Every evening, Wilmington daily commercial., 1920-03-20
FINANCIAL NOTES.

Europe is In the American quartet for
pig iron, with negotiations now on for
10000 tons for the continent.
The old Chemical National Bank OF
New York is to absorb the Citizens
National Bank, which will make In
stitution with $40 ,O00. 900 capital IN Its
business and 5000 900, 900 resources:
The Welsbach Company, controlled
BY the U. G. L., reports for 1919 gross
profits of s959,974, and net profits of
S4i4,274. After allowing for preierred
dividend, income was equal TO 80 DER
cent on common stock, against 5.S per
cert in 1918.
The American Railways Company
management is considering plan Tor
funding a system floating debt OF abous
s., 500 900. growing out of total construc-
tion expenditures during the last four
wears aggregating $40, l72 900, the balance
having been heretofore caDltallzed, or
covered from income.
Stutz Motor published its annual re-
port today for 1919, showing S9.97
earned for the lOO,0 900 shares OF stock
now outstanding (no par valuei, against
Sl4 33 earned for 1918 on the $4,000.
shares of stock then outstanding. The
company pays dividends at the rate of
s. a share per annum.
JdpdlI 10 GUY iti ttttoo htAt III eAAN
open market for sinking fund PURPOSES.
According to reports, she has bought
about 500 100000 in bonds japan
has credits here of $500 ,OO0, 900. built
llp out of her favorable trade balance.
OF that sum, half is or was invested IN
United States treasury certificates.
Following the declaration of a quar-
terly dividend of 80 q share Vanadium
sold up TO new high at 6S, after which
there was evidence of profit-taking suf-
hcient to bring about recession of 6l IS,
the closing price. The company produces
shout 95 Der cent of the vanadium used
as toughening alloy in the production
of steel.
At Thursdays high prices. six leading
equipment stocks traded in on the New
York Stock Exchange range from 2s4
to 1874 points below the 1919 highs and
from Is q to 81 points above this years
low prices.
American Car & Foundry is within
2sz points of the 1919 high and Railway
Steel Spring 4 " points. Baldwin Locomo
tive advanced 81 points above this years
low price.
Stock dividends during 1916-17-1S
totaled 1921, 100000, as of public record
for companies whose shares have general
market.
il. Case Threshing Machine Cos gross
sales during 1919 totaled S32, ,242, ,6533,
compared with S25,l62, 100 In 1919.
After preferred dividends there remained
a balance equivalent to 22.3 per cent on
the SO, 100000 of common stock, COM
pared with 1909 per cent on sS,3O0,OO0
common stock IN 1918.
Some time next week the annual report
of the United States Steel Corporation
Will be made public, and this knowledge is
supposed to be responsible for much OF
the accumulation IN steel common recent
~. Although 1t Is known what the
company earned last year the publication
of the balance sheet is anXously awaited.
II is believed this will reveal some re-
maFkable changes in the items Of working
capital.
Directors of the General Chemical Co.
yesterday declared an extra stock dividend
OF 20 per cent, payable May ] 70 share
holders of record March 81. This COM
pany now has outstanding SIS, ,20S, 900
cumulative 6 per cent preferred stock
and 6,519. 900 common. Dividends
have been Paid on the common at the
rate Of s per cent, but number of extra
dividends. either in cash of stock, have
been declared in recent years. For 1919
and 1918 l012 per cent was paid on the
common shares; for 1917, 2S per cent;
for 1876 6 per cent; for 1915 and 1914,
ii per cent The high record for earnings
was made In 1916, when S6.7 per cent was
earned for the common stock.