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T V o n t m e r c i H INC L U DING B a n k a n d Q u o t a t i o n S e c t i o n (Monthly) f i t r a n r i a l S t a t e a n d C i t y S e c t i o n (semi R a i l w a y a n d I n d u s t r i a l S e c t i o n (Quarterly) S t r e e t R a i l w a y S e c t i o n ( VOL. 85. T h r o e Tixrwssi Yeasfcr SATURDAY, SEPTEMBER 28 1907. NO. 2206. ^ I x j e C l i r o t t i c l j e . PUBLISHED WEEK L Y . Terms of Subscription— Payable in Advance F or One T
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  TV   ontmerciH INCLUDING   Bank and Quotation Section (Monthly) fitranrial State and City Section (semiRailway and Industrial Section (Quarterly) Street Railway Section (  VOL. 85. Throe Tixrwssi  Yeasfcr SATURDAY, SEPTEMBER 28 1907.NO. 2206. ^Ixje Clirotticlje. PUBLISHED WEEKLY. Terms of Subscription—Payable in Advance For One Tear .....................................................................................................$10 00For Six Mouths...........................................................1 ....................................... (i 00European Subscription (including postage)............................................... 13 00European Subscription six months (Including postage■........................  7 50 Annual Subscription in London (including p stage) ............................. £2  14s.Six Months Subscription in London (including postage)........................£1 11s.Canadian Subscription (including postage)...............................................$1.1 50 Subscription includes following Supplements —B ' nk    and  Q uotation   (monthly) j S tate   and  C ity    (semi-annually) K  ail    way    a . sd  I ndustrial   (quarterly) ! S treet  R ailway    (3 times yearly) Terms of Advertising—Per Inch Space Transient matter per inch space (1-1 agate lines) ........................................ $4 20 r  Two Months {*  times).............................. 22 00<?r»ndim- Business Cards ) Three Months (13 times).............................. 29 00btanmn0 business cards six Months (26 times).............................. 50 00Twelve Months (52 times).............................. 87 00CHICAGO OFFICE—P. Bartlett, 513 Monadnock Block; Tel. Harrison 4012.LONDON OFFICE—Edwards &  Smith, 1 Drapers’Gardens, E. C. WILL'AM B. DANA COMPANY, Publishers,P. O. Box 958. Pine St., Corner of Pearl St., New York. Published every Saturday morn in sr by WILLIAM B. DANA COMPANY. William B. Dana, President; Jacob Seibert Jr., Vice-Pres. and Sec.; Arnold G. Dana. Treus. Addresses o£ all. Office of the Company. CLEARING HOUSE RETURNS. The following table, made up by telegraph, &c., indicates that the total bank clearings of all the clearing houses of the United States for the week ending to-day have been $2,498,509,415, against $2,712,673,058 last week and $2,942,004,917 the corresponding week last year. 'J Clearings—Returns by Telegraph.    Week mdisng Sept.  28.New York_________________________Boston_____________________________Philadelphia_______________________Baltimore _____ -____________________Ch cago ....... ........................................ St. Louis __________________________ New Orleans__________ _____________■Sevencites, 5 days ______________ Other cities, 5 days ______ ________ Total all cities, 5 days__________ AH cities, 1 day  ____________________ Total all cities for week  .................15)07.1906. PerCent. $1,146,594,910102,885,910108,908,51121,758,481208,244,44251,161,51414,012,387$1,543,014,979112,515,666117,917,39620,489,019178,418,18345,103,24814,531,986 —25.7  —8.6  —7.6 + 6.2 + 16.7 + 13.4  —3.6$1,653,566,155418,974,619$2,031,990,477364,019,488 —18.6 + 15.1$2,002,540,774425,968,641$2,396,009,965545,994,952 — 13.5  —22.0$2,498,509,415$2,942,004,917—15.1 The full details for the week covered by the above will be given next Saturday. We cannot furnish them to-day, clearings being made up by the clearing houses at noon 011 Saturday, and hence in the above the la«t day of the week has to be in all cases estimated, as we go to press Friday night. We present below our usual detailed figures for the previous  week, covering the returns for the period ending with Satur day noon, Sept. 21, and the results for the corresponding  week in 1906, 1905 and 1904 are also given. Contrasted with the week of 1906 the total for the whole country shows a loss of 13.9%. Outside of New York the increase over 1906 is 7.2%. Clearings at -I—  Week ending September  21.1907.1906. Inc. or   Dec. 1905.1904. % $% %  j ____ _ _______ New York......... .. 