o n d s , $ 1 1 ,0 0 0 C u y a h o g a C o u n t y S e w e r D i s t .
N o . 5 W . S . I . 5 5 8 , $ 6 ,0 0 0 C u y a h o g a C o u n t y R e f u n d i n g o ’s a n d $ 6 3 ,0 0 0 C u y a h o g a
C o u n t y P o o r R e lie f 5 % ’ s, t o t a l i n g $ 1 9 0 ,0 0 0 .
W i l l y o u k i n d l y a d v is e t h e u n d e r
s ig n e d w h e n y o u h a v e d o n e t h i s .
W . B.
G u a r d ia n T r u s t C o.
Green,
Form256A2-286M
Exhibit G-8-9
Guardian TPelegram
,
rivate Line,
------ , 193
( R e c e iv e d )
Green,
10KM
W . R.
G u a rd ia n T ru st C o m p a n y .
R E F E R R I N G y o u r t e le g r a m o n s u b s t i t u t i o n .
Im p o s s ib le t o p e r m it f r e q u e n t
s u b s t i t u t i o n s o n r e p u r c h a s e a g r e e m e n t a s t h i s is a d if f e r e n t c o n t r a c t f r o m a c o l
la te r a l lo a n .
S u g g e s t y o u f ill o u t n e w r e p u r c h a s e a g r e e m e n t l i s t i n g n e w s e c u r itie s
i n p la c e o f s e c u r itie s b e i n g w i t h d r a w n a n d f o r w a r d t o u s f o r e x e c u t io n .
I f fu rth e r
f r e q u e n t s u b s t i t u t i o n s a r e t o b e r e q u ir e d t h i n k i t w o u l d b e m u c h b e t t e r t o h a v e
a d v a n c e p u t o n c o lla t e r a l l o a n b a s is .
T h i s c o u ld b e c h a n g e d t e m p o r a r i l y t o
r e p u r c h a s e a g r e e m e n t t o c o v e r p u b l i c a t i o n o f s t a t e m e n t i f y o u s o d e s ir e .
W e are
w ir in g F e d e r a l R e s e rv e o f C L E V E L A N D T O R E L E A S E B O N D S m e n tio n e d
i n y o u r t e le g r a m a n d i n s t r u c t i n g t h e m t o r e c e iv e o t h e r b o n d s li s t e d i n s u b s t i t u
tio n .
H o p e t h i s m a t t e r c a n b e d e f i n i t e ly c o m p le t e d t o d a y .
H e lm - C h e m i c a l B a n k & T r u s t C o N e w Y o r k O c t
28 19311155a
STOCK EXCHANGE PEACTICES
8459
Exhibit G-8-10
Form 256 6-31 5M
GUARANTY
TRU ST
COM PANY
OF
NEW
YORK
A m e rg e r of
N a tio n a l B a n k o f C o m m e rc e in N e w Y o r k - G u a r a n ty T r u s t C o m p a n y o f N e w Y o r k
O r g a n iz e d 1 8 3 9
O r g a n iz e d 18 6 4
140 B r o a d w a y
C a p i t a l $ 9 0 ,0 0 0 ,0 0 0 .
S u r p l u s $ 1 7 0 ,0 0 0 ,0 0 0 .
M e m b e r o f F e d e r a l R e se rv e S y s te m
N e w Y o r k O ffices
140 B r o a d w a y
C a b le A d d re s s : “ F id e li t a s ”
F i f t h A v e n u e a t 44th S t.
C a b le A d d re s s : “ N o t r o m c o ”
M a d i s o n A v e n u e a t 6 0 th S t.
C a b le A d d re s s : “ G u a r m a d i s ”
H e n r y C . S te v e n s
V ic e P r e s id e n t
F o r e ig n Offices
C a b le A d d re s s : “ G a r r it u s ”
----London
P a r is
L iv e r p o o l
H av re
B ru s s e ls
A n tw e rp
H. Robinson,
Dear Robinson:
M r.
N ew Y ork, J u n e 30, 1932.
C.
S e n io r V ic e P r e s id e n t ,
T h e G u a r d ia n T r u s t C o m p a n y , C le v e la n d , O h io .
M r.
I n a c c o r d a n c e w i t h t h e in s t r u c t i o n s i n y o u r l e t t e r o f J u n e
2 9 w e w i ll d e liv e r t o t h e D i s c o u n t C o r p o r a t i o n o f N e w Y o r k o n J u l y 1, $ 5 ,2 5 0 ,0 0 0
p a r v a lu e U .S . T r e a s u r y o b l i g a t i o n s a g a i n s t p a y m e n t o f $ 5 ,0 0 0 ,0 0 0 i n F e d e r a l
fu n d s .
T h e s e s e c u r itie s a r e h e ld b y u s a s s e c u r it y t o t h e d e p o s it o f $ 5 ,0 0 0 ,0 0 0 w h i c h w e
a r e c a r r y i n g w i t h y o u r b a n k a n d w h i c h y o u d e s ir e t o r e t u r n t o u s .
W e th e r e fo r e
w i l l a p p l y t h e $ 5 ,0 0 0 ,0 0 0 r e c e iv e d f r o m t h e D i s c o u n t C o r p o r a t i o n i n l i q u i d a t i o n
o f o u r d e p o s it a c c o u n t a n d w i l l c h a r g e t o y o u r a c c o u n t w i t h u s i n t e r e s t a t t h e
a g r e e d r a t e o f 5 % f o r t h e p e r io d f o r w h i c h o u r a c c o u n t w a s o n y o u r b o o k s .
W i t h a s s u r a n c e s o f o u r p le a s u r e i n h a n d l i n g t h i s t r a n s a c t i o n f o r y o u , w e a r e ,
V e ry t r u ly
yours,
H.
Exhibit
C.
Stevens,
V ic e P re sid en t.
G-8-11
( O u t of T o w n O ffice — A B a n k i n g O ffice D e v o t e d to th e S ervice of O u t- o f- T o w n C u s to m e r s —
W i l l i a m F e ic k , V ic e - P re s id e n t)
Mr.
Robinson,
Dear Mr. Robinson:
Irving Trust
Company
,
One W
all Street,
N ew Y ork , J u n e 27, 1932.
H . C.
E x ec. V ic e -P r e s id e n t, G u a rd ia n T ru st C o m p a n y ,
C le v e la n d , O h io .
I n r e v ie w in g o u r r e c o r d s i n c o n n e c t i o n w i t h y o u r
b o r r o w in g s h e r e , w e f i n d t h a t w e d o n o t h a v e o n file a r e s o l u t i o n a u t h o r i z i n g t h e
o ffic e rs o f y o u r i n s t i t u t i o n t o b o r r o w , a n d i n o r d e r t h a t w e m a y b e p r o p e r ly
e q u i p p e d i n t h i s r e s p e c t, w e w o u ld g r e a t ly a p p r e c ia t e y o u r h a v i n g e x e c u te d t h e
e n c lo s e d r e s o lu t i o n f o r m s , r e t u r n i n g o n e c o p y t o u s a n d r e t a i n i n g t h e o t h e r f o r
y o u r o w n file s.
T h a n k i n g y o u f o r t h i s c o u r te s y , a n d w i t h c o r d i a l g o o d w is h e s , w e a r e
V e ry tr u ly y o urs,
William Feick,
V ic e-P re sid en t.
8460
STOCK EXCHANGE PEACTICES
William Feick,
Dear Sir:
Exhibit
G -8-12
M r.
June
29,
1932.
V ic e P r e s id e n t, I r v in g T ru st C o m p a n y ,
1 W a l l S tr e e t, N e w Y o r k , N . Y .
R e p l y i n g t o y o u r s o f t h e 2 7 t h a d d r e s s e d t o o u r M r . R o b in s o n , w e
e n c lo s e a c e r t if ie d c o p y o f t h a t s e c t io n o f o u r “ B y - L a w s ” p e r t a i n i n g t o t h e b o r
r o w in g o f m o n e y a n d p l e d g i n g s e c u r i t y f o r t h e r e p a y m e n t o f s a m e .
A c c o r d in g t o o u r r e c o r d s y o u h a v e o u r s p e c im e n s i g n a t u r e l i s t N o . 2 6 2 d a t e d
J a n u a r y 2 0 , 1 9 3 1 , w h i c h g iv e s y o u t h e s p e c im e n s ig n a t u r e s o f a l l t h o s e a u t h o r i z e d
t o s ig n i n a c c o r d a n c e w i t h t h e e n c lo s e d B y - L a w a b o v e r e f e r r e d t o .
I n a d d i t i o n t o t h e f o r e g o in g , a t a r e g u la r m e e t i n g o f o u r E x e c u t iv e C o m m i t t e e
h e ld y e s t e r d a y , t h e 2 8 t h , o u r P r e s id e n t , M r . H o u s e , r e p o r t e d y o u h a d a g r e e d t o
d e p o s it w i t h u s f o r y o u r c r e d i t $ 5 ,0 0 0 ,0 0 0 .0 0 , w e t o g u a r a n t e e t h e r e p a y m e n t o f
t h e s a m e b y a p le d g e w i t h y o u o f U .S . B o n d s a n d / o r T r e a s u r y N o t e s , a l l o f w h i c h
th e C o m m itte e u n a n im o u s ly a p p r o v e d .
W e b e lie v e t h e e n c lo s e d c e r t if ie d c o p y , t o g e t h e r w i t h t h e a b o v e , f u l l y c o v e r s
t h e t r a n s a c t i o n o f y e s t e r d a y , w h e r e in y o u d i d d e p o s i t w i t h u s $ 5 ,0 0 0 ,0 0 0 .0 0 , a s
w e ll as a ll fo r m e r tr a n s a c tio n s .
I f y o u d e s ir e a n y f u r t h e r c o n f i r m a t i o n o r r a t i f i c a t i o n , k i n d l y a d v is e .
W e a p p r e c ia t e y o u r c o n t i n u e d c o o p e r a t io n .
V e ry tr u ly y o urs ,
R . P . S ., S e c r e t a r y .
RPS: CB
Enc.
Irving Trust Company,
Gentlemen: I
Exhibit
N ew Y ork, N . Y.
G-8-13
June
29, 1932.
I
h e r e b y c e r t if y t h a t
a m th e S e c re ta ry o f th e G u a r d ia n T r u s t
C o m p a n y , C le v e la n d , O h i o , a c o r p o r a t io n o r g a n i z e d a n d e x is t in g u n d e r a n d
p u r s u a n t t o t h e la w s o f t h e S t a t e o f O h io .
I f u r t h e r c e r t if y t h a t a t a m e e t i n g o f t h e B o a r d o f D i r e c t o r s o f s a i d c o r p o r a t io n
d u l y c a lle d a n d h e ld a t C le v e la n d , O h i o , o n t h e 1 9 t h d a y o f J a n u a r y , 1 9 3 2 , a t
w h i c h m e e t i n g a q u o r u m o f s a i d d ir e c t o r s w a s p r e s e n t a n d v o t in g , A r t ic le I ,
S e c t io n 9 o f t h e “ B y - L a w s ” o f T h e G u a r d i a n T r u s t C o m p a n y , C l e v e l a n d , O h i o ,
w a s u n a n i m o u s l y a d o p t e d b y t h e a f f ir m a t iv e v o t e o f a l l s a id d ir e c t o r s p r e s e n t ,
o f w h i c h t h e f o llo w i n g is a f u l l a n d t r u e c o p y a s a p p e a r s b y t h e r e c o r d s o f s a i d
c o m p a n y , to - w it:
“ T h e P r e s id e n t o r a n y o f t h e V ic e P r e s id e n t s , t o g e t h e r w i t h t h e S e c r e t a r y o r
T r e a s u r e r , o r a n y o f t h e A s s i s t a n t V ic e P r e s id e n t s , A s s is t a n t S e c r e ta r ie s o r A s s is t
a n t T re a su re rs, are h e r e b y a u th o r iz e d a n d e m p o w e re d to a c c e p t, e n d o rs e a n d
d e liv e r f o r s a le B a n k e r s A c c e p t a n c e s ; t o e n d o r s e a n d d e liv e r c o m m e r c i a l p a p e r ,
f o r r e d i s c o u n t a t t h e F e d e r a l R e s e r v e B a n k o f C le v e la n d , O h i o , a n d / o r a t a n y
o t h e r b a n k o r c o r p o r a t io n : t o s ig n n o t e s f o r m o n e y b o r r o w e d f r o m t h e F e d e r a l
R e s e r v e B a n k o f C l e v e la n d , O h i o , a n d / o r f r o m a n y o t h e r b a n k o r c o r p o r a t io n ,
a n d t o p le d g e a n d h y p o t h e c a t e s e c u r itie s a n d / o r lo a n s t h e r e f o r ; t o e n t e r i n t o a n
a g r e e m e n t o r a g r e e m e n ts w it h t h e F e d e r a l R e s e rv e B a n k o f C le v e la n d , O h io ,
a n d / o r w i t h a n y o t h e r b a n k o r c o r p o r a t io n f o r t h e s a le a n d r e p u r c h a s e o f s e c u r
it ie s a n d / o r lo a n s . ”
I n w it n e s s w h e r e o f , I h a v e h e r e u n t o s e t m y h a n d a s S e c r e t a r y o f s a i d C o r p o r a
t i o n a n d a f f ix e d t h e c o r p o r a t e s e a l o f s a i d c o m p a n y t h i s 2 9 t h d a y o f J u n e , 1 9 3 2 .
[seal]
R . P . S ., S e c r e t a r y .
STOCK EXCHANGE PRACTICES
8461
Exhibit G-8-14
[R e e d G u a r d i a n B a n k m a i n office J u i 5 32]
( O u t- o f- T o w n O ffic e , a B a n k i n g O ffic e D e v o t e d t o t h e S e r v ic e o f O u t- o f - T o w n
C u s t o m e r s , W i l l i a m F e i c k , V ic e - P r e s id e n t)
Irving Trust
,
One CWompany
all Street,
Guardian Trust Company,
Gentlemen:
N e w Y o r k , J u n e SO, 1 9 3 2 .
C le v e la n d , O h io .
A t t . M r . R . P . S e ars, S e c re ta ry .
29, 1932,
W e r e c e iv e d y o u r le t t e r o f J u n e
a s w e ll a s t h e c e r tif ic a te
a s t o c e r t a i n o f y o u r b y - la w p r o v i s i o n s e n c lo s e d t h e r e w i t h .
W e a s s u m e t h a t i n r e f e r r in g t o t h e t r a n s f e r o f F e d e r a l R e s e r v e F u n d s a s a
“ d e p o s i t ” b y u s w i t h y o u , y o u d i d so i n a d v e r t e n t l y , a n d t h a t s u c h re fe r e n c e w a s
n o t i n t e n d e d t o b e d e s c r ip t iv e o f t h e r e a l n a t u r e o f t h e t r a n s a c t i o n o r t o e ffe c t
i n a n y w a y o u r r ig h t s a s s e t f o r t h i n y o u r l e t t e r o f J u n e
s ig n e d b y M r .
H ouse.
V e ry tr u ly yo urs,
28, 1932,
William Feick,
V ic e -P r e s id e n t.
W F: OBL: e
F i le R . P . S .
Exhibit G-8-15
[ C o p y o f W e s t e r n U n io n T e le g ram ]
M r. W m . P f a f f l e ,
V i c e P r e s i d e n t , B a n k o f M a n h a t t a n T r u s t C o .,
4 0 W a l l S tr e e t, N e w Y o r k , N . Y .
H a v e n o t r e c e iv e d p a p e r s o n p r o p o s e d l o a n .
September 30, 1932.
W. Green,
P le a s e f o r w a r d t o d a y .
R.
V i c e P r e s . , T h e G u a r d ia n T r u s t C o m p a n y .
Exhibit G-8-16
Bank of Manhattan Trust
Company
,
40 W
all Street,
(193)
$2,673.61
4,
Bank of Manhattan Trust Company.
Guardian Trust
Dear Sir:
1932,
N e w Y o r k , O c t. 4 , 1 9 3 2 .
C o .,
C le v e la n d , O h io .
W e h a v e t h i s d a y c h a r g e d y o u r a /c
as p e r th e fo llo w in g s ta te m e n t.
Y o u r s tr u ly ,
570872
A m o u n t lo a n
F ro m
5,000,000
To
D ays
11
in te r e s t d u e to O c t.
R a te
lk
In te r e s t
2,673.61
T o ta l
8462
STOCK EXCHANGE PEACTICES
Exhibit
Bank op Manhattan Trtjst Company,
G -8-17
C a b le ad dre ss, T h e m a n c o , N e w Y o r k
Green,
Dear Mr. Green:
4 0 W a l l S tr e e t, N e w Y o r k , O c to b e r 4 th , 1 9 3 2 .
M r. W . R .
V ic e P r e s id e n t G u a rd ia n T ru st C o m p a n y ,
C le v e la n d , O h io .
I n a c c o r d a n c e w i t h y o u r t e le p h o n ic i n s t r u c t i o n s , w e t o d a y
d e liv e r e d t o t h e F e d e r a l R e s e r v e B a n k t h e f o llo w i n g s e c u r itie s w h i c h w e w e r e
h o l d i n g f o r c o lla t e r a l p u r p o s e s :
$ 5 0 0 , 0 0 0 . U . S . T r e a s u r y , 3 % % 3 /1 5 /4 3
1, 70 0 , 0 0 0 . U . S . T r e a s u r y , 3 % % 6 /1 5 /4 7
50 0 , 0 0 0 . U . S . T r e a s u r y , 3 % % 3 /1 5 /5 6
2, 3 0 0 , 0 0 0 . U . S . T r e a s u r y , 4 % 1 2 /1 5 /5 4
a g a i n s t p a y m e n t o f $ 5 ,0 0 0 ,0 0 0 .0 0 w h i c h f u n d s w e h a v e u s e d t o l i q u i d a t e y o u r
l o a n o f S e p t e m b e r 2 3 r d , 19 32 .
A s f u r t h e r i n s t r u c t e d , w e c h a r g e d y o u r a c c o u n t $ 2 ,6 7 3 .6 1 r e p r e s e n t in g in t e r e s t
t o d a t e o n t h i s a d v a n c e a s s h o w n b y t h e e n c lo s e d s t a t e m e n t .
V e ry tr u ly y o urs,
L. R .
A s sista n t T rea su rer.
Mahoney,
Exhibit G-8-19
The Chemical Bank and Trtjst
Gentlemen:
C o .,
December 28, 1932.
N ew Y ork, N . Y .
— I , R . P . S e a r s , h e r e b y c e r t if y t h a t I a m S e c r e t a r y o f T h e G u a r d
i a n T r u s t C o m p a n y , C le v e la n d , O h i o , a c o r p o r a t io n d u l y o r g a n iz e d a n d e x is t in g
u n d e r t h e la w s o f t h e S t a t e o f O h io .
I h e r e b y f u r t h e r c e r t if y t h a t a t a S p e c ia l M e e t in g o f t h e E x e c u t iv e C o m m i t t e e
o f s a id T h e G u a r d i a n T r u s t C o m p a n y , C le v e la n d , O h i o , d u l y c a lle d a n d h e ld
D ecem ber
a t w h ic h m e e tin g a q u o r u m w a s p r e s e n t a n d v o tin g , re so
l u t i o n s w e r e u n a n i m o u s l y a d o p t e d a s fo llo w s :
“ R E S O L V E D t h e o ffic e rs a r e h e r e b y a u t h o r i z e d a n d e m p o w e r e d t o e x e c u te
a n d d e liv e r t o T h e C h e m i c a l B a n k a n d T r u s t C o m p a n y o f N e w Y o r k o u r o f f ic ia l
ch eck in th e a m o u n t of T w o M illio n
D o l la r s , p a y a b l e t o t h e o r d e r
o f T h e C h e m ic a l B a n k a n d T r u s t C o m p a n y o f N e w Y o r k , fo r th e p u r p o s e o f
p u r c h a s i n g f r o m s a id T h e C h e m i c a l B a n k a n d T r u s t C o m p a n y o f N e w Y o r k
F e d e r a l R e s e r v e a n d / o r o t h e r N e w Y o r k a v a il a b l e f u n d s i n t h e a m o u n t o f T w o
M illio n
D o lla r s .
B E I T F U R T H E R R E S O L V E D t h e o ffic e rs a r e h e r e b y a u t h o r iz e d a n d e m
p o w e r e d t o d e p o s it a n d p le d g e w i t h s a i d T h e C h e m i c a l B a n k a n d T r u s t C o m p a n y
o f N e w Y o r k T w o M illio n
D o lla r s p a r a m o u n t U n i t e d S t a t e s
G o v e r n m e n t S e c u r itie s a s a g u a r a n t e e f o r t h e r e p a y m e n t o f s a id f o r e g o in g d e
s c r ib e d o f f ic ia l c h e c k o f T w o M i l l i o n
D o ll a r s .
B E I T F U R T H E R R E S O L V E D t h a t t h e P r e s id e n t o r a n y V ic e P r e s id e n t b e
a n d t h e y a r e h e r e b y a u t h o r iz e d a n d e m p o w e r e d t o d o a n y a n d a l l n e c e s s a r y
a n d / o r a d v i s a b le t h i n g s a n d / o r a c ts t o c a r r y o u t t h e f u l l i n t e n t a n d p u r p o s e o f
t h e f o r e g o in g r e s o lu t io n s .”
I h e r e b y f u r t h e r c e r t if y t h e f o llo w i n g , p e r t a i n i n g t o t h e p o w e r s o f t h e E x e c u t iv e
C o m m i t t e e , t o b e a t r u e a n d c o r r e c t c o p y o f A r t i c le V , S e c t io n 2 o f t h e “ R e g u l a
t i o n s ” o f T h e G u a r d i a n T r u s t C o m p a n y , C le v e la n d , O h i o , w h i c h w e r e r e g u l a r ly
a d o p t e d b y t h e s h a r e h o ld e r s o f s a i d T h e G u a r d i a n T r u s t C o m p a n y , C le v e l a n d ,
O h io —
A r t i c le V — S e c t io n 2: “ T h e E x e c u t iv e C o m m i t t e e s h a l l e x e rc is e a l l o f t h e
p o w e r s o f t h e B o a r d o f D i r e c t o r s w h e n t h e B o a r d is n o t i n s e s s io n .”
V e ry t r u ly y o urs,
28, 1932,
($2,000,000.00)
($2,000,000.00)
($2,000,000.00)
($2,000,000.00)
Secretary.
STOCK EXCHANGE PRACTICES
E x h ib it
G -8-20
The Irving Trust Co.,
Gentlemen:
8463
December
28,
19 32 .
N ew Y ork, N .Y .
— I , R . P . S e a rs , h e r e b y c e r t if y t h a t I a m S e c r e ta r y o f T h e G u a r i d a n
T r u s t C o m p a n y , C le v e la n d , O h i o , a c o r p o r a t io n d u l y o r g a n iz e d a n d e x is t in g
u n d e r t h e la w s o f t h e S t a t e o f O h io .
I h e r e b y f u r t h e r c e r t if y t h a t a t a S p e c ia l M e e t in g o f t h e E x e c u t iv e C o m m i t t e e
o f s a id T h e G u a r d i a n T r u s t C o m p a n y , C le v e la n d , O h i o , d u l y c a lle d a n d h e ld
D e c e m b e r 2 8 , 1 9 3 2 , a t w h i c h m e e t i n g a q u o r u m w a s p r e s e n t a n d v o t in g , r e s o lu
t i o n s w e r e u n a n i m o u s l y a d o p t e d a s fo llo w s :
“ R E S O L V E D t h e o ffic e rs a r e h e r e b y a u t h o r iz e d a n d e m p o w e r e d t o e x e c u te a n d
d e liv e r t o T h e I r v i n g T r u s t C o m p a n y o f N e w Y o r k o u r o f f ic ia l c h e c k i n t h e
a m o u n t o f F i v e M i l l i o n ($ 5 ,0 0 0 ,0 0 0 .0 0 ) D o lla r s , p a y a b l e t o t h e o r d e r o f T h e
I r v i n g T r u s t C o m p a n y o f N e w Y o r k , f o r t h e p u r p o s e o f p u r c h a s i n g f r o m s a id
T h e Ir v in g T r u s t C o m p a n y of N e w Y o r k F e d e ra l R e se rv e a n d /o r o th e r N e w
Y o r k a v a ila b le f u n d s i n t h e a m o u n t o f F i v e M i l l i o n ( $ 5 ,0 0 0 ,0 0 0 .0 0 ) D o l la r s .
B E I T F U R T H E R R E S O L V E D t h e o ffic e rs a r e h e r e b y a u t h o r iz e d a n d e m
p o w e r e d t o d e p o s it a n d p le d g e w i t h s a i d T h e I r v i n g T r u s t C o m p a n y o f N e w Y o r k
F i v e M i l l i o n a n d F i f t y T h o u s a n d ( $ 5 ,0 5 0 ,0 0 0 .0 0 ) D o l l a r s p a r a m o u n t U n i t e d
S t a t e s G o v e r n m e n t S e c u r itie s a s a g u a r a n t e e f o r t h e r e p a y m e n t o f s a i d f o r e g o in g
d e s c r ib e d o f f ic ia l c h e c k o f F i v e M i l l i o n ( $ 5 ,0 0 0 ,0 0 0 .0 0 ) D o lla r s .
B E I T F U R T H E R R E S O L V E D t h a t t h e P r e s id e n t o r a n y V ic e P r e s id e n t b e
a n d t h e y a r e h e r e b y a u t h o r iz e d a n d e m p o w e r e d t o d o a n y a n d a l l n e c e s s a r y
a n d / o r a d v i s a b le t h i n g s a n d / o r a c t s t o c a r r y o u t t h e f u l l i n t e n t a n d p u r p o s e o f
t h e f o r e g o in g r e s o lu t i o n s .”
I h e r e b y f u r t h e r c e r t if y t h a t t h e t o t a l b o r r o w in g s o f s a id T h e G u a r d i a n T r u s t
C o m p a n y , C le v e la n d , O h i o , i n c l u d i n g t h e F i v e M i l l i o n ($ 5 ,0 0 0 ,0 0 0 .0 0 ) D o l la r s
s t a t e d i n t h e f o r e g o in g q u o t e d r e s o lu tio n s , d o n o t e x c e e d t h e l i m i t a u t h o r i z e d b y
la w .
I h e r e b y f u r t h e r c e r t if y t h e f o llo w i n g , p e r t a i n i n g t o t h e p o w e r s o f t h e E x e c u t iv e
C o m m i t t e e , t o b e a t r u e a n d c o r r e c t c o p y o f A r t i c le V , S e c t io n 2 o f t h e “ R e g u l a
t i o n s ” o f T h e G u a r d i a n T r u s t C o m p a n y , C le v e la n d , O h i o , w h i c h w e r e r e g u l a r l y
a d o p t e d b y t h e s h a r e h o ld e r s o f s a id T h e G u a r d i a n T r u s t C o m p a n y , C l e v e l a n d ,
O h io ,—
A r t ic le V — S e c t io n 2: “ T h e E x e c u t iv e C o m m i t t e e s h a l l e x e rc is e a l l o f t h e
p o w e r s o f t h e B o a r d o f D ir e c t o r s w h e n t h e B o a r d is n o t i n s e s s io n .”
V e ry tr u ly y o urs,
S e c r e ta r y .
Mr. Harold H. Helm,
Dear Mr. Helm:
Exhibit
G —8 - 2 l a
December
2 8 , 19 32 .
V i c e P r e s i d e n t C h e m ic a l B a n k a n d T r u s t C o m p a n y ,
N ew Y ork, N .Y .
W e h a n d y o u h e r e w i t h o u r o f f ic ia l c h e c k d a t e d D e c e m b e r
3 0 , 1 9 3 2 , p a y a b l e t o y o u r o r d e r , i n t h e a m o u n t o f T w o M i l l i o n D o l l a r s , ($ 2 ,0 0 0 ,
0 0 0 .0 0 ) r e p r e s e n t in g F e d e r a l R e s e r v e f u n d s i n s u c h a m o u n t w h ic .h w e a r e p u r
c h a s in g f r o m y o u a n d w h ic h w e h e r e b y r e q u e s t a n d d ir e c t t h a t y o u tr a n s fe r o n
D e c e m b e r 3 0 , 1 9 3 2 , t o t h e D i s c o u n t C o r p o r a t i o n , N e w Y o r k , a g a i n s t it s d e liv e r y
t o y o u o f t h e f o llo w i n g s e c u r itie s :
$ 2 ,0 0 0 ,0 0 0 .0 0 U . S . F o u r t h i / % L i b e r t y L o a n B o n d s .
A s s e c u r it y f o r t h e p a y m e n t o f o u r a b o v e m e n t i o n e d c h e c k w e h e r e b y p le d g e
t o y o u t h e a b o v e m e n t i o n e d s e c u r itie s .
I n t h e e v e n t t h a t c h e c k is n o t p a i d u p o n p r e s e n t a t i o n w e h e r e b y a u t h o r iz e
y o u t o s e ll t h e s a id s e c u r itie s w i t h o u t n o t ic e t o o r d e m a n d u p o n u s a t a n y b r o k e r ’s
b o a r d o r a t p u b l i c o r p r i v a t e s a le i n y o u r o p t i o n a n d w i t h o u t a d v e r t i s e m e n t o r
n o t ic e o f s a le , e a c h o f w h i c h is h e r e b y w a i v e d , a n d t o a p p l y t h e n e t p r o c e e d s o f
a n y s u c h s a le o r s a le s a f t e r t h e d e d u c t io n o f a l l e x p e n s e s , i n c l u d i n g a n y c h a r g e s
f o r le g a l s e rv ic e s , t o w a r d s t h e p a y m e n t o f t h e a m o u n t o f s a i d c h e c k a n d w e s h a l l
r e m a i n li a b l e f o r a n y d e f ic ie n c y a n d a t a n y s u c h s a le o r s a le s y o u m a y y o u r s e lv e s
p u r c h a s e t h e w h o le o r a n y p a r t o f s u c h s e c u r itie s fr e e f r o m a n y r i g h t o f r e d e m p
t io n o n o u r p a rt.
I n a c c o r d a n c e w i t h y o u r s u g g e s t io n o n S a t u r d a y , D e c e m b e r 3 1 , 1 9 3 2 , y o u w i l l
p le a s e s e n d t h i s c h e c k t h r o u g h i n t h e r e g u la r w a y a n d i t w i l l b e p a i d u p o n p r e s
e n t a t i o n i n o u r c le a r a n c e o n T u e s d a y , J a n u a r y 3, 1 9 3 3 .
#
8464
STOCK EXCHANGE PEACTICES
S o t h a t th e r e m i g h t b e n o q u e s t i o n w i t h r e s p e c t t o t h i s t r a n s a c t i o n w e h a d
o u r E x e c u t iv e C o m m i t t e e p a s s t h e p r o p e r r e s o lu t io n , a c e r t if ie d c o p y o f w h ic h
w e e n c lo s e h e r e w it h .
F o r t h e u s e o f th e s e f u n d s y o u w i ll p le a s e c h a r g e o u r a c c o u n t w i t h w h a t e v e r
r a t e o f i n t e r e s t m a y b e s a t is f a c t o r y t o y o u .
I f t h e r e is a n y t h i n g f u r t h e r y o u d e s ir e i n c o n n e c t io n w i t h t h i s t r a n s a c t i o n
p le a s e a d v is e u s p r o m p t l y .
W i t h k in d re g a rd s , w e r e m a in .
V e ry tr u ly yo urs,
The Guardian Trust Company,
B y J . A . H ., P re s id e n t.
JA H - M B .
E n c . 2.
Mr. William Feick,
Dear Mr. Feick:
Exhibit
G -8-22a
December
28, 1932.
V i c e P r e s i d e n t , I r v i n g T r u s t C o m p a n y , O n e W a l l S tr e e t,
N e w Y o r k C ity .
W e h a n d y o u h e r e w i t h o u r o f iic ia l c h e c k d a t e d D e c e m b e r
3 0 , 1 9 3 2 , p a y a b l e t o y o u r o r d e r , i n t h e a m o u n t o f F i v e M i l l i o n D o l l a r s ( $ 5 ,0 0 0 ,
0 0 0 .0 0 ) r e p r e s e n t in g F e d e r a l R e s e r v e f u n d s i n s u c h a m o u n t w h i c h w e a r e p u r
c h a s in g f r o m y o u a n d w h i c h w e h e r e b y r e q u e s t a n d d i r e c t t h a t y o u t r a n s f e r o n
D e c e m b e r 3 0 , 1 9 3 2 , t o t h e D i s c o u n t C o r p o r a t i o n , N e w Y o r k , a g a i n s t i t s d e liv e r y
t o y o u o f t h e f o llo w i n g s e c u r itie s :
2 ,0 0 0 ,0 0 0 F o u r t h 4 % ’ s U n i t e d S t a t e s L i b e r t y L o a n B o n d s .
2 .3 0 0 .0 0 0 U n i t e d S t a t e s T r e a s u r y 4 ’s 5 4 /4 4 .
5 0 0 .0 0 0 U n i t e d S t a t e s T r e a s u r y 3 % ’s 5 6 /4 6 .
2 5 0 .0 0 0 U n i t e d S t a t e s T r e a s u r y 3 J 4 % n o t e s A u g u s t 1 s t, 1 9 3 6 .
A s t h e s e c u r it y f o r t h e p a y m e n t o f o u r a b o v e m e n t i o n e d c h e c k w e h e r e b y p le d g e
t o y o u t h e a b o v e m e n t i o n e d s e c u r itie s s u b je c t t o t h e t e r m s a n d c o n d i t i o n s h e r e in
set fo rth .
W e re q u e s t y o u to w ith h o ld p r e s e n tm e n t o f th e a b o v e m e n tio n e d c h e c k fo r
p a y m e n t u n t i l J a n u a r y 4 , 1 9 3 3 , a n d n e it h e r s u c h d e l a y n o r a n y f u r t h e r d e l a y
i n c i d e n t a l t o t h e c le a r a n c e o r p r e s e n t m e n t o f s u c h c h e c k f o r p a y m e n t s h a l l i n
a n y w a y p r e ju d i c e y o u r r i g h t h e r e u n d e r o r a s a h o ld e r t h e r e o f .
F o r e a c h d a y c o m m e n c in g D e c e m b e r 3 0 , 1 9 3 2 , a n d e n d in g J a n u a r y 4 , 1 9 3 3 ,
d u r in g w h ic h s a id c h e c k r e m a in s u n p a id w e a g re e to p a y y o u in te r e s t a t t h e r a te
o f t h r e e p e r c e n t ( 3 % ) p e r a n n u m o n t h e s a i d s u m o f F i v e M i l l i o n D o l l a r s ( $ 5 ,0 0 0 ,
0 0 0 .0 0 ) a n d y o u a r e h e r e b y a u t h o r i z e d t o c h a r g e o u r a c c o u n t w i t h t h e a m o u n t o f
s u c h in t e r e s t .
G -8-22b
Exhibit
I n t h e e v e n t t h a t c h e c k is n o t p ia id u p o n p r e s e n t m e n t w e h e r e b y a u t h o r i z e y o u
t o s e ll t h e s a i d s e c u r itie s w i t h o u t n o t ic e t o o r d e m a n d u p o n u s a t a n y b r o k e r ’s
b o a r d o r a t p u b l i c o r p r i v a t e s a le i n y o u r o p t i o n a n d w i t h o u t a d v e r t i s e m e n t o r
n o t ic e o f s a le , e a c h o f w h i c h is h e r e b y w a i v e d , a n d t o a p p l y t h e n e t p r o c e e d s o f
a n y s u c h s a le o r s a le s a f t e r t h e d e d u c t i o n o f a l l e x p e n s e s , i n c l u d i n g a n y c h a r g e s
f o r le g a l s e r v ic e s , t o w a r d s t h e p a y m e n t o f t h e a m o u n t o f s a id c h e c k a n d w e s h a l l
r e m a i n li a b l e f o r a n y d e f ic ie n c y a n d a t a n y s u c h s a le o r s a le s y o u m a y y o u r s e lv e s
p u r c h a s e t h e w h o le o r a n y p a r t o f s u c h s e c u r itie s fr e e f r o m a n y r i g h t o f r e d e m p
t io n o n o u r p a rt.
V e ry tr u ly y o urs ,
The Guardian Trust Company,
B y --------------HCR-CT.
(Exhibits G-8-23 through G-S-26 face this page)
•T
h
e
G
u a r d i a n
T W
s t
C
o m
p a n y
N o. 5 0 2 8 0 1
C leveland,0.
@ 5 0 )3 0 0 .0 O t & O O
o f f ic ia l
c h
.-
C H E C K
E
E
x h ib it
x h ib it
G-8-23
G -8-23
(fro n t)
(re v e rs e )
N o. 5 0 2 8 0 2
O F F IC IA L
C H E C K
E x h ib it G-8-24 (front)
E
x h ib it
E
G
8-24
x h ib it
(re \ e rs e )
G -8-25
E x h ib it G-8-26
STOCK EXCHANGE PRACTICES
8465
Exhibit G-8-27
Confirmation of Telegram—the Guardian Trust Company
Cleveland, Ohio,
Ralph Morton,
F o r m 303 5-29 1 0 M
D ecem ber 28, 1932.
T r e a s u r e r E m p i r e C o m p a n i e s , B a r tl e s v i lle , O k l a .:
C a n y o u a r r a n g e t o d e p o s it s o m e e x tr a f u n d s w it h u s f r o m
to J a n u a r y second.
D e c e m b e r th ir ty
Robinson.
C h a rg e b a n k expense.
P le a s e d o n o t m a k e a n y p a y m e n t s n o r i n c u r a n y o b l i g a t i o n s f o r o u r a c c o u n t
o n t h e b a s is o f t h i s c o n f i r m a t i o n .
T e le g r a p h u s f o r i n s t r u c t i o n s i n c a se o f n o n
r e c e ip t o f t h e t e l e g r a m c o n t a i n i n g t h i s m e s s a g e .
Exhibit
Bartlesville, Okla.,
G-8-28
[ T e le g r a m ]
H. Robinson:
C.
D ecem ber 28, 1932.
T h e G u a r d ia n T r u s t C o m p a n y , C le v e la n d O h io , m a ilin g t o d a y
h u n d r e d th o u s a n d .
S o rry c a n n o t d o m o re b u t c a n n o t a rra n g e it.
R . L.
d e p o s it o n e
Morton,
Mr. Henry Stevens,
Dear Mr. Stevens:
Exhibit
G -8-29
C.
V ic e P re s id e n t, G u a ra n ty T ru st C o m p a n y o f N e w Y o rk ,
N e w Y o r k C ity .
July
J
r
.
1, 1 9 3 2 .
I h a v e y o u r le tte r o f J u n e 3 0 th r e la tiv e to t h e c o n c lu
s io n o f o u r r e c e n t t r a n s a c t i o n .
P le a s e a c c e p t m y p e r s o n a l t h a n k s f o r t h e w a y i n w h i c h y o u r C o m p a n y c o o p e r
a te d in th is m a tte r .
S in c e r e ly y o u r s ,
R ., S e n io r V ic e P re s id e n t.
HCR-CT.
Guaranty Trust Company,
Gentlemen:
Exhibit
G-8-30
June
24, 1932.
N ew Y o rk , N .Y .
I h e r e b y c e r t if y t h a t I a m t h e S e c r e t a r y o f t h e G u a r d i a n T r u s t
C o m p a n y , C l e v e l a n d , O h i o , a c o r p o r a t io n o r g a n i z e d a n d e x is t in g u n d e r a n d
p u r s u a n t t o t h e la w s o f t h e S t a t e o f O h i o .
I f u r t h e r c e r t if y t h a t a t a m e e t i n g o f t h e E x e c u t iv e C o m m i t t e e o f s a i d c o r p o r a
t i o n d u l y c a lle d a n d h e l d a t C le v e la n d , O h i o , t h e 2 4 t h d a y o f J u n e , 1 9 3 2 , a t
w h i c h m e e t i n g a q u o r u m o f s a i d C o m m i t t e e w a s p r e s e n t a n d v o t i n g , a r e s o lu t io n ,
o f w h i c h t h e f o l l o w i n g is a f u l l a n d t r u e c o p y a s a p p e a r s b y t h e r e c o r d s o f s a id
c o m p a n y , w a s u n a n im o u s ly a d o p te d :
“ R e s o lv e d , T h a t t h e P r e s id e n t , J . A . H o u s e , b e a n d h e h e r e b y is a u t h o r i z e d a n d
e m p o w e r e d t o s ig n , e x e c u te a n d d e liv e r a n a g r e e m e n t w i t h t h e G u a r a n t y T r u s t
C o m p a n y o f N e w Y o r k w h e r e in s a i d G u a r a n t y T r u s t C o . a g r e e s t o m a k e a
d e p o s i t w i t h u s f o r i t s c r e d i t i n t h e a m o u n t o f $ 5 ,0 0 0 ,0 0 0 .0 0 , t h e r e p a y m e n t o f
s a m e t o b e g u a r a n t e e d b y a p le d g e o f U n i t e d S t a t e s B o n d s a n d / o r T r e a s u r y N o t e s
w i t h a m a r k e t v a l u e o f $ 5 ,2 5 0 ,0 0 0 .0 0 , t h e i n t e r e s t r a t e a n d o t h e r c o n d it i o n s o f
s a i d a g r e e m e n t t o b e s a t is f a c t o r y t o t h e P r e s id e n t , J . A . H o u s e . ”
I n w it n e s s w h e r e o f , I h a v e h e r e u n t o s e t m y h a n d a s S e c r e t a r y o f s a i d c o r p o r a
t i o n a n d a f f ix e d t h e c o r p o r a t e s e a l o f s a i d c o m p a n y t h i s 2 4 t h d a y o f J u n e 1 9 3 2 .
V e ry tr u ly y o u rs ,
R . P. S., Secretary.
STOCK EXCHANGE PRACTICES
8466
Exhibit G-8-31
StateDivision
of Ohio,
of Banks,
C o l u m b u s , O ctob'er 1 st, 1 9 3 2 .
Gentlemen:
( T o a ll s t a t e a n d p r iv a t e b a n k s ) :
T h e D iv is io n o f B a n k s h a s h a d n u m e r o u s in q u ir ie s la t e ly r e g a r d
i n g t h e s u b s t i t u t i o n o f b o n d s f o r s e c u r itie s n o w c a r r ie d i n t h e a s s e ts o f t h e b a n k .
T h e s e h a v e b e e n a n s w e r e d d i r e c t ly t o t h e i n q u i r i n g b a n k , b u t w e n o w d e e m i t
n e c e s s a r y t o is s u e t h i s b u l l e t i n o f i n s t r u c t i o n s r e g a r d in g t h i s m a t t e r t o a l l b a n k s
u n d e r t h e s u p e r v is io n o f t h i s D i v i s i o n :
W h e n s e c u r itie s a r e s o ld a n d o th e r s a r e b o u g h t o r t r a d e d a n d s u b s t i t u t e d f o r
t h e m , t h e b a n k m u s t c h a r g e o ff t h e lo s s s u s t a i n e d o n t h e s e c u r itie s s o ld .
T h i s r u le is b a s e d u p o n S e c t io n 7 1 0 - 1 1 1 , p a r a g r a p h “ K ” , w h i c h d e c la r e s t h a t
a l l s e c u r itie s m u s t b e c h a r g e d o n t h e b o o k s o f t h e b a n k a t c o s t.
I n a n y exch a n ge,
t h e s a m e m u s t b e t r e a t e d a s a p u r c h a s e a n d a s a le , a n d i f a lo s s is s u s t a i n e d o n
s e c u r itie s n o w h e ld , s a m e m u s t b e c h a r g e d o f f a t th e t i m e th e e x c h a n g e i s m a d e .
I n o t h e r w o r d s , t h e a c t u a l v a l u e o f t h e b o n d s o r s e c u r itie s p u r c h a s e d c a n n o t
s h o w a n 'i n f l a t i o n o n t h e b o o k s o f t h e b a n k .
Y o u w i ll b e g o v e r n e d a t a l l t i m e s i n
m a k i n g e x c h a n g e s b y t h e a b o v e r u l in g .
Y o u r s v e r y tr u ly ,
J.
S u p e r in te n d e n t o f B a n k s .
IJF :F S
I.
Fulton,
Exhibit
Cleveland Guardian Trust
The Guardian Trust Company
Mr. H.
Johnston,
Henry
Doherty & Company,
Dear Mr. Johnston: As
G-8-32
I.
B. R . H . L.
D. &
C o .,
Co.
C le v e la n d O c to b e r 2 3 , 1 9 2 9 .
E.
c /o
L.
N e w Y o r k C it y .
y o u k n o w , w e h a v e t o k e e p a te n p e r c e n t, re se rv e
i n t h e F e d e r a l B a n k a g a in s t m o n e y w h ic h w e h a v e o n d e m a n d a n d a th r e e p e r
c e n t , r e s e r v e a g a i n s t m o n e y w h i c h is c a lle d t i m e m o n e y .
S o m e o f o u r la r g e r c u s t o m e r s a r e c o o p e r a t in g w i t h u s so t h a t w e c a n c o u n t
t h e i r d e p o s it s a s t i m e m o n e y a n d I a m w o n d e r i n g i f I c a n h a v e a n u n d e r s t a n d in g
o f th e sa m e n a tu r e w ith y o u .
A l l I w o u l d a s k y o u t o d o w o u l d b e t o w r it e m e a le t t e r s t a t i n g tb g .t t h e m o n e y
h e l d o n d e p o s i t h e r e b y H e n r y L . D o h e r t y & C o m p a n y o r t h e C it ie s S e r v ic e
C o m p a n y w o u l d n o t b e d r a w n e x c e p t u p o n a t h i r t y d a y n o t ic e t o u s .
T h a t le tte r w e w o u ld use o n ly in th e e v e n t t h e F e d e r a l R e s e rv e B a n k a s k e d u s
f o r e v id e n c e s u p p o r t i n g o u r c o n t e n t i o n r e la t i v e t o t i m e d e p o s it s .
I w a n t y o u to
u n d e r s t a n d , h o w e v e r , t h a t y o u r m o n e y is s u b je c t t o c h e c k w h e n e v e r y o u r e q u ir e ,
t h e s a m e a s u s u a l.
T h i s m a y s e e m a v e r y u n u s u a l r e q u e s t b u t t h e f ir s t t i m e I see y o u I c a n e x p l a i n
m o r e in d e ta il.
O f c o u r s e , t h i s l e t t e r is s t r i c t l y c o n f i d e n t ia l b e t w e e n y o u a n c T m e .
V e ry tr u ly y o urs,
H . C.
S e n io r V ic e P r e s id e n t.
HCR-CT.
Robinson,
STOCK EXCHANGE PEACTICES
1. Bank
D.
Mr. H. C. Robinson,
Dear Sir:
H. L.
& Co.
8467
Exhibit G-8-33
Deposit Cleveland Guardian Trust Co.
November 21, 1929.
V i c e P r e s i d e n t T h e G u a r d ia n T r u s t C o m p a n y ,
C le v e la n d , O h io .
23,
P le a s e p a r d o n t h e d e la y i n a n s w e r in g y o u r l e t t e r o f O c t o b e r
in
r e g a r d t o o u r d e p o s it a c c o u n t i n y o u r b a n k .
T h i s m a t t e r h a s b e e n p r e s e n t e d t o u s b y o n e o f o u r o t h e r v e r y g o o d f r ie n d s ,
b u t w e h a v e so f a r n o t s e e n o u r w a y c le a r t o h a n d le t h e m a t t e r a s y o u s u g g e s t.
I w is h t h a t y o u w o u l d see m e t h e n e x t t i m e y o u a r e i n N e w Y o r k a n d w e w i ll
d is c u s s t h i s m a t t e r a l i t t l e f u r t h e r .
Y o u r s v e ry tr u ly ,
L.
Henry Doherty & Company,
By:--------------.
E H J:T .
Mr.
Johnston,
Dear Mr. Johnston:
Exhibit
G-8-34
E. H.
H e n r y L . D o h e r ty & C o m p a n y ,
S ix ty W a ll S tr eet, N e w Y o r k C ity .
September
19, 1 9 3 2 .
W e a r e lo o k in g f o r a c a ll f r o m t h e S u p e r in t e n d e n t o f
B a n k s s o m e t im e b e t w e e n S e p t e m b e r 2 6 t h a n d O c t o b e r 1 s t .
I h a v e c a lle d u p o n
y o u h e r e to f o r e o n th e s e o c c a s io n s a n d y o u h a v e r e s p o n d e d lo y a l l y .
I a m h o p e f u l t h a t y o u c a n h e lp u s o u t t h e l a s t f o u r d a y s o f t h i s m o n t h w i t h a
s u b s t a n t i a l in c r e a s e i n y o u r a c c o u n t .
I f y o u w ill k e e p th is in m in d a n d d o w h a t
y o u c a n f o r u s I , a s w e ll a s t h e o t h e r o ffic e rs o f t h e b a n k , w i l l g r e a t ly a p p r e c ia t e i t .
W it h k in d re g ard s, I r e m a in
V e ry tr u ly y o urs ,
E x ecu tiv e V ic e P r e s id e n t.
HCR-CT.
Exhibit
Henry Doherty & Company,
G-8-35
Mr. H. Robinson,
Dear Sir: As
L.
S i x t y W a l l S tr e e t, N e w Y o r k , N . Y . , S e p t e m b e r 2 2 , 1 9 3 2 .
C.
E x e c u t i v e V i c e - P r e s i d e n t , T h e G u a r d ia n T r u s t C o m p a n y ,
C le v e la n d , O h io .
19,
E. H.
re q u e s te d in y o u r le tte r o f S e p te m b e r
addressed to M r .
J o h n s t o n , w h o is a t p r e s e n t a w a y o n v a c a t i o n , w e s h a ll b e p le a s e d t o in c r e a s e t h e
b a la n c e i n t h e C it ie s S e r v ic e S e c u r itie s C o m p a n y a c c o u n t t h e l a s t w e e k i n S e p
t e m b e r t o a b o u t $ 5 0 0 ,0 0 0 .0 0 .
Y o u r s v e ry tr u ly ,
L.
By
J.
H . J. M cC usker
H JM :O M N
HenryMcCusker.
Doherty & Company,
H.
M r . P u r d o n s a y s 2 0 0 ,0 0 0 h a s c o m e i n .
Mr. McCusker,
Dear Mr. McCusker:
Exhibit
G -8-36
H . J.
H e n r y L . D o h e r ty & C o m p a n y ,
S i x t y W a l l S tr e e t, N e w Y o r k C i t y .
September
23, 1932.
I h a v e y o u r le tte r o f S e p te m b e r 2 2 n d i n w h ic h y o u
a d v is e u s t h a t t h e C i t ie s S e r v ic e S e c u r itie s C o m p a n y in c r e a s e it s a c c o u n t t o a b o u t
Jo h n s to n .
$ 5 0 0 ,0 0 0 .0 0 a s t h e r e s u lt o f m y l e t t e r t o
Mr.
STOCK EXCHANGE PEACTICES
8468
T h is is v e r y g r a t i f y i n g t o u s a n d w e w is h t o t h a n k y o u a n d y o u r a s s o c ia t e s f o r
y o u r c o o p e r a t io n .
