Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-28
REVEl|EDACI|VE 8
DE:MANDF|ORP. R.I.
Philadelphia National Bark n.
crsasss Dividend 70 20 Per
y Cent Per Annum

While number Of strong spots de.
vcloped In today's local market the
overshadowing feature was the revival
Of actives trading in the shares of the
philadelphia Rapid Transit stock. The
dealings were especially heavy during
the nrst half hour; In fact, approx.
mate!y 1000 shares changed hands in
the hrst few minutes, including several
large block. which with suose.
within V Of the high record price
z natural outcome Of the recent quiet
evidently had for its. basis confidence
N the Mitten management carrying out
the promised dividend policy.
There was also renewed activity and
strength in the American Stores shares
which gave strength to the belief Of an,