THE UNITED STATES BUDGET FOR 1927-28. COMPARATIVE SUMMARY OF RECEIPTS, EXPENDITURES AND SURPLUS. Fiscal Receipts. Expenditures Surplus. Fiscal Receipts. Expenditures Surplus Dollars. Dollars. Dollars. Dollars, Dollars. Dollars. 1924 Act...4,012,044,701 3,506,677,715 505,366,986 1926 Act... 3,962,755,690 3,584,987,313 377.767.81 1925 Est...3,601,968,297 3,534,083,808 67,884,489 1927 Est... 3,824,530,203 3,494,222,308 330,307,89 1925 Act... 3,780,148,684 3,529,643,446 250,505,238 1927 Rev. 4,026,780,688 3,643,701,593 383,079.09 1926 Est...3,880,716,942 3,618,675,186 262,041,756 1928 Est...13,772,753,077 3,572,049,214 200,703,86 Note The figures are exclusive of postal revenues and postal expenditures paid from postal revenues and the expenditures include reduction of the public debt required to be made from ordinary receipts. The budget estimate for 1927 was presented last year and revised this year when the 1928 estimate was sent in. ESTIMATES OF APPROPRIATIONS FOR 1928 COMPARED WITH 1927, 1926 AND 1925. Estimates of appropriations for the fiscal year ending June 30, 1928, compared with appropriation for fiscal year 1926-27, are as follows, cents omitted: Reduction in principal of the public debt: Redemp. of secur. from Fed. Res. Bk., etc.. Principal of the public debt.. Interest on the public debt. Tot. payable from the Treas.. Post Office Dept. & Postal Ser., payable from Tot., incl. Post Off. Dept. and Postal 174,124,150 563,629,560 569,981,804 500,428,595 471,806.401 755,000,000 785,000,000 820,000,000 865,000,000 3,256,602,009 3,259,222,093 3,105,517,645 3,175,100,582 757,969,115 738,805,303 636,269,415 613,645,195 total $680,537,642. Eliminating all non-military items, including the retired lists, this budget pro vides $574,000,000 for national defense. "Thie is a very considerable amount to spend for protection in time of peace," he said. 4,014,571,1241 3,998,027,396 3,741,787,060 3,788,745,778 The budget of the United States for the fiscal The estimates for the War and Navy Departments year 1927-28, as prepared by Director General Herbert M. Lord, is given above, and was presented to Congress by President Coolidge, Dec. 8, 1926. The President urged a temporary tax reduction, saying we have had too short an experience with the new law to permit an intelligent permanent reduction of tax rates. He suggested a reduction on the quarterly tax payments due March 15, and June 15, 1927, and held the estimate surplus of $200,000,000 for 1928 to be none too large. The actual receipts for 1926 exceeded the budget's estimate for that year by $82,038,748, while the expenditures fell below the estimate by $33,687,303, increasing the estimated surplus by $115,726,061. The budget for 1927 indicated a surplus of $330,307,895, but with five months of the current year completed, the estimate is now, the President said, that receipts will amount to $4,026,780,688, expenditures to $3,643,701,593, thus forecasting a surplus of $383,079,095. While the revised estimate for 1927 shows an increase of $52,771,200 in the surplus, it also shows a net increase of $149,500,000 in the estimated expenditure for that year. On the increase side the principal items are: Pensions, $41,000,000; construction of public buildings and vessels under the Treasury Department, $25,000,000: vocational rehabilitation, insurance and compensation under the Veterans' Bureau, $41,000,000; public debt reduction, $50,000,000. On the decrease side the major items are adjusted service certificate fund, $24,000,000; increased receipts of the War Finance Corporation, applied to a reduction of expenditure, $15,000,000; and interest on public debt, $10,000,000. "The estimates provide for the army an average of 11,961 commissioned officers, 1,153 cadets, 1,219 warrant officers, and 115,000 enlisted men, and 6,882 Philippine Scouts. For the navy pro vision is made for an average of 7,231 commissioned officers, 1,479 warrant officers, 1,545 midshipmen, and 82,500 enlisted men, and for the Marine Corps 1,020 commissioned officers, 155 warrant officers, and 16,800 enlisted men. These, with our highly trained and efficient National Guard, for which the estimates make provision for an average personnel of 180,000, give us the rather formidable strength of 426,945. The funds for the War Department provide for the training of 12,924 reserve officers for the attendance of 30,000 men at civilian milItary training camps and for the enrolment of 116,141 students in the units of the Reserve Officers Training Corps. Under the Navy Department, provision is made in the estimates for 14,142 fleet and assigned fleet reserve of the Navy and Marine Corps, and the training of 11,145 Navy and Marine Corps reserves. "Taking all of these into account, we are really making provision for military and naval strength of more than 610,000. The military and naval retired lists embrace 14,167 officers and men, and the Coast Guard 11,969 officers and men. "No provision is made in the estimates for the Navy Department for