Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-06-08
CRAMP SHIPBULDING
CENTRE OF ACTIVITY
Story That Bethlehem Might
Lease Plant Sent Stock Sky
ward-Reacted Later.

Inc sensational gyrations Of Cramps
Shipbuildng shares overshadowed all else
on the Philadelphia Stock Exchange to-
day. The initial jump came in response
10 the story that the Bethlehem Steel
Company was negotiating for a lease OF
some of the company's plant, which was
confirmed in part by Cramp officials. but
denied by Charles NJ Schwab New
YORK and Boston houses were the chief
buyers of the stock of late and also
today, and the Inference was that the
United Fruit and Atlantic Gulf and West
lholes steamship Companies might be in
volved In the deal
AS to the terms Of the lease, II It is ar
ranged, one mans guess is as good as
another's Those who buy Cramp shares
now are merely gambling on what is to
turn up. The price is at the highest point
since some years before the Drexels took
over the company from the old Cramp
management, but earnings are understood
to be running above 10 per cent. on the
stock, the par value of which is 500, so
that there is ample room for further i'm
provement If dividends are to be re-
stored. At one time II paid as high as Is
per cent. per annum. The stock used 10
sell around and above 70 Today It opened
at AZ. against 46ls, last nights close. and
rushed up by half-polnt leaps to above
54 before profit-taking sales checked the
rise. Meantime Bethlehem Steel was
bounding upward in Wall Street
A published denial by Charles M.
Schwab that any negotiations were in
progress between Bethlehem and Cramps
was followed by n quick reaction in the
latter stock In the afternoon, tho price
falling back nearly five points from the
morning high level One interesting de-
velopment was the withdrawal of block
of 5000 shares. which had been listed 90
be sold at public auction tomorrow.
Another strong and re feature was
Lake Superior, which r. above 9 after
opening at s. The incomes jumped 2Ik
points. United States steel and other
usual leaders did very little. Keystone
Telephone made no response to the May
report Of earnings, which showed a gain
of S2IS in gross and S23si in net The
surplus was S32375, an increase of s16TI,
For the five months the surplus was
$14S, ,99i, an increase of S239O over the
corresponding period last year.
The vetoing of the bill introduced at
to enable street railway COM
panes to operate jitney services IL they |
so desired failed to affect the local trac-
ton securities. In fact Union Traction |
scored a slight fractional advance. and |
Philadelphia Traction rose point on an |
odd lot purchase. There was a drop of a |
dollar in York Railways, while Philade- |
phia Company cumulative preferred rose
a similar amount. Pennsylvania Salt |
eased off after announcement was made
that note issue was to be sold to fund
certain debts.
The stock transfer tax bill became a
law in this State today with the afxing
Of the Governors signature to the Will
son House bill imposing a tax of two
cents on each 500 face value on all stock
transfers. Whether this will have a re-
strictive effect upon the volume of bus
mess on the local exchange remains to
be seen. When markets are active with
wide fluctuations, as for instance occurred
here today, traders care little about the
additional charge but in dull times they
are more apt to count their pennies A
transfer tax has been in force in New
York for some time and does not appear
% have materially checked the volume
Of sales.