PRICE OF ARMOR PLATE AND CORTLAND SAVINGS BANK

USS Philadelphia, protected steel cruiser.

Cortland Evening Standard, Wednesday, January 6, 1897.

PRICE OF ARMOR PLATE.

Secretary Herbert's Report to Congress.

GOVERNMENT PAYING TOO MUCH.

Bethlehem and Carnegie Works Furnished Estimates of the Cost of Manufacture, Both of Which Are Criticized by the Secretary.

   WASHINGTON, Jan. 6.—Secretary Herbert has transmitted to congress his reply to a provision in the last naval appropriation bill directing him to examine into the actual cost of armor plate and report to congress before Jan. 1, 1897, and to make no contract for armor plate for the vessels authorized by that act until after the report was made to congress.

   This provision of the bill grew out of a heated debate in the house and senate, in which the main contention was that the government was paying too much for armor plates. The report is a very important and in many respects a sensational document.

   The present cost of armor is $583 per ton. Mr. Herbert's conclusion is that the cost of material and labor is $l98.70, and allowing for the cost of maintaining the plant and the nickel now furnished by the government and 50 per cent profit to the companies, the net cost to the government would be in round numbers $400 per ton. The Carnegie and Bethlehem companies have both expressed a desire to sell out their plants to the government.

   The government inspectors at the works of the companies were examined. In November, 1896, however, the Bethlehem iron company sent to the department a statement of the cost of armor plate. The estimated cost of labor and material they fixed at $250; interest on the cost of plant, $78.29; maintenance and depreciation, $132.72; working capital, $33.55. Total, $494.56.

   In summing up the secretary asks what will be a price sufficient to justify manufacturers in maintaining armor plate?

   These two contractors have already been repaid the cost of their plants, together with fair profits. The government is under no obligation to pay them more than the cost of the original investment, but should pay them enough to maintain the plants.

   It has been determined, he says, that the cost of labor and material in a ton of double forged, nickel steel, Harveyed armor, including allowances for losses in manufacture, is $198.78. This comprises every element on cost, save maintenance of plant. He allows 10 per cent for this and says it is enough and more.

   He estimates that the cost of the plants of the two companies to be $1,500,000, and an allowance $150,000 per annum would be sufficient for maintaining the plants.

   Supposing that 2,500 tons of armor is manufactured yearly, it gives an allowance of $60 per ton, making in round numbers the cost of armor plate $250 per ton. If 3,000 tons were manufactured the price could be ascertained by adding $50 to the original cost per ton, $198, or $248. He concludes that $250 may be taken as the cost of a ton of armor when the companies have fair orders for work.

PAGE TWO—EDITORIALS.

An Interesting Outline.

   E. V. Smalley writing to the Evening Post from Canton, summarizes the probable financial policy of President McKinley in a few brief paragraphs. Mr. Smalley says these views have been gathered from the conversation of the president-elect and have no other authority. As the program is fairly in line with public expectation, it may interest our readers. The statement is this:

   1. An immediate revision of the tariff on moderate protection lines. No extremely high duties that might foster trusts or defeat the purpose of obtaining adequate revenue to pay the expenses of the government.

   2. The restoration of the reciprocity treaties of the Harrison administration.

   3. The maintenance of all kinds of money at a parity with gold.

   4. Efforts towards international bimetallism, fulfillment of the pledge of the St. Louis platform.

   5. Gradual retirement of the green backs, as soon as the government has a surplus of revenue to apply to this purpose, and some other form of currency, bank or metallic, can be substituted for them. No new issue of bonds will be favored for the purpose of taking up the greenbacks. Possibly some plan may be suggested for a virtual retirement of a considerable part of the greenbacks and treasury notes by their use as a part of the bank reserves; this with a view of strengthening the gold basis of the currency.

   6. An enlargement of the national banking system to enable independent banks or branches of city banks to be carried on in small towns. This might lower the interest rate in the country districts and tend to lessen the present centripetal tendency of money towards the large cities.

   7. Economy in government expenditures to correspond with the economies enforced in all other lines of business by the condition of the times.