commencing the construction of the remaining three of the eight light cruisers which the act of Dec. 18, 1924, authorizes to be undertaken prior to July 1, 1927. I feel that it would be unfortunate at this time and not in keeping with our attitude toward our negotiations to commence the construction of these three cruisers." The Congress has recently prescribed a welldigested five-year program for the further development of the air services of the army and navy. The Army Air Corps Act was approved July 2, 1926. The budget estimates make adequate provision for carrying this program into effect. No provision for additional officers is made, as the Air Corps should first absorb the additional 328 officers necessary to bring its actual strength, 919, up to the authorized strength, 1,247 under the old law. The navy five-year alr program approved June 24, 1926, authorized the construction of two rigid arships of approximately 6,000,000 cu. ft. volume, the two to cost not in excess of $8,000,000. The act provides that the building of one of these ships shall be undertaken as soon as practicable and prior to July 1, 1928. Congress recently appropriated $300,000 for the construction of an all-metal airship for experimental purposes. It is the part of wisdom, he thought, to wait upon this deter mination. Briefly summarized, provision is made in this budget for a total of $73,477,380 for aviation of the army and the navy. This amount embraces $20,600.000 for the procurement of new planes and $2,400,000 for the construction of barracks and quarters at aviation fields. It does not, however, include the value of supplies available from war surplus, which would increase this total by a number of millions of dollars. The estimates carry for the Department of ComTHE PUBLIC DEBT OF The total gross debt of the United States on Nov. 30, 1926, on the basis of daily Treasury statements (cents omitted), was: Bonds: Consols of 1930. Panama's of 1916-1936.. Panama's of 1918-1938. Panama's of 1961... Conversion Bonds. Postal Savings Bonds.. First Liberty Loan of 1932-1947. Treasury Bonds of 1947-1952. Total Bonds. Treasury notes. Treasury certificates. Treasury (War) Savings Certificates (net value)... Total interest-bearing debt.... Matured debt on which interest has ceased. Debt bearing no interest: United States notes.. Deposits for retirement of bank notes currency.... Total gross debt... merce $796,250 for the promotion of air commerce and regulatory work, which includes funds for the procurement of not to exceed ten airplanes, and $3,219,500 for the establishment and maintenance of aids to air navigation. The estimates carry $523,000 for the National Advisory Committee for Aeronautics. Under the Department of Agriculture they provide $50,000 for the maintenance and operation of airplane patrol in the National Forests and $120,000 for special weather observations for the benefit of air navigation. The estimates for the Postal Service carry for the operation of the air mail service between New York and San Francisco $2,350,000 with provision that a part of this sum be made available for contract service if the route be leased to private operators, and for the contract air mail service $2,000,000. The estimates for the Coast Guard carry $186,151 for the operation of its seaplane fleet. The budget carries $66,347,600 for the improvement and maintenance of existing river and harbor works, flood control, operation and care of canals and other works of navigation. For rivers and harbors proper the sum of $50,000,000 is asked. To complete approved projects, $195,000,000 will be required. "For the relief, care and comfort of the veterans of our various wars and their dependents" the President said, "I am recommending in this budget a total of nearly $705,000,000. This total includes pensions, adjusted compensation, and all other factors, direct and indirect, that enter into this great patriotic service the Government owes its defenders." The estimate for Prohibition enforcement is nearly $30,000,000, and $12,000,000 for the Shipping Board deficit. THE UNITED STATES. of the entire surplus of $377,767,817; and by $7,833,705 on account of reduction in the general-fund balance below the balance on June 30, 1925. This reduction in debt has resulted in a saving of interest of about $36,101,340 annually. $599,724,050 48,954,180 Debt reductions for seven years, 1920-26, total 25,947,400 $5,841,289,845, of which $2.743,328,922 was from 49,800.000 ordinary receipts, $2,056,298,122 from surplus and 28,894,500 $1,041,662,801 from reductions in the net balance 12,881,080 in the general fund. This balance is now as low as the Treasury activities will permit, $766,201,210 The sinking fund was fixed originally at 2 per cent. of the war debt not represented by foreign $1,939,209,300 loans, about $10,000,000.000 plus a secondary credit 3,104,520,900 of the annual interest which would have been paid 2,279,157,650 on bonds retired for the sinking fund if they had 6,324,465,150 been left