Every evening, Wilmington daily commercial., 1921-01-08
FINANCIAL NOTES.

Tho II. ". Franklin Manufacturing
Company reports that last month It
shipped 1041 motorcarR from its fac
tory and AT the close of the yeer had
10 finished cars on hand. although the
output last month averaged 81 cars a
,isN and on September I there were
543 care on hAnd.
John MoodN the financial statisu-
cian sees = prospect of continued down
ward movement in commodity prices.
and predicts that sound investment
securities should undergo a steady ad-
vance i'm prices during this year, which
may extend TO 1922 as result Of the in
creasins power of investment comes.
Equitable Trust Co. has been notified
that the dividend 10 he distributed on
the American" shares of the Shell
Transport q Trading co. viii amount
20 7a.2 cents per share. Payment will
h. made on January % to stock Of
record January is.
Stockholders Of the Pennsylvania
Railroad Company will meet in Phila-
aeiphia on March ) in annual session
They will la asked To approve the COM
panyr annual report for 1920, change
the date Of their annual meeting and
authorize an increase in the boTfded
debt when and as prescribed by the
connpany's directors. Leases of sixteen
roads now operated - part of the
system will be submitted for approval.
The contrast in operations at Steel
Corporation and independent plants is
emphasized in pig iron production for
December. The Steel Corporation made
30 600 tons more iron last month than
in November an increase Of 10 per cent,
which the independent companies made
en- ann s~- "a 1.-Two
month. 8 falling of OF % per cent. The
independent producers blew out nine
teen furnaces in December, whereas
the Steel Corpora ton had three more
furnaces at work on January ] than
on December ].
The Penn Steel and Iron Company
went into the hands Of receivers, liza
hili;ies given al S350,000.
Concerning the Reading issues West
& Co, Of Philadelphia. say: Common
s-cuse seems TO indicate that the pre-
forred stocks should De a purchase
every time they approach ar and
sale when they approach the price Of
th, common shares. If bought near
- there Is no possibility Of loss, as
They are entitled 10 at least this figure
IN dissolution
Estimates of the untitled orders state
fnents ~ the United States Steel Cor
poration 70 be- issued Monday, in quar-
ters usually well informed, are for a
bv the Union Oil Company (Delaware)
decrease Of 100000 tons.
Announcement has just been made
that Frank II. Taylor well known in the
oil industry for nearly half century,
hae been appointed in charge of the
Union S statistical department. To ac-
cept the appointment. Mr. Taylor re-
signed his post as Statistician and Oil
Editor Of the Oil City Derrick of Oil
CITY Pa
Columbia Graphophone continued its
advance begun yesterday following the
statement made by the chairman of the
board, which was highly reassuring re-
parding the affairs Of the company
This statement apparently had not re-
ceivcd sufficient publicity yesterday to
be fully appreciated. IT practically
meant that the company was in the
best shape it has ever been and natur-
ally set people thinking who used to be
buying the stock in the Sos and Cos and
saw IL selling around II. The Columbia
Graphpphone, according to its head, had
"a better year last year, both ia its
gross business and in it's net earnings
than IL has ever had before. Consider
ation of dividends does not come up
for another two months so that the
Wall street report about Passing the
dividends was made "a. appear wholly
uufouudcd