Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-09-10
STOCKS SLIPPED OFF
AFTER MORNING RISE
Lake Superior Heavily Bought
: at Advancing Prices-Cam-
bria Steel Erratic

After ruling strong throughout most OF
the day. local stocks reacted all around
when prices began to weaken In wall
street this afternoon. Electric Storage
Battery, which had been firm feature
fell back nearly points below Thurs
days closing quotation. and Cambria
Steel. another strong spot during the
morning, also lost about n point. United
States Steel fell back sharply, and even
Lake Superior, which had been leader
on the upswing at the outset, had its
advance cut in half. Offerings in most
of these issues we're not notably large
on the decline.
AS already stated, Lake Superior as
sumed a leading position in the trading at
the start after having lain dormant for
some time. War orders were, as usual
the stimulating Influence, and the stock
advanced easily, crossing II, the highest
quotation in long while. Some I0Oo
shares changed hands by o'clock the
buying being partly for foreign account
The days total sales were about 10000
shares. It was said the Canadian Cow
eminent might help to finance extensions
to the company's plants for the purpose
of making war material.
Cambria Steel continued active but
erratic and did not succeed in surprassing
Yesterdays top figure. The street Is
busy figuring out what is going TO nap
pen to the company II, as is believed by
many the Frick-Donner option has peen
exercised and the stock is no longer
subject to Pennsylvania Railroad control
Steel men of standing assert that the
possibilities of Cambra's development
are almost unlimited. Pennsylvania
Steel preferred moved up fractionaly.
1t became known today that the Au-
gust production of the Pennsylvania
Steel Company's merchant mill depart
ment broke all records for single
month. The mills are operating at capac-
4 81. NNAVfN NlNoFs
production will even eclipse the August
figures.
Another strong, spot during the morning
was Electric Storage Battery, concerning
which some very optimistic talk was
heard. Demand for Philadelphia Electric
was persistent and considerable amount
of stock was absorbed at 20 Rapid Tran
sit, too, was active and firm, and SO was
United Gas Improvement, as well as
Philadelphia Company. The latter was
aided by encouraging estimates or
earnings of the United Railway Invest
ment Company. An income account has
been prepared for the year ending March
81, 1916, based on actual earnings TO
date, which shows that from the equity
in the Philadelphia company and its sub
ordinates, etc, the United Railways In
vestment would earn more than per
| cent. on it's stock for the year, compared
! with 2.2 per cent last year. This does
not take into account the annual sur
| plus of the United Railroads of San
| Francisco.
With regard to the recent outburst OF
| activity in Electric Storage Battery
| shares it is worthy of note that electrical
! companies report the demand for many
! classes of batteries in, this country Is
| greater than at any time in years, owing
| to the war Inquiries are particularly
! heavy for batteries for auto truck igni-
ton and starting purposes as well as for
wireless and field signal stations and
| searchlights.