W i t h k in d re g a rd s, I a m ,
V e ry tr u ly y o u rs ,
R
HCR-CT.
E x ecu tiv e V ic e P r e s id e n t.
The Guardian Trust
Company
and Subsidiaries—Consolidated List of
Officers
and Directors—First Copy
( E x h i b i t G , T e n u r e o f d ire c to rs , faces t h is p a g e .)
Exhibit
Report in re Loans toCompany
Officers
and Directors The Guardian Trust
, Cleveland
, Ohio
G -5b-a
( R o b e r t M . H u s t o n , c h ie f i n v e s t i g a t o r )
Fulton,
Cleveland, Ohio,
J a n u a ry 25, 1934-
H o n . T. J .
S u p e r i n t e n d e n t o f B a n k s , C o lu m b u s , O h io
Sir:
P u r s u a n t t o y o u r i n s t r u c t i o n s I h a v e d ir e c t e d a g e n e r a l i n v e s t i g a t i o n o f
th e b o o k s a n d re c o rd s of T h e G u a r d ia n T r u s t C o m p a n y , C le v e la n d , O h io , fo r
t h e p u r p o s e o f a s c e r t a in in g w h e t h e r o r n o t t h e a f f a ir s o f t h a t i n s t i t u t i o n w e r e
a d m in is t e r e d i n a c c o r d a n c e w i t h t h e G e n e r a l C o d e o f O h i o .
A s p a r t of th a t
g e n e r a l i n v e s t i g a t i o n M e s s r s . R a l p h W . E m e r s o n a n d F r a n c is L . E l m e n d o r f ,
b o t h o f t h e S t a t e B a n k i n g D e p a r t m e n t , h a v e c o m p i l e d a d e t a i le d a n a ly s is o f
t h o s e a ss e ts o f T h e G u a r d i a n T r u s t C o m p a n y r e p r e s e n t in g l o a n s t o o ffic e rs a n d
D ir e c t o r s o f t h e a b o v e n a m e d i n s t i t u t i o n , a n d in v e s t m e n t s i n s e c u r itie s o f , o r
l o a n s t o c o r p o r a t io n s , p a r t n e r s h i p s a n d a s s o c ia t io n s i n w h i c h o n e o r m o r e o f
s u c h o ffic e rs a n d D ir e c t o r s w a s f i n a n c i a l l y i n t e r e s t e d .
I n o w h a v e th e h o n o r
o f s u b m i t t i n g t h e f o llo w i n g r e p o r t i n r e l a t i o n t h e r e t o .
T h e C o n s e r v a to r ’s in v e n t o r y d a te d A p r il 8, 1933, sh o w s T h e G u a r d ia n T r u s t
C o m p a n y t o b e i n p o s s e s s io n o f t o t a l a s s e ts t o t h e a m o u n t o f $ 1 1 3 ,6 7 5 ,1 9 2 .5 2 .
T h e a n a ly s is p r e p a r e d b y M e s s r s . E m e r s o n a n d E l m e n d o r f s h o w s l o a n s t o
O ffic e r s , D ir e c t o r s , a n d E m p lo y e e s , a n d i n v e s t m e n t s i n s e c u r itie s o f c o r p o r a t io n s ,
p a r t n e r s h i p s a n d a s s o c ia t io n s i n w h i c h t h e y w e r e f i n a n c i a l l y in t e r e s t e d t o t h e
a m o u n t o f $ 3 7 ,1 6 3 ,1 9 6 .7 4 .
I n o th e r w o rd s, m o re th a n t h ir t y p e r c e n t o f th e
b a n k i n g o p e r a t io n s w e r e d ir e c t ly o r i n d i r e c t ly f o r t h e p e r s o n a l b e n e f it a n d a g
g r a n d iz e m e n t o f th o s e p e rso n s c h a rg e d w it h th e a d m in is t r a t io n o f th e b a n k ’s
a f f a ir s .
T h e b o o k s a n d re c o rd s o f T h e G u a r d ia n T r u s t C o m p a n y s h o w th e s e lo a n s
a n d i n v e s t m e n t s t o h a v e b e e n c la s s if ie d a s f o llo w s :
U nsecu re d L o a n s:
D e m a n d _______________________________________________
T i m e ___________________________________________________
$ 7 6 6 , 57 0 . 14
4, 0 0 0 , 9 0 3 . 8 5
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S e cure d L o a n s:
D e m a n d _______________________________________________
T i m e ___________________________________________________
4, 7 7 7 , 34 7 . 2 2
4 ,8 0 2 ,0 8 4 .0 0
--------------- M o r t g a g e s ______________________________________________________________________
S t o c k s ___________________________________________________________________________
B o n d s ___________________________________________________________________________
R e s e r v e f o r D e p r e c ia t io n ( C h a r g e d 1 9 2 5 - 3 2 , I n c l . ) __________________
I n d i r e c t L o a n s , ______________________________________________________________
M is c e lla n e o u s :
B a n k e r s A c c e p t a n c e s ______________________________
3, 000. 0 0
T r u s t A d v a n c e s _____________________________________
9, 0 7 2. 38
R e c e iv e r s C e r t i f i c a t e s ______________________________
23, 50 0. 00
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L e s s D u p l i c a t i o n s in i n d i r e c t l i n e _______________
294, 946. 17
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t t ARSHALL. &ECFU»e G.
MARbHAU-, W.G-.
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M u rfey , C .L .
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STOCK EXCHANGE PEACTICES
8469
F o r t h e p u r p o s e o f t h i s r e p o r t t h e a f o r e m e n t i o n e d lo a n s a n d in v e s t m e n t s w i l l
b e c la s s ifie d u n d e r d e s c r ip t iv e g r o u p h e a d in g s w i t h s u c h a d d i t i o n a l c o m m e n t as
w e b e lie v e n e c e s s a r y i n o r d e r t o s h o w t h e v a r io u s O ffic e r s a n d D ir e c t o r s c o n
n e c te d w it h e a c h s u c h lo a n o r in v e s tm e n t.
R a i l r o a d s a n d R a i l r o a d H o l d i n g C o m p a n ie s :
T h e A . C . & Y . C o ____________________________________
T h e A . C . & Y . R a i l w a y C o __________________________
T h e A . C . & Y . T e r m i n a l P r o p e r t ie s C o __________
T h e A lg e r s , W i n s l o w & W e s t e r n R y . C o -------T h e C l e v e la n d & P i t t s b u r g h R a i l r o a d C o ________
F o r t , S m i t h & W e s t e r n R a i l r o a d C o _______________
F o r t , S m i t h & W e s t e r n R a i l r o a d C o _______________
F o r t , S m i t h & W e s t e r n R a i l r o a d C o _______________
L a k e S u p e r io r & I s h p e n i n g R . R . C o ______________
N . Y . C . & S t . L o u is R . R . C o ______________________
N . Y . C . & S t . L o u is R . R . C o ______________________
P e n n s y l v a n i a R . R . C o ________________________________
W h e e lin g & L a k e E r i e R y . C o _______________________
$ 5 1 5 , 0 0 0. 0 0 B o n d s
150, 000. 0 0 L o a n
35, 000. 0 0 L o a n
187, 500. 0 0 B o n d s
510. 0 0 C h a r g e d
55, 000. 0 0 L o a n
14, 8 3 5. 0 0 L o a n
8, 000. 0 0 L o a n
1, 500. 0 0 S t o c k
48, 000. 0 0 B o n d s
3, 0 3 8. 7 5 C h a r g e d
4 4 9 , 144. 3 5 S t o c k
115. 0 0 C h a r g e d
2,
Off
2,
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1, 4 7 1 , 6 4 3 . 1 0
T h e A . C . & Y . C o m p a n y is a h o l d i n g c o r p o r a t io n f o r t h e A k r o n , C a n t o n a n d
Y o u n g s t o w n R a i l w a y C o m p a n y a n d i t s a f f ilia t e d c o m p a n ie s .
M r . H . B . S t e w a r t , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s P r e s id e n t
o f T h e A . C . & Y . C o m p a n y , P r e s id e n t o f T h e A k r o n , C a n t o n , a n d Y o u n g s t o w n
R a i l w a y C o m p a n y , a n d P r e s id e n t o f T h e A k r o n , C a n t o n a n d Y o u n g s t o w n
T e r m i n a l P r o p e r t ie s C o m p a n y .
M r . A . F . A y e r s , a V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o
V ic e P r e s id e n t o f T h e A . C . & Y . C o m p a n y , a n d D i r e c t o r in b o t h T h e A k r o n ,
C a n t o n a n d Y o u n g s to w n R a ilw a y C o m p a n y a n d T h e A k r o n , C a n t o n a n d
Y o u n g s t o w n T e r m i n a l P r o p e r t ie s C o m p a n y .
H o n . I . J . F u lto n — 3
M r . H . C . R o b in s o n , E x e c u t iv e V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t C o m
p a n y w a s a D ir e c to r o f T h e A . C . & Y . C o m p a n y a n d a D ir e c to r o f T h e A k r o n ,
C a n t o n a n d Y o u n g s t o w n T e r m i n a l P r o p e r t ie s C o m p a n y .
M r . H . P . M c I n t o s h , J r . , a V ic e P r e s id e n t a n d D i r e c t o r o f T h e G u a r d i a n T r u s t
C o m p a n y , w a s a D ir e c t o r o f T h e A k r o n , C a n t o n a n d Y o u n g s t o w n T e r m in a l
P r o p e r t ie s C o m p a n y , a n d a ls o a D i r e c t o r o f T h e A k r o n , C a n t o n a n d Y o u n g s
t o w n R a i l w a y C o m p a n y , b o t h a f f ilia t e s o f T h e A . C . & Y . C o m p a n y .
M r . J . A r t h u r H o u s e , P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , is r e p o r t e d
t o h a v e b e e n a v e r y s u b s t a n t i a l s t o c k h o ld e r i n T h e A . C . & Y . C o m p a n y .
W e h a v e b e e n u n a b l e t o o b t a i n a n y a c c u r a t e i n f o r m a t i o n r e g a r d in g t h e f i n a n c i a l
s t r e n g t h o f a n y o f t h e a f o r e m e n t i o n e d c o m p a n ie s , a l t h o u g h i t d o e s a p p e a r t h a t
i n v e s t m e n t s a n d lo a n s o f t h i s c h a r a c t e r c o u ld h a r d l y b e c o n s id e r e d a s d e s ir a b le
f r o m t h e s t a n d p o i n t o f c o n s e r v a t iv e b a n k i n g .
H o w e v e r , d u e t o i t s s t r a t e g ic a l
l o c a t i o n , T h e A k r o n , C a n t o n a n d Y o u n g s t o w n R a i l w a y C o m p a n y c o n t r o ls a
la r g e p e r c e n t a g e o f t h e lo n g h a u l f r e ig h t m o v i n g f r o m A k r o n , O h i o , so t h a t T h e
G u a r d i a n T r u s t C o m p a n y m a y u l t i m a t e l y b e a b le t o r e c o v e r a l l o f i t s i n v e s t m e n t
i n t h e b o n d s a n d s e c u r itie s o f t h e a b o v e n a m e d a ff ilia te s .
T h e A lg e r s , W i n s l o w a n d W e s t e r n R a i l w a y C o m p a n y m a i n t a i n s a b o u t f ifte e n
m ile s o f t r a c k i n c l u d i n g s id in g s n e a r O a k l a n d C i t y , G i b s o n C o u n t y , I n d i a n a .
T h is r a il r o a d o p e r a te s a s a f e e d e r t o t h e B i g F o u r R a i l w a y C o m p a n y a n d t h e
S o u t h e r n R a i l r o a d C o m p a n y f r o m t h e m in e s o f t h e E n o s C o a l M i n i n g C o m p a n y
a n d t h e P a t o k a C o a l C o m p a n y . O b v i o u s ly t h e su c c e ss o f t h i s r o a d is d e p e n d e n t
u p o n t h e o p e r a t io n s o f t h e t w o c o a l c o m p a n ie s .
M r . A . W . D e a n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , is T r e a s u r e r a n d
a D i r e c t o r o f t h e A lg e r s , W i n s l o w a n d W e s t e r n R a i l w a y C o m p a n y , a n d is a ls o a
D ir e c to r o f th e E n o s C o a l M in in g C o m p a n y .
T h e G u a r d i a n T r u s t C o m p a n y is
T r u s t e e f o r t h e b o n d is s u e o f t h e A lg e r s , W i n s l o w a n d W e s t e r n R a i l w a y C o m p a n y
a n d o w n s p r a c t i c a l l y a l l o f t h e o u t s t a n d i n g f ir s t m o r t g a g e b o n d s .
A lth o u g h
t h e r a il r o a d c o m p a n y h a s t h e r e p u t a t i o n o f b e in g w e ll m a n a g e d , w e a r e o f t h e
o p i n i o n t h a t s u c h a la r g e i n v e s t m e n t i n b o n d s o f t h i s c h a r a c t e r c a n h a r d l y b e
r e g a r d e d a s ju d i c i o u s o r a d v i s a b le f r o m t h e s t a n d p o i n t o f c o n s e r v a t iv e b a n k i n g
8470
STOCK EXCHANGE PEACTICES
H o n . I . J . F u lto n — 4
O w i n g t o t h e s m a ll a m o u n t i n v o l v e d , w e h a v e m a d e n o e f f o r t t o r e v ie w t h e
a f f a ir s o f t h e C le v e l a n d a n d P i t t s b u r g h R a i l r o a d C o m p a n y . L e t i t s u f f ic e t o s t a t e
t h a t M r . L . A . M u r f e y (d e c e a s e d ) , f o r m e r V ic e P r e s id e n t a n d D i r e c t o r o f T h e
G u a r d i a n T r u s t C o m p a n y , w a s a ls o V ic e P r e s id e n t a n d D i r e c t o r o f t h e C l e v e l a n d
a n d P itts b u r g h R a ilr o a d C o m p a n y .
T h e F o r t, S m it h a n d W e s te r n R a ilr o a d C o m p a n y h a s b e e n a “ w o rk o u t ”
p r o p o s i t io n s in c e 1 9 0 8 , a n d t h e a d v a n c e s m e n t i o n e d i n t h i s r e p o r t w e r e m a d e i n
a n e f f o r t t o a s s is t t h e B o n d h o ld e r s C o m m i t t e e .
M r . W . G . M a t h e r , D ir e c to r o f
T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a D i r e c t o r o f t h e F o r t , S m i t h a n d W e s t
e rn R a ilr o a d C o m p a n y .
T h e L a k e S u p e r io r a n d I s h p e n i n g R a i l r o a d C o m p a n y is a n a f f ilia t e o f t h e C l e v e
l a n d C lif f s C o r p o r a t i o n .
M essrs. W . G . M a t h e r , C . G . H e r r a n d G . G . W a d e ,
D i r e c t o r s o f T h e G u a r d i a n T r u s t C o m p a n y w e r e P r e s id e n t , D i r e c t o r , a n d T r e a s
u r e r r e s p e c t iv e ly , o f t h e L a k e S u p e r io r a n d I s h p e n i n g R a i l r o a d C o m p a n y .
O w i n g t o t h e s m a ll a m o u n t i n v o l v e d , w e m a d e n o e f f o r t t o i n v e s t i g a t e t h e a f f a ir s
o f t h is c o m p a n y .
M r . J . A r t h u r H o u s e , P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a
D i r e c t o r o f t h e N e w Y o r k , C h i c a g o a n d S t . L o u is R a i l r o a d C o m p a n y .
T h is
c o m p a n y is so w e ll k n o w n t h a t w e b e lie v e n o c o m m e n t n e c e s s a r y r e g a r d in g it s
o p e r a t i o n s o r a f f a ir s .
M e s srs. J o h n F . D e a s y a n d E . W . S m it h , fo r m e r D ir e c to r s o f T h e G u a r d ia n
T r u s t C o m p a n y , w e r e b o t h V ic e P r e s id e n t s o f t h e P e n n s y l v a n i a R a i l r o a d C o m
pany.
W e b e lie v e n o c o m m e n t n e c e s s a r y r e g a r d in g t h e o p e r a t i o n a n d a f f a ir s o f
th is c o m p a n y .
M r . J . A r t h u r H o u s e , P r e s id e n t , a n d M e s s r s . W a r r e n B i c k n e l l a n d E . A .
P e t r e q u i n , D i r e c t o r s o f T h e G u a r d i a n T r u s t C o m p a n y , w e r e a ls o D i r e c t o r s o f
th e W h e e lin g a n d L a k e E r ie R a ilw a y C o m p a n y .
T h e s m a ll a m o u n t a d v a n c e d
t o t h i s c o m p a n y is n o t w o r t h y o f s p e c ia l c o n s id e r a t io n i n t h i s r e p o r t .
H o n . I . J . F u l t o n — 5.
P u b l i c U t i l i t ie s :
C le v e l a n d R a i l w a y C o _____________________________ $9 , 91 3 . 0 0 S t o c k
T h e G u a r d ia n T r u s t C o m p a n y o w n s s to c k in th e C le v e la n d R a ilw a y C o m p a n y
a t a v a l u a t i o n o f $ 9 ,9 1 3 .0 0 .
M r . H . P . M c I n t o s h , S r ., C h a i r m a n o f t h e B o a r d
o f D ir e c t o r s o f T h e G u a r d i a n T r u s t C o m p a n y , a n d M e s s r s . W a r r e n B i c k n e ll,
K . F . G i l l , L . C . H a n n a , J r . , F . F . P r e n t is s a n d G . G . W a d e , D ir e c t o r s o f T h e
G u a r d i a n T r u s t C o m p a n y , w e r e a ls o D ir e c t o r s o f t h e C le v e l a n d R a i l w a y C o m
pany.
M r . J o h n J . S t a n l e y (d e c e a s e d ) D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y
w a s P r e s id e n t o f t h e C le v e l a n d R a i l w a y C o m p a n y .
O w in g to th e s m a ll a m o u n t
i n v o l v e d , w e m a d e n o e f f o r t t o i n v e s t i g a t e t h e a f f a ir s o f t h e C l e v e l a n d R a i l w a y
C o m p a n y n o r t h e w o r t h o f it s s to c k .
E l e e m o s y n a r y I n s t i t u t i o n s , C lu b s , L o d g e s , e tc .:
C h u r c h o f t h e S a v io r _____________________________________
C h u r c h o f t h e S a v io r ____________________________________
C i t y C l u b o f C l e v e l a n d __________________________________
C l e v e l a n d A t h l e t i c C l u b ________________________________
C l e v e l a n d B o y S c o u t s o f A m e r i c a ____________________
C l e v e l a n d C o lle g e _________________________________________
E p w o r t h E u c l i d M e t h o d i s t _____________________________
E p is c o p a l C h u r c h _________________________________________
E p is c o p a l C h u r c h _________________________________________
H e r m i t C l u b _______________________________________________
M a s o n ic T e m p le A s s n ___________________________________
P e p p e r P ik e C o u n t r y C l u b _____________________________
S t . L u k e ’ s H o s p i t a l _______________________________________
$ 1 5 8 , 50 0. 0 0 L o a n
3 7 0 , 0 0 0. 0 0 M o r t g a g e
13, 85 8 . 14 L o a n
20 , 0 0 0 . 0 0 L o a n
14, 60 0 . 0 0 M o r t g a g e
14 4 , 00 0 . 0 0 L o a n
74 5. 0 0 L o a n
53, 30 0. 0 0 L o a a
3 8 4 , 98 3. 4 3 M o r t g a g e
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29, 000. 0 0 L o a n
15, 0 0 0 . 0 0 L o a n
88 , 0 0 0 . 0 0 L o a n
STOCK EXCHANGE PRACTICES
8471
E l e e m o s y n a r y I n s t i t u t i o n s , C l u b s , L o d g e s , e t c .— C o n .
S t . L u k e ’s H o s p i t a l _______________________________________
$344, 000. 00 L o a n
U n i v e r s i t y S c h o o l_________________________________________ 5 0 , 75 7 . 7 4 L o a n
W e s t e r n R e s e r v e U n i v e r s i t y ___________________________
825, 000. 00 L o a n
W e s t e r n R e s e r v e U n i v e r s i t y ___________________________ 12, 62 5 . 0 0 L o a n
W e s t e r n R e s e r v e U n i v e r s i t y ___________________________ 100, 0 0 0 . 0 0 L o a n
W e s t w o o d C o u n t r y C l u b _______________________________ 1, 100. 0 0 L o a n
W e s t w o o d C o u n t r y C l u b ________________________________ 42 7 . 4 8 E n d o r s e r
C l e v e l a n d Y . M . C . A ______________________________________ 2 5 , 00 0 . 0 0 M o r t g a g e
T o t a l _____ __________ ___________________ _____________ _____
2 ,6 7 9 ,3 9 6 .7 9
O w i n g t o t h e n a t u r e o f t h e d e b t o r , w e m a d e n o e f f o r t t o a n a ly z e t h e a f f a ir s o f
t h e s e i n s t i t u t i o n s f u r t h e r t h a n t o d e t e r m in e t h a t o n e o r m o r e o f t h e D ir e c t o r s o f
T h e G u a r d i a n T r u s t C o m p a n y w a s lik e w is e a D i r e c t o r o r O ffic e r i n e a c h i n s t a n c e .
H o n . I . J . F u lto n — 6
T h e G u a r d i a n T r u s t C o m p a n y S u b s id ia r ie s :
B r a n c h I n v e s t m e n t C o ____________________________
B r a n c h I n v e s t m e n t C o ____________________________
B r a n c h I n v e s t m e n t C o ____________________________
B r a n c h I n v e s t m e n t C o ____________________________
B r a n c h I n v e s t m e n t C o ____________________________
B r a n c h I n v e s t m e n t C o ____________________________
B r o o k s id e M a n o r C o _______________________________
C o lle g e H e i g h t s R e a l t y C o _______________________
C o lle g e H e i g h t s R e a l t y C o _______________________
D e W i t t H o t e l s C o __________________________________
D e W i t t H o t e ls C o __________________________________
4 4 0 0 S u p e r io r C o ____________________________________
4 4 0 0 S u p e r io r C o ____________________________________
G u a r d i a n S e c u r it ie s C o ____________________________
G u a r d i a n S e c u r itie s C o ___________________________
H a r r i s o n C o u n t y I n v e s t m e n t C o _______________
H a r r i s o n C o u n t y I n v e s t m e n t C o _______________
H e a d l a n d s R e a l t y C o ______________________________
H o t e l H o l l e n d e n ____________________________________
I n l a n d L a k e s , I n c ___________________________________
L a n d D e v e l o p m e n t & R e a l i z a t i o n C o _________
M e m p h i s H e i g h t s R e a l t y C o ____________________
M o r s e B u i l d i n g C o _________________________________
N e w E n g l a n d C o ____________________________________
N e w E n g l a n d C o ____________________________________
R i - M a y R e a l t y C o _________________________________
R iv e r s i d e M a n o r C o _______________________________
S e v e r n P a r k R e a l t y C o _________________________________
S h o r e D e v e l o p m e n t C o __________________________________
S t a t e n H e i g h t s R e a l t y C o ______________________________
S t o n e I m p r o v e m e n t C o _________________________________
S t o n e I m p r o v e m e n t C o _________________________________
V a l u a t i o n S e r v ic e C o ____________________________________
V a l u a t i o n S e r v ic e C o ____________________________________
V a l u a t i o n S e r v ic e C o ____________________________________
V i n c e n t B u i l d i n g C o _____________________________________
T o t a l ________ ________________________________________
$5 50 , 000. 00
S to c k
15, 00 0 . 0 0 C h a r g e d O f f
15, 0 0 0 . 0 0 C h a r g e d O f f
15, 00 0 . 0 0 C h a r g e d O f f
15 , 0 0 0 . 0 0 C h a r g e d O f f
15, 00 0 . 0 0 C h a r g e d O f f
14 2 , 0 3 3. 2 8 M o r t g a g e
3 1 , 00 0 . 0 0 B o n d s
3 5 , 28 3 . 7 5 C h a r g e d O f f
42, 38 1 . 3 2 L o a n
4 2 9 , 4 0 0. 0 0 L o a n
17, 0 0 0 . 0 0 M o r t g a g e
50 0 . 0 0 S t o c k
4 9 0 , 7 2 4. 0 0 L o a n
2 5 0 , 00 0 . 0 0 S t o c k
588, 000. 00 B o n d s
50 0 . 0 0 S t o c k
74, 62 3 . 0 4 M o r t g a g e
1, 0 0 0 . 0 0 C h a r g e d O f f
28, 360. 07 M o r tg a g e
1, 18 0 , 9 6 0 . 11 M o r t g a g e
120, 80 9 . 0 8 M o r t g a g e
2 ,3 0 0 .0 0 L o a n
8 7 8 , 4 7 8. 6 2 L o a n
3 , 8 0 0 , 0 0 0. 0 0 S t o c k
121, 4 7 0. 6 0 M o r t g a g e
63, 80 8 . 11 B o n d s
3 5 3 , 98 2 . 2 5 M o r t g a g e
109, 4 6 0 . 13 M o r t g a g e
2 5 9 , 40 6 . 6 6 M o r t g a g e
16, 4 6 6 . 0 0 S t o c k
56 , 50 0 . 0 0 M o r t g a g e
1, 3 2 7 , 46 8 . 8 9 M o r t g a g e
47, 000. 0 0 L o a n
2, 0 3 0 . 6 6 E n d o r s e r
25, 0 0 0 . 0 0 B o n d s
1 1 ,1 2 0 ,9 4 6 .5 7
R e f e r e n c e is h e re m a d e t o a d e t a ile d r e p o r t s u b m i t t e d b y M e s s r s . L y b r a n d ,
R o s s B r o s , a n d M o n t g o m e r y , C e r t if ie d P u b l ic A c c o u n t a n t s o f N e w Y o r k C i t y ,
r e l a t i n g t o t h e a ffa ir s o f t h e a f o r e m e n t io n e d s u b s id ia r ie s .
B ecause of th a t re p o rt
w e d e e m i t s u p e r f lu o u s t o h e r e in c l u d e a n y f u r t h e r c o m m e n t s r e g a r d in g t h e
a c t iv it ie s o f th o s e c o m p a n ie s .
8472
STOCK EXCHANGE PRACTICES
H o n . I . J . F u lto n — 7
I n d u s t r i a l a n d M is c e lla n e o u s ( n o r e v ie w o f lo a n s
o r a d v a n c e s w h i c h t o t a l less t h a n $ 5 0 ,0 0 0 .0 0 t o
a n y one c o m p a n y w as m a d e ):
T h e A k r o n R u b b e r R e c l a i m i n g C o _____________
A l le g h e n y B y P r o d u c t s C o k e C o _______________
A l l e g h a n y B y P r o d u c t s C o k e C o _______________
A lle g h e n y B y P r o d u c t s C o k e C o _______________
A l l e g h a n y B y P r o d u c t s C o k e C o _______________
A l l e g h a n y B y P r o d u c t s C o k e C o _______________
A l l e n C le v e l a n d T h e a t r e C o _____________________
A l l e n H o l d i n g C o ___________________________________
A l m e t a l U n i v e r s a l J o i n t C o ______________________
A m e r ic a n H u m u s C o _______________________________
N a t i o n a l H u m u s C o ________________________________
M i c h i g a n H u m u s C o _______________________________
F e r t i l u v i a C o r p . o f A m e r i c a ______________________
F e r t i l u v i a C o r p . o f A m e r i c a ______________________
B a k e r - R a u la n g C o __________________________________
W e b b C . B a l l C o ____________________________________
B e s s e m e r L im e s t o n e & C e m e n t C o _____________
B e s s e m e r L im e s t o n e & C e m e n t C o _____________
B e t h le h e m S te e l C o r p _____________________________
B o r t o n a n d B o r t o n _________________________________
B o r t o n a n d B o r t o n _________________________________
G e o . H . B o w m a n C o _______________________________
T h e B r o o k s C o ______________________________________
T h e B r o w n i n g C r a n e a n d S h o v e l C o ___________
T h e B r o w n i n g C r a n e a n d S h o v e l C o ___________
T h e B y e r s M a c h i n e C o ____________________________
T h e B y e r s M a c h i n e C o ____________________________
T h e B y e r s M a c h i n e C o ____________________________
T h e C e n t u r y C e m e n t C o __________________________
T h e C e n t u r y C e m e n t C o __________________________
T h e C ir c le R e a l t y C o ______________________________
C it ie s R e a l E s t a t e C o ______________________________
F r e d G . C l a r k , I n c __________________________________
F r e d G . C l a r k , I n c _________________________________
F r e d G . C l a r k , I n c _________________________________
T h e C l a y E n g i n e M f g . C o ________________________
T h e C l e v e l a n d B u i ld e r s S u p p l y C o ____________
T h e C l e v e l a n d C lif f s I r o n C o ____________________
T h e C le v e l a n d C lif f s I r o n C o ____________________
T h e C le v e l a n d C o __________________________________
T h e C le v e l a n d C o - O p e r a t iv e S t o v e C o ________
T h e C le v e l a n d C o - O p e r a t iv e S t o v e C o ________
T h e C le v e l a n d F i le C o _____________________________
T h e C le v e l a n d F i le C o _____________________________
T h e C le v e l a n d F i le C o _____________________________
T h e C le v e l a n d F i le C o _____________________________
$ 4 0 , 200. 0 0
28, 600. 0 0
25, 639. 8 2
33. 0 2
12, 909. 4 7
1, 400. 0 0
45, 139. 3 8
164, 500. 0 0
247. 8 8
15, 000. 0 0
4 0 , 000. 0 0
20, 000. 0 0
2 0 , 00 0 . 0 0
75. 0 0
2, 06 2 . 0 0
10, 860. 0 0
90. 0 0
75. 0 0
132, 980. 6 2
9 7 , 396. 8 3
3 5 5 , 899.
47 , 722.
1, 975.
8 5 , 897.
91, 565.
88, 949.
7, 215.
237.
100, 000.
86, 980.
4, 576.
12, 750.
1, 578.
2, 920.
112, 623. 2 5
6, 411. 9 8
85, 000. 0 0
2, 0 1 0 , 338. 61
13, 702.
50 , 000.
255.
300.
7, 700.
17, 00 0 .
367. 4 3
14, 400. 0 0
S to c k
B onds
C h a r g e d o ff
C h a r g e d o ff
C h a r g e d o ff
C h a r g e d o ff
B onds
M o rtg a g e
Loan
C h a r g e d o ff
C h a r g e d o ff
C h a r g e d o ff
Loan
E ndorser
S to c k
Loan
B onds
C h a r g e d o ff
S to c k
Loan
Loan
Loan
Loan
Loan
E ndorser
Loan
S to c k
C h a rg e d O ff
Loan
Loan
M o rtg a g e
Loan
Loan
E n do rser
C h a r g e d o ff
Loan
Loan
Loan
E ndorser
Loan
Loan
Loan
Loan
Loan
C h a r g e d o ff
C h a r g e d o ft
H o n . I . J . F u lto n — 8
T h e C l e v e l a n d M o r t g a g e C o _____________________
T h e C l e v e l a n d Q u a r r ie s C o ______________________
T h e C le v e l a n d Q u a r r ie s C o ______________________
T h e C le v e l a n d W o r m a n d G e a r C o ____________
T h e C o n t i n e n t a l S h a r e s , I n c _____________________
T h e C o n t i n e n t a l S h a r e s , I n c _____________________
T h e C o n t i n e n t a l S h a r e s , I n c _____________________
T h e C o n t i n e n t a l S h a r e s , I n c _____________________
C o v e n t r y L e a s e h o ld C o ___________________________
C r a i g C u r t i s C o _____________________________________
C r a i g C u r t i s C o _____________________________________
C r a i g C u r t i s C o _____________________________________
C . R . C u m m i n g s C o ________________________________
C . R . C u m m i n g s C o _______________________________
C u y a h o g a F a c t o r y D e v e l o p m e n t C o ___________
40 , 903.
75 , 379.
4, 625.
22, 000.
1, 140, 369.
4, 912.
4 4 0 , 796.
4 4 , 500.
11, 900.
10, 00 0 .
32 , 700.
632.
15, 374.
68 , 850.
10, 800.
75
17
00
00
60
02
59
00
00
00
00
88
41
00
00
Loan
Loan
S to c k
Loan
Loan
Loan
Loan
C harged
Loan
C harged
C harged
C harged
Loan
Loan
Loan
o ff
o ff
o ff
o ff
STOCK EXCHANGE PEACTICES
C u y a h o g a K n i t t i n g M i l l s C o ____________________
T h e C u y a h o g a M o r t g a g e C o _____________________
T h e C u y u n a O r e C o _______________________________
T h e D e t r o i t W a r r e n R o a d C o ___________________
D o d g e M f g . C o ______________________________________
D o m e s t i c I n d u s t r i e s , I n c __________________________
D u n h a m C o ., T h e __________________________________
T h e W m . E d w a r d s C o _____________________________
T h e W m . E d w a r d s C o _____________________________
E n a m e l P r o d u c t s C o ., T h e _______________________
T h e E n o s C o a l M i n i n g C o _______________________
T h e E n o s C o a l M i n i n g C o _______________________
T h e E n o s C o a l M i n i n g C o _______________________
T h e E u c l i d A r c a d e B u i l d i n g C o _________________
T h e E u c l i d W i n d o w C o ___________________________
T h e E u c l i d W i n d o w C o ___________________________
G e a r s a n d F o r g in g s , I n c __________________________
G e a r s a n d F o r g in g s , I n c __________________________
T h e G o o d y e a r T ir e & R u b b e r C o m p a n y _____
T h e G o o d y e a r T ir e & R u b b e r C o m p a n y _____
T h e G o o d y e a r T ir e & R u b b e r C o m p a n y _____
T h e G u a r a n t e e T i t l e & T r u s t C o _______________
D . R . H a n n a T r u s t ________________________________
D . R . H a n n a T r u s t ________________________________
T h e H a n n a B u i l d i n g C o __________________________
T h e M . A . H a n n a C o ______________________________
T h e M . A . H a n n a C o ______________________________
H a r r is - S e y b o ld - P o t t e r C o ________________________
H e a d l a n d L u m b e r C o _____________________________
H e a d l a n d L u m b e r C o ______________________________
H e a d l a n d L u m b e r C o _____________________________
H e a d l a n d L u m b e r C o _____________________________
L . H . H e is t e r , J r . , I n c _____________________________
L . H . H e is t e r , J r . , I n c _____________________________
L . H . H e is t e r , J r . , I n c _____________________________
8473
$ 5 , 750. 0 0 L o a n
22 , 48 0 . 0 0 L o a n
52, 793. 0 4 L o a n
31, 186. 0 0 L o a n
1, 0 0 0. 0 0 S t o c k
179, 933. 15 S t o c k
51 2 . 5 0 C h a r g e d o ff
100, 00 0 . 0 0 L o a n
15, 300. 0 0 S t o c k
6 0 , 00 0 . 0 0 L o a n
3 5 , 00 0 . 0 0 L o a n
5 9 8 , 120. 0 0 B o n d s
1, 48 1 . 5 7 E n d o r s e r
150, 00 0. 0 0 L o a n
940. 0 0 C h a r g e d o ff
3, 100. 0 0 C h a r g e d o f f
6, 77 5 . 5 0 B o n d s
237. 5 0 C h a r g e d o ff
2 0 8 , 23 6 . 15 B o n d s
12, 83 2 . 16 S t o c k
4, 754. 3 5 B o n d s
74 , 57 9 . 9 2 L o a n
69 0 , 25 0 . 0 0 L o a n
50 , 000. 0 0 M o r t g a g e
5, 000. 0 0 L o a n
174, 365. 8 9 S t o c k
25, 000. 0 0 C h a r g e d o f f
30, 000. 0 0 L o a n
166, 92 6 . 6 9 C h a r g e d o ff
150, 000. 0 0 C h a r g e d o f f
50, 0 0 0. 0 0 C h a r g e d o ff
2 2 0, 4 9 9 . 15 C h a r g e d o ff
154, 299. 0 4 M o r t g a g e
1, 972. 18 M o r t g a g e
141, 87 7. 28 M o r t g a g e
H o n . I. J . F u lto n — 9
T h e H ig b e e C o ______________________________________
H i n d e D a u c h P a p e r C o ., T h e ___________________
T h e I n d i a T ir e & R u b b e r C o ____________________
T h e I n d i a T ir e & R u b b e r C o ____________________
T h e I n d i a T ir e & R u b b e r C o ____________________
T h e I n d i a n a L im e s t o n e C o _______________________
T h e I n d i a n a L im e s t o n e C o _______________________
T h e I n d i a n a L im e s t o n e C o _______________________
T h e I n d i a n a L im e s t o n e C o _______________________
T h e I n d i a n a L im e s t o n e C o _______________________
I n d u s t r i a l B r o w n h o is t C o r p ______________________
I n d u s t r i a l F i b r e C o r p ______________________________
I n d u s t r i a l R a y o n C o r p ____________________________
T h e I n d u s t r i a l S ite s C o ___________________________
T h e I n d u s t r i a l S ite s C o ___________________________
T h e I n d u s t r i a l S ite s C o ___________________________
I n t e r l a k e S . S . C o __________________________________
I n t e r s t a t e F o u n d r ie s , I n c _________________________
I n t e r s t a t e F o u n d r ie s , I n c _________________________
I r o q u o i a n C o r p ______________________________________
J e n k i n s S . S. C o _____________________________________
T h e J o n e s F i n n e y M o t o r s C o ____________________
T h e J o n e s F i n n e y M o t o r s C o ____________________
T h e J o n e s F i n n e y M o t o r s C o ____________________
T h e J o n e s F i n n e y M o t o r s C o ____________________
K a n a w h a H o c k i n g C o a l C o ______________________
K i l b y M f g . C o ______________________________________
K n i g h t - N o r r i s - G i b b s C o __________________________
K n i g h t - N o r r i s - G i b b s C o __________________________
L a m s o n & S e s s io n s C o ., T h e _____________________
175541— 34—PT 19—— 14
20 0, 000. 0 0 L o a n
135, 000. 0 0 L o a n
331. 6 5 L o a n
3, 0 0 0. 0 0 L o a n
55, 353. 4 8 E n d o r s e r
1, 920. 0 0 B o n d s
58, 178. 5 5 L o a n
2, 175. 0 0 C h a r g e d o ff
38, 305. 0 0 C h a r g e d o ff
13, 78 1. 0 0 C h a r g e d o ff
20 0, 00 0. 0 0 L o a n
5, 000. 0 0 B o n d s
177, 50 0. 0 0 S t o c k
33, 39 6 . 91 L o a n
7, 50 0 . 0 0 M o r t g a g e
9, 07 2 . 3 8 T r u s t a d
vance
43 , 797. 19 S t o c k
22 3 , 8 0 0 . 0 0 B o n d s
49 , 65 7 . 5 8 C h a r g e d o ff
4, 62 5 . 0 0 L o a n
17, 233. 12 S t o c k
2, 161. 7 6 L o a n
12, 98 1 . 71 L o a n
11, 94 9 . 6 6 E n d o r s e r
1, 54 1 . 6 2 C h a r g e d o ff
17, 67 7 . 0 0 L o a n
24 , 58 5 . 0 0 L o a n
37, 4 5 0 . 17 L o a n
96 0 . 3 6 E n d o r s e r
3 0 0 , 000. 0 0 L o a n
8474
STOCK EXCHANGE PRACTICES
L a r i c k C h e v r o le t C o . , T h e _______________________
L a r i c k C h e v r o le t C o . , T h e _______________________
L u n d o f f - B ic k n e ll C o ________________________________
T h e M a r s h a l l D r u g C o ____________________________
T h e M a r s h a l l D r u g C o ____________________________
T h e M a r s h a l l D r u g C o ____________________________
T h e G l e n n L . M a r t i n C o _________________________
T h e M a t h e w s - D e t r o i t R e a l t y C o _______________
M e d u s a P o r t l a n d C e m e n t C o . , T h e ____________
T h e M e m b e r s G a r a g e C o _________________________
T h e M e m b e r s G a r a g e C o _________________________
T h e M e t a l P o s t e r C o ______________________________
T h e M e t a l P o s t e r C o ______________________________
T h e M i l l s C o _________________________________________
T h e M i l l s I n v e s t m e n t C o _________________________
T h e M i l l s I n v e s t m e n t C o _________________________
M i t c h e l l H e r r i c k C o ________________________________
T h e M o r s e R o g e r s S te e l C o ______________________
T h e M o r t g a g e P a r t i c i p a t i o n C o _________________
T h e M c K i n n e y S te e l H o l d i n g C o _______________
$3 0 ,
33,
12,
19,
25,
74,
91,
8,
34,
54,
688.
548.
000.
000.
000.
500.
632.
260.
404.
300.
70.
000.
30 4 .
000.
000.
00 0.
472.
713.
000.
400.
16
00
00
00
00
00
50
00
20
00
00
00
50
00
00
00
19
13
4, 050.
2 7 , 578.
1 1 5 ,0 0 0 .
2 3 , 500.
2, 703.
507.
5, 750.
2, 500.
42, 386.
20, 456.
13, 326.
560.
13, 850.
20, 00 0.
4 1 7 , 853.
13, 500.
29, 00 0.
600.
4 , 500.
185, 00 0 .
8 1 , 213.
10, 00 0 .
6, 100.
9, 00 0.
2, 795.
6, 183.
70, 500.
70 , 01 6 .
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H o n . I . J . F u l t o n — 10
T h e N a t i o n a l C o a l C o _____________________________
T h e N a t i o n a l C o a l C o _____________________________
T h e N a t i o n a l C o a l C o _____________________________
T h e N a t i o n a l C o a l C o _____________________________
T h e N a t i o n a l C o a l C o _____________________________
T h e N a t i o n a l T e le p h o n e S u p p l y C o ___________
T h e N o r t h e r n O h i o R e c o n s t r u c t i o n C o ________
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O h i o V a r n i s h C o ., T h e _____________________________
O h i o V a r n i s h C o ., T h e _____________________________
O h m e r F a r e R e g is t e r C o __________________________
T h e O r a n C o _________________________________________
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J . B . P e a r c e __________________________________________
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R u s s e ll & C o _________________________________________
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R u s s e ll H o l d i n g C o _________________________________
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S c h i r m e r C o ., T h e __________________________________
S c h i r m e r C o ., T h e __________________________________
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S e i b e r li n g R u b b e r C o ., T h e ______________________
S e ib e r lin g R u b b e r C o ., T h e ______________________
S h o r e A c r e s L a n d C o ., T h e _______________________
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t i m e T h e G u a r d i a n T r u s t C o m p a n y p u r c h a s e d $ 1 0 0 ,0 0 0 .0 0 i n b o n d s o f t h a t
com pany.
T h e s e b o n d s h a v e b e e n r e f in a n c e d f r o m t i m e t o t i m e a n d t h e b a n k ’s
i n v e s t m e n t r e d u c e d b y l i q u i d a t i n g d iv id e n d s .
T h is v e n tu r e do es n o t a p p e a r to
h a v e b e e n p r o f i t a b le as n o d i v id e n d s w e r e e v e r p a i d o n t h e p r e f e r r e d s t o c k o f
th e c o m p a n y , a n d T h e G u a r d ia n T r u s t C o m p a n y h a s r e d u c e d its a p p a r e n t
i n v e s t m e n t t h r o u g h c h a r g e s t o p r o f i t a n d lo ss .
A t t h e t im e o f th e o r g a n iz a tio n
o f t h e c o m p a n y M r . J . A r t h u r H o u s e , P r e s id e n t o f T h e G u a r d i a n T r u s t C o m
p a n y , a n d M r . R . G . T i llo t s o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w e r e
b o t h D ir e c t o r s o f t h e A lle g h e n y B y P r o d u c t s C o k e C o m p a n y .
H o n . I . J . F u l t o n — 12
T h e r e d o e s n o t a p p e a r t o h a v e b e e n a l e g i t i m a t e r e a s o n f o r the. o r ig i n a l p u r
c h ase o f th e b o n d s o f th is c o m p a n y b y T h e G u a r d ia n T r u s t C o m p a n y , b u t th e
t r a n s a c t i o n is n o w so r e m o t e i n p o i n t o f t i m e a s t o m e r i t n o s e r io u s c o n s id e r a t io n
r o m t h e s t a n d p o i n t o f p o s s ib le c r i m i n a l v i o l a t i o n o f la w .
T h e A lle n H o l d i n g C o m p a n y h o ld s t i t l e t o c e r t a in r e a l e s t a t e p r o p e r t ie s b e
l o n g i n g t o M r . T h o m a s E . M o n k s , V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t C o m
p a n y , a n d m a y b e r e g a r d e d a s h is p e r s o n a l v e n t u r e .
T h e m o r t g a g e i n t h e n a m e o f t h e A lle n H o l d i n g C o m p a n y h e l d b y T h e G u a r
d i a n T r u s t C o m p a n y w a s a c q u i r e d b y t h e b a n k J u n e 2 0 , 1 9 3 0 , a n d c o v e r s f iv e
8476
STOCK EXCHANGE PBACTICES
p a r c e ls o f p r o p e r t y .
F r o m t h e r e c o r d s o f t h e b a n k w e a r e s t r o n g ly o f t h e o p i n i o n
t h a t a t t h e t i m e t h e o r ig i n a l l o a n w a s m a d e th e r e w a s n o a c t u a l i n d e p e n d e n t
a p p r a i s a l o f th e s e p r o p e r t ie s .
A t t h e p r e s e n t t i m e t h e r e is c o n s id e r a b le q u e s t io n a s t o t h e i r r e a l v a lu e , b u t
o w i n g t o t h e p r e s e n t c o n d i t i o n o f t h e r e a l e s t a te m a r k e t i n t h i s v i c i n i t y w e a r e
u n a b l e t o s a y w h e t h e r o r n o t a n y p o r t i o n o f t h e a m o u n t i n v o l v e d w i l l b e lo s t
t o T h e G u a r d i a n T r u s t C o m p a n y u p o n l i q u i d a t i o n o f t h e m o r t g a g e in d e b t e d n e s s .
M r . H . G . R o b i n s o n , E x e c u t iv e V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t C o m
p a n y , a n d M r . E . G . T i llo t s o n , D i r e c t o r o f t h a t b a n k , w e r e b o t h D ir e c t o r s o f t h e
F e r t i l u v i a C o r p o r a t i o n o f A m e r ic a .
T h a t c o r p o r a t io n w a s o r g a n iz e d o n ov
a b o u t S e p t e m b e r 12, 1 9 2 4 , u n d e r t h e n a m e o f t h e A m e r ic a n H u m u s C o m p a n y ,
a t w h i c h t i m e t h e n e w c o r p o r a t io n p u r c h a s e d t h e a s s e ts o f t h e N a t i o n a l H u m u s
a n d C h e m i c a l C o m p a n y a t f o r e c lo s u r e s a le .
T h e N a t io n a l H u m u s a n d C h e m ic a l
C o m p a n y w a s o r g a n iz e d o n o r a b o u t A u g u s t 2 , 1 9 2 1 , as a r e o r g a n i z a t i o n o f t h e
M ic h ig a n H u m u s a n d C h e m ic a l C o m p a n y .
T h e G u a r d ia n T r u s t C o m p a n y w as
a t t h a t t i m e t h e o w n e r o f $ 2 0 0 ,0 0 0 .0 0 i n b o n d s o f t h e M i c h i g a n H u m u s a n d
C h e m ic a l C o m p a n y , w h ic h b o n d s h a d b e e n a c q u ir e d M a r c h 25, 1920.
I n recent
y e a r s m o s t o f th e s e b o n d s h a v e b e e n e l i m i n a t e d f r o m t h e b a n k ’ s a s s e ts t h r o u g h
c h a r g e s t o p r o f i t a n d loss.
T h e M i c h i g a n H u m u s a n d C h e m i c a l C o m p a n y w a s t h e r e s u lt o f t h e r e o r g a n i z a
t i o n o f T h e F e r t i le C h e m i c a l C o m p a n y o n o r a b o u t M a r c h 2 7 , 19 20 .
M r . E . A . G le a s o n , C h i e f C le r k o f t h e S u n d r y T r u s t D e p a r t m e n t i n T h e
G u a r d ia n T r u s t C o m p a n y , a n d M r . W . B . S h e r m a n , A s s is ta n t to th e C o m p tr o lle r ,
i n f o r m e d u s t h a t th e s e c o m p a n ie s w e r e o r g a n iz e d a n d c o n t i n u o u s l y r e f in a n c e d
n t h e h o p e t h a t t h e y w o u l d b e a b le t o c o n t r a c t w i t h t h e C i t y o f C h i c a g o f o r t h e
ia le o f h u m u s ( v e g e t a b le m o l d ) i n t h e d e v e lo p m e n t o f t h e C h i c a g o la k e f r o n t ,
s H o n . I . J . F u l t o n — 13
A c h a n g e i n t h e a d m i n i s t r a t i o n o f t h e C i t y o f .C h i c a g o s e r io u s ly h a n d i c a p p e d
t h e c o n s u m m a t i o n o f s u c h a c o n t r a c t , a l t h o u g h n e g o t ia t i o n s t o w a r d t h a t e n d
a r e n o w b e in g a t t e m p t e d .
T h i s se rie s o f c o m p a n ie s h a v e b e e n a n d a r e t h e o w n e r s o f a b o u t s ix h u n d r e d
acres o f p e a t la n d in th e u p p e r P e n in s u la o f M ic h ig a n .
N o n e o f th e s e c o m p a n ie s
h a s b e e n a b le t o o p e r a t e a t a p r o f i t , a n d q u i t e r e c e n t ly a l l o p e r a t io n s h a v e b e e n
a b a n d o n e d i n a s m u c h a s c o m p e t i t i o n i n t h e d o m e s t ic m a r k e t w a s m a d e i m p o s s ib le
b y t h e i m p o r t a t i o n o f f o r e ig n h u m u s w h i c h s o ld a t a p r ic e b e lo w t h e p r o d u c t i o n
c o st o f th e F e r tilu v ia C o r p o r a tio n .
T h i s l a s t n a m e d c o m p a n y is u n d e r j o i n t
c o n t r o l o f t h e T i llo t s o n a n d W o l c o t t C o m p a n y a n d T h e G u a r d i a n T r u s t C o m
p a n y , i n a n a t t e m p t t o s a lv a g e t h e b o n d s o f t h e M i c h i g a n H u m u s a n d C h e m i c a l
C o m p a n y , t o w h i c h r e fe r e n c e h a s b e e n m a d e a n d w h i c h w e r e p u r c h a s e d u n d e r
a j o i n t a c c o u n t o f t h e T i llo t s o n a n d W o l c o t t C o m p a n y a n d T h e G u a r d i a n T r u s t
Com pany.
F r o m t h e i n f o r m a t i o n a t h a n d i t d o e s n o t a p p e a r t h a t th e r e w a s e v e r a n y
ju s t if ic a t io n fo r in v e s t m e n t o f f u n d s o f T h e G u a r d ia n T r u s t C o m p a n y in b o n d s
o f t h is c h a ra c te r.
H o w e v e r , t h e t r a n s a c t i o n is e n t ir e l y t o o r e m o t e i n p o i n t o f
t i m e t o b e s u c c e s s f u lly u s e d a s t h e b a s is f o r a n y c r i m i n a l p r o c e e d in g s .
