August 5, 1916 : Bank and Quotation Section
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BANK AND :QUOTATION SECTION OF THE COMMERCIAL & FINANCIAL CHRONICLE. Copyrighted in 1916, according to Act of Congress, by WILLIAM COMPANY, B. DANA in office of Librarian of Congress, Washington D C. VOL. 103 NEW YORK, AUGUST 5 1916 NO. 2667 BANK AND QUOTATION SECTION REVIEW OF JULY. Developments The Bank and Quotation Section, issued monthly, is furnished in connection with the war again without extra charge to every annual subscriber of the Commercial and Financial Chronicle. assumed great prominence, more particularly in the The Railway and Industrial Section, issued three times a year on the fact that the joint military last Saturday of February, June and October, is likewise furnished without offensive of the Entente extra charge to every annual subscriber of the Chronicle. Powers, which had been looked for so long, and The Railway Earnings Section, issued monthly, containing the sworn evi- returns of earnings and expenses filed each month with the Inter-State dence of which had become manifest Commerce Commission, is also furnished without extra charge to every during June, annual Chronicle subscriber. made further progress. All the indications, too, The Electric Railway Section, issued three times a year, in January, May and September, is likewise furnished without extra charge to every supported the conclusion that Germany and Chronicle subscriber. • her The State and City Section, issued semi-annually on the last Saturday allies were being steadily pushed back, both on the of May and November, is also furnished without extra charge to every subscriber of the Chronicle. Eastern and the Western fronts, Russia in particular The Bankers' Convention Section, issued yearly, giving the detailed proceedings of the annual convention of the American Bankers' Associa- continuing to overwhelm the Austrians. Simultane- tion, is also furnished without extra charge to Chronicle subscribers. ously, the Terms for the Chronicle, including the six Supplements above named, appearance of certain statistical state- are Ten Dollars per annum within the United States; Thirteen Dollars (which includes postage) in Europe, and $11.50 in Canada. ments directed attention anew to the part the war is File covers for the Chronicle aro sold at 60 cents each (Which includes postage). File covers for Supplements can be had at same price. playing in stimulating and expanding trade in the CHICAGO OFFICE-39 South La Salle St. United States. The record of the country's foreign LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E. C. commerce for June and the fiscal year ending June 30 WILLIAM B. DANA COMPANY, Publishers, Front, Pine and Depeyster Streets, was made public and revealed phenomenal results— New York. far surpassing the expectations even of the most sanguine. The statement of the United States Steel INDEX Corporation for the June quarter also appeared the TO ADVERTISEMENTS OF BANKS AND TRUST COMPANIES latter part of the month (after the close of business Atlanta, Ga.— Page Milwaukee, Wis.— Page on July 25), and this served once again to emphasize Atlanta National Bank 6 First National Bank 7 the wonderful prosperity which the steel trade is Baltimore, Md.— Minneapolis, Minn.— . experiencing, also as a direct outgrowth of the National Bank of Baltimore..__ 6 First & Security National Bank 10 Safe Deposit & Trust Co 6 Northwestern National Bank.._ 10 European conflict. Birmingham, Ala.— Newark, N. J.— The steel trade has for a long time been enjoy- First National Bank 6 Union National Bank 5 ing the rare combination of an extraordinarily large Boston, Mass.— New Orleans, La.— volume of business and extremely high prices for the National Union Bank Whitney 2 -Central Nat. Bank__ 5 same. Very naturally, this happy conjunction of Chicago, III.— New York, N. V.— events was reflected in the return Chicago Savings Bk. & Tr. Co_ 10 of the Steel Cor- Chemical National Bank 1 Continental & Com'l Nat. Bk_ 8 poration. Coal & Iron National Bank..._ _ 1 The report showed net earnings (after de- Corn Exchange Nat. Bank_ _ 9 Farmers' Loan & Trust Co __ _ 12 First Nat. Bank of _ 11 ducting all expenses incident to operation, and inter- Hanover National Bank 1 Live Stock Exchange Nat. Chicago..-Bk- 8 Seaboard National Bank est on bonds of the subsidiary companies) Merchants' Loan & Trust Co.... 9 1 of no less National Bank of the Republic- 8 than $81,126,048, as against $60,713,624 in Norfolk, Va.— the March Cincinnati, Ohio— Norfolk National Bank quarter and only $27,950,055 in the June quarter of Fifth-Third National Bank_ _ _ _ 7 Paterson, N. J.