outstanding. Retirements from the sinking fund were $317,092,000 in 1925-26 and from July 1, $13,647,353,000 1920, to July 1, 1926, totaled $1,740,552,000. Under funding agreements each foreign debtor $763,948,300 nation has the right to pay principal and interest 1,047,087,500 on United States securities at par. The British 494,898,100 debt alone calls for the expenditure of $161,000,000 a year for ten years and over $180,000,000 yearly $2,305,933,900 thereafter, and there is always in the market this buying power which will tend to prevent the price $16,719,488,110 of our securities going below par. This combined $1,197.481.300 buying power of 400 to 500 million a year alone 862,648,500 provides for the gradual and orderly retirement of the debt and is pretty good assurance that Gov357,746,730 ernment bonds will not again seriously depreciate. At the present rate of payment the so-called $19,137,364,640 domestic debt representing money spent by America in the war amounting now to $8,712,700,000 will have been discharged by 1944. The interest to be $10,442,970 paid during the intervening period will be $4,042,000,000, which with the principal will make a total 346,681,016 payment of $12,754,700,000 in the next eighteen 154,188,886 and one-half years. The debt maturing in five years was reduced $192,492,130 from $6,253,994,505 to $4,943,764,740, a reduction 43,006,537 of $1,310,229.764, and debt maturing after five years was increased by $483,093,710 to $14,440,006,2,046,798 120. The interest charge at the end of the year 3,666,226 had been reduced to $793,423,961. The average rate of interest for 1924-25 was 4.14 (4.21 in 1923-24.) $241,211.691 The chief item in the debt maturing in five years is the Third Liberty Loan, 44%, of which on June $19,389,019,300 30, 1926, $2,488,000,000 were due Sept. 15, 1928; The gross debt on Nov. 30, 1926, less net balance Treasury notes due within that period totaled $1,in the general fund of $140,152,490.10, was $19.- 613,000,000; certificates of indebtedness $483,000,248,866,810.27 (in 1925, $142,002,509.22 and $20,000; and Treasury (War) Savings Securities, $360,258,445,427.56); on Nov. 30, 1924, less net balance 000,000, in the general fund of $247,633,178.07, was $20,965,422,088.86; and on Aug. 31, 1919, when the war debt was at its peak, less balance in the general fund of $1,118,109,534.76, was $25,478,592,113.25. Secretary of the Treasury Mellon, in his annual report dated Nov. 20, 1926, said the total gross debt was reduced the fiscal year by 3872,977,573 and on June 30, 1926, stood at $19,643,216,315. The reduction was effected by $487,367,051 on account of the sinking fund and other debt retirements chargeable against ordinary receipts; by application Secretary Mellon estimated that debt retirements in 1926-27 through the Sinking Fund and through application of payments by Foreign governments under ratified debt agreements will amount to $507,600,000, and similarly in 1927-28 to $529,600,000. The only long term financing was the issue on March 15 of $494,898,100 34% Treasury bonds of 1946-1950 at a premium of % to meet maturing Treasury notes and buy $121,750,000 of the Third Liberty Loan 44% bonds. AMERICA'S “INVISIBLE BALANCE" OF TRADE. (By Herbert Hoover, Secretary of Commerce, in an April, 1926, Department Bulletin.) In any analysis of our foreign trade balance sheet it is essential to take into account many items not appearing in the customs returns. commodities or pay their debts, as to the probable trend of exchange rates, and as to the probable movement of gold and the ultimate trend of price levels, that they require comprehensive study by all whose interest lies in these subjects. Those items, currently styled "invisible exchange," are of such increasing importance in any sound conclusion as to the movement of our foreign trade, as to the situation of our credit structure, as to the ability of foreign countries to purchase our ESTIMATED BALANCE OF INTERNATIONAL PAYMENTS OF UNITED STATES, 1925. Bal The following table, in millions of dollars, summarizes the statement, which is for the calendar year 1925: Bal Note-Under merchandise, credit total includes $25,000,000 for unrecorded parcel post packages debit total includes $40,000,000 for smuggled liquors. Our official statistics of exports and imports, show that we exported $4,909,000,000 worth of merchandise; we imported $4,228,000,000 worth of merchandise. There was thus a "favorable" balance of $681,000,000 on the movement of recorded merchandise. Allowing for the estimated value of parcel post and smuggled goods this balance is reduced to $666,000,000. Parallel with this movement of actual commodities were what have been termed the "current invisible items," amounts paid out in foreign countries through our tourists, through remittances of immigrants, through payments for foreign shipping and services of one kind or another, a total of $1,273,000,000. On the other hand, we received interest on money owed to us by foreign individuals