Every evening, Wilmington daily commercial., 1921-05-04
FINANCIAL NOTES.

Tn" Penn>slN Nania Railroad Company has
spplird q" the interstate commerce commits
sion Tor loan Of s5.sn0.o 600 for fifteen
year proceeds 20 be used in meeting ma
turing uhlic3tiOnS.
Various tire companies. including the
reuu>ylvauia Rubber Company hero and
the Mason Tire and Rubber Company,
have follow "a the Il r Goodrich Company
wtth a - per cent cut IN prices
Philadelphia and Western Railway co.
annual meeting was held at Norristown
Monday Edward +. Beale. W. Barkie
pcrr, and charles +. Inecrsoll were re-
'loctcd dirNtorS Thomas >cwhail was re-
elected president
Presidents Of the United states steel
Corporation operating companies met Mon
tahDr quest ION. and possible ways and
means of reducing wage scales in step with
TIC lowering cost Of living.
announcement by the b F. Goodrich co.
n a reduction of 20 per cent in tire prices
was taken as constructive argument,
thereby showing the present temper Of the
street II was said that. even though
some loss might he recorded at the reduced
nrices Inventories would be reduced and
the cash position OF the company strength
rned
ln the last hour of trading saturday Endi-
rnu Johnson WAS the feature. moving
rapid, Il nearly 6S The move apparently
was engineered against the short interest
although buying was for the account of firms
Who. IN times past, have acted Tor interests
Identified with the corporation. IL Is un-
dcrstoOd some Of the selling was for an es-
tate in process OF settlement.
iinuation OF the British coal strike. sterling
exchange has risen from 80 90 TO So o5 dur
stocks have risen about $500 on the average
During the i9a. years from its organiza-
tion 10 December 81. 1929. Y. ;. steel 5
earnings available for both preferred and
common stocks were Si.sl0 sS4 72l. After
feducting dividends on both classes Of
stocks aggregstins 81 .ool .9S5 900 the cor
porstion retained the remaining ssOS,94S.-
Si4 earned surplus
The Investment market IS already doing
b,sfter Bonds were distinctly stronger and
more active last week. and official itima-
Ton was given out that the gigantic Great
>arthcrn- Northern Pacific hotation Of
S-tn too 600 has been ovorsubsTlbed.
fnanCial achievement of no light moment.
stocks not unexpectedly. have moved ir
regularly There has been. however, de-
cided increase in activity.
The Franklin Automobile Company re-
ports that on April 2s orders were on hand
for May will aggregate go cars, or 80 cars
uaily
lated tips that the price would cross par.
4 rumOr also was circulated that ". G.
purant had arranged for the organization of
nc~ motor combination 20 compete with
Phillips Petroleum Co for the quarter
ended March II 1921. reports gross earnings
expenses and interest. amounting TO S4O9.-
4lf uc. earnings before depletion and de
rN'iaticn were S943,33o.
n connection with the recent movements
~ IN motor and allied stocks the Street
wa interested IN the announcement by r. II
Collins who recently resigned as president
and General manager OF the Cadillac Motor
90 hat he has organized the Collins
Motor Co. with capital OF $1,000. 900.
Il i said the plant will be located IN De. De
is22
The general situation as 20 trade and
industry has shown some further improve
uenf during the last month. says the
National City Bank OF New YORK, al
though the fundamental dificulty which is
the disruption Of the price level between
raw products and manufactured goods. is
Vet FAR from overcome Manufactured
products. especially at retail. freight charges
and personal services generally have made
no corresponding decline. Naturally, the
sale Of manufactures has fallen OFF. rail
way traffic has declined and there is . large
amount Of unemployment A description
OF the situation Is enough to explain 1t. for
agricultural products and raw mate rials
represent the purchasing power OF about
one-haf the population.
General outlook for the crops indicates
favorable year and supplies of foodstutfs
south will be nearly self-supporting in this
respect
Pennsylvania Railroads application to
the Interstate Commerce Commission for
a hfteen- year loan states the company wish
es 10 secure the money from the govern
ments revolving fund in order 10 meet
maturing obligations
Freight rates so high that traffic is
diverted into new channels. The movement
through the Panama canal has been much
stimulated California. Oregon and Wash
ington fruits are coming that way. Copper
mined ia Montana has come that way and
the United States steel Corporation has put
a ship on between Mobile and Pacific coast
points Tor delivery Of steel products.
The automobile industry of the country
broke into new high figures for 1920 al
though business fell of greatly in the last
part OF the year only TO recover largely
within the last two months. The output
WIS . Dos 1877 vehicles valued at 81 pap :
5000. 70 compare with l:914Ol6 vehicles.
sold for 81 ,ss5 1000 in 1919 total Of
si.O4i .567 900 IN wages and salaries was
paid 20 7O3 800 persons employed.
Strength in American International Cor
roration during recent sessions started
sorae Of the statisticians 70 figuring the in
SreaSed value OF its holdings in Other com
ranies since the annual statement was issued
this Increase is approximately 81. 600 600.
equal 10 81 per share on American Inter
national Corporation.
report for the quarter ended March 81
1921 showing deficit after charges inyen-
tory adjustments and Federal taxes OF 81 :
s53i5.S5O in the preceding quarter and sur
plAs OF s23s. 1876 or 81 SO share earned on
the xI2 .54S 300 outstanding preferred STOCK
in the March. 1920. quarter
Tonopah- Belmont Development Co di-
rectors rwere reelected at the annual meet
.nF yesterday. Clyde A. Heller president
said the company expects 20 resume opera
lions in the near future at Tonopah and also
in California and Colorado. Tonopah mines
March operations. Mr. Heller said show a
ioss OF 81 600, and April will show some
what similar figures, but he is hopeful that
by May net profits will again be shown by
The American Locomotive Company has
rlosed a contract with the Peking Kalgan
Railway China for forty-two locomotives
~ the Pacific. Mikado and Mallet types
The amount OF the contract is about 81 :
800 600 one Of the largest orders placed by
.he Chinese government in this country