1,577,612.0402,092,499.434—24.61.596,273,951 ‘1.199,072,871Philadelphia ____ 131,175.572140,406,385—6.6134,185,037i108,356,530Pittsburgh ______ 48,788,87847,756.599+ 2.246,359,97039.599.226Baltimore ______ 27.994,60925.951,046+ 7.724,972,0471 19,679.030Buffalo__________8,256,1027,308,402+ 13.06,727,0916,183,473 Albany__________5,325,9435,770,938—7.74,464,988l4,341,187 Washington ____ 5.377,2174,753.494+ 13.14.525,2003,476,087Rochester ______ 3.528,9714,470,325—21.12,936.5712,249,104Scranton _______ 2,051,6352,037,791+ 0.71,801,4011,584,287.Syracuse _____ 2.224,8712,029.378+ 9.61.599,4711,083,002Reading _______ 1.226,1081,369,268—10.51,043.794978,491 Wilmington _____ 1.315,072.1.177.6541.114,147;+ 11.71,091,379927,159 Wilkes-Barre . _1,20?, 388'+ 8.5964,216741,661 Wheeling ______ 1,330,784897.9811+ 48.2830,917704,654Erie ____________ i732.998589.210+ 24.4536,715437,548Greensburg _____ 833,956541.961+ 53.9474,312361.864Chester . ..............’464,005546,556 —15.1450,017375,137Binghamton____<493,300425,100+ 16.0476,000355,800Franklin......... _.j258,610256,923+ 0.7358,644183.319Harrisburg _____ 1 York  ...................j1,150.184795,1651,049,308 +9.6 Not included | In totalTotal MkWie J 4^21,350,24312,340,951.910 —22.21,830,071,7211,390,690.430 Clearings at  —  Week ending September  21.1907.1906. Inc. or   Dcc.  j 1905.1904.Boston ________ $$ cr $*146,884,207153,817,363—4.5! 135.815.429111,363,337Providence . . .6.654.7007,008,100—5.06.426.6005.876,900-Hartford _______ 2,993,7473,108,213—3.7!2,425 8942.433,948New Haven _____ 2,465,8882,269,266+ 8.61,925.7731.674,520Portland _______ 2,236,5441,866,914+ 19.81,662 1781,555,656Springfield ______ 2,011,3421,825,334+ 10.21,546.3591.390,187 Worcester ........... 1.579,2721,600,780—1.31.544.1571.045,243-Fall River ______ 871,160781,211+ 11.5770.206423.925New Bedford ____ 742,090624,067+ 18.9462,269353.111Holyoke _____ 466.097494,011—5.7397,057458,656Lowell___ _____ 468.941473,425—0.9402 717440.040Total New Eng.167,373,988173,868,684—3.7153,378.639127,015.563Chicago ________ 246,654,423211,345,885+ 16.7202.236 1.31170.712,279Cincinnati __  .27.515,10024,898,150+ 10.521,764.90023.898,500Cleveland ..17,885,61315,856,330+ 12.815,493,44212,140,220Detroit__________14,580,94113,620,793+ 7.011,572.4469.921,057Milwaukee ______ 11,922,26410,024,819+ 18.98,395.1599.307,374Indianapolis ____ 7,772,0397.158,107+ 8.66,010.0067.003,033Columbus ______ 5,346.6005.028,000+ 6.34,697.500778.300Toledo__________4,343.7223,776,194+ 15.03,898,7233.333,977Peoria__________2.975,1572,758,166+ 7.93,238,1993,293.733Grand Rapids __ 2,392,3452,192,542+ 9.12,139.9661.964.714Dayton _ ___  _ 1,776,6061,814,528—2.11,664,8381.477,773Evansville _____ 2,036,3701.485,548+ 37.11,557,9L41.113,833Kalamazoo ____ ■.1,029,198943,424+ 9.1790.844718,876Springfield. Ill-_885,831912,387—2.9782,931796,148 Akrori__________715.000765.945—6.6510,00#515.000Fort Wayne ____ 809,832734,721+ 10.2659.838Rockford ______ 625,000619,321+ 0.9462.091509.903Lexington ____586,413560,301+ 4.7806.047408.386South Bend _._525,000454,508+ 15.5360,165Canton. ____482,463450,652+ 7.1460.923453.693 Youngstown ____ 556,448446,160+ 24.7526.789485.297Quincy. 1 _______ 432,343377,540+ 14.5298.289303,046Springfield, Ohio381,332378,858+ 0.7338.716301,262Bloomington ____ 578,795368,957+ 56.9383,084425,468Mansfield ____ 362,672364.222—0.4277,57!)178,669Decatur __ 489,838456.569+ 7.3320,670252,337Jacksonville, 111.283,423275,263+ 3.0247.00^259.419Jackson ________ 325.003247.641+ 31.2230.777196,252 Ann Arbor ______ 115.865119.944—3.489.79679.517Tot. Mid.West.354,385,636308,435.475+ 14.6290,211,297254.S28.066San Francisco. __44.090,32944.750.071—1.536.307,90030.958,369Los Angeles... .11,256,88911.641,008—3.39,928.1825.663.582Seattle ________ 10,269,45711,681,973—12.16,259,3494.538,077Portland __ ____ 7,448,6696,139.290+ 21.35,708,9214.241,084SaltLake City  ___ 6,300,1065,491,666+ 14.74,219,94.!2.791,250Spokane ________ 6,538,4414,014,563+ 41.73,087.7312,.505,916Tacoma ________ 5,251,6843,774,878+39.13,420 2742.364,406Oakland.. _. .2,846,9173,190,344—10.8Helena ________ 993,066894,057+ 11.1842,666509,815Fargo __________ 584,635449,301+ 30.1 V614,225478.083San Jose550,274575.361— 4.4Sioux Falls _____ 650.000379.593+ 71.2330.275388.