and concerns and by foreign Governments, together with payments for the use of our ships by foreigners and expenditures of foreigners in the United States, and royalties on American motion picture films sent to foreign countries amounting to approximately $930,000,000. Therefore, on these items of current invisible exchange we had a net balance against us of $343,000,000. If now we put together the "favorable" balance on merchandise and the adverse balance on invisible items we find that out "favorable" balance on current transactions is reduced to $323,000,000 excluding gold and silver, or if gold and silver are included, to $491,000,000. During the year there were large movements of capital. In these movements foreigners apparently bought $419,000,000 of securities in our markets, paid off in cash $140,000,000 of maturing bonds, and discharged $27,000,000 of the principal of debts owing to our Government-a total of $578,000,000. On the other hand, our citizens bought in the market $90,000,000 of foreign bonds and subscribed $974,000,000 for new foreign issues in this country, besides reimporting about $62,000,000 of American currency. In other words we invested abroad during the year $494.000,000 more than we received from foreign investors. This would give us a final net adverse balance of only $3,000,000 if all international transactions were settled without resort to deferred payments and if international bank accounts did not change. A decrease of $61,000,000 in foreigners' bank deposits in this country was reported by 186 banks, thus enlarging the unassigned difference in the two totals of the exports and imports to $64,000,000, a residual sum representing errors and omissions. If it were possible to get complete and accurate figures the total exports and total imports would be exactly equal. It should be borne in mind that in calculations of this character, depending so largely on estimates, there is always the possibility of errors, although there is a tendency for some of these errors to neu tralize each other. Consequently, although the un assigned difference in the foregoing table is very small, it is possible that some of the items may be as much as $100,000,000 away from the truth Nevertheless some conclusions can safely be drawn Although our merchandise exports increased se compared with 1924, the increase in imports wa even greater, so that out merchandise export surples declined from the 1924 figure of $970,000,000 to $666,000,000, but this figure is nearly twice as great as that of 1923 and still quite comfortably above the $488,000,000 average annual export surplus for the years 1896-1914. This $304,000,000 decline in our merchandiseexport surplus and the marked increase of $125.000,000 in imports of new foreign securities shown in the 1925 statement as compared with 1924, were balanced by equivalent credit changes elsewhere in the list. The most important of these was the replacement of the $258,000,000 gold-import sur plus of the previous year by the $134,000,000 gold export surplus for 1925, a total net credit increase for the year in gold movements of $392,000,000, There was also a $95,000,000 increase over the previous year in foreign bonds paid off, an increase of $116,000,000 in net exports of outstanding secu rities, and an increase of about $50,000,000 in net amount received in interest and dividends from foreign investments. Although gold movements revealed an export surplus for the year, there is no certainty that such will be the case in 1926, since there was a goldimport surplus of $16,000,000 during the last half of 1925. Total international transactions increased from around $6,000,000,000 in 1924 to nearly $6.800000,000 in 1925, which is about $1,100,000,000 more than in 1923 and nearly $5,000,000,000 more than the annual average of roughly $1,900,000,000 for the period 1896-1914, showing very strikingly the enormously increasing importance of our foreign commercial and financial relations. Increasing economic stability in foreign countries was reflected by a net import of fully one-fourth of the estimated amount of American currency held abroad and by the fact that the movement of foreigners' bank deposits in this country declined" for the first time since 1921. During the year the United States still further strengthened its international investment position. Our total foreign holdings now amount to about $10,400,000,000, having increased by more than $1,200,000.000 during the year. Our total returns from foreign investments are now greater than at any time in our history. Invisible imports were 34 per cent. of total exports the same ratios as in 1924-again showing the importance of the invisible items In explaining our international trade position. 1924. 