Every evening, Wilmington daily commercial., 1921-02-23
FINANCIAL NOTES.

Tho kennecott Copper Corporation s
o,,tr,1t for The last month was : ,461 240
Mounds This is 100000 pounds less
than the output for December and The
lowest monthly production since No
vember. 1919
Ono engineer estimates the cash value
OF the Reading coal properties at SIS
600 600. figuring on the present produc-
ton and what coal can be produced and
aold within fifty years. The market Us
appraisinG the properties now at about
S14 000, 900.
While the public continues indifferent
10 Wall street and trading is largely pro
fessionaI" say Iamborn & Co, of New
York. the stock market shows underly-
inc strength and the trend, despite tran
sient huctuatIons caused by the bcarlshly
Incl,,ed. is upward IL Is apparent that
there IS no large floating supply OF sea
soaed stocks. many of which have been
locked up bv investors IN TIN boxes and
will not come out except at substantially
higher prices.
In 1917, before government control
Of the railroads, their payroll was ST.
739. .4S2.I42. In 1920 the wage bill had
risen 20 $4,000. .OO0. 600. The total num-
ber of railway employees increased under
government control by 26l 900.
Declaration OF the regular quarterly
dividends on the Mexican Petroleum
and Pan American stocks was Responsible
for the upturn in these issues yesterday
afternoon. The payments authorized
at Los Angeles are 3 per cent on Mexican
Petroleum common and per cent on
the preferred a per cent on both the
common and b stock OF the fah-afnefican
Petroleum Co.
Railroad stocks did little more than
drift with the market Yesterday. 1t has
been taken for granted that the Winslow
bill will be passed today and, construc-
tive as this action may be, there is little
outside following In the market.
Stock exchanges. other markets and
financial institutions were all closed 70
business Yesterday, it being Washington S
birthday and legal holiday
Certain stockholders Of the Plttsburg
and West Virginia Railway Company
have made representations TO directors,
in person and by letter, urging that the
board at It's meeting tomorrow take action
inaugurating dividends on the common
stock
Passage of the Wipslow bill providing
that the government shall make sub
stsntial payments on account OF the s400,
OOO. 900 owing the railroads of the coup
try. assuming President Wilson will sign
it. affords a very material and far-resching
stim ulu TO industry and business, As II
will clear thousands and thousands of
hung-up accounts
The General Motors Corporation with
inventories marked down by SOS, 500, ,O00
to sl66. 900, 900, which expresses value at
current market prices, shows current
assets of S263 939, 900 and current habili-
ties of &110,Q19, ,Q00 which gives the con-
oern $I53, ,92o, ,009 net current assets.
Statistics presented by the railroads
TO the Railroad Labor Board show that,
In 1917. before the President took over
the roads, there were employed 3Q2, ,S2S
machinists, boilermakers, blacksmiths,
electricians and other skilled shop en-
ployes and their apprentices. In 1920, hc-
cordIng to the figures. 443, IA employees
Of the same classification were on the rail-
road payrolls. an increase of 140 946. or
~ per cent. The number of locomotives
and cars maintained last year was only
slightly greater than In 1917 Wages paid
10 these employees IN 1917 were S317, ,879,-
459. while the annual rate OF pay for the
mately $500, ,00Q, 600 In 1920. This was an
increase Of 1S0 per cent over 1917"
The annual report of the Endicot
johnson Corporation shows strong asset
position. Current assets are given a
$50 S54 ,256 and current liabilities, Sl2,
054, $40, leaving excess current assets
over current liabilities OF S17, ,799, 81
equal to S1O0 on the preferred and approx
mately $40 share on she common.
Excess current assets, plus property
account Of 13,34S, $50, gives total o
S3l, l47 ,691, equal to 500 a share or
the preferred stock and over s1O1 shar
on the common.