Every evening, Wilmington daily commercial., 1921-06-18
FINANCIAL NOTES.

The Pennsylvania railroad Company
has been given authority by the
Interstate commerce commission to
acquire control OF the Iaittsburg, Fort
Wayne and Chicago Railway Com
pnny. by the purchase of ys4.239. 900
guaranteed trust certificates from the
Pennsylvania Company. holding
company. The company has total
outstanding capital of $sf,931 ,lS6. OF
which the Pennsylvania Company
owned SCI .sob.so
Members of the New York stock ex-
change are circulating a petition 10
have the exchange closed to business
the Saturday before July 4. The cot
ton exchange has already voted to
close that day.
Notwithstanding the depression In
stocks. there are Industrial leaders on
the side lines watching developments
closely who anticipate that turn In
Industrial activity Is not far distant.
They express the opinion that while nii
Ia gloom and pessimism In the securi-
ties market that industry itself Is fair
~ well liuuidated. Reports from mall
order houses indicate that there is a
at n reasonable price. The credit situ-
alton Is improving steadily. In the
opjnion of those observers. and II viii
take very little demand TO force n re-
suunption of manufacturing activity
on large scale. These persons incline
TO the belief that this resumption OF
activity will come with great sudden
ness. Pending some definite indica-
ton, however. they are content 10
watch and wait.
Call money was in free supply In
Wall street yesterday at rates much
below those officially quoted. and II
was reported that one loan on treasury
certificates as collateral was made nj
8 per cent.
"Industrial dividends during the Last
five years have amounted to more
than $500. .o0o. 900, and investments
IN manufacturing have Increased dur
| ing the last twenty years from sa,-
600 600 900 to more than $4,000. .ooo,-
| 000." Charles II. Flint points out.
| with the dividend rate on Crucihlt
Steel common cut I'm half by action oi
the directors yesterday, the market
| for the stock was comparatively little
affected. The chairman of the board
stated that 1T is believed that tn,
bottom has been reached In the bust
ness depression. and htat the coun.
| trv's consumption is now considerably
| in excess of current production"
Francis II. Sisson. vice president o
| the Guaranty Trust Company of New
/ York says: For more than a year tbs
American people have been discount
/ ing the future. The time has arrives
when they should begin to cash tn
| present. There is ample evidence {,
indicate that many of the readiust
ments which we have undergone il
the last twelve months have virtual.
been completed, and, although ther
win inevitably be further readjust
ment~jn other directions. we ar
rapidly succeeding in laying a foun
dation for the revival OF business o
a sane. sound and stable basis"
United States Steel made a new los
record under "a yesterday and ther
was little evidence OF substantial sup
port. even at the low level. Trader
have been persistently bearish on th
steel stocks, but are wary of sellin
them at the present kvel because @
the possibility of a technical rail-.
This same situation obtains in a mum
Der Of other stocks. with a result tina
the short interest is by no means a
large as many market commentators
have stated
Up to the close Of business yester
day approximately 400 members ha