-589Total Pacific..96,780.46793,528.105+ 3.570,719.46554.439,171Kansas City  ____ 36,695,51728,092,452+ 30.624,037-96023.115,028Minneapolis _____ 25,587,60419,698,378+ 29.920,634,19.'!23,893,892Omaha__________12.239,6629.271,019+ 32.08,359.0468.063,708St. Paul ________ 9,183,5479,303.3541.37,727 4076.584,200Denver.. ____  _9,445,5447,123.074+ 32.67.101,5645.584,377St. Joseph ______ 4,758,1454.911.347—3.14,212.3024.508.241Des Moines. _c___2,812,2052,436,062+15.42.569.5482.773.275Sioux City  ______ 2,296.4741,789,223+ 28.31,415,7811.331,994 Wichita ________ 1.289,5121.189,730+ 8.41.101.0611,109.547Lincoln ________ 1.294.8911,126,020+ 15 0Davenport ___ 1.134,826989,699+ 14.7802.968S76.902Topeka ...............979,084892,4*7+ 9.7488.71::585.925Colorado Springs790,142593,810+ 33.1658.303440.178Cedar Rapids __ 568,751483,493+ 17.6509,769292.317Pueblo633,105487,416+ 29.9495.468Fremont ..........  . ______ 428.567248.721+ 72.3190.099241.277Tot. otli.West.110.137.57688,636,285+ 24.380,304.18'i79.670.883St. Loute _______ 61,837,07654,865,845+ 12.748.475.17351.0S1.820New Orleans ____ 20,309,29516,705,949+ 21.613.097,69614,393.074Louisville ______ 11,670,21313,084,163—10.89,757.0579,887,948Houston _. ___ 14,291,44012,637,292+ 13.111,884,51510.481,493Calves ton ...........6,940,0007,845,000 —11.56,742,0006,364,500Savannah5,571,8365,826.12s —4.46,685,9276.075,087Richmond _____ 6,436,0555,504,898+16.94,678.1894,337.744 Atlanta ________ 4,788,8994.211.079+13.74,395,9342.710,311Nashville ______ 4,912,4773,312.868+ 48.32,782,0422.370,731Memphis _______ 3,657.6253,137.838+ 16.63.634,7433.671,915Fort Worth _____ 3,985,6332.987,738+33.42.135,3161.682,286Norfolk  ________ 2,516,1562,255.968+ 11.52,275,5221.667,028Birmingham ____2.100,0001.896,599+10.71,582,6891.219.208 Augusta ________ 2,431,3681,807,842+ 34.53.039,3922.258,181Mobile .1,327,4121,442,0861,443,218—8.01,211,5281Knoxville ______ 1,780,441+ 23.41.255,2411.240,657Jacksonville ____ 1.194,1201,118,393+ 6,8965,442688,691Chattanooga___1,573.6431.234,847+ 27.4832,842701,015Charleston ______ 1,325,0231.083,423+ 22.31,400,3121.211,743-Little Rock_____1,396,023921,470+ 51.5854,063698,206Macon __________773,789648,432+ 19.3728.523718.341Beaumont _____ 412,500375,000+ 10.0417.343347.936Oklahoma ______ 964,946685.415+ 40.8 Wilmington, N. C449.178435,000+ 3.3 ____ Total Southern162,645.148145,466,521!+ 11.8128,572,726124,707.915Total all ...........2,712,673,05S 3,150,886,950 —13.92,553,202,7982,931,356,02.8Outside N. Y..1,135,061,018| 1.058,387,516;+ 7.2956,928.842832.273.157Canada—Montreal___ ____ 32,609.36528.790.3781+ 13.327,471 16521.306.292Toronto ______ ’.21.402.18M20,431,193+ 4.819,857.14(16,321.349 Winnipeg _______ i10,949,176!10,607.711:+ 3.26.331.454*.729,382 Vancouver ----- 4.597,40313,240.208+ 41.92,084.0051.735,111Ottawa  __ ■ _____ 3,250,301'2,SOI.496+ 16.03,066,2602.297.543Quebec ................. Halifax...............!2,134,64111,707.888:+ 25.01,544,4921,541.9571,783,69511,581.950,+ 12.81,774.4*21.710.135Hamilton............1.739,1381,636,7^2+ 6.31,633.7661.128.303St. John ...............1,257,557i1,286,124; __ 2 °1,044.530i 051,894London ............... i1,160,3171,105.610!+ 4.0952.S20*26.665 Victoria ............. 1,220.550829,721+ 47.1911.693565.650Calgary...............1,176,118979,8011+ 20.0Edmonton ........... 