Every evening, Wilmington daily commercial., 1920-10-23
FINANCIAL NOTES.

American shipbuilding. which led that Of
England by 1881 900 gross tons early this
year has fallen t behind d.. by l;s5s'ooo gross
Singer Manufacturing Co. stockholders
will hold a special meeting November II.
at which time they viii be asked TO author
ize an increase in capital stock to $50 .o00.-
600. through stock dividend of so per
cent.
tinues to be the factor dominating the gen.
erai business outlook, says the National
Bank Of Commerce of New YORK The
movement is natural and inevitable cor
rective OF the unstable condition created
in the previous period OF rising prices. reck-
less public buying and widespread specu-
The loan which Cuba is trying to ne1o-
riate with American bankers. IL is reported,
is for S100. 600 600 Of which $50. 600 900
will be against unsold portion of last sugar
crop and S5O.oOO.OOO against the coming
seasons crop. Important bankers contend
that no advance should be made except on
guarantee of Cuba country.
Record earnings are reported by the
American window Glass Co. for the year
ended August %. Total income was So
37e $40. as against s6.503, APO during the3
preceding year: dividends were 81 7oe 573
as against 81 .s0l.961. Total surplus now is
S6.974 500
monthly dividends of 4 of ] per cent fn
cash on the per cent preferred stock the
preference stock and the common stock.
and the regular monthly dividend of IA
per cent on the common stock payable in
Cities Service Co. common stock at par all
dividends being payable on the first day
of December TO stocks of record Noveu-
ber Is
The annual meeting of the Maxwell Motor
Co. has been adjourned until November %
TOnopah Mining Co. OF Nevada reports
for the six months ended August 81. 1920
net earnings of s9S,S6I and miscellaneous
income of SI3q. .29S, net income of S23s
I6O. compared with s297 .762 during the
corresponding period Of 1919;
Denying rumorS that the Wiliys-Oyeriaud
Co. was to be taken over by the General
Motors Corporation, John n. WHY'S presi-
dent. said There are no negotiations under
way for the acquisition or merger of the
Nillys-Oyerland Co; with the General
Motors Corporation"
The Pennsylvania Railroad is inquiring for
10000 tons of steel rails for 1921 delivery
IL is understood that all rail orders are
being placed and accepted in the way Of
mill reservations of rolling space prices to
be agreed upon later.
The Wheeling and Lake Erie has ordered
1000 freight cars. which makes the largest
equipment contract placed by any railroad
for some weeks. The Southern Railway is
taking bids on 2500 cars
The Federal Reserve Board calculates that
Europe owes the United States on current
account. and primarily in form of open
indebtedness carried by banks In one form
or another. about 50 .0O0, 900 900.
Bankers feel that they have sounded out
the investment situation and found that at
TO per cent income yield the market is
willing 10 absorb new securities. Within two
months about $3.50, 600, 900 of new issues
have been placed on such basis.
Recognizing the present halt, W. c. Du-
rant. president of the General Motors Cor
poration. states that he is 'as much OF an
optimist on the future of the automobile
industry as he ever was. There is reason
90 believe he is correct in that statement,
even IL IL shall take few months yet for the
next forward development TO get its stride.
Freight rate advances since 1914 have been
greater in other countries than in the United
States Here the increase totaled 67 per cent,
in Great Britain. TO l0I to ia per cent; In
France TO 40 per cent; in Holland to 20
20 IaO per cent: in Sweden to 200 per cent.
and In Switzerland, TO $50 per cent.
General Chemical Co. reports for nine
months ended September 30, 1920. surplus
after charges and taxes, OF 81. SIC, ,s14. equal
after preferred dividends to S20.S7 a share
on the $40 ,s24 .04o common stock, as against
$3.50 share in the same period of 1919.
on his return from a business trip to Eng
land Eldrodge X. Johnson, president Of the
Victor Talking Machine Co, Camden, an
uounced yesterday that his company had
purchased so per cent Of the stock of the
Sramophone Co.. Ltd. of London. The
English concern operates factories in Eng
land. France. Germany and Russia. Mr..
Johnson said he and Walter j. Stats, trea-
surer OF the Victor Co. has been elected
directors in the. English company.