Every evening, Wilmington daily commercial., 1922-03-02
FINANCIAL NOTES.

The Philadelphia and Reading Rail /
way Company reports for January /
gross earnings Of se.l?0.75s. against /
s7.S5S.62l in January. 1921. and net
operating income W SS6S $50. an in /
Croase OF Slg0.lS7.
The Illinois Central has ordered IL /
600 tons Of steel rails from the United .
States steel Corporation.
An open hearth furnace of the Cam
bria steel Company at Johnstown has
resumed operations. while sixteen fur +
naccs at the Franklin plant are run
nng The Bossemor plant will start
ahou, March 20. The recent accumuls-
ttou OF orders. especially IN bars and
wire products. is given as cause of
Increased activity.
The Electric Storage Battery Com
pauy directors late yesterday declared
the regular quarterly dividends of
per cent each on the common and
preferred stocks.
Pierce Arrow Motor Car Company
report for 1891. made public late this
afternoon. shows a total loss for the
twelve months prior OF sS.763.7l2.
While deficit FOR tho year had been
expected. 81 poor a showing took the
financial district by surprise. The COM
pany reported surplus st the end OF
1920 OF ss.64l $40. and after deducting
preferred dividends now reports a
deficit Of s4.422.l65.
Automotive Industries says: The
optimism Of manufacturers probably
II a reflection of the increased con-
fdence OF dealers in all parts Of the
country. Reports from shows every
where tell OF more sales at retail than
last year and greater interest by the
public. Everything points 10 a sub
stantial spring business. both in pas
senger cars and trucks. Unusually
mild weather already has reused the
motoring urge"
Developments favorable TO the
farmers have been the most outstand-
ans feature of the Industrial situation
In the first few weeks OF 1922. While
in general the business situation has
been marked by slow recovery in some
lines of industry and by prospects
iur relief deferred in others, the out
lCok in the agricultural sections OF the
country has been frightened by the
sharp rise In prices for grain and live
stock, says the Guaranty Trust Com
pany OF New York.
More than $4,000 900 was saved and
deposited IN banks by American school
children during the school year Of
le20-2l. against S2.SOO.OO0 in preceding
year. and the number OF depositors IN.
creased from s62 900 70 sO2 600 In
schools having a total enrolment ii
the two years. respectively. OF l.Ol5..
600 and 1929 900 according 20 IN,
American Bankers Association.
feb
and believe we are fast getting bacl
20 normal, and Europe is improvin.
faster than most people believe" sal,
=. Ogden Armour. back from a ten
day trip through the east.
Various railroads are conferrin,
with their bankers concerning hnanc
Ing, both for refuneing and new cap
ital. and are finding "A ready and co
operative spirit. with general expres
sion OF opinion that the money an,
Investment markets are in condition
20 take new securities readily Tn
New York Central. as a chief railroa
system. Is about 10 lead of in big wa
IN present financing. II is probabl
that an issue OF It's securities will b
offered next week. The company ha
about s12. .OOO. 900 OF subsidiary maturi
ties this year and owes the governmen
20 substantial amount. II also want
additional capital.
For year ended December 81, 1872
Phillips Petroleum Co. reports ne
earnings before depletion and depre
citation. OF s3.s47 .e3s. After paymer
of dividends amounting 20 s329.Ss
there was a balance OF s3,6lS.OS6 car
ried 20 surplus.
Consolidated balance sheet OF PHILIP
Petroleum Co. as OF December 3
1921. follows:
Assets: Plant and investments $50
s2T bsS. accounts receivable sl.0l6.14
notes and acceptances receivable s195
.s6 inventories s3.560.619, deferre
charges and other assets ss15.s1s. to
"a s44 si5,2l5.