Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-06-30
SMALL DEALINGS
IN LOCAL SHARES
Vide Distribution of U. S.
Steel Con1non-LittLe Stock
on Brokers' Books

Because Of the continued mandatory
injunction against unessential credits
the business on the local market con
tinued at low ebb. Dealings were still
OF the same perfunctory character as
observed in the preceding sessions. Like
the larger market the tone could be de
scribed as firmer. At least, prices stood
up better and the supply and demand
apparently were more equally balanced
In view OF the wide publicity which
mad been given to the proposed issue of
new preferred stock by the Philadelnbia
Electric Co.. the Official announcement
was accordingly received with com :
plete Indifference. As in the case Of the
L. G. l. Co. the issue is to be under :
written, and unless money conditions
change materially, the underwriters
will be called upon to take up the big :
gest share of the issue. This, however.
does not belittle the intrinsic value OF
the new stock any more than it did for
the Y. G. I. stock.
About the only price variation OF con
sequence was furnished by Electric
Storage Battery, which, after dipping to
III. was run up to 1897 on small
transactions. Philadelphia Rapid Tran =
sit and the underlying street railway
companies were unaffected by fare ad =
Justment controversy. American Stores
recovered part Of the recent recession.
l,ennsylyania Railroad was frmer on
the funk strike Of the shopmen.
More than ordinary interest il at
tached to the figures compiled by the
United States Steel Corporation at the
close Of the books for the June disburSe
ments, which showed there were then
81 300 holders Of the common stock
the widest distribution Of the stock ever
recorded. The June disbursements lass
year was paid 10 74,07l holders of the
stock, gain Of IS per cent.
Specifically this would seem to carrv
no specis Significance, but really is
very illuminating by reason of an inter
esting investigation recently instituted
by a prominent commission house. Less
than a month ago they made n careful
canvass among the leading houses in
New York. and other larger cities Ia
ascertain the amount Of Little Steel
that was being carried on the books OF
the leading brokers.
The movement was prompted bv the
discovery of the senior member OF the
firm of the house in question that NOT
single share Of the stock was being
carried on the books. whereas less than
six months ago, when the stock was
selling 20 points higher. the same house
was carrying close to 200, 900 shares.
The investigation disclosed that seven
out of ten prominent New York wire
houses were not carrying a single share,
while the percentage Of the other promi
nent houses was the lowest since the
organization of the big steel trust.
The writer of this column upon the
request Of the same house made sim
liar investigation among the principal
commission houses in this city and met
with the same astonishing results. Five
Of the more active houses, II was found
were carrying less than 1000 shares
and one OF the most active houses had
onlv 300 shares on Its books.
The question therefore arises. who
has the stock? Judging from the re
cent relatively steadiness of the stock
Il is to be assumed it Is in strons
hands. The house which started thC
investigation promises at any early date
/, to issue an interesting letter on the
subject, which may have great dea
-saiusx,al lnAlapipg the 4ture move,
-. - sd