Every evening, Wilmington daily commercial., 1920-12-23
FINANCIAL NOTES.

When United States government bonos
return direct income up TO per cent ano
Weld. If held TO maturity, around PEI
cent bought az current prices, 1t is not
s,rprisinc that other securities can he
bought 10 return large income
The combined condition Of the Federal
Reserve banks at the close OF business
last Fnday showed reserve for deposit
and note liabilities Of 45.6 per cent 70
compare with AS per cent a week beiore;
Their total advances on all items STOOD
s.. pa. 100000. q decrease OF s95ooo'oNU
from the week before.
Bankers are convinced that If there was
q danger point in the credit and economic
situation il has been safely passed and
that each dav now makes for greater as
n,ranc. as 70 the future. 1t is generally
expected that BY January Is conditions
will have cleared enough 70 make safe
starting point.
The United States supreme court yes
terday denied the petition Of the Lehigh
Valley Railroad Company for modlhca-
ton OF the recent decision TO permit It
10 retain the Delaware, Susquehanna and
Schuylkill Railroad.
The tobacco stocks were sold heavily
on a report that the control Of the To-
hacco Products Corporation is beng
offered AT many points under the prevail
ing quotation. The rumor was denied ofil-
cially.
In connection with the sugar situation,
directors Of the Continental Candy 20.
today passed the regular quarterly dis
bur.ement Of twenty-five cents per snare
due AZ this tome The tirne-honored rea
eon OF conservation of cash resources
uas assigned for the action.
~
declared dividend of 800 per cent on Its
common stock. The capital of the com
many will be increased from Sl,250,O
to 5.25OOOo and the stock dividend
Maid out Of the stock thus made avail
able. 800
For eleven months of this year 1872,
O00. 600 OF gold was brought INTO the
United States, while S305, 900, 900 OF gold
was sent away, leaving net gain of So1,-
100000.
According to program, q stock dividend
Of rs per cent, amounting TO 81 943, IZO,
was declared Yesterday by the Delaware,
Lackawanns and Western Coal Company,
Not q little interest was felt here IN the
violent break Yesterday IN the prlce Tor
Replogle Steel The company has been con-
structlng entirely new blast furnaces and
making other plant expenditures, but
virtually has been out OF operations the
entire wear other than its railroads.
MANY stocks at the lows Of yesterday
were selling below their asset value, but II
remained for international Paper 70 sell
q, the low of 3s1 Il, or within single point
OF irs estimated earnings 8 share Tor the
current calendar year. The company
earnings IN October were unusually large.
Orders for 5000 tons OF steel rails were
- Co--a-sa S-nat wv
bv the Philadelphia and Reading Railway
Company. This completes the companys
25.nOO-ton allotment for 1921.
New York Hearld says the Steel Cor
poratlon mas accumulated between $4,000
and 10000 shares of own stock on way
down from S94 share, the last block be-
ing purchased Tuesday at 77$4 Stock is
for offering 70 employees under partial pay
ment plan and price TO employees will be
about $50 a share, or average cost TO
corporation.
The sharp breaks In the stocks Of the
Replogle Steel Company and the Vana-
dunn Corporation of America which took
place on the New York Stock Exchange
on Tuesday were responsible for an order
by the Exchange 10 its members TO re-
port all details of transactions In those
ISSUES for December 20 and 81. The
order also calls for a statement of posi-
ton In those stocks at the close of bust
ness on December 81.
Pierre s. du Pont, president of General
Motors Corporation, announced the ap-
pointment OF K w. Zimmerschied as gen
eral manager of Chevrolet Motor Co. to
succeed w c. Durant, who was president
and general manager.
Mr. Zimmerschied has been identified
with the General Motors organization
since 1911 and during the past two years.
has been assistant to the president Of the
corporation.