Newspaper Page Text
I 10 v ' ' . F .' THE SUN, SUNDAY, DECEMBER 31, J916.
FINANCIAL HEWS .
Tear Closes With Excess He
serve in Clearing Honso
HANKS IX STROXO SHAPES
Uiurci'tiihitloH In Stocks Likely
to Hinder Heavy Specula
lion Just Now.
' For tlio first time lit many week the
tatement of the Clearing House yester
day showed a combined excess rcnervo of
ttic member Institution of more than
1100,000,000. the actual Incroimo from tt
week ago of $17, 271,430 bringing the
total icucrvc uliovo legal requirement to
SI 17,335,60. Thnt the weekly return of
the bunks would make a favorable ex
hibit wan foreshadowed by the course of
tho money market on Thursday and Fri
day, ulid by tho great Influx of cold, the
l.ittrr being reflected by a Rain In the
carh holdings of the associated Institu
tions of almost !2j.000,000.
In tho week tho banks lint only gained
on receipts of gold, but on their opera
tions with tlv Interior also, out of town
nhtpmentii of currency to this centre
dim, lug an excels over shipments from
here of more than fi.500.0OO, while If It
had not been for heuvy Federal llescrvc
Untile collections the Increase. In cash
would linvn been substantially greater.
Loans decreased to ths amount of $4,
733,000 and net demand deposits In
creased $33,513,000. Resources of tho
Federal llcservo Hank Increased $17,327,
467, with nn Increase In reservo of 112.
!'5;.H1 and an Increaso In reserve dc
Uoslts of 11,S90.S19.
Comfortable conditions prevail In tho
money market, and according- to tlio opin
ion of our leading bankers there Is noth
liijr In tho Immedlato outlook, it least,
that need cause any alarm on the part of
borrowers regarding the suggestion heard
In the last week In poorly Informed
iiunrtcrs that substantially higher ratc
for loaji accommodation might develop In
the early part of tho new year.
The closing week of 1916 was without
tho slightest disturbance In money, not-
wltlistandlng the preparations for the
financing of tho greatest January Inter
est and dividend disbursements in tho
history of tho country. As a matter of
fact rates both for call and time money
wore easier than In the preceding week,
the abundance of funds In tho banks and
the quieter speculation In tho securities
markets lending greater caso to tho situ
ation than generally had been the case In
the final week of other years.
Banking Situation Sound.
Tho fact that the combined reserve
holdings of tho Clearing House banks of
this city are under those reported a year
ago, notwithstanding the enormous addi
tion to tho country n gold holdings In
1916, Is not Mirprlidng when one, views
the wot king of the Federal Reserve sys
tem In the last twelve months, which has
been effective In bringing about a better
distribution of funds throughout the
country, with larger increases In (he re-
Murcts of tho banks of the South and
West, and when one takes into considers
tion the expansion In loans throughout
the car. And jet the Increase In loans
as compared with the close of December.
191.", has not been excessive, nor does tt
usseet the Inflation of which some per
sons huo been apprehensive.
Hanking In this cuunlry In the last
j ear lins been conducted with sreat con
ervallsm. Tho banks ns a whole, both
national and State Institutions arc In a
i-trnnger position than at uny other time
in their history, with the outlook for the
conilns year promising uildcd strength
and a period freo from the disturbing
advances In rates which so often In pre-ic-dlng
years caused upsets both In busi
ness and speculation.
Thoro has been received In the year
from all sources more than $6S0,000.000
In gold, nml so great has been the Influx
of the precious metnl that moro than 40
ler cent, of tho world's Mode of the
liwtiil Is held within the routines of the
fulled States, with the total lnrreare In
tho supply tar l)ind the amount IioldJ
py ilia picai criuiui uiiini ui nuruim in
exec? of tho tolal held In the Vnlted
States at the outbreak of the European
Stock" Market Outlook.
Po far as the stool; market Is con
cerned present conditions do not suggest
there l t lie nn Immedlato outbreak of
licnvy speculation on either side of the
jiccount. Operations Irfn week were con
fined In sreat part to tho dealings of tho
professional clement, with tho tendency
of prices nt the close In the direction of
higher levels, and with sentiment In Wall
Htrect mixed regarding tho course of
market values In the early part, of 1917.
There was much talk of a January
rise, but at tho moment It would be a
rash operator who might go ahead on the
assumption that Juit bt-causo the maikct
hat; been thloiigh n period of liquidation
and locu-i In many years January has
ben a bull mouth prices are to enjoy nn
active) upward movement In tho next few
3Inny uncertainties hayc to be consid
ered In i elation to stock market move
ments. Tho railroad labor situation, the
Mexican situation and the international
' situation possess possibilities that may
develop enough, uneasiness to attract'
further liquidation and active, profes
sional pressure. Tho danger of pro-
J.K. Rice, Jr. C:' Buy ft Sell
Empire Steel & Iron
E. W. Bliss
National Fuel Gas
American Hawaiian S. S.
Crowell & Thurlow S. S.
Phelps Dodge Jc Co.
R. J. Reynolds Tobacco
Pocahontas Cons. Collieries
American Thermos Bottle
Farmers' Loan 4t Trust Stock
Cons. Coal of St. Louis
J. K. Rice, Jr. & Co.
I'houea 1001 to 1010 .lohii. IS Wa.I Ht.. I. T.
Carried on 10 to 20
points margin, from
10 shares upwards.
