Every evening, Wilmington daily commercial., 1920-01-13
FINANCIAL NOTES

A statistician figures that the railroad
and their equipment amount in vaine
about Al per cent OF the value OF all the
industries of the United states.
1he Italian government, through seihng
agents in this country, offers a portion al
its per cont sixth war loan bonds. Be-
cause OF exchange condi ditions, price Oh inc
bonds Will e fixed daily.
The mutual savings banks OF the country
hold about $500 900 900 of deposits Tor
account of more than 9.000o00 dcposltors
Anout SS5O,oOO, 900. nearly one.hith oi
the total deposits. Is represented ny faii-
road bonds.
The war savings campaign in 1920 Is TO he
purely business proposition Tor tho pur-
pose OF incu eating thrift rather than
building UP sales. II is estimated that sales
this year viii be about s125u0 900
1T is understood that the Union Paciuc
railroad Go. is inquiring for 5uuu ro'rR
orator cars which is considered very sig
nifcant in view of the fact that IT rs inc
first inquiry from one OF the big lines since
tho armistiCe was signed
The realities of the money situation were
painfully apparent in the week -cnd bahk
statement, which showed that memb9rs o'
the clearinghouse were s2.ol2,6So hcioS
their reserve requirements. Inero was oN,
IDENTIFY great scramble at tho "eek Gnu.
for. although the daily average OF loans
increased 500 Tfp, ,OUU over the preceding
week the statement. as of Friday night.
showed q decrease of SD .55p.0oo, DEPOSITS
declined $40. .775 900. but in spite OF tn's'
the NTH deficit occurring under the red
cral Reserve system took place. Tho key
To the situation was the r~iuct ton oi shS =
2o1 900 in the banks reserve credits ~ the
Fedora. institution. Evidently the reserve
hoard warnings in regard TO donatlon
have tooth in them.
There are exactly 5000 nat'onai
banks In the country. As of NoV0mner
u last their aggregate resources totaied
S22 .4I5.0 100000. an amount greater than
ever before.
The huge proportions 10 which til
phunoQraph industry Of the 60 uutr
has developed is indicated by the stat"
utent that one OF the great COuranie
in the business started this year with
si6S 900 900 of orders in hand.
There Is going on very consider
ab speculative buying for AmeraD
account ot German municipal issues. which
can now he purchased az attractive dis-
counts and paid for in oil arS. which at
the current rates pf CACbaugc produce
NOR than ten times the normal amount IN
marks
John Moody IN his annual fcrecos St.
says In these dark and unsettled days
abroad ! uuhcsitatnRly say that this is
n0 Emc to hC hear on Europe, IT Ia
rather the time tO he huit ou EurUpT.
And nc who is 2 huii on Europe must he
null on America
Bernard NJ Baruch teEtifying before
Congressional Suh-Committec investi-
gating war expenditures, said $50 .Oon, 600
nitrate plant built at Muscle Shoals Ala
saved government $500 .Oo0OOn hy re-
ducins cost Of Chilean nitrates though
plant produced nothing
Clinton Wright Wire 60 6.0nn. 90
Massas husctts corporation, has acquired
s. 600 400 Nick wire steel Go. Of Buffalo.
Consolidation win he known rs Wick-
wire-Spencrr Steel Corpoatiou capitalized
wirc at head $4,000 600 bonds and notes
of Wickwirp COMPANY and SS,hlO,0J0 prsa-
forrs>d stock OF Clinton " right 1o will
he retired,