Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-01-26
QUIET MARKET
IN PHILADELPHIA;
CALL MONEY EASIER
Financial District Interested
in Liquidation of Interna-
tional Smokeless Powder
Company.

There was little to be said OF the trad
Ing on the Philadelphia Stock Exchange
during the greater part Of today's ses-
sion. Both New York and local stocks
displayed a hesltatlng tendency until the
hnal hour when United States Steel led
slight upward swing. Cambria
Steel was heavy for time. but
encountered support at the lower level.
Announcement OF O change in the oper-
atng management may have had sorne-
thing TO do with the early selling. United
Gas Improvement and Northern Central
weakened slightly. while Lake Superior,
philadelphia Company preferred and
Union Traction all sold at their minimum
prices Keystone Telephone issues made
no response to the annual report, snow
Ing 1874 per cent, earned on the preferred
stock, against 15.5 per cent. in 1918
Accumulated dividends exceed 60 per cent.
Bids for Rapid Transit found little stock
Offering at going quotations. 1t ls under
stood that the gross receipts of the COM
pany are running almost 5000 a day ahead
of last year at this time. Lehigh Nnvi-
CATION failed to respond to the report of
earnings OF the Lehlgh and New Eng
land, which showed an increase OF no
less than 1891, ,865 for the FIVE months ended
November 30. The net operating income
Increased s2o3,750 to $5So959. These gains
are particularly opportune In view OF the
recent talk of n possible reduction in the
Lehigh Navigation dividend.
The Street was very much interested
in the news that the International Smoke
less Powder and Chemical Company was
to be placed in liquidation. There has
been heavy speculation in the powder
stocks both here and in New York, as
well as in Wilmington and the various
Issues have scored astonishing advances
since the war began. Smokeless shares
are now quoted above 30 and du Pont
preferred around S0
The du Pont de Nemours Company
owns a two-thirds majority OF du Pont
international stock which controls the
international Smokeless Company. and
the Inter has a contract, II is
understood, to obtain 2S per cent.
of the smokeless powder business In
normal times this was regarded as an
equitable arrangement, but with every
mill working night and day and unable
to supply the demand, the International
Company has been making enormous
profits. 1t is said. which the de Nemours
people are inclined to regard as being
diverted from the parent concern. 1t is
understood that the du Pont International
Powder Company preferred stock will not
be disturbed, but the bonds may be re-
tired. There is a clause which permits of
their being called at 105. Recently they
have advanced from around 90 to g71t,
and were bid for at that price today.
1t was learned today that some financial
institutions have been recently lending
money on call as low as per cent, but
with the understanding that the loans
may run for some little time unless bust
ness and monetary conditions change
radically. The official rate, however. re-
mains at AZ per cent incidentally 1t is
understood that the amount of emer.
gency currency outstanding by the ma
tional banks of this city has been re-
duced to less than $4,000.