Every evening, Wilmington daily commercial., 1921-04-06
FIIANCIAL NOTES.

'Fnc annual meeting of stockholders of the
General Motors Corporation will Inc held
~ Wilmington. Z. April 20. Shareholders
al record March 3 will be entitled to vote
rne Western Union Telegraph Company
rrport> for last year net income nf SI3 BOB
-, and. after dividends. which took the
same aS for 1919, surplus of s.. sos. .lS4.
agaiEst s. .652 Oh.
the total gross public debt of the United
States a of March 81 was S23 aS0. IO4 40. a
docreas' when compared With February OF
: $50, $50
II cost me railroads Of The United states
more than half a billion dollars for their
fuel requirements during 1920. The greater
amount went into the purchase of Ii3 .5T4
y. tons Of coal At an average price Of
- - a ton In addition there was
5.0->. 500 paid for l.626 100000 gallons
~ oil
From persons close to NIr Durant the
statement is made that al the Studchakcr
meeting today Mr. Durant will be
70 those vino know Mr Durant intima Jcly.
tias rumor seems prepoStero 1t is
pointed cut that AIr Durant buys men and
Directors Of the Miami Copper Co. have
o.Ctartd the regular dividend Of fifty
c.nts q share. thereby breaking the monot-
euN of the passing OF disbursements hy
cooper companies. and to still further
eentuatc its position announced that thCrC
N"> no shutdown Of the properties con
mplat ted.
tudie< on substitution Of the electric
omotlNc for steam motive power on
various railroads indicate that resulting
operating economies are sufficient not only
tl carry the charges on the capital invest
ment. but, IN addition that he fexibility
~ this type of power permits q greater
1lume of traffic 10 be handled over existing
rae! age. and thereby obVlates need for
additional capital expenditures for in
-roased trachage required with steam opera
Improvement in the banking situation is
III, in large measure TO the inflow of gold
Ither than to the liquidation Of loans.
hcreremalnS an ono rmouS amount Of credit
hfch iS frozen and there i little probability
~ ff all
money al the official rate Of I, per cent
which was quoted today Is the highest for
There are repeated rumorS of lowering
If the Federal Reserve rediscount rate hut
responsible banking authority IS inclined
10 deprcciate a lower rate nov
The Twnety-sixth Monthly Distribution
IN Cities Service Company Bankers Shares
aya6e or9 MAY MAY 81 TO % Bhnkes an M shares of
shares. the same distribution as made
april lst.
eco New England oil Refining Company
lITSt Mortgage : per cent Sinking Fund
sold Bonds. due 1881. at 9S and interest.
TO weld $50 per cent These bonds are tax
refund IN Pennsylvania and tax exempt
In Massachusetts
Dow Jones s Cos index number for
NlarCh, based upon average yield OF forty
representative corporation bonds including
railroad. public utility and industrial issues
Aleciiued .O4 points TO 59.2l. The greatest
oss was sustained by industrial bonds,
which receded TO 56.l3. the lowest price re-
gOrded. with exception OF august 10. 1920
when il was ~ 73
Gold holdings of combined federal reserve
anks have shown an increase in every
week this year TO date. having increased by
SIS7. IO6. 900 10 s. 246. .439. 900 since the
close of 1920. This total compares with 81 =
934 5Sl 900. the low point Of 1920. and with
the high point of $2.O62 ,6l5. 900 on January
>.
An order for l 900 600. pounds of copper
has been received by the Calumet and
Hecla Mining Company from Germany
shipments Will start the latter part OF this
week
Daily average Of gross crude oil produced
in the United states for week ended March
20 was .26O 900 barrels. against 2Jo 900
barrels the week before.
sales Of S6.473 900 are reported By the
United Cigar stores Company for March.
against S6.095 900 for c0rresT onding
month last year. and for first three months
SIS i64 900. against SI6 So 900
Estimates of leading public utility men
vary as u the amount Of new capital needed
Dy the public service corpora tiOne. exclusive
~ steam railroads properly TO put these
corporations in condition 10 give service
lich would meet existing and future de
mands. say II. L. Doherty & Co The
new capital requirements Of these com
panies are placed at various figures the
smallest of which IS above $500. 900 600 and
the largest close TO 81 900 900 900.