T h e i n v e s t m e n t i n t h e s t o c k o f t h e B e t h le h e m S te e l C o r p o r a t i o n r e p r e s e n t s
t h e p u r c h a s e o f 1 2 4 4 s h a r e s a t $ 1 1 0 .0 0 p e r s h a r e o n N o v e m b e r 6 , 1 9 2 9 f r o m T h e
G u a r a n t y C o m p a n y o f N e w Y o r k , a s u b s id ia r y o f T h e G u a r a n t y T r u s t C o m p a n y
of N ew Y o rk .
O w i n g t o t h e c h a r a c t e r o f t h i s c o m p a n y w e h a v e n o t c o n s id e r e d
i t ne c e ssa ry t o m a k e a n y in v e s tig a t io n o f t h is in v e s tm e n t .
M r . H . G . D a l t o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y is a ls o a D i r e c t o r
o f t h e B e t h l e h e m S te e l C o r p o r a t i o n .
T h e l o a n s t o B o r t o n a n d B o r t o n , lo c a l s t o c k d e a le rs , a g g r e g a t i n g $ 4 5 3 ,2 9 6 .6 6
w e r e p r o p e r ly s e c u r e d a t t h e t i m e of" o r i g i n ' a n d a p p e a r t o h a v e b e e n r e g u la r i n
a l l r e s p e c ts .
M r . T . E . B o r t o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , is a p a r t n e r i n t h e
f ir m o f B o r t o n a n d B o r t o n .
STOCK EXCHANGE PEACTICES
8477
T h e B r o w n i n g C r a n e a n d S h o v e l C o m p a n y is i n d e b t e d t o T h e G u a r d i a n
T r u s t C o m p a n y o n a n u n s e c u r e d t i m e n o t e t o t h e a m o u n t o f $ 8 5 ,8 9 7 .7 3 , a n d is
e n d o r s e r o n o t h e r p a p e r t o t h e a m o u n t o f $ 9 1 ,5 6 5 .8 1 .
T h e c r e d it e x t e n d e d t o
t h i s c o m p a n y ' a p p e a r s t o h a v e b e e n j u s t i f i e d b y i t s f i n a n c i a l c o n d it i o n .
The
c o m p a n y , fo r m a n y y e a rs p a s t, h a s d e m o n s tr a te d its a b ilit y t o m e e t m a t u r in g
o b l i g a t i o n s a n d is m a i n t a i n i n g i t s p a y m e n t r e c o r d a t t h i s t i m e .
M r . L . A . M u r f e y , V ic e P r e s id e n t a n d D i r e c t o r o f T h e G u a r d i a n T r u s t C o m
p a n y , w a s a ls o a D i r e c t o r i n T h e B r o w n i n g C r a n e a n d S h o v e l C o m p a n y .
T h e u n s e c u r e d l o a n o f $ 8 8 ,9 4 9 .9 3 t o T h e B y e r s M a c h i n e C o m p a n y w a s g r a n t e d
M a r c h 5, 1 9 2 8 .
W e h a v e e x a m i n e d t h e c r e d it file s i n T h e G u a r d i a n T r u s t C o m
p a n y a n d f r o m t h e i n f o r m a t i o n c o n t a in e d t h e r e i n , a r e o f t h e o p i n i o n t h a t t h e
e x t e n s io n o f t h i s c r e d it w a s n o t w a r r a n t e d a t t h e t i m e t h e l o a n w a s m a d e .
H ow
e v e r , w e d o n o t b e lie v e t h e r e is s u f f ic ie n t e v id e n c e t o w a r r a n t a c r i m i n a l p r o c e e d
i n g i n t h i s c o n n e c t io n .
M r . E . D . R o g e r s , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
D ir e c to r o f T h e B y e rs M a c h in e C o m p a n y .
T h e c r e d it e x t e n d e d t o T h e C e n t u r y C e m e n t C o m p a n y o r ig i n a t e d A u g u s t 1 2 ,
1929.
A t t h e t i m e o f t h e o r ig i n a l lo a n s t h i s li n e o f c r e d it p r o b a b l y w a s j u s t i f i e d
b y t h e c o n d it i o n o f t h e c o m p a n y , b u t s in c e t h a t t i m e i t a p p e a r s t o h a v e h a d
c o n s id e r a b le f i n a n c i a l d i f f i c u lt y .
T h e G u a r d ia n T r u s t C o m p a n y m a y b e a b le t o
l i q u i d a t e t h i s l o a n t h r o u g h s a le o f T h e C e n t u r y C e m e n t C o m p a n y t o o n e o f i t s
la r g e r c o m p e t it o r s .
’
M r . J o h n A . K lin g , D ir e c to r o f T h e G u a r d ia n T r u s t C o m p a n y , w a s C h a ir m a n
o f t h e B o a r d o f D ir e c t o r s o f T h e C e n t u r y C e m e n t C o m p a n y .
T h e lo a n s t o F r e d G . C l a r k , I n c o r p o r a t e d a r e o f lo n g s t a n d i n g , h a v i n g o r ig i n a l l y
b e e n c a r r ie d i n t h e n a m e o f t h e F r e d G . C l a r k C o m p a n y .
T h is la s t - n a m e d
c o m p a n y w a s a s u c c e s s f u lly o p e r a t e d o il c o m p a n y a n d w a r r a n t e d a s u b s t a n t i a l
l i n e o f c r e d it.
H o w e v e r , i n la t e r y e a r s t h i s c o m p a n y m e t w i t h f i n a n c i a l re v e rs e s
a n d lo ss o f b u s in e s s w h i c h n e c e s s ita te d i t s r e o r g a n i z a t i o n u n d e r t h e n a m e o f F r e d
G . C la r k , In c .
M e s s r s . W . A . D a l e y a n d D a n R . H a n n a , J r . , D ir e c t o r s o f T h e G u a r d i a n T r u s t
C o m p a n y , a r e a ls o D ir e c t o r s o f F r e d G . C l a r k , I n c .
H o n . I . J . F u l t o n — 15.
T h e lo a n o f $ 8 5 ,0 0 0 .0 0 t o T h e C le v e la n d B u ild e r s S u p p l y C o m p a n y is i n
s a t is f a c t o r y c o n d i t i o n a n d m e r it s n o f u r t h e r c o m m e n t i n t h i s r e p o r t .
M r . J . A r t h u r H o u r s e , P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , a n d M e s s r s .
J o h n A . K l i n g , J o h n D . K l i n g a n d W . T . R o s s it e r , D i r e c t o r s o f T h e G u a r d i a n
T r u s t C o m p a n y , w e r e a ls o D ir e c t o r s o f T h e C l e v e la n d B u i l d e r s S u p p l y C o m p a n y .
M e s s r s . J o h n A . K l i n g a n d W . T . R o s s it e r w e r e P r e s id e n t a n d V ic e P r e s id e n t o f
th a t com pany.
T h e u n s e c u r e d l o a n o f $ 2 ,0 1 0 ,3 3 6 .6 1 t o T h e C l e v e l a n d C lif f s I r o n C o m p a n y
o r ig i n a t e d M a r c h 2 2 , 1 9 3 0 i n t h e f o r m o f a p a r t i c i p a t i o n o f $ 2 ,0 0 0 ,0 0 0 .0 0 i n a
l i n e o f c r e d it t o t h a t c o m p a n y a r r a n g e d t h r o u g h T h e U n i o n T r u s t C o m p a n y o f
t h is c ity .
A l t h o u g h t h i s c o m p a n y e n jo y s a n e x c e lle n t r e p u t a t i o n a n d is u n d e r
g o o d m a n a g e m e n t , w e s e r io u s ly q u e s t i o n t h e a d v i s a b i l i t y o f a l o a n o f t h i s size
i n v ie w o f t h e c o n d i t i o n o f T h e G u a r d i a n T r u s t C o m p a n y a t t h e t i m e s u c h lo a n
w as g ra n te d .
M r . W . G . M a t h e r , D i r e c t o r i n T h e G u a r d i a n T r u s t C o m p a n y , w a s P r e s id e n t
o f T h e C l e v e la n d C lif f s I r o n C o m p a n y ; M r . C h a r le s G . H e r r , a ls o a D i r e c t o r i n
T h e G u a r d i a n T r u s t C o m p a n y , w a s T r e a s u r e r o f T h e C le v e l a n d C lif f s I r o n
C o m p a n y ; a n d M r . G . G . W a d e w as a D ir e c to r in b o t h T h e G u a r d ia n T r u s t
C o m p a n y a n d T h e C le v e l a n d G lif f s I r o n C o m p a n y .
T h e C l e v e la n d C o m p a n y o p e r a te s T h e C l e v e la n d N e w s , a n d is i n d e b t e d t o
T h e G u a r d i a n T r u s t C o m p a n y t o t h e a m o u n t o f $ 5 0 ,0 0 0 .0 0 b y r e a s o n o f a n u n
8478
STOCK EXCHANGE PEACTICES
sec ure d lo a n in t h a t a m o u n t.
T h e l o a n a p p e a r s t o b e i n s a t is f a c t o r y c o n d i t i o n
a n d s h o u ld n o t r e s u lt i n a n y lo s s t o t h e b a n k .
M r . D a n R . H a n n a , J r . , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , is P r e s id e n t
o f T h e C le v e la n d C o m p a n y .
F r o m t h e i n f o r m a t i o n c o n t a in e d i n t h e c r e d i t file s o f T h e G u a r d i a n T r u s t C o m
p a n y , t h e lo a n s t o T h e C le v e l a n d Q u a r r ie s C o m p a n y a p p e a r t o h a v e b e e n j u s t i f i e d
a t th e t im e s u c h lo a n s w ere g r a n te d .
F o r t h a t re a s o n w e d e e m i t u n n ecessary^
t o m a k e a n y f u r t h e r i n v e s t i g a t i o n i n t h a t c o n n e c t io n
M e s s r s . F . D . K e llo g , G . G . W a d e a n d W . G . D i e t z , D i r e c t o r s o f T h e G u a r d i a n
T r u s t C o m p a n y w e r e a ls o D i r e c t o r s o f T h e C le v e l a n d Q u a r r ie s C o m p a n y .
H o n . I . J . F u l t o n — 16
T h e lo a n s t o C o n t i n e n t a l S h a r e s , I n c o r p o r a t e d , a g g r e g a t i n g $ 1 ,5 8 5 ,7 7 8 .2 1
o r ig i n a t e d i n M a r c h o f 1 9 2 7 .
I n a d d it io n t o t h is a m o u n t th e r e w a s a n o t e o f
$ 4 4 ,5 0 0 .0 0 e x e c u te d i n f a v o r o f T h e G u a r d i a n T r u s t C o m p a n y a s a b o n u s ,
w h i c h l o a n is n o w c a r r ie d i n S u n d r y T r u s t N u m b e r 1 0 9 2 w h i c h h a s b e e n m a d e
t h e s u b je c t o f a s p e c ia l r e p o r t p r e p a r e d b y M e s s r s . L y b r a n d , R o s s B r o s , a n d
M o n tg o m e r y , C e r tifie d P u b lic A c c o u n ta n t s .
T h e s e lo a n s a p p e a r t o h a v e b e e n w e ll s e c u r e d a t t h e t i m e o f o r ig i n a c c o r d i n g
t o th e reco rd s o f t h e b a n k , a n d n o d o u b t a t t h a t t im e C o n t in e n t a l S h a re s , I n c o r
p o r a t e d e n jo y e d a c r e d it s t a n d i n g w h i c h w o u l d e n t it l e t h e m t o lo a n s o f t h i s a m o u n t .
H o w e v e r , o f r e c e n t y e a r s t h i s c o m p a n y h a s b e c o m e i n v o l v e d i n c o n s id e r a b le
l i t i g a t i o n r e g a r d in g m a n a g e m e n t p o lic ie s , w h i c h l i g i t a t i o n h a s u n d o u b t e d l y
s e r io u s ly h a n d i c a p p e d i t s o p e r a t io n s a n d i m p a i r e d i t s c r e d it s t a n d i n g .
O w in g
t o t h e e x tr e m e c o m p le x i t y o f t h e s i t u a t i o n w e h a v e n o t f e l t i t i n c u m b e n t u p o n u s
t o m a k e d e t a i le d i n v e s t i g a t i o n o f th e s e lo a n s .
M r . J . A r t h u r H o u s e , P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y a n d M e s s r s .
H
B . S t e w a r t a n d R i c h a r d I n g l i s , D ir e c t o r s o f T h e G u a r d i a n T r u s t C o m p a n y ,
w e r e a l l d ir e c t o r s o f C o n t i n e n t a l S h a r e s , I n c .
C . N . C u m m i n g s C o m p a n y is e n g a g e d i n t h e c o n t r a c t b u s in e s s , b u i l d i n g b r id g e s
an d dam s.
T h e f i n a n c i a l s t a t e m e n t o n f ile i n t h e C r e d i t D e p a r t m e n t o f T h e
G u a r d i a n T r u s t C o m p a n y i n d i c a t e s t h a t t h e lo a n s t o t h i s c o m p a n y w e r e w a r
r a n t e d b y i t s f i n a n c i a l c o n d i t i o n a t t h e t i m e o f t h e i r o r ig i n i n J a n u a r y o f 1 9 2 8 .
M r . C . F . B r u g g e m e ie r , T r e a s u r e r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o
T re a s u re r o f th e C . R . C u m m in g s C o m p a n y .
I n t h is c o n n e c tio n i t a p p e a r s t h a t
M r . B r u g g e m e ie r w a s a p p o i n t e d T r e a s u r e r o f t h e C . R . C u m m i n g s C o m p a n y i n
o r d e r t o p r o t e c t t h e in t e r e s t s o f T h e G u a r d i a n T r u s t C o m p a n y .
T h e l o a n t o T h e C u y u n a O r e C o m p a n y o r ig i n a t e d M a r c h 7, 1 9 2 8 . T h i s c o m
p a n y is a f f ili a t e d w i t h t h e B e t h l e h e m S te e l C o r p o r a t i o n , T h e Y o u n g s t o w n S h e e t
a n d T u b e C o m p a n y a n d th e P e rry Ir o n C o m p a n y .
P a y m e n t o f t h i s l o a n isg u a r a n t e e d b y a l l o f t h e a f o r e m e n t i o n e d c o m p a n i e s t h r o u g h p u r c h a s e s o f o r e in
p r o p o r t i o n t o t h e i r r e s p e c tiv e s t o c k h o ld i n g s i n T h e C u y u n a O r e C o m p a n y .
O w i n g t o t h e f i n a n c i a l s t a n d i n g o f t h e g u a r a n t o r s , t h i s l o a n a p p e a r s t o b e w e ll
sec ured .
H o n . I . J . F u l t o n — 17
M r . H . G . D a l t o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , is a ls o a D i r e c t o r
in T h e Y o u n g s t o w n S h e e t a n d T u b e C o m p a n y , o n e o f th e p a r e n t c o m p a n ie s o f
T h e C u y u n a O re C o m p a n y .
D o m e s t i c I n d u s t r i e s , I n c o r p o r a t e d is e n g a g e d i n t h e m a n u f a c t u r e a n d s a le o f
f u r n i t u r e a n d h o u s e h o ld a p p li a n c e s .
I t o w n s s u b s ta n t ia lly a ll o f th e c o m m o n ,
s t o c k o f S u n G lo w I n d u s t r i e s , I n c o r p o r a t e d , a c o m p a n y e n g a g e d i n a s i m i l a r li n e .
T h e G u a r d ia n T r u s t C o m p a n y a c q u ir e d its s to c k i n D o m e s tic In d u s tr ie s , In c o r
p o r a t e d M a y 2, 1 9 3 0 i n e x c h a n g e f o r s t o c k o f S u p G l o w I n d u s t r i e s , I n c o r p o r a t e d ,
w h i c h h a d b e e n a c q u i r e d t h r o u g h s a le o f c o lla t e r a l p le d g e d t o a n o t e o f M i d d l e t o n .
W o r t h i n g t o n C o m p a n y . T h e b a n k a ls o h o ld s $ 3 8 0 ,0 0 0 .0 0 p a r v a l u e o f D o m e s t i c
I n d u s t r i e s , I n c o r p o r a t e d b o n d s a s c o lla t e r a l t o a l o a n o f $ 3 4 2 ,0 0 0 .0 0 i n t h e nam eo f R . G . T illo ts o n a n d C o m p a n y .
STOCK EXCHANGE PEACTICES
M e s s r s . R . G . T i llo t s o n a n d R . C . L e e , D ir e c t o r s o f T h e G u a r d i a n
C o m p a n y a r e a ls o D i r e c t o r s o f D o m e s t i c I n d u s t r i e s , I n c o r p o r a t e d .
8479
T rust
F r o m t h e i n f o r m a t i o n c o n t a in e d i n t h e c r e d i t file s o f T h e G u a r d i a n T r u s t
C o m p a n y i t w o u ld a p p e a r t h a t th e lo a n to T h e W illia m E d w a r d s C o m p a n y w a s
w a r r a n te d b y its f in a n c ia l c o n d it io n a t th e t im e s a m e w a s m a d e .
M r . H . C . R o b i n s o n , E x e c u t iv e V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t
C o m p a n y w a s a d ir e c t o r o f T h e W i l l i a m E d w a r d s C o m p a n y .
T h e f i n a n c i a l s t a t e m e n t o f T h e E n a m e l P r o d u c t s C o m p a n y o n file i n T h e
G u a r d i a n T r u s t C o m p a n y i n d i c a t e s t h a t i t s lin e o f c r e d it w a s j u s t i f i e d a t t h e t i m e
o f o r ig in .
M r . I . C . B o l t o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y w a s a ls o a D i r e c t o r
o f T h e E n a m e l P ro d u c ts C o .
T h e G u a r d ia n T r u s t C o m p a n y o w n s b o n d s o f T h e E n o s C o a l M in in g C o m p a n y
t o t h e a m o u n t o f $ 5 9 8 ,1 2 0 .0 0 w h i c h w e r e a c q u i r e d D e c e m b e r 18 , 1 9 3 0 , a n d h o ld s
a n u n s e c u r e d t i m e n o t e o f t h a t c o m p a n y t o t h e a m o u n t o f $ 3 5 ,0 0 0 .0 0 r e p r e s e n t
i n g c r e d it e x t e n d e d D e c e m b e r 9 , 1 9 3 0 .
T h e b o n d s re p re s e n t a r e fu n d in g o f th e
c o m p a n y ’ s in d e b t e d n e s s i n D e c e m b e r o f 1 9 3 0 .
P r io r t o D e c e m b e r, 1930, T h e
E n o s C o a l M i n i n g C o m p a n y w a s h e a v il y i n d e b t e d t o b a n k s a n d c o r p o r a t io n s o t h e r
t h a n T h e G u a r d ia n T r u s t C o m p a n y , a n d fr o m in f o r m a tio n a t h a n d i t a p p e a rs
t h a t t h e c o m p a n y w a s i n v e r y p r e c a r io u s c o n d i t i o n a t t h a t t i m e .
H o n . I . J . F u l t o n — 18
T h e re fo re , i t w a s a r r a n g e d f o r T h e G u a r d ia n T r u s t C o m p a n y t o a c t as “ f in a n
c i a l a n g e l ” t h r o u g h t h e a s s u m p t i o n o f i t s o u t s t a n d i n g d e b t s u n d e r t h e g u is e o f a
b o n d is s u e .
W e a r e s t r o n g ly o f t h e o p i n i o n t h a t th e s e b o n d s w e r e o f a s p e c u l a t iv e
n a t u r e a n d h a v e n o p r o p e r p la c e i n a b a n k ’s p o r t f o lio .
M r . A . W . D e a n , D i r e c t o r a n d M e m b e r o f t h e E x e c u t iv e C o m m i t t e e o f T h e
G u a r d i a n T r u s t C o m p a n y w a s a ls o a D i r e c t o r o f T h e E n o s C o a l M i n i n g
Com pany.
M r . G e o r g e A . E n o s is p e r s o n a lly i n d e b t e d t o T h e G u a r d i a n T r u s t C o m p a n y
t o t h e a m o u n t o f $ 2 3 0 ,0 5 1 .6 1 .
‘
T h e c o n t r o lli n g f a c t o r s i n t h e a f f a ir s o f T h e E n o s C o a l M i n i n g C o m p a n y a r e
M e s s r s . G e o r g e A . E n o s , A . W . D e a n , a n d E . R . F a n c h e r , G o v e r n o r o f th e
F e d e r a l R e s e rv e B a n k o f t h is d is tr ic t.
T h e c r e d it o f $ 1 5 0 ,0 0 0 .0 0 t o T h e E u c l i d A r c a d e B u i l d i n g C o m p a n y w a s g r a n t e d
A u g u s t 22, 1929.
T h i s c o m p a n y o p e r a te s a t a p r o f i t , b u t c o lle c t io n o f t h i s
in d e b t e d n e s s w i ll b e v e r y s lo w .
M r . G e o r g e B . D u r e l l , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y w a s P r e s id e n t
a n d T re a s u re r o f T h e E u c lid A rc a d e B u ild in g C o m p a n y .
T h e i n v e s t m e n t i n s t o c k a n d b o n d s o f T h e G o o d y e a r T ir e a n d R u b b e r C o m p a n y
w a s n o t in v e s t i g a t e d , a s w e see n o r e a s o n t o q u e s t i o n th e s e i n v e s t m e n t s .
M r . J . A r t h u r H o u s e , P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a
D i r e c t o r o f T h e G o o d y e a r T ir e a n d R u b b e r C o m p a n y .
T h e lo a n t o T h e G u a r a n t e e T i t le a n d T r u s t C o m p a n y a p p e a r s t o h a v e b e e n
w a r r a n te d a n d m e r its n o f u r t h e r c o m m e n t in th is r e p o rt.
M e s s r s . S . M . B o n d , F . F . P r e n t is s a n d A . S . T a y lo r , D i r e c t o r s o f T h e G u a r d i a n
T r u s t C o m p a n y a re D ir e c to r s o f T h e G u a r a n te e T itle a n d T r u s t C o m p a n y , a n d
M r . E . G . T i llo t s o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y is P r e s id e n t o f
T h e G u a r a n te e T itle a n d T r u s t C o m p a n y .
H o n . I . J . F u l t o n — 19
T h e lo a n t o t h e D . N . H a n n a T r u s t a p p e a r s t o h a v e b e e n w e ll s e c u r e d a t t h e
t i m e o f o r ig i n . M r . D . R . H a n n a , J r . , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y
is o n e o f t h e b e n e f ic ia r ie s o f t h i s T r u s t .
8480
STOCK EXCHANGE PRACTICES
T h e in v e s tm e n t in s to c k o f T h e M . A . H a n n a C o m p a n y w as m a d e D e c e m b e r
2 0 , 1 9 2 2 . O w i n g t o t h e la p s e o f t i m e w e a r e n o t i n p o s i t i o n t o s t a t e w h e t h e r o r
n o t t h i s i n v e s t m e n t w a s ju s t i f i e d .
M r . L . G . H a n n a , J r . , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
D ir e c to r o f T h e M . A . H a n n a C o m p a n y .
A l t h o u g h M r . H . C . R o b i n s o n , E x e c u t iv e V ic e P r e s id e n t o f T h e G u a r d i a n
T r u s t C o m p a n y w a s a d ir e c t o r o f T h e H e a d l a n d L u m b e r C o m p a n y , h e c a n n o t b e
s a id t o b e p e r s o n a lly in t e r e s t e d i n t h e a f f a ir s o f t h a t c o m p a n y .
T h e H e a d la n d L u m b e r C o m p a n y w a s o r g a n iz e d b y T h e G u a r d ia n T r u s t C o m
p a n y i n a n e n d e a v o r t o r e c o v e r lo ss e s p r e v i o u s ly s u s t a in e d b y r e a s o n o f c r e d i t
e x t e n d e d t o t h e G u l f R e g io n L u m b e r C o m p a n y a n d t h e G u l f R e g io n M a n u f a c
t u r in g C o m p a n y o f A la b a m a .
T h e lo a n s t o t h e H e a d l a n d L u m b e r C o m p a n y , a g g r e g a t i n g $ 5 8 7 ,4 1 6 .8 4 , h a v e
a l l b e e n c h a r g e d t o p r o f i t a n d lo s s a n d r e p r e s e n t t h e u n p a i d p o r t i o n o f l o a n s
a g g r e g a t in g $ 8 5 7 ,5 5 1 .0 4 p r e v i o u s ly g r a n t e d t o t h e G u l f R e g i o n L u m b e r C o m p a n y
a n d t h e G u l f R e g io n M a n u f a c t u r i n g C o m p a n y .
T h e m a j o r p o r t i o n o f t h e lo a n s t o L . H . H e is t e r , J r . , I n c o r p o r a t e d , w e r e g r a n t e d
i n J u l y o f 1 9 2 7 a n d c o n s is t o f m o r t g a g e s o n s u b d iv is io n s .
A lt h o u g h i t h a s b e e n
t h e c o m m o n p a s t p r a c t ic e f o r b a n k s t o f in a n c e t h e d e v e l o p m e n t o f r e a l e s t a te
s u b d iv is io n s , n e v e r th e le s s i t is b a d b a n k i n g a n d s h o u l d n o t b e s a n c t io n e d .
M r . L . F . K a u f m a n , V ic e P r e s id e n t a n d D i r e c t o r o f T h e G u a r d i a n T r u s t
C o m p a n y is a ls o a D i r e c t o r o f L . H . H e is t e r , J r . , I n c o r p o r a t e d .
T h e u n s e c u r e d l o a n o f $ 2 0 0 ,0 0 0 .0 0 t o T h e H i g b e e C o m p a n y a p p e a r s t o h a v e
b e e n ju s t i f i e d a t t h e t i m e o f o r ig i n .
T h i s c o m p a n y is n o w u n d e r t h e d o m i n a t i o n
a n d c o n t r o l o f t h e V a n S w e r in g e n in te r e s ts , a n d M r . G a r d n e r A b b o t t , D i r e c t o r o f
T h e G u a r d i a n T r u s t C o m p a n y , is a ls o a D i r e c t o r o f T h e H i g b e e C o m p a n y .
H o n . I . J . F u l t o n — 20
T h e c r e d i t file s i n d i c a t e t h a t t h e u n s e c u r e d lo a n o f $ 1 3 5 ,0 0 0 .0 0 t o T h e H i n d e
D a u c h P a p e r C o m p a n y w a s j u s t i f i e d a t t h e t i m e t h e l o a n w a s g r a n t e d , a n d w e see
n o r e a s o n t o q u e s t i o n t h i s a s s e t.
M r . H . G . R o b i n s o n , E x e c u t iv e V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t C o m
p a n y , is a D i r e c t o r o f T h e H i n d e D a u c h P a p e r C o m p a n y .
A l l lo a n s t o T h e I n d i a T ir e a n d R u b b e r C o m p a n y h a v e b e e n p a i d s in c e t h e
f a ilu r e o f T h e G u a r d ia n T r u s t C o m p a n y .
M r . T . E . B o r t o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , is a ls o a D i r e c t o r
o f T h e I n d i a T ir e a n d R u b b e r C o m p a n y .
T h e I n d i a n a L im e s t o n e C o m p a n y e n jo y s a n e x c e lle n t r e p u t a t i o n , a n d f r o m t h e
f i n a n c i a l s t a t e m e n t o n file w e see n o r e a s o n t o q u e s t i o n t h i s l o a n .
A t th e p resent
t i m e t h e o p e r a t io n s o f t h i s c o m p a n y a r e s e r io u s ly h a n d i c a p p e d b y t h e d e c lin e i n
t h e b u i l d i n g i n d u s t r y , b u t w e b e lie v e t h i s n o t e t o b e c o lle c t ib le i n f u l l .
M e s s r s . F . D . K e llo g a n d R i c h a r d I n g l is , D ir e c t o r s o f T h e G u a r d i a n T r u s t
C o m p a n y , a r e a ls o D i r e c t o r s o f T h e I n d i a n a L im e s t o n e C o m p a n y .
T h e l o a n o f $ 2 0 0 ,0 0 0 .0 0 t o t h e I n d u s t r i a l B r o w n h o i s t C o r p o r a t i o n w a s j u s t i f i e d
a t t h e t i m e c r e d i t w a s e x te n d e d , a n d is n o t q u e s t io n e d i n t h i s r e p o r t .
M r . H a r v e y H . B r o w n , J r . , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , is a ls o a
D ir e c to r o f th e I n d u s t r ia l B r o w n h o is t C o r p o r a tio n .
T h e s t o c k i n t h e I n d u s t r i a l R a y o n C o r p o r a t i o n r e p r e s e n t in g a n i n v e s t m e n t o f
$ 1 7 7 ,5 0 0 .0 0 h a s r e c e n t ly b e e n s o ld a t a p r o f i t t o t h e b a n k .
M r . J . A r t h u r H o u s e , P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , is a D i r e c t o r
o f th e I n d u s t r ia l R a y o n C o r p o r a tio n .
STOCK EXCHANGE PEACTICES
8481
T h e I n d u s t r i a l S ite s C o m p a n y o w n s 5 3 a c r e s o f p o s s ib le i n d u s t r i a l l a n d b e t w e e n
B e r e a a n d T r is k e t t R o a d s i n t h e C i t y o f C le v e la n d .
T h e in d e b te d n e s s o f t h is
c o m p a n y is o f lo n g s t a n d i n g a n d d o u b t f u l c o ll e c t i b i l i t y . A s p r e v i o u s l y s t a t e d i n
t h is r e p o r t, t h e use o f b a n k f u n d s fo r t h e f in a n c in g o f u n d e v e lo p e d r e a l e s ta te
p r o j e c t s is c o n t r a r y t o a l l t h e p r in c ip le s o f c o n s e r v a t iv e b a n k i n g a n d i n m o s t
in s t a n c e s h a s p r o v e d d is a s t r o u s . I n t h i s p a r t i c u l a r in s t a n c e , t h e g r e a t e r p o r t i o n
o f t h e lo a n s w a s g u a r a n te e d b y M e ssrs. R . C . R o b in s o n , H . P . M c I n t o s h , J r .,
E . G . T i llo t s o n , C h a r le s L . F . W e ib e r , J o h n A . K l i n g , e t a l.
A l l o f t h e a f o r e m e n t i o n e d p e r s o n s , w i t h t h e e x c e p t io n o f M r . W e ib e r , w e r e
D ir e c to r s o f T h e G u a r d ia n T r u s t C o m p a n y .
M r . H . C . R o b i n s o n , E x e c u t iv e
V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , w a s P r e s id e n t o f T h e I n d u s t r i a l
S ite s C o m p a n y , a n d M r . R . P . M c I n t o s h , J r . , V ic e P r e s id e n t o f T h e G u a r d i a n
T r u s t C o m p a n y , w a s S e c r e t a r y a n d T r e a s u r e r o f T h e I n d u s t r i a l S it e s C o m p a n y .
T h e b o n d s o f I n t e r s t a t e F o u n d r ie s , I n c o r p o r a t e d w e r e a c q u i r e d F e b r u a r y 2 6 ,
1 9 3 0 i n lie u o f a l o a n t o t h a t c o m p a n y w h i c h i t w a s u n a b l e t o p a y . T h e c o m p a n y
h a s b e e n i n l i q u i d a t i o n s in c e t h e e a r ly p a r t o f 1 9 2 8 , b u t w a s a p p a r e n t l y i n s a t is
f a c t o r y c o n d i t i o n w h e n c r e d it w a s f ir s t e x t e n d e d i n 1 9 2 5 .
M r . C . G . H e r r , D ir e c to r o f T h e G u a r d ia n T r u s t C o m p a n y , w a s S e c r e ta r y a n d
T r e a s u r e r o f I n t e r s t a t e F o u n d r ie s , I n c o r p o r a t e d , a n d M e s s r s . W . G . M a t h e r a n d
H . I . S h e p h e r d , D i r e c t o r s o f T h e G u a r d i a n T r u s t C o m p a n y w e r e a ls o D ir e c t o r s
o f I n t e r s t a t e F o u n d r ie s , I n c o r p o r a t e d .
T h e u n s e c u r e d l o a n o f $ 3 0 0 ,0 0 0 .0 0 t o T h e L a m s o n a n d S e s s io n s C o m p a n y w a s
n o t q u e s t i o n e d , a s t h i s c o m p a n y e n jo y s a g o o d r e p u t a t i o n a n d w a s i n s a t is f a c t o r y
c o n d i t i o n a t t h e t i m e c r e d it w a s e x t e n d e d .
M r . G e o r g e S . C a s e , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s P r e s id e n t
o f T h e L a m s o n a n d S e s s io n s C o m p a n y .
T h e l o a n s t o T h e L a r i c k C h e v r o le t C o m p a n y o r ig i n a t e d i n D e c e m b e r o f 1 9 2 2
a n d a p p e a r t o h a v e b e e n h a z a r d o u s a t a l l t im e s . T h e c r e d i t file s o f T h e G u a r d i a n
T r u s t C o m p a n y c o n t a i n i n f o r m a t i o n t o t h e e ffe c t t h a t t h e m a n a g e m e n t o f T h e
L a r i c k C h e v r o le t C o m p a n y h a d p r e v i o u s ly d e m o n s t r a t e d i t s i n a b i l i t y t o o p e r a t e
o n a p r o f i t a b le b a s is . O w i n g t o t h e a g e o f t h e l o a n s w e m a d e n o d e t a i l e d i n v e s t i
g a t i o n i n t h i s c o n n e c t io n .
M r . J o h n F i s h , V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a D i r e c
t o r o f T h e L a r i c k C h e v r o le t C o m p a n y .
H o n . I . J . F u l t o n — 22 .
T h e lo a n s to T h e M a r s h a ll D r u g C o m p a n y a re n o t q u e s tio n e d a s t h is c o m p a n y
w a s i n s a t is f a c t o r y c o n d i t i o n a t t h e t i m e t h e lo a n s w e r e m a d e .
M e s s r s . W . G . M a r s h a l l , P r e s id e n t o f T h e M a r s h a l l D r u g C o m p a n y , a n d G . G .
M a r s h a l l , V ic e P r e s id e n t a n d S e c r e t a r y o f T h e M a r s h a l l D r u g C o m p a n y , w e r e
b o t h D ir e c t o r s o f T h e G u a r d i a n T r u s t C o m p a n y .
T h e b o n d s o f T h e G l e n n L . M a r t i n C o m p a n y w e r e s a t is f a c t o r i ly s e c u r e d w h e n
p u r c h a s e d a n d n o t q u e s t io n e d i n t h i s r e p o r t .
M r . J . A r t h u r H o u s e , P r e s id e n t o f . T h e G u a r d i a n T r u s t C o m p a n y , w a s a
D ir e c to r o f T h e G le n n L . M a r t in C o m p a n y .
T h e m o r t g a g e l o a n t o T h e M e m b e r s G a r a g e C o m p a n y w a s p r o b a b l y w e ll
s e c u r e d w h e n g r a n t e d , a n d t h e r e f o r e n o t s u b je c t t o q u e s t i o n a t t h i s t i m e .
M r . H . P . M c I n t o s h , J r . , V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y ,
w a s S e c re ta ry a n d T re a s u re r o f T h e M e m b e r s G a r a g e C o m p a n y , a n d M r . G a r d n e r
A b b o t t w a s a D i r e c t o r o f b o t h c o r p o r a t io n s .
8482
STOCK EXCHANGE PEACTICES
T h e u n s e c u r e d l o a n o f $ 6 0 ,0 0 0 .0 0 t o T h e M i l l s C o m p a n y o r ig i n a t e d i n 1 9 2 7 .
F r o m t h e i n f o r m a t i o n c o n t a i n e d i n t h e c r e d i t file s , t h i s c o m p a n y a p p e a r s t o h a v e
b e e n u n d e r c a p i t a l i z e d a n d i n o u r o p i n i o n n o t e n t i t l e d t o a n u n s e c u r e d c r e d it o f
th is a m o u n t.
M r . J . A r t h u r H o u s e , P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , a n d M r .
C . R . N e g e r th , D ir e c to r o f T h e G u a r d ia n T r u s t C o m p a n y , w e re b o t h D ir e c to r s
o f T h e M ills C o m p a n y .
M r . F r a n c is M i l l s , J r . , P r e s id e n t o f T h e M i l l s C o m p a n y , a n d M r . G e o r g e M .
M i l l s , V ic e P r e s id e n t a n d S e c r e t a r y o f t h a t c o m p a n y , a r e b r o th e r s - in - la w o f M r .
J . A rth u r H ouse.
T h e l o a n t o t h e M i t c h e l l H e r r i c k C o m p a n y o r ig i n a t e d M a y 2 9 , 1 9 3 0 , a n d
a c c o r d i n g t o t h e l o a n r e c o r d s o f t h e b a n k h a d a c o lla t e r a l m a r g i n o f 2 0 % a t t h e
tim e th e lo a n w a s m a d e .
M r . E . D . R o g e rs w as a D ir e c to r in b o t h T h e G u a r d ia n T r u s t C o m p a n y a n d
th e M itc h e ll H e r r ic k C o m p a n y .
H o n . I . J . F u lt o n — 23
T h e lo a n s t o T h e N a t i o n a l C o a l C o m p a n y o r ig i n a t e d D e c e m b e r 12, 1 9 2 2 , a t
w h i c h t i m e t h e c o m p a n y w a s i n s a t is f a c t o r y c o n d i t i o n a n d o p e r a t i n g o n a p r o f i t
a b le b a s is .
S u b s e q u e n t lo ss e s w i p e d o u t t h e p r o f i t s o f p r e v io u s y e a r s so t h a t
t o d a y t h e lo a n m u s t b e r e g a r d e d a s d o u b t f u l .
M r . W a r r e n B i c k n e ll, D i r e c t o r o f t h e B a n k , w a s a ls o D i r e c t o r o f T h e N a t i o n a l
C oal Com pany.
T h e O h i o - P e n n s y lv a n ia S t o c k L a n d B a n k w a s i n s a t is f a c t o r y c o n d i t i o n a t t h e
tim e its b o n d s w e re p u r c h a s e d b y T h e G u a r d ia n T r u s t C o m p a n y .
M r . J . A r t h u r H o u s e , P r e s id e n t o f t h e B a n k , w a s a D i r e c t o r o f t h e O h io P e n n s y lv a n ia S to c k L a n d B a n k .
T h e lo a n s t o O t i s a n d C o m p a n y w e r e a p p a r e n t l y w e ll c o lla t e r a le d w h e n g r a n t e d .
T h i s c o m p a n y h a s b e e n a c o n s t a n t b o r r o w e r f o r m a n y y e a r s b u t w e see n o r e a s o n
t o q u e s t i o n t h e p r e s e n t lo a n s h e l d b y T h e G u a r d i a n T r u s t C o m p a n y .
M e s s r s . S e ld o n E . K l e i n a n d R i c h a r d I n g l i s , D ir e c t o r s o f T h e G u a r d i a n T r u s t
C o m p a n y w ere p a r tn e r s in O tis a n d C o m p a n y .
T h e u n s e c u r e d l o a n o f $ 1 8 5 ,0 0 0 .0 0 t o P e c k , S t o w a n d W i l c o x C o m p a n y a p p e a r s
t o h a v e b e e n j u s t i f i e d a t t h e t i m e o f o r ig in .
M r . G . S . C a s e , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s P r e s id e n t o f
t h e P e c k , S to w a n d W ilc o x C o m p a n y , a n d M r . W . H . M a r a t t w a s a D ir e c t o r in
b o t h c o m p a n ie s .
T h e P i q u a H a n d l e a n d M a n u f a c t u r i n g C o m p a n y is a s u b s id ia r y o f T h e C le v e
l a n d C lif f s C o m p a n y .
T h i s l o a n o r ig i n a t e d i n 1 9 2 5 , a t w h i c h t i m e t h e c o m p a n y
w a s i n f a i r c o n d it i o n .
H o w e v e r , i t h a s n o t o p e r a t e d p r o f i t a b l y s in c e 1 9 2 7 ,
la r g e ly p e r h a p s , b e c a u s e o f t h e o b s o le te n a t u r e o f i t s p r o d u c t s ( f a r m c h u r n s ,
b u t t e r t u b s , p i c k h a n d le s , e t c . ) .
M r . E . T . S h a n n o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
D ir e c to r in T h e P iq u a H a n d le a n d M a n u f a c t u r in g C o m p a n y .
H o n . I . J . F u lto n — 24
R e t a i l P r o p e r t ie s , I n c o r p o r a t e d w a s f o r m e r ly k n o w n a s S c h u l t e - U n it e d P r o p
e r t ie s , I n c o r p o r a t e d .
M a r c h 2 6 , 1929 T h e G u a r d ia n T r u s t C o m p a n y p u rc h a s e d
$ 1 5 0 ,0 0 0 .0 0 p a r v a lu e o f 5 % % G o l d D e b e n t u r e s o f R e t a i l P r o p e r t ie s , I n c o r
p o r a t e d f o r $ 1 4 0 ,5 1 6 .0 8 .
T h e s e b o n d s w e r e n o t d e s ir a b le b a n k a s s e ts a n d i n
1931 t h e i r b o o k v a lu e w a s r e d u c e d t h r o u g h c h a r g e t o p r o f i t a n d lo s s o f $ 7 0 ,0 1 6 .0 8 .
M r . L . B . F o o t e , V ic e P r e s id e n t a n d D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y ,
w a s S e c r e t a r y a n d T r e a s u r e r o f R e t a i l P r o p e r t ie s , I n c o r p o r a t e d , a n d M r . R i c h a r d
I n g l i s w a s a D i r e c t o r i n b o t h c o m p a n ie s .
STOCK EXCHANGE PRACTICES
8483
T h e c r e d i t o f $ 5 5 ,0 0 0 .0 0 t o R u s s e ll a n d C o m p a n y o r ig i n a t e d i n 1 9 1 7 , a t w h i c h
t i m e t h a t c o m p a n y w a s e n t i t l e d t o a s u b s t a n t i a l l i n e o f c r e d it .
O w in g to c o n d i
t i o n s b e y o n d i t s c o n t r o l t h e c o m p a n y w a s f o r c e d o u t o f b u s in e s s i n l a t e r y e a r s ,
c a u s i n g t h i s l o a n t o b e c h a r g e d t o p r o f i t a n d lo s s i n 1 9 2 6 .
M r . H . I . S h e p h e r d , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s P r e s id e n t
o f R u s s e ll a n d C o m p a n y , a n d M r . W . H . M a r l a t t , D i r e c t o r o f t h e B a n k , w a s
S e c re ta ry a n d T re a s u re r of th e c o m p a n y .
T h e b o n d s o f T h e S a g a m o r e I r o n C o m p a n y w ere p u r c h a s e d A p r il 26, 1928,
a n d a t t h a t t i m e c o u ld b e c o n s id e r e d a s a s a t is f a c t o r y i n v e s t m e n t .
M r . H a r v e y H . B r o w n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
D ir e c to r o f T h e S a g a m o re Ir o n C o m p a n y .
T h e u n s e c u r e d l o a n o f $ 6 9 ,3 8 4 .3 3 t o T h e S a g i n a w B a y C o m p a n y is n o t q u e s
t i o n e d a s i t a p p e a r s t o h a v e b e e n j u s t i f i e d a t t h e t i m e o f o r ig i n .
M r . O . W . P re s c o tt w as a D ir e c to r in b o th T h e G u a r d ia n T r u s t C o m p a n y a n d
T h e S a g in a w B a y C o m p a n y .
T h e l o a n o f T h e S c h n e id e r S t e a m s h i p C o m p a n y w a s w e ll s e c u r e d a t t h e t i m e
c r e d it w a s e x te n d e d .
M r . C . G . H e r r , D ir e c to r o f T h e G u a r d ia n T r u s t C o m p a n y , w a s A s s is ta n t
T r e a s u r e r o f T h e S c h n e id e r S t e a m s h i p C o m p a n y .
H o n . I . J . F u l t o n — 25
T h e s t o c k o f T h e S e ib e r lin g R u b b e r C o m p a n y w a s a c q u i r e d J a n u a r y 8, 19 2 9
t h r o u g h s a le o f c o lla t e r a l p le d g e d t o s e c u r e a l o a n i n t h e n a m e o f F . W . J u t z e .
T h e b o n d s o f T h e S e ib e r lin g R u b b e r C o m p a n y w e r e a c q u i r e d A u g u s t 9 , 1 9 3 0
a s p a r t o f a g e n e r a l s e t t le m e n t b e t w e e n T h e S e ib e r lin g R u b b e r C o m p a n y a n d i t s
c r e d it o r s .
I n 1931 M r . H . I . S h e p h e r d , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s
p la c e d o n t h e B o a r d o f D i r e c t o r s o f T h e S e ib e r lin g R u b b e r C o m p a n y i n o r d e r t o
p r o t e c t t h e b a n k ’s in t e r e s t s .
I t does n o t a p p e a r t h a t M r . S h e p h e rd h a d a n y
p e r s o n a l in t e r e s t s i n t h e a f f a ir s o f T h e S e ib e r lin g R u b b e r C o m p a n y .
T h e c r e d it re c o rd s o f T h e G u a r d ia n T r u s t C o m p a n y s h o w t h a t th e C r e d it
D e p a r t m e n t a d v i s e d a g a i n s t t h e u n s e c u r e d l o a n o f $ 6 5 ,0 0 0 .0 0 t o t h e S i m p s o n
C r e e k C o lle r ie s C o m p a n y a t t h e t i m e s u c h l o a n w a s g r a n t e d J a n u a r y 2 3 , 1 9 2 8 .
T h e file s c o n t a i n a f u r t h e r n o t a t i o n b y t h e C r e d i t D e p a r t m e n t a s o f N o v e m b e r 6,
1 9 3 3 a s f o llo w s : “ T h e C o m p a n y is b a r e ly a b le t o c a r e f o r i t s e x p e n s e s a n d t r a d e
c r e d it o r s b y t r e a t i n g b a n k lo a n s a s l o n g t i m e o b li g a t i o n s . ”
A lt h o u g h t h is lo a n w a s d u ly a p p r o v e d b y th e F in a n c e C o m m itte e , w e are
.s t r o n g ly o f t h e o p i n i o n t h a t t h e a p p l i c a t i o n n e v e r s h o u l d h a v e b e e n g i v e n f a v o r
a b l e c o n s id e r a t io n . I n f a c t , t h e b a n k r e c o r d s s h o w t h a t i m m e d i a t e l y a f t e r c r e d it
w a s e x t e n d e d t h e b a n k o ffic ia ls p r o p o s e d a d e t a i le d i n v e s t i g a t i o n o f t h e a f f a ir s o f
t h e S i m p s o n C r e e k C o lle r ie s C o m p a n y , b u t i t d o e s n o t a p p e a r t h a t s u c h i n v e s t i
g a tio n w as ever m a d e .
M r . W . L . R o b i n s o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
D i r e c t o r o f t h e S i m p s o n C r e e k C o lle r ie s C o m p a n y .
T h e l o a n s t o T h e A . B . S m y t h e C o m p a n y w e r e a p p r o v e d J a n u a r y 3 , 19 2 2 a n d
. a p p e a r t o h a v e b e e n w e ll s e c u r e d a t t h a t t i m e .
M r . R . B . W a l la c e , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
.D ir e c t o r o f T h e A . B . S m y t h e C o m p a n y .
T h e l o a n o f $ 4 3 ,7 2 8 .1 3 t o T h e B . A . S t a h l P r o p e r t ie s C o m p a n y w a s g r a n t e d
M a y 11, 1 9 2 8 a n d s e c u r e d b y a 7 5 0 /3 5 0 0 u n d i v i d e d e q u i t a b l e in t e r e s t i n T h e
E a s t N i n t h E u c l i d T r u s t a n d 6 5 0 s h a r e s o f G u a r d i a n T r u s t C o m p a n y s t o c k , a ll
8484
STOCK EXCHANGE PRACTICES
o f w h i c h c o lla t e r a l is v i r t u a l l y w o r th le s s .
T h e o th e r a d v a n c e s to T h e H . A l
S t a h l P r o p e r t ie s C o m p a n y c o n s is t o f p u r c h a s e s o f 6 } i % F i r s t M o r t g a g e C o l l a t e r a .
T r u s t G o l d B o n d s , a l l o f w h i c h h a v e b e e n c h a r g e d t o p r o f i t a n d lo ss .
I t a p p e a r s t h a t T h e G u a r d i a n T r u s t C o m p a n y w a s T r u s t e e o f t h i s is s u e w h i c h
w a s d a t e d F e b r u a r y 1, 1 9 2 6 a n d w a s t o b e s o ld o n t h e o p e n m a r k e t b y t h e b a n k .
M o s t o f th e s e b o n d s w e r e s o ld t o v a r io u s o t h e r t r u s t s c a r r ie d i n t h e T r u s t D e p a r t
m e n t o f T h e G u a r d i a n T r u s t C o m p a n y , b u t s u b s e q u e n t t o th e s e s a le s t h e b a n k
w a s c o m p e lle d t o r e p u r c h a s e a p a r t o f th e s e b o n d s a n d c a r r y s o m e i n t h e i r in v e s t
m e n t a c c o u n t u n t i l t h e i r f i n a l c h a r g e t o p r o f i t a n d lo ss .
M r . F . B . K e llo g , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
D i r e c t o r o f T h e H . A . S t a h l P r o p e r t ie s C o m p a n y .
T h e i n v e s t m e n t i n s t o c k a n d b o n d s o f t h e S t a n d a r d T e x t ile P r o d u c t s C o m p a n y
w a s a p p a r e n t l y j u s t i f i e d a t t h e t i m e o f p u r c h a s e a n d t h e r e f o r e m e r i t s n o s p e c ia l
c o m m e n t.
M r . J . A r t h u r H o u s e , P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a
D i r e c t o r o f t h e S t a n d a r d T e x t ile P r o d u c t s C o m p a n y .
T h e lo a n s t o T h e S w i n e h a r t T ir e a n d R u b b e r C o m p a n y o r i g i n a t e d i n 1 9 2 5
a n d a p p a r e n t l y w e r e h a z a r d o u s a t a l l t im e s , b u t o w i n g t o t h e la p s e o f t i m e i t
w o u l d b e i m p o s s ib le t o b a s e a s u c c e s s f u l c r i m i n a l p r o s e c u t i o n t h e r e o n .
M r . W . H . M a r l a t t , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a.
D i r e c t o r o f T h e S w i n e h a r t T ir e a n d R u b b e r C o m p a n y .
T h e u n s e c u r e d l o a n o f $ 3 5 0 ,0 0 0 .0 0 t o T h e T h e w S h o v e l C o m p a n y w a s a p p a r
e n t ly ju s tifie d w h e n m a d e .
M r . A . M . P e n h a llo w , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
D ir e c to r o f T h e T h e w S h o v e l C o m p a n y .
T h e a d v a n c e s o f $ 3 6 7 ,6 4 9 .5 0 t o E . G . T i l l o t s o n a n d C o m p a n y r e p r e s e n t
f if t e e n c o lla t e r a l lo a n s w h i c h , w i t h f e w e x c e p tio n s , w e re p o o r ly m a r g i n e d a t t h e
tim e th e lo a n s w ere m a d e .
