Newark evening star and Newark advertiser., 1916-01-07
FINANCIAL NOTES

The United States Steel Corpora
ton is now producing its own spelter
and sulphuric acid at its new $1,000
900 smelter at Donora, near Pitts
burgh Four furnaces have been
started at the new plant, which is
being rushed to completion. When
| finished in the spring the smeltcr
will have ten furnaces with an an
nual capacity of 10000 tons of spelter
and 5OOO0O tons of sulphuric acid
Announcement was made yesterday
that the American Steel and Wire
| Company will add three additional
open hearth steel furnaces and n
rod mill to its plant at Donora.
Penn Mutual Life Insurance Com
pany directors, at an organization
meeting yesterday, reelected the
present directors. No one was elect
ed to the position of financial vice.
president. formerly held by the late
Robert c. Drayton.
! Cluett, Peabody & Co. declared yes
terday a quarterly dividend of IA per
cent. on the common stock, payable
February l. This was an increase of
4 of / per cent. over the preceding
quarter.
1t is not President wilson's policy
which is feared by many brokers in
| Wall Street 1t is the effect on that
policy of congressional interference.
Even those who do not support the
president say they would rather sub
. mt 4 fiat ,al
diplomacy than to be subject to the
| Wilson policy with congressional
amendments. Fiery speeches in Con
grcss are matters of concern to the
securities markets and il is dangerous,
these brokers say. to air every inter
national complication before the pub
| lie. A one-man policy in Washington
| it is contended, would result in fewer
market upheaVals than policy In
which several radical congressional
| leaders must concur.
| Under the caption, what Causes
Lack of Confidence in Railroads." the
| Pennsylvania railroad, through means
1 of a poster to be put up in stations all
along its lines, has invited the public
to suggest methods for improving the
| service and TO create better under
standing between those who use the
railroads and those who manage them.
1.-THE management of this railroad
wants to get at the causes, wherever
they exist, and remove them" the
poster says. THE starting point is TO
get the people who lack confidence in
| this railroad to say so and tell why.
IT needs your confidence. 1t wants
your cooperation. 1t asks for your
friendship"
Frank A. Vanderlp, president of the
National City Bank, was unwilling to
comment yesterday on the statement
made by Judge Gary as to the dan
gers to the industrial prosperity OF
this country which may result from
the war, but he said that he felt any,
thing but depressed over the outlook.
"If imitation means unsound eXpan-
sion, / do not believe we have yet
seen any initiation in banking he
said. Banking reserves are ample
and the character of the loans is UNI
usually good. / have long felt we
eventually should see banking infla
tion as one of the results of too large
gold imports and reduced reserve re-
quirements, but ! think we shall see
a great deal of prosperity before the
time arrives when we can say that ex-
pansion has developed into initiation"
The largest deposits ever reported
by Chicago national banks were
shown in statements made to the
comptroller of the currency, in re-
sponse to Il call for reports of con-
ditions at the close of December 81.
AS compared with the last statement,
dated November 10. the deposits of
the eight largest national banks there
show an aggregate of sl7.774, s9s.
Their aggregate loans in the same
interval are Sg197 ,707 while cash re-
sourses expanded $10425,272.
The National Boot and Shoe Manu-
facturers' Association will meet in
New York city on January II in an
nual convention.