Edey, Leslie ft Sloan
l in .d New ii.rk Mock llxchangs
I llruudun. . h Vorl,
'J M f. , ;r ' 1 11
trtfetad weaknsaa. hnvever. acoeari to
have, been Irmlnatad by th course, of
volved tha transfer In volume of stocks
from weak to atronr hands and a read
justment of Idea that should prove effec
tive in proven ting a resumption of the
sort of speculation which marked .the fall
month. That speculation .ended In dis
aster to many public enthusiasts who be
lieved that because of tha enormous
profits of our Industrial compahloa and
the vast Improvement In i tlio position of
ouri railroads price for securities) must
run toward higher levels Indefinitely. ,
Fortunately as tho year closes a
tho year closes
clearer Idea of what peace abroad will
mean to the country at la'rte baa taken
tho place .of tho.hysterjcAL.taJH.of mmou,
In money and business following the end
of the war, anA wltn tw clearer con
ception of tho future our. business. men,
our bankers and our Investors are be
ginning to preparo for the time when re
adjustment must take place to the end
that disturbance In the markets may bo
minimised and the foundation' made for
putting into effect constructive policies
now being evolved. '
The, future ,of the investment situation
does not appear to be Imperilled. Our
high grade securities, as a rule, are sell
ing at attractive level for Uiq .buyar
who may consider permanent income
rather than passing speculative profits.
The bond market is particularly attrac
tive, and -with underlying conditions
sound and money In 'abundant supply It
Is not Improbable that the new year will
witness an Important movement of in
vestment funds Into mortgage Issues.
1916 GREATEST YEAR
IN IRON AND STEEL
Output for December Much Be
low That Expected by
Output of Iron and steel in t!.e lust
.veck of tho year was cut down sharply.
UsttmutCH of the curtailment vary widely,
but the decrease for tho full month is
thought to have been at least from 30
to 40 per cent, compared with Novem
ber. The production for the-ycar 1916,
however, exceeded all other previous an
nual achievements,- although tlio output
fell short of 'the great expectations en
tertained a month or two ago. f
Preliminary estimates Indicate s.n out-.
put of 38.S00.000 tons of pig iron. 3
.12,000 tons of ctccl Ingots and 29,150,000
tons of rolled steel products. In 1913,
the previous year of maximum record.
50,724,000 ton of pig Iron. 31, 300,874
tons of steel Ingots and 24,791,243 tons
of rolled products wero produced.
Sales of nil kinds of rolled steel In
1916 are estimated to have been approxi
mately 37,000,000 tons, of which between
7,000.000 and i, 000, 000 tons wero told
for direct export. .Hallroaii equipment
orders were tho heitvlest since 191?, and
I. Is significant that nboui 15 ier cent,
of tin locomotive sales and about 17 ier
cent of tlio car orders were for export
(sales of rails were the largest on record,
exceeding 5,300.000 tons, of which 1.500.
000 to 2.000,000 tons were for foreign
Merchant blast furnaces sold nearly
10.000.000 tons of
various kinds of pjgl' the banks in exchange for z percent,
r. of whleh 2.000,000 bonds delivered to the Treasury.
Iron during tho year,
tons were for export. Dccumuer sales
u(rregated 600,000 tons.
In the laat few .days, while business1
In rolled nice! was relatively quiet cr
builders and locomotive shops wero In
the market for about 60,(i00 tons of
steel bars, plates, shapes and forglngs
to cover, rccont orders fot 0,300 cais
and for 25 engine.-.
Italy and Franca have placed addi
tional orders for shell forglngs. .round,
alloy Ftcet and pig Iron. Inquiries are.
In the market for 800,000 tons of vari
ous other prcxluots for export, half of
Ihe prospective orders being for Franoe.
Japan has obtained 10,000 tons more
ship plates and Holland and Switzer
land havo purchased moro American
pig Iron. - ,
.Structural steel woik continues un
comfortably active from tho standpoint
of tho fabricating shops. lVcember ord
ers are estimated at 1.10;000 tons, and
tho total for' the year l about l.-4:i5-,Oijo,-tons.
Contracts pending aggregate 100,"
Jinong the latest orders placed arc
1,100 tons for dams In the Ohio Itlver
for the- 1'nlted States Oivernment: 3,600
tuns for the Chwry street'pler In Phila
delphia, and 1.850 tons for bridge work
nn tho BurllrtgtotrrtaTh-oa'd. 'I-argo con
tracts pending Include 15.C0O tons for
the T.ivonla aienue subway; bids to bo,
taken January 10; 15,000 tons 'for the
Newport New shipyards, and 5,000 tons
for the. Indianapolis union iiauway
DAILY TREA8UXT STATEMENT.
WASHINGTON. Dee. M.-fltaleraent of re
ceipts and disbursements ot Ihe Treasury.
This nimitli. Klic.nl rear.
Ue.-elnt ... . M7..V.I.I.-.1 r4.'.0iJ
Ul-biiri'enietrt. 4.v,l MV.:i,llj
1 illicit 18.WM ttS
Custom. ltieit.tH. SkU.7:H Internal i
nr.ltn&rr. ll.4QI.7ftl ! Income 1UT. 3131. &v
cellaneoiu, SSltSOO; national bank, notis le
ttered for redemption. S!.049,773.
statement or v. &. Treasurer ior wee.
AvaJlable tld !o.f Sl.Tl?