O u r i n v e s t i g a t i o n d is c lo s e s t h a t a t o t a l o f § 5 9 8 ,3 6 7 .0 0
w a s l o a n e d a g a i n s t a n a p p r a is e d c o lla t e r a l v a lu e o f $ 6 8 6 ,3 1 9 .0 0 , b e i n g a l o a n
b a s is o f a b o u t 8 7 % .
D u r i n g t h e c o u r s e o f o u r i n v e s t i g a t i o n t h i s in d e b t e d n e s s
w a s r e d u c e d i n t h e a m o u n t o f $ 2 0 0 ,0 0 0 .0 0 t h r o u g h s a le o f c o lla t e r a l, l e a v i n g a n
u n p a i d b a la n c e o f $ 1 6 7 ,6 4 9 .5 0 w h i c h i n a ll p r o b a b i l i t y w i l l b e c o lle c t e d i n f u l l i n
c o a rs e o f tim e .
H o n . I . J . F u lto n - 2 7
T h e lo a n s t o T h e U n i t e d M e t a l P r o d u c t s C o m p a n y a r e o f m a n y y e a r s ' s t a n d
i n g a n d f o r t h a t r e a s o n w e r e n o t m a d e t h e s u b je c t o f e x h a u s t iv e i n v e s t i g a t i o n .
M r . H . I . S h e p h e r d , V ic e P r e s id e n t o f T h e G u a r d i a n T r u s t C o m p a n y , w a s
p la c e d o n th e B o a r d o f D ir e c to r s o f T h e U n it e d M e t a l P r o d u c ts C o m p a n y in
p r o t e c t i o n o f t h e b a n k ’s in te r e s ts .
F r o m t h e i n f o r m a t i o n c o n t a i n e d i n t h e c r e d i t file s o f T h e G u a r d i a n T r u s t
C o m p a n y i t a p p e a r s t h a t t h o lo a n s t o T h e U p s o n - W a l t o n C o m p a n y w e r e j u s t i
f ie d a t t i m e o f o r ig in .
M e s s r s . H . I . S h e p h e r d a n d L . A . M u r f e y , V ic e P r e s id e n t s o f T h e G u a r d i a n
T r u s t C o m p a n y , w e r e D i r e c t o r s o f T h e U p s o n - W a lt o n C o m p a n y .
T h e in v e s tm e n t in b o n d s of T h e W a d e P a r k M a n o r C o m p a n y a p p e a rs to h a v e
b e e n e n t ir e ly r e g u la r a t t h e t i m e o f p u r c h a s e , a l t h o u g h t h e y h a v e s in c e d e c lin e d
i n v a lu e .
M r . J . J . S t a n le y , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
D ir e c to r o f T h e W a d e P a r k M a n o r C o m p a n y .
STOCK EXCHANGE PEACTICES
8485
T h e lo a n s t o T h e W a r n e r a n d S w a s e y C o m p a n y a p p e a r t o h a v e b e e n ju s t i f i e d
a t t i m e o f o r ig in .
M e s srs. I r v in g C . B o lto n a n d W o r c e s te r W a r n e r , D ir e c to r s o f T h e G u a r d ia n
T r u s t C o m p a n y , w e r e T r e a s u r e r a n d V ic e P r e s id e n t r e s p e c t iv e ly o f T h e W a r n e r
a n d Sw asey C o m p a n y .
T h e lo a n to T h e W o o d C h e m ic a l P r o d u c ts C o m p a n y a p p e a r s t o h a v e bee n
r e g u la r i n a l l r e s p e c ts .
M r . T . E . B o r t o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s a ls o a
D ir e c to r o f T h e W o o d C h e m ic a l P ro d u c ts C o m p a n y .
T h e u n s e c u r e d l o a n o f $ 5 0 ,0 0 0 .0 0 t o t h e Y o u g h i o g h e n y a n d O h i o C o a l C o m
p a n y w a s j u s t i f i e d b y t h e c r e d it r a t i n g o f t h a t c o m p a n y .
H o n . I . J . F u lto n — 28
M r . W . L . R o b i s o n , D i r e c t o r o f T h e G u a r d i a n T r u s t C o m p a n y , w a s V ic e
P r e s id e n t a n d T r e a s u r e r o f T h e Y o u g h i o g h e n y a n d O h i o C o a l C o m p a n y .
T h e c o lla t e r a l lo a n s t o O ffic e r s a n d D ir e c t o r s w e r e r e v ie w e d i n d e t a i l .
It
a p p e a r s t h a t t h e c o lla t e r a l s e c u r in g th e s e r e s p e c tiv e lo a n s w a s o f g r e a t e r v a l u e
t h a n t h e a m o u n t a d v a n c e d a t t h e t i m e th e s e l o a n s w e r e m a d e .
H o w e v e r, in
s o m e i n s t a n c e s i t a p p e a r s t h a t t h e o f f ic ia l p o s i t i o n o f t h e b o r r o w e r h a d s o m e i n
f lu e n c e i n d e t e r m in i n g t h e l o a n v a lu e o f t h e c o lla t e r a l, b u t i n n o in s t a n c e is t h e r e
s u f f ic ie n t e v id e n c e t o j u s t i f y a c r i m i n a l p r o c e e d in g .
T h e u n s e c u r e d lo a n s w e r e n o t a n a ly z e d d u e t o t h e c o m p a r a t i v e s m a l l a m o u n t
in v o lv e d .
M o r t g a g e lo a n s w e r e n o t e x a m in e d i n d e t a i l o w i n g t o t h e i m p o s s i
b i l i t y o f m a k i n g a n a c c u r a t e d e t e r m i n a t i o n o f r e a l e s t a te v a lu e s a t t h i s t i m e .
T r u s t a d v a n c e s , T r a v e le r s ’ C h e c k s a n d i n d i r e c t lo a n s w e r e n o t c o n s id e r e d a s o f
s u f f ic ie n t i m p o r t a n c e t o w a r r a n t d e t a i le d i n v e s t i g a t i o n .
,
T h e f o llo w i n g s c h e d u le s h o w s t h e i n d i v i d u a l l o a n s t o O ffic e r s a n d D i r e c t o r s i n
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S . M c G o w a n __________
C . R . M c G e r t h ___________
C . R . M c G e r t h ___________
C . R . M c G e r t h ___________
H . H . M c K e e ____________
H . H . M c K e £ ____________
H . P . M c In to s h T ru st
L 8 9 2 _____________________
H . P . M c I n t o s h , J r _____
G e o r g e G . M a r s h a l l _____
G e o r g e G . M a r s h a l l _____
W . G . M a r s h a l l __________
W m . G . M a t h e r _________
W m . G . M a t h e r _________
W m . G . M a th e r a n d M .
C . R o s e n f e l d ___________
J a m e s R . M i l l s ___________
T h o s . E . M o n k s _________
T h o s . E . M o n k s _________
T hos. E . M o n k s & J. W .
W a r r i c k & C . L . C ass i n g h a m _________________
H . K . C o k e s ______________
F.
$ 1 6 , 77 5 . 0 0
139, 9 0 0 . 0 0
3 0 ,2 2 5 .0 0
50 , 9 5 0 . 0 0
33, 000. 00
8 4 , 526. 31
11, 90 0 . 0 0
8 0 , 50 0 . 0 0
27 , 0 0 0 . 0 0
8, 50 0 . 0 0
4, 4 0 0 . 0 0
23, 900. 00
10, 0 0 0 . 0 0
72 5 . 0 0
1 1 ,5 0 0 .0 0
33,
97,
100,
17,
110,
34 8 ,
20,
110.
194.
00 0 .
00 0 .
00 0 .
03 1 .
70 7 .
35
19
00
00
00
39
50
100,
18,
42,
14,
000.
85 0 .
09 0 .
00 0 .
00
00
00
00
49, 000. 00
30, 50 0 . 0 0
8486
STOCK EXCHANGE PEACTICES
O . W . P r e s c o t t ___________
W . D . P u r d o n ____________
B . D . Q u a r r i e ____________
H . C . R o b i n s o n __________
H . C . R o b in s o n T r u s t
L 1 1 1 4 ____________________
E . D . R o g e r s ______________
R . P . S e a r s ________________
H . I . S h e p h e r d ___________
H . I . S h e p h e r d ___________
H . B . S t e w a r t ____________
A . S . T a y l o r ______________
E . G . T i l l o t s o n ___________
R . B . W a l l a c e ____________
A l l e n F . A y e r s ____________
C . F . B r u g g e m e i e r ______
C . F . B r u g g e m e i e r ______
$36,
2,
8,
16,
000.
994.
430.
51 5 .
00
42
00
48
5 9 ,9 7 5 .6 0
14, 40 0 . 0 0
9, 6 0 0 . 0 0
33, 000. 00
7, 4 7 7 . 2 7
6 2 8 , 4 1 8. 6 5
18, 5 0 0. 0 0
2 6 , 100. 0 0
3 2 6 , 9 9 7. 7 8
41, 00 0 . 00
18, 0 0 0 . 0 0
2, 0 0 0 . 0 0
W. P.
W.
W.
W.
A.
D a v i s ______________
R . G r e e n ______________
R . G r e e n ______________
C l a y H e r r i c k ______________
H . H o l m w o o d ________
H . C . H u t c h i n s o n _______
L . I r i s h _________________
G e o . B . J o h n s o n _________
R . C . L e e __________________
S . J . O l s t y n . . ............. .. . _
R e i t i n g e r ___________
S h a n n o n ___________
L . S p e r r y _____________
L . S p e r r y ______________
Y o u n g ______________
T.E. P.T.
W.
W.
A. F.
$6,
56 ,
38,
7,
6,
13,
67 5 .
85 6 .
000.
760.
255.
000.
225.
8, 8 9 1 .
2, 85 0 .
34, 000.
1, 5 0 6 .
7, 5 3 8 .
5, 8 5 0 .
670.
15, 72 0 .
00
10
00
00
00
00
00
16
00
00
82
55
00
00
00
4, 7 3 3 , 0 8 0 . 7 0
L o a n s t o J u n i o r O ffic e r s a n d E m p lo y e e s w e r e n o t r e v ie w e d i n a s m u c h a s a l l
l o a n s o f t h i s c h a r a c t e r w e r e m a d e w i t h t h e f u l l k n o w le d g e a n d a p p r o v a l o f S e n io r
O ffic e r s a n d D ir e c t o r s .
I n t h e f o r e g o in g p a r t s o f t h i s r e p o r t w e h a v e s u b m i t t e d a b r ie f d is c u s s io n o f
a l l l o a n s a n d i n v e s t m e n t s i n v o l v i n g m o r e t h a n $ 5 0 ,0 0 0 .0 0 i n e a c h i n s t a n c e .
A l t h o u g h i t d o e s n o t a p p e a r f r o m t h e r e c o r d s a t h a n d t h a t s u f f ic ie n t e v id e n c e
e x is ts t o w a r r a n t a n y c r i m i n a l p r o c e e d in g w e h a v e f e l t i t i n c u m b e n t u p o n u s t o
s u b m i t t h i s b r ie f d is c u s s io n f o r y o u r b e t t e r u n d e r s t a n d i n g o f t h e a d m i n i s t r a t i v e
p o lic ie s o f t h o s e i n c h a r g e o f t h e a f f a r is o f T h e G u a r d i a n T r u s t C o m p a n y .
R e s p e c t f u lly s u b m i t t e d .
*
( S ig n e d )
R. M .
C h ie f In v e s tig a to r .
Huston,
STOCK EXCHANGE PRACTICES
8487
E x h ib it G-5b-la
Loans to directors
>. of
ires
ned
N am e
M e e t
in g s
A t
te n d e d
R o b e r t H . B is h o p , J r .
103
100,000.00
978,785.00
.
12,000.00
13 .
1
9
289
17
216
11
A r t h u r D . B r o o k s ____
H a rv e y H . B row n,
Jr.
G e o . S . C a s e ..................
92
39.300.00
41.500.00
13 .
8 .
11
20.00
350.00
60,000.00
39,304.50
13 .
14
215
0
13
5
9
27
9
36.000.00
25
11
22,500.00
115
100
L o u is J . G r o s s m a n .._
R . S . H a l l .......................
12
11
30.000.00
23
D a n R . H a n n a , J r ___
3
i 690,250.00
0
225,000.00
177
5
C h a r le s G . H o e r ..........
10
118
11
1500
12
17
8
424
11
15
6
1,250.00
15,000.00
8 ,525.00
15,000.00
9 ,413.28
221,225.00
39, 000.00
2
400
80
G . G . M a r s h a ll............
12
12
23,000.00
100,000.00
10
W . G . M a r s h a ll...........
7
5,000.00
239, 250. 00
29,500.00
400
375
42
H . P . M c In to s h , S r._
H . P . M c In to s h , J r . .
11
13
13
33,110.35
100,200.00
19.450.00
1,059.63
3,800.00
367
100
81
T h o s . E . M o n k s .........
10
10
4
62.390.00
12,750.00
29
P r o c to r P a tte r s o n ____
8
110
E . A . P e t r e q u in ..........
11
to D . R . H a n n a t r u s t .
D u s tin ,
M cK eehan,
M e r r ic k , A r te r
&
S te w a r t.
C h . of B d . T h e L u n d o ffB ic k n e ll C o .
Sec. U n iv e r s it y H o s p i
ta ls of C le v e la n d .
T re as. W a r n e r S w a se y
C o.
C le v e la n d .
V . P . S ta n d a r d B r a n d s
In c .
P re s. T h e B r o o k s C o .
V . P . T h e S te w a r t F u r
nace C o .
P re s. T h e L a m s o n &
Sessions C o .
P re s. T h e W . S. G ilk e y
P r in tin g C o.
P ic k a r d s W a t h e r C o .
P re s.
W est
V ir g in ia P it t s b u r g h C o a l C o .
V . P . P e n n s y lv a n ia R . R .
Co.
P re s. A m e r ic a n F o r k &
H o e C o.
P re s. T h e O h io B e ll T e le
ph o ne C o.
G ro ssm an & G rossm an.
P re s. T h e B o u r n e F u lle r
Co.
P re s.
T he
C le v e la n d
N ew s C o.
E x . C o m . T he M . A_
H a n n a C o.
T re a s. T h e
C le v e la n d
C liffs I r o n C o .
T hom pson,
H in e
&
F lo r y .
P r e s id e n t.
103
56,534.71
O c c u p a t io n
C o lla te r a le d
8
100
33
361
I n d ir e c t
U n secu re d
11 .
20
12
D ir e c t
" § 5 ,6 5 6 .0 0
3,800.00
C h . A d v is o r y B d . S u n
L ife A s s u . C o . of C a n .
P re s. I n l a n d In v e s to r s
C o.
P re s. T h e O h io C u t
S to n e C o .
T h e K e ll y I s la n d L im e
& T ran sp o rt C o.
T r e a d w a y & M a r la t t .
V . P . & Sec. T h e M a r
sh a ll D r u g C o .
P re s. T h e M a r s h a ll D r u g
C o.
C h a i r m a n of t h e B o a r d .
V ic e P r e s id e n t.
M g r . o f Sales C a rn e g ie
Ste e l C o .
V ic e P r e s id e n t.
V ic e P r e s id e n t.
V . P . B e t h le h e m T r a n s
p o r t a t io n C o r p .
P re s. T h e W . S . T y le r
Co.
P re s. T h e P e t r e q u in P a
per C o .
STOCK EXCHANGE PRACTICES
8488
E x h ib it G-5b-la
Loans to directors— No. 2
N o . of
S hare s
O w ned
N am e
M e e t
in g s
A t
te n d e d
100
12
1000
7
100
765
40
O r v ille W . P r e s c o tt._
12
13
12
6
12
9
6
162
50
100
13
12
12
A le x a n d e r S . T a y lo r .
D ir e c t
I n d ir e c t
U n secu re d
11,500.00
414,988.60
80,000.00
300.00
39.000.00
60.000.00
14,550.00
46, 262. 27
609,917.81
9
19.700.00
52
8
36.800.00
1686
3
50
10
R o b e r t B . W a l l a c e . --
130
J o s . W . W a r w ic k _____
9
17
12
85
60
75
100
13
0
0
0
W . D . P u r d o n ............
L ess D u p li c a
t io n .
"3,800."50
3 ,959.15
1,000.00
320,000.00
13
56,534.71
300.00
3,345.00
O c c u p a t io n
C o lla te r a le d
10,600.00
4.665.00
2.725.00
226,614.42
56,534.71
» , 440.71
553,306.88
11,400.00
170,079.71
4,456,440.71
541,906.88
S q u ir o
S aunders
<fe
D em psey.
C h of B d . T h e C le v e
la n d T w is t D r i l l C o .
T h e S a g in a w B a y C o .
S e n io r V ic e P r e s id e n t.
P re s. T h e H o r s e R o g e rs
Co.
C le v e la n d .
V . P . T h e C le v e la n d
B ld r s . S u p p ly C o .
V ic e P r e s id e n t.
P re s. T h e A . C . & Y . R y .
Sec. T re as. T h e N ic o la
S to n e & M y e r s C o .
P re s. V . C . T a y lo r & S o n
In c .
P re s. E . G . T illo t s o n <fc
Co.
Sec. T re as. T h e W a d e
R e a lt y C o .
P re s. T h e K i n n e y S te a m
s h ip C o .
P re s. T h e D r a k e C o a l
Co.
P re s. T h e K e ll y I s la n d
L im e & T ra n s p o rt.
S ecre tary .
V ic e P r e s id e n t.
V ic e P r e s id e n t.
V ic e P r e s id e n t.
STOCK EXCHANGE PEACTICES
E x h ib it
8489
G - 5 b - lc
O ffice rs
T it le
N am e
H . P . M c In to s h .
C h a ir m a n of th e B o a r d .
P r e s i d e n t ............. ............
J . A . H o u s e ______
H . C . R o b in s o n ..
S en io r V ic e P r e s i d e n t , . .
P h ilip C . B e r g ...
V ic e P r e s id e n t...................
H . A . C a r lt o n ____
D o ......... -........................
A lle n H . C o o k . . .
D o ...................................
J o h n F i s h ...............
D o ...................................
L . B . F o o te ______
D o ...................................
C . H . F o r c e ...........
D o ....................................
A . R . F r a s e r .........
D o ..
W . R . G r e e n .........
Do
C la y H e r r ic k ____
D o ..
A r th u r L . Ir is h . _
Do
Geo. B . Jo h n s o n .
DoD o ...........................................................L . J . K a u f f m a n .
H . F . M c In to s h , J r .
D o ..
C . R . M e g e r t h ______
D o ..
T h o s . E . M o n k s ____
Do
C . L . M u r f e y .............
Do
S . J . O l s t y n . ...............
Do
W . D . P u r d o n ...........
Do
E . T . S h a n n o n ______
Do
R . I . S h e p h e r d ...........
D o ..............................
A . G . S t u c k y ________
D o - ..........................
A . F . Y o u n g ...............
D o - ..........................
S e c r e ta r y ...... ..................
R . P . S e ars ..................
T r e a s u r e r ........................
C . F . B r u g g e m e ie r ..
A s s t. V ic e P re s id e n tD a le B r o w n ................
D o ..............................
R o b e r t C . L e e _______
T h o b u m C . M ills ...
D o - ..........................
D o ..............................
G . J . P r o v o ..................
F . G . S tu b e r ............. ..
D o ..............................
T . F . B u z a r d ..............
A s s t. S ec re ta ry .............
W m . P . D a v i s ...........
D o ..............................
R . R . E m m i c k ______
D o ..............................
D o .............................
0 . H . G r a y .................
D o .............................
W . H . H o p p e .............
C . F . K o c h . ...............
D o .............................
J . J . L u t h i . . ...............
D o .............................
D o .............................
H . H . M c K e e _______
T . P . R e it in g e r _____
D o .............................
D o .............................
E . A . S to c k w e U .........
D o . ............................
J . A . W a r d __________
A s s t. T r e a s u r e r _______
G e o . A . C h u r c h .........
T . C . E d m o n d s _____
D o ......... ...................
O . W F u lle r t o n ____
D o .............................
D o ........... ..................
L . J . G e i b ................
E lm e r G u e n t z le r ____
D o .............................
D o .............................
H . C . H u t c h in s o n ..
D o .............................
P . P . J a n i c k i ________
J . A . K a in s in g e r ____
D o .............................
E . L . N ousw an de r—
D o .............................
D o .............................
J . A . P u r c e l_________
D o .............................
T . R . R o b e r t s _______
D o .............................
C . F . R u e t e r .......... .
D o .............................
J . R R u g g le s .............
W . H . S te in k a m p ...
D o .............................
D o .............................
H . J . W e b e r ................
D o .............................
K . B . W ig g in s ______
17554 L—34— pt 19--- 15
U n secu re d
4.800.00
4.665.00
300.00
4.400.00
87.50
6,250.00
2,00 0.00
56,534.71
3,345.00
300.00
S ecure d
33,110.35
230,638.28
60,000.00
7,000.00
1,250.00
24,184.66
43,750.00
2.725.00
13.842.00
107.231.00
8.320.00
325.00
16,794.33
107.500.00
E ndorsed
1,059.63
3.800.00
3.800.00
175.00
6,533.58
100.200.00
23,500.00
3,800.00
35,000.00
62.930.00
12,750.00
34,000.00
18,100.00
46,252.27
2,500.00
3,959.15
425.00
16,950.69
10,600 00
20,000.00
2,950 00
900.00
15,500.00
15,950.00
7,0%. 00
6,975.00
4,400. Ob
2.80
6 ,000.00
1,425.00
11.500.00
15.480.00
11.900.00
300.00
300.00
6.400.00
6.900.00
7.625.00
15,000.00
5.826.00
428.00
635.00
17,425.00
35,644.75
5,490 00
5,000.00
8,400.00
400.00
8490
STOCK EXCHANGE PEACTICES
Exhibit G-5b-ld
L o a n s to o ffic e r s w h o a r e n o t d ir e c to r s
D ir e c t
I n d ir e c t
U n secu re d
C ollatera le d
7 ,000.00
1 .250.00
175.00
24,184.66
4 .800.00
43.750.00
6 ,533.58
4 .400.00
13,842 00 ,
107,231.00
8 .320.00
87.50
325.00
16,794.33
6,250 00
2 3,500.00
107,500 00
2, 0 0 0 .0 0
35.000.00
34.000.00
2: 5 6 0 :6 6
18.100.00
A . G . S t u c k y ...........................................................................................................
426.00
16,950.69
2 0 , 0 0 0 .0 0
2 ,950.00
900 00
15,500.00
15,950.00
3 ,170.00
345.00
5 ,748.29
9.50 0.00
6 ,110 42
7,095 00
6 .9 75 .0 0
4, 400 00
F . M . R id d le b e r g e r ...................................................................................................
462. 80
400. 00
6, 0 0 0 . 0 0
1, 425 00
11.500.00
3,430 00
11.900.00
300.00
300.00
6,400 0 0
6,900.00
J . A . W a r d ....................................................................................................................
G e o . W . B o h n ................................................................ .......................................
0 . W . F u lle r t o n ..........................................................................................................
7.625.00
15,000.00
5.82 5.00
H . C . H u t c h i n s o n ......................................................................................................
J . A . K a in s in g e r ................................................ .........................................................
E . L . N e u s w a n d e r .....................................................................................................
G . F . R u e t e r .........................................................................
J . R . R u g g le s ................................................................................................................
428 00
17,425.00
35,644.75
5,490 00
5,000.00
8,400.00
035.00
K . B . W ig g in s ................................... I ........................................................................
205. 00
R . E . K i r k . . . . ..........................................................................................................
000. 00
W . H . M y n d e r s e ........................................................................................................
D . B . H u l l ...............................................................................................................
H . B T o d d ..................................................... ..........................................................
J o s . D u f f n e r ..................................................................................................................
1, 712. 40
500.00
50 00
10,474.18
27,207. 90
081,403.12
49, 033. 58
.4»I8»£3___
B£tf>sa^F-
H
i,
••.:...
_12123_- ........B-l.
v»
----
0
MOBTOAOSMECOMMKMN
.......................# *
__________ s.W.-Copnar.Fa:
IWIWTr *40WT»*5.SQ
FKTTBSiNOSUB-LOTMO.
SO/ jc225 su"-tw'®!ONo* ',*,rr or °"H*fm £&*U*l- a ^ e o o -Lero*~
3M
PRINCIPAL
U-S--- 7-0,00^;-po
iH
»^Y<j B*»t
l i o , 0 0 0 .0 0
lotmo*
Q Qj^fr-L^y r
*& I
(W * 2
PAYMENT
40,0 00 . i OC' I
Cuyahoga
.
2Z6.0S/17S.57
0
APPRAISAL
_______
______ &U3k______aaan— _____
k «T>»I
2
H nn^g_____
--- I V
J . •nrfchur
INTEF
DATE PAID
BALANCE
Vo!o o
O
::StP 16 1925
p r
>SJ9
kpt 1 1330
UIH. 1 5 1S3C
v< ri v /c -
AS o
) .if3
ylTo
V fo
3 i/ b
-
fore 2 ii m t
1 KM
* 1W
I
‘ «*•
|S£P t *> *31
i j * * 2 9 1932
aSoBOARD CT EDUCATION
IKCITED " I I H
APR 15 832
U ro sa-
x^
’M2 ( f *3» *3*)J s6“o -
l<jl<jSo -
SC -& Z+ ~f<7 3'-
]
i
I MIC - I IH '
L u g 3 1 1932
ZjsEP 15 >932
1 DEC 24 (932
tK<H 3g
.a y ?
I l l ■**1
f a , " «*»w .
» n J ? i A " •'-
E
DATE
_
PAYMENT
BALANCE.
x h ib it
G-5b-3a
ITEMS
DEBIT
CREDIT
p
DATE PAID
fzb lit ■ <Pn*JL
2 f ? 2*\
O ^ ’/ s
JAN '3 1 133^/-f t )
f a-3 K
( 6 0 +X* y
1*13 ItfTl 7
-
!
i4 / r /3 3 -
itta M
M t*
;
/ 3 2-3 _
mccciveorno** THE GUARDIAN TRUST CO
roci_a«*»«G»w««s in connection with tmi* lo*n
E x h ib it G-5b-3b
, !
E x h ib it G 5b -4
ERN'RESERVEMORTGAGECQIffW4 L9i
IFKSVIgTB B. BOCai.
, _______■
, g S I*
C Vf
396?
Ihen t e r
228*
(Frpntasre.
an Chestery*
^
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528
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o
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s
C uyahof.
1‘ :h S tr eets
Ten -A.ore
PRfNCIPAL
E
x h ib it
G-5b-5a,
<V.' ■
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■iH--- INTEttfcST
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•
.'■:ir«.ua. I . aei
■sjptfsry
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E x h ib it G-5b-5b
‘ ;!*£?%.. .•
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^ANC«
"7
vAr
9 23
■*><> 101555
DEC J 23
^
OCT 8 ~4
. w
^ m
’^ T T
.r " c o
ir*\
196*34 36'
PAID THE G S * T CO COLLATERAL LOAN
•*>(>
CR
V^V)'\ ^jb
1/1193 85*
*CVP)
114237
1925
LiAR 24
A10 CC'LL LOAN D£PT T? **»PLY CN LOAN NO 4178^
.
H3 c r 1/3/25 p-ao rnt CoLLATtRAL L JAN Ot PT
ro APPLY ON LOAN NO 4 l/ * 4 fRANsFtRRCO FRJii
PcRaw AL AC CONT
MAY 21
TO ADJ J ST PAYMFNT VU'T M&Y 11 TO »PP#Y ON LOAN
J'JN 4 26
BY J A HOUSE DIRECT TO LOAN 0£PT
PAID GUARDIAN T« C l TO \t' uY ON COLLATERAL LOAN
NO 41764
MAY 25 26
AS OF 5 /2 4/26 - PD THE COLL LOAN DEPT TO APPLY ON
JUN 1
P Thr -i r :•> COLL LOAN DE°* PRIN P rWT ON LOANS IN
FULL
PROCEEDS OF LOAN DATEO lO /S/20
11767 50
OCT *
2T ;
THE GUARDIAN
SAVINGS & TRUST CO.
ok' 4
29
—VfeYW *
T)
j
p(?fTr t':'r op r*Ev\Nf: l^ 'm '-atfo C-'C 4 igee
i4.onn oh
PROCEEDS OF LOAN DATFO 12/29/28
22000
PAID Cr>LL LOW 0*
fAY
off
JUN 17 29 T-«E GUARDIAN TRUST CO PROCEEDS
<T
LOAN
DEC 24 29 THE GON TR C C 'TO APPLY ON LOAN
E x h ib it G-5b- (}
'H
’H
-~«fcVar\
li
SEP 30 29 THE GUARDIAN TRUST CO PROCEEDS OF LO\N
NOV 8 29 THE GUARDIAN TRUST CC PROC EDS OF LOAN
TrC GUARDIAN TRUST CC ROCEEDS OF LOANS
TO ADJUST ACCOUNT_
■501
^
rc
LCXV DAT-:
— c^y sn, ^
— iT O T>
9fcert> ^
‘10
'
i •
*
18000 00
45500 00
140000 03
•
1**42 33
A-
—
li
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TS
—
U
VNftCjOQ OQ
-W W O
W
E x h ib it G-5b-7a
T rust Co. T ru st** L.
Guardian
-4 f e - * . 4 ^ - ^ 7 ;*
f'wuiftwKfi ^ jBtwincM «£d
<«i§m
Jo»e 15, I » i I. J. Fuiw*. »uj>t.of Banka.
*
S
J*
2 .C 3 ir> -> t
♦ t t iT r J
.
t j i l tr.
■lyySY
wani>i.uaN
E x h ib it G-5b-7b
7 j.'.: V /
;: .4 * -i-p4A t
;a « ™ y /
/ /,
ruat
E x h ib it G-5b-8a
DESCRIPTION OF COLLATERAL PLEDGED
'
•N A
'
E:
8
I *"■
O
- p r
'M -
3 Q 0 -:
C e rt. ^
\
46196-
'
.
H M* A L/Clil
-AA*-*-'*-** y-a
--■ Q tiZ iV X -
j/
I' ^V
/v5<Cii
100 sh rs .' n /o ,I,ith g o tf>4 Co.
'___________
I'1*.-
I l l ST B. Il/ u V .r .- WWia
Transferred t g oth or card l-?6-32 ,
fc t*
.
C e rt. *C2l40- 100 sh rs. n/o j.A . ^ouse
*/' >
*
* ’
«.
.
ffto o a r) s ' { ,
C eH f.^H D ^J??^- 9 s h r s ..n /o Lithgow 4 co .
V*B01J*8830- % sh f s. n /o Do.
^B0l67766- 20 8 h rs .e n /o Do.
Co
tf30 y
<
'ilOO.OOt p a r )*
•
\‘/y . jj
C ert. ^VtltPQ- ? J ' t s . n/o Lithgow 4 Co.
,
ji
, 0 /ii;2l-0 h 9hrB.*,‘n /o Do.
'C e r t . f iji^ - l- s n r . n^p Lithgow 4 Cf.
' X ?»P.
I'
'
' ’ '
,
'*W0.S0 p»r)
r o r t . f 9^~ 5 sh rs. n/o lith g o w
* .97- *> s h rs . n/o Do.
4
/
7
Co. 1
*
.0
I
0
- fi
0
o-
io
.
. *
,
c . rS1 0 0 . : 0 p a r)
••; 1 0
C e r t .^ nh09- 5 sh rs. n /o Tlje gu ard ian Saving* 4 'trl
.
,r s8 ,. n/o
v»
^
UPO- ? ;r
£>y*
n /o 1Do.
■ f
.jx V C r fr ty
? ■'
)
C - rt. -*yr/L^l?70- 20 sV ra.- V o Tithgflw 4 Co.
i h h ',
«
>< C * A w .
O
.
Rccei&d from The Guardian Trust Co. all collateral pledged and other valuable paper* in com
E
G - 5 b —8 h
x h ib it
D E S C R IP T IO N O F C O L L A T E R A L P L E D G E D
Amnun' Lu.ri^tin
I ...
I
if-If1Jo :
■:iy^A-vi 1*77
/’■}' 1 1
_
afr
(^
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* * v ,kl
•
par)
n/o Lithgow. >• «;:o
v
f **00.00 p i r )
n/o The Guardian
d ia l Savihgs
“
j^russhr. n/o The*Guardian Trust, Co
P920 - 1 sh r. n/o J .A . House, J r .
a
.'■■■' ^ ’O/ par)
°
.
C ert# 09?7? ? - -1‘S h r .o n /o ‘Lirhgow tsCtf.
- Z. ^h r. iy o Do.
#
»
.’
, 0Bf>870--_8 shr.n/o. Do.
Q
^OlOU9«5- -3. shrs .n /o Do. ,
r
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•C ert.
.
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-
Pl$7h-* 1 •s h r.
c° ’
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1
'om.
,, C e rt. #KC0ll?68-
’/V.O per) > 9
sh rs. n/o J .A . wouse
j& »f
1
;
'
jsLt'
V
j
(Jp r
-(Ho parK
C ert. 'NTL li20- 20 sh rs. n/o '
Cap.
C e r t.£
CQUTQ^-
-
L
■°-
\ri
/
■4 o :
'
5
'
1
™
• I
If f * .
12 ii??a?ftrv^o Lithgow 4 Co.
.
I
10^81% 1 s h r. njfo Do.
‘ ,
I
■D78? - 17 s h r s .^ iv o Do.
,
‘
>"‘ P»
(S25.00
enr
.
’ f :c
'■
1^ 2 5 . 0 0 p
nr
h
C e rt.# ES72?0- 15-»hr*. n/o Lithgow 4 co .
•
'
E87235- 5 sh rs. r /o D i.
f
E87232- 5 sh rs. r /o Do.
(*&t '
<*m j
1
Deceived from TK« Guardian Truit Co. all collateral pledged and other valuable papem in connection with thc loan.
E x h ib it G!—51o—8c
J' J'
DESCRIPTION OF COLLATERAL PLEDGED '!U, rdl«n-I,,2i85Ne ofSbarM
ParValue
L..a i
(Ut.
“ ,
»•
1-26^2 Tranaf«rr®d fro n othwr card
6 3 shrt.Com: American i'Ower ft L ight Co. (No par)
//
•—i
-v« C e rt.^ 090079“ *50 shrs. n/o Lithgow & CoJ
0 l? l! i 6 8 - 6 sh rs. n /o 1)0 .
0°li009- 1 sh r. n/o Do.
0liiP 5!62- 1 i h r . n/o Do. t
01568890-1 shr. n/o Do. / > .
««*"V
087026- 1 shr. n/o Do.
*' *
' '
08U i90- 1 ah r. n/o Do.
0120574- 1 ah r. n/o Do.
01168R2- 1 ah r. n/o D o .,
$!t '■(
^
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v./ ( .
:
is,* /,*-■•* s- A'. ■'.■•-ti'',■ . .
tr
tr, /.■
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<*>/- ^-v. '
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C,
//**'?£'
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/ ' -Y
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k‘
■ 6'..
f‘ / +■<
^
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, ( / ’,
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.
_________ i
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m
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.
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1
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1
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'
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^
-
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A W
5.3
' -(! [ ^
/
J.&'/O —
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Received from Th« Guardian Truat Co. all collateral pledged and olher valuable papers in connection with the laan.
Exhibit G-5b-8d
E x h ib it G-5b-8e
6T6?i)
f•
•
7
.
E x h ib it G-5b-8g
E x h ib it G-5b-8i
E
x h ib it
DESCRIPTION OF COLLATERAL PLEDGED..
o oforShtrai CI.m {
FarValu.
.
!C ^ J; >
.r r s8 . 7i
*''*
G -5b-9a
Cap] The p-irst National Bark o f P<"i<*ton
; v 2 o .e e
" i.:u € .
l u
C e r t.# 16'76V-10 Fh rs.n /o J .A r th u r Houao
IS s h b . j* .
S-'' Capi The Akron,Canton i: Youngstown Ry.Co.
| ( •‘■V.o A.C.& Y .C o .)(n o p&r)
C g r t.f 7^-1 P sh re. f /o J.A.Kou^o
“
90 -1 dh r. n/o ^ o . •
20C ~V, r s . f
^
C&*..
i.weot£ C o.of A*er .Ine.-S 5 0 .CO P.V.
J /
,
;
i .O r t.- f T99 7F-100 r.hr&.r./o .'.A rth u r Hous
19976*100 shrs .n/o Do.
FC shrr..
e>
,xr. j V'ir>ar»cv *?,re In.«.Co.v 10 .CO P.V.
C ert./' ?4o0-1CC -V: rs .n /o J . a . Houre
7.1 '1
>r rh vc. n/o D0.
i .
2 f r F - 50 sh ro .r./o Do.
•? h rr.
, r . ( n o *\.r)
207- /»: ..phr2 > / c ‘' . n r t vu r Ho
T~'-- ■1 . "w .?■! '2-r.
IF . h re . n /o
7-CC-106 ob r s . n / o
jT
jo o ~
/IS O -
L oo ■
to.
Do.
lt«c*iv«<l from The Guardian Trual Co. all collateral pledged and other valuable paper, in connection with the loan.
k,
E x h ib it G—5b-9b
DESCRIPTION OF COLLATERAL PLEDGE''
ir .c o c s>i»s.
^
C s .'.
? » £ » < ; Cop-3«!»- Ccrr>.
r - r - .c lu e ? 1 .0 1 « * < * .
*\01
tr r o n - u s s e s c a b lf - .
jj i,«ea-1000 st-"2 .r / o J , a . House
' '
5 0 4 - ICOO ? h r s . ry c J.A rth u r Eou
5.‘
r
SCfl5GG570571 5 7 f>-
1000
?-CC0
OC’
1000
1000
'COO
1OOC
10O0
shrs. n/o
r h r s .r / o
shrs . n/o
f v rs .r /o
pliTD.r/o
shr s .i / o
ahr r . r./o
t h r s .r / o
/.
e
^o*
So.
Do.
‘•'C.
Lo.
:,.Q»
•
^o.
4/8/53 add'l.A greeirent o f Pledge dated
Assignment. o f Thp Guardian Trust Co.
H etireirent Fund Acpount #47 iS
/ * * / — !^ T '
..
S .■ v
.
| , j
f£ ' I
SJLUJLO* ** '
bsS 'lU }.
Vafit&y
:
v
J
4
fl
I
spoG
6JJTVVZ
\% ,
I
. ,.:t
Received from The Guardian Truat Co. all collateral pledged and other taluablile paper, in connection wift tic lean.
V
E x h ib it G-5b-9c
. *
r
STOCK EXCHANGE PEACTICES
E x h ib it
8491
G-5b-2
E x c e s s lo a n s a n d e x c e s s b a la n c e s w ith n o n - m e m b e r b a n k s
[ L o a n l i m i t is $3,200,000.00, b e in g 20% of C a p i t a l a n d S u r p lu s A g g r e g a tin g $16,000.00]
B o rr o w e r or B a n k
A m ount
G iv e n a m e s of D ir e c to r s a n d O fficers w h o a p p r o v e d lo a n s as s h o w n b y
records of b a n k , a n d a n y o th e r a p p r o p r ia t e c o m m e n t
N one.
( W h e r e a n Excess L o a n exists b eca use of A c c o m m o d a t io n P a p e r , P a r t n e r s h ip L i a b i l i t y , A s s u m p t io n of
L i a b i l i t y o f O th e r s , or a n y o th e r u n u s u a l re ason, e x p la in f u l l y )
B i l l s p a y a b l e , r e d is c o u n t s a n d b o n d s b o r r o w e d
W h e re B o rrow e d
A m ount
D a te
M a tu r ity
R a te
S e c u r ity
P le d g e d
F o r m of
B o r r o w in g
A u t h o r iz e d
b y B oard
See se p arate
sch e d u le
L o a n s a n d d i s c o u n t s (s u m m a r y )
D e m a n d notes a n d lo a n s _____
22, 683, 232. 78;
} 73,223,345.18
1
12, 231,152.54
In c lu d e s $839,506.27 i n
m o r tg a g e lo a n s a t W a s h
i n g t o n O ffice.
P a s t d u e m o rtg a g e lo an s a t
M a i n O ff. a n d V c e la O ffice.
7,.632,624.01
S ecu re d b y a g r ic u lt u r a l p r o d u c ts , liv e
sto c k , or m e r c h a n d is e , w a re h o u s e re |
ce ipts, etc.
S ecu re d b y stocks a n d b o n d s ______________
S ecu re d b y re al estate c o lla te ra l, i n c lu d
in g m o rtg ag e s a n d stock s a n d b o n d s
is s u e d b y re a l estate c o rp o r a tio n s or
base d u p o n re al estate se curitie s.
3 7,623,207.91
32,492,331. 35*
A c ce p tan ce s of o w n b a n k p u r c h a s e d or
93,996.85'
194,342.84
9 3,087,111.73
93,087,121.73
[N o. 16]
[Excess lo a n s , b o r ro w e d m o n e y , etc].
( E x h i b i t s G - 5b-3a t h r o u g h G -5b-9c face t h is p a g e )
E x h ib it
G —5 b - 1 0
B i l l s p a y a b le (J A H o u s e , L t 2 1 8 5 )
P r e v io u s
b a la n c e
°4*5
f lp
n O -a
l!2
V oucher
num ber
D a te
0 .00
J u l . 2, 2 8 ..
24,750.00
A p r . 26, 29
Ite m s
B a la n c e b ills p a y
a b le transferre d
fro m L T 970.
G u a r d ia n
T ru st
C o proceeds of
lo a n .
D e b it s
C r e d its
B a la n c e
24,750.00
24,750.00
10,460.63
35,210.63
8492
STOCK EXCHANGE PRACTICES
E
x h ib it
G - 5 b - ll
Septem
ber
27, 1933.
K . C. Som er,
L o a n D e p a r tm en t.
M r. T . B. C
raw ford,
L o a n D e p a r tm en t.
I n a c c o rd a n c e w it h y o u r r e q u e s t, I a m s u b m it t in g a re c o rd o f th e a u to m o b ile s
o w n e d a t t h e p r e s e n t t i m e b y J . A . H o u s e , h i s w if e , G e n e v ie v e , a n d t h e i r t w o
sons, J . A . H o u s e , J r ., a n d L e o n a r d D . D o d g e .
R e g is t r a t io n re c o rd s fo r th e
f ir s t o f t h e y e a r s h o w e d t h e f o llo w i n g l i s t o f c a rs:
L ic e n s e
num ber
N am e
M a k e of C ar
#20
#48
#47
M odel
Y ear
1928
1925
1929
N o n e r e p o rte d
P l y m o u t h .........
#D 54
1931
T h e a b o v e c a r s a r e t h e o n e s li s t e d f o r r e g i s t r a t i o n o n t h e f ir s t o f t h e y e a r .
As
a m a t t e r o f p e r s o n a l k n o w le d g e , h o w e v e r , I k n o w t h a t J a m e s A . H o u s e , J r .
t r a d e d h is P e e rle s s C o u p e f o r a n e w F o r d C o u p e i n M a y o f t h i s y e a r .
L eonard
D . D o d g e o w n s o r a t le a s t h a s i n h i s p o s s e s s io n t w o a u t o m o b il e s .
H is o w n car,
o n w h i c h w e r e c e iv e n o r e p o r t , is a 1 9 3 2 D e S o t o R o a d s t e r .
W ith in th e p a s t
t w o m o n t h s h e t r a d e d h i s w if e ’s c a r i n o n a n e w 19 3 3 P l y m o u t h C o u p e .
KCS
BH
( E x h i b i t s G - 5b - 1 2a t h r o u g h G -5b-13a face t h is p a g e )
E
x h ib it
G -5b-13b
D e s c r i p t i o n o f c o lla te r a l p le d g e d
N o . of
S h are s or
P a r V a lu e
C lass
N AM E
Loan
B a te
A m ount
Loaned
M k t.
M a rket
V a lu e
See C a r d #D-68580 for c o lla te ra l.
R e c e iv e d fr o m T h e G u a r d ia n T r u s t C o . a ll c o lla te r a l p le d g e d a n d o th e r v a lu a b le p a p e r s i n c o n n e c tio r
w i t h t h e lo a n .
(Exhibit G-5b-14a faces this page)
6 * f r o ir S-108S3
E
G --5b-12a
x h ib it
D E SC R IP T IO N O F C O L L A T E R A L P L E D G E ^
NAME
i
, a'nra.V
1000
Cap.
..
btd.O iL '- 'O .pf In d .
tk'iin
•*£*& <’
* AM-tyao .
;
6,0
tooc
^ « '
S fed. O il ^ o .o f C a li f .
.
r
* ^
250 s h r s .T
« C ap.
— <
Hel d
-
.
i n- 6 . iV l
^
U f
V / ffo j: ■
•■*// y/* /-■} I ;
3
3
<utX-
L
The M i l l s I n v e s t m e n t C0 .
o e r t .- 4-200 s h r s . n / o P . C . M i l l s , J r .
5- 50 s h r s . n / o ^ o .
rrev.Pledged.D-71588
th is loan
>/ C ✓ 5~~ ~~
Rec.ived from T"he Guardian Tru.t Co. >11 collateral pledged and oth.r valuable papers in canneclion with the loan.
E x h ib it G—5b~12b
DESCRIPTION OF COLLATERAL PLEDGED
a*“
NAM
g i T O xA
feooo"
~i^U
+1
***
# Moto t it Oi --CU.
C-U*y*-4ux4^ A)Ajfc*t. (flt-fl'l
/A a - ^ c c a .^
££j- Xfe_/
X-ti.^ {/-4LIJ
tt>
&</
^
y£
^ ^ y?2°
'
Cr/iul^Ji 'W
M
u_jAU
'^ X M t jU u ^ A A /v til/
* » > 'A * r\
/*> //7 /
6-tljA-A*
v»lnat>!>
Exhibit G—ob-12c
DESC RIPTION O F C O L L A T E R A L PL ED GED
4-11-3? add'1 .
42b s h r*.P fd . Tha H il ls ^onpany ( t ’.OO.OO par)
C art. $4 fo r 160 anra. n/o K.C
#36 for 100 ahra. n/o Do.
t*37 fo r 100 ahra. n/o Do.
#42 fo r £0 ahra. n/o Do.
#66 fo r
ft *hrs. n/o Do.
£59fo r 10 ahra.
n/o Do.
?,*65 fo r
6 ahra. n/o Do.
#6Bfo r
5 ahra.
n/o Do.
#73 fi r 10 ohrs. n/o Do.
#78 fo r
6 ahra. n/o Do.
#82 fo r b s h ra . :n/o Do.
#85 fo r
5 ah ra. n/o Do.
#f}& for
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100 s h rs . n/o Do.
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G -5b-15d
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UUH 7 5 1932
t Approved Hy HP J R .
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324 shrs. u
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C e r t. o f E q u itab le Ornerahip in property
of John G .Patterson In Greene bounty,
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E x h ib it G-5b-17a.
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DESCRIPTION O F'C O LLA T E R A L PLEDGED
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4-26-1929
D«t* of Not*
DEMANDLOAN
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Amount ol Not*
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HOLD - For Stockholm's
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Bank
Exhibit
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E x h ib it
G -5b-18e
H .P .M c In to s h J r
M.k«r
6*
6% f r o r
M c In to sh
6-10-SS
1933.JI j.jjP'uitou, jitipt. <4
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k* i t m
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Exhibit
E x h ib it G-5b-18f
Farm3U
C# • / - i .
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r *v>{dr. 'v ufibic
ty u
Aoie -J*~~
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IN T B R E S T
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FEB 2 *1 9 5 8
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--
5 m
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HSR 1 5 1958
JUN 15 1920'
l e is: ?
MAR 1 5 19
JUN. 15 195
SEP j • '32*
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G -5b-18g
E x h i b i t G-5b-19a
■
E x h ib it G-5b-19c
D E SC R IP T IO N O F C O LLA T ERA L PLEDG1
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Hold- 4/e**,J*»^vV3ti4%
^ Qtuuki t w I 4 »
£iAf *b~- >?4 - •/S-o -tlJ&v. —./©
iarfc. f 167- 40 ahra. n/c H.C. Rokflnaoh
156-600 ahra. n/o Do.
Transfarr od to othar oard 1-21
Rccriixl from The Guardian Truat Co. all c»ll«t»r»l pledgee! and otlier valuable piperi
E x h ib it
G-5b-19d
DESCRIPTION O F C OLLAT ERAL PLEDGED
. (fidJ /■*"£ fee
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500 ahra.Capi
ity ^ j
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£• S4-&3 , &/C&-V,
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/ CarfaU#or 100 ahra. <iach n/c O tis fa Co,
#KY2^46
KY23960
KT18|08
2J5948
2(5949
1*62
I860?
18610
19266
E x h ib it G-5b-19e
69296
DESCRIPTION O F COLLATERAL PLEDGED
Received from The Guardian Tru»» Co. all collateral pledged and other valoahta paper* in connection with the 'ran
E x h ib it
G-5b-19f
Exhibit
E x h ib it G~5b-20a
E x h ib it G-ob-20c
STOCK E X C H A N G E PRACTICES
E x h ib it
8493
G-5b-14b
D e s c r ip t io n o f c o lla te r a l p le d g e d
N o . of
Shares or
P a r V alue
Class
NAME
H ate
Cap.
135
M k t . or
Com m .
V al.
Am ount
Loaned
Loan
H ate
20,265.13
C
50
7,500
P fd.
30
10,500.00
C
44-100 shrs. n/o George M . M ills ...........
V . Pres. & Secretary— George M . M ills Co.
Received from T he G u a rd ia n T rust C o. all collateral pledged a n d other v aluable papers in connection
w ith the loan.
(E x h ib its G-5b-14c th ro ug h G-5b-18g face th is page)
E x h ib it
G-5b-18h
T h is is C o p y o f t h e L i s t o f C o l l a t e r a l t a k e n f r o m S e v e r a l L o a n C a r d s o f H . P *
M c In to s h , Jr.