— 1915, and no more than $12,457,809 in the March Cleveland, Ohio— First National Bank quarter of 1915. As a matter of fact, at $81,126,048 First National Bank Union National Bank 7 Philadelphia, Pa.— these earnings for the quarter ran above those for the Corn Exchange Nat. Bank...... 3 entire calendar year 1914, when the net profits for the Denver, Colo.— First National Bank 4 First National Bank 5 Fourth Street National Bank.._ 3 twelve months were no more than $71,663,615. Franklin National Bank Detroit, 5 Mich.— Girard National Bank Moreover, as has been the case continuously in every First & Old National 3 Bank__ 8 Girard Trust Company 4 quarter since the People's State Bank 9 beginning of 1915, each month of Market Street National Bank_ 3 the quarter surpassed predecessor Fort Worth, Texas— Philadelphia National Bank 4 its in amount of Tradesmen's National Bank 4 Fort Worth National Bank 5 net, so that for June the total of the net was Providence, R. I.— $28,147,473, against Grand Rapids, Mich.— $27,554,899 in May, $25,423,- Merchants' National Bank...... Old National Bank 9 2 676 in April, $22,722,316 in March, $19,196,396 in St. Louis, Mo.— Hartford, Conn.— February, $18,794,912 in January and but $1,687,150 Mechanics-American Nat. Bk_ 10 Hartford-Aetna National B nk 2 National Bank of Commerce__ 10 in January of the previous year (1915). In addition Jersey City, N. J.— San Francisco, Cal.— to the quarterly dividend of 1% the directors of First National Bank ') Anglo & London Paris Nat. Bk. 11 the Corporation also declared an extra dividend of 1% The First National Bank 11 Los Angeles, Cal.— on the common shares. After providing for the Citizens' National Bank 11 Worcester, Mass.— First National Bank 11 Merchants' National Bank__ higher dividends on the common shares, a surplus of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 14 MONTHLY REVIEW [VOL. 103. $47,964,535 still remained for the quarter. After the The foreign inquiry related to pretty nearly every- meeting President Farrell stated that the corporation thing, including rails and cars, and not excluding was operating to maximum capacity. 1 munitions contracts. The "Iron Trade Review," in In the six months to June 30 1916 net earnings a dispatch from New York under date of Aug. 1, of the Steel Corporation were $141,839,672, against stated that it was estimated that the new shell and only $40,407,864 in the first half of 1915 and $38,- shell forging contracts just placed aggregated in 451,977 in: the first half of 1914. value at least $100,000,000. Those of the American But the U. S. Steel Corporation does not •stand Locomotive Co., which are among the largest, are alone in being able to show such phenomenally understood to reach $30,000,000 or more. The Amer- favorable results. Other similar enterprises have ican Steel Foundries, it is asserted, have a large new a like story to tell, and indeed industrial concerns order estimated at from $15,000,000 to $20,000,000, of all kinds, in numberless cases, report huge gains and the American Car & Foundry Co. one of large over the corresponding period of the preceding year. proportions. Among the other companies which The Republic Iron & Steel Co. for the first half of have received, or are about to receive, new orders, 1916 has profits before interest on bonded debt are mentioned E. W. Bliss & Co., the New York of $6,823,026, against only $1,800,053 in the first Air Brake Co., the American Brake Shoe & Foundry six months of 1915. The Lackawanna Steel Co. Co., Babcock & Wilcox Co., the Midvale Steel & reports net earnings for the six months of 1916 of Ordnance Co., the Forged Steel Wheel Co. and $7,298,627, against $1,351,888 in the first half of others. The number of shells and shell forgings 1915. Of companies in other lines of business the ordered are figured at 2,000,000 to 3,000,000. One American Hide & Leather Co. resumed dividends company alone received practically 1,000,000, it is by declaring 5% on the preferred shares and fur- declared, the shells being mainly of large sizes, or nished figures showing net of $509,264 for the June 6, 8, 9.2 and some 12-inch, though there have been quarter of 1916, against $271,373 in the June quar- some additional orders for 3-inch also. ter of 1915, while Central Leather for the six months The "Iron Age" of this city, writing about the to June 30 1916 computes its net at $6,637,269, same date, says that the effect on the situation of against $3,111,077 in the first half of 1915. The war buying on a scale greater than was counted on a General Chemical Company in the first half of 1916 few months ago is becoming the foremost issue in the had net profits of $5,864,030, against $2,353,468 domestic steel market.