Available ' illrer .'. K.tU.i: I
IT. . notei m;,ij
National bank notn and Federal
reerra notes IS.M0JI1
CerttfbHl. ebeekl on bank. lO.tOS
Subilillorjr ..liver, minor coin and
tTnei&.slfled lumortedi currency.. 510.(37
Deuoilts In banks and I'blllpolne
Available currency In
Deduct current liabilities.. ..
Net balance in general fund Slll.KO.llS
Gold cola and bullion 152.7,CC3
Tn redeem outstanding certificates SJ,tJ.i:,159
Grand total cam assets in iTeos-
T.nvnnx. ne. While the nioner market
hold! Hie belief tint the bank rata Kill h.
reduced early in.m new.jear n opinion
In banking drelei li divided. However, a
neir loan hardtr be lamed with the rata
at 8 per i.'ent.. ano prominent oansers aim
authorttiei are rondwlnc the situation
carefullr In coniumtlon with Internal loan
pro.peils. h loan In America and allied
finances lenerallr. A clearer view may b
obtainable in u few durs. Tho stock market
wa remelr unlet with a confident un
rjeitono on rew jwar protperts. Viict move
nienta were unlntrrt itlni. American securi
ties sirro paiiteularlr dull, Con.ols for
money closed at UH; new IS per rem. ar
loan al M.. Money, 4 per cent.. Discount
rateo-ShoH and tl.ree month bllli, HiBCH
l ei' cent Gold premiums at Lisbon, H.w.
I'.KMS. Dee. S8. Tradlni aetlve ami prices
firm nn I lie Bourse to-day. Three per cent,
rentes. CI frntx-H lor i-ash, Bxctiangs on
I.iniilun, '.' francs M'j centlnien, Five per
i-ent. loan, tl francs li centimes.
risiy's Kspnrta l?rssn Mew York.
Kxport' Irom Kew York yesterdaT In
cliiilfJ: Co. -u. 'Al bu.; olsr..SS bu.; barley,
: 0.1,3 bu ;. pel., ,:,: dm,; beans, til,.:
Hour, liiU bbls.i Hour. "1 1.1C0 s.tUj; com
m'.I, l.rw DDH.j oatmeal, :,in p:.xs.i bran,
2.2IJ lbs.; nork. 112 bbhi.i beef. 117, hbls.i
ba.-mli. fO.KI lhfl.: Iiam. f.4.la lbs.! Isrit.
llO.s'.; 1-5J,: tslloa-, 7.K1 ).; butter. .M
Mii,- 'i.-i, id,j .olioru.-I oil, ff.OTS
n " llf P'l - i; i t -.i.
ASSETS UP. 166 P. C
IN RESERVE BANKS
Large Increases for Year in
Gash Holdings, Investments
' ' and Deposits.
GAIN, " IX GOLD HESKltVE
Acceptance Business of the
, Whole System Shows a
, Heavy Growth.
WASiiiKorox, Dec. 80. A summary
record' of the growth" of the Federal re
erve system durlnB IMS Is presented
In the weekly bank statement of tho
Federal Ileseryo Hoard made public n
at ,close of business on December 29,
the last Friday of the present year. Tho
Increased strength of tho system Is in
dicated chiefly by the gains In cash hold
ings, Investments and deposits.
Aggregate cash reserves of the banks
Increased during the year by $11S,;6II,
000,; while combined gold reserves In
creased tlOS.7SO.OOC. The gold holdings
of tho usentH Increased S5,0;3,000,' or
over 43 per cent., and s'and at present
at,$JS3,523,000. Total fold resources
of the system Increased from ;42,4i:,-
000 to ITSS.CJC.OOO, or over 35 per cen!.
Larger gold holdings are reported at the
close of the present year by every bank
and every agent except one.
N'ew York reports 38.4 per tent, of tho
total gold resources of the system on
December 2?, compared with 4S.9 ter
cent, about a year ago ; Chicago, s.3 per
cent., against 7.5 per cent : Kansas City.
6.4 per cent., against 3." per cent. ;
Cleveland and Dallas each 3.9 per cent.,
compared with fi.S per cent, and 4.6 par
cent, ' and Philadelphia, 5.S per cent.,
against 4.4 per cent. Other banks hold
ing over 3per cont. of the system's
gold aro Richmond, Doston and Kan
Francisco. All the banks except New
York ehoTT larger proportionate in
creases In gold holdings than a year ugo.
Large Gala la Uold.
Of the banks' total gold reserve at the
close of 1915, about "T.3 per cent, was
held in .tlio, banks' vaults and 22.7 per
cent at Washington In the gold redemp
tion and cold settlement funds. Last
Friday the proportions xvero 02 and 3S
per cent respectively.
Total cumins assots of the banks In
creased from Is3.400.000 to f 222.10u.000.
or about 18 per cent. Tho ratio of
earning assets to paid In capital was
slightly over 160 per cent, at tho end
of 1910 and Is nearly 400 per cent, at
present This large gain Is due chiefly
to the growth of tho acceptance business
during the year.
lloth discounts and municipal war
rants on hand at the close of the prtsent
year. 130,200,000 and S90,0o0,000. are be
low the corresponding llgures of a year
ago. The amount of United States
bonds owned by the batiks, $44,200,000,
Is nearly three times as large as a year
ago. Tho figure Is exclusive of $11,200,
000 of one year Treasury notes Issued
i'i ne loiai earning as?ia ai uie close
of the present year 57.4 tier cent. Is rep
resented by acceptance!, as ngalnht 27.1
percent at the end of 1915 : 24.9 per cent.
as against is.9 per cent by United State
securities: 13.8 per cent, as ngalnst 30.9
per cent by discounts, and 4.1 per cent,
us against 14.6 per cent by warrants.
