Every evening, Wilmington daily commercial., 1922-11-22
FINANCIAL NOTES.

Progress continues 10 he made month
by month toward better business in the
shoe and leather industry. reports the
First Nationsl Bank of Boston Raw
materials still hold the position Of power
and the tanners declare il "a matter Of
great difficulty TO make a new dollar
out OF an old one. Shoe manufacturers.
especially in New England. complain Of
opposite toward advancing costs in
footwear, and in consequence of these ac-
cumulated factors there has been a lull in
the demand for hides during the last
month.
seven OF the Standard Oil comnanics
last week declared extra cash dividends
as follows; New Ior% Transit Co, $50
per share; Buckeye Pipe Line. Co. s25:
Indiana Pipe Line Co. $50. Northern Pine
Line Co. SIS; Standard oil Co of Ne
braska, $40: Solar Refining Co, 50. and
Standard oil Co. of kansas. So per share
Orders for lumber in the United states
incres sed week by week during the fnur
weeks ended November / J. as reported nv
the National Lumber Manufacturers
Association, and also exceeded the shin
ments considerably. During the same
period there was progressive decrease in
the cut, which has been in excess of both
shipments and orders
the standard Oil Co. of New Jersey has
been awarded a contract to supply 10
Wn. 1000 barrels of fuel oil to the Shipping
board at Atlantic and gulf ports. deliveries
extending until December 81. 1928 The
PRICES range from 81 30 a barrel terminal
delivery at Galveston and Port Arthur
Ia 81 .51t2 barrel terminal delivery in
New \ orK. an advance of about so cent sa
barrel over the last previous prices
Fuel oil situation never was as strong
as at present. with prices about so cents
barrel higher than at first Of the wear
Consumption IN 1922 will exceed any
previous year, a. will production
Next dividend on American Telephone
Telegraph VIII be paid January Is. to
tnose VINO nave the stock December 20
The usual distribution of 81 % a share
VIII he made.
The Public Service Electric Company
OF New Jersey will reduce its rate 10
househoiderS nearly 10 cpr cent and its
rate 10 power users almost 3 per cent.
This will cut the company : annual revenue
between 81 800 600 and Sl,75U 900
Announcement Of the plan OF the Penn
sylVanIa Railroad TO enter into an eX-
pans;on program around PittSburg ncceS.
stating the expenditure Of StoO. 900. 900
folit.?ed as i was by the statement that
the srisco will build 1873 miles OF new road
IN Oklahoma, was decidedly cheerful
information.
Great improvement in earning power
anu financial position of public utility
companies throuChout the United states
the last year has enabled many com.
panies to reorganlZe. with the result that
there has been a substantial decrease in
utility bonds in default of interest Pres
ent total of such bonds is S3G3 -, IA 100
against sf7O.u39. 900 in November. 1921
and S494 .S5S 900 in November. 1920
The shop strike cost the Baitimor,
and Ohio between SIG. 1000 900 and ST..
600 900 estimates President Willard
He places the net operating income of IN,
road at 5000 900 for October witt
the charging off in the September report
of all the expenses of the strike, tn,
outlook. he declares. is bright
Reports that Bethlehem Steel Corpo
ration was dickering for the ACQUISITION
Of Nidvale Steel and Ordnance Compan,
and that in the event of a merger th,
basis of exchange would be somethins
like two shares of Alidvae for one shart
Of Bethlehem were heard in Wall Street
deSpite the denial by Eugene q. Grace,
resident Of Bethlehem. a few weeks ago