The Bridgeport evening farmer., 1914-01-29
IN FINANCIAL CIRCLES

1 New York Jan. 29--Of the approxi- mately z.50o national banks in the
 United States 5,194 have so far made formal application to join the federal reserve system. Combined capital of all of the national banks is nearly 1 s1, 100, ,000, ,000 Applications are coming into the Treasury Department from prospective members at the rate of
 about 150 to 200 a day. Adyices re- ceived by Washington officials indi-
 cate that there are no national banks
 now in operation that will not join I the system, and that in addition to the national banks there will be several hundred state banks and trust com
 panfes that will be members of the system when it officially goes into op- leration.
 Vice President sherman. of the
 Rhode Island company. which repre- Isents New Haven trolley interests in Rhode IsIands says that the plan pro- posed to New Haven directors to
 transfer the company to trustees to be managed until 1t can be sold to ad-
 vantage, may be adopted. It is iun- derstood legislative action would have I to be enacted to vest trustees with 1 borrowing authority to provide ready funds for maintenance of the sys- tenn 1 5 A. Worthington who. Is about to Irehnqufsh the presidency of the Chica-
 
 some very favorable things for the lstockho1ders in the year and 8 half ! in which he held the office. For the Iyear ended June 30. the road reported gross revenues of $15.254 865, an in- Ierease of nearly per cent. over the iprevious years showing. While net Aearnings suffered, the enlarged gross permitted Of heavy maintenahce ex- penditures, the result of which leaves the company in a much sounder physi- I cal condition. M The American Manufacturing Co, a Brooklyn cordage concern in which 1 New England capital is. largely in terested, has decided to capitalize a portion of its book surplus, and there- l by make a substantial disbursement to stockholders. It is proposed to is- sue $3, 100000 per cent. cumulative preferred stock, which will be offered to common stockholders in the ratio 1 on one new share for each two held, making in effect a 50 per cent. pre- ferred stock dividend upon the pres-s ent $6.O00. GOO common stock. The National Reserve Bank has been absorbed by the Mutual Alliance Trust ICo- The two institutions have long been closely affiliated by reasbn of having 2. number of directors in com mon. The National bank will be Hduidated and it's stockholders twill receive the value of the assets exceed ing the amount of the deposits and an adulrlonal sum Tor the goOd will 1 of the institution. The trust company will take over the deposit liabilities with corresponding amount of the assets.
 There is active guessing in the hnan- IciaI district as to the standing of Ru- nely company note holders. The conn. mittee formed by President Platten of the United States Mortgage & Trust Go, recently asked noteho1ders to agree to a three years extention on the SIG, ,000. 900 two-year convertible notes, but no announcement has been. made regarding the nurnber Of holder who have consented to the proposed plan. Interests identified with the company say the notehoIders' commit tee must do the talking. Z 8s