Total paid In capital of the Federal Re
serve banks' Increased from 104.915.000
to' $35,690,000, largely as the result of ac
cessions to membership of newly organ
ized national banks and existing Ktate In
stitutions and to a smaller extent owtm;
to Increaso In capital and surplus of
member banks.- New York reports tho
largest gain In capital, tho last year hav
lng witnessed tho transfer of certain
Connecticut banks from the lloston to the
New York Federal Itoservo district, alo
tlio' accession to membership of the Corn
Government deposit, which nt the end
of 1915 wero SI5.0O0.000, distributed
equally among the three Southern banks,
have Increased to $SM00.Vi t the end
of the pre5cnt year. The largest amount
of Government funds held by the Federal
Tteservo "bnks during the prcicnt year
was $114,400,000 on July 7,
Net bank discounts total at present
$6S',90O,O00,' or $268:300,000 in excess
of corresponding tlgurcn on the last Fri
day In 1913. Tlio Fin'iller lolatlvo In
crease In bank deposits shown for ths
New ,York atid Chlcugo banks Is, of
course, due to the large preponderance
In these two districts of tho local city
banks, which wero not required to make
additional transfers of reserves during
the present year.
-Iteserva note' issued 'by the agents
Increased In volumes from $21 4.125,000 to
$300,011.000., The .proportion of notes
coverei) by gold Is 91 per rent, at pres
ent,' is ngiltist 92 per cent, nt
tin.. cloi' of 19171. Aco-irdhmly tho bankh'
aggregate liabilities' uion notes) itwued
to. them by the. agents have changed but
little, being $14,130,000 t present, com
pared with $13,486,000 at the closo of
Report. f the Twelve- Hanks.
Following is the report of the twelve
banks In the system, (three ciphers
Dee. 73, Dec. tl, Dee. JO,
Gold coin and certifi
cates. In vaults nilMH liM.in
Gold eeltlemenl fund.. 170,4U
ooia redemption ina
wilh V. S. Treasurer 1,834
Total rold reserve 4S;,'U
Ial tender notss.-sll
ver. c 17.6M
Total reserve 471,237.
Five per cent, redemp-
, tton fund acalrut
Federal reserra bank
11111s discounted and bourlit i
within to dare M.2JS
l'rom U to 10 ilajs.. 41,51 i
From 81 to CO lUrs,, 47,772
From 41 1o W days,. IT.lOi
Over M days t.04
U, S. bonds i... 44.V47
One year U. S. Treas
urr notes 11.157
Municipal warrants.... l.liuS
Total earnlnr asiets... tX.OM
Federal reserve notes,
Due from Federal ire-
serve banlts. net 4i,M
All other reaourees.,,. ti.Ut
Total reiource 87WC60 8401.110
Capital paW In.... IM.tlM
Government deposits .. :J.IS7
Member oamt osponis. .
Federal reservo rotes,
net i '
Federal banks nates In
All other ItabiUtlos,,.. 711
Total llabllltlri Vtt.tii 87M.K0 1J1,U0
Onld reserve aaainst
net deposit and note
C.h rnervs aaolnst
net deposit .and note
. UaMUtie i.
Cash reserve against
net deposit liabilities
after settuif aside We
.fold reserve SfSlnst
atrreaate net llabill
lei on Federal re
serra notes In dreu
items in transit
bet cen Federal re-
i-rv hsnUs, tis .lt 111111 8M.7;
:T ME B A
CMUniXO llOtHi: MKMnWlS, .ACTCAI.I
CONDITION NATCRDAY SIOBXINO.
Dec SO Chinses.
Loins, discounts, v Is
TSStmenti, .&c..$3,),4tO,000 Dec.$l,7S3,00O
Restrrs in oim
Tiolts (b) 4t:,M0,0M Inc..),M,000
lleserr in Vedenl ,
lWrrc ntnk .... l3,6M,MO Inc.. ?,;s,C0O
llfserre In ether de-
potlttrlc 83,114.090 Inc.. 1.M0.OCO
Net demand deposits 2,SX,ZK,W Inc. M.r.lt.COO
Net tlmo deposits.., lM.TSi.OW Dec. ,3t,000
Clrcnlatlon-...( -. tl,K,000 Inc.. 117,0M
(O) Of whlca $3Si),9t7,009 is specie.
ft - resme, Stm.ltt.oTn; excess
ItT.SJJ.tW; tneresse, $,Z7,494.
ci.k.irino uorsn membeiis,
Dec. SO. Cosntes.
-Loans, dlseeonts, la- ...
restments, e w,wj,iu,wg ucc.fii.ns.vuu
(.)"...'" 4n.843.000 Inc.. M74.0O.
'SSmlJankff1 178.eiT.0Ol Inc.! S.419,0
nettT in otner ue-
puSturKi oi.sis.vjv ucc.
V... .t.m.nrf ltW...
It 3,,J3S,0M Inc.. 10.4M.OM
Net tlmo depoiltl.. 13.ta.000 Dec. S,M7,000
Clrcnlatlon M.S50.0W Inc.. 48,000
(a) Of which 836911,000 Is specie. Apxn'.
sate reierre. SS00,C.3,fO0 ! excs rcierTC, SK.