1925. Balance representing errors and omissions. +3 +216 -61 -133 -116 +4-139 a"Interest on foreign investments (net)" in 1922, 1923, 1924, 1925, includes that received by the United States Government from foreign governments. bOther foreign investments of American capital," 1922, 1923, 1924, 1925, cover securities only. BRITISH AND AMERICAN TRADE BALANCES FOR 1924 AND 1925 COMPARED.. According to the British Board of Trade, the for the year) in millions of dollars are printed below trade balances of Great Britain in 1924 and 1925 with the American trade balance for comparison: (converted at average rate of sterling exchange British Trade Balance. Items. Excess of imports of merchandise and bullion. Excess of Government payments made overseas. American Trade Balance. 1924. 1925. Figures for "new foreign issues," etc., are for the net amount sent abroad: total value at issue price was $828,000,000 in 1924 and $974,000,000 in 1925. as far as possible, the work of all agencies for a concerted attack on this problem. NATIONAL ILLITERACY CRUSADE, The National Illiteracy Crusade, headquarters American Red Cross Building, Washington, D. C., has as its purpose the removal of illiteracy from the United States. Its outlined program is as follows: To stimulate interest; to carry on research: to assist in the organization of groups for study and for actual work; to supply leaders along definite lines and in particular fields of illiteracy: to prepare suitable texts for different groups of illiterates, based on their psychology and environment; to provide specialized training for teachers of illiterates, and to coordinate, The officers of this organization are: President, and Glenn Frank; Director, Mrs. Cora Wilson William Allen White: Vice-Presidents, Jane Addams Stewart; Secretary, W. Carson Ryan; Treasurer, Washington Loan and Trust Company. On the Board of Directors are: Governor Henry J. Allen, Carrie Chapman Catt, Ida Clyde Clarke, John H. Finley, Herbert S. Houston, Governor Thomas McRae, Governor R. A. Nestos, Lorado Taft, Ida Tarbell and A. O. Thomas. Labor Review for 1926. By John J. Leary, Jr. Generally speaking, 1926 was a good year for | had actual control of the machinery of the two labor, employment being general, with neither organizations. As this is written (Dec. 10, 1926) peaks of prosperity, that provoked the "unrest" the cloak strike is still on against two groups in which marked the war and post-war boom period, the industry, with a bitter fight in prospect within nor depressions and consequent unemployment the union for control. A like contest is in progress, that marked the months immediately following though as yet unmarked by the bitterness that the collapse of the post-war boom in 1921. characterizes the cloak makers' contest, in the furriers' organization. During the year wages also held steady, such changes as were recorded being upward, with the most important change coming in the closing month of the year with the announcement that the Railroad Mediation Board, set up under the WatsonParker, act had granted an increase of 7% to the conductors and trainmen in Eastern territory. The closing months of the year also saw improvement in the chronically ill soft coal industry, the opening of mines long idle, and for the first time since the war, a shortage of miners in some districts. This improvement reflected the effect of the British coal strike, which provided new markets for perhaps 15,000,000 tons of American fuel. In turn with advancing prices it caused an increase in domestic buying. Increasing wages in non-union territory which followed this improvement had the effect of stiffening union morale and undoubtedly will be a factor in the negotiations for a new wage scale soon after the turn of the year. The increase in trainmen's wages in the East actually spells an increase for all classes of men engaged in the operation of trains, and while such increases will be met with stiff opposition there is small doubt that in the end they will be granted. The building trades continued prosperous, though a let-up in the demand for certain crafts ended the payment of bonuses in some of the more fortunate crafts and in the later months there was rather more than usual broken time. The matter of broken time-in other words, partial employment-figured in many industries, notably the automobile, during the year, so that while there was as stated general employment there was not the full time employment that marked other years. In the automobile industry this broken time was responsible for the announcement of Henry Ford that he had decided to operate his plants on a five-day week basis. As announced, there is nothing in the Ford plan, which involved some cuts in earnings, to prevent operation of the plants on a six-day basis when and if the demand for the product is sufficiently large to warrant such operation. Ford's action, however, had the effect of increasing interest in the demand for a five-day week which has been the subject of discussion in labor circles for considerable time and which was the outstanding feature of the furriers' strike in New York City. In this strike, which ended after seventeen weeks, the settlement provided for a forty-hour week in those months when