Every evening, Wilmington daily commercial., 1922-02-18
FINANCIAL NOTES.

use" by railroads thru one central
agency under railway auspices was
filed with the Interstate commerce
commission by 8. Davies Warfleld,
president OF the National Association
OF Owners OF Railroad Securities.
| Harrison, Smith q Co. announced
that $7.oo0,oo0 OF the slo.2s4.3oo Ralti-
moro and Ohio per cent equipment
notes offered by the syndicate Of which
they were Philadelphia members had
been sold.
Loading OF revenue freight aggre-
gated 753.SS6 cars during week ended
February 4. against 743.72s during
previous week. and represented n gain
OF 54,16S cars over corresponding week
In 1921.
Net earnings OF &5.35s,1s5 were re-
ported by tho San Francisco Federal
Reserve bank In 1921, against s1o,-
2S2,s92 In 1920 and s555b.eS5 in 1913.
The bank paid ss,2sO.si5 as a franchise
tax to the government.
| Net railway operating income OF
i1S9 out of 20l class / railroads for
December was S42,652.3as, against Sl0,-
410.404 for same month in 1920. Total
operating revenues were s392,1is,7S3,
against s5o7.427.35s.
Reserve ratio of the Philadelphia
Federal Reserve Bank as OF February
IS was 7o.7 per cent, against 1913 per
cent in previous week. Ratios for all
federal reserve banks was 76,4 per
cent. against T61.
Better buying OF iron and steel,
says the Iron Trade Review. "is being
sustained, and tho weeks records or
new business and mill operations
further point to reviving demand of
a fairly general character. The main
stays of the situation remain the
heavier volume of railroad buying and
OF building work. Tho the farming I'M
plements situation Ia improving, fu-
ture manufacturing programs, as a
rule, remain under close check"
Increased activity is shown in the
building trade, according to r. G.
Dun & Co. The last week there Were
started SAG operations. aggregatine
an estimated cost of s1.I1s,20s. The
corresponding week of 1921 there were
l44 operations. costing S26o.e1o. In
dications are still favorable for large
volume OF business IN this line the
coming spring.
A high official of Dodge Brothers Is
reported az s,ating In Detroit that the
sale of the plant to Henry Ford is not
contemplated. NJ II. Forbes, vice
president and general manager Of the
, Plerce-Arrow Motor Company, said in
buffalo there is absolutely no foun-
dation for a i-umor that Henry Ford Il
buying control OF the Pieqce-Arrow Co
The Northern Pacific is inquiring fol
500 refrigerator cars OF seventy tor
; capacity, the Chicago, Milwaukee and
st. Paul for 1000 or moro forty tor
box cars and the Burlington for 500
( automobile cars.
The Engineering and Miping Jour
nal says: Conditions IN the loca
( metal market are virtually unchanged
: tho there is feeling about that coppe
{ may show a stronger tendency an,
day. and there was less tendency Z
: cut prices. Tin Is somewhat weaker
particularly in London, but lead ant
= zinc are holding up well at curren
{ quotations"
Operations Of steel mills have I'm
: proved slightly, following the broaden
ing scale OF purchases last week. bu
: fresh buying has fallen of somewhat
as is characteristic of the alienation
{ OF q replenishment market. Both con
4 suners and Jobbers are freer buyer:
4, but only for immediate needs. tn
: weeks bookings have relatively fey
/. items of large tonnage says the Iro
Age.
Net profits OF the United State
Rubber Company in 1921 were onl,
/. s470.s17, after inventory write-ofi
Drastic reductions Of inventories ant
other charges reduced the accumulat
: ed surplus s17.2ss.747 10 s3o,oS1,6SS.
The Railway Age shows that unde
government opera ton in 1919 tn
average number OF man employed b.
the railways was 1,e13.422. while il
: the ten months ending with October
1921, the average number Of men EN-
plyoed was only 1.656.615 or 256.s0
: fewer. 1t SAYS that In these ten months
= of private operation the railway
( rendered more passenger train ser
vice than in 1919 and handled only !,
. per cent less freight traffic. and ye
= employed 1914 per cent fewer men.
: THE strength in the stock market,
i say West & Co.. "and it's refusal {
decline materially, notwithstandin
the menace OF bonus btll lobbying an
6 proposed Legislation. is impressive. an
rather leads 10 the conclusion that
IS shaping for better prices. Most {
the wreckage Is now behind US an
a