-rcllA Inrre.u.. 11-722.&.
PEDEtlAL RESERVB BANK.
Hank of New York N. II. A i.V':Vr.
Merchants National Hank ......... .; !
Mechanics and MetaU National Dank tlH,..2'.)
National fltr Hank. 32M!!l
Chemical National Hank 79.'!01
Atlantic National Uatiit ;-?2"
N-ti.,n1 lmtrheeaiid Drovers Hank. 3.0.S
American F.icbansn National Hank..
National Hank of Commerce. . . . . . . .
Chatham and I'benli National Hank..
Hanoi rr National Hank......
Cttlieiu Central National Hank . . . .
2.0 1 9
II, a 111
Market and rulion -saiionai ian.
Importers : Traders National Hank. .
National Park Bank
East Kiver National Hank
Hocnnd National Hank
r'lnt National Hank
lr Ins National Hank. ... ... .'.....
New York County National Hank. . .
Chase National Hank
Lincoln National Hank -. .
Oorflekl National Hank
Fifth National Uauk
Heabaard National Hank
Liberty National Bank
Coal and Iron National nank.
I.nlcn Kirbang e National Hank
Nasiau National Hank. Brooklyn .
Broadway Truit Company
NOT JlE.MnEBS OF
FEDERAL- HE8ERVH nANK.
Tljnk or the Maotaattan Co. . . .
Hank of Atiterli
nrth Avenue Hank
tlennan Exchange Dank
Hank of the Metropolis
Went Hide Dank
N. Y. Produce Exchange Hank
TRUST COM ! ANUS
NOT MEMBERS OF
VXDERAL RESERVE BANE.
Brooklyn Tru.t Company
4. 3D I
Hanker irii. l company.
l'. S. Mortsase and Trust Company. .
Aitor rruit, 1 ompaiv
Title Guarantee and TruM, Company.
tluaranty Trunt Company
IMelltr Trnit Comnanv....
lwycn Title and Tni.t Company.,
Columbia Truit i;onipany
I'eopl.tH Tnut Compinj
New York TYiiet Company
Franklin Tru.t Company
IJnroln Tru.t Company
Metropolitan Tru.t Company
MANY NEW MARKS IN
1916 TRADE RECORD
In Nearly Every Brnnelt of
UiiHinpss Old Fifrnres Ave
When sMtibtlcana begin to compile
a complete record of the crowth
, , , . , ....
American industry In 1918 they tvlll
hiive to fro back a lone w-ay In the annals-of
business and finance to find a
comparison for the year which closes
with to-day. Vcrhaps they will never
find an ndcqunlc comparison.
In nearly uvery branch of business the
previous yean' records were broken by
wldo margins ; cold Imports surpan.sed
thos of all provlouH yearn; sales of
utockH and bonds wero tlio lartrest with
one or two exceptions In history; money
loaned i to foreign nations was In record
volume; bank clearlnirs, tho best of In
dicators of tho n.itlon'H business, wero
the liirscU nn record ; rallroud (amines
llii-n iuu'd on un illiplcci dcuted scnli; the
i'tei-1 liiihinesM lneroanI beyond tin- fund-
est hopes of the Ironmaster.-,
with neuily all oljit r lhiu.!.
UxjMirts from the rutted f-Uites in tho
ear wero In excess of !.",U0O,O00,P00. In
value, ngalnM Bbout ?D,r0l.000 In the
previous jeitr. Tho record In 1015 hnd
surpassed all others. Imports were also
In record volume, but In nplto ot this our
favorable balanco of trade, Is estimated
to be In tho neighborhood of $3,000,000,
000. An a direct result ot this Increase
In foreign trado Rold to the vstuo of
more than J084.000.000 was shlpiml to
this, country, which was nmve than 8200,
000.000 over the amount brought here In
Loan to FarrlKti Countries.
Ixians to foreign o'luntrlcs In 1010
totaled about Jl, 300,000.000, or more
than twlc tho amount loaned In the
previous- year. In addition It Is esti
mated that this country bought bad:
from Kuropo no lesa than 81,000.000,000
of stocks and bonds of American cor
porations. Stoncy of all kinds in i.plte
of all this financing reached an un
equalled total lu the vaults of tho coun
Clearings of nil liankii in thn United
KtnteB totalled 8263.3(10,000,000 last year,
compared with $lf7,5!076,00i) In 1915:
moro than half of this total being
cleared through the city of New Tork.
. Tho Now York p'tock Kxcliange us
well as those in other large cities en
Jojed prosperity. Sales of stocks on the,
New York ISxchange totalled 236,430.
600, enmpured with 1 "1,965,800 111 1915.
Ilond s.iles were 81, 248,700.000, against
81,030.123,000 111 191.T. Ilofli of thepe
totals liavo only been reached onco or
On tlio 'Consolidated Exchange busl
'ness was also In record volume, 19,790,
000 sluircs chaugliiK hands, as compared
with a Ilttlo more than 12,000,000
shares last yeah
Tho Curb market enjoyed a record
yenr, tho total transactions In Indus
trials nnd oil share.i reaching about 51,
000,000, according to it compilation by
James V. Mall. In addition about 89,
000,000 tdiarcs changed hands in tho
mining department. Transaction" In
bonds approximated $111,000,000, com
paring with $60,750,000 for 191 G.
