Every evening, Wilmington daily commercial., 1920-05-06
FINANCIAL NOTES.

A drop from to per cent in rate
for renewing call loans took place In
Wall street yesterday.
Annual report of International Har-
vester Company for 1919, with its Sl56,
229, $40 working capital, shows net quick
assets in excess of the outstanding capt.
talization.
COST of living for ordinary American
families increased per cent between
November, 1919, and March 1920, ac-
cording to survey made by the national
industrial conference board.
Government deficit in meeting the
rental compensation to the railroads of
the United States for the six months
ended February was 1856, 924 900. the
guaranteed return of SAT- .000. 900 having
aot been earned by that amount.
Immediate explanation of the tightness
Of money throughout the country since the
beginning of the year, quite apart from
the causes behind the fact, is that aggre-
gate deposits Of the national banks of the
United States shrank by s90l 100000
during the first two months, a decrease
Of more than per cent.
Annual report of the White Motor Co.
for 1919 shows surplus, after charges
and federal taxes, of s.. 1863, ,S75, equiva-
lent to S5.S3 share $50 par value) on
the S24, ,604, $50 outstanding capital stock,
as compared with surplus of 81, CSC, ,5S5,
or SS.37 share on the Sic 600, 900 capital
stock In 1918.
Rumors still persist In financial circles
regarding the merger of independent
steel companies. The latest story, as
affecting Lackawanna, Is that it will be
taken over by the Bethlehem Steel Cor
porat'on. This report was the cause of
tho Sfrarnfh IN +hasa txtrp c4aal-c f,Iax-
1t IS rumored also there are at least
three separate companies IN the market
FOR purchase OF control of the Lacka-
wanna, and some announcement is ex-
pected before very long.
Samuel Rea, president OF the Penn
sylvania Railroad Co, announces the
time for depositinC stock OF the Pitts
burg, Cincinnati, Chicago and st. Louis
Railroad IN exchange for mortgage bonds
of the Pennsylvania company viii be
extended from May to MAY %
Net income of the Lehigh Valley Rail-
road Co. for 1919 was 81 4977.212, accord
ing to figures contained in the company S
annual report made to stockholders. This
sum, compared with st, ,592 .S34 in 1918,
shows a decrease of 81, ,6l5, Cpl. Divi-
dends paid during the year IN four quarter
" installments amounted TO S4 699 ,5II
1lliE1t tCGI loCplLOllNS ~ tla1S EECtlsSG
an order for Il engines from the Northern
Pacific OF these p are 16S-ton Mikados,
20 l4S-ton pacifcs, 20 l07-ton switchers
and six 23S-ton Mallets. The company
has also received orders for three l5S-
ton Mountain type engines for the Cen
tral OF Georgia, three 79-ton tank engines
for the Chino Copper Co. and one 60
son switcher for the koppers Co.
Dow, Jones & Co. last week told of
merger plans now being worked out which
will involve Bethlehem, Lackawanna.
Midvale and possibly two or three other
smaller independents. The buying Of
Bethlehem Steel B has been Of the best
for the last week, but the bear clique re-
fused to believe it until yesterday morn
ing. Before these merger plans are work
ed out Bethlehem stockholders will un-
doubtedly receive q large stock dividend.
Bethlehem 5 current earnings are under
stood to be at the rate of over s25 on the
stock after taxes.