Newark evening star and Newark advertiser., 1915-11-12
FINANCIAL NOTES

llNHHGlAL NUI[O1
Judge Ebert H Gary, chairman of
the United States Steel Corporation.
announced yesterday that the com
pany intended to make extensions and
improvements which would involve
the expenditure of more than $780,
600. The extensions will include the
building of new mills and blast fur
naces. This work is in line with the
Steel Corporations customary policy
to be prepared for a rush of business
whenever it may come. 1t is believed
that the officials of the corporation are
looking far beyond the present im-
provement in the steel industry, which
Is due in part to the war.
Judge Gary's statement was as fol-
lows; We have decided to make addi-
tional improvements at Gary, Ind.
consisting Of two blast furnaces, sew
eral open hearth furnaces, blooming
mill, duplexing plant, etc, costing
over seven and a half millions, the
exact figures of which are not yet
ascertained, and will probably COM
cence work in the immediate future.
I'VE have also decided to make
additional improvements at Youngs-
town. Ohio, and Pittsburgh, which
will cost between one and two mill
lions"
Announcement was made yesterday
that the production last month of the
Cambria Steel Company exceeded all
records of the company the output
being 122,069 tons of finished product.
The previous best record was 107, 70s
tons. The average for each of the
furnaces was about 4S6 tons each
twenty-four hours.
American railroads are confronted
with one of the most serious car
shortages of recent years, owing to
the huge grain crop of this country
and Canada and the heavy tonnage
from steel and munitions plants,
coupled with the inability of the rail-
roads to get new cars fast enough,
according to W. e. Meecham, of the
Chicago, Milwaukee and st. Paul
Railroad, who. as secretary of the
Central and Western Association of
car services. addressed that body yes
terday at Chicago. American farm
ers, he said, are pushing the rail-
roads to the limit Tor cars, and the
bountiful yield OF the Canadian fields
is to a large extent passing through
this country in4bond to New York for
export The railroads in attempting
to meet the demand have had re-
course to bad order" and antiquated
cars.
The statement of the CrucibIe Steel
Company when additional stock was
listed early in the fall showed net
earnings for eleven months Of 81, $685.
600, and the company's statement for
twelve months net of $3,07S, 600. This
suggests a net gain in the one month
of August of 81 ,105.000 This increase
is likely to be progressive. As the
weak interests in Crucible have been
shaken out, 1t is believed the market
for the stock will gradually return
to its former higher basis.
Holders of the Maxwell Motor Com
pany stock certificates have approved
the plan recently announced by dl-
rectors for an issue of first preferred
stock as step in the plan to refund
the 14A per cent. accumulated back
dividends on the first preferred stock
Nv I'LL lS3u0 Ol WdIIdlll5 COHfGILtUtS
into first preferred stock at par. More
stock was voted favorably than was
required OF the first preferred stock
91,022 shares were required and 81, S29
voted: second< preferred $3.50 re-
quired, 64,970 voted, and common
6s,S91 required and SO.97S voted
November promises to yield tho
railroads handsome increases in op-
Grating revenues. Such systems as
have reported for the first week of
the month show substantial gains over
a year ago. The Canadian Paciflc's
gross earnings increased $1,107, 900 in
the seven days. while the Missouri
Pacific's gross exceeded the figures of
1914 by $172.000. In the first week of
the month the Chesapeake and Ohio
reported gross revenues of $74f, sol. an
increase Of s13s, 1893; the Denver &
Rio Grande. $4,000. an increase of
ss2,5oO.
Activity in bonds yesterday expand
ed to the largest volume of the week.
Total sales of bonds on the exchange
in the first three hours Of the session
aggregated $4,606, 500, compared with
$2,505, 900 yesterday and 81, 871 500 Tues
day. The increase in activity was ac-
companied by a general advance in
bond prices. International Mercan-
tile Marine AZ per cent. certificates
rose one point in the early market
with turnover of $125,000 to midday,
Anglo French per cent. bonds sold
on the exchange $1,000 at 9S and 5000
at 977s.
Wall street understands that the
forthcoming Kendrick report on Rock
Island, which is the third ordered by
insiders to show the company's finan-
cial needs, will estimate that not less
than $35, 900 is required to put the
property in shape physically, that
s11, 500, 900 is needed to pay Off the
floating debt, and $4,500, 900 to pay off
receivers certificates. The first re-
port ordered by insiders placed Rock
Islands financial needs at 5000, 900,
and the second at $65, 100000.
General Motors at 400 was up %
points for the day, at the highest
price ever quoted for it. Lack of con-
fjrmation for the statements that a
merger of companies engaged in the
manufacture of automobiles Is Inn
pending held buyers back very little.
Control OF number OF automobile
companies is believed to have shifted;
this explains the acceptance of the
merger stories that are current. Cen
eral Motors is now selling in the mar
ket at five times its price of January.
Notwithstanding its $50 cash dividend