I'robably tho most Important growth
In American Industry was in the steel
buslnc.-, whero. earnings broko all pre
vlous records. In the loht nuartcr of the
year estlnintcs of eiinilni for the Vnlted
States Steel Corporation rnnsr from
4. ifcS Is Is 5
CLEARING 'HOUSE MEMBEnS. -C f STl g l SG S5 t?
VI , -it .. t .t J sl'sc I ? 1
nt ? 2, 55f.V 7io! 7sf te -Ikt'S y 7f
3s 5 As s?lais v.il fiss - &z zS, u
N K ST A T
, Uummsry of flute btnki snil truit compinlri
In llrester Neir Vori, not llirlndrd In Clcsrln
IIoum ststemtnt (fsurri furnished by thu Mttte
llsnklnf Drpsrtnient' :
Dee. N. Chtngcs.
T.osns, dlsconnls, Inrcst
tnrnts, ic S7C3.S71.C00 Dec$,474,C00
Bpocle 61,"3,t00 Dec. 75S.8M
ltl ttuder 11.1U.700 Dec. 3M.1W
ToUt drpo.lt JKI,!ill,4i) Pic $9?f,M
Totsl deposits, eltmlnat
Ins sinounts ilno from
t from otkor banks sml
York city nt.MMn Dec. t.Ui.M
Cssb In TSDlt tlt.Wl.M
Deposits In bint,! snd ttint
Trent companies s
Ctrt In unit tCS,77,l
Deposits In tanks Slid trust
Anresste reserve on deposits. SlSt.lU.XO!
l'cr cent, of lull reteire, tt..
Federal Reserve Ntatemrnt.
Statement of the Federal Ilesen-e IlAnk In
New York for the eek ended December
DCTAlIKDCLEAItlNOnOCSKSTATKiatNT. SATURDAY MORNING,
(Tar, clphtrs emitted.)
n St S-'.t.'.x
;ni -jj s.aa.i
231 IJ7 0.330
147 b05 n.22.214.171.124
111 tl 3.707
1 20 HIS
3 ... IM
, ... Ail 1.:14I
4.V. H20 h.tl.1.1
2.1 1 10 10.1117
:n in 2.UI2
72 III S17
711 . . 7..Miil
'-Hi . 2,lt.1l
107 121 11.071)
.1 11 201
42 .19 l.liVI
2il . . 12.301
21 10H .1.P.17
U'll 40 77rt
.17 11.1 10.47.1
Ills .17 I.MS
is VI) 1,020
7 3 424
41 2.1 3.P9.1
1.1 47 PSh
.-!! 10 074
;ls . . fils
v.t ;:i 1.797
7,1.22 2.00s 4.SI
1,372 2,073 OSO
1,07.1 240 793
.14:1 .111 S'
13s .12 1 42
1,283 1,21.1 3t
40.1 32 01
Iisil 111 47
I.70-I 300 l.OU
40.1 Ml 121
89.1 .112 ".OS
2H2 11"7 13.1
1.221 :w IS"
2,427 07 M"
37 4is tss
1.0O2 30 s I'
ll 13 23"
17 ISS 17
ll 107 102
3.212 779 ti.VI
Ml 12.1 31
4lls 4' !
3s3 H9 19-1
132 2a.'l 141
9.V) .11,1 31
474 37S -tl
1.17 .111 87.
i.:u;i 197 378
tlOO.OOn.ooo to ?110.000.00ft. At the end
! of November tlio Steel Corporutlon li.id
more than 11,000,00 tons ot unfilled or
dert on Its book. Us report next month
Is expected to nliow another large ln
I cn-.4f c.
' It. Ci. Dun & Co. estimate the p!c Iron '
' production of the year at 39.250,000 tons.
uKalnst 28,63,oou tons in r.'io. inoiitor
metal lines tho Increase In buslnes wan
( praetieniiy jsreat. ti)0 copper output'
in the year was the larcost In history.
i I'roductlon In other metals traa In the
Vesr In Cotton.
The last year was unptfclemefl la
the history of cotton. AM previous rec-
ot, for periods of heajr tr.idltip. u
MileH tor wide fluctuations and hieh
prices, ulnce shortly after the war
were broken. Theto new records were
estnbllthed during tho last half of tho
year. Th, principal cause, for tho rec
ord prices, were a large decrease In the
production and the remarkable- prosper
ity In the dry goods markets, which In
fluenced tlio most t:tviuiivo speculative
buying movement for future deliveries
Only In one particular did the leeord
of tho year fall to equal the previous
year. That was In tho country's crops.
Wheat wan reduced 38 per cent, from tlio
great total of 1,025,000,000 bushels in
l'.'IS; corn, 15 tier pent. As a result of
hlirher price-, however, the corn crop
was estimated to 1 worth r."3.uO'i.0u'J
moro than last year, while tlio value of
wheat wu. fur the lltt time In eh of
' a billion dolliiiF.
The year In tho rnl'.iojd IndimiT was
tho niDht ninarkablo on ii-cord. Ac
cording to estlinati-H made by the Inter
Mate Commerce Commission, baw-d on
returns for the nlno months, tlio gross
earnlnsp for 1916 will amount to $3,
C90.000.000, and tho net to 81,098,000,
000. These, earnings wilt s-liow an In
crease of $434,000,000 In gross tuid $58,-
000,000 In net over tne iukd re-oriis es
tablished a year ago. Jutt ten years
ago, In 1906, groiei and net earnings,
then a new high record, wero only $2.
