JAS. H. OLIPHANT & CO. 
cake, the company is engaged in manufacture of over 400 varieties 
of biscuit, mostly packaged and under trade names. 
Capitalization consists of $24,804,500 7% preferred stock (in the 
first rank of industrial preferred issues) and 2,046,520 shares of 
common stock, $25 par value. There is no bonded debt. Current 
assets December 31, 1926 were $32,525,000 (including $21,117,000 
cash and marketable securities) and current liabilities $5,465,000. 
Plants were carried at $73,700,000. Book value of the common 
was $34 a share. 
Earnings were reported in 1926 of $6.32 a share on the common 
stock, in 1925 $5.78, in 1924 $5.45 and 1923 $5.05. The wide con- 
sumption of the company’s products as staple foods, continuity of 
demand together with fortnightly turnover of inventory and rich 
treasury position provide splendid buttresses for crises of depres- 
sion or price inflation. A 13% increase in net in the first half of 
1927, with $3.52 per share earned, indicates widening margin above 
current $5 dividend basis. 
Excellent management caps the qualifications of National Biscuit 
stocks to investment rating in their respective classes. 
New York Central R. R. 
Instead of the small part now received as dividends, almost the 
whole earnings of three important subsidiaries will be taken into 
income by New York Central R. R., if the leases proposed last 
year are executed. For the common stocks of the three roads, 
Michigan Central R. R., Cleveland, Cincinnati, Chicago & St. 
Louis (the ‘‘Big Four’’) Ry., and Cincinnati Northern R. R., the 
earnings combined were $30,800,000 in 1926 and $30,700,000 in 
1925 as compared with $10,150,000 and $8,040,000 dividend pay- 
ments. Thanks to ownership of these stocks at least 99.29, 
91.3% and 97.7% respectively, the full $20,000,000-0dd surplus 
earnings can be collected by paying less than $500,000 annual 
cunaranteed dividends to minorities. 
By itself, the New York Central reported earnings per share 
$14.50 in 1926 and $12.70 in 1925 on $3883,258,000 stock, including 
$87,937,000 mostly issued in 1925 at 105 in bond conversion, $12.90 
in 1924 on $304,837,000 stock, including $24,902,000 sold at par 
to stockholders, $16.70 in 1923 and $7.70 in 1922 on approximately 
$268,000,000 stock, including $18,640,000 exchanged for $21,186,- 
000 Big Four stocks, and $6.70 a share in 1921 on the $249,597,000 
stock outstanding sinee the 1914 formation of the present com- 
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