822,910|737,114i+ 11.6Total Canada.!84,093,359!, 75.735.9911+ 11  ol66.671 79854.sYr.2si-  756 THE CHRONICLE. [V  ol . lxxxv  . THE FINANCIAL SITUATION. Foremost among the financial events of the week    has been the National Bankers’Convention held at    Atlantic City. The gathering has been a large one,   though it has been suggested that it would have been   even more numerously attended had it not been for   the fact that the appointment of the meeting fell at a   time when the Southern and Western members and   friends were to some extent detained from coming    because the crops are just beginning to move freely,   and hence making the home demands of their business   especially pressing. All products of the soil were later   than usual at the start; but the movement to market   being now well under way and at a rapidly expanding    rate, it is an exceedingly unpropitious time to be   absent, not only for those living in the planting and   farming sections, but for all in the neighborhood   having close connections with them.Still, the meeting has been large and highly inter esting. It would be difficult to get a more attractive   place than Atlantic City for such a gathering. With   lodgings for all, however big the crowd or varied the   demand; with “outdoors'’ limitless, having the ocean   at one’s feet; with facilities for walking or riding on   as smooth a roadway as ever was contrived, providing    entertainment and exercise for every comer, whether   healthy or dyspeptic—with these surroundings it is   no surprise that a convention of experts handling    subjects, practical and theoretical, of vital importance   to all industrial interests, should have made the meeting    not only agreeable but successful. Next week we   shall publish our “Bankers’and Trust Supplement,”    which will contain full details of all the addresses and   proceedings of the convention. It will prove an ex tremely interesting record.Overmuch is quite frequently made of the item of    larger or smaller farm products in summarizing the   influences which contribute to make a year’s business   prosperous. Good crops are no doubt better than   short crops in many ways. There have, however,   been many occasions when of two concurrent years   the one which produced the smaller yield of the food   items has been the one more generally advantageous   for the public. We refer to this point because so many writers have   been assuming that every bar to progress on this   occasion had been removed a week ago by the previous   two or more weeks of favorable weather conditions,    while nearer the close of the week overmuch harm    was claimed to be caused by frost in the corn section.   Consequently the public looked forward to the with drawal of all our present disabilities in the first in stance, and later were greatly disappointed to find   their expectations blighted and a reverse setting in   instead of the prosperous uplift their hopes had pic tured. The last half of the current week had hardly    begun when affairs were found to be in a tangle again and   lower values and a phenomenally stagnant market the   prevailing conditions.Ever-recurring cycles of depression ought to serve   as an experience giving the public a clearer insight   as to the nature of the influences at work disturbing    industrial affairs. The regularity with which the de pressions return asserts that the controlling influences   are not superficial or ephemeral, but that they arebasic and that they will not cease until the cause s   removed. 1Last week we reported a sensitive feeling in London,    which was reflected in securities, because of the suc cessful competition of French and German bankers    with the Bank of England for the Cape gold that was   then offered in the bullion market. On Saturday of    last week $2,400,000 gold was withdrawn from the   Bank for export to Egypt, Italy, Constantinople and   Roumania, and on Monday the Bank of England se cured only $250,000 of the Cape gold out of the $3,-   000,000 offered, the remainder being distributed   chiefly between France and Germany. The compe tition of the above-noted Continental countries with   the Bank for the Cape gold not only caused no derange ment in London, but the market price of the metal    was reduced on that day %  of a penny per ounce.   