D E S C R IP T IO N O F C O L L A T E R A L
L iq u id a to rs V alu e
at 3/19/34
1 9 3 S h a r e s C o m m o n S t o c k S o c o n y V a c u u m o f N . Y _______________________ $ 3 , 1 8 4 . 0 0
115
“
“
“
A . C . & Y . C o _____________________________________________________
70
“
“
“
A m e r i c a n C h i c l e C o _____________________________
3 ,7 1 0 .0 0
216
“
“
“
S t a n d a r d T o o l C o ________________________________ 2 1 , 6 0 0 . 0 0
2 0 / 1 0 0 t h I n t e r e s t i n r e a l e s t a t e a t 7 3 4 1 E u c l i d A v e _________________________ 2 5 , 0 0 0 . 0 0
8 6 s h a r e s “ B ” S t o c k M e m b e r s G a r a g e C o _____________________________________________________
A s s ig n m e n t o f T h e E q u i t a b l e L if e A s s u r a n c e S o c ie ty L if e I n s u r a n c e
P o l i c y # 0 0 3 7 - 1 1 9 2 ____________________________________________________________________________________
A s s i g n m e n t o f G u a r d i a n T r u s t C o . R e t i r e m e n t F u n d # 7 1 ________________
4, 716. 40
1 8 s h a r e s P r e f e r r e d S t o c k T h e S w a n C a r b u r e t e r ______________________________________________
$ 5 0 0 . 0 0 P a r T r o o p A A r m o r y C o . 2 n d M o r t g a g e B o n d s ___________________
150. 0 0
$ 1 0 0 0 . 0 0 P a r B r a d y - W a r n e r C o a l C o r p __________________________________________________________
$ 1 0 0 . 0 0 P a r T h e G a s s e r B u i l d i n g C o _____________________________________________
50. 00
2, 800. 0 0
1 0 0 s h a r e s C o m m o n S t o c k I n t e r l a k e S t e a m s h i p C o _________________________
1 5 s h a r e s P r e f e r r e d S t o c k T h e M i l l s C o m p a n y ________________________________________________
1 0 0 s h a r e s C o m m o n S t o c k I n l a n d I n v e s t o r s ___________________________________
1, 0 0 0 . 0 0
T o t a l ________________________________________________________________________________
E x h ib it
6 2 ,2 1 0 .4 0
G-5b-18i
jS ta te m e n t o f D e li n q u e n t in te r e s t to M a r c h 1 0 , 1 9 8 4 o n lo a n s to H . P . M c I n t o s h , J r '
L oa n N o .
Am ount
63685.......................................
64916____ -_______ -________
65597.......................................
$145. 76
162.93
466.46
192.41
D a te of L a st
paym ent
3/16/33
3/16/33
3/16/33
3/16/33
Loan N o.
Am ount
D a te of L a st
Paym ent
55641.......................................
$2,028.14
/
\
64635.......................................
64.13
12/20/33
i 3/20/34
3/16/33
3,059.83
1 A p a ym e n t of $28.95 is show n as received on M a rc h 20,1934. H ow ever, for the purposes of this statem enr
it is disregarded due to its a m o u n t w hen compared w ith the m o n th ly accrual of $200.00 or more.
(E x h ib its G-5b-19a throug h G-5b-20c face th is page)
STOCK E X C H A N G E PEACTICES
8494
E x h ib it
S ta te m e n t
of
In te r s ta te
F o undry
'
G-5b-21
C o m p a n y — S y n d ic a t e
8 1 st, 1 9 2 3
account
as
of
D ecem ber
Shares
O r i g i n a l P a r t i c i p a t i o n ( P / V $ 1 0 0 . 0 0 ) ______________________________________________
B y a d d i t i o n a l p u r c h a s e ________________________________________________________________
W h i t l o c k P r o p o r t i o n a n d a d d i t i o n a l p u r c h a s e _________________________________
50
7
12
T o t a l ________________________________________________________________________________
69
E x c h a n g e d f o r n o p a r s t o c k o n b a s i s o f 1 2 .0 4 5 f o r 1, P r e s e n t H o l d
i n g s ( N o P a r V a l u e ) _________________________________________________________________
831
O r i g i n a l C o s t 5 0 s h a r e s @ $ 1 3 0 _____________________________________ $ 6 , 5 0 0 . 0 0
7
“
@ 1 2 7 . 8 8 __________________________________
8 9 5 . 11
1, 1 6 4 . 2 0
W h i t l o c k S t o c k 1 2 s h a r e s le s s h i s p a y m e n t s ___________________
C r e d i t b y D i v i d e n d s a n d I n t e r e s t A d j u s t m e n t ________________________________ $ 1 , 8 8 0 . 7 7
I n d i v i d u a l P a y m e n t s o f P r i n c i p a l __________________________________________________
2 , 7 8 9 . 12
B a l a n c e d u e o n 8 3 1 s h a r e s ____________________________________________________________
3, 889. 42
$ 8 , 559. 31
$ 8 , 5 5 9 . 31
D IS T R IB U T IO N
Num
ber of
Shares
2/10
3/10
2/10
2/10
1/10
166
250
166
166
83
$1,709.80
2, 575.01
1,709 80
1,709.80
854.90
$932.85
1,404 91
932 85
932.85
466.43
$776.95
1,170.10
776 95
776 95
388. 47
$1,411.00
2. 125.00
1.411.00
1.411.00
705.50
10/10
831
$8, 559 31
$4,669. 88
$3,889. 42
$7,063 50
O riginal
Cost
D iv id e n d s
and Pay
ments
Book
V alu e @
$8 50
share
Propor
tion
Balance
D ue
(E x h ib its G-5b-22a throug h G-5b-23c face this page)
E x h ib it
C om m ents
EXCEBPTS
FROM
on
M IN U T E S
G-5b-24
Statem ents
O F E X E C U T IV E
C O M M IT T E E
6 - 1 6 - 2 6 . V ic e P r e s i d e n t S h e p a r d R e p o r t e d t h a t i n a d d i t i o n t o t h e a b o v e
p a r t ic i p a n t s t o t h e lo a n , M r . M . C . R o s e n f e ld w a s t a k in g h is p r o p o r t io n s o t h a t
t h e a m o u n t w h ic h w o u ld b e lo a n e d b y th e G u a r d ia n T r u s t C o m p a n y w o u ld b e
$ 2 8 ,0 0 0 .0 0 in s t e a d o f $ 4 0 ,0 0 0 .0 0 a s a u t h o r iz e d .
9 - 1 0 - 2 6 . V ic e P re s . S h e p h e r d r e p o r t e d t h a t a s o f A u g 3 1 - 2 6 t h e C o m p a n y
o w e d u s f o r p r in c ip a l a n d in t e r e s t a t o t a l o f $ 4 0 6 ,3 6 0 .7 0 a s c o lla t e r a l f o r w h ic h
w e a r e h o l d i n g $ 4 0 0 ,0 0 0 .0 0 p a r 7 % F i r s t M o r t g a g e B o n d s o f t h e s a id I n t e r s t a t e
F o u n d r ie s , In c . to g e th e r w it h t h e ir c o u p o n s d u e J a n 1 - 1 92 6 a n d s u b s e q u e n t
th e re to .
T h e I n t e r s t a t e F o u n d r ie s , I n c . h a s p a s s e d a r e s o lu t io n a u t h o r iz in g o u r
p u r c h a s e o f s a i d b o n d s w i t h o u t t h e n e c e s s i t y o f t h e o r d i n a r y p r o v i s i o n f o r s a le .
I t w a s th e r e fo r e , o n m o t io n p r o p e r ly c a r r ie d , d ir e c te d t h a t w e p u r c h a s e t h e
a b o v e d e s c r i b e d b o n d s a n d c a r r y s a m e i n t h e B a n k ’s I n v . A c c t . w e t o r e c e i v e a
s u f fic ie n t a m o u n t o f b o n d s ( a t p a r ) t o g e t h e r w i t h c o u p o n s t o e q u a l t h e a m o u n t
s a id c o m p a n y o w e s u s fo r p r in c ip a l a n d in te r e s t .
1 1 - 3 0 - 2 6 . E x c e r p t s f r o m M i n . o f E x e c u t i v e C o m . — a p p r o v a l is h e r e b y g i v e n
f o r o u r a d v a n c i n g o u r p r o p o r t i o n a t e a m o u n t , a p p r o x i m a t e l y $ 2 8 ,0 0 0 .0 0 , f o r t h e
p u r c h a s e o f n e w m a c h in e r y t o b e le a s e d , i n o r d e r t h a t i t m a y a c c e p t f r o m T h e
M a t h e w s S t e e l C a s t i n g s C o . C h g o . a n d f u l f i l l , a n o r d e r f o r $ 8 5 ,0 0 0 .0 0 t o $ 1 0 0 ,0 0 0 .0 0
p e r m o n t h o n w h ic h s a id c o m p a n y e x p e c ts t o m a k e a p r o f it o f a p p r o x im a t e ly
$ 1 0 ,0 0 0 .0 0 p e r m o n t h ; t h e o t lie r p a r t ic i p a n t s i n a d v a n c e s , t o t a li n g — a p p r o x i
m a t e l y $ 1 0 2 ,0 0 0 .0 0 , t o b e M e s s r s : M a t h e r , R o s e n f e ld a n d T h e N a t i o n a l C i t y
B a n k o f C le v e la n d .
1 - 9 - 2 8 . T h is c o m p a n y is h a v i n g i t s b o o k s a u d i t e d a s o f 1 2 - 3 1 - 2 7 .
7 - 2 3 - 2 8 . R e c o n s tr u c tio n C o m . M r . S h e p h e r d r e p o r te d t h a t it n o w a p p e a r s
t h a t t h e lo a n s s e c u r e d b y b o n d s w ill b e p a id .
<s£L’
'M
l
IVw«<jLu/;^
3181 East 61st S treet, City
Exhibit
E x H iB iT ~ C - 5 b - 2 2 a
DESCRIPTION OF COLLATERAL PLEDGE!
,v£X/CJOv
-&+•
' S r J o .V?ia<.4~
S iL
/e-V 'TS /<?£'
Qve{ n -W-#?#)-/■**
/-hJ£;\
r '* * <
J-Z-ij
- - .. 4^/,
*
///
Jo o c u te j' /
J 3 / t ; i z o . 7 - /4
fo /te /o o , * ' / /
., 5,5"cIH ^ cclwv dU-
KfceiTfd from The (Juardian Saving* & Truitt Co. all collateral pledged and othf-r valuable pa|
E x h ib it G-5b-22b
Entry
f i . u t i u i ’t ' 1/ ' 'J’Mtudvct-*-
^
I 'y - 'f J '- 'y *
luit al Nut*
’f>
o&
■M-1e
Aniuunt ol Ne1lr ■
3161 East 61st S treet, City
P R IN C IP A L
Dal*
t,..
FEB ‘-i *>
t&lc..
!'*>mcnl
I M I K it K s i
Kmluc*
Iii ^bi io
■’
A 4 J.i*s 9 ?V f/fS \
j_.V 2 .o o O £ - (* s n S l
—O —
Dua
(Q'ipZ'L
l%- I+-U'
lirt-Up
)
N
i
h
II kM
/ f ju
3 *7 0 / le j
i*l' 0 ~ jjjL OOO X2 ii
* / '/ / * >
*»/*/£
9°.
E x h ib it
./
H <t L[
69
G-5b-23a
DESCRIPTION OF COLLATERAL PLEDOEP
r :—
/ff/o
+00,000-jSU
35Y,ooo
\
**
QS^ yyCt£K4
^T U yK g^A xW
4' ; .1 :.’ ^
(Q'W<y .
. S i £i S o cLu t 7-J - -i£~------f.nbti* ,,\ 8+-p- See --- * -^ 7 W — 3 ^ ----- C
tn u m k J ) / J / t r /So
» 7 - /- * ? /
a #
-jtr 4*7
76/ -IT/OOO
"
"
..
/ 0^ ^ . u
*
Jr
/ ;
/
.
fesw-ta, /c.V -4«ii-VtA-i 7 5’S ”3 ~
^
*
iM e r f
lr
|
7///l*y *«■1. .iSojffr
"
</
- H 9 H
!
ReceivedfromTheGuardianTrust Co. ail collateral pledgedandolhervaluablepaper*inconnectionwiththeloan.
E x h ib it G-5b-23b
!
/
?
,
E x h ib it G-5b-23c
of Securit;
XS/ustee or Transfer Agent /
Due Data
Redeemable
r
Securities Held by
BOUGHT OF
OR SOLD TO
RONDSOKCERTIFICATES
MaturityocPair| Number,
Ujt*>
E x h ib it
G-5b-25
E x h ib it
G-5b-26a
( g ..
1178,000.00
sJU o «r>
2 2 9 1 7 .-v .— .
o/o Thoa . E. Monke. MBfc / *1 tlp V
*rvv,__j
1,780 00
KT*»T 9-lfi-JO
vrA
■
'Mt-mw.ai
*247
x-c i t / i/
C- vshee*
r ,m
, _
-*<—1 W
j (KDG1 »
p ft s d - w ir i* ,,
,
u . . .
|
run n»
155,000 00
163,250 00
298,2^0 00
Diseuws BY T, R Robert*
INTEREST
DATE •
jys !
PAYMENT
BALANCE
MO
b*vi '
ITEMS
DATEPAID
DEBIT
175 *0 - ,
SEP i I 5 1S3T
'*-■■( M s # y s o -
DEC i 3
2 * m\
!*
1s
*0
I I S b . i 'o -
3 5 b o. •... ,,-y
■‘
f £| £ 3 7 S V
^>7
1 7 ) J o 0 - |L * * J ■ '* vl
1 iflS o - i
3(>
i‘
\*v. ?
DEC !p v * *
i
II3G :
W
.i i i
m
BFC I
"y$ i v “M •
i^ s n v 5o
•
} .« * ’■
> t» l
astti- s s' i ^ s k f s
.
,
W
f 'u
.
/ Afc3.!JO - j
Ih tfS o o - j
6
t■
/ 7<
sxv
?fV6 7-S0
^M W l 3«|b GheeId
J
! DEC *1 IS”
; !
,
J
o<0
w fiT k r
\
W lM t
| MAR I J I9S2
HUN 2 ! 1532
TV-UnSo
>**•7 5"0
S-U-ijSO
|
-.OiXA, E x h ib it
INTOU’ST
G-5b
28a
T ^ AAI.i.SH HOLDINO COKPAJTT
2291?
PRINCIPAL
PAYMENT
BALANCE
ITEMS
DEBIT
DATEPAID
/&i£b'oo
■3cn
lo id s
INTEREST
a te fc p 'o
«X*f 4 7^0
1
j
'vM'fe:') S"o
nec*.»vw»FbqmTHEGUARDIAN TRUSTCO. Pn.u>wif«oMt»» inconnectionw
E x h i b i t G-5b-28b
j
|
f
E x h i b i t G-5b-29b
DESCRIPTION OF COLLATERAL PLEDGE]
7 ono
Amount
lO IJ'sh r
/
Lnm
a»4
Can. : * .C .& Y .O o . fNo par^
Cert/-*0 100 ahra. n/o T.E. Monks
j
RaoM. l-26-*2
^51- 1 ahr. n/o T.K. Wonka
324 s h r s i
^ u c lid S hale R r i ck
. (//.^>a±.\
Certi £22-?00 sh»a. n/o Thomai'E. Wonka
21- 66 ahre. n/o Do.
C fC J > h rs l
V*
I A lle n H o ld in g Co. (
]Cert. 43“ 5 ahra. n/o Katherina V. Shaw
- 5 shrs. n/o ^abol B. Monke
1-2/jO ahra. n/o Thomas E. Monks
W3t‘
3
2
nd 1 nr e 31or*, lnc JVb par)
. . ____
f-igj-fi'eio1RTiia. j./u ,n» i
4A/33 Tfr. Cart;. #4044- 33 ih ra . n/o Carl A. Shorn
#C1564-100 ahra. n/o Carl A.Shaa
1 3 3 ^h rsj
5/18/53 sidd • 1 .
I f 0 'shr s . | P fd .
^
900 s h r s . Com.-
^
,
-y«H
\f&,, * ■ « » , W r S f * '</*/*S # -'? r t
\Acyse R s jo n C orp. ( f l 0 0 ,0 0 p a r )
! .6 erti. #34-. 150 s h r s . n /o Thomas E . Monks
j Acme ftajo n C orp. (No p a r )
C e r t . #34- -GO s h r s . n /o Thomas E . Monk:
R«ceiv«d from Th« Cuardian Truat Go. all (.ol!>t*nl pM(«d and other valuable pap,r» in connection with th, loan.
E x h ib it
G-5b-29c
E x h ib it G-5b- 29(1
*S»
4 .. -j
Fora JI?.
Thos
AFPLlCAtii'K
ifoftka
% Bank
[Sc — \
C ij:
M l s ■~
n it- ,
I H'>*tcc$a and S*roperti (al
'A*. 1. J. Kiilwo, stipt. <j|)Ual
’E " 1
^ / a A jf
>1W1\
x o x i^ S
Jt.H S
J l7'
A W .
iEC 1 5 1931
if/
»*JUN
1.7
|.?
,'MAK lb ft
1332
«»2
i v ^z.
■U>jlS
fiS '1 ^1 3 3 3
E x h ib it
G -5b-29e
E x h i b i t G-5b-29f
DEC IS
D ESCRIPTION O F COLLATERAL PLEI>GEDk
Hi*,ol SlMlti 1
l*»f Value
.
I
y /f
/ -/O '/Ivy
c _. ^
„
-
v<rf!
<y
( /&, yn
)
&C+4. g.
I -,
y rd
—o -
%
u *
J
I
/ X 'l/ y o y
t/1/ t-£\*
C<>rt. ^32*1- Uli shrs. n/o Thomas E. .Monks
&£ & / ” f^-r
i
Received securities 1-26-32
y r ts
' 'r?\ X A f z i C
Received from The CunrdUn Truat Co. all collateral pledged and other valuable paperi in connection with th* loan.
E x h ib it
o a —
CO—
~oo K
G
5b- 2 9 g
3J- 00 c 2 /0 * 6 > Qsco ■*
.... ’**•>••»*«od J»np<rty
^ 1 Jl *'alu>o, Svpt.*f a
Q C - V- J&V/O
/ ia / o v
i 'i O c s j
J lz & c y
;o;+w-s.
u c c iii.
7V/L33-
MAM0f OAN
E x h ib it G-5b-30a
:
Oue.t.rl)
/ ~/s>'J9 3 0
E x h ib it
d e s c r ip
A
n of
Rcceivr<) fromTh*GuardianTr«i*t Co. alt collateral
*jh,
3<)'i3X
Bt'tmIJur
8550~+jv>
G-ob- 30b
c o l l a t e r a l p l e d c .i ^
I
an-1other valuablepapersin connection withthcloin.
E x h ib it G -5b 30c
D ESCRIPTION O F COLLATERAL PLEDGED
•
S'
’T . V *
#
‘
RaceiveHfront The OtiI$i..n 1riut TjR/i11JolUlrr*! ;,ir<l.-^<l anH ajti.-i.tal.ial.le paper, in tonntttiMl with the loan- A t
'
E x h ib it
G-5b-30d
u fo lt
DESCRIPTION O F COLLATERAL PLEDGED
' " ~
~
r ~~........ |jk.... --■
■• r
H
" A *W
S fer
V h jh
if/b h i
U-JL,\4As*____
VSJL^A.Z. *
Ma.krt V«l».
,
"JK^.
'*-+*\
C44.4.*U.- H*U*t
M
UHuUJio i x ^ -Jxftt*~jc+^A.£-#-L,l~ j
- ^c*-K^ (1<*kXaaAI l44*<*^Ua ^O - urvittLi J~
H x l*0<d*-£.£ • |
-*£u, ,4*c/Cc^fe>C«^ci_^L' 6 ,62a. fca
U v ^ ju A Ji^
-
-' ‘
■
-
I
lt/ 5/33 • M ,l» Afre«B»nt of Pledge dated j/zh /tt covering folliw in g|
Aosi gn»ents»
•
^ -1
As si gnaiant q£ The fuardian Trust Co. Retirement Fund 1
, / ..coun t 153 0>*t«> 3 M /3 3 ),
-*33
.>**• e y - » v , r / - t f * ¥ « : — A - f /
—
Assi gnment o f Tho Equitable Life/Assurance Society 1
y'C ert.#lli*2 in the Guardian Trust C o.'s Group in*ur- i
•nee poliey #00J7 fo r one years salary,(Deted 1, V/3?J;
Policy held in paymasters o ffic e . See correspondence
in loan pouch.
’
C
.
^
.
-
4ffdx ■
'
I
rt TH*Cu«rt!i»n T«f»t Co. all collateral pledgedanJ olWf valuable paper* ii
E x h ib it G-5b-30e
scti<in.itb tha Ii
.
I
.... K. SS IS I bS ..JR,
T rv > tg # ft u
20122
Loan no.
tRfeSS
r0BlitLOINGS APPRAISES AT
296 Loti 4
IO>u
A
DATE
PRINCIPAL SUM
PAYMENT
INSURANCE I
In *'*QUARTERLY PAYMENT I 10,300.003 START 12/15/27
INTEREST
I
1
BALANCE
I
--
I"
D£C 15 1827
« m 14 ftt
E x h ib it G-5b-31a
CLASS
PRINCIPAL SUM
PAYMEP
ITEMS
*«>3yf
lis in ti
3/ i f f
y i» sr.
301+0+
i ot<fi
114 .-
w je f
It if k lf l
is q i f t j a
is i(0 3 i( .s a
A3S.L
lo o s e s '
i f f f f o 17
IX h O llS i
I«2
o o S h-I
I8 IS S 1 S 3
THE GUARDIAN TROST CO. FOLLOWIwa mhm
E x h ib it
G-5b-31b
Keister J r . In<
286 Lota k Bloak A -E.B.Helater, J r . Ino
Mayfield Tp
L. H. H eister, J r , Ine^s Ceddr1
lot mo*
30 Tract K". 3
*«*
PRINCIPAL
BALANCE
ITEMS
lb % 6 4
w iik
■S2.SS2,
■363^-S
I 1 S'jfc
jl
3& I 12.
sgeL
if? u ift
a i3 7 7
i f b4-
L Z csT
3.7 a so
5<e
E x h ib it G-5b-31c
Vacant
.re or entry
LOAN NO.
Allotment!
class
DAYS
a.ao&Qo s a o soo /9 x o 9 033
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l i r f 17 71
H I k jh lt
s rto 9 ‘ 7
f i l l 75
! 139 h i
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I 9 i f 31-91,
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f-;0J5-r(>
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E x h ib it
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G -5b-32a
GUARDIAN MORT *G8 RECORDE.C V#
Various A llo ts*^
Golf Allotment
of
j K f f l ? or
7cuj^\*/rA
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.
*35 w'iWWJS
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>2.3^ •S~o
2 3 3 fl 3 n i n ? 1 321
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|73 I '» t 7 7
I 7a<*-P» 3 4
i i a s M 43
.r M A t i, A * .lh l*
in ^ k * % # i» t « r l*nd Co*» B elrolr u
cRic. Euolia Twp. Lot #«5 NO
CUYAHOGA COUNTY RtCOROS
E x h ib it G-5b-32b
>1
1P-2C-25
l.ATEO. WJTt 0
&
—
—^
7% *
tnrnumtr
»SS5,OOO.0O
AWOUMTor MOT*
ISTSH, J l . IKC. et a l .
-U-
PAYMENT
716 Bulkley B u ild in g Cleveland
UND... « 761,706 OQ
__Cuyahoga _ ..... !F9>^.
w*= i lB I ,.,,* : 47Ql ■
BCtKIS. . *:___ _ -dB?-.__'
Various A ll* ta , South E uclid, Ohio Jc University Ets.
6-15-29
III MORTGAGED
TOTAL » 751,705 00
SUB-LOTMO.
Tho Roister Land Co's Belvoir'
a. 0iv(tsi0f»0r wmctoi
66
E uclid Twp.
11,750 00
MOHTOAOS
PRINCIPAL
PAYMENT
(L a 3 E f* x
m i 2 1S90
1 st.
JUN 1 2 1930
JUN 1 2 1930
JUN 1 2 1980
JUN 1 2 1930
JUN 1 2 1980
JUH 1 2 1930 Aor.
JUf» 1 2 1930
JUS 1 2 1930
JU« 1 2 1930 Z ^r.
JUL 2 8 1930
JUL 2 & 1330 SUr:
JUl 2 6 1930
JUL 2 1930
JUL 2 6 1930
JUl 2 R'1930
JUl ii 6 1930..■>C~’x
JUt * fi 1930
JUl 2 6 1930
JUl Z 6 1930
JUl 2 6 1330 "
Jill 2 8 1930
• JUl Z 6 1930 SLjT:
Jl'l :2 6- 193C
BALANCE
DATEPAID
172 (1 ^ f e t t !
/ 7 1 <>9o 7 Wj
t o sl 68
J7 |
6A * lf« * f h c u i m
I 7’ 3.24-913
U-oool 1 I 705*1 3 4-/
/ r f ? s*i I } 0 3 2 3 U
ft
I Ll S c L “*
360
SSLAlif^
7 -^1
l i t OQ *»
n "
11 <?jTj
S f iZ i'
433
J3 ?# 3
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1j d c
I 70,32 3.?0
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lift/
7
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E x h ib it
G -5b-32c
gSTER, JR. TNC..ot a l
S a iS B g
21935
lU 3 lf S I 3 - ;
% a «.« . /
AUG 2 • 1330 t( i * > 4 r ? S T
fcUG 2 9 f!30 J V.rfL.'i
I 5 3-5*
SEP w 9 «3U
SEP 1 3 1930
sep r s ’S3#
1930
SEP
SEP &5 1930
i l ®
Alf.lf.OI
3EP tt 5 1330
J 77 i l
iEP i S 1930
//* /»
SEP {- » 1330
IS ljg l
L ^ 1330
a tb o i
SE? 1' 5 1330
A'A-ffl
304. 7 sSEP * 5. 1330 ,
7$ 5~l
‘ SEP ]i J ’,930
1930 . i EP 'lJ 5. 1330
n
f'f® 3
'2EP 2 5 1930 „ »v.” 3 0 7 a i
TIME
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E x h ib it G-5b-32d
U - 20-28
/
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HEISTBS. JR , IHC. a t al
Cleveland____
__ 1 iX y K a . CO
APPRAISAL
M"° 11... 751#7Q5.... 00
^
,
lot
South Euolid,..Ohio.A University Bts«___
?A*. *
totai. »75l#706
' 00
r«*TaCINOSUB-LOTNO.
in The Heister Land Co's Bel v oir
E uclid Twp,
MOKTftAacmtcoacusot^w 3876 ... pg-4?-Q.
JGnyafeflcm
.-cov^
PRINCIPAL
C tje * » 3
6 *7 a.4
Q*\r+-
AlfS’-
DEC 1 3 '93L ^
CEC 1 3 1930 ' !\
*Av
lt>i n o 3
(JLtwI.aa i^3o- j&tiJ */»?/*<
I L I 0 I If. A.3 * S ^C U - U a aS J^
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E x h ib it
J r , Inc,
G-5b-32e
et a j
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PRINCIPAL
PAYMENT
BALANCE
%tyJLKXJL.
M»R
APR
Wh
APR
&AY
ftffl
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13 U3I
•
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16 1931
I f J931 r - w .
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-m 16 1831 i'v'fr.
3as>a,
MAY If- 1931 "Pa ^ . . in e a.i
/AY 16 1331 3>\fS ?3t
AY 16 193i"T^aauc ■ a a i s -i
MAY 16 1931
■
71 1&
VAY 16 133lT<-uu. .
7534 '
I f 1331 Svtt".
3S?t,
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JUN -S!93l3*4»>%
1931 3>4-/3 7 3 A
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inconnictk
E x h ib it G-5b-32f
'
vi i J
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W .9 To______ ^
IM W HrSSS-....
2
WT.T..
HEI8TB&Dt,----21955
NUMPtW
PAYMENT
*
______________ ____________________ f : . ___ .
L. H. US ISTER, JR. ISC. at al
j*
_.........
715 Bulkley
B u i l d i n g ---------*»iOoBe»s
11,760. MO»TO*OC
00
KCOMD>IN VOL 5Q78
»-C.
470.....Ctly*hOga
____
... A ll't s .
CO.
Various A llV t*. South S uelid , Ohio 4 J n iv « r * itj Bt*.
.2Z*5Z__flslfisfL J __ _
MfOMOtTY
__ _ _
- Heiater Land Co** Belroir
SETMONO SUB LOTNO.
Euolid Tup,
LOT NOS.
gg
TOTAL , t
•L. TAKEN■'
PRINCIPAL
PAYMENT
W6
1 7 193|,
.1 i s -
: t4 5 ’ i 3
MW
: lc - j
APn 1 5
kn * :
JAN 3 0
JAW 3 0
w3i
1332^4.- u c
1933s/t a 5
19334^- 3*1
.
3 ii
DATEPAID
|l.4
H I£
lie *
i t^3iSnt>c£
7aa**-i
?3fe3
f3 » 3
6
l y£270
ftfo
I u&ss'q
I H - t'S JJit:
y fb V
i / v 3 7 3,
Vifc 3 8^
I f a s 2. t i l
| k 2 it S 3 iL
IW f b w
•»!?»' ti
141 j 113,8 £
/UutM/
“jf
-X
E x h ib it
J
G -5b-32g
E x h ib it G-5b-33a
CLASS
___ APPRAISAL.___
DESCRIPTION OF COLLATERAL PLEDGED
7199*
The G u a rd ia n T rust
C « « t . c f D e p o s it^ * ’"'1
fo r 1 8 3 1 7 , j ^ > ^
d a te d 8^*<-1932f y
du e> K l3 ~ 1 &33 ,y jf I
Guardian Tru.t Co all collateral pledged and other valuable papar. in connection with the
E x h ib it
G-ob-33b
DESCRIPTION OF COLLATERAL PLEDGED
'
7970 ahr--!
*-»/ : Cap. ?he A.C.& Y .C o .lfo p a r
C a r t .# 80- 326 s h r a .n / o
</
94- 42 a h r a .n / o
107- 500 a h r a .n / o
115-3800 s h r s .n / o
100- 300 a b r a .n / o
101- 500 a h r s .n / o
3.02- 500 sh rs .n / o
103- 500 s h r s .n / o
104- 500 a h r s .n / o
105- 500 s h r s .n / o
106- 500 s h r s .n / o
I
* i$ '
/
H .8 . S te w a rt
So.
*
The G u a rd i ar. Tn s t <ompany
The G u a rd ia n Tr a t Company
Do.
Do.
D0 .
D0 .
Do.
Do .
Do.
50 s h r s . P
Com* The Jones- F in n e y Motor C o. (no o a r )
/
C e r t .# 52- 50 s h r a .n / o H .B .S te w a rt
50 s h r s . f
P f d . ' The Jo n e s- F in n e y Motor C o .f 1 0 0 .0 0 P .V .
y
C e r t .# 14- 50 a h r s .n / o H .B .S te w a rt
v
<
IwO 8 h r®*JB/ CotmEonwealt]- S e c u r it ie s „ I n c .No p a r
t
682- 100 s h r s .n / o fl.B .S fcew art c
^ A*-u$ £ $
,
y IsTVrjUt it* 4
100 s h r s . f
v P fd . The Akron ^u b b e r R e c la im in g C o .5 1 0 0 .P .V .
J
!
C e r t .# 223- 100 s h r s .n / o H .fi.S te w a rt
J
The Guardian Tru.t Co. all collateral pledged .nd other v.luable p
- I
E x h ib it G-5b-33c
-
I
STOCK E S C H A N G E PEACTICES
8495
R e c o n s tr. C o m . 9-4-28. M r . S h e p h e rd re p o rte d t h a t T H E
IN T E R S T A T E
F O U N D R Y P l a n t i n C h i c a g o h a d b e e n le a s e d a t a p r i c e w h i c h w o u l d s o m e t h i n g
m o r e t h a n t a k e c a re o f a ll c a r r y in g c h a r g e s .
1 0 - 8 - 2 8 . R e c o n s tr . C o m .— D is c u s s e d , b u t n o a c t io n r e q u ir e d .
(E x h ib its G-5b-25 th ro ug h G-5b-2Qa face th is page)
E x h ib it
C om pany
THE
G-5b-26b
C orrespondence
G U A R D IA N
TRU ST C O M P A N Y
F ro m W . R . G reen
D e p t . C o m p t r o lle r s
T o M r . E . L . N e u s w a n d e r , A s s is ta n t T re a s u r e r,
c .c . M r . R . H . G a r n e r , A u d i t o r .
J une
16, 1932.
S u b je c t:
P le a s e c h a r g e t o R e s e r v e f o r D e p r e c ia t io n , a s o f t o d a y , t h e f o llo v / in g B o n d s :
4.000 S outhern M in n e so ta J o in t Stock L a n d B a n k 5% F a rm L o a n B o n ds 11-1-64/34__________
$4,115. 0
87,200 Chicago, M ilw a u k e e , S t. P a u l & Pacific R R C o 5% C o n v . A d j M tg e . G o ld B onds
duel-1-2000____________________ ______ ________ __________________ _____ _________________ ________
40,548.00
120.000 International- G reat N o rth e rn R R C o A d j M tg e 30 Y r . 6% G o ld B on ds, Series A ,
du e 7-1-52................................................. ............_........................................................ . . . ......................
43,200.00
58,500 T he K ansas C ity K a w V alle y & W estern R R . C o. 1st M tg e . 4% G o ld B o n ds due
10-1-47____________ ______ _________ ______ _____ _________ _____ _______ ______________________ _____
20,000.00
75.000 N e w Y o rk State R y s 50 Y r 1st C ons. M tg e 4 H % G o ld B o n ds d u e 11-1-62.___________
30,000.00
3,374.06 A lle ghen y By-Products C oke C o C oll. T rust 6% N otes due 10-1-21__________________
1,400.00
32.000 I n d ia n a L im estone C o. 1st Closed M tg e 6% S F . G o ld B on ds, du e 5-1-41.......................
13,780.00
334.000 In te rstate F oundries In c . 1st M tg e Serial S F . 7% B on ds, du e 7-1-28 to 7-1-30_______
49,657.58
78,900 R e la y M o tors C orp 5% 1st M tg e . B o n ds due 1-1-31 to 1-1-35_________ ______ . . _____ . . .
39,450. 00
11.000_A u d ito r iu m B ld g . C o. 1st M tg e . L H . 7% B on ds, due 9-1-28 (Certs of D e p o s it)_______
3,298.33
9.100 C leve lan d T e rm in a l B ld g . C o 1st M tg e . L H . 6% S F G o ld B o n ds due 12-1-41_______
7,676.42
10.100 C oal & Iro n B ldg . C orp. 1st M tg e. L H . 6H% G o ld B o nds due 4-1-31 to 4-1-39_______
4,000.00
26,800 D etroit-C leveland W arehouse & R e a lty C o. 1st M tg e . & C o ll. T r. 10 y r. 6 H % S .F .
B on ds, du e 6-1-35____________ ______ ____________________________________________ ______ ________ _
13,500.00
50.000 Estates & In v e stm e n t C o. 1st M tg e L H 7% B onds, du e 7-1-28_________ ____________
25,000. 00
12.000 E u c lid S eventy F irst B ld g . C o 1st M tg e L H 4% B o n ds d u e 9-15-43.......... ................ .
1,800.00
62.000 T he F a ir m o u n t D ev e lo p m e n t C o. 1st M tg e . & C o ll T r. 6H% G o ld B on ds, due 2-1-29
to 2-1-31______ _____________________ _______ ___________ -................ ...................................-...........30,870.00
9.100 T he F a ir m o u n t D evelopm ent C o. 1st M tg e & C oll. T r. 6H% G o ld B onds due 11-1-31
to 11-1-32____ _______ ______ ___________ ____________ ________ ______________________ ________ _____
4,313.75
500 K . L . G re n n a n R e a lty T rust 1st M tg e . & C o ll. T r 6}^% G o ld B onds due 1-1-35_________
250.00
20.000 H . F . Neighbors R e a lty C o 5%,% L a n d T ru st Certs of E q u ita b le O w n ers hip_________
5,550.00
8.000 P u b lic S quare Im p ro v e m e n t C o 5M % Fee O w nership C erts_____ ________ _______ _______
4,000 00
30.100 Sixty F iv e F o rty F iv e C arnegie C o . 1st M tg e 6M % G o ld B o n ds (Certs, of D e p o s i t ) . 15,000.00
46,410 H . A . S ta h l Properties C o 1st M tg e & C o ll T r. 6 H % G o ld B o n ds (C erts of D e p o s it).
22,610.00
600.000 7275 W e n tw o rth A v e C lev e lan d , C ertificate of E q u ita b le O w nership_________________
20,000.00
74.000 C ity of B ud ap e st H u n g a ry E x te rna l S m k in g F u n d 6% G o ld B on ds, due 6-1-62...........
66,492.00
44.000 Im p e r ia l C hinese G o v ern m en t L o a n 5% H u k a u n y R y s S F . B o n ds of 1911, du e 6-15-51.
6,600.00
62.000 Pasadena In v e stm e n t C o 1st M tg e . L . H . 6 H % B onds due 3-1-32____________ _________
31,000.00
$504,211 08
W .
R .
G reen,
V ic e P r e s id e n t.
W R G ’G M N
E x h ib it
G-5b-27
Septem ber
in
r e
: in t e r s t a t e
f o u n d r ie s
8, 1932.
, in c .
T h e c o m p a n y is p r a c t i c a l l y a t a s t a n d s t i l l p o s i t i o n .
T h e c h ie f a s s e ts t o w h ic h
t h e b o n d h o l d e r s a r e l o o k i n g f o r r e lie f a n d l i q u i d a t i o n a r e f iv e p ie c e s o f r e a l e s ta te .
S u c h r e a l e s t a t e w a s a p p r a is e d a s o f D e c e m b e r 3 1 , 1 9 3 1 a t $ 6 8 1 ,1 1 7 .9 3 .
T w o of
th e s e p r o p e r tie s a re n o w t h e s u b je c t fo r a c t iv e n e g o t ia t io n s , h o w e v e r , a t g r e a tly
r e d u c e d p r ic e s .
T h e t o t a l e s t im a t e d v a lu e a t w h ic h th e s e p r o p e r tie s c a n n o w b e
s o ld (s a id e s t im a t e h a v in g b e e n m a d e b y M r . C h a r le s H e e r , T r e a s u r e r a n d D i
r e c t o r o f t h e c o m p a n y ) is $ 3 8 5 , 0 0 0 o r $ 4 0 0 ,0 0 0 .
T a x e s fo r t h e la s t h a lf o f 1931 a re d e lin q u e n t .
T h e C h i c a g o p r o p e r t y is w e l l
re n te d a n d h a s tw o y e a rs to r u n .
I t is h o p e d t h a t t h e p r e s e n t t e n a n t , t h e W e s t e r n
E le c t r ic M f g . C o ., w ill b u y s a m e .
T h e s e b o n d s a r e c a r r i e d o n t h e b o o k s a t 7 0 , a n d i t is n o t l i k e l y t h a t l i q u i d a t i o n
w i ll f u l l y m e e t s u c h fig u r e .
(S ig n e d )
A. F. A yers
A F A :A IL
(Exhibits G-5b-28a through G-5b-33c face this page)
STOCK E X C H A N G E PRACTICES
8496
E x h ib it
G -5b-34
M arch
M r. H e rb ert
29, 1933.
K . O akes,
H o lly w o o d , F lo r i d a .
D ear H erbert: I
M a r c h 2 5 th .
a p p r e c ia te m o r e t h a n
I
can
ex p re ss h a v in g
y o u r le t t e r o f
I n t h e s e h e c t i c d a y s w h e n e v e r y o n e is s e e k i n g t o f i n d s o m e t h i n g t o c r i t i c i s e i t
is c e r t a in ly c o m f o r t in g t o r e c e iv e e x p r e s s io n s o f c o n f id e n c e f r o m o n e ’s fr ie n d s .
W e h a v e a s p l e n d i d R e o r g a n i z a t i o n C o m m i t t e e a n d i t is w o r k i n g n i g h t a n d d a y
o n a s e tu p fo r a n e w N a tio n a l B a n k .
T h e p l a n is t o h a v e t h e R . F . C . l o a n o n
p r e s e n t G u a r d i a n T r u s t a s s e ts i n a n a m o u n t s u f fic ie n t t o p a y a d i v i d e n d t o G u a r
d i a n d e p o s ito r s t h r o u g h t h e n e w N a t i o n a l B a n k o f a t le a s t f o r t y p e r c e n t.
A ll t h e G u a r d ia n D ir e c to r s h a v e b e e n s u e d fo r t h e ir d o u b le lia b ilit y a n d p r o b
a b l y t h e r e w i l l b e a l o t o f u n f o r t u n a t e p u b l i c i t y r e g a r d i n g d ir e c t o r s ’ a n d o ffic e r s ’
lo a n s .
W e h a v e a d v is e d a ll t h e d ir e c to r s t h a t s u c h p u b lic it y w o u ld p r o b a b ly
b e f o r t h c o m in g a n d h a v e s u g g e s te d t h a t if t h e y w is h t o a v o id i t n o w w o u ld b e
a n o p p o r t u n e t i m e t o p l a c e e ls e w h e r e a n y l o a n s t h e y h a v e w i t h u s , s o I a m w r i t i n g
y o u c a l l i n g a t t e n t i o n t o y o u r l o a n w i t h u s w h i c h is n o w a b o u t $ 3 0 , 0 0 0 . 0 0 i n o r d e r
t o g iv e y o u a n o p p o r t u n it y , a lo n g w i t h t h e o th e r s , t o p a y t h is lo a n o r r e f u n d i t
e ls e w h e r e , t h e r e b y p o s s i b l y s a v i n g y o u s o m e e m b a r r a s s i n g p u b l i c i t y .
W i l l y o u k i n d l y g iv e t h is m a t t e r y o u r a t t e n t io n r i g h t a w a y a n d w r it e m e w h a t
y o .u w o u l d l i k e t o h a v e d o n e a n d I w i l l h e l p y o u i n a n y w a y p o s s i b l e .
I a m g la d to k n o w t h a t y o u a re im p r o v in g .
Y o u r s o n w a s i n m y o f f ic e t h e o t h e r
d a y a n d g a v e m e t h is in f o r m a t io n .
I h o p e t h a t in a s h o r t t im e y o u w ill b e y o u r
o l d v i g o r o u s s e lf a g a i n .
W it h v e ry k in d re g ard s, I a m
S in c e r e ly y o u r s ,
E x e c u tiv e V ic e P r e s id e n t .
H C R-C T .
(E x h ib it s G-5b-35a th ro u g h G-5b-35i face th is page)
E x h ib it
C R A IG - C U R T IS S
G-5b-36
C O . (C L E V E L A N D )-- N O V . 19-29
C a p it a l S to c k , n o p a r , t a x a b le b o o k v a lu e 16.
T h is C o m p a n y is i n p o o r c u r r e n t c o n d i t i o n a n d h a l f o f i t s n e t w o r t h is r e p r e
s e n te d b y s to c k s o f d o u b t f u l v a lu e .
T h e C o m p a n y o p e r a t e d a t a lo s s f o r t h e
fir s t h a lf o f 1 92 9.
T h e C o m m it t e e r e c o m m e n d s t h a t t h e s to c k b e g iv e n n o v a lu e
f o r lo a n in g p u r p o s e s .
THE
C R A IG
CTJRT ISS C O M P A N Y , G E N E R A L
CONTRACTORS
O ffic e r s : G e o r g e L . C r a ig , P r e s id e n t ; L . C . C u r t is s , S e c r e t a r y a n d T r e a s u r e r .
D ir e c to r s : T h e a b o v e w it h H . P . M c I n t o s h , J r ., J . H . F o s te r , a n d E . A .
P e tr e q u in .
B a la n c e sheet, J u n e SO, 1 9 2 9
A S SE T S
C a s h ______________________________
N o t e s R e c e i v a b l e ____________
M i s c e l l a n e o u s D e p o s i t s ____
A c c o u n t s R e c e i v a b l e _______
M e r c h a n d is e , U n b ille d c o s t
S t o c k M a t e r i a l _______________
C a s h S u r r e n d e r , L ife I n s . .
L I A B I L I T IE S
$4, 579. 73
7, 0 0 0 . 0 0
273. 00
188, 159. 93
7 8, 8 5 2 . 51
5, 600 . 01
8 ,2 7 5 .0 0
T o t a l C u r r e n t _______ $ 2 9 2 ,7 4 0 .
S to c k s , B o n d s & In v e s tv e s t m e n t s ___________________
3 3, 105.
M c h y ., E q u p t . & F ix tu r e s .
19, 2 73 .
C o n t r a c t f o r S e r v i c e s _______
13, 0 0 0 .
P r e p a i d E x p e n s e _____________
4, 400.
P r e p a i d I n s u r a n c e ___________
6, 788 .
18
N o t e s P a y a b l e ________________ $ 5 0 , 0 0 0 . 0 0
A c c o u n t s P a y a b l e ___________
226, 779. 06
2, 643. 35
A c c r u e d I n s u r a n c e __________
T o t a l C u r r e n t _______ $ 2 7 9 , 4 2 2 . 4 1
R e s e rv e fo r D e p r e c ia t io n .
C o m m o n S t o c k _______________
D e f i c i t ______________ _________
10, 732. 21
100, 000. 00
2 0 ,8 4 6 .7 3
36
43
00
52
40
369, 307. 89
$369, 307. 89
E x h ib it
G-5b-35a
E x h ib it G-5b-35b
DESCRIPTION OF COLLATERAL PLEDG1
E x h ib it
G -5b-35c
DESCRIPTION O F COLLATERAL PLEDGED
Received from The Guardian Trait Co. all collateral pledged and other valuable paper* in connection with the loaa.
E x h ib it G-5b-35d
E x h ib it
G -5b-35e
E x h ib it G-5b-35f
DESCRIPTION OF COLLATERAL PLEDGED
JV//3
E x h ib it
G -5b-35g
DESCRIPTION OF COLLATERAL PLEDGED
\S9o*1
Received from The Guardian Trait Co. all >.ollateral pledged
E x h ib it G-5b-35h
E x h ib it G-5b-35i
STOCK E X C H A N G E PEACTICES
8497
In c o m e
Sales
1925.................................................................. ............................... ..................
1926............................................................
...
.
_.
1927_________________ ______ _______________________ _____________________
1928........................................................................ .................................... ...
$1,789,141
1,162,512
1, 717,961
1,328,968
678,798
E arn in gs
$30,359
7,991
7,801
843
22,901
D iv id e n d s
$10,000
20,000
17,000
N on e
C o m m e n t s : C a p i t a l s t o c k , n o p a r , 4 ,0 0 0 s h a r e s .
T a n g ib le b o o k v a lu e $ 1 6
( r e f le c t in g a 4 f o r 1 s p lit )
I n M a y , 1 9 2 9 s t o c k h o ld e r s w e r e a s k e d t o a p p r o v e a s p lit- u p o f t h e $ 1 0 0 p a r
s t o c k o n t h e b a s is o f 4 n e w s h a r e s f o r o n e o ld s h a r e .
T h e t a n g ib le n e t w o r th o f
t h is C o m p a n y is $ 6 6 ,1 5 2 .
T h is in c lu d e s a n i t e m o f $ 3 3 ,1 0 5 u n d e r t h e h e a d in g
o f s to c k s a n d b o n d s .
W e d o n o t k n o w th e p r e s e n t in v e s tm e n ts , b u t s e v e ra l y e a rs
a g o s o m e d o u b t f u l v a lu e s w e re in c lu d e d , s u c h a s W in t o n H o t e l, U p p e r E u c lid
C o ., a n d s o m e c lu b 's t o c k s .
T h e i n v e s t m e n t a c c o u n t is h a l f t h e n e t w o r t h o f t h e
Com pany.
F r o m a n o p e r a t i n g s t a n d p o i n t t h e s t o c k is n o t w o r t h i t s b o o k v a l u e .
F ro m a
c u r r e n t a s s e t s t a n d p o i n t t h e C o m a p n y is i n v e r y p o o r s h a p e .
_ W e r e a l i z e t h a t t h e s t o c k is v e r y c l o s e l y h e l d a n d i n s t r o n g h a n d s .
T h is r e p o r t
is s u b m i t t e d m a i n l y f o r p u r p o s e s o f r e c o r d .
R e p o r t f o r S e c u r itie s C o m m it t e e
P re p a re d b y W . L . S p e rry
S e c u r itie s A n a ly s is D e p a r t m e n t
N o v e m b e r 7, 1929
F o rm 289
T he G u a r d ia n T rust C o m p a n y
E x h ib it
G-5b-37
N a m e : T h e C r a ig C u r tis s C o .
A d d re ss: 4 61 4 P ro s p e c t A v e .
B u s in e s s : G e n e r a l C o n t r a c t o r s .
O ffic e r s o r P a r t n e r s :
O th e r B a n k A c c o u n ts :
In tr o d u c e d b y o r k n o w n to :
R e m a rk s:
D ate
3-10-30
A ction of C om m ittee, etc.
C R A I G C U R T IS S C O M P A N Y — C om m ittee approved of our discounting note of M c G e a n
C hem ical C o m p a n y in the a m o u n t of $8,886 00, due F eb rua ry 13th. (E T S ).
Officers’ N oo n, 1-14-30.
T o loan $15,148.70, this in a d d itio n to present loans of $20,000.00.
T he Craig-Curtis? C o., $36,194 54.
T his com pany is liq u id a tin g its business a n d M r . H u g h W ells of T he C leveland Association of
C re dit M e n is acting as trustee for the creditors. W e filed our claim for $68,043.39. I t was
reduced b y $14,871.62, b y m o n e y h e ld in escrow w hich grew o u t of m on ey advanced on the
Kresge contract. O n J u ly 11, 1930 M r . W eils p a id a d iv id e n d of 6% to creditors, our share
a m o u n tin g to $4,082.60. W e have also charged off $10,000.00 on this account, leaving a balance
on our books of $36,194.54.
I talke d w ith M r . W ells D ecem ber 10,1931, a n d he inform s m e th a t they have on h a n d $4,700.00
in cash a n d six notes for $250.00 each, payable m o n th ly , w hich is th e balance due from the
purchaser of certain assets of T he Craig-Curtiss C o m p a n y . T he last of these notes w ill ina*
ture on J u ly 1,1932. T he total liabilities are $107,000.00, a n d he estimates th a t we w ill receive
a fin al liq u id a tin g d iv id e n d of a pprox im ately 5% . I f this estim ato is correct we w ill sustain
an a d d itio n a l loss on this account of $32,700.00. 12-15-31.
W ritte n ofl 12-30-31.
STOCK E X C H A N G E PRACTICES
8498
E x h ib it
G-5b-38
N a m e : H . B . S te w a r t.
A d d re ss:
B u s in e s s :
O f fic e r s o r F a r t n e r s :
O th e r B a n k A c c o u n ts :
In tr o d u c e d b y o r k n o w n to :
Re
ark s:
A ction of C om m ittee , etc.
D ate
10-14-21
10-28-21
9-28-23
Executive
C om m ittee
T o loan $100,000.00, on m ixed, satisfactory collateral, p rov id ing the financial statem ent, to be
obtained of M r . Stew art, is satisfactory to this com mittee.
M r . H ouse read extracts from a letter a n d financial statem ent of M r . H B . Stew art, w hich
this C om m ittee requested in its m in ute s of October 14th 1921, be furnished us in connection
w ith M r . Stew art*i a pplicatio n for a loan of $100,000.00, after w hich the m a k in g of said loan
was approved.
A n a pplicatio n was presented for a loan of $50,000 00 in a d d itio n to his present loans of $150,
000.00, he offering as collateral to this proposed $50,000.00 a d d itio n a l loan 800 shares of
c apital stock of th e A k ro n , C a n to n & Y o u n g sto w n R .R .C o . T he com m ittee decided th a t
we shou ld n o t m ak e the loan on the offered collateral b u t requested the officers to h ave an
appraisal m ade of M r . Stewarts* farm near Congress Lake, O hio presenting said appraisal
to the C om m ittee for its decision as to w hether we w ill m ake a loan of $50,000 00 based on a
mortgage on said farm , or other satisfactory collateral
E xcerpt for C re dit D e p t, from Executive C o m . M in . ’ 6-21-32.