there is little work, with provision for a longer week in those periods when there is a demand for production. The five-day week was also one of the chief demands in the cloak makers' strike in New York which ended in the most disastrous strike the International Ladies' Garment Workers' Union had gone through in many years. This strike, as was the furriers', was precipitated and dominated by the Communist element which for some years had been following the William Z. Foster program of "boring from within" until it The success of the Communist element in obtaining control of the women's wear trade was one of the outstanding features of the year, which ends with a movement to amalgamate the opposttion to the "left wing" in all of the needle trade unions, including the Amalgamated Clothing Workers' Union, formerly the most radical of all impor tant unions in the United States. The cost of these two strikes to employers and manufacturers was not far from $50,000,000. In the cloak and suit trade alone the losses are estimated at not less than $30,000,000, with an actual strike expense total of not less than $2,500,000. Perhaps half of that amount was spent in the furriers' strike. Communism came in for an unusually severe denunciation in the annual convention of the American Federation of Labor, held in Detroit, where James Wilson, head of the pattern makers' organdzation, and John L. Lewis, head of the miners, esposed a program looking toward the capture by Communists of the United Mine Workers, the largest trade union in America. In the miners' election, which followed in December, the triumph of the conservative element was complete. This convention of the federation, in which an apparent rather than a real drop in membership. due to the suspension of the Brotherhood of Railroad Clerks, was reported, was quite the most surcessful since that of 1917, when President Wilson journeyed to Buffalo to explain the war policy of the nations. This was mainly due to the action of Detroit employers' associations inducing the Y. M. C. A. of that city to cancel an invitation to William Green, President of the federation, to address it, and bringing pressure to bear to close Detroit pulpits to delegates to the convention. The convention took up the five-day week, approving it in principle, as something to be looked forward to but not possible of immediate application in all industries. The convention also voted to submerge craft lines in an organizing campaign in the automobile industry and gave the executive officers unlimited assessment power to provide funds to fight company unions. Hitherto the federation was limited to an assessment of twelve cents in any one year. The convention also approved a call for help in organizing the textile industry, which ranks with coal as chronically ill. In this industry unem ployment continued very large, with the drift of mills from Northern centres to the South accentuated during the year. The industry also came in for special attention during the year through a strike begun in the early spring in Passaic. this strike, led by Albert Weisbord, a professing Communist, there was much disorder, which ended shortly after the United Textile Workers, affiliated with the federation, took over the strikers. In As the year ends, but one of the many Passaic mills have settled with the strikers, with no immediate promise that the other mills will abandon their open shop program. CROWTH OF LABOR BANKS. tingham, Ohio. Labor banks, which two years ago passed the, Nottingham Savings and Banking Company, Notnovelty stage, increased in strength in 1926, and now have resources estimated at $50,000,000. The largest single group of institutions, that controlled by the Brotherhood of Locomotive Engineers through its holdings and that of its members, remains the largest factor, though it ceased to control the Empire Trust Company in New York City, through sale of its stock, and it sold also the Brotherhood of Locomotive Engineers' Bank, also in this city. The Brotherhood investment group suffered the loss of Warren S. Stone, who may be termed the real father of labor banking. His death was followed by many changes in the management, the chief of which was the taking over of Mr. Stone's duties by William B. Prenter, long associated with the financial affairs of the Brotherhood. The Brotherhood group of banks and investment now consists of these institutions: B. of L. E. Co-operative National Bank, Cleveland, Ohio. B. of L. E. National Bank, Boston, Mass. B. of L. E. Title and Trust Company. Philadelphia, Brotherhood State Bank, Hillyard, Wash. Brotherhood Bank and Trust Company, Seattle, Wash. Brotherhoods Co-operative National Bank, Spokane, Wash. Transportation Brotherhoods National Bank, Minneapolis, Minn. Brotherhood Investment Company. The largest of those controlled by the Brother B. of L. E. Bank and Trust Company, Birming-hood is the Cleveland bank, which had, according ham, Ala. to its latest report, $1,000,000 capital, $341,495 |