It would seem from these incidents that the apprehen sion which was felt last week because of Germany’s   competition with the Bank for the South African   bullion has been at least partially allayed, and,   moreover, that the withdrawal from the Bank of Eng land of the metal for shipment to Egypt and Southern   Europe is regarded with unconcern, for open market   discounts were only fractionally advanced.The reason for this comparatively slight apprehen sion regarding Germany’s purchases of Cape gold   probably is that the fact is recognized that the Reisch-   bank’s need for gold for the reinforcement of its re serves is so great that if attempts should be made by    the Bank of England to obstruct the purchase of the   metal, through the imposition of a greater premium   on the gold or through a higher open market discount   rate, the Reischsbank might be forced to outbid the   Bank of England or to raise its official rate, which lat ter course would cause serious discount derangement   in Europe. Very likely it is understood, as stated by    a London financial paper, that the German Bank’s   requirements can be satisfied through the procure ment of a comparatively small additional amount of    the metal; the Bank of England can conveniently    spare this sum, now that its reserve has been increased,   and therefore it does not seek to check the movement   to Germany. The Austro-Hungarian Bank is also   seeking to augment its reserve, and it is requiring the   repayment by the Reischsbank of the advances which   it made thereto; hence, such repayment would con tribute to relieve the situation at Vienna. The Reichs-   bank is expected largely to increase its note circulation   at the end of September, but the new issues will soon   thereafter begin to return, so that, if there shall be an   improvement in its reserve now, the need therefor    will be only temporary. The absence of concern re garding the withdrawal of gold from the Bank of Eng land for export to Egypt seems quite natural; the Bank    has been expecting such movement and it has made   preparations therefor. Moreover, the Bank of France    will probably provide its quota of the metal for Egypt,   so that the strain will not be wholly on the British   Bank.It may be observed that the German situation is not   generally regarded with confidence. The Berlin corre spondent of the London “Economist”, under date of    September 11, says that “there is apprehension that   the Reichsbank will have to raise its rate soon. . ããBesides this, other factors are coming into view which  S ept . 28 1907,] THE CHRONICLE, 757 reverse the indulgence of optimistic hopes regarding    the future of the market. The heavy advance in grain   prices is noted with some concern by bankers, as a cir cumstance likely to affect the money situation; an other matter that is attracting attention is the circum stance that an unusually large number of bills at Berlin   are now going to protest. This shows that commercial   people are experiencing difficulty in raising working    ãcapital, a conclusion that has been unpleasantly re inforced by a marked increase in the number of business   insolvencies since the beginning of the month. These   are occurring in various branches of trade, both in the   provinces and in Berlin, and in nearly all cases the   suspensions are explained as caused by the impossi bility to raise working capital, while the bankers who   had extended credit to the concerns in question, it is   further added, are amply protected. The volume of    bills offering for discount remains heavy. While   these had been coming chiefly from provincial centres,   it is now remarked that Berlin houses are making de mands upon the market.”In view of the above assertion, it would seem that   there is urgent need not only that the Reichsbank    should be relieved through the adoption of a liberal   policy by the other great banks of Europe, but that   there shall be, if possible, the avoidance by these   banks of any measure for self protection which will   have a tendency to cause derangement to German   commercial interests.Results indicative of the profitable nature of opera tions in the cotton goods industry of Great Britain in   1906-07, and therefore confirmatory of what we said   on the subject in our recent annual review of the trade,    were made public last week at the annual meeting of    the Calico Printers’Association of Great Britain.   