M r . M c In to s h , Jr., stated M R . H . B S T E W A R T is asking for a one-year renewal of his
personal loans from us, agreeing to p a y one year’s interest in advance; he w ill also p a y in
advance one year’s renew al p re m iu m on $500,000 face value life insurance on his ow n life
w hich policies are being assigned to us as a d d itio n a l collateral to his loans from us; he wil»
also pledge as a d d itio n a l security thereto 3,800 shares C a p ita l Stock T h e A . C . & Y . C o m l
p a n y . T he C o m m ittee hereby consents to the foregoing program .
E x h ib it
G-5b-39
MEM O
T o : W .H .S .
I n r e s p o n s e t o y o u r t e le p h o n e r e q u e s t f o r i n f o r m a t i o n c o n c e r n in g lo a n s t o
H e rb e rt C a re y O akes.
W a s u n a b le t o f in d a n y lo a n s m a d e t o t h is i n d iv id u a l, b u t f o u n d t h a t H e r b e r t
K in g O a k e s w a s a d ir e c to r o f T h e G u a r d ia n T r u s t a n d h a s lia b ilit ie s t o t h e b a n k
a t t h i s t i m e a n d I p r e s u m e t h i s is t h e a c c o u n t i n w h i c h y o u a r e i n t e r e s t e d .
M r . O a k e s is n o w d e c e a s e d a n d t h e C l e v e l a n d T r u s t C o m p a n y is T r u s t e e f o r
h is e s ta te .
T h e o n l y l o a n o p e n a n d u n p a i d t o d a t e o f M r . O a k e s is o n e o r i g i n a l l y
i n M a r c h o f 1 9 3 2 , a m o u n t $ 3 5 ,6 5 6 . w h i c h is a c o n s o l i d a t i o n o f l o a n s m a d e i n 1 9 2 9
a n d 1930.
T h e p r i n c i p a l h a s b e e n r e d u c e d t o $ 2 3 ,0 0 0 .
A c c r u e d a n d d e lin q u e n t
i n t e r e s t a s o f M a r c h 1 0 , 1 9 3 4 , a m o u n t e d t o $ 4 5 9 .9 9 .
M r . O a k e s e n jo y e d a n in te r e s t r a te o f 5 } i% u n t i l M a y 10, 1 9 3 3 , w h e n i t w a s
r a is e d t o 6 % .
T h e liq u id a t o r s v a lu a t io n o f c o lla te r a l s e c u r e d t h is lo a n t o t a ls
$ 3 3 , 4 0 3 . a s o f M a r c h 2 1 , 1 9 3 4 , w h i c h is c o m p o s e d o f l i s t e d s e c u r i t i e s t o t a l l i n g
$ 2 1 ,7 7 3 ., u n lis t e d , $ 1 1 ,6 3 0 .
T h e p r in c ip a l lis t e d s e c u r itie s a r e B e t h le h e m S te e l
C o r p o r a t io n P r e fe r r e d S t o c k a n d F ir e s to n e T ir e a n d R u b b e r C o m p a n y P r e fe r r e d
S to c k .
N e g o tia tio n s a re n o w in p ro g re s s b e tw e e n th e liq u id a t o r o f T h e G u a r d ia n a n d
t h e C le v e la n d T r u s t C o m p a n y a s T ru s te e fo r th e e s ta te o f M r . O a k e s t o h a v e th e
C le v e la n d T r u s t C o m p a n y t a k e o v e r t h is lo a n as i t a p p e a r s t o b e in r e la t iv e ly g o o d
c o n d itio n .
I h a v e se e n a le tte r f r o m th e C le v e la n d T r u s t C o m p a n y d a t e d M a r c h
9 , 1 9 3 4 , w h ic h in c lu d e s t h e f o llo w in g :
“ I n r e p ly w e b e g t o a d v is e t h a t ju s t a s s o o n a s t h e in v e n t o r y a n d a p
p r a i s a l is c o m p l e t e d i n t h i s e s t a t e ( u n d o u b t e d l y w i t h i n t h e n e x t s i x t y d a y s )
w e w i ll m a k e a s t u d y o f t h e a s s e ts a n d a d v is e y o u p r o m p t l y c o n c e r n in g
t h e d is p o s itio n o f t h e lo a n .”
A l s o , u n p a i d o n t h e G u a r d i a n b o o k s is a l o a n i n a n o r i g i n a l a m o u n t o f $ 7 2 , 0 0 0 . 0 0
m a d e t o H a r r ie t W . O a k e s , w ife o f M r . H e r b e r t K i n g O a k e s .
T h is lo a n o r ig in a te d
i n D e c e m b e r o f 1 92 9 a n d w a s a c o n s o lid a tio n o f p r e v io u s lo a n s m a d e d u r in g t h e
p e r io d b e tw e e n 1925 a n d 1929.
U n p a i d p r i n c i p a l t o d a t e is $ 7 1 ,3 5 9 .9 3 .
A ccrued
a n d d e l i n q u e n t i n t e r e s t a s o f M a r c h 1 0 , 1 9 3 4 , a m o u n t s t o $ 7 0 4 .4 8 .
M r s . O a k e s a ls o e n jo y e d a r a t e o f in t e r e s t o f 5 % % u n t i l M a y 1 0 , 1 9 3 3 , w h e n i t
w a s r a is e d t o 6 % .
T h e l i q u i d a t o r h a s p la c e d a v a lu e o f $ 1 0 4 ,5 5 0 . o n t h e c o lla t e r a l
s e c u r in g t h is lo a n a s o f M a r c h 2 1 , 1 9 3 4 .
T h e c o l l a t e r a l c o n s is t s o f 1 0 0 s h a r e s o f
.. 1..11E x h i b i t G-5c-2Jj ,
E x h ib it
G - 5 c- 2 c
DESCRIPTION O F COLLATERAL PLEDGED
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E x h ib it G-5c-2d
DESCRIPTION OF COLLATERAL PLEDGED
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/a.-
to«•&*,
< V-
PJLa^ t n^.«.
^ - U *Q
^ ie ^ /
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•
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- PV^A«j »«■
«. *■ •<
Pm -m i m I.,.,
-.^yeU y
-£>
^UMjJ
7^’«co. CtjLL+vuj Lf-*&£<-*., 7*2£S7 ^.^La.Uw*o.G*rjfc^i {L^ths) Go. «**-A* i| . ' . y t u . a . u wa,
:
&~~laJ<P~..,...... / <nvA* / oy.6la G*fc. (S *
■
r
t ai.at^A, t J i t
ft ,3 »..«i i fc <W J <v «I. ■.«J £mj t-%£L"tie u
v-*4*
.
^
• - 33
iT
i
I 877 «/<iia.
■t/c
. AU <<ta !
/-S'Sy.s-f .+ymIC*. i
I ¥
t> oDL» %*-++jL*,«£*<> Cc<jLV..^A■
-o«l«/y
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I
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•
'
I'
;
I
^
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s
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tip tJ^i V-a.1’ "^
•
t.
.
R«s:e«*»*J from Tl>* C.uardjftQ Truat Co. >&ii cnUakeiral
i pledged an<! other vaiaahi* pap«r> in connection with the loan.
a' !*«_*«*.
«*•-*.. . AV«M»aaar £o •iaau.^ a koaj^o <JfA.:^l .'«*•**.* «■
- yn r ,..
3 " .4 . **»
T M iv v •
7fee..
E x h ib it
G —5 c - 2 e
DESCR ^TION OF COLLXTrRAL P..EDG T
'/ / / z / u
/ M «<<
/L*j£c&, f ? 9 * t 3A
»V
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f e
JJ-flOOO ' ..
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f
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a
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tootc v o */ am La* * / /..<-*>'A^
■4n««*-- / l i i n 7 jl 1. ^1 > * f'
* iC i &'f\
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■
■ #tf- r>>
r / jv|
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3 —-1
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v ip
■o .
t£*itjiA.
•
*/to/33 ./a^u^a. 1+.VJ iz*
G--&
i.-JzA ±<\&LcJL & ~#M-1 if J , ^ , '.J
' «tA
C iU W jt^ tA u
3
E x h ib it G-5c-2f
Y
gnoj- ?G061
A. V;. Dean
6655
29-27,3-1-28 #lO-H«3&i>KB-Sff-86#8-25- 28
%"•{**
ZlSXY'
uu, ;
orr •>
jlScc
ij?
iov \5 ^
. sffiK
tf:,V 5 ’332
ii’ 1 17 $"5
j co oxccc
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ft.
,
:S3£
/o o o
/jT P
«•: i i
/CCO
. < "-'3 JLJiAev
/ 4^-ooo —
i V/ s o o ( • ia s o c — '
13$ sco —
/3 3 50 o\—
j3jj>Sco132$SA ■
/ * 23-f'O -*
/ / OJ^T-JO
oo
■
»-•(=i
yitiKn, du^. oi 8
o f f 3 e ;t
’»■' Ijt d p
*<» 3 V /
/A Ji J r
i t .A3 3JQ Q 05SI, Zl-ilM-SO
rue 2» iu»> 0-/ 7 / 741. j j t r - r j y A
COO
/p o o -
/C O O —,
•Jf &
Exhibit
E x h ib it
n SIS
G -5c-3a
4-W 4
i t»t*i ...
IN T E R F .S T
'^ScTVp’
P R 1 N C I P A r.
| lnl«r^»I to
t>-v»
'
J S M .i f .m i,
: —
,
.
r
'-J y n.i* Paid j
y / j C' / T t 's h o * *
/ OOO :/5 ^*/<3:«bay
/ ^ V /O
- b - JU N
1
/ ■■
•• ■--'jun
IJIJ3 S '
n
■/ V i
•;»- '
^
i
;
JLS6C -V ’/ V " ¥■
’ ~f .*» i- ^ 7 ‘* 2 +0'S ^
>•„’v 2 ' '» /
/CCC-y/C'SB 1*7!3»
5CO
.
•W
’ l:
IJF.MANBLOAM
- o - jU K jo is p
P^nemioo of BusImm add Property talua
---i. nu. 1KJ.
Kuiwo.
^ p ~ti1h .
i .j
iS - r , .
. 3PT 10 $33
IX fC i/ '
- 3EC 7 I *
3 / S~\Si’y •
# o j£ c
?y
R.n'
*» |os i,
1 1 If*3
i Ota)
1, ifa
E x h ib it G-5c-3b
7
- */
7
,/
••- f i g
i?
* / V / v / f t *AR *
/ / //if
1b*
34
E x h ib it
G - 5 c- 3 c
DESCRIPTION O F COLLATERAL PLEDGE..,
A
* .
. ‘
'
:
'
"t'sS&i
'r « r t.
K15?fi57- ido
N152656- 100
. ,
'■
•- 0*° DBr)
shrs. n/o.lithgow ft Co.
shrs. n/o To.
Cert.0 frv/'p?iio6?7- ? shr/. n/o Lithgow ft Co.
4
,.: /
f ^ rt. ^ I ’li966- 10 shrs. V/o Lithgow ft Co. V
vo
V
77*
Stocks rec*iv«d fror. 1states ’ * p t . 1-19-*?
jj
—
■
t(
t 7,
- if -/ l l t d b s
RK*iveH ffom TH. Otiardian Trust Co. .11 collateral pMgtiJ And olh.r valuaMt p«p*n in connection with t
E x h ib it G-5c-3d
DESCRIPTION O F COLLATERAL PLEDGED
66555-A.W.Dean
^ t o u f f e r Corp.. (no p a r ) ,
n
„
Cert. Ko. TA 723—67 aharea-n/o Guardian Trust
U n ite d Corp • <
)
Cert. SciUfl&Q—106 ahr 8,
* Co»r*>ny
f S park s r,i t h i n g t o
n
0
Carts, for 100 aharea each n/o Guardian Truat C»
J 0271k, D2715,'' K8*l?, K83I 8, F8519,. K&20 , ^8*21
E x h ib it
G - 5 c -8 c
DESCRIPTION O F COLLATERAL PLEDGED
66553-A .".D e a n
1
‘
I n la n d I n v e s t o r s , I n c . (. no pari
Cert. # C232--100 aharea-n/o The Guardian Tru^t. i
2231—33 sharea-n/o !*>.
Monarch Machine T ool Gp/jfy*-*
*/
C«rt. ^lii?8—100 aharea-n/o Tha* Guardian Trust -jp?','*rtf
11*59—100 aharea-n/o Vo.
Cap.
Y/
;
• t
133 a h r a j . Coffi. * Kontgoirer? S ard & Co. ( no narJ
, 7'/
J«r.
j
Cert. ^HC01&3kl—33 aharea-n/o Hthgow a ComDsnyi
r;
sAlL^S- .L.r I
? . , {Mmi o 'W/s
TT
IOC s h r s 4-/
J v Cap.
Lo
xH
’
Y t‘-
V
-
^
;
V
f M o untain
P roducers C orp. .4 1 0 .0 0
Cert. ^0^608?—60 aharea-n/o Mthgow * Coprany
\
029032—60 aharea-n/o DO
¥
03?693—40 aharea-k/o Arthur •*. i'ean
Tranafared to other card y * r ?
'"■
ftpr-,— —■
f‘aragon h« f I n 1 rig... £ q . / . r / r 1/
•106 s h r s . / Cap.
^PCert.
io n e e r S team sh ip Co..
#383— 100 aharea n/o
381*—
( no nrr)
A. W. Oean
$ aharea n/o Do.
■
tv
{j _
Received from The Guardian Trui
ail collateral pledged and other valuable paper.
E x h ib it G-5c-3f
w s m / c
^
j
■JCO—
j
tffj.-
. !3<9
/
I
Je
ST' — I1^
DESCRIPTION OF COLLATERAL PLEDGER
ii". P . C v -
~co '
' o-
’
<:/
.
$• -8^Q»rCQ^pay p £ - Kingdom..
:
%
9000.^)0 p a r ■k-nos wc a l M in in g C o .1 s t .m tg e .
’S b
t s j'.;
J
i^
,
2«t. mtT#. i»«rial gold bond^.. x- tiprf U-!
.11000.00 ench
/ A -/
—
v , , c . v ,25k,?55,
2^6
,/
¥i*2li8,2li9,250,251,252,25?
‘ ----'
e a tt.^
o w e r C o .L td .d u e 8 / 1 / 4 ' f y Y
4Q,Q0.00,pa r ,7^ * G rre
.^o'onnaal.ti.i-le
lecc.P.Pow
. /*- gold bonds eeries "A" V'
.
'^M liiI5 9 ,llil6 0 ,lU 6 2
^
H Soa -• /-
X IX j-^—
v 5 ooofod par e& f- ^.L .G re nn an R e a lty T ru s t 1 s t . m tg e . ^ j
7Z>
2 o O — Vo-
^ ip r i s 3 6 ^ ? i * ^ 4 ; r '"
■par
\n aS l lue 3
'B r o. s..R^e a 7
lty £ o . J s t .&
- sooo.'oq &
T 6
« % 1T
i ttg
* e .d u e w4 /1 /4
/ ,
i i i ; o 8 S ,l« S 4
:
W ? :.
2j4^-: ~
/ JL I
(oOO-
A- * °
1TOl*, 170*L 1706,1707.1708
'
‘ V | *^1*7014,170*).,
1706,1707,1708
,
J "" ■ ■
■par
7
^
M
a
n
a
ti
S
ugar
C
o
.1
s
t
.ic
tg
e
.d
u
e
4
/1
/4
2
» so o o .o d
le t mtge. 20 yr. S.F. gold bonds
A. &' 0.
Y/
$1,000. efsoh
. jij
^^ A
' 7 o o. f
J
I
c
: j !
, V iV
m a J iff
I
iv ! , .
Received from Th* Guardian Truet Co. all collateral pledged and other valuable paper. in connection with the Ioj
E x h ib it
G -5c-3g
DESCRIPTION OF COLLATERAL PLLDG pD
66553-A**-1^ * ®
| R.t. 1* Am-
d/?{\ ^
-l.-y » »e~Vaa l t a r p .B
<hN». g / i f r / f t
i-
'M
l
* 2 0 0 0 .OC
.0C ^~
oabv
r 6 ££ ? T&ep S h o v e l C o.d ue 7 /1 /5 3
10 yr.
J.ic J.
■
S '
*1000.00 each
:
J *^28
i
3?2
4 5 0 0 .OC p a r 6/e'
Westwood C oun try C lu b .
_ f i' 5
/ /
r,ow Bond
Hi**- J^V ■
^
/
m la
j .a j .
I ,'n / ^ , e -y i , , ■
»*' 4 &
•e e o o io00
o ■
-0 ~
j
tl rma 1 ubu'whI gu
l
I^ T i
h o g
ffr
\7*\
I
S
'
t
^ /
/
|
U J
■I ' /
— i fo
U \
I
/
'A . A
1 ' << .
P-52
H e ld l n L .T .1764.
/
Cart. *■N/V062^0- 25 shrs. n/o Lithgow * C o .
53-
------- ------ <&Ji------ _ Trfd. to other'card l-lC-22
ReceivedfromTheGuardianTruet Co)all collateral pledgedandothervaluablepaper*inconnection with theloan.
E x h ib it G-5c-3b
JC6
DESCRIPTION OF COLLATERAL PLEDGED
66555
W.rk.t V.h
Amowii Uwd
i/
3Q/32 Sub.
100 ^ h r 8.Pfd: Chicago, *»reat "astern P.”. Co. ( $100. par)
//
‘•Z*.
... Cert/-£29772— 100 shares n/o The Guardian Trusty om~ykr.y
ft, 000T j» r / 5^ C ities Service Cownany
Conr. gold D#b.
$1,000.00 each
*M*>*05
2Jt558
due 6 /lA O
.» * D
/OO-
J jV
7 "
70)496
9*134
•5 ,0U0.par'
Missouri ‘ r c if io P.P. Company
s t ft *<ef. Vtge. bonds
Gold bonds serier "P"
duo V l/7 7
*1,000.00 each
M ft S
Ml2312
2059i*
203*95
203O6
20*9?
1
1 with Ihe Inn.
RnmvmI from The Guardian Tru*t Co. all collateral pledced and other vthublf papcn i;
E x h ib it
G -5c-3i
DESCRIPTION OF COLLATERAL PLEDGED
~ r~
■o<SW.»
P. r V .U i.
>270 shr f . Cap. The *t
I CP
.
Cert. « 2 7 & S !S 5 * i> ,S ii:S ? S
1 2 7 ^ - 1 0 0 ahnres-n/o
A200915— 20 shares n/o
A55&39U— 22 shares n/o
A37879I*— Al shares n/o
A380OO5— li shares n/o
Aii32609— 20 shares n/o
/ / hi$Q —
J
« ! »
Do.
Do.
^o.
Do.
Do.
Do.
.700shr s. Cap. Tha National Acme Comrany ($10.00 par)
O"
Certs. 100 shares each n/o Guardian Trust Co*nar r
,
*21988
21992
0 •
21980
21993
21990
22020
L/2J>C '
21901
8,000.
Y
par
5£
international Uatch Corp
du«
10 y r^'fo ld deb.
Certs. 1,000.00 each
%27*i88
V2nbp2
V27lt89
2?i*055
27isPf>
27liqft
2*91
271*05
42e —
J * ,T
Received fromThe Guardian Tru.t Co all collateral pledged and other valuable papari in connectionwith (he loan.
E x h ib it G-5c-3j
E x h ib it G -5 c-31
D ESCRIPTION O F COLLATERAL PLEDGED
f
c e n t r a l U n ite d N a t* 1 .Bank $ 2 0 .OC
C»pt, #506—215 8h*»r«*--n/o a .W. r*««n
■300 ehra A s Cob
S O O ^ h ra ,
D i s f c ill a t a C o .( no par)
Certs. ?0 shares each n/o The Guardian Truft C<
^326, *2?,328,*29
*
Cert. £ 330-100 shares n/> The
Enos C oal M in in g Co. (yf6
Cert. Hi6—125 shares n/o
Dean
72— 75 ohsree n/o Do.
M/A.Hanna Co.
no m r '
*ert. ^CPfcfiO—100 shares n/o The Guardian -pru-t
*100 sh rs
Received from Th«tdGu*rdi«n Trust Co. all collateral pledged and other valuable paper* in connection with the loan.
E x h ib it
G-5e-3m
6% fro n 11-10-30
# 53201.
RECORDOF INTERESI
BECQfiOOFPRINCIPAL
w /V /fe B 9 *»>
'/Wt?/ APR 1 0 IM.
,JCS% J"[ S t9fl
V A C /S F 1 1331
'u
1EC 3
>J4SJZ^kf * *
.
r f f .z F ■
■ r’ ,S32
'W / Z tC 5
E x h ib it G-5c—4
DESCRIPTION OF COLLATERAL PLEDGED
$ 6 0 ,0 0 0 .0 0
not© o f E th e l D.& George -•'.Enos,
3 .0 0 0 (8 /2 0 /2 7 d a te d 11-7- 1921
(
a :
* 7 ,0 0 0 .
due
11-7-1922.
1 ,3 0 0 . ( 1 0 /5 /2 7 I n t . a t 1% per annuir., p a y a ble q u a r t e r ly
? £ ,8 0 3 .
on th e f i r s t days o f Jan
Apr . , J u ly h Oc .
^ 1 ^ 2 0 0 ^ ( 1 / 4 / 2 8 I n t . o a i d t o 1-1-1929.
/L7ol ~ ,
V
'
i
I
1 ,2 0 0 .(5 /2 /2 8 A ppr.L and $ 5 5 ,0 0 0 .0 0 ld g .# 12950.00 Tofcal { 6 7 ,9 5 0 .0 0
&3,4 ^6 .
secured bv rrtge .on p r o p e r ty a t ’ 0530
w at# r D r.
1 99. {3 /1 ? /2 9 y t r e .Dee d # 133119".
53,JJ0Y.
Recorded Cuyahoga b o un ty re c o rd s :
f
/
V o l . 2590 ."age 39-40-41.
V
S ta te m e n t o f 1*1t l * # 351,775
3 5 4 ,2 2 6 .
i
494,033
496,322
s’j rttnce p o l i c i e s :
/^ A /H
1 lOftO, i© * omconwealth
Insurance* C o .o f New Y o rk .
* 0 r S 1 0 ,0 0 0 .0 0 due 1 - X£zi&9&fln, u ra i ce C o .o f Nc ." ir e r .
tJr ”'1*'** fo r * 1 0 ,0 0 0 .0 0
- in g f le ld F ir e * fcar£n
'-li 137100^ ‘'o r J 1 0 ,0 0 0 .0 0 due K
^
f o r * 5 , OOO. 00 du® 1> 1
x « 3S£**^5 £ , C r a b le ,A g e n t ,830 vi*irenfc
■^
■--- *
--- -- ------ ^
l%lfl v.
|
Received fro
. P’l r e I a s . C o . ^ ^ 1^ 1
e v e iO .
__
rL
i y v i , n r <ii. Wi mi An ena Lift- I i m . g P T ,
-.
A J6/z//4/>a
:
fo r $ 7500.00 due 1 -10-1-9*4,Jh rre f i r e k Majrirfe
T S T
•
a 1
s
i^*&o 3 *4 fo r £ 7 5 0 0.0 0 due, flrt\S> 1 f c Hud e.n In s .C o .
c
. .
E& -* i
. i..v.
ivuui T n s .
V i (n]i
j^ u i.t ^ i T W ' j a y i u u ^ i . y z M J t i . g T j f J
/ J r- .. *
E x h ib it G-5c-4a
|
j
\
*
STOCK E X C H A N G E PEA CT ICES
8499
G e n e r a l M o t o r s a t $ 3 7 .5 0 p e r s h a r e a n d 6 7 2 s h a r e s o f F r a n k l i n S t e a m s h ip C o r
p o r a t i o n s t o c k a t $ 1 5 0 .0 0 p e r s h a r e .
T h e l a t t e r s e c u r i t y is u n l i s t e d a n d w a s u n
a b le t o f i n d t h e b a s is fo r t h e v a lu a t io n .
I n t h i s c o n n e c t i o n w h i l e r e v i e w i n g t h e f i le s o n t h i s s u b j e c t , a H . K . O a k e s , J r . ,
a t o n e t im e a n e m p lo y e e o f T h e G u a r d i a n w a s q u it e a c t iv e i n t h e s t o c k m a r k e t ,
s o m e o f h is t r a n s a c t io n s r u n n i n g i n t o it e m s o f $ 5 0 0 0 . a n d $ 7 5 0 0 .
W h e t h e r t h is
w a s f o r h is o w n a c c o u n t o r n o t , I w a s u n a b le t o d e te r m in e .
J .J .S .
E x h ib it
c r a ig
G-5b-40
-c u r t i s s
com pany
R e v ie w in g L o a n R a t e o f 6 5 s e t 1 1- 2 8 - 2 3
C o m p a n y e a r n e d $ 1 2 ,4 1 5 — 11 m o n t h s 1 9 2 3 a n d lo s t $ 7 ,5 0 3 f o r y e a r 1 9 2 4
T a n g i b l e b o o k v a l u e D e c e m b e r 3 1 , 1 9 2 4 $ 1 0 2 . 6 6 a s c o m p a r e d w i t h $ 1 0 3 .4 1
D e c e m b e r 31, 1922, th e d a te
o f la s t p r e c e d in g a n n u a l s t a t e m e n t w e h a v e .
W o r k i n g c a p i t a l o n c o r r e s p o n d i n g d a t e s $ 5 7 , 4 2 7 a n d $ 8 6 ,7 1 3 .
A p p a r e n tly n o
d iv id e n d s w e re p a id in 1 92 4.
B a s e d o n th e s e fa c ts , C o m p a n y d o e s n o t se e m to
b e p r o g r e s s in g .
H o w e v e r , w e u n d e r s t a n d t h a t s u b s t a n t ia l p r o g re s s w a s m a d e i n t h e e a r ly
m o n th s o f 1925.
I t is i m p o s s i b l e t o m a k e a d e f i n i t e r e c o m m e n d a t i o n .
W e re it n o t fo r th e fa c t
t h a t m e m b e r s o f t h e C o l l a t e r a l C o m m i t t e e a r e i n a p o s i t i o n t o k n o w w h a t is
t a k i n g p la c e a t a n y t im e , w e w o u l d r e c o m m e n d n o lo a n s .
A s i t is w e b e l i e v e t h e
lo a n r a te s h o u ld b e d e te r m in e d b y th o s e w h o a re f a m ilia r w it h t h e p r in c ip a ls a n d
t h e b u s in e s s .
R e p o r t f o r S e c u r itie s C o m m it t e e , p r e p a r e d b y T . P . R e it in g e r , S e c u r it ie s
A n a ly s is D e p a r t m e n t , J u n e 3 1 , 1 9 2 5 .
T h e G u a r d ia n T r u s t C o m p a n y L o a n s t o O f f ic e r s o f O t h e r B a n k s — W a l t e r
H . Seym our
E x h ib it
G -5c-l
O ffic e r s ’ L o a n — 7 - 2 6 - 2 9 .
George A . E n o s .— C o m m i t t e e a p p r o v e d a n a d d i
t i o n a l lo a n o f $ 1 4 ,0 0 0 .0 0 o n o n e h u n d r e d a n d n i n e t y e i g h t (1 9 8 ) s h a r e s o f E n o s
C o a l C o m p a n y sto c k .
T h is is i n a d d i t i o n t o p r e s e n t l o a n u p o n w h i c h t h e b a l a n c e
d u e is $ 1 8 ,0 0 0 .0 0 , s e c u r e d b y t h r e e h u n d r e d a n d t w e lv e s h a r e s o f E n o s C o a l
C o m p a n y s to c k .
(T .E .M .)
O ffic e r s ’ L o a n — 1 2 - 3 - 2 9 .
C o m . a p p r o v e d a n a d d i t i o n a l c o ll lo a n ( c o lla t e r a l
b e i n g E n o s C o a l C o . s t o c k ) o f $ 3 0 ,0 0 0 .0 0 o n t h e u n d e r s t a n d i n g t h a t w e w i l l r e c e iv e
a b a la n c e fo r t h e E n o s C o a l C o . o f a t le a s t t h e a m o u n t o f o u r lo a n .
( T .E .M .)
O ffic e r s ’ L o a n — 1 2 - 1 9 - 3 0 .
G eorge E n o s .— A l o a n o f $ 2 2 5 , 0 0 0 . 0 0 o n d e m a n d
w a s a p p r o v e d , o u t o f t h e p r o c e e d s o f w h i c h o u r p r e s e n t l o a n o f $ 6 5 ,0 0 0 .0 0 , lo a n
to b e se cu re d b y fo r ty n in e h u n d r e d sh a re s o f th e E n o s C o a l C o m p a n y s to c k .
I n t e r e s t i s t o b e b i l l e d m o n t h l y , a n d d i v i d e n d s o n t h e s t o c k is t o b e a p p l i e d t o t h e
r e d u c t io n o f o u r lo a n .
(H .P .M .)
E x c e r p ts f r o m E x e c u tiv e C o m . M i n . — 5 - 2 0 - 3 2 .
M r . M c In to s h J r . s ta te d th a t
o n D e c . 2 2 , 1 9 3 0 , w e m a d e a l o a n o f $ 2 2 5 ,0 0 0 .0 0 , c o ll. b y 4 ,9 0 6 s h a r e s o f C a p i t a l
S t o c k E n o s C o a l M i n i n g C o ., a n d $ 3 3 5 ,0 0 0 .0 0 fa c e v a l u e L if e I n s u r a n c e o n t h e
lif e o f M r . E n o s , t h e n e t a m o u n t o f w h ic h life in s u r a n c e a t t h e p r e s e n t t im e w o u l d
b e in c r e a s e d b y $ 1 4 ,5 0 0 .0 0 e a r n e d d iv id e n d s a n d r e d u c e d b y a p p r o x im a t e ly
$ 4 7 ,0 0 0 .0 0 o f lo a n s o r a n e t a m o u n t o f a p p r o x i m a t e l y $ 3 0 2 ,0 0 0 .0 0 .
M r . M c In to s h
s t a t e d t h a t i n o r d e r t o k e e p in te r e s t p a id c u r r e n t ly o n t h e lo a n a n d t o c o n t in u e
p a y i n g t h e p r e m i u m o n t h e life in s u r a n c e i t m a y b e n e c e s s a ry f o r t h e b a n k t o
p a y $ 3 ,3 1 6 .2 6 p e r y e a r w h ic h , i f d o n e , w i l l o f c o u r s e , b e c h a r g e d t o t h e lo a n .
(Exhibits G-5c-2a through Q-5c-4a face this page)
8500
STOCK E X C H A N G E PEACTICES
E x h ib it
G - 5 c- 5
J a n . 28 1932
Borrower
Telephone
Address
C om pany
Officer
M c In to s h
Fancher.
Business here
Average balance
A llie d business w ith us
S u n d r y accounts_____________
L o a n no.
Am ount
69,743
Security
E n dorser or guarantor
$44,201
O ther lia b ility to us
H isto ry
A . W . D e a n h a s a p e r s o n a l l o a n a ls o .
T h is lo a n w a s m a d e t o fin a n c e M r . E n o s ’ h o m e .
B e c a u s e o f M r . F a n c h e r ’s
c o n n e c tio n w it h th e F e d e r a l R e s e rv e B a n k , w e c a n n o t p re s s fo r p a y m e n ts .
6-4-32.
xxxxxxxxxxxxxxxxxxxx
12-7-32.
I to ld M r . J u t z e to d a y t h a t it d id n o t se e m to m e to b e n ec e ssa ry
t o p re s s M r . D e a n r e g a r d in g h is s ig n in g a n a g r e e m e n t o f p le d g e a s r e q u e s te d in
o u r le tte r o f 1 1- 17.
M r . J u t z e is t o v e r if y w i t h o u r le g a l d e p a r t m e n t t h a t t h e
b a n k is f u l l y p r o t e c t e d b y t h e a s s i g n m e n t s o f t h e l i f e i n s u r a n c e g i v e n u s l a s t s p r i n g .
1-10-33.
N o p a y m e n ts w e re m a d e o n p r in c ip a l d u r in g 1 9 3 2 .
I n t e r e s t is p a i d
p r o m p tly w h e n d u e .
I n a d d itio n to th e m o rtg a g e o n th e p r o p e r ty a t 10530
E d g e w a t e r D r i v e i n t h e a m o u n t o f $ 5 3 ,2 0 1 w e h o l d a s c o l l a t e r a l , $ 1 5 , 0 0 0 o f E n o s
C o a l M in in g C o .
7 % b o n d s w it h a n e s tim a te d v a lu e o f $ 7 5 0 0 .
T h e a s s ig n m e n t
o f life in s u r a n c e b y G e o r g e A . E n o s w a s m a d e t o c o v e r t h is o b lig a t io n a s w e ll a s
t h is o n e , so t h a t i n t h e e v e n t o f h is d e a t h t h is lo a n w o u ld b e p a i d i n f u ll.
2-10-33.
T h i s l o a n o f $ 4 4 ,2 0 1 w a s p a i d t o d a y a n d t h e r e l a t i v e s e c u r i t y w a s
r e le a s e d t o M r . E r n e s t B . D e m p s e y T r u s t e e a n d a le t t e r w a s g iv e n h i m t o t h e
e f f e c t t h a t h e is t o p a r t i c i p a t e w i t h u s p r o r a t a i n t h e n e t p r o c e e d s o f t h e lif e
in s u r a n c e p o lic ie s a s s ig n e d b y M r . E n o s w h ic h p r o t e c t t h is a n d s e v e r a l o t h e r lo a n s .
STOCK E X C H A N G E PRA CT ICES
8501
F o rm 280— 2-29— I M .
E x h ib it
G-5e-6
T h e G u a r d ia n T r u s t C o m p a n y , M a in 6330.
N am e
E n o s C o a l M in in g C o m p a n y .
A d d re ss
3 08 E u c lid A v e .
B u s in e s s
C o a l M in in g .
O f fic e r s o r P a r t n e r s
G e o r g e E n o s , P r e s id e n t .
A . W . D e a n , T re a su re r.
F . S . M c C o n n e ll, V . P re s, a n d G e n e r a l M a n a g e r .
O t h e r B a n k A c c o u n t s ___________________________________________________________________________________
I n t r o d u c e d b y o r k n o w n t o ___________________________________________________________________________
R e m ark s:
D a te
12-9-30
12-15-30
5-11-31
6-8-31
10-30-31
11-24-31
3-14-32
11-19-31
6-25-32
6-29-32
A c tio n of C om m ittee , etc.
Officers N o o n — C o m m itte e approved a lo a n of from $10,000.00 to $15,000.00 en d. b y A r t h u r
D e a n . (H . C . R .)
T o loan $10,000.00 en d. A . W . D ean .
T o loan $25,000.00.
T o lo a n $25,000.00, assigned accounts to ta lin g $114,501.00.
Discussed i n credit com. N o m in u te . S tu c k y w ith Sperry.
Ex ecutive C o m . M in .— A c o m m u n ica tio n dated N o v . 12-1931 from the C o m p a n y b y A . W „
D e a n , V . Pres., a n d Treas., was read, in w hich said C o m p a n y a p p lie d for a lo a n of $25,000.00,.
o n accounts R eceivable w h ic h we have to said C o m p a n y . T he c o m m u n ica tio n also a p p lie d
for an unsecured loan of $18,200.00 to T he Algers, W in slo w & W estern R a ilw a y C o . (See
also Algers, W in s lo w & W estern R . R .) . I n connection w ith said a p p lica tio n a re p o rt
thereon, dated N o v . 19th, b y our M r . Shepherd on be ha lf of th e C re d it C o m . review ing said
com panies as follows:
$608,120.00 ($661,000.00 par) 1st m tge. 7% B onds of T he E n os C oal M in in g C o.,
$237,500.00 ($250,000.00 par) 1st m tge. B on ds of T he Algers, W in s lo w & W estern R . R . ,
$224,500.00 lo a n to George E n o s on stock of T he E n os C o a l M in in g C o.,
$25,000.00 lo a n to T h e E n o s C o a l M in in g C o. against its A ccts. R ec.
T he proceeds of the tw o loans herein ap p lie d for are to be used i n p a y m e n t of in te re s t
a n d b o n d D ec. 1st m a tu ritie s of the tw o n am e d com panies. O n m o tio n m ade, seconded
a n d u n a n im o u s ly carried, the m a k in g of the tw o above a p p lie d for loans is hereby a pproved.
T o loan $10,000.00, coll. assigned A ccts. to ta lin g $134,404, to ta l loans $35,000.00.
Credit Com .— See letter from H . I . Shepherd, V . Pres, to J . A . House, Pres, (filed o n opposite.pages) w ritte n in lie u of a C re d it C o m . m in u te .
Discussed in C re d it C o m . N o m in u te .
D iscussed in C re d it C o m . N o m in u te . Postpone.
E x h ib it
C r e d it
p e r t in e n t
G -5c-7a
D a t a — I n t e r v ie w s
p o in t s
in
latest
statem ent
E n o s C o a l M in in g C o m p a n y
R e a d to C r e d it C o m m itt e e M a y 13, 1931.
S t a t e m e n t d a t e d D e c e m b e r 3 1 , 1 9 3 0 r e f le c t s , a c c o r d i n g t o o u r a n a l y s i s , a c u r
r e n t r a t i o o f 1 .8 7 , c u r r e n t a s s e t s b e i n g $ 4 6 3 , 9 0 0 , a g a i n s t c u r r e n t l i a b i l i t i e s o f
$ 2 4 7 ,7 0 0 .
C a s h o f $ 1 1 7 ,0 0 0 p l u s r e c e iv a b le s o f $ 1 9 0 ,0 0 0 e x c e e d c u r r e n t lia b ilit ie s .
P l a n t a n d c o a l l a n d v a l u e d a t $ 1 ,4 4 7 ,0 0 0 is e n c u m b e r e d t o t h e e x t e n t o f $ 1 ,0 3 7 ,
000.
O p e r a t i n g fig u r e s a r e n o t s u b m i t t e d .
L ia b ilit ie s o f $ 1 ,2 9 8 ,0 0 0 e x c e e d n e t
w o r t h o f $ 1 , 1 1 2 , 0 0 0 b y $ 1 8 6 , 0 0 0 w o r t h t o d e b t r a t i o b e i n g .8 6 .
I n v e s t m e n t im
t h e s t o c k a n d b o n d s o f t h e A . W . & W . R y . a r e v a l u e d a t $ 2 3 6 ,0 0 0 .
T h e c o m p a n y o p e n e d its a c c o u n t w it h u s in D e c e m b e r 1 930 a t w h ic h t im e w e
e x t e n d e d u n s e c u r e d c r e d it i n t h e a m o u n t o f $ 1 0 ,0 0 0 o n t h e e n d o r s e m e n t o f A .
W . D e a n , o n e o f o u r D ir e c to r s .
T h e lo a n w a s p r o m p t ly p a id .
A lo a n in a l ik e
a m o u n t w a s p r e s e n te d in F e b r u a r y 1931 a n d p a id w it h in th e m o n th .
T he com
p a n y h a s b e e n i n b u s in e s s s in c e 1 9 2 1 , is a p p a r e n t l y u n d e r c a p a b l e m a n a g e m e n t ,
a n d h a s e s t a b l i s h e d t h e r e p u t a t i o n o f t a k i n g c a r e o f i t s m e r c h a n d i s e a c c o u n t s in .
a g e n e r a lly s a tis fa c to r y m a n n e r .
T h e C e n t r a l U n i t e d B a n k i s T r u s t e e u n d e r t h e b o n d is s u e .
5-12-31
F. H . MD i s c u s s e d n e e d o f s ig n e d s t a t e m e n t s a n d o f s e p a r a t e s t a t e m e n t s o f p a r e n t c o
a n d s u b s id ia r ie s w i t h E . T . S h a n n o n , w h o w ill c a ll A . W . D e a n .
R e a d to C r e d it C o m m itt e e O c to b e r 3 0, 1931.
8502
STOCK E X C H A N G E PEACTICES
S t a t e m e n t d a t e d A u g u s t 3 1 , 1 9 3 1 s h o w s c u r r e n t a s s e ts o f $ 3 4 5 ,0 0 0 , c u r r e n t
l i a b i l i t i e s o f $ 3 3 2 , 0 0 0 , w o r k i n g c a p i t a l o f $ 1 3 , 2 3 8 , a n d c u r r e n t r a t i o o f 1 .0 4
a g a in s t c u r r e n t a s s e ts o f $ 4 6 3 ,9 0 0 ; c u r r e n t lia b i l i t i e s o f $ 2 4 7 ,7 0 0 , w o r k in g c a p i t a l
o f $ 2 1 6 , 0 0 0 , a n d c u r r e n t r a t i o o f 1 .8 7 a t D e c . 3 1 , 1 9 3 0 .
O p e r a t i o n s f o r t h e e i g h t m o n t h s w e r e a t a lo s s o f $ 1 1 8 , 0 0 0 o n n e t s a le s o f
$ 6 5 9 ,0 0 0 .
N e t w o r t h d e c lin e d f r o m $ 1 ,1 1 2 ,0 0 0 t o $ 8 4 1 ,0 0 0 o r $ 2 7 1 ,0 0 0 .
T he
d i f f e r e n c e o f $ 1 5 3 , 0 0 0 b e t w e e n t h i s f i g u r e a n d t h e lo s s r e p o r t e d w a s d u e t o c l a s s
i n g a s i n t a n g ib l e $ 1 4 5 ,5 0 0 , p lu s a c h a r g e t o s u r p lu s o f $ 8 ,0 0 0 , r e p r e s e n t in g
w r it e o ff o f c o a l tr a c k s .
W e h a v e c la s s e d a s a s lo w l i a b i l i t y n o t e s o f $ 2 3 5 ,0 0 0 s e c u r e d b y a c h a t t e l m o r t
g a g e o n e q u ip m e n t.
T h is o b l ig a t i o n w a s t o h a v e b e e n p a i d a t $ 7 ,0 0 0 p e r m o n t h .
I t is r e p o r t e d t h a t n e g o t i a t i o n s a r e i n p r o g r e s s w h i c h i t is h o p e d w i l l r e s u l t i n
w a iv in g o f p a y m e n ts .
B o n d s i n t h e a m o u n t o f $ 5 0 ,0 0 0 m a t u r e D e c . 1 s t, 1 9 3 1 .
S a le s d u r i n g t h e p a s t
e i g h t m o n t h s h a v e a v e r a g e d $ 8 2 ,0 0 0 p e r m o n t h .
O n t h is v o lu m e o f b u s in e s s i t
is i m p o s s i b l e t o m a i n t a i n i n a l i q u i d c o n d i t i o n c u r r e n t l i a b i l i t i e s o f $ 3 3 2 , 0 0 0 .
A t
l e a s t $ 2 0 0 , 0 0 0 a d d i t i o n a l w o r k i n g c a p i t a l is n e e d e d — t h i s c a n n o t b e p r o v i d e d
t h r o u g h l i q u i d a t i o n o f f ix e d a s s e ts — - b o n d e d d e b t o f $ 1 ,0 5 0 ,0 0 0 is q u i t e l i k e l y
a l l t h a t t h e c o a l la n d s a n d e q u i p m e n t v a l u e d a t $ 1 ,6 9 0 ,0 0 0 w i l l s u p p o r t .
C u r
r e n t a s s e ts b e in g t u r n e d a t t h e r a t e o f t h r e e t im e s p e r y e a r c a n n o t b e r e d u c e d to
a n y e x t e n t o n t h e p r e s e n t v o lu m e .
E x h ib it
C b e d it
p e r t in e n t
G -5c-7b
D a t a — I n t e r v ie w s
p o in t s
in
latest
statem ent
E no s C o a l M in in g C o m p a n y
U n s ig n e d s ta te m e n t o f October 3 1 , 19 31 s h o w s a c c o r d i n g t o o u r a n a l y s i s c u r r e n t
a s s e t s o f $ 3 9 4 ,0 6 3 , c u r r e n t l i a b i l i t i e s o f $ 3 2 4 , 6 7 4 .
T h is p r o d u c e s a w o r k in g
c a p i t a l o f $ 6 9 , 7 8 5 a s c o m p a r e d w i t h a w o r k i n g c a p i t a l o f $ 1 6 3 ,3 2 9 o n D e c . 3 1 ,
1 9 3 0 ; a n d a c u r r e n t r a t i o o f 1 .2 a s c o m p a r e d w i t h 1 .6 .
T h e b u lk o f c u rr e n t
a ,s s e ts i s i n r e c e i v a b l e s , w h i c h r e p r e s e n t 2 J4 m o n t h s ’ a v e r a g e s a le s .
W e have
a llo w e d a s c u r r e n t a s s e ts % o f t h e p r e p a id s t r ip p in g , d r illin g a n d m a t e r ia ls a n d
s u p p lie s .
O n s a le s o f $ 8 0 4 ,2 7 8 f o r t e n m o n t h s t h e lo s s r e p o r t e d is $ 2 0 5 ,4 9 2 .
O f t h i s lo s s
$ 1 2 7 , 5 7 6 w e r e n o n - c a s h c h a r g e s , l e a v i n g a c a s h lo s s o f $ 7 7 , 9 1 7 .
N e t w o rth de
c l i n e d f r o m $ 9 9 2 ,0 0 1 t o $ 8 1 9 , 2 4 4 .
N e t w o r t h c o m p a r e s w i t h a t o t a l in d e b te d n e s s
o f $ 1 , 5 8 9 , 6 6 7 , t h e w o r t h t o d e b t r a t i o b e i n g .5 1 .
F r o m th e v ie w p o in t o f th e
c u r r e n t s itu a t io n a n d p r o b a b ly fr o m th e v ie w p o in t o f liq u id a t io n w it h in th e n e x t
fe w y e a rs , t h e w o r t h t o d e b t s t a t u s in d ic a te s g r e a t w e a k n e s s .
H o w e v e r, if th e
c o m p a n y c a n s u r v iv e t h is p e r io d , a n d i f t h e c o a l b u s in e s s r e v iv e s , t h e c o a l r i g h t s ,
w h ic h i n 1 9 2 9 w e r e a p p r a is e d b y A lle n a n d G a r c ia C o . a t s e v e r a l t im e s t h e v a lu e
s h o w n o n t h e c o m p a n y ’s b o o k s , m a y p r o v id e a w a y o u t .
B u t it s h o u ld b e n o te d
t h a t t h e c o m p a n y ’s a n n u a l o p e r a t io n s s in c e 1 9 2 4 in d ic a t e t h a t i t h a s n o t b e e n
a b le t o m a k e e a r n in g s o n a h ig h e r v a lu a t i o n o f a s s e ts t h a n t h e b o o k s n o w s h o w .
T h e E r n s t & E r n s t r e p o r t o n D e c . 3 1 , 1 92 9 s h o w s in v e s t m e n ts in c o a l la n d s c o s t
$ 9 2 5 ,8 3 8 , w e r e a p p r e c ia t e d $ 7 2 2 ,3 7 6 , a n d c a r r ie d a t $ 1 ,6 4 8 ,2 1 4 .
O n s a le s r u n n i n g a b o u t $ 8 0 , 0 0 0 p e r m o n t h , m a n i f e s t l y i t c a n n o t p r o p e r l y c a r e
f o r c u r r e n t l i a b ilit ie s o f $ 3 2 4 ,6 7 4 .
B u t i t s s a le s i n 1 9 2 9 a v e r a g e d o n l y $ 1 2 2 , 0 0 0
p e r m o n t h , so t h a t o n t h e 1 92 9 v o lu m e , e v e n if i t c o u ld b e a tt a in e d , t h e c o m p a n y
w o u ld b e i n t r o u b le .
L o o k in g o v e r a n n u a l b a la n c e s h e e ts f r o m D e c . 3 1 , 1 9 2 4 o n , i t a p p e a r s t h a t t h e
p r e s e n t t o t a l d e b t o f $ 1 ,5 8 9 ,6 6 7 is o v e r 5 0 % h ig h e r t h a n t h e a v e r a g e f r o m
1 9 2 4 - 2 9 in c lu s iv e , d u r i n g w h i c h y e a r s i t w a s u s u a l l y u n d e r $ 1 ,0 0 0 ,0 0 0 .
I t ro s e
t o $ 1 , 2 9 8 , 0 0 0 o n D e c . 3 1 , 1 9 3 0 a n d h a s s i n c e i n c r e a s e d $ 2 9 0 ,0 0 0 .
T h e b o n d is s u e o f $ 9 0 0 ,0 0 0 , i s s u e d a s o f D e c . 1 , 1 9 3 0 , w a s t o r e t i r e p r e v i o u s
b o n d e d d e b t , t o r e p le n is h w o r k in g c a p i t a l a n d t o p u r c h a s e a n e w e le c t r ic s h o v e l.
T h e t o t a l b o n d e d d e b t is n o w $ 1 , 0 3 9 , 6 4 3 a s c o m p a r e d w i t h $ 5 1 0 , 5 0 3 . o n D e c .
31, 1929.
W o r k i n g c a p i t a l is in a d e q u a t e .
I n p la c e o f p a y m e n t f o r e le c t r ic
s h o v e l , t h e s t a t e m e n t s h o w s a c h a t t e l m o r t g a g e o f $ 2 2 5 ,3 5 0 d u e t o T h e B u c y r u s E r ie C o .
W e le a r n t h a t t h e c o m p a n y is d e l i n q u e n t i n t h e p a y m e n t s o f $ 7 ,0 0 0
p e r m o n t h d u e o n t h is c h a tte l m o rtg a g e .
O t h e r a s s e ts in c lu d e 2 ,4 9 2 s h a r e s s t o c k o f A lg e r s , W i n s l o w & W e s t e r n R y . C o .,
c a r r i e d a t $ 8 5 , 0 0 0 a n d $ 1 4 8 ,0 0 0 o f s a i d c o m p a n y ’ s G e n e r a l M o r t g a g e ( 2 n d m t g e . )
b o n d s , c a r r i e d a t $ 1 5 1 ,4 0 6 , a t o t a l i n t h i s c o m p a n y o f $ 2 3 6 ,4 0 6 .
T h is r a ilr o a d ,
STOCK E X C H A N G E PRACTICES
8503
h a v in g a t o t a l m ile a g e o f p e r h a p s 8 m ile s , r e s u lt e d f r o m c o m b in in g t h e s p u r s o f
t h is c o m p a n y , t h e P a t o k a C o a l C o . a n d o n e o t h e r , a n d i t b e g a n b u s in e s s a s o f
J u n e 1, 1 9 3 1 .
F o r 5 m o n t h s t o O c t . 3 1 , 1 9 3 1 i t s h o w e d n e t e a r n in g s o f $ 2 8 ,1 2 7 .
E x h ib it
G -5c-2c
A d v a n c e s t o G e o . A . E n o s C o a l C o . a r e c a r r ie d a t $ 3 7 ,1 3 8 .
W e h a v e in c lu d e d
t h is a s a t a n g ib le a s s e t, b u t i t a p p e a r s t o b e o f d o u b t f u l v a lu e .
W e h a v e r a t e d a s in t a n g ib l e , I n d i a n a L a n d C o n t r a c t s c a r r ie d a t $ 6 0 ,6 0 0 .