   The statement in regard to the retirement of greenbacks is tentative. So long as there was a surplus in the federal treasury the question of retirement was not raised in a way that attracted any attention. During the time of deficiency under President Cleveland, the greenbacks have attracted the attention of short-sighted persons who could not see beyond their use to draw gold from the treasury, and who demanded that they be cancelled. As a matter of fact the greenbacks performed as useful a service during the Cleveland deficiency period as in war times. If they had not been used to deplete the treasury gold, the administration could not have borrowed a dollar, and the government would have been flat on its back. The president may well bless the greenbacks and recommend a suitable memorial to them in the Congressional library.

THE SAVINGS BANK.

Dividend Day Brought Out a Great Crowd of People.

   January 2 was one of the semi-annual dividend days at the Cortland Savings Bank. January 1 being a legal holiday and January 3 this year falling on Sunday, all the business for the first of the month seemed to be concentrated upon Saturday, January 2. At the opening of the bank at 9 o'clock a stream of people poured in. Although as is usual at such times, separate windows were used for receiving and for paying deposits, the people could not be waited upon as quickly as they gathered together.

   In a few minutes the room was literally packed and the crowd extended out upon the sidewalk. It soon became evident to the bank officers that it would be necessary to keep the ban open until 4 o'clock instead of closing it at noon as is usual on Saturdays and announcements were made to the people present to that effect. Over four hundred people were waited upon during the day, the book journals showing three hundred and fifty-seven separate cash transactions, the number of credits being slightly in excess of the debits, and the balance being depositors who had their dividends credited only on their passbooks.

   Despite the business depression of the past year the bank has made a very gratifying increase in deposits during that time amounting to over $50,000. Its books on Jan. 1, 1897, showed deposits of $1,160,000 due to 5,400 depositors with total resources of over $1,240,000.

   We trust some day to see the bank in larger quarters in a building of its own, which its large and constantly growing business already demands.

Vital Statistics.

   Health Officer W. J. Moore has the following vital statistics recorded for the month of December:

   Deaths 13—males 8, females 5; social condition—single 4, married 7, widowed 2; nativity—United States 11, Sweden 1, Ireland 1; ages—under five years 3, between thirty and forty 2, between forty and fifty 1, between fifty and sixty 2, between sixty and seventy 1, between seventy and eighty 1, between eighty and ninety 3; causes of death—apoplexy 4, Bright's disease 1, bronchitis 2, consumption 1, convulsions 1, interitis 1, marasmus 1, paralysis 1, pneumonia 1; births—males 2, females 8; marriages 7.

BREVITIES.

   —Stowell's store now closes evenings except Saturdays at 6 o'clock.

   —A dress waist was found on the walk in front of Mrs. J. T. Davern's store last night and it is at police headquarters awaiting identification.

   —New advertisements to-day are—Glann & Clark, Fit Your Feet, page 5; Kellogg & Curtis, Special Inventory Sale, page 6.

   —The protective police [fire department] have just procured handsome metal badges on which are inscribed the words, "Protective Police, Cortland, N. Y., No. 5."

   —Dr. F. J. Cheney will address the Cortland Ministerial association at its next meeting on Monday afternoon, Jan. 11, upon the subject, "What a Layman Thinks of Preaching."

   —The funeral of Mrs. Lavina Babcock will be held at 2 o'clock to-morrow afternoon from the residence of her daughter, Mrs. F. H. Rice, 225 Railroad-st.

   —The regular monthly meeting of the board of directors of the Tioughnioga club will be held at the parlors of the club Wednesday evening, Jan. 6, at 8 o'clock.

   —Colonel William Woolley of Buffalo, division officer of the American Volunteers, will be in Cortland Tuesday, Jan. 12, and in the evening will conduct the services at their armory.

   —A regular meeting of the Cortland Athletic association will be held this evening at 8 o'clock. All members are requested to be present, as the new constitution and bylaws will be acted upon.

   —Some people entertain angels unawares, others are quite sure they know when they arrive, but every one is delighted to have them in their homes. There is no exception to this feeling of joy in the home of a well known boot and shoe dealer. For further information see our column of vital statistics on the eighth page.

   —The Normal school has adopted a school pin and has placed an order for them with a party from out of town. The emblem is an American flag upon enamel of red, which is the school color. The enamel is laid upon gold or silver and the letters in gold and silver "C. N. S." appear upon the enamel. Purchasers may select a gold or silver pin according to the condition of their pocketbooks. The pins will soon arrive and be worn by the students.