Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1920-03-03
FINANCIAL NOTES.

Due to the fact that General Motors
annual report for 1919 cannot be finished
in time for submission at the annual
meeting, scheduled for March IL, annual
meeting will be held April 2S.
Two chief railroad systems are in
the market for large number of new
freight cars, the New York Central
for 1920 and the Rock Island for
$3.50 cars.
Confectionery to the value of s12,-
305,0 900 was exported from the United
States last year, or ten times as much
as for 1918.
the railroads of the United States handled
a total freight traffic equal to S31 1923,
267. 900 ton miles. which exceeded by
only per cent the freight traffic handled
during the two years before, when there
was private operation. There was a 20
per cent increase in passenger traffic
measured by passengers carried one
mile.
Equipment trust agreements between
the director general of railroads, virtually
all larger railroad companies and the
Guaranty Trust Company of New York,
as trustee, have now all been executed.
All are dated January Is, and secure
issues of per cent equipment notes
due serially 1921-35, secured by the cars
and locomotives, which cost $3.50, 600, 900,
bought by the railroad administration
and allocated among the railroads.
George f. johnson has been elected
president of the Endicott-Johnson Cor
poration, succeeding the late Henry b.
Endicott, at a meeting of directors.
Wendell Endicott was elected first vice
president and other officers reelected.
Satisfaction is expressed in banking
quarters over the decision of the Supreme
Court in the U. s. Steel suit.
while favorable decision in the Steel
suit was expected" said leading banker,
'the actual announcement removes an
incubus which has been hanging over the
corporation.
The annual report of the Pennsylvania
Railroad shows that during the past
wear the company disposed of one-half
OF its holdings of Southern Pacific stock.
A year ago the Pennsylvania owned 1885,,
53S shares of a par value of Sis, 653, 500.
1t now owns but "a ,53S shares of par
value of S7,753, 500. The stock was I'M
doubtedly marketed above par as the
stock sold last year as high as 1l.3 and
there was an excellent market for 1T
above par. This Is the stock which the
Pennsylvania obtained from the Union
Pacific through an exchange of the Penn
svlvania holdings of Baltimore x Ohio.
an exchange which has proved to be very
profitable TO the Pennsylvania Railroad.
In 1917 the Pennsylvania owned III ABS
shares of Southern Pacific of a par value
OF S17, 800 This is another instance
where the Pennsylvania officers, being
relieved of the duties of operation, found
time to make a profitable turn for the
railroad company.
Earnings of the WHY'S Corporation
for 1919, according to a statement is
sued yesterday by ]. r. Harbeck, vice.
president of the company, amounted to
S., 364, 6S3 before dividends and taxes
and its surplus after deduction of those
items SIS, PSI, 800. The figures contained
the results of operations of the con-
stItuent companies TO July /, the date
OF the original consolidated balance
sheet, and for six months thereafter
Total profits for the last half of the
year after taxes were $780, 29, or
FIVE and a half times the dividend re-
quirements of the authorized S15,O0O,00
of fist preferred stock. The companys
total assets after deducting liabilities
and reserves, including taxes, are $751;
1S5,61S, or S341 share on the first
y,rofar-aJ