T h is
it e m in v o lv e s a c o n t in g e n t lia b ilit y .
T h e T r u s t D e e d e n t it le s t h e T r u s t e e t o a n a n n u a l a u d i t e d s t a t e m e n t .
I n v ie w
o f o u r la r g e in te r e s ts i n t h e c o m p a n y , w e s u g g e s t t h a t t h e a u d i t o f D e c . 3 1 , 1 93 1
b e m a d e u n d e r o u r d ir e c tio n a n d in s tr u c tio n s .
I n c o n n e c t i o n w i t h t h e h i s t o r y o f t h e c o m p a n y t h e f o l l o w i n g t a b u l a t i o n is o f
in te r e s t:
N e t S ales- ...................................
N e t Profits....................................
D epr. or depl. ta k e n ..................
Interest p a id .............................
T onnage........................................
Skg. F u n d requirem ents______
1930
1929
1928
1927
1926
1,231,043
41,534
121,351
61,111
893,210
1,461,594
71,351
144,468
53,397
955,982
1,627,298
185,392
125,496
54,621
978,822
244,705
1,826,495
336,411
129,847
50,677
933,387
233,347
1,439,994
176,839
101,251
58,805
804,030
201,007
1925
1,358,578
166,062
114,884
68,080
776,619
194,155
A s c o n t r a s t e d w i t h t h e a b o v e fig u r e s f o r n e t p r o f it s , t h e a u d i t r e p o r t o f E r n s t &
E r n s t fo r D e c . 3 1 , 1 9 2 9 , a n d a s h e e t a p p a r e n t ly g e n u in e , b u t n o t s ig n e d , w h ic h
p u r p o r t s t o g iv e E r n s t & E r n s t fig u r e s f o r 1 9 2 5 - 2 8 b o t h in c lu s iv e , s t a t e n e t p r o f
i t s a s fo llo w s :
1929
1928
1927
1926
i 99, 439
137,614
96,902
254,043
85,774
108,790
106,651
1925
120,333
116,019
1 Loss.
F o r t h e 5 y e a r s , n e t p r o f i t s p e r c o m p a n y ’ s ( u n s i g n e d ) s t a t e m e n t s ________ $ 9 3 6 , 0 5 5
p e r F . & . E ___ ___________________________________________ 3 0 5 , 9 0 7
D i f f e r e n c e _____________________________________________________________________________
630, 148
S a le s , 1 9 2 9 , $ 1 2 1 ,8 0 0 . p e r m o n t h .
A kron
A tla n ta
B altim ore
B irm in g h a m
B oston
B uffalo
C a n to n
O hicago
C in c in n a ti
C leveland
C o lu m b u s
D allas
D av e np o rt
D a y to n
D enver
D etro it
E rie
F o rt W a y n e
F o rt W o rth
G r a n d R a p id s
H o u sto n
H u n tin g to n , W .V a .
In dian a p o lis
Jackson, M iss.
K alam azoo
K ansas C ity
Los Angeles
Lo u is ville
M e m p h is
M ia m i
M ilw a u k e e
M in n eap o lis
N e w Orleans
N e w Y o rk
E x h ib it
G -5c-8a
E rnst & E rnst
A C C O U N T A N T S A N D A U D IT O R S
S Y S T E M S E R V IC E
CLEVELAND
UNION TRUST BUILDING
O m ah a
P h ila delp h ia
P ittsbu rg h
P o rtla n d , M e .
Providence
R eadin g
R ic h m o n d
Rochester
S t. L ou is
S t. P a u l
S an A n to n io
S an Francisco
Seattle
T am p a
Toledo
T ulsa
W aco
W ash ing to n
W heeling
W ilm in g to n , D e l.
W inston-Salem
Y o ung sto w n
Correspondents at
L o n do n
Paris
B erlin
H a m b u rg
A n tw e rp
Basra
B agdad
C able address
“ E r n s t a u d it ” N .Y .
8504
STOCK E X C H A N G E PEACTICES
J tjnb 13, 1930.
B o a r d o f D ir e c to r s a n d S to c k h o ld e rs ,
T he E n o s C o a l M i n i n g C o m p a n y ,
C le v e la n d .
G e n t l e m e n : W e h a v e c o m p le t e d o u r e x a m in a t io n o f th e b o o k s o f a c c o u n t
a n d re c o rd o f T h e E n o s C o a l M in in g C o m p a n y , C le v e la n d , fo r th e y e a r e n d e d
D e c e m b e r 3 1 , 1 9 2 9 , a n d s u b m it h e r e w it h o u r r e p o r t.
I n a d d i t i o n t o t h e v e r if ic a t io n o f t h e A s s e ts a n d L ia b ilit ie s o f t h e C o m p a n y
a s o f t h e c lo s e o f b u s i n e s s D e c e m b e r 3 1 , 1 9 2 9 , a s h e r e i n a f t e r c o m m e n t e d u p o n ,
w e r e v ie w e d t h e r e c o r d e d C a s h t r a n s a c t io n s f o r t h e y e a r e n d e d a t t h a t d a t e t o
t h e e x t e n t t h a t w e t r a c e d a ll r e c e ip ts d ir e c t ly i n t o t h e b a n k d e p o s it s , a s s h o w n
b y m o n t h l y b a n k s t a t e m e n t s o n f i le , a n d i n s p e c t e d c a n c e l l e d b a n k c h e c k s i n
s u p p o r t o f C a s h d is b u r s e m e n t s , w i t h t h e e x c e p t io n o f c h e c k s o u t s t a n d i n g a t
D e c e m b e r 3 1, 1 92 9, w h ic h h a d n o t s u b s e q u e n tly b e e n p a id th r o u g h th e b a n k s
a t M a rc h 31, 1930.
W e f u r t h e r s u p p o r t e d t h e r e c o r d e d C a s h d is b u r s e m e n t s fo r
f o u r m o n t h s o f t h e y e a r 1 9 2 9 s e le c te d a t r a n d o m b y a n e x a m in a t i o n o f in v o ic e s ,
r e c e i p t s , p a y r o l l s u m m a r i e s a n d o t h e r d a t a o n f i le , b u t w e d i d n o t m a k e a c o m
p l e t e a u d i t o f a l l s a le s a n d e x p e n s e a c c o u n t s a n d s u b s i d i a r y r e c o r d s f o r t h e p e r i o d
u n d e r r e v ie w .
T h e a s s e t s a n d l i a b i l i t i e s o f t h e C o m p a n y a s o f t h e c lo s e o f b u s i n e s s D e c e m b e r
3 1 , 1 92 9 , a n d D e c e m b e r 3 1 , 1 9 2 8 , a re c o m p a r e d in t h e fo llo w in g c o n d e n s e d
sta te m e n t:
D ec. 31, 1929
D ec. 31, 1928
Increase
decrease
ASSETS
C urren t:
$4,926.07
201,777.91
5,010.69
11,212.59
$379.03
199,024.28
17,029.19
8,987.80
$4,547.04
2,753.63
12,018.50
2,224.79
$222,927.26
31,242.94
16,913.34
1,886,633.77
230,541.32
$225,420.30
45,758.34
128,104.99
1,967,748.99
198,704. 28
$2,493.04
14,515.40
111, 191.65
81,115.22
31,837.04
$2,388, 258. 63
$2,565,736.90
$177,478.27
'
Our certificate or report upon an audit or examination is delivered to client with the distinct understanding
that any advertisement, publication, or copy therefrom, in fu ll or in part, of such certificate or report, shall be in
the form to be approved by us. A s a preventive against fraud , attention is directed to the fact that all pages in this
report should bear our water mark.
E x h ib it
G -5c-8b
D ec. 31, 1929
D ec. 31, 1928
$293,003.60
6,159.50
$137,512.64
Increase
decrease
LIABILITIES
C urren t:
3,333.33
$155,490.96
6,159.50
3,333.33
8,887.55
126,922.05
50,768.97
181,178.04
8,887.55
21,350.31
4,393.94
181,178.04
$508,602.58
$502,598.37
6,343.75
510,500.00 ........ 665,'750.66'
216,865.10
179,469.03
$6,004.21
6,343.75
155,250.00
37,396.07
L ia b ility for Notes D iscou n ted subsequently dishonored
148,272.36
55,162.91
N o m in a l:
$50,000.00
$50,000.00
353,558.95
437,877.84
310,514.62
$1,151,951.41
353.558.95
424.600.95
383,755.39
$1,211,915.29
" I i , 276.89
73,240.77
$59,963.88
$2,388,258.63
$2,565,736.90
$177,478.27
Surplus
STOCK E X C H A N G E PRA CT ICES
8505
T h e d e c r e a s e o f $ 7 3 ,2 4 0 .7 7 i n t h e P r o f it & L o s s - S u r p lu s A c c o u n t f o r t h e y e a r
e n d e d D e c e m b e r 3 1 , 1 9 2 9 , a s s h o w n b y t h e f o r e g o in g s t a t e m e n t , is a c c o u n t e d f o r
a s fo llo w s :
N e t L o s s fo r th e y e a r e n d e d D e c e m b e r 31, 1929, as
s h o w n b y S t a t e m e n t o f I n c o m e & E x p e n s e ____________ $ 9 9 , 4 3 9 . 14
F e d e r a l In c o m e T a x p a id fo r y e a r 1 92 8 in excess o f
a m o u n t p r o v i d e d _________________________________________________
4, 096 . 63
-------------Less:
R e in s t a t e m e n t o f v a lu e o f c e r ta in s t r ip p e d c o a l
t o n n a g e c h a r g e d o f f i n 1 9 2 7 ___________________________ $ 2 5 , 0 0 0 . 0 0
D e p r e c ia t io n o n a p p r e c ia t io n in
R a ilr o a d
and
S c a le , f o r t h e c u r r e n t y e a r , t r a n s f e r r e d t o U n
e a r n e d S u r p l u s ______________________________________________
5, 2 9 5 . 0 0
--------------
$10 3, 535. 77
N e t d e c r e a s e __________________________________________________________________
E x h ib it
C R E D IT
P E R T IN E N T
E nos
30, 295. 00
$73, 240. 77
G -5c-10a
D A T A — IN T E R V IE W S
P O IN T S I N
C oal
LA T EST
M in in g
T h i s c o m p a n y a n d i t s o f f ic e r s o w e t h e
$ 1 ,3 0 1 ,2 0 0 . d i v i d e d a s fo llo w s :
STATEM ENT
C om pany
G u a r id a n
T rust
C om pany
E n o s C o a l M i n i n g C o m p a n y — D i r e c t ___________________________________
“
“
“
“
— I n d i r e c t ________________________________
E n o s C o a l M jn in g
C o m p a n y — B o n d s ___________________________________
A. W . D ean
— C o l l a t e r a l ______________________________
A . W . D e a n & E . R . F anc h e r—
“
_____________________________
F r e d S . M c C o n n e ll
—
“
.................................................
A l g i e r s W i n s l o w & W e s t e r n R . R . — B o n d s ___________________________________
G e o rg e A . E n o s
-— C o l l a t e r a l ______________________________
a
to ta l
of
$35, 000. 00
3 ,4 0 0 .0 0
651, 000. 00
133, 300. 0 0
44, 200. 0 0
7 ,5 0 0 .0 0
200, 000. 00
226, 800. 00
T o t a l ................................................................. .............................................................$ 1 , 3 0 1 , 2 0 0 . 0 0
A l l o f t h e fo r e g o in g lo a n s a r e s u p p o r t e d b y t h e w o r t h o f t h e E n o s C o a l M i n i n g
C o m p a n y , p lu s w h a te v e r re s o u rc e s t h e i n d iv id u a ls m i g h t p o ss e ss e x c e p t t h e lo a n s
t o A . W . D e a n a n d A . W . D e a n & E . R . F a n c h e r , a s c o lla te r a l t o w h ic h w e h o ld
i n a d d i t i o n t o E n o s s e c u r itie s v a r io u s s t o c k s , b o n d s a n d i n s u r a n c e p o lic ie s w i t h
a c u r r e n t v a lu e o f $ 8 4 ,2 7 1 . a n d a m o r t g a g e i n t h e a m o u n t o f $ 5 3 ,0 0 0 . s ig n e d b y
G e o rg e a n d E th e l E n o s .
T h e D e c e m b e r 3 1 , 1 9 3 2 b a la n c e s h e e t o f t h e E n o s C o a l M in i n g C o m p a n y a c c o r d
in g t o o u r a n a ly s is s h o w e d c u r r e n t a s s e ts o f $ 2 7 4 ,9 0 0 . a g a i n s t c u r r e n t l i a b ilit ie s
o f $ 4 2 5 ,5 8 2 ., d e f ic ie n c y i n w o r k in g c a p i t a l b e in g $ 2 5 0 ,5 0 0 . a g a i n s t $ 3 7 ,0 8 6 . a t
D e c . 31, 1931.
C u r r e n t r a t i o d e c l i n e d t o .6 4 f r o m .9 0 .
N e t w o r t h d e c r e a s e d f r o m $ 6 4 9 ,5 0 0 . t o $ 4 8 6 , 9 0 0 .
T h i s w a s o c c a s i o n e d b y a lo s s
o f $ 1 6 1 ,3 0 0 . o n n e t s a le s o f $ 1 , 0 0 7 , 6 6 3 .
T o t a l l i a b ilit ie s o f $ 1 ,5 0 9 ,0 0 0 o v e r s h a d o w n e t w o r t h o f $ 4 8 6 ,0 0 0 . b y $ 1 ,0 2 3 ,0 0 0 .,
w o r t h t o d e b t r a t i o b e i n g .3 2 .
175541— 34— PT 19------ 16
8506
STOCK E X C H A N G E PRACTICES
F u n d s p r o v id e d a n d a p p l i e d d u r i n g t h e y e a r a r e s e t f o r t h i n t h e f o ll o w in g s c h e d u le :
F u n d s P r o v id e d
L o s s r e p o r t e d f o r y e a r _______________________________________________________________
L e ss— N o n c a s h c h a r g e s t o p r o fits
D e p r e c i a t i o n _______________________________________________ 1 2 5 , 0 1 5
D e p l e t i o n ____________________________________________________
31, 876
B o n d D i s c o u n t ____________________________________________
10, 1 2 8
----------
161, 3 20
167, 119
C a s h i n c r e a s e o p e r a t i o n s ___________________________________________________________
4, 201
D e c r e a s e i n w o r k i n g c a p i t a l _______________________________________________________2 1 3 , 5 0 3
L i q u i d a t i o n o f s l o w a s s e t s __________________________________________________________
37, 783
S u n d r y : ____________________________________________________________________________________
6, 9 30
T o t a l ___________________________________________________________________________________
2 6 2 ,4 1 7
F u n d s A p p lie d
T o i n c r e a s e i n M i n e P r o p e r t y ____________________________________________________
T o r e d u c t i o n i n c h a t t e l m t g e _____________________________________________________
173, 4 17
89, 000
T o t a l ___________________________________l _______________________________________________
2 6 2 ,4 1 7
E x h ib it
G -5c-10b
T h e c o m p a n y c o n t r a c t e d i n 1 9 3 1 t o p a y t h e B u c y r u s E r ie C o m p a n y $ 7 ,0 0 0 .
p e r m o n t h o n a c h a t t e l m o r t g a g e c o v e r in g c e r t a in m a c h in e r y .
T h e b a la n c e d u e
o n t h i s m o r t g a g e is $ 2 2 5 , 3 5 0 .
N o p a y m e n ts w ere m a d e in 1932.
I n o u r a n a ly s is
w e t r a n s f e r r e d f r o m a s lo w t o a c u r r e n t l i a b i l i t y t h e a m o u n t w h i c h s h o u ld h a v e
b e e n p a id .
I n M a r c h t h e c o m p a n y b o u g h t $ 2 9 ,2 1 2 . w o r t h o f m a c h i n e r y f r o m
th e S u lliv a n M a c h in e r y C o m p a n y .
T h is w a s a l l p a i d f o r e x c e p t $ 1 ,5 3 7 . w h ic h
w as d u e in J a n u a r y 1933.
D e t a i l s w i t h r e f e r e n c e t o t h e r e m a i n d e r o f t h e in c r e a s e i n m i n e p r o p e r t y a r e
n o t a v a ila b le .
T h e c o m p a n y o w n s t h e A lg ie r s , W in s lo w & W e s te r n R a il w a y .
A t N o v . 30,
1 9 3 2 t h is c o m p a n y h a d c u r r e n t a s s e ts o f $ 1 2 3 ,0 0 0 . a g a in s t c u r r e n t l i a b i l i t i e s o f
$ 1 3 3 ,0 0 0 . d e f ic ie n c y i n w o r k in g c a p i t a l b e in g $ 1 0 ,0 0 0 , a g a in s t $ 7 2 ,0 0 0 . a t D e c .
31, 1931.
O p e r a t io n s f o r t h e e le v e n m o n t h s w e r e a t a p r o f i t o f $ 1 0 9 ,6 6 9 . o n g ro s s r e v e n u e
o f $ 2 6 7 ,5 0 6 .
D u r i n g N o v e m b e r t h e c o m p a n y ’s r e v e n u e w a s $ 2 5 ,5 9 9 .
T h is
w a s d e r i v e d f r o m h a u l i n g 7 7 6 ,9 0 0 . t o n m i l e s o f c o a l , a n a v e r a g e o f a b o u t 3 . 4 c e n t s
p e r t o n m ile .
T h i s is , a s f a r a s c a n b e d e t e r m i n e d , s u b s t a n t i a l l y i n e x c e s s o f t h e
a m o u n t n o r m a lly c h a r g e d b y s im ila r ro a d s .
I t a p p a r e n t ly e x p la in s t h e e x c e p
t io n a l p r o fit s h o w n .
I t is u n d e r s t o o d t o b e t h e p r a c t i c e g e n e r a l l y f o r m a i n l i n e r a i l r o a d s t o a l l o w
r a ilr o a d s s u c h a s t h e A lg e r s , W in s lo w & W e s te r n s u f fic ie n t t o s h o w a r e t u r n o f
a p p r o x im a te ly 6 % o n th e ir in v e s tm e n t.
T h i s u s u a l l y d o e s n o t e x c e e d 1 .5 p e r
t o n m ile .
T h e E n o s C o a l M i n i n g C o m p a n y is p a y i n g t h e A . W . & W . R . R .
C o m p a n y a p p r o x im a t e ly 2 0 c e n ts p e r t o n in a d d it io n t o w h a t i t se c u re s f r o m t h e
m a in lin e r a ilr o a d s .
M r . G e o r g e A . E n o s is a n o f f ic e r i n t h e f o l l o w i n g c o m p a n i e s :
T h e E n o s C o a l S a le s C o .
T h e M c C o n n e ll C o a l C o .
T he T abo r C o al Co.
T h e U n d e r h ill C o a l M in in g C o m p a n y
T h e S a lin e v ille C o a l M in in g C o m p a n y
T h e G e o rg e A . E n o s C o a l C o m p a n y
S e v e r a l o f th e s e c o m p a n ie s a r e m e r e ly s e llin g o r g a n iz a t io n s .
I f th e E n o s C o a l
M i n i n g C o m p a n y m a r k e t s i t s o u t p u t t h r o u g h a n y o f t h e s e s a le s c o m p a n i e s ,
w e s h o u ld t ia v e o p e r a t in g s t a t e m e n t s a n d b a la n c e s h e e ts o f s u c h c o n c e r n s .
M r . A . W . D e a n , T r e a s u r e r o f t h e c o m p a n y , is P r e s i d e n t a n d T r e a s u r e r o f t h e
W e s t V a . & P itts b u r g C o a l C o .
T h i s c o m p a n y ’s a v e r a g e b a l a n c e f o r D e c e m b e r
1 9 3 2 w a s le s s t h a n $ 1 0 0 . a g a i n s t a n a v e r a g e o f $ 2 2 , 7 0 0 . f o r 1 9 3 1 .
3-30-33
F. H . M .
(Exhibits G-5C-H through G-5b-I2c face this page)
E x h ib it G -5 c-11
E x h ib it
G -5e-12a
DESCRIPTION OF COLLATERAL PLEDGED
N A ME
S
A—
10-3-31 add*l.
200 •hra.Coa* Tho Harahk* Chonsieal Co. (Ko par)
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E x h ib it G-oc-12b
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STOCK E X C H A N G E PEA CT ICES
E x h ib it
8507
G - 5 c- 1 3
W . M . B a ld w in
P r e s id e n t
T h e U n io n T r u s t C o m p a n y
C le v e la n d , O h io
V e r y lit t le n e e d b e s a id o f M r . B a ld w in .
A s P r e s id e n t o f C le v e la n d ’s la r g e s t
b a n k , h e lo o k s b a c k u p o n a lif e t im e i n t h e b a n k in g b u s in e s s o f C le v e la n d .
F o r
m e r ly w it h t h e C itiz e n s S a v in g s & T r u s t C o m p a n y n o w p a r t o f T h e U n io n
T r u s t C o m p a n y , h e h a s a d v a n c e d s t e a d ily t h r o u g h t h e v a r io u s d e p a r tm e n ts t o
h i s p r e s e n t h i g h o f f ic e .
H e is k n o w n t o b e a m a n o f m e a n s .
F C F :M
E x h ib it
G -5c-14a
W . M . B A L D W IN
F e b ru a ry 26, 1934.
P r i n c i p a l B a la n c e C o l l a t e r a l l o a n $ 1 5 ,0 0 0 .0 0
A c c r u e d I n t e r e s t t o F e b r u a r y 10, 1 9 3 4 , $ 1 ,0 2 6 .2 5
P r i n c i p a l B a l a n c e C o l l a t e r a l L o a n $ 4 7 6 .2 5
A c c r u e d I n t e r e s t t o F e b r u a r y 1 0 , 1 9 3 4 , $ 3 6 .5 8
C o l l a t e r a l : 2 0 0 s h a r e s T h e H a r s h a w C h e m i c a l C o m p a n y N o p a r , $ 1 4 ____$ 2 , 8 0 0
100
“
F . E . M y ers & B ro . C o.
“
“
$ 2 0 - .
2 ,0 0 0
30
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S t a n d a r d O i l C o m p a n y o f O h i o , $ 2 5 ___________________
750
400
“
T h e U n i o n T r u s t C o m p a n y _______________________________
5, 5 5 0
M r . B a ld w in w a s c a lle d o n fo r a p e r s o n a l f in a n c ia l s t a t e m e n t w h ic h h e d is lik e d
to| s u b m i t , p r o b a b l y o n a c c o u n t o f u n f o r e s e e n d e v e l o p m e n t s i n T h e U n i o n T r u s t
C o m p a n y liq u id a t io n .
H o w e v e r , h e g a v e m e , v e r b a lly , t h e f o llo w in g s t a t e m e n t s
o f h is in d e b te d n e s s i n a d d i t i o n t o t h a t t o T h e G u a r d i a n :
C e n t r a l U n i t e d N a t i o n a l B a n k _________________________________ $ 6 2 , 4 0 0 . 0 0
w i t h c o l l a t e r a l v a l u e d a t __________________________________________
36, 000. 00
a n d lis t e d a s fo llo w s :
580 shs. T h e U n io n T r u s t C o m p a n y R i c h m a n B r o t h e r s C o m p a n y , $ 4 2 _________________________________ $ 6 , 3 0 0
150
400
T h e F . E . M y e r s & B r o . C o . N o p a r c o m m o n , $ 2 0 _________
8, 0 00
160
U n i t e d M i l k P r o d u c t s C o r p o r a t i o n P r e f e r r e d , $ 2 5 __________
4, 0 0 0
200
M o n a r c h F i r e , $ 4 ________________________________________________________
800
100
A . G . M c K e e & C o m p a n y , $ 1 0 ____________________________________
1, 0 0 0
100
C h i c a g o C o r p o r a t i o n P r e f e r r e d , $ 2 8 ______________________________
2, 8 0 0
100
G r e a t N o r t h e r n O r e P r o p e r t i e s , $ 1 3 ______________________________
1, 3 0 0
100
C h e s a p e a k e C o r p o r a t i o n , $ 3 8 _______________________________________
3, 8 00
100
C . & O . R a i l w a y , $ 4 3 __________________________________________________
4, 300
U . S . P l a y i n g C a r d , $ 2 2 ________________________________________________
1, 1 0 0
50
1 0 0 U n i t s W e s t e r n R e s e r v e I n v e s t i n g C o r p o r a t i o n , $ 2 5 ______________
2, 5 00
35, 900
C e n t r a l U n ite d N a tio n a l B a n k jo in t n o te w ith V a n R . P u r d y .
C o l l a t e r a l v a l u e ______________________________________________________
lis t e d a s fo llo w s :
100 shs.
100
“
80
“
36
“
53
“
$10, 857. 00
9, 500. 00
G e n e r a l E l e c t r i c , $ 2 0 ______________________________________________ 2, 0 0 0
G l i d d e n C o m p a n y C o m m o n , $ 2 2 _____________________________ 2 , 2 0 0
F a u l t l e s s R u b b e r , $ 2 6 _____________________________________________ 2, 0 8 0
A m e r i c a n C h i c l e C o m p a n y C o m m o n , $ 5 0 _________________ 1, 8 0 0
T h e U n it e d M i l k P r o d u c ts C o r p o r a t io n P r e fe r r e d , $ 2 5 . 1 ,3 2 5
10, 4 0 5
N o t e t o F lo r e n c e S . B a l d w i n , w if e , f o r $ 1 ,0 0 0 .0 0 s e c u r e d b y 1 0 0 s h a r e s M a c M i l l a n
C o m p a n y C o m m o n v a l u e d a t $ 1 ,0 0 0 .0 0 .
U n p le d g e d a s s e ts i n t h e n a t u r e o f m is c e lla n e o u s n o t t o e x c e e d $ 3 ,0 0 0 .0 0 .
STOCK EXCHANGE PEACTICES
8508
E
x h ib it
G -5c-14b
H e c la i m s t o h a v e n o r e a l e s t a t e i n h is o w n n a m e , h is r e s id e n c e h a v i n g b e e n , f o r
a n u m b e r o f y e a r s , i n t h e n a m e o f M r s . F lo r e n c e S . B a l d w i n , h is w if e .
H i s lif e i n s u r a n c e is a ls o p a y a b l e t o h is w ife .
M r . B a l d w i n h a s 1 ,4 0 0 s h a r e s o f T h e U n i o n T r u s t C o m p a n y s to c k .
H e c la im s t o h a v e n o o t h e r p r o p e r t y .
H e s t a t e s t h a t h is o n l y t w o c r e d it o r s w h o m i g h t p u s h h i m a r e t h e C e n t r a l U n i t e d
N a t io n a l B a n k a n d T h e G u a r d ia n a n d t h a t & th e y ca u se h im tr o u b le h e w o u ld
h a v e n o a lte r n a tiv e o th e r t h a n b a n k r u p t c y .
H e is a t p r e s e n t d o i n g s o m e s p e c ia l w o r k f o r a t e m p o r a r y c o m p e n s a t i o n a n d h a s
a f e w tr u s t e e s h ip s , a l l o f w h i c h a r e y i e l d i n g h i m a s c a n t l i v i n g .
E
x h ib it
G -5c-15a
M r. A . W . D ean,
30 8 E u c lid A v e n u e ,
C l e v e la n d , O h io .
D e a r S ir:
[ N o te :
P h o t o s t a t i c c o p y o f t h i s l e t t e r r e v e a ls o n l y a b l a n k s p a c e f o r b o d y o f
l e t t e r a n d c a r r ie s n o s ig n a t u r e .]
D a t e d t h is 1 9 th d a y o f F e b r u a r y 1934.
E
x h ib it
G -5c-15b
A . W . D e a n a n d E . B . F a n c h e r .— C o m m i t t e e a p p r o v e d t h e r e n e w a l o f o u r p r e s e n t
l o a n o f $ 4 4 ,2 0 1 .0 0 f o r n i n e t y d a y s .
(H P M )
O f f ic e r s ’ n o o n , 7 - 7 - 3 1 .
E
x h ib it
G - 5 c- 1 5 c
N u m b e r 41B
D ean, A .
W .
8-24-31
M aker
A c c e p ta n c e s
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L e tte rs o f
c r e d it
C o lla t e r a l
201
1 88
M o rtg a g e
U n se c ure d
C o lla te r a l
M o rtg a g e
U n se c u re d
2
2
C r e d i t d e p t , r e c e iv e d S e p t . 8 , 1931.
N u m b e r 41B
D ean, A .
W.
11-30-31
M aker
A c c e p ta n c e s
E nd o rse r
L e tte rs of
c r e d it
C o lla t e r a l
1 96
1 44
M o rtg a g e
U n se c ure d
C o lla te r a l
M o rtg a g e
7
7
U n se c ure d
25
25
C r e d i t d e p t , r e c e iv e d J a n . 1 8, 1932.
N u m b e r 41B
D ean, A .
W.
4-18-32
M aker
A c c e p ta n c e s
E nd o rse r
L e tte rs o f
c r e d it
C o lla te r a l
1 93
1 82
Credit dept, received May 20,1932.
2
7
M o rtg a g e
U nsecured
C o lla te r a l
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U n se c ure d
E xh ib it G -5 c-1 6 a
DESCRIPTION OF COLLATERAL PLEDGED
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E x h ib it G -5e—16b
STOCK EXCHANGE PEACTICES
E
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8509
G —5 c - 1 5 d
N u m b e r 41B
D ean, A .
W .
10-3-32
M aker
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N u m b e r 41B
D ean, A .
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10-23-33
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C r e d i t d e p t , r e c e iv e d D e c . 1 2 ,1 9 3 3 .
( E x h ib it s G - 5 c- 1 6 a t h r o u g h G - 5 c - 1 6 b fa c e t h is p a g e )
E
C R E D IT
x h ib it
DATA
P E R T IN E N T POINTS IN
G - 5 c- 1 7
IN T E R V IE W S
LATEST STATEMENT
E N O S COAL M IN IN G CO.
S ta te m e n t o j J u ly 3 1 , 1 9 3 3 s h o w s c u r r e n t a s s e ts o f $ 2 3 8 ,1 7 7 . a n d c u r r e n t l i a b i l i
t ie s o f $ 4 4 7 ,5 4 1 ., l e a v i n g a w o r k i n g c a p i t a l s h o r t a g e o f $ 2 0 9 ,3 6 4 . a s c o m p a r e d w i t h
a s h o r t a g e o f $ 1 9 4 ,9 3 9 . ( a d ju s t e d ) o n D e c . 3 1 , 1 9 3 2 .
T h i s is a d e c r e a s e o f $ 1 4 ,4 2 5 .
C u r r e n t r a t i o is .5 3 a s c o m p a r e d w i t h .5 8 .
N e t w o r t h is $ 4 1 2 ,3 6 5 , a d e c r e a s e o f $ 7 4 ,6 1 0 .
N o s i g n i f i c a n t c h a n g e s a p p e a r a m o n g t h e n o n - c u r r e n t a s s e ts a n d l i a b i l it i e s .
I
h a v e s e t u p t h e li a b i l i t i e s t o i n c l u d e a s c u r r e n t t h o s e li a b i l i t i e s w h i c h a r e n o m i n a l l y
c u r r e n t , (e x c e p t t h e m a t u r i n g b o n d s ) , i n c l u d i n g t h e c h a t t e l m o r t g a g e t o B u c y r u s
E r i e C o . , t h o u g h t h e y a r e n o t so t r e a t e d b y t h e c o m p a n y .
A l l t h e b o n d s a r e c la s s e d a s n o n - c u r r e n t i n t h e e x p e c t a t i o n t h a t t h e e f f o r t t o
h a v e a l l s e r ia l m a t u r i t i e s e x t e n d e d t o D e c . 3 1 , 1 9 4 5 w i l l b e s u c c e s s fu l.
S a le s f o r t h e s e v e n m o n t h s w e r e $ 4 9 0 ,0 7 3 . a s c o m p a r e d w i t h $ 5 8 1 ,5 6 1 . f o r t h e
s a m e p e r io d i n 1 9 3 2 .
N e t lo s s w a s $ 1 0 3 ,5 6 2 . a s c o m p a r e d w i t h $ 1 2 0 ,9 5 4 . i n 1 9 3 2 .
C a s h lo s s b e fo r e d e p r e c i a t i o n , e t c ., w a s $ 2 9 ,2 1 4 . a s c o m p a r e d w i t h $ 1 8 ,7 4 0 .
T h e c o m p a n y is a p p a r e n t l y m a k i n g n o p r o g r e s s .
S a la r ie s p a i d t o o ffic e rs a p p e a r t o b e e x c e s s iv e i n t h e p r e s e n t c o n d it i o n o f t h e
com pany.
T h e c o m p a n y ’s lo a n s f r o m u s , a f t e r a n o ffs e t o f $ 7 ,7 0 3 .4 1 , a r e $ 2 7 ,2 9 7 .
T o t a l l o a n s a n d i n v e s t m e n t s t o t h i s g r o u p , h o w e v e r , e x c e e d $ 1 ,2 0 0 ,0 0 0 .
(S e e
l i s t i n w r it e - u p o f 1 2 - 3 1 - 3 2 ).
9-11-33
C
l a y H e r r ic k
STOCK EXCHANGE PEACTICES
8510
E
C R E D IT
G - 5 c- 1 8
x h ib it
DATA
IN T E R V IE W S
P E R T IN E N T POINTS IN LATEST STATEMENT
E
nos
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S T A T E M E N T O F A P R I L 3 0 , 1 9 3 2 r e fle c ts a c u r r e n t r a t i o o f .9 5 t o 1 a s c o m
p a r e d w i t h .9 0 t o 1 a t D e c e m b e r 3 1 , 1 9 3 1 .
C u r r e n t a s s e ts t o t a l $ 3 4 4 ,0 0 0 ., c u r r e n t
l i a b i l i t i e s $ 3 6 2 ,0 0 0 ., w o r k i n g c a p i t a l s h o r t a g e b e i n g $ 1 7 ,0 0 0 . a g a i n s t a s h o r t a g e
o f $ 3 7 ,0 0 0 . f o u r m o n t h s a g o .
O p e r a t i o n s f o r t h e f o u r m o n t h s o f t h i s y e a r s h o w s a le s o f $ 2 1 1 ,0 0 0 . w i t h a n e t
lo s s o f $ 5 7 ,0 0 0 .
D e p r e c i a t i o n a n d d e p le t i o n c h a r g e s h a v e t o t a l e d $ 6 1 ,8 0 0 .
C ur
r e n t w o r k i n g c a p i t a l p o s i t i o n t h e r e f o r e h a s i m p r o v e d d u r i n g t h e f is c a l p e r io d .
N e t w o r t h s t a n d s a t $ 6 2 5 ,0 0 0 ., li a b i l it i e s t o t a l $ 1 ,5 4 3 ,0 0 0 ., t h e w o r t h t o d e b t
r a t i o b e in g .4 0 t o 1.
A l t h o u g h w e d o n o t h a v e f o u r m o n t h s ’ o p e r a t i n g f ig u r e s f o r
1 9 3 1 , i t w o u l d s e e m t o a p p e a r t h a t t h e v o l u m e o f b u s in e s s t h i s y e a r is s o m e w h a t
a h e a d o f t h e v o l u m e f o r 1 9 3 1 ; f o u r m o n t h s s a le s o f $ 4 1 1 ,0 0 0 . c o m p a r i n g w i t h s a le s
f o r t h e t w e lv e m o n t h s o f $ 9 9 0 ,0 0 0 . i n 1 9 3 1 .
T h e c u rre n t p o s itio n a p p e a r s to h a v e
i m p r o v e d i n a s m u c h a s t h e r e d u c t i o n i n c u r r e n t a s s e ts h a s b e e n e n t ir e l y e ffe c te d
t h r o u g h th e r e d u c tio n i n in v e n to r ie s o n h a n d .
B o r r o w i n g f r o m t h e G u a r d i a n h a s in c r e a s e d f r o m $ 2 5 ,0 0 0 . t o $ 3 5 ,0 0 0 . a l l o f
w h i c h is s e c u r e d b y a s s ig n e d a c c o u n t s .
C o m m e r c i a l b a la n c e s w h i c h a v e r a g e d less
t h a n $ 5 ,0 0 0 . t h e f ir s t t h r e e m o n t h s o f t h i s y e a r i m p r o v e d t o a n a v e r a g e o f $ 2 8 ,0 0 0 .
i n A p r i l.
6-8-32
K C S
G e o r g e A . E n o s is r e p o r t e d t o b e d r a w i n g a s a la r y o f $ 3 2 ,0 0 0 p e r y e a r f r o m t h i s
com pany.
H e is a l r e a d y c a r r y i n g $ 6 7 5 ,0 0 0 o f lif e in s u r a n c e a n d is n o w a p p l y i n g
f o r $ 1 7 5 ,0 0 0 m o r e .
6 / 2 5 /3 2
K .C .S .
6 / 2 5 / 3 2 . A . M . P u r c e ll s ta te s t h a t w e h a v e $ 2 7 9 ,0 0 0 lif e in s . p o lic ie s p l e d g e d i n
c o n n e c t i o n w i t h l o a n o f $ 2 7 6 ,0 0 0 . t o G e o . A . E n o s .
C .H .
7 - 1 6 - 3 2 . L . B . F o o t e , a f t e r c o n s u lt i n g t r u s t d e e d , s a y s c o . is i n d e f a u l t f o r n o t
/
f u r n i s h i n g u s a s t r u s t e e a n a u d i t e d s t a t e m e n t , d u e e a c h M c h . 15 .
C .H .
7-19-32. L . B . F o o te w ro te fo r a u d it.
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G - 5 c- 1 9
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O n D e c e m b e r 1, 19 3 2 t h i s c o m p a n y w a s u n a b l e t o m e e t i t s m a t u r i t y o f $ 5 0 ,0 0 0 .
T h e c o m p a n y , a l t h o u g h a lo w c o s t p r o d u c e r , u n q u e s t i o n a b l y is n o t i n a p o s i t i o n
to m e e t t h e te r m s i t h a d a g re e d to u n d e r its m o r tg a g e .
F o rc e d a c tio n t o m a k e
i t l i v e u p t o t h e o r ig i n a l a g r e e m e n t w o u l d c a u s e u n t o l d d if f ic u lt ie s , a n d c o o p e r
a t i o n o n t h e p a r t o f t h e h o ld e r s o f t h e m o r t g a g e b o n d s is a d v i s a b l e i f t h e m a n a g e
m e n t o f t h e c o r p o r a t io n is d o i n g t h e i r s h a r e i n c u t t i n g e x p e n s e s t o a m i n i m u m .
C o s t o f o p e r a t i o n i n d i c a t e s t h a t e x p e n s e s a r e u n d e r e x c e lle n t c o n t r o l. A s r e g a r d s
s a la r ie s o f t h e m a n a g e m e n t , w e a s s u m e t h a t t h a t h a s t h e a t t e n t i o n o f t h e B o a r d o f
D i r e c t o r s a m o n g w h o m is R o b e r t C . L e e , r e p r e s e n t a t iv e o f t h i s i n s t i t u t i o n .
B o n d h o l d e r s a r e a s k e d t o c o n s e n t t o t h e e x t e n s io n o f s e r ia l m a t u r i t i e s o f a l l
o u t s t a n d i n g b o n d s t o D e c e m b e r 3 1 , 1 9 4 5 , a n d i n lie u o f t h e o r ig i n a l s e r ia l m a t u r
it ie s t h e s i n k i n g f u n d p r o v i s i o n s w i l l b e c h a n g e d so a s t o p r o v i d e f o r a p a y m e n t o f
1 2 c e n ts p e r t o n f o r a l l c o a l m i n e d a n d s h i p p e d f r o m t h e m o r t g a g e d p r e m is e s .
T h e s e s i n k i n g f u n d p a y m e n t s w i l l b e a p p l i e d i n a c c o r d a n c e w i t h a s c h e d u le o u t
l i n e d i n t h e s u p p l e m e n t a l m o r t g a g e . W e b e lie v e t h e a p p l i c a t i o n o f s u c h f u n d s is
l o g i c a l a n d t h e s u b s t i t u t i o n o f t h e m o d if i e d s i n k i n g f u n d i n s t e a d o f t h e s e r ia l
m a t u r it ie s a n e q u ita b le p r o g r a m .
W e r e c o m m e n d a g r e e m e n t t o t h e e x t e n t io n a s p r o p o s e d .
W e h a v e m a d e n o d e t a i le d e x a m i n a t i o n o f a l l t h e d a t a i n a s m u c h a s M r . R . C .
L e e is t h o r o u g h l y a c q u a n i t e d w i t h a l l t h e d e t a i ls s u r r o u n d i n g t h i s c o m p a n y , a n d
i t is o u r u n d e r s t a n d i n g t h a t h e f a v o r s t h e p r o g r a m a s p r o p o s e d . O u r e x a m i n a t i o n
o f t h e s u p p l e m e n t a l m o r t g a g e a n d a b r i e f r e v ie w o f t h e c o m p a n y ’s a f f a ir s c r e a te s
n o r e a s o n f o r d i s a g r e e m e n t . W e b e lie v e , h o w e v e r , t h a t t h e i t e m o f s a la r ie s , i f i t
h a s n o t b e e n c a r e f u lly s c r u t i n i z e d , s h o u ld b e r e v ie w e d .
T. P. R .
6-6-33
FM
(Exhibits G-5c=20a through G-5c-20b face this page)
I.J. HOton,
rf £ T
5,
% /94 *
V9J/:
■•tAA 7/UtetC 3 /fe /
■Jar,, s /fJ ±
r jjw r i //•**_
,^ $ Z "4
r ,' I 3 *-
k
' V & ? NOV f 0 1 W ‘
l/¥\/b\ fEf ! 0 1931
j/jb & a JW- 1 * 1*i<
—L t- 6 ' / f £ /
fe
;6 0 |
« ? lw ,V C
< ,o
APR 25 W32
U~ I
ss
N
E
x h ib it
G -5c-20a
DESCRIPTION OF COLLATERAL PLEDGED
N*. d Sbmi
~
200 sh rc . Con;.
rtr: ~
~
- ^nos Co#2 l i n i n g Co.
>//
j.
,
/ V ^ a .4 ,
I
'/■
f£ooo* 4 / * * ^ Z ^ JU ^ JL d ^ U J i- ^
iooO *■
•
‘
..
..
o oO * -v" ^
•*> . V
/oc ooo
_ _.
__
too OOO*'
^^AAjb^X.
7,
# ■1
’ 7
•
W m X
•
P ^ jL ^ # > U 4+1
„ / ** i t *
-I «
i t l i 'S '1 1 - "
_. _ .
"
**■ f o il 4>I a
^
• fe- -
■
• # t io g in
-
'^£jula- " - ^ a . ty^x, &JL4^o '-'jpJL^LtLtul-
-0 *
9 / h/ 3 I ,(£> JZJL.
/ ( U A u J i y b ^ H n J^ y u L & J ^ a u i
Received from The Guardian Truit Co. all collateral pledged and other valuable paperi
■
7<?-»<>-
M
!
L
CLjrtjU. *-/ rjL^Lm* / * - 6 X tf-fxt ?>*- 7
< ! o - c AJLk. -£+-/JU-tu>i^~a J^ 3
/ooooir
y > ooo '
/1Se>oo,
rr
E x h ib it G -5 c-2 0 b
!
-
4-.
LINE OF CREDIT
fEOFpAl «=r ; ' vf
DIRECT LIABILITY
oo
R00 00
IF *00 00
f / 15/31
n / 7/32
2431
24 31
IF- 500 0(1
1 00® 00
500 00
ton
11/7
11/1
1?./3C
1 fop
1 000 00
9/29
6* 5/10/33
"»* >T
1 099 43
11 10
*729
9/28
23 500 00*
22
*=oo o o «
22 000 00*
21
pf)
19
18
18
12
too 00*
cn" np«
*00 00*
500 00*
500 00*
500 00*
9 ■
;
11 400 57*
11 389 47.
E
x h ib it
G - § c- 2 2
11 /1 ;</yi
12/30/. 1
1'2P'3?
3'30'3^
r /pq/32
Q/?Q/3?
11
ftf
32
11/1 ?f;>£
f / 2Q/33 04
cf/ft/ 33
E x h ib it G -5 c-2 6 a
DESCRIPTION OFjBpLLATERAL PLEDGED
y
200 shra.
^
4-
^**p.
v T /§ ”7/
te,ooc.oo
4,000.00
*7'3'W
---— r.^ -^•y‘ry^ijp*/& JT
^eo -xjJrt#
/SL» '(.&
L ife Insurance p o lic y H110186 o f the Eerk ih ir# L ife (15 y^.eriaowment}
Insurance C o ., P i t t s f i e l d , !»*ass., on the L if e ’ o f George §
2 . Deflamp payarle to h is w ife E lle n Jane |)eCe*p dated 4/35/15
Assigned to I .J .F u lt o n Supt. of Banks in charge of^LlQUidia1i.gL
o f The Guardian Trust Co. 11/9/53
d* 3
Cash Surrender Value
Insurance Loan
O ur-Sjuity
/f*S&
V /v W j)(.
I
j
j
Premiums o f f3 7 l.5 0 payacle each 25th. da|r o f A p r il.
Premiums paid to
I
I
3/V J
$
J
S p e cial Annuity C ontract o f the F id e lit y Investment Ass'ni.
W heeling, ftest V irg in ia #L186 dated l/ s / 2 f re g iste re d in I
the name o f Geo. DeCamp. Registered i n the najp# o f I . J . f
P u lto n , Supt. o f Panks in charge o f L iq u id s t lin o f The
|
Guardian Trast C o ., C leveland, Ohio, on llj/l6 /$ 3
Assignment dated 11/1/32 covering loan of] f l , #00.00 to
I
Geo. DeCemp cy the F id e lit y Investment A a k 'n .j
{This note asaurced ry the Guardian Trust Cp. 12/14/53}
I n i t i a l payment o f 1120.00 paid snd payments Cr £20.00 paprarljs
on the 5 fh .d e y ofeach month fo r 126 conse£;utl?e months commencing FeK '2j6
Received from The Guardian Trutt Co. .11 collateral pledged and other valuable paper* i
ection with tbe loan.
DESCRIPTION OM OLLA TERAL PLEDGED
N A M E
I,::
L46 a h rs. :
.
P fd. C o ntinental Shr a . In c .
.
1 .6
•
uonv. C ert.# TCP 947-100 sh rs.n /o Geo.De Carei
, 7
TCP03443-45 shrs .n/o Do.
1 A ti, # 4 f(
:> 6 .
*
*+? k^A-f /'■%*■)
com.
C o ntin e ntal Shr s . I n c . (no par)
100 shrs.each n/o George DeCamp
C ert.# C 1387
1388
1389
1390
1391
1392
1393
1394
C/C2961
29 62
2963
2964
2761
2762
2763
1022-50 s h r s .n /o George Di^ampi.
'100 shrs.
^om.
‘i'he Foot e-Burt Co. (no per)
SCert.# CL 411-100 s h r s .n /o George DeCaap
Hfcnved from The Guardian Tru.t Co. all collateral pledged anri other valuable paper, in connection with the loan.
E xh ib it G 5c ‘26 c
STOCK EXCHANGE PEACTICES
E
M r. G e o . D
e
8511
x h ib it G -5c-21
C am p,
J u n e 10 , 1 9 3 1 .
c jo F e d e r a l R eserve B a n k , C le v e la n d , O .
D e a r G e o r g e : A t y o u r c o n v e n ie n c e I w is h y o u w o u l d s t o p i n t o see m e i n
r e g a r d t o y o u r l o a n , a s I h a v e a s u g g e s t io n w h i c h I b e lie v e w i l l p u t t h e l o a n i n
b e t t e r c o n d it i o n .
V e ry t r u ly y o urs,
H . P . M c I n t o s h J r .,
H P M Jr P M
V ic e P re s id e n t.
(Exhibits G-5C-22 through G-5C-24 lace this page)
E
x h ib it
G -5c-25
N o v . 25, 1932.
M r. G e o r g e D
e
C am p,
c jo T h e F e d e ra l R eserve B a n k , C le v e la n d , O h io .
D
M r . D e C a m p : I n a c c o r d a n c e w i t h y o u r r e q u e s t I a m g i v i n g y o u b e lo w
a s t a t e m e n t o f t h e p a y m e n t s y o u h a v e m a d e o n y o u r d i r e c t l o a n w i t h u s:
ear
L o a n m a d e 6 / 1 5 / 3 1 ______________________________________________________ $ 2 3 , 500.
1 1 /1 3 /3 1 p a y m e n t $ 1 ,0 0 0 .
B a l . d u e ________________________________
22, 500.
1------2 /3 0 /3 1
"
'
_______________________________
2 2 ,0 0 0 .
500.
1 /2 8 /3 2
_______________________________
2 1 ,5 0 0 .
500.
3 /3 0 /3 2
_______________________________
2 0 ,5 0 0 .
1,0 0 0 .
6 /2 9 /3 2
_______________________________
19, 500.
1 ,0 0 0 .
9 /2 9 /3 2
______________________________
18, 500.
1 ,0 0 0 .
______________________________
1 2 ,5 0 0 .
1 1 /1 2 /3 2
6 ,0 0 0 .
V e ry t r u ly y o urs,
H . P . M . , V ic e P re s id e n t.
H PM
Jr P M
(Exhibits G-5c-26a through G-5c-26c face this page)
E
x h ib it
G -5c-27
A
C. W. V
eatch
ugust
22, 1927.
,
M a n a g e r C re d it D e p a r tm e n t, T h e U n io n T ru s t C o m p a n y o f P itts b u r g h ,
P itts b u r g h , P e n n s y lv a n ia .
D e a r M r . V e a t c h : T h e G e o r g e A . E n o s C o a l C o m p a n y , C le v e l a n d , is n o t o u r
c u s t o m e r , b u t i n y o u r b e h a l f w e h a v e c o n s u lt e d t h e lo c a l b a n k w h i c h h a s t h e
ac c o u n t.
I t a p p e a r s t h a t t h e G e o r g e A . E n o s C o a l C o m p a n y is a s e llin g o r g a n i z a t i o n a n d
a c c o r d i n g t o t h e i n f o r m a t i o n r e c e iv e d f r o m i t s b a n k i t o r d i n a r i l y s h o u l d n o t b e
a s k in g fo r c r e d it a c c o m m o d a tio n s .
I t a p p e a r s t h a t t h e c o n c e r n is n o t i n as
s a t is f a c t o r y f i n a n c i a l c o n d i t i o n a s w o u l d b e d e s ir a b le a n d i t w o u l d a p p e a r t h a t
a n y s u b s t a n t i a l a m o u n t o f c r e d it e x t e n d e d t h i s c o n c e r n s h o u l d b e p r o t e c t e d b y
t h e g u a r a n t e e o f G e o r g e A . E n o s p e r s o n a lly .
_
T h e E n o s C o a l M i n i n g C o m p a n y , i n w h i c h M r . E n o s is o n e o f t h e p r in c ip a ls
a t in t e r e s t , h a s v a l u a b l e m i n e s i n I n d i a n a a n d is m a k i n g e x c e lle n t p r o g re s s , a n d
is i n a p o s i t i o n t o p r o p e r ly t a k e c a r e o f s u c h r e a s o n a b le a c c o m m o d a t i o n s as i t
sees f i t t o a s s u m e .
