Every evening, Wilmington daily commercial., 1922-01-26
FINANCIAL NOTES.

The tinted states steer WI f'i"
ton viii resume operations in its
rail mill at the big Gary plant Janu-
nrv so with orders in hand sufficient
20 run n for three months.
Tho full-crew act adds 100000
vearlv 20 the cost OF operating trains
An tho state % New York under mini
mum, traffic movement and 100000
under maximum traffic, according TO
the Association OF Railway ENecu-
tivcs
The Illinois Central Railroad has
ordered 90 GOO tons OF rails and the
Rock Island system Is about 20 con-
tract FOR $4,000 tons. Considerable
to,.narcs ~ steel plates and shapes
are being placed on account OF the
orders which railroads have given and
are placing not only for new cars, but
Cor heavy repairs to equipment.
Automotive Industries: The big
post sob M present IL 20 convince
irrespective purchasers that they can
save little money by dcferring pur-
chascs BY Gar the largest proper
ton Of the live prospects now are
owners Of automobiles. and they eX-
noe, 20 trade IN their old cars. In their
case every price cut automatically
reduces used.car values, so they Will
make virtually nothing on any re-
auctions which may come"
Motor truck business 81 Packard
Motor Car co. o. New York. the local
sales subsidiary 81 the parent com
pnny az Detroit. IL showing marked
Improvement.
sales FOR tho last three months Of
1921 practically doubled 1920 sales COR
Tho corresponding period. December,
1891. sales show an increase Of more
than 100 per cent over those OF De-
ccmbcr, 1880
A report which wan street has
heard In connection with the sensa-
,ional rise of the Electric Storage
Battery Company's shares in the last
fortnight a that iis directors are
planning 60 split up its present stock
on n three FOR one basis and put us
new stock on a S. annual dividend.
Tho Baldwin Locomotive Works is
reported 60 be operating on a two
dnv-a-wvk schedule, with day and
nirht shifts. Shopmen have been
working three do, a week. but when
orders were caught up with other
dcpar,ments q became necessary &c
reduce operations OF cut the force. and
tho first step was decided upon.
Much % the present bullishness IN
the street A. based on the underlying
belief that 1922 wall usher In a grea'
era ~ mergers, ana combinations
Thus FAR the most definite talk alonl
fhla line has been based on prOha bill
ties ~ consolidation among the inde
penaant steel operators. New the gos
alp has spread 90 the coppers, ant
there has hoen a recurrence Of posi-
bic combinations, including Kennecott
tftah. Chile, Hraden and Nevada II
on. group and another that woul'
take Al Anaconda, Inspiration, Mag
ma. Calumet and one or two othe
companies.
Tho directors OF the pennsylvani'
Railroad declared yesterday a quarter
~ dividend % ] per cent payabl
February 2s % its share owners O
record on February 1. The paynen
maintains the annual rate OF I pc
cent on its stock. 20 which IL was re
ducod from per cent last Apr
Continuation ~ the lower rate decid
formed with expectations which ha
been formed On the financial com
munity.
Henry Ford places a valuation Z
tioo 100000 on the land. plants an
inventories OF his various enterprise
Ia the United States and abroad. II
has ave manufacturing plants In thl
country and one each IN Canada. Ems
land and Ireland. In addition there an
twenty assembling branches an
eight service stations IN the Unite
states and ten assembling branchs
and eight service stations IN foreig
countries.
Tho steel industry will find food Z,
thought. not less than interest. IN n
cloec accord which has come 20 ext.
between the Arrangements OF n
United states Steel Corporation an
the Bethlehem steel Corporate
which IL tho largest OF all the ind
psndcnts. This took strong life son
weeks ago after Charles NJ. Schwa
at the ecmiannual banquet OF Il
American Iron and Steel Associatio
puhNgly urged that the industi
should look 20 the wisdom and acce
tho leadership Of Judge u. ii. Gary.