Every evening, Wilmington daily commercial., 1920-01-17
FINANCIAL NOTES.

Net earnings of 500, ,225, 90 were re-
ported by the American Telephone and
Telegraph Company for 1919, leaving n
balance after interest and dividends, of
S9,02l 900.
Net earnings of st5, 900 in December arc
reported by 'ronopah Belmont Develop
ment Company. This rs Tho first state
ment of monthly earnings made since
the strike which started IN August.
Iron Age says: Steel market Is CIV
ing new evidence of large volume OF
unsatisfed demand, and of advancing
tendency in all products in spite of Steel
Corporations large sales Mt its peRged
prices. Great gain OF 1,t37 900 tons in
corporations untitled orders in Deem
Der is In contrast with situation with
most independent companies. Some Of
the latter still refrain from quoting
beyond first quarter 81 that belief that
the industry M whole Is booked far
ahead Is in error
!. l. Case Ihrcshing Machine Co.
directors declared cash dividend
Of 10 per cont. Last year. IN Jan
uary, 7 per cent dividend was de
clared in Liberty Bonds No dividends
had been paid before that back to 1911.
The stock is closely held In 1911,
65 Ier cent in dividends were distributed
Electric Storage BATTERY 20. in state
ment submitted 60 the New York Stock
Exchange for the eight months ended
August 81. 1919, shows net earnings
available for dividends of s3965, ,5s5
Automobile and motortrmck construc-
tlon is now taking tonnage oi steel IN
volume greater than heretofore WINS ever
called for by any single group of con-
siImers, other than the railroads Just
nj present II Is much larger than what
even they arc currently taking II -
stated hv the head of one Of the chief
automobile companies that tho output
of cars now Is limited only hy ability
to get sheet steel IN quantities sufficient
for body construction
'FThe American people could scarcely
adopt better slogan for 1920 than 'sye
and produce SAYS the First National
Bank "A prison sentence never vet
filled dinner pail, and fining prafteers
will not cure high prices But thrift and
an enlarged industrial output vii m a
comparatively short time As soon as
the nation becomes lmbuad with this
idea, and practices what II breaches. the
cost of sllatatntn the average family
will % down md the hurea Of high
living expenses will he quickly relieved
RerkIcss Christmas buying last month
showed that more people were parting
with thclr money fooliahly than was
ever before the case
Shell Transport strength II hased
on the expectation ot q substantial bonus
80 stock holders IN the near future winch
will probably take tho form Of an offering
Of new stock ~ par on hnsis ~ one share
for every three -harcs owned In sotne
quarters n y predicted that The offering
will hc ono for two Shell Transport pari
u one pound sterling q sharo L Is figured
that The latter plan would make the rights
worth around 81 a share Royal Dutch
New Work has shared in tho recent re
tivltv IN Shell Transport, but its strength
haa hccn too marked tn be elassed rs
aympathcttc
AZ of the back dividends on Brill prc-
fcrrcd having heen paid, the issue now
becomes a regular seven Ter cent stock
Samuel Rca. president If the Pennsvl-
vania Railroad Company, n Plttsburg,
denied the story that the company would
oxpcnd 500 .R0. O00 on improvements
~ Pittsburgh hut said TINT $4,000. .An0
Of work begun under tho ralroad admins
tration is II hand io complete winch the
government must N some WY provide
the necessary capital
The statement printed IN u morning
paper that the steel Corporation II CON
sidcring the payment Of IN extra dividend
n Liberty bonds possibly aa high M 10
per cent. il dcnied authorat velv The
questions of such i dividend, il Is assorted,
has not even been bFoachcd At a directors
meeting
Travel has increased 50 enormously
that the Pullman Company has arranged
to build 500 new sleeping cars. 1t now
has about 300 cars IN s"rvicc The
New York Central will make general
repairs 10 800 freight cars requiring
for the purpose about = 900 tons Of steel
stockholders OF the Phillips Petroleum
Company at a special meeting yester-
day approved an increase IN the author
ned capitalization of the company from
255, 800 shares 20 DOC. 600 shares, with
out par value Directors voted 10 issue
255. 500 shAps Of the authorized steck
as a stock dividend One share OF ad-
ditional stock for each share held on
Feb Will bc mailed 10 the shareholders
~ the Guaranty Trust Company, trans
fer gsnt