V e ry tr u ly y o urs,
--------------- , A s s is ta n t S e c re ta ry .
H LG EB.
__________
E
E
xcerpt
p r o m M in u t e s o p
G u a r d ia n T r u st
x h ib it
G -5c-28
M e e t in g
C o m pany
op
on
E x e c u t iv e C o m m it t e e
D e c e m b e r 2 3 , 19 3 0
op
T
he
( P a g e 3 1 9 o f b o o k 15)
T h e P u r c h a s e o f t h e f o llo w i n g S e c u r itie s f o r D e c e m b e r 1 7 th t o
c lu s iv e , w a s r e a d a n d a p p r o v e d , v iz :
19, 19 30 , i n
$ 1 5 0 .0 0 p a r U . S . F o u r t h 4 % % L i b e r t y L o a n B o n d .
1 .0 0 0 .0 0 p a r E u c l i d E a s t 1 7 th C o . 1 s t M t g e . L . H . Q / % B o n d @ 9 5 .
6 6 1 .0 0 0 .0 0 p a r T h e E n o s C o a l M i n i n g C o . 7 % 1 s t M t g e . B o n d s @ 92.
2 5 0 .0 0 0 .0 0 p a r A lg e r s , W i n s l o w & W e s t e r n R y . C o . 1 s t M t g e . 6 % B d s .
9 5 ".
FRASER
Digitized for
@
8512
STOCK EXCHANGE PEACTICES
E
x h ib it
G -5c-29
L o a n s lo o ffice rs o f o th e r b a n k s
B orrow e r
A m o u nt
W . P . A b b o t t ..............................................
7 ,0 6 0 .0 0
W . N . B a l d w i n .........................................
2 0 ,0 0 0 .0 0
J . B . A n d e r s o n ............ - ............................
A . L . A s s m u s . ..........................................
1 ,3 0 0 .0 0
1 0 ,4 0 0 .0 0
B an k
C o n n e c tio n
C o n tro l N /B
la n d , O .
C le v e
U n io n
T ru st
C le v e la n d , O .
F e d . R e se rve B k .,
C le v e la n d , O .
C le v e la n d
T r.
C o .,
C le v e la n d , O .
C le v e la n d
T r.
C o .,
C le v e la n d , O .
J . K . C o t a b i s h .............................................
2 ,2 7 5 .0 0
T h o s . C o u g h l i n ..........................................
0 4 ,5 0 0 .0 0
M o r r is
P la n
C le v e la n d , O .
G e o . A . C o u l t o n ........................................
2 9 ,0 0 0 .0 0
G e o . D e C a m p .............................................
3 8 ,0 0 0 .0 0
U n io n
T ru st
C le v e la n d , O .
F e d e ral
R es.
C le v e la n d , 0 .
F e d e ral
R es.
E . K . Fancher
&
A . W . D e a n ...
4 4 ,2 0 1 .0 0
J o h n M . G u n d r y .....................................
5 0 ,7 5 0 .0 0
B . C . H u n t i n g t o n ...................................
3 2 ,0 0 0 .0 0
F r a n k A . K n a p p . . , ..............................
3 0 ,0 0 0 .0 0
R . W . L a y l i n ................ ..............................
1 1 ,0 0 0 .0 0
C o .,
4 ,9 0 0 .0 0
W . T . R o s s .....................................................
1 1 ,9 0 0 .0 0
P e r c y H e u b r a n d .......................................
2 2 , 6 5 8 .8 4
H .
V.
S h u l t e r s ...... ......................................
5 9 ,5 0 0 .0 0
W . J . S p r o w ..................................................
3 0 ,0 0 0 .0 0
B . B . W o o d _____________________________
3 4 ,0 0 0 .0 0
T o t a l .....................................................
5 0 9 ,4 3 4 .8 4
P a id
3-3-32
“
$ 2 ,5 0 0 .0 0
"
$ 5 4 ,0 0 0 .0 0
C o .,
“
“
$ 2 2 ,0 0 0 ,0 0
B k .,
“
“
$ 5 ,6 0 0 .0 0
B k .,
B ank,
0 .
a, B ore a,
B ank,
0 .
C o m m e r c ia l
B ank,
Sandusky, 0 .
H u r o n C o . B k g . C o .,
N o r w a lk , 0 .
15 M
53M
E nos C oal C o. B onds
M tg . on E no s hom e.
C o l l a t e r a l v a l u e $ 5 0 ,0 0 0 .0 0
200 s h . H u n t . N / B
500 s h . N . 0 . T e l. C o .
500 s h . C i t y N / B
75 s h . W illia m s o n C o .
42
sh . N a tl. C it y
B k .,
la n d .
C o l l a t . v a l u e $ 7 ,0 0 0 .0 0
C le v e
C o l l a t . v a l u e $ 2 5 ,0 0 0 .0 0
C o l la t . v a l u e s u f f ic ie n t
L o a n s se c ure d b y stock o f th is b a n k
B orrow e r
A m o u nt
in
C o l l a t e r a l v a l u e $ 1 1 ,0 0 0 .0 0
“
0 .
C it y N / B ., C o lu m b u s ,
0 .
C le v e la n d
T r.
C o .,
C le v e la n d , 0 .
0
M is c e lla n e o u s s to c k s , v a lu e
s u f f ic ie n t
C o l l a t . v a l u e $ 1 2 ,0 0 0 .0 0
“
C le v e la n d
T r.
C o .,
C le v e la n d , 0 .
H u n t . N / B ., C o lu m
bus. 0 .
U n io n B a n k , B e lle v u e ,
N a t.
C it y
C le v e la n d ,
B a n k of B ore
.
N a tl.
C ity
C le v e la n d ,
C o m m e n ts
B k .,
C le v e la n d , 0 .
A . A . M c C a s l i n .............................. ..........
S e c u r ity a n d
N o . S h are s
(Exhibits G-5e-l through G-5e-0 facs this page)
O t h e r S e c u r it y a n d
C o m m e n ts
E
2-2-1923
Cleveland
.1-27-193’ .;
" "
500,000.00
4-f. 4-1 S.’ 3
x h ib it
Ir.>n ^o.:par.y
6% fr o r 1-S3-33
I'" ..
...... • ■I
/ <•</-
jfr
Cleveland
5 Union -Trust ^cnpary
------- —
•
.......
- |
/* «??
?■?
J
*>aV
>> - 3:
ri
G -5e-l
Tr’ r s f (
t;-
( frc
T e r c l f t 'l" i o M W
:'
Y/
*/
1
S £ r
t-JS’J / S '/ z j
T
j
Lv J
I
.
k n - .ii.f/S V
f/r
E xh ib it G -5 e -2
or'lhTERfST
.7£52QJ
DESCRIPTION OF COLLATERAL PLEDGED
m
i* 10}€k,
r
d
— --i
P a r tic l jj&tita:
C eiitral United o f Cleve.O
-Un jon Trust ^o .O le v e .0 . .
P i^y t N a t 'l.o f Chicago
Par|kera Trust of N.Y.
Guardian Trust Co.O')eve.
C oijt*IU .B ank t Tr.Co^of
Chicago
1,000,000.00 ■
3,-387 ,500.00 •
1,000,000.00
4.000. 000.00
1.500.000.00
9 /lh K
->A-v
Ci*4ited Ca,vn/t
-h*1*3
- tw * ± 'fw * r s
tip tla V firv tiV
* -I f O£(i»f£69r90
= t P* fe-Na fet l r9p -Vh
-N*¥.
»*»*}*-9 P»W»«J*6fefea.H-?P*S»»*jrVr.TO.-T..
Waiaa-.**. -a r->t*v*.
-Laua
T,u,t Co ““ «►*»*•'«* pi«W
•»obpal- -Uat t*d -Sat ’-1►c.S -UL««»,Q»
E
/
,
tfW L
Data «f tator
2-1 -1 3]
D». Mai.
x h ib it
I .
n connection with the loan. :
U g^
>^900^0^ ■
G -5e- -3
fo r e ig n £ t H i t 1 6-S_L1r i i e d
**” £ £ f£5^£-i?-**3T'
8 350. OOC J3D ^
“
- ' • • .......
P R I NC I P A L
IH..
I».,n,.«
♦r«fr©,-ee€>rea
4 r$ef‘ 7* (* jr9$
v i£ .
---lb* 1 v l.o-a-0
»Vjytj. v /* co*
J T ~ ., 1/^eilt
f 1e O ^ o e
B.t*o»•
i Int.f.at tn D*>«
' -vt*ifca': ; n 1931
5an>>.
" •S n p il^ f iiis .s e H
*fce -Canadian „Bark
of ^p rM re©, i orenfco, i.
S r^t
-n t a r i
£*•»■¥■*•>■
***» ->4xv» r
~ .......
1N TF. R F. S T
* /^
^ ~~ *** *
r jt+U? A.
BEP L 1 S 3 I
<9-3
; •
a
5 i832
jji<\ ! =i
* V f «-
•
iH.MASOLOAHt
.«
-J If
* _yy
>J
1iu
lb
*>7n
-V> —
0
'
j >/'■> / ’ •'
|
«3l
■P9»
■l3 ’
4 f'
tMAR
;C
■
■
E xh ib it G -5 e -4
'5 {i2 ? c t
.
?
V-> - ;•
*
,
E x h ib it G -o e -5
E xh ib it G -5 e-6
STOCK EXCHANGE PRACTICES
E
8513
x h ib it G-5e-7
R . H . B is h o p , J r .
2- 2 - 2 1 . C r e d i t o f $ 1 ,0 0 0 e x t e n d e d b y o u r F o r e ig n E x c h a n g e D e p t , h e r e b y
c o n f ir m e d .
1 - 1 8 - 2 2 . T o is s u e T r a v e le r s L e t t e r s o f C r e d i t f o r $ 2 ,0 0 0 .0 0 a g a i n s t h i s g u a r a n t e e .
1 - 2 5 - 2 2 . T o a p p r o v e t h e is s u a n c e o f T r a v e le r ’s L e t t e r o f C r e d i t o f $ 3 ,0 0 0 .0 0
a g a in s t h is g u a r a n te e o f p a y m e n t.
5- 9 - 2 2 . T o l o a n $ 5 0 ,0 0 0 .0 0 , o n s a t is f a c t o r y c o lla t e r a l ( i n a d d i t i o n t o p r e s e n t
lo a n s t o t a l i n g $8 1 ,0 0 0 '! p r o v i d i n g a n e q u a l a m o u n t b e l e f t o n d e p o s i t
w i t h u s d u r i n g t h e lif e o f t h e l o a n b y t h e p a r t ie s ( P a u l B r o t h e r s )
t o w h o m t h e p r o c e e d s o f t h i s lo a n , i f m a d e , w i l l b e p a i d .
1 1 - 11 - 24 . O n 10- 6- 24 C o m m it t e e w a iv e d t h e s t a t e m e n t o f R . H . B is h o p , J r .
in c o n n e c tio n w it h t h e lo a n t o t h e P r e m ie r C o . a n d o th e r lo a n s
b e a r i n g h is e n d o r s e m e n t w i l l b e a c c e p t e d w i t h o u t h is f i n a n c i a l
s ta te m e n t.
9 - 8 - 2 6 . T o d i s c o u n t p a p e r o f F . M . O s b o r n e , J r . , $ 5 ,0 7 5 .8 0 .
9 - 2 0 - 2 6 . T o d i s c o u n t p a p e r o f F . M . O s b o r n e , J r . , $ 5 ,0 7 5 .8 3 .
10 - 4 - 2 6 . T o d i s c o u n t p a p e r o f H . W . O s b o r n e , $ 5 ,0 7 5 .8 3 .
11 - 1 - 2 6 . T o d i s c o u n t p a p e r o f F . M . O s b o r n e , $ 9 ,7 8 6 .0 5 .
9 - 1 7 - 2 8 . T o l o a n R . H . B i s h o p , J r . , a n d W a l t e r F ’lo r y , $ 1 0 ,5 0 0 .0 0 .
O ffic e r s ’ N o o n 11--27-29
R O B E R T B I S H O P — C o m m i t t e e a p p r o v e d a l o a n o f $ 2 0 ,0 0 0 .0 0 , s a m e t o b e
a p p l i e d t o t h e r e d u c t i o n o f p r e s e n t lo a n s .
(H P M )
E
x h i b i t G —5e - 8
5 - 2 9 - 3 1 . E x c e r p t s f r o m M i n . o f E x e c u t iv e C o m . — T o p a r t i c i p a t e a l o a n b y
S a m u e l M a t h e r & R . H . B i s h o p , J r . i n t h e a m o u n t o f $ 3 ,5 6 6 ,0 0 0 .0 0
e o lla t e r a le d b y 3 5 ,0 0 0 s h a r e s C o m m o n Y . S h e e t & T u b e C o . ; 3 4 ,0 0 0
s h a r e s I n t e r l a k e S t e a m s h i p ; 7 ,9 4 0 s h a r e s P f d . C le v e la n d - C lif f s
C o r p . ; 6 ,3 5 2 s h a r e s C le v e - C liff s C o r p . V . T . C . ; 5 6 5 s h a r e s C o m m o n
A m e r . S h i p b u i l d i n g ; 8 ,0 2 8 s h a r e s B e t h le h e m S t e e l; 2 6 8 s h a r e s K e l l y
I s l a n d L i m e & T r a n s p o r t C o . ; 3 5 s h a r e s P f d . B e t h le h e m S te e l
C o r p . ; 8 1 s h a r e s G r e a t L a k e s T o w i n g C o . ; 14 2 s h a r e s W e l l m a n
E n g i n e C o . ; $ 2 1 ,0 0 0 p a r N o . G e r m a n L l o y d 6 % , 4 7 ; 1 5 3 s h a r e s
C o m m o n S t a n d a r d T o o l C o . ; $ 3 0 8 ,0 0 0 p a r U . S . B o n d s ; 1 ,0 0 0
s h a r e s B a n k e r s T r . C o ., s a id l o a n t o b e f o r o n e y e a r w i t h i n t e r e s t
a t t h e r a t e o f 5 )4 % p e r a n n u m .
T h e p a r t ic ip a n t s to b e T h e U n io n
T r . C o ., $ 1 ,0 0 0 ,0 0 0 ; T h e C le v e . T r . C o ., $ 1 ,0 0 0 ,0 0 0 .0 0 ; T h e C e n t r a l
U n i t e d N a t ’l B k . , 8 5 0 0 ,0 0 0 ; T h e G u a r d i a n T r . C o . , $ 1 ,0 6 6 ,0 0 0 .0 0 .
I f t h i s l o a n is m a d e o u r p r e s e n t lo a n s t o M r . R . H . B i s h o p , J r . ,
t o t a l i n g $ 8 0 2 ,8 1 5 .3 5 , w i l l b e p a i d , t h e m a t u r i t y .
6 - 1 0 - 3 2 . E x c e r p t s f r o m M i n . o f E x e c u t iv e C o m .
T h e P r e s id e n t s t a t e d t h e
lo a n t o R . H . B is h o p , J r . a n d S a m u e l M a t h e r fo r w h ic h t h is b a n k
is t h e T r u s t e e , w h i c h w a s f o r a n o r ig i n a l a m o u n t o f $ 3 ,5 6 6 ,0 0 0 .0 0
w a s d u e J u n e 1 s t.
T h e u n p a i d b a la n c e o f s a id l o a n is n o w
$ 3 ,2 7 4 ,2 4 7 .0 0 , o f w h i c h t h i s b a n k is c a r r y i n g $ 9 7 8 ,7 8 5 .0 0 , t h e o t h e r
p a r t i c i p a n t s b e in g T h e U n i o n T r . C o ., T h e C l e v e l a n d T r . C o . a n d
th e C e n tr a l U n ite d N a tio n a l B k .
S a m u e l M a t h e r , as o n e o f th e
p a r t n e r s o f t h e f i r m o f P i c k a n d s , M a t h e r & C o . h a s c o n t in g e n t
l i a b i l i t y o n o b l i g a t i o n s o f t h a t f ir m , o r it s s u b s id ia r ie s , a n d a r r a n g e
m e n t s h a v e b e e n m a d e w h e r e b y e x t e n s io n o f t h e in d e b t e d n e s s t o
E
x h ib it G-5e-9
t h e d e c e a s e d p a r t n e r s , a n d o th e r s , h a s b e e n g r a n t e d f o r f iv e y e a rs ,
t o w h ic h w e h a v e b e e n a s k e d to c o n s e n t.
A U o f th e o t h e r p a r t ic i
p a n t s i n t h e l o a n h a v e a g r e e d t o t h e e x t e n s io n a n d t h i s C o m m i t t e e
h e r e b y s p e c if ic a lly a u t h o r iz e s o u r c o n s e n t th e r e t o .
1 2 - 2 - 3 2 . E x c e r p t s f r o m E x e c u t iv e C o m . M i n .
T h e P r e s id e n t s t a t e d t h a t
c u r r e n t i n t e r e s t is n o t b e in g p a i d o n a l o a n o f $ 3 ,2 7 4 ,2 4 7 .0 0 t o
S a m u e l M a t h e r a n d R . H . B is h o p , J r ., h a n d le d b y o u r T r u s t D e p t .,
i n w h i c h t h i s B a n k h a s a p a r t i c i p a t i o n o f $ 9 7 8 ,7 8 5 .0 0 , w h i c h p a r
t i c i p a t i o n w a s o r ig i n a l l y o n M a y 2 9 , 1 9 3 1 , $ 1 ,0 6 6 ,0 0 0 .0 0 ; b u t t h a t
STOCK EXCHANGE PEACTICES
8514
a l l i n c o m e f r o m t h e c o lla t e r a l t o s a id l o a n is n o w b e i n g p a i d t o o u r
T r u s t D e p t , f o r t h e b e n e f it o f s a id l o a n .
T h e T r u s te e s o f S a m u e l
M a t h e r ’s E s t a t e r e p o r t e d t h e y c o u l d n o t , l e g a lly , p a y in t e r e s t o n t h i s
lo a n o u t o f i n c o m e t h e y r e c e iv e f r o m a s s e ts o t h e r t h a n t h o s e p l e d g e d
s p e c if ic a lly t o t h i s l o a n b e c a u s e o f c o n t i n g e n t l i a b i l i t y a g a i n s t s a id
e s t a te .
E
x h ib it
G-5e-10
O c t o b e r 7, 1 9 3 2 .
M r . J o h n S h e r w i n , J r .,
V ic e P re s id e n t, T he C le v e la n d T ru s t C o m p a n y , C le v e la n d , O h io .
D e a r M r . S h e r w i n : I a c k n o w le d g e r e c e ip t o f y o u r l e t t e r o f O c t o b e r 6 t h ,
e n c lo s in g l i s t o f t h e p r e s e n t c o lla t e r a l u n d e r T h e V a n e s s C o m p a n y l o a n i n N e w
Y o r k , fo r w h ic h I t h a n k y o u .
A p p a r e n t l y C l e v e la n d B a n k s a r e h o ld i n g , a s c o lla t e r a l, t h e s t o c k o f a c o r p o r a
t i o n t h a t h a s n o t h i n g b a c k o f i t i n t h e w a y o f as s e ts .
I w o n d e r if th e T ru s te e
w h o p a r t ic ip a t e d t h is lo a n to th e b a n k s w a s f a m ilia r w it h t h e w it h d r a w a l o f
a s s e ts f r o m t h e c o r p o r a t io n a s i n d i c a t e d b y t h e lis t ,
V e ry tr u ly y o urs,
E x e c u tiv e V ic e P re s id e n t.
HCR-CT.
E
M
x h ib it
G - 5 e - ll
e m o r a n d u m R e g a r d in g t h e A p p r a is a l
P r o p e r t i e s f o r a $ 6 ,5 0 0 ,0 0 0 B o n d
o f T h e V a n Sw e r in g e n C o m pa n y
I s s u e D a t e d A u g u s t 1, 19 25
A p r o s p e c t u s o f t h i s is s u e f o u n d i n t h e V a n S w e r in g e n C o m p a n y c r e d i t file is
s ig n e d b y T h e G u a r d i a n T r u s t C o m p a n y .
I t sh o w s a m o n g o th e r th in g s “ A p
p r a is a ls o f t h e l a n d h a v e b e e n m a d e b y H . C . R o b in s o n , V ic e - P r e s id e n t o f T h e
G u a r d i a n T r u s t C o m p a n y , a n d M r . A le x a n d e r S . T a y lo r , o f V . C . T a y l o r & S o n ,
b o t h o f w h o m a r e r e c o g n iz e d a u t h o r it ie s o n r e a l e s t a t e v a lu e s i n C l e v e l a n d . ”
I n t h e H . C . R o b i n s o n p e r s o n a l file u n d e r t h e file n a m e — O . P . a n d M . J .
V a n S w e r in g e n '— a c a b le g r a m s h o w s t h a t M r . R o b i n s o n w a s i n E u r o p e a t t h e
t i m e t h i s a p p r a is a l w a s m a d e . I t is s ig n e d b y M r . T a y lo r a n d r e a d s a s f o llo w s :
“ F i n i s h e d r e a p p r a is a l V a n S w e r in g e n p r o p e r t ie s s h o w in g g r e a t ly in c r e a s e d
v a lu e s o v e r l a s t a p p r a is a l a l l j u s t i f i e d a c c o r d in g m y
ju d g m e n t
Im p o s s ib le
s e n t fig u r e s o r c o n c lu s io n s b y l e t t e r t i m e r e a c h y o u b e f o r e s a i li n g o r b y c a b l i n g
A r e y o u w i llin g t o a p p r o v e m y fig u r e s a n d a u t h o r iz e s ig n in g a p p r a is a l so t h a t
b o n d is s u e c a n b e m a d e b e f o r e A u g u s t 1 s t . ”
O n A u g u s t 13, 1 9 2 5 , E . G . T i llo t s o n , I n v e s t m e n t B r o k e r a n d D i r e c t o r , w r o t e
t o M r . R o b in s o n :
“ W i l l y o u b e g o o d e n o u g h t o a ffix y o u r s ig n a t u r e t o c o p ie s o f t h e a p p r a is a l ,
o n e o f w h i c h is i n p o s s e s s io n o f y o u r T r u s t D e p a r t m e n t , o n e h e ld b y M r . T a y l o r
a n d t w o b y t h i s o ffic e . A l l h a v e m a p s a t t a c h e d a n d b e a r M r . T a y l o r ’s s i g n a t u r e ,
a s w e ll a s y o u r s ‘ p e r A . S . T a y l o r ’ . ”
E
I
x h ib it
nland
I
G -5e-12
nvestors,
I
nc
.
O f f ic e o f t h e T r e a s u r e r , 4 3 9 G u a r d i a n B u i l d i n g , C le v e la n d , O h i o .
O c t o b e r 8, 1929.
M r. J. A. H o u se,
T he G u a r d ia n T ru s t C o ., 6 2 3 E u c lid A v e n u e , C le v e la n d , O h io .
D e a r M r . H o u s e : I a m e n c lo s in g h e r e w i t h c h e c k t o y o u r o r d e r f o r $ 4 ,8 3 4 .8 4 ,
b e i n g i n p a y m e n t o f y o u r s h a r e o f t h e m a n a g e m e n t fees o f I n l a n d I n v e s t o r s , I n c . ,
f o r t h e q u a r t e r e n d in g S e p t e m b e r 3 0 , 1 9 2 9 , i n a c c o r d a n c e w i t h t h e s t a t e m e n t
e n c lo s e d h e r e w it h .
T h e e n d o r s e m e n t o f t h e c h e c k w i l l b e s u f f ic ie n t a c k n o w l e d g e m e n t o f i t s r e c e ip t .
V e ry t r u ly y o urs,
W. R . G re e n , Treasurer.
W R G ’G M N
E x h ib it G -5 e-1 7
3 3 L S i% m , *
6 H u * s l \l?*4
:j 53 * s i a]im X
' 3</f (r3<j>yy
3 ¥ / 00 o\
—f
b
um»
ti M ’
t4/?-/rz/
i'* /? /9XS
t
J/ i i \m
*
U
Y tr f™
# ua
•■
■
■
•
sip
~SS-/S3i
d S J ^ S h ' *AK
A r
i f 7>*
a?
!»3
m
Exhibit
im - v .m
G-5e-18
E
x h ib it
G -5e-18
Saving* ScTrutt Ca., all collateral pla^ghd
E xh ib it G -5 e-1 9
Exhibit
G-5«-19
. '"-etropolitan U ti lit.1 es , Ino .
S-2-1951
2 -s6-1931
&j * -f
~jj*~^ 6
f
M etropoli
6^989'
# Union Trus t Uo.
1,400,000.
3-17^1 2-J7-3;
5-17-3? 5-17-32
S-17-32 8-15-31
8'
.‘,f
---30
18-15-32 11-1
f'-15-30, l ilw^<6-c?04iNciP«i.
8-17-1 931
/4\ a/j yv APR S
•JW »
HUG J
m _
RB i
.
'**'
mi
*831
»V*
*■i*?**
yz >
o
E
x h ib it
G -5e-20
DESCRIPTION OF COLLATERAL PLEDGED
63989
M.V I Loan
|^yzr| "*'* |
e r t i f ic a t e o f f ar*ti cipa tio n
fo r * i , 4-QQT&0Qr&0 In a lo an o f
-fi.
-'6-}-^O^7O0 O'iO0 secured by: '•+:?>'■'?’ ,•???.'?£' 1
' ^ ?-%t-,~crT7~
* 1 0 0 shrs. Cost. Ahe *-leve.Tract ion Tenr In a l ■ C0
"• - 100 shrs .Com. A’he T raction Stores C o . ^ \
■.'».**signrrient o f e q u ity In 5800 s h rs . ,beingji
a l l o f the C a p .s tk .o f The Cl eve.A- Youngstown ’
->.R.Co.subject to a pledge, to the Kew Yoi*k ^
Central R .^.C o .
1465 shrs.Com .The-Cleve.Interurban K .R .C b .^
>'6tes o f one or more of s a id companies
/a g g re g a tin g the amount of advances made sndef such
/ loans to M etropolitan U t i l i t ie s , Inc .to t ie f
/
respective date* o f deposit o f such, pledged* *
j
notes w ith the undersigned.
J
In te r e s t payable
?«aa-qu<* r t e r ly .
Guaranteed by TJpe Vaness ^orrpany.
f
/
'
.
9
1 -J K :
J /«/
/#• jz.
JjL
!lnL
4P-~*—
*
r
•
-ri’-V c.., # V . v
v~*// cs
77. ;
**J
U
-' ^ . . ', .-^ -M
■‘ -■
}' •• 1.
/• ji
>
v —
r 73, r t f
|
Received from The Guardian Truet Co. >11collateral pledged and other valuable paper, in connection with the loan.
E xh ib it G -5e-21
STOOK EXCHANGE PRACTICES
E x h ib it
In la n d
8515
G -5 e -1 3
In v e s to rs ,
In c .
■Office o f th e T re a s u re r, 439 G u a r d ia n B u ild in g , C le v e la n d , O h io .
J u l y 2, 1929.
M r.
J. A. H ouse,
The G u a rd ia n Trust Co., 628 E u c lid Avenue, Cleveland, O hio.
D e a r M e . H o u s e : I a m e n c lo s in g s ta te m e n t o f c o n d it io n o f I n la n d
In v e s to rs , In c ., as o f th e clo se o f b u sin e ss J u n e 30, 1929.
I a m a ls o e n c lo s in g c h e c k f o r $5361.11, re p re s e n tin g y o u r sh a re o f th e m a n a g e
m e n t fee fo r th e s ix m o n th s p e rio d e n d in g J u n e 30, a s p e r s ta te m e n t e n clo se d
h e re w ith .
V e r y t r u ly y o u rs ,
W . R . G r e e n , Treasurer.
W R G ’G M N
M y
E x h ib it
I nland
G -5 e -1 4
I nvestors, I n c.
O ffic e o f th e T re a s u re r, 439 G u a r d ia n B u ild in g , C le v e la n d , O h io .
J a n u a r y 9, 1929.
A. H o u s e ,
The G u a rd ia n Trust Co., Cleveland, O hio.
M y D e a r M r . H o u s e : I a m e n c lo s in g c h e c k f o r $2 656.88 re p re s e n tin g y o u r
sh a re o f th e m a n a g e m e n t fees fo r th e s ix m o n th s e n d e d D e c e m b e r 31, 1928, as
sh o w n b y th e e n clo se d sta te m e n t.
V e ry t r u ly y o u rs ,
W . R . G r e e n , Treasurer.
W R G ’G M N
M r.
J.
E
T
he
x h ib it
G u a r d ia n
G -5 e -1 5
T
rust
C
om pany
C A P IT A L A N D S U R P L U S E IG H T M I L L I O N D O L L A R S
C o m p t r o lle r ’s D e p a r t m e n t
W . K . G re e n , V ic e P re s id e n t
M e m b e r F e d e ra l R e s e rv e S y s te m 300
C l e v e l a n d , Ja n u a ry 9 ,1 9 2 8 .
M r. J. A. H o u se,
President The G u a rd ia n Trust C om pany,
Cleveland, O hio.
M y D e a r M r . H o u s e : I a m p le a se d to en close h e re w ith c h e c k to y o u r o rd e r
fo r $694.34 c o v e rin g th e a m o u n t d u e y o u as y o u r sh a re o f th e 5 % o f th e n e t
e a rn in g s o f I n la n d I n v e s to rs fo r th e y e a r 1927, p a y a b le t o th e E x e c u t iv e C o m
m itte e .
T h e t o t a l a m o u n t o f th e 5 % o f th e n e t e a rn in g s a fte r th e c o m p u ta tio n o f th e
In c o m e T a x w a s $2,777.37 w h ic h a m o u n t w a s d iv id e d e q u a lly a m o n g th e fo u r
m e m b e rs o f th e E x e c u t iv e C o m m itte e .
T h e e n d o rse m e n t o f t h is c h e c k w ill be su ffic ie n t a c k n o w le d g m e n t o f it s re c e ip t.
V e r y t r u ly y o u rs ,
W . R . G re e n ,
Secretary In la n d Investors, In c .
W RG ’M N
(Exhibits G-5e-16 through G-5e-21)
8516
STOCK EXCHANGE PEACTICES
E
x h ib it
G - ll- 1
T
he
G
u a r d ia n
T
r u s t C o m p a n y , M e m b e r s h ip
C o m m i t t e e s , 19 27 -193 3— C .
T
he
G
u a r d ia n
T
rust
C o ., C
o m p e n s a t io n
on B oard
H . H orton
P a id
to
and
M
anagem ent
O f f ic e r s — M . W . F
ir t h
F rid a y , December 9, 1927.
C u s to m e rs L i a b i lit y N o . A - 9 7 0 5 ;
B ills o f E x c h a n g e N o s . 22126 to 22155, in c lu s iv e ;
C o lla t e r a l L o a n s N o s . 58613 to 58665, in c lu s iv e ;
R e a l E s t a t e L o a n s N o s . 20610 to 20617, in c lu s iv e ; e x c e p t 20613;
L o a n s m a d e b y o u r B r a n c h O ffice s a n d
V a rio u s R e n e w a ls to date.
V ic e P r e s id e n t R o b in s o n s ta te d w e a re in n e g o tia tio n s w it h T h e E m p ir e P e t r o
le u m C o m p a n y f o r th e h a n d lin g o f som e fin a n c e s fo r s a id c o m p a n y a lo n g th e lin e s
o f $5,000,000.00 in A c c e p ta n c e s a n d $10,000,000.00 in a N o t e Issu e ; b u t t h a t
d e fin ite d e ta ils h a v e n o t y e t been w o rk e d o u t, re a d y fo r p re s e n ta tio n t o t h is
C o m m itte e .
T h is C o m m it t e e h e re b y a p p ro v e s o u r p u rc h a s in g , on jo in t a c c o u n t w it h
T illo t s o n & W o lc o t t C o m p a n y a n d J a m e s C . W ills o n & C o m p a n y o f L o u is v ille ,
K e n t u c k y , $500,000.00 K e n t o n C o u n t y , K e n t u c k y , 4% % R o a d a n d B r id g e B o n d s
@ 101.11 a n d in te re s t, b o n d s m a t u r in g s e r ia lly fr o m J a n u a r y 1 ,1 9 3 3 to J a n u a r y 1,
1956; S y n d ic a te in te re s ts as fo llo w s :
J . C . W ills o n a n d C o m p a n y _________________________________ $75, 000. 0 0 ,
T illo t s o n & W o lc o t t C o m p a n y _______________________________ 212, 000. 00
T h e G u a r d ia n T r u s t C o m p a n y _______________________________ 213, 000. 0 0
T h e C o m m itte e h e re b y a p p ro v e s lo a n in g W . F . G u th r ie o f Y o u n g s to w n , O h io
( V ic e P re s id e n t o f T h e T ru s c o n S te e l C o m p a n y ) — $1,000,000.00, to b e g u a ra n te e d
b y T h e T ru s c o n S te e l C o m p a n y , Y o u n g s to w n , w it h p a y m e n ts as fo llo w s:
$250,000.00 in 60 d a y s; 250,000.00 in a n a d d it io n a l 60 d a y s a n d b a la n c e a t o u r
p le a su re o n d e m a n d th e re a fte r.
( M r . G u th r ie a d v is e d us, c o n fid e n tia lly , t h a t he is p u rc h a s in g th e E a s t S id e
P la n t o f T h e H y d r a u lic S te e l C o m p a n y .)
T h e P re s id e n t re p o rte d t h a t th e N e t E a r n in g s o f th e b a n k fo r t h is y e a r (esti
m a tin g th e re m a in d e r o f D e ce m b e r) sh o u ld be a p p r o x im a te ly $1,550,000.00.
O n m o tio n m ade, seconded, a n d u n a n im o u s ly c a rrie d , th e C o m m itte e h e re b y
a p p ro v e s a n d a u th o riz e s f u lf illin g th e P r e s id e n t’ s re c o m m e n d a tio n s, as fo llo w s:
T h a t b e fo re C h r is tm a s o f t h is y e a r, th e B a n k p a y to e ach o fficer a n d e m p lo ye e ,
a s a d d it io n a l c o m p e n sa tio n , a n a m o u n t e q u a l to o n e -h a lf o f th e c u rr e n t m o n th ’s
s a la r y o f th e re s p e c tiv e in d iv id u a ls ; a n d in a d d itio n th e re to , th e re be tu rn e d o v e r
to th e P r e s id e n t a su m n o t in excess o f $45,000.00 t o be b y h im d is tr ib u te d , in h is
so le d is c re tio n , to th e o fficers a n d em p lo ye e s, e x c lu s iv e o f th e C h a ir m a n o f th e
B o a r d a n d th e P re s id e n t.
E
x h ib it
G - ll- 2
T h is c o m m itte e h e re b y re c o m m e n d s f o r a p p r o v a l o f th e B o a r d o f D ir e c t o r s a t
it s n e x t m e e tin g , D e c e m b e r 1 3 th , th e fo llo w in g :
A . T h a t o n J a n u a r y 1, 1928, th e re b e p a id t o th e S to c k h o ld e r s th e re g u la r
q u a r t e r ly d iv id e n d o f 3 % o n th e C a p it a l S t o c k o f t h is C o m p a n y o u t o f th e
U n d iv id e d E a r n in g s o f s a id C o m p a n y .
B . A n e x t r a d iv id e n d o f 3 % o n th e C a p it a l S to c k , p a y a b le 1/1/28.
C . T h a t a t th e clo se o f t h is y e a r th e re b e tra n s fe rre d $1,000 ,00 0.00 fro m
U n d iv id e d P r o f it s in t o S u r p lu s A c c o u n t.
T h e P r e s id e n t s ta te d t h a t a ft e r p a y in g th e fo re g o in g a u th o r iz e d ite m s , a n d
m a k in g th e a u th o r iz e d tra n s fe r to “ S u r p lu s ” , th e re w o u ld b e a p p r o x im a t e ly
$400 ,0 00.00 re m a in in g in th e U N D I V I D E D P R O F I T A C C T .
M e e t in g th e re u p o n a d jo u rn e d .
R . P. Sea r s,
Secretary.
Tuesday, December 18, 1927.
T h e B o a r d o f D ir e c t o r s m e t in re g u la r se ssio n a t th e O ffice o f th e C o m p a n y a t
9 :15 A . M .
P re s e n t: T h e C h a ir m a n o f th e B o a r d p re s id in g , th e P r e s id e n t, a n d M e ss rs:
B ic k n e ll, B o lt o n , C . C ., B o n d , B o w m a n , B ro o k s , C a se , D a le y , D e a n , D ie t z ,
STOOK EXCHANGE PEACTICES
8517
F u lle r , G r iff it h s , B a ll, H a r m o n , H in e , H o ld in g , H u n t , I n g lis , M a r la t t , M a r s h a ll,
M c G o w a n , M c I n t o s h , J r ., M ills , M o n k s , M u r f e y , C . L . , M u r f e y , L . A ., O a k e s,
P e t re q u in , P r e n tis s , P r e s c o tt, Q u a rrie , R o b in s o n , R o g e rs , E . D ., R o g e rs , E . S .,
R o s s ite r , S ears, S to n e , T a y lo r , T illo t s o n , a n d W a r w ic k , b e in g a q u o ru m .
M in u t e s o f th e p r e v io u s M e e t in g o f th e B o a r d o f D ir e c t o r s h e ld N o v e m b e r 8,
1927, w e re re a d a n d a p p ro v e d .
M in u t e s o f th e E x e c u t iv e C o m m itte e M e e tin g s h e ld N o v e m b e r 15 th, 18th,
2 2 n d , 2 5 th , 2 9 th , D e c e m b e r 6 th a n d 9 th , 1927, w e re re a d a n d th e a c t io n t h e re in
re c o rd e d a p p ro v e d .
S ta te m e n t o f th e C o n d it io n o f th e C o m p a n y , as o f D e c e m b e r 9, 1927, w as
re a d , c o m p a rin g i t w it h N o v e m b e r 4, 1927, sh o w in g a n in c re a s e in d e p o sits.
E
T
he
G
C A P IT A L A N D
G - ll- 3
x h ib it
u a r d ia n
T
SURPLUS
E IG H T
C
rust
levelan d
C
o m pany
M IL L IO N
DOLLARS
, O h io
M e m b e r F e d e ra l R e s e rv e S y s te m
M r . P . W . B r e m e r , P aym aster,
The G u a rd ia n Trust Co.
P u r s u a n t to a c t io n t a k e n b y th e E x e c u t iv e C o m m itte e a t t h e ir m e e tin g h e ld
D e c . 9 th , 1927, M r . J . A . H o u s e , P r e s id e n t w a s a u th o r iz e d t o p a y t o e ach a n d
e v e r y o ffic e r a n d e m p lo y e r, as a d d it io n a l c o m p e n s a tio n , a t C h r is t m a s T im e , a n
a m o u n t e q u a l to h a lf o f one m o n th ’ s s a la ry .
T h e re w as f u r t h e r a llo t t e d th e su m o f F o r t y - F iv e T h o u s a n d D o lla r s ($45,000)
to be d is t r ib u te d a s a d d it io n a l c o m p e n s a tio n to c e r ta in o ffic e rs a n d e m p lo y e e s in
a m o u n ts a s d e s ig n a te d b y th e p re s id e n t in h is sole d is c r e tio n e x c lu s iv e o f h im se lf.
T o M r . H o u s e d iv e r t th e su m o f F if te e n T h o u s a n d D o lla r s $15,000 is to be
p a id a s a d d it io n a l c o m p e n s a tio n fo r f a it h f u l, e ffic ie n t a n d v a lu a b le se rv ic e to th e
com p any.
S. M . B o n d
A t le e P o m e re n e
Wm. H . M a r la t t
F . F . P r e n t is s
M embers o f Executive Committee
E
x h ib it
G —1 1 -4
F rid a y , December 14, 1928.
6V£% B o n d Issu e b y T h e H . A . S t a h l C o . o f w h ic h t h is B a n k is th e T ru s te e . T h e
T illo t s o n & W o lc o t t C o . to be e q u a lly lia b le w it h u s in th e m a k in g o f t h is lo a n .
T h is a c t io n to re p la c e a c t io n ta k e n b y t h is C o m m it t e e in it s m e e tin g o f S e p te m b e r
2 5 th re la tiv e to a lo a n to th e se sa m e in d iv id u a ls .
O n re c o m m e n d a tio n o f th e P re s id e n t, th e C o m m it t e e h e re b y a p p ro v e s a n d
a u th o riz e s f u lf illin g h is re c o m m e n d a tio n t h a t th e sa m e p la n be a d o p te d as w a s
a d o p te d la s t y e a r, n a m e ly , t h a t b e fo re C h r is t m a s o f t h is y e a r th e B a n k p a y to
e a c h o ffic e r a n d e m p lo y e e , a s A D D I T I O N A L C O M P E N S A T I O N , a n a m o u n t
e q u a l to h a lf o f th e c u r r e n t m o n th s s a la r y o f th e re s p e c tiv e in d iv id u a ls ; a n d in
a d d it io n th e re to , th e re b e t u rn e d o v e r t o th e P r e s id e n t a s u m n o t in excess o f
$4 5,000.00 to be b y h im d is t r ib u te d in h is sole d is c r e tio n to th e officers a n d
em p lo ye e s, a n d a ls o to p a y to h im th e sa m e a m o u n t as w a s p a id to h im la s t y e a r
a t t h is tim e .
V ic e P r e s id e n t R o b in s o n a g a in p re se n te d a n a p p lic a t io n o n b e h a lf o f M r . C . L .
A Y R E S f o r a n a d d it io n a l p e rs o n a l lo a n to b e c o lla te ra le d b y c o a l p r o p e rt y
s e c u ritie s ; th e C o m m it t e e d e c id e d t h a t i f th e lo a n is m a d e , i t s h o u ld be on
s a t is fa c t o r y e n d o rse m e n ts.
T h e fo llo w in g R e s o lu tio n s w e re a d o p te d , v iz :
R E S O L V E D : T h a t C . H . F o rc e , V ic e P re s id e n t, a n d J . J . L u t h i, A s s is ta n t
S e c re ta ry , b e a n d t h e y a re h e re b y a u th o r iz e d a n d in s tr u c t e d t o se ll, assig n ,
tra n s fe r a n d se t o v e r, v iz :
C e r t if ic a t e N o . 551 f o r 100 sh a re s P re fe rre d S t o c k o f T h e V a n D o r n I r o n W o r k s
Com pany.
R E S O L V E D : T h a t L . B . F o o te , V ic e P r e s id e n t, a n d R . R . E m m ic k , A s s is t a n t
S e c re ta ry , be a n d t h e y a re h e re b y a u th o r iz e d a n d in s tr u c te d , to se ll, assig n ,
tra n s fe r a n d se t o v e r v iz :
8518
STOCK EXCHANGE PRACTICES
C e r t if ic a t e N o . C F 18017 f o r 3 sh a re s P r e fe rre d S t o c k o f T h e O h io B e ll T e le
phone C om pany.
R E S O L V E D : T h a t C . H . F o rc e , V ic e P re s id e n t, a n d R . R . E m m ic k , A s s is t a n t
S e c re ta ry , be a n d th e y a re h e re b y a u th o r iz e d a n d in s tr u c te d to se ll, assig n , tra n s fe r
a n d se t o v e r, v iz :
C e rtific a te s N o s . C 365 a n d C 366 f o r 100 sh are s e a c h o f th e C o m m o n S t o c k o f
T h e C o n t in e n t a l Ic e C o m p a n y .
M e e t in g th e re u p o n a d jo u rn e d .
R . P . S e a b s , Secretary.
E x h ib it
G - ll- 5 a
F rid a y , J a n u a r y 4, 1929.
R E S O L V E D : T h a t C . H . F o rc e , V ic e P re s id e n t, a n d J . J . L u t h i, A s s is t a n t
S e c re ta ry , be a n d th e y are h e re b y a u th o r iz e d a n d in s tr u c te d to se ll, a ssig n , t r a n s f e r
a n d s e t o v e r, v iz :
C e r t if ic a t e N o . C . O . 5613 f o r 10 sh are s C o m m o n S t o c k o f T h e O t is S t e e l
C om pany.
C e r t if ic a t e N o . 565 f o r 103 sh a re s C o m m o n S t o c k o f T h e L a b o r a t o r y P ro d u c tsC om pany.
R E S O L V E D : T h a t A . G . S t u c k y , V ic e P re s id e n t, a n d J . J . L u t h i, A s s is t a n t
S e c re ta ry , be a n d t h e y a re h e re b y a u th o r iz e d a n d in s tr u c te d to se ll, a ssig n , t r a n s f e r
a n d s e t o v e r, v iz :
C e r t ific a t e s N o s . B A 7890 a n d B A 6215 f o r 10 a n d 90 sh ares, re s p e c tiv e ly ,
C o m m o n S t o c k o f T h e S h e r w in - W illia m s C o m p a n y .
M e e t in g th e re u p o n a d jo u rn e d .
R . P . S e a b s , Secretary.
Tuesday, Ja n u a r y 8, 1929.
T h e B o a r d o f D ir e c t o r s m e t in re g u la r session a t th e O ffic e o f th e C o m p a n y a t
9:1 5 A . M .
P re s e n t: T h e P r e s id e n t p re s id in g , a n d M e s s rs . B ic k n e ll, B o lto n , C . C y B o n d ,
B o w m a n , B ra n d , B ro o k s , D a le y , D e a n , D ie t z , D u r e ll, F u lle r , G ro s s m a n , H a rm o n ,.
H o ld in g , H u n t , In g lis , K lin e , M a r la t t , M a r s h a ll, M c G o w a n , M c I n t o s h , J r .,
M ills , M o n k s , M u r f e y , L . A ., P e tre q u in , P o m e re n e , P r e n tis s , P r e s c o t t , R o g e rs ,
E . D ., S ears, S h e p h e rd , S to n e , T a y lo r a n d W h e la n , b e in g a q u o ru m .
M in u t e s o f th e p r e v io u s M e e t in g o f th e B o a r d o f D ir e c t o r s h e ld D e c e m b e r 11,
1928, w e re re a d a n d a p p ro v e d .
M in u t e s o f th e E x e c u t iv e C o m m it t e e M e e t in g s o f D e c e m b e r 14, 18, 21 a n d 28,
1928, a n d J a n u a r y 4, 1929, w e re re a d a n d th e a c tio n s th e re in re c o rd e d a p p ro v e d .
E x h ib it
G - ll- 5 b
S ta te m e n t o f th e C o n d it io n o f th e C o m p a n y w a s re a d .
T h e A c c e p ta n c e o f th e fo llo w in g T r u s t s w a s re p o rte d a n d a p p ro v e d , v iz :
L iv in g T r u s t N o .
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2284— M o r r e y R . C o o p e r, L if e In s u ra n c e , V a l . .
2300— E . L lo y d M a llo n , L if e In s u ra n c e , V a l _____
2306— M a u r ic e F . C ra s s . S to c k , V a l _____________
2309— V ic t o r R . D a u b , S t o c k & B o n d s , V a l..........
2310— D r . R o b e r t H . M c D o n a ld , L if e In s . V a l . .
2311— T h e o d o re A . C o o p e r, L if e In s . V a l ________
2312— H e r m a n D . P o c o c k , In s . P o lic ie s , V a l____
2313— D r . J o h n F . C o r rig a n , L if e I n s u ra n c e _____
2314— F r e d e r ic k S. L o ffe r, L if e In s . V a l_________
2315— D a v id A . H o lm g re n , L if e In s . V a l ________
2317— F r a n k L . G ib b o n s , L if e In s . V a l__________
2 3 1 8 — A lb e r t E . R e e d , L if e In s . V a l . . ............. ..
2319— F r a n k B . Jo h n s o n , L if e In s . V a l__________
2320— C h a rle s D . W o o d , S to c k , V a l_____________
2321— A lb e r t B . M a c k e y , L if e In s . V a l .............. ..
2322— J u liu s P o llo c k , L if e In s . V a l ..................... ..
2323— M ic h a e l J . F e re n c z , L if e In s . V a l_________
$8, 000. 0 0
20, 000. 00
38, 000. 00
21, 570. 0 0
24, 000. 00
40, 000. 00
59, 070. 00
50, 000. 00
13, 000. 0 0
14, 000. 00100, 000. 00
30, 000. 00
25, 900. 00
10, 000. 00
20, 000. 00
3 4 ,0 0 0 .0 0
25, 000. 00
T otal Living Trusts— 17 T ota l V alue_______________________ $532, 540. 00
STOCK EXCHANGE PRACTICES
8519
B o n d T r u s t N o . 708— T h e M u r r a y O h io M fg . C o .— $1 ,0 00,000.00 p a r v a lu e 10
Y e a r Q% % S. F . G o ld D e b e n tu re s ( w ith S t o c k P u rc h a s e W a rr a n ts ) V a lu e :
N e t w o r t h o f C o m p a n y p e r b a la n c e sh e e t as o'f S e p t. 30, 1928, $1,811,508.03.
C o u r t T r u s t N o . 795— H a y w a r d K e n d a ll, E x e c u to r s h ip , S e c u ritie s & R e a l E s ta te ,
V a lu e : $1,750,000.00.
S t o c k T r u s t N o . 410— T h e F o o t e - B u r t C o m p a n y , R e g is t r a r f o r 100,000 sh are s
C o m m o n S to c k , V a lu e : $3,500,000.00.
R e a l E s t a t e T r u s t N o . 942— T h e G a ss e r B ld g . C o ., C o m m e rc ia l b u ild in g lo c a te d
a t 2 1 0 2 - 4 - 6 E u c lid A v e ., V a lu e : A n n u a l in c o m e $17,200.00.
A l l D is c o u n ts , T r a d e A c c e p ta n c e s , A d v a n c e s o n A c c e p ta n c e s, B ills o f E x c h a n g e ,
C o lla t e r a l L o a n s , R e a l E s t a t e L o a n s , a n d V a r io u s R e n e w a ls m a d e b y th e M a in
a n d B r a n c h O ffices sin ce th e la s t M e e t in g o f th e B o a r d o f D ire c to rs , w ere p re
se n te d a n d a p p ro v e d , v iz :—
D is c o u n ts N o s . 41738 to 43711, in c lu s iv e ;
A d v a n c e s o n A c c e p ta n c e s N o s . A 10746 to A 10881, in c lu s iv e ;
E x h ib it
T he
G u a r d ia n
G - ll- 6
T rust
C om pany
CAPITAL AND SU RPLU S TEN M IL L IO N D O LLA R S
C leveland
MEMBER
FE D E R A L R E S E R V E STSTEM
300
Paym aster
The G u a rd ia n Trust Co.
P u r s u a n t to a c t io n t a k e n b y th e E x e c u t iv e C o m m itte e a t t h e ir m e e tin g h e ld
D e c . 14th, 1928, M r . J . A . H o u se , P re s id e n t, w a s a u th o r iz e d to p a y to e a c h a n d
e v e r y o ffic e r a n d e m p lo y e e , a s a d d it io n a l c o m p e n s a tio n , a t C h r is t m a s T im e , a n
a m o u n t e q u a l to h a lf o f one m o n th ’s s a la ry .
T h e re w a s
@FedFRASER