That association, it will probably be remembered, was   formed in 1899 to rescue the printing branch of the   cotton goods industry from the demoralized condition   into which it had fallen as a result of ruinous compe tition. For a time faulty management and depression   in trade, resulting primarily through the South African    war, militated against really profitable operations.   But the last two or three seasons, with good trade con ditions prevailing and the business better conducted,   quite satisfactory results have been attained. It was   pointed out at the annual meeting that not only had   a greater number of pieces of goods been printed in   1906-07 than in any previous year, but the work had   been done better and more economically. Further more, the net profits for the year ending June 30 1907   had been of record proportions, reaching £424,041,   and exceeding the return for the previous year by    £70,001. From the net profits dividends of 634% on   the ordinary shares and 5% on the preference stock     were paid, making an average of 5^% on the com bined capital; whereas in 1905-06 the return to share holders was but 4%, and in each of the two previous    years only 2^%. The outcome of the 1906-07 op erations consequently stand out as conspicuously    satisfactory, and probably more so than expected.   But demand for printed goods for export was active   all through the season, shipments exhibiting an in crease of nearly 100 million yards over the 1905-06   total. As already stated, this showing made by one   branch of the cotton goods industry in Great Britain may    be taken, we believe, as reflecting the condition of thetrade in general, with the reservation, however, that in   spinning branches the margin of profit has been greatest.Notwithstanding rather disappointing results from   the efforts thus far made to obtain increasing supplies   of raw cotton from countries other than the United   States, evidence is not wanting that users of the staple   in Great Britain and on the Continent have not lost   faith in the project and are giving it every encourage ment. This is not surprising, under existing circum stances; and yet it is hard to figure out how any ap preciable measure of success can be attained for years   to come. From one season to another the supply from   new territory increases; but a few thousand bales is   but a drop in the bucket with European consumption   measured by millions.That efforts should be made to reach a point where   foreign consumers would be less dependent upon the   United States as a source of supply is not surprising.   Developments the last few years at the South are   more or less responsible. Of course no one will ques tion the right of the planters to obtain as high a return   for their product as they can by any legitimate means.   But to arbitrarily fix a price at which cotton shall be   sold that neither the crop outlook nor trade conditions    warrant is objectionable for economic reasons and sure   to work more harm than good. That step has been   taken in other years and failed, and will fail as often as   attempted. This year the fixed price, as announced, is   15 cents per pound for middling uplands, and in Ar kansas there is to be an advance of 34 cent in each suc ceeding month after the first.Fear engendered by the action of these farmers’trusts has been, and is still, the incentive back of the   efforts to secure new sources of supply. The point   has now been reached where bonuses are offered to   cotton raisers. Such action was taken in Australia   recently, the desire being to encourage the raising of    cotton in that country and especially in the Northern   Territory, where it now grows in a wild state. In   Colombia, South America, bounties are also offered   as a stimulus. The Korean Government is experi menting with American upland cotton, with the inten tion of extending the cultivation of the crop through out South Korea. [It is estimated