103,000,000 and $665,000,000 iercc
tlvcly. 1,066 NEW SHIPS IN 1916.
'More Than Half Conslractetl In
Atlantlo and iGalf Porta.
American shipbuilding for the llrst
eleven months of 1916, according to the
New York Chamber of Commerce,
records u construction of 1,066 vessels,
with a gross tonnage of 488,446 tonu.
Moro than liolf of thlr, or 545 vciacls,
with a gross tonnage of 295.750, was
constructed In Atlantlo and Gulf ports.
On tho raclflo Coast 26S vessels, ot
79.006 tons, were built; on the Great
Uakes 114 vessels, with a tonnage of
107,716, while WeMern rlers contrib
uted 143 vrsrrU 0 S.874 tons. These
do not Include thlrty-Mx wooden vessels
built for foreigners tuid thlrtoen steel
vessels, making altogether forty-nlno
vosseln of 33,637 pross tons. Tho com
bined output lu the United States In tho
last cloven mouths was 1,113 vesselp,
with a combined grota tonnago of 522,
083 tons, compared with a grosn ton
r.ago in tho yenr ended Juno 30, 1916,
of 242,143 tons f flfty-Hovrn vessels) and
of 12",M1 tons (twenty-three vessttls) In
Baltimore's Ocean Trade l.raerSy
Hai.tisioiik, Dec. 30. The port of llal
tlmoro had the grrtttcut year in its his
tory In 1916. The value, of tho expjrtw
moro than doubled, the total being ap
proximately 42S6,872,2I7. The exports
of grain were approximately I20,ii90,000
bushels, or more than 20, 00 1,000 buahels
Cold roln snd gokl ceriineatcs!
Oold settkm't tund.l5),5;o,000.00
Hold III raiilts and
In gold redemption
Total gold reserve $lTJ,il!.037.M
Leral lender notes, silver cer- ..,.,.
tlDcstes and subsidiary coin.... i:..,OT.
Tolal reenre IUS.CVS.7SI.00
Dills discounted and bought:
t;. K. liondi $J.247H.M
Municipal warrant?.. 97S.3ll.8t
Federal reserve notes (net
All other resources....
Member bank deposits (ne1)
Due to other Federal Reserve
Tolal HaMlttUs .SK4,tt8,4::.32
Pederal reierre noles outitand-
Asainit ahlch there Is deported
Uh 1'ctleral Reserve Ajent: .
Oold snd lawful money 10.,"0S..i.As
IHXEMDEIl W. ltl,
22 1. M.I
3.310 1,780 i
,v.4 l---" ;
! . . ' '.ii
1 ,09.1 3,339
. . S7P
. '.: ' 1
y t.4 3.1
17 1,38. I.W. 27.7H7 .1.3.S,
2S B.420 4.001 1SS..1l:t I9.8IM)
12 2.:i84 3,772 17.070 10.720
1,107 1.117 21.(13 .1.872
.12 1,34.1 703 'Jll.OOO 1.307
131 17.S22 2.SI1I 3.10.443 33.727
121 400 8,443 034
32 93.1 302 18,894 7.111
172 3,700 1.312 7.'.,IUJ 17.2.11
37 1,1 let 02 22,174 1.484
119 2.020 1.I.V1 M.IM.I 0.197
12 8.12 1.78 17.034 3.291
13 0O7 247 1:4.337 829
31 2.1) I U 310 32,201 3,110
WILLARD SEES MANY
rf fnrripi's lrilYO llli-ll fo lie
,lHl nrneis iihm jhh ii mi hi
Proud of in Their 1!M(5
Vian.el Wlllsrd. president of the Ua't.
niore and Ohio Itallroad, In r.,lewinc
tho ear just closed, mjh that th
achievements of tlte. rJl'roads u (lorded
much to bo gratified about, ntthoush
lirobleins crept lu which remain to bo
solved. These problems and the general
outlook, Mr. IVIIIard says, give cntiso for
concern and call for the best ifforts of
thoi-c directing the railroads, the public
authorities and the public generally, If
the American transportation system Is
in continue Its service nlimir -brimd,
"Tho situation during 1916." Mr. IVII
Iard says, "may bo summed up as a
somewhat paradoxical ono In respect to
tho railroads, tiro carnliu-s exceeded
tlio record of any previous year. Kx-
penses also mounted tu their highest
peak as a n-kUlt of Increased costs nf
materials and supplies-, hlqhcr rates of
iay to transportation worker.-., ndvitncn
In taxes und diaries Incliknt to 10:11
PIIiukx with the. edicts of authorities In
matters of national nnd Statu legni.i
tiou. so that the icsultaut ntt. while
good compared with tho vrecedlng two
jears. ws not all that them was reason
to expect In u car of such general plot
perlty. "It Is hardly to be expected that the
earnings of the earrlers will be In
creased to any appreciable extent during
1917 with their present plant capacity,
but If business demands conllnuo and the
roads aro able to enlarge their facilities
correspondingly tho ratio of Increase
should be continued. Net earnings can
not bo expected to bhow any largo Im
provement for reasons already cited
bearing on costs, and for tho further
reasons that during the winter months
with bad weather conditions, tho expense
Increased ; nnd other situations present
problems which should have a tendency
to keep the net prolltg ot transportation
"Tho abnormal volume of business
hnudled by tho roads during tho year
taxed the companies almost to capacity.
