Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-09-16
CRAMP AND CAMBRIA
LEAD LOCAL LIST
Steel Active Feature - Read
ing's Poor Year-Discussion
of Allied Bond Sale

A new high record was established in
Cramp shipbuilding shares on the local
exchange during the last hour OF trad
ing this afternoon. when the stock was
rushed Up over points, crossing 50, tho
last previous high level Throushout
most Of the session Cramp was neglected,
failing entirely to continue yesterdays
upward flight, but around 2 o'clock buy
ing orders began TO appear and the stock
became buoyant Meantime, Cambria
steel also was in good demand and adj
vanced substantial fraction. United
States Steel was active, but irregular,
following It's Wall street fluctuations.
The local fractions continued TO attract
certain amount Of attention by reason
OF their hrmness in face Of the uneer-
tainty elsewhere. Tonopah Belmont was
not affected by the August report, which
showed net earnings Of s6S,25 for the
month The usual dividends were de-
clared on Philadelphia Company common
and cumulative preferred shares.
Reading was slightly depressed, al
though In the annual report President
Stotesbury regards as beneficial the re-
cent decision OF the Federal Circuit Court
in the suit for the dissolution OF the
company under the antitrust law. He
says that the decision holds squarely that
the plan OF reorganization adopted In 1905
was an honest attempt to cope with
perplexlng situation and TO save an ex-
ceedingly valuable property. Points OF
difference outstanding. he adds, can be
adily adjusted
Nearly all the decrease shown by the
railway company for the last year was
Offset by cutting expenses, and the cor
pUrate net income was only $4,000 under
the pervious year. The great depression
in the coal business did not prevent the
maintenance of the mines in perfect re-
pair. The Reading Company as whole
showed less than per cent. earned on
the common stock, against about IL per
cent. last year.
Gossip among the Philadelphia broker
age houses today chiefly centred around
the proposed Allied loan. There was
tendency in some quarters to predict that
Il a bond issue without collateral was de-
cided upon the rate of interest would have
TO be above per cent or the maturity
short. 1t was pointed out that the S50,00O,-
600 French loan had fallen recently to
practically a Z per cent. basis and
had been offered at that figure.
Even though British credit were
added, II was averred that the mere fact
that the enemy now occupies French soil
and not that of England by no means
is assurance that the latter might not
be invaded as well. Nevertheless. since
the negotiations have been in progress
the French per cent. notes have shown
a tendency TO improve. Last Monday
they were quoted 9TA at 9Sh, and since
them have moved UP to 9S1a at 9S&
1t is worthy OF note that the German loan
recently placed here has gradually been
rising, until IL is now quoted around 80.
II was stated in wel-informed quarters
however, that this had been receiving
Government support and that it was easy
to hold it up, owing to its small size, only
S10.0OOOOO, and the fact that it natures in
January and will in all probability be
paid off. The street learned today that
the allied loan had been practically ar
ranged, hut details were still lacking.