Every evening, Wilmington daily commercial. (Wilmington, Del.) 1878-1928, 1922-04-06
FINANCIAL NOTES.

Abandonment OF the plan for the three
company steel combination rs believed 70
make Tor success OF the larger proposition.
especially now that IL has been agreed
that the Bethlehem steel Corporation
snail come in.
is one OF strengt hening confidence that the
corner has been turned. and that 1922
will be a better year than lp2l, says
the National City Bank Of New YORK.
The improvement in fundamental con-
ditions aud in general feeling since the first
Of the year has been very marked
Motive power and passenger equipment
of the Pennsylvania Railroad Is in better
shape than the freight cars, OF whichonly
~ per cent were in serviceable condi-
tion al the beginning OF the year TO com
PARE WITH and eer esn, Of the sSa ma
tionnl banks Of the United states on De
cember 81 last totaled slO.9s2 oOoUou. 70
compare with xl2.0a5 .OuO.Oo year be
fore Their axgrega u deposits stood at
SIS o75 oOO.OOO, to compare with $40
AZ the annual meeting of the Bethlehem
Steel Corporation Tuesday. l.. u. Grace
president of the company, stated that
fncreas ed operations had been ordered TO
meet delivery obligations. Both ne and
Charles NJ Schwab. in answer to Ques-
lions declared that reports of dividend
suspension are without foundation. as
the matter will not be up until the board
meeting at the end OF this month.
OPERATIONS OF the Studebaker Corporation
iAxt month exceeded all records. with
IU433 cars produced and $4,000 sold.
Output for the first quarter was l43 per
cent greater and sales double what the
same period of last year showed.
kumors going the rounds regarding
Pierce Arrow and a possible merger WI tn
NASH Motors and other motor companies
received a setback yesterday when ~ z
Forbes yice-president and general man
ayer of Pierce-Arrow, denied tnat lac kne"
OF any such contemplated merser;
Eastman Kodak Company stockholders
T,,esday voted TO exchange the au-
thorized common stock OF present SlOO
par into shares without par value. and
zach OF the nrst-named shares TO be eN-
changed for ten shares OF the new stock.
Directors were re-esecteu
pcct-d 20 place orders Friday Tor about
Works has received an order involving
Il 800 tons OF steel. and the carnegie
steel Company has closed CONTRACT
calling for 10000 tons OF fabricated ma
While IL is not 10 be expected. says
Automotiye Industries. that the salt
of motor vehicles will continue TO snow
such Astonishing gains for the rest of ths
year a. compared with 1927, II now car
be stated definitely that the volume OF
business will be larger than iast year, e.
1921 a deficit OF 1913 .5oO.3n9 after al
charges and inventory adjustments ayalns'
deficit OF $3.50 1874 in l92U. invest
down s7,42l2s5 The actual deficit wal
reduced By transferring 81 5000 from
contingent Reserve
Corporate financing in Marcn was un
usualis heavy, being more than twice una
OF February. Aggregate OF all securities
Vas s<el l5l 600. against 3l2f 81 .OoI
IN february and Sl64 60l 900 in March
ls<l. lndustrials led in total issued, a
sd5l .<'oOOO. with utility issues second
mere Is probability OF conference within
"" Gays OF chief men in regard to th'
PROJECTED independent steel combination
IN thr inner circles a. j. quite expected
thst the matter VIII be brought to a hcat
ahu d conclusion one Way or the othe
without much longer delay ON the othe
hand. Information Is that there remain
10 be carried through very onsidera bl
and important negotiation a. lot veen IN,
various interests. The Brtblebrn, sten
Corporation. % Is pointed out has bec,
quietly developed under the SchSab- Crac
plans 70 make It's Operations ,s,,.1.is n,
~ into and serve the very in,t,,,r,er''
aud large Notwithstanding terriiort ~,
east of the Allegheny mountains 5rh9
has been kept constantly in mind a.
only ia the plant development. bur il, nv, ~
viding independent and ample sunniiaps' " -
raw materials
The steel industry has made a uo.r,,o
recovery the United states Steel O. ~
poration no. operating at about "a Da
cent OF capacity and the independent con
panies In the aggregate at probably so na
cent When II is considered that prS
duction capacity has increased about :
per cent since before the war il viii !
seen that this is far from a state ,
stagpatlon.