Ternilnnls wero crowded and practically
every serviceable car nnd locomotive,
were kept busy constantly, while new
rolling stock was purchased In large
quantities. Kven this did not entirely
meet the situation ; In fact. It was found
Impossible to cairy out programmes of
betterment with t-ufllclcnt rapidity to
prevent complaints over a lack of facili
ties. "The present Inability of the railroads
to furnish oil tho empty curs deslied tor
loading U not duo entirely to lock of
equipment : Indeed, It Is doubtful
whether tho situation as a whole would
bo uretttly Improved If the railroads icro
In position to furnish all thu cars de
sired ttt tho present time, as ono of tho
serluun problems, and one directly nf
feeling tha car upply, Is tho Inability
to havo curs unloaded and released
promptly after they hivo .recalled their
destination. This has made it necessary
from tlmo to tlmo to place cniliargoes
niHl thereby restrict tho loading to
various points uinl of various commodi
ties. "Noverthclei'H it hits been ehown that
thero ate not buftlclent cars on nil of tho
railroads to hatidlo tho business In tho
volume that it is now being offered. Tho
present high prices, however, will prob
ably keep tho carriers from now mak
ing additions to equipment hejond tho
ursent needs for current requirements.
BOROUGH OF BROOKLYN
343, 34 ind 346 FULTON STREET
Capital, - $500,000
JULIAN D. FAIRCHILD President
JULIAN P. FAIRCHILD
-D. W. McWILLIAMS
WILLIAM J. WASON, Jr.
HOWARD D. JOOST
J. NORMAN CARPENTER.
GEORGE V. BROWER
At the Close of Business on December 30th, 1916
Cash on Hand $1,86-1,1 29.67
Cash in Banks 2,65I,932.3S
New York City and Brooklyn Bonds 1,635,(509.5:
Short Term Investments 3,I98,427.2J
Other Bonds and Stocks 6,222,50-3.01
Bonds and Mortgages 1,042,800.00
Loans on Collateral, Demand and Time 10,34 1434.0t
Bills Purchased 1,931,162.3?
Office Building 210,000.00
Other Real Estate 13,592.78
Interest and Commissions Accrued 206,129.04
Undivided Profits (net)
Rebate on Loans and -Bills Purchased. . . .
Taxes and Expenses Accrued
Trust Checks Outstanding
Transacts a General Trust Business.
Receives Deposits Subject to Check at Sight.
Allows Interest on Daily Balances.
Issues Certificates of Deposit at Special Rates of Interest.
Procures Letters of Credit Payable in Any Part of the World.
Before Making Your Will the Kings County Trust Company
Would Be Glad to Consult With You and Have You
Name It as Either Your Executor or Trustee. The
Charges Are Fixed by tbe Court and Cost No More
Than in the Case of an Individual Acting in Such Ca
pacity, the Advantage in Favor of the Kings County
Trust Company Being That of Absolute Security.
WALTER E. BEDELL
EDWARD C. BLUM
GEO. V.' BROWER
FREDERICK L. CRANFORD
ROBERT A. DRYSDALE
ULIAN D. FAIRCHILD
ULIAN P. FAIRCHILD
'REDERICK G. FISCHER
WHITMAN W. KENYON
D. W. McWILLIAMS
Begin the New Year by Opening an Account
With the Kings Cmmty Trust Company
CENTRAL TRUST COMPANY
OF NEW YORK
' 4 54 WALL STREET
BRANCH: FORTY -SECOND STREET AND MADISON AVENUE
Statement ot Condition at the
Bonds & Mortgages $ 411,608.17
Market Value 10,651,144.44
Market Value 18,211,206.77
Rent Estate 1,469,673.62
Accrued Interest 884,830.44
(see Liabilities per
Cash on Hand nnd
in Banks 70,235,659.59
.1AMKS N. WAL1.ACK, I'n.iilrnt
K. I'HANC'IH IIYIIK, Vlce-l'riKldent IIL'W.UY OI.COTT M. Vlco-I'i .-.uloiil
IIUOIIOK W. DAVIHON, VUe-l'rrsldem I'llAXIC 11. H.MIIIT, Vloe.'ii"ldoji.
ritK.DKltlU J. Kl'I.I.KII. VIce-lTe-sl.lcnt
MILTON niiltirHON, Picietai
l I1. BTAM.KXKCIIT. Awt. Hecretarjr OHL'AH I.. fOI.IJs, ,s.i Seen':.
IKUIU1K J. COMIKTT. A-l. Hccrctaij
roiirv.sF.coNii ntkixt nitirn
1. J. I.1.AII1 , llranch Manager
II. C, IIOl.T.
. . Secretary
. . Ass't Secretary
f rust Company
HENRY A. MEYER
CHARLES A. O'DONOHUE
CHARLES E. PERKINS
DICK S. RAMSAY
H. B. SCHARMANN
' JOHN. F. SCHMADEKE
OSWALD W. UHL
.JOHN T. UNDERWOOD
W. M. VAN ANDEN
JOHN J. WILLIAMS
LLEWELLYN A. WRAY
WILLIAM J. WASON. Jr.
Close of nuslncsa Dec. 30, 1916
Capital Stock S 5,0lO,O0O.D0
Undivided Profits .5O7,32M0
nhlileml n)Hble Jjii. 3 1917
charged to rroOt od I n
not lui-luded in thu pintemeui
Reserved for Time
, Accrued Interest
t , II 1; r. 1 1 1 1 1 N"
A l-Miii Mi '