Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-15
{. X. PLyAIClE[D0N! AIl'[ |
| SPlERc'E:NT !: BASIS
LsMgh Valley Report .showsd
9e.2s Earned on Common
Stock

The placing Of the common stock OF
the Philadelphia Electric Company On
an 3 per cent per annum basis waa the
most interesting news deyelopment. OF
the day from local viewpoint.
Another event equally interesting was
the admission OF the Electric storage
pattery's new no.par common stock TO-
made liz debut on the big board. Both
events had strengthening influence
upon zach Of the respective stoCke.
Philadelphia Electric sold up to @k,
equal to its high for the year. Elec.
tric Storage Battery reached 43N. a
gain Of 1%, and equal to almost 178
Tor the old stock.
Trading in the general list was
broad and active. The Lake Superior
pool dld some strong g.arm work, and
succeeded in raising that epscu!auy
proposition to ilA. The eronnawork
the general improved condition Of
things in the steel industry. The ad-
vance was too much for those having
lprohts to let slide by, and ,realising
sales later brought reaction to 1ON.
About the only excuse which could
be handily offered for the conspicuous
weakness Of r. Z; f., with z decline
Of IN points to 881b, were the state.
ments contained in the pamphlet. L.
sued by Mr.. Mltten. just what there
! no one was capable Of explaining. The
underlying issues were unaffcsted.
Union Traction held at AZ, willie Phil.
adelphia Traction showed gain Of
Dealings u,nt s' elsewhere Ysi were quiet. Penn.
| sylvania Railroad held fairly steady
around Al. American Stores dropped
back to 1101a. Lehish Navigation con.
tinued firm and fractionally higher at
76h. U. G. I. issues remained unneg.
lected. West jersey dropped another
point 10 30 on small offerings.
| The effectiveness Of measures adopted
penses under control is strikingly dem.
onstrated in the annual report Of the
Ilehigh Valley Railroad. The income
for the year was 30, 788, 008, equivalent
to $50 share on the common stock,
as compared with $11.16 share in the
previous year, covering two months Of
Federal control and six months Of Fed.
eral guarantee period.
The Lehish Valley 10 one Of the few
transportation systems thus far which
has reported q greater expenditure for
maintenance Of equipment last year
than in 1920. The increase amounted
1 u
1873. TIT for 1921. Maintenance Of way
and structures, however, was scaled
down from $11 708 .O84 In 1920 to 37,.
7S5, ,611 in 1921. Total operating ex.
penses, the report shows, were reduced
$12, 766, ,O82 during the year.
Under the separate heading General
Remarks to Owners Of Railway Sc.
curities, inclusion Of which marks
somewhat Of an innovation In railroad
pamphlet reports, Mr.. Loomis declared
In connection with the; widespread de.
mand for freight rate reductions that
the only way to restore the purchasing
power and credit Of the carriers was to
permit them to earn q fair return on
their investment. He also drew atten.
tion to the lurking peril Of Government
ownership.
''This should be a matter Of concern
to all and particularly to those whose
business 10 dependent upon adequate
and e6lcient transportation" he said.
Experiences with Government. owned
railroads in other countries, without
exception, has demonstrated the impos.
sibility Of their performing service Of a
character approaching our standards,
and such railroad systems, instead, are
the mere cat's.paw Of politics. with the
burden Of making up deficits In the cost
Of operation falling upon the people IN
the form Of taxation. To meet this
threatened condition requires m atti
tude on the part Of the Government and
the people which will permit American
railroads to establish their credit
that they may be able to finance needed
improvements to their properties"