Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-02-16
CAMBRIA SCRIP ACTIVE.
PARK TRACTION WEAK
Suggestion to Exchange United
Water and Light Notes for
Bonds.

The trading In bonds largely over
shadowed transactions in stocks through
out the greater portion Of the session on
the Philadelphia EXCHANGE today. city
Is sold at 1O1, a block Of $4,000 being
taken at that figure. Cambria steel scrip
OF 1917 was also active. advancing across
96, and various other issues of high grade
were In demand.
In the afternoon Cambria Scrip got
up to Va, some $4,000 worth changing
hands. Philadelphia Company Scrip of
1918 sold at 80 whereas that OF 1915
brought 81.
Except for United States Steel there
was little doing In stocks during the
morning Philadelphia Electric ruled Arm,
whereas the fractions remained heavy.
There was a disposition to belitte the
January Rapid Transit report, but In
conservative circles II was regarded as
decidedly encouraging, showing that the
management had assumed firm grasp
of the problem of operating expenses.
The same interests bought Rapid Tran.
sit & .aY who acquired large block OF
the stock few weeks ago. A five-point
drop In Pennsylvania Salt came as
result of removing the minimum limit.
Fairmount Park Transportation fell to
a new low record at 4. A meeting was
held this afternoon to discuss plans for
reorganization.
1t was generally expected that the plan
would be declared operative. Time fot
deposlting the stock was extended until
the end OF the week
United Gas Improvement shares were
not affected by the statement of Presl'
dent Bodine that, in order to meet the
Views of the United States Department of
Justice. the company will reorganize the
corporate control of its street lighting
business In various cities throughout the
country. 1t is understood the only crit-
cism was directed against some OF the
business methods used in tEt ast by some
of tho street lighting companies controlled
by the United Light and Heating Com
pany, In which latter concern the United
Gas Improvement Company is a large
stockholder None of the Governments
recent criticisms were directed against the
Welsbach Street Lighting Company, but
the latter will be affected with the other
companies In the reorganization.
An echo of the failure Of j. S. and 8.
w. Kuhn has cropped UP this week in
the shape Of circular from a number
of large holders of United Water and
Light Company per cent. notes. urging
their exchange par for par for collateral
trust per cent. gold bonds of the Amer
lean Water Works and Electric Company,
q concern formed from the reorganiza-
ton of the failed American Water Works
and Guarantee Company. There are
NHIf,0W united water notes, largely held
in Philadelphia. The collateral behind
them consists of second and third mort
gage bonds of various concerns through
out the country. The circular states that
the interest received from the pledged
securities is sufficient, so long as no de-
faults take place. TO provide funds to
pay the interest on the notes, but these
mature serially from 1914 TO 1925, and
the United Water and Light Company
has mn means of meeting the principal
except by sale of collateral, which would
be impossible except at a heavy loss
Under the circumstances. 1t Is urged
that the American Water Works and
Electric Company is in a better position
to protect tine properties involved than
committees could by foreclosures and
receiverships.