Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-07-27
BALDWIN LOCOMOTIVE
AT NEW HIGH RECORD
General Local Market Firm.
Pennsylvania Steel Rallied
After Three Point Decline.

Except for the customary new high
record for Baldwin Locomotive stock the
Philadelphia Market presented no par
ticular features today. The general tone,
however, was distinctly firm. one con-
crete explanation for the recent strength
In Pennsylvania Steel shares came out to-
day when 1t became known that the com
pany had been the lowest bidder on 1900
tons of steel required for pier at the
Panama Canal. That the business of all
the steel companies is steadily and rapidly
expanding is sufficient reason for the rise
OF the market value of their securities
without the necessity OF spreading the
wild rumOrs of deals, etc, so frequently
coupling up of late. Cambria Steel
Cramp Shipbuildlng and United States
Steel were all in demand on the local
eXchanke, but proit-talSing caused a
slump in Pennsylvania Steel, which fell
off points on light offerings. Incl
dentally n lot or % shares owned by n. H.
Crages was sold by order OF receiver at
auction, along with other securities at
CITY hRll tins morning. The price was
Il, the low point for the day. 1t scored
a complete recovery on Change at @
before the close.
keystone Watch Case changed hands
at 75 and so, while Baldwin Locomotive
preferred advanced over a point in the
last hour. Philadelphia Traction moved
up from 7OS to r.
The other fractions remained inactive,
Notwithstanding the publication of the
Rapid Transit annual report THIS
showed that by careful management and
pairing down OF expenses wherever pos
sible, the company had been able to show
a profit available for fixed charges, etc,
OF S996G, Ia, or $0606 more than the pre-
vious year, but. unfortunately, fixed
charges expanded S9S,131 over the pre-
vIous year. They are now S94s, 500 greater
than when the Stotesbury management
took charge of the company. The sur
plus for the year was s221.7Oi, which,
when compared with that Of the Brook
yn Rapid Transit Company, whose an
nual report also came out today, is not
especially encouraging. The Brooklyn
surplus was Sj,5l2, 56l an increase of $780,
$50 over 1911, whereas the local companys
surplus decreased ssS.53l Nevertheless.
BrooSlyn's savings would have shown a
decrease, too, had 1t not been for the
inclusion of the returns of a newly pur-
chased line.
Both concerns were naturally affected
by the poor general business conditions.
but the jltneys have by no means be-
come such a competitor of the Brooklyn
company as they have here with the
local traction system. Yesterday the
Pennsylvania Public Service Commission
the city of Philadelphia, represented by
Transit Director Taylor and City So
licitor Ryan. for certificate of public
convenience, which is necessary before
the city can proceed with the construc-
tion of the proposed Broad street sub
way and Frankford elevated line. At the
close of the hearing Acting Chairman
Pennypacker directed all parties inter-
ested to file briefs by August g.
A slight stiffening of rates on collateral
loans is noted this week In the local
money market. The average interest
rates on six months loans on collateral,
3h to 3& per cent, are now shade
higher than the average rates for dis
counting commercial paper, This is at
tributed to the fact that banks are will
ing to use their funds in buying paper
at the lower rates because of the pri-
vilege of rediscounting il at the Federal
Reserve Bank, whereas collateral loans
are not so liquid. The standard collateral
required on time loans Is about 60 per
cent rails and 40 per cent. industriais,
with a margin of about 20 per cent. ex-
cept In the so-called war stocks. when In
some cases as high as 50 per cent. margin
is being required.