Every evening, Wilmington daily commercial., 1921-06-29
FINANCIAL NOTES.

General Motors Corpora tion will award
tn 6S5s employees 1892 shares Of : per cent
dehenture stock and IL .552 shares Of
common a. a bonus for 1920.
Production OF the WHY'S Overland Com
psny FOR July will be inCrea sed so per
cent over June. with minimum output
of 70 600 cars
Net operating income Of the Pennsy ?
Vania Railroad Company for May was
she best reported this year. surplus. after
ali charges Is estimated az 81 las 600,
against 81 .O74 600 in April In March the
net operating income failed 20 cover the net
charges by about 500 900 and IN the
t~o peceCfing months the road
reported an operating deficit.
The voting trust agreement OF the
Penn seaboard stefl Company, which
expired on juno 2b has oeen extended
FOR another five years from that date
according 10 announcement made yester-
day.
10 the belief that the liquidation Of
commodities he'd by the banks Is reality.
The great quantities of all kinds OF mer-
chsndisc which these institutions no d
have formed one of the most serious
phases OF the nQuidating prob en-. The
tremendous decrease m va ues means in
eVitshie loss. a loss which merchants and
manufacturers had to take long ago and
which the banks themselves now must
accept with the grace with which they
urged the other members of the business
community 10 take their medicine
r. 4. Chandler president OF Chandler
Motor Car Company, IN answer to
a newspaper artic.e predicting possib, &.
omission OF dividend on company :
stock. said .'of course. directors Will no,
discuss October dividend in Juy but |
am at a loss 10 account for others antici-
pattng any such action. Neither present
financial conditions OF the company nor
its vo.ume OF business in hand or in
prospect necessitates a revision of opinion
officially expressed at the time of the iast
directnr meeting. We see no reason for
changing the view that both strong cash
position and that dividend rate can
be maintained.
The net amount owed the railroads
by the government Is somew here he
tween s575 900 900 and 5000 900 900. ac-
cordine to the Director General. Judg-
ing by the percentage OF c aims allowed
IN the final settlements conc uded by
forty-seven roads IL Is calcu ated that
out OF c aims tota'ling approximate y
81 ,250 900 900 the government will owe
The roads above and beyond offsets about
I s35s eo0.oo0. 10 which may be added
S2a oo0 600 owed 20 the short line carriers.
The ba ance Of 1920 600 600 due the
roads on account Of the six months.
guaranty a. Of May ! brings the tota
sum owed the carriers To approximate y
Sei2 .0o0 600.
The Penn seaboard Corporation voting
trust certificates for the capital stock.
extended to 1926. have been admitted to
the list OF the New York Stock Exchange.
The New Haven yesterday applied to
the government for a loan OF s. 100000.
fixed charges, 81 600 900 TO pay maturing
obligations and the ba ance for improve
ments and equipment.
Notwithstanding general bus ness I'M
settlement. cigaraette manufacturers are
showing the largest profits in their his
tory Lower prices for raw materials
and growing demand for cigarettes com
hlne 20 make this possible.
The government made payments to the
railroads In May Of s46.012 DDS. For the
year 20 date payments total s72S, ,5S7, $50.
New York banking interests c osely as
soc ated with the General Motors Cor.
porstiOn are giving consideration to tbs
advisability OF reducing the number o.
shares OF common stock through con
version of five shares into one such &C
tion would give the stock a co lateral posi
ton with banks VIII ch il does not nov
possess easily. as the rue is against issue
selling for less than $40 per share
Buying of Chandler Motors was crediteS
TO ~eil-known floor operator who is re
ported to be active in the Studebake
movement. 1t is said in some quarter
that there is no inside buying OF tn
former STOCK.
Another phase OF the import problem i
presented by the large arrivals of good
from Germany. The United states ma
steamship Hudson. from Bremen. is du,
here July 4 with 2.300-ton cargo, tn.
largest Individual shipment thus far re
cciyed. IL consists principally of crock
cry, glassware, chemicals and dyes, Witt
Jobbers experiencing difficulty in movins
their stocks Of domestic commodities a.
present prices these imports which arr
offered much cheaper than the quotations
ent pdifhcult situation.