Every evening, Wilmington daily commercial., 1921-05-21
FINANCIAL NOTES.

The New Yore Stock Exchange viii be
closed on the Saturday preceding Memorial
Day. IL was announced yesterday.
II. f. Sinclair resigned as president of the
Sinclair Consolidated Oil Corporation and
was succeeded by mis- brother. Earl w. SIN
clair. but continues with the company as
chairman of the board.
With total subscriptions to ~she Offering
of United States treasury certificates of
indebtedness s5S2: 100 900, the shotments
made aggregated 6.l70 600.
The directors of this Middle States oil
Company declared Thursday its regular
monthly dividends of per cent each for
dividend of per cent for the current quar-
ter. The dividends are payable on July
to stock of record on june 10.
As previously - anged for. the Pennsyl-
vania Railroad Company has asked authority
from the interstate commerce commission TO
take over from the Pennsylvania Company
S3s oon 600 Pittsburg. Fort Wayne and chi
cago Railroad stock. assuming the $33,-
$50 900 Pennsylvania Company trust GER
tificates secured by such stock and paying
the difference, s76i 900 in cash.
There is more gossip in banking circles
regarding the contemplated French loan OF
SlOo.oo0.000 than has accompanied any
report has been denied by bankers here that
France contemplated making any such
loan even though financial advices from
Paris reported the contract signed. There
was a rIimor in circulation today that the
announcement would be made Monday
Later il was said that unexpected develop
rnents in the SiLesian situation might re.
suit in postponement OF the Offering until
next month.
Tobacco Products Corporations net earn.
ines in the first four months of 1921 showed
material increase over the same period ot
last year. In fact. during this period the
company earned more than the entire 1921
requirements for preferred dividends This
means that all of the earnings Of the last
eight months of the year viii apply TO the
common stock.
The governing committee of the Phil
adelphia Stock Exchange viii meet Monday
to take action closing the exchange to bust
ness on May Is. as well as Memorial Day.
The New York stock exchange has already
arranged for such three-day holiday.
The Atlantic. Gulf and West Indies Steam
ship Lines oil refinery at Southampton
Eng. representing capital investment of
some IS, 500 900. viii be ready to start
operations next month, with an-output of
5000 barrels of oil daily. This is one of
the operations which brought the company
into i'll favor with the powerful Standard
Oil-Royal Dutch-Shell interests.
Northern Pacific was under pressure, yes
terday, large blocks being. offered at II.
Since the announcement of the Great North
ern Paciie bond issue stockholders have
felt less secure in the maintenance OF the
dividend rate.
There was nothing unnatural In the break
in Baldwin Locomotive from a high of 81
action of the market, but in some quarters
the break was attributed to a revival of
rumors that the company may have 10
undertake some new financing soon. Re-
ports of Baldwin financing have been in
circulation for some time but thus far
= have never been confirmed.
There is one thing which the government
regulating bodies should do, looking to the
future and the public advantage. 1t is
this The railroads should be allowed TO
set aside out of earnings in good times a
fund 10 be available for expenditure on
property account in bad times. Such fund
should also properly be expendable for ex-
traord,nary renewals not correctly charge
able to capital account. In such way the
railroad dollars would get full value re-
ceved 10 the great advantage of the public
and the railroads. and their expenditures
would tend greatly TO prevent severe indus
trial depression and TO start business in q
time such as we are now. in. As It is, except
I'm such very few cases that they can be
counted on the fingers of two hands
Arnericar railroads arse without power I'd
undertake anything OUTSIDE OF the mosl
absolute necessities.
I'm gauging the duration OF the period oi
read iustuent to normal conditions, says
the First National Bank of Boston. il i.
worth while TO consider that IL has taker
the basic steel industry two and hal
years since tho armistice 20 reduce labor II
per cent and that wages are still about l0t
per cent above pre-war levels. In New
England there has been a very noticeable
hettcrment in feeling and rather striking
Increase in manufacturing. Cotton MIL.
are running more hours per week, and this
rnovefnent has now extended to tire yarf
and IA brio mills Wooien machinery Il
more fully employed the gain being con
spicuous The whole hide. leather and shol
industry liz more active. and is in one respeci
in a more fortunate and healthy position
In that the surplus of hides has finally beer
marked down TO reasonable figures.