that the country    now produces annually about 200,000 bales of 500   pounds average net weight.] In Asia Minor, where   cotton was cultivated on a fairly large scale during    our Civil War, but was later neglected for other crops,   efforts are being made to revive the industry. It is   stated, furthermore, that steps are now being taken in   Lancashire to develop the cultivation of perennial   cotton in India. This is what is known as “Spence tree   cotton,” and it is claimed by Mr. Spence, who lias   successfully carried on its culture at Deesa, that if    only one-third of the Indian cotton area were so planted,   exceedingly satisfactory results would be attained. The   various cotton-growing associations, undaunted by    indifferent success, are, furthermore, continuing their   efforts in new African fields. Altogether, it is possible   that in the not distant future all these new or com paratively new fields will furnish an amount of cotton   sufficiently large to check attempts to substitute   dictum for the ordinary laws of supply and demand. We publish in detail the result of each call made   on the national banks by the Comptroller of the  758 THE CHRONICLE [V  ol . lxxxv  . Currency for their reports at as early a date as we   can procure the full figures. .The abstract of the    August 22 returns reached us Monday of this week    and we devote a page to them (page 770) to-day    The statement is not without interesting features.    While in distinctively financial circles attention is   more particularly directed to the condition of the   reserves at reserve cities, the country just at present   very likely will find greater interest in the evidence   disclosed of the steady, if not to say rapid, extension   of banking facilities in the smaller cities and somewhat   sparsely settled sections of the country. The small   bank, starting with the minimum capital of $25,000   and organized to serve localities theretofore without   banking facilities has been and will continue to be   the agency second only in importance to the railroad   in building up bustling little towns all over the West   and South. And in this latest abstract we find con clusive evidence that many of these small banks   came into active existence during the period between   calls—May 20 to August 22. During that interval of    three months, we learn from the statement now before   us that the addition to the capital stock of the national   banks aggregated $12,760,397 and our own investiga tions indicate that of this total fully five millions   represents increases in the capital stock of old institu tions. This leaves, therefore, approximately $7,500,-   000 as the increase in capitalization through the new    banks which had begun business.Those new banks numbered 115, and it does not   require extesive calculation to learn that the average   capital was less than $70,000. In fact, 18 of the   institutions, located in the larger communities, con tributed about $4,000,000 of the gain. Of the re maining 97, over two-thirds started with the minimum   capital allowance of $25,000. These were largely in   the West and South, where they were needed. More over, since the date of the latest call (August 22) the   matter of organizing or applying for permission to   organize has been active. Looking over our files we   ascertain that of banks organized before the date of    the August call, but not included in it, and those   organized since, including data down to September 21,   the number is 74, representing an aggregate capital of    $3,260,000. Those banks are quite well distributed   over the country: 24 in the Middle States, 14 in the   Middle West, 23 West of the Mississippi River and 13   at the South. At regards capital, 44 start with   $25,000, 5 with $30,000, 1with $35,000, 17 with   $50,000, 1with $75,000, and 6 with $100,000 or over.   Carrying our investigation further, we find the number   of banks whose applications have been approved, but   the organization of which has not yet been perfected,   reach the important total of 128 [eighty of which    will organize in the $25,000 class], and 91 of    them are Western or Southern institutions. Further more, a large proportion will furnish initial banking    facilities in the communities in which they are to   locate.But there are other features of the latest condition   report that warrant passing comment. Among these   may be mentioned the fact that, notwithstanding the   adverse factors at work, the volume of loans shows an   augmentation of 47J-4 million dollars over the total as   it stood on May 20, and consequently marks a new    record. Money holdings, also, are of heavier aggregate   than ever before, exceeding the total at the time of the previous call by approximately ten million dollars   and exhibiting an increase over January 26 1907 of    six millions. Silver made up a greater portion of the    whole in August than in May, gold holdings dropping    from 423 millions to 405 millions. Deposits record a   decline from the May 20 aggregate of $23,494,784, bur   of this only $3,844,739 represents the falling off in in dividual accounts, withdrawals by the United States   Government constituting the remainder. The situa tion of the banks as regards capital and surplus fund   is one of steadily growing strength. On August 22   these two items combined for all the banks gave a   total of $1,444,754,916, against $1,418,455,546 on   May 20 and $1,325,311,920 on September 4 1906, of     which the reserve cities contributed 662 millions in    August, 652 millions in May 1907 and 60 Hmillions   September 4 1906.The railway and business world has experienced   another loss in the death of Samuel Sloan, who, al though retired from active work, was still not too old   for counsel. Born in a village in Ireland in 1817 and   brought to New York when not a year old, he grew up   a genuine American and New Yorker. In 1832, when   not yet 16, his father’s death forced the lad to give up   his expected collegiate education and set to work to   earn his own living, which he began doing as the lowest   of the junior clerks in an importing house on Cedar   Street. Pie staid with this firm a quarter-oentury,.   and after an unsuccessful candidacy for Congress and   one term in the State Senate, he turned his attention   to the railroad business,which proved his life field.   From the directorate of the Hudson River road, which   he assumed in 1855, he went into that of the Lacka  wanna soon after the close of the Civil War; he became   its President in 1867 and remained such until March   of 1899. When he took charge of it the road was only    an insignficant coal road; during his incumbency it   grew to pay nearly 60 millions in dividends. At vari ous times Mr. Sloan was President of a number of    other railroads, besides being on the directorate and   the executive committeeship of many city financial   and other institutions. A few brief sentences thus sketch the chief outlines   in a very busy life, crowded with activities, which    were attended to with an old-fashioned method and   punctiliousness. While less aggressive and less promi nently before the public than some other railway execu tives, Mr. Sloan was of one of a class of men whose   lives are given to creative work, and are content to be   absorbed in their work and personally overlooked   for its sake. Such men are constructive, not de structive. They are not theorists, except so far as   theory may be conceived to be the application of    established principles to broad lines of development.   If they enrich t hemselves incidentally, it is by a mere   tithe of what they confer upon the population at large,   unnoticed, unthanked, and often misunderstood. To   lead an attack upon what they have patiently con structed may be a title to popular applause and a   notoriety which is both loud and wide: but. it lacks   the elements of a permanent fame. The man who does   things worth doing, the man who achieves a business   success by finding something to do for industry and   raising the average scale of living by enlarging the list   of things obtainable by the mass of the people -is not   he among the benefactors of his rime?
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