Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-05-12
CRAMP SHARES SOAR
ON TALK OF BIG NAVY
Traction Stocks Advanced.
Heavy Trading in u. s. Steel.
Sharp Rise in Baldwin.

Comparative quiet reEned on the
Philadelphia Exchange today, but the
undertone was strong until near the close
when the reaction In New York made
Itself felt here During the morning ad-
vancos of about point were established
In General Asphalt preferred, Philadelphia
Company and Cambria Steel on small
transactions United States Steel, as
usual, dominated the list, following It's
Wall street trend Tho Keystone Tele-
phone issues still failed to respond to
the paying up Of part Of the accumulated
preferred dividend, Up to November,
| 1913 when the first regular semiannual
| dividend Of per cent. was declared on
the companys Sl.936S5O outstanding pre-
ferred stock, the unpaid accumulated
I preferred dividends amounted to 63 per
cent. or S3l5O per share, the par value
of the stock being $50. The declaration
made yesterday amounts to 81 per share.
and reduces the amount of unpaid aC-
cumulated divends to S3O50 per share.
a 3a-point jump in Baldwin Locomotive o
followed a statement by the company
showing increased employment Of men at
its plants while Cramp Shubuilding
shares advanced from 27 to 30 on unusu-
ally active trading. This movement. Of
course was in response to tho general
clamor for a greater navy. At the be-
ginning OF the week the stock was quoted
~ NlNlt ~ dShPu DNdTu OF II llNuSNuu
shares changed hands today.
The city solicitor Interpretation Of the
1907 traction agreement to mean that
the Rapid Transit is not entitled to
three months option before the city can
proceed with the construction of the
Broad street subway and the Frankford
IL" appears to favoiably affect the trac-
tion issues Rapid Transit trust GER
tihcates rose from 5 to ., and Union
Traction advanced over a point also
Both reacted later The defeat OF the
jitney regulation bill In Boston may have
had some sentimental effect.
Bankers arc much impressed with the
continued ease of the money market de-
spite the international crisis They at
tribute the remarkable feeling of CONT
denCe to the working of the new Federal
Reserve Bank eystem Prior to putting
this In force such developments as those
of the last few days would have caused
a serious urry in rates they assert Yet
after the Lusitana disaster time money
only stifened about y of 1 per cent and
call funds remained unaltered. There was
slightly trmer tone to commercial
paper today That which sold last week
at 3lI to 3l2 per cent. is now quoted
around I per cent Another odd feature
OF tho situation is the comparative scare
itf of new collateral loans. uotwithStand-
i'" ih" poe 'ivity Inv the stock market The
~" N''''h S'euil''S arrangement 10 40
in - '..,.l un tnc lNIh instant is also
regarded with much favor, as it should do
away to a great extent with the old draft
system
AS the Philadelphia Federal Reserve
Bank is in the position Of being a credito,
to the other similar institutions in the
system. 1t will not he necessary for the
local institution to deposit more than the
$LOOO,UOJ minimum required to he de-
posted in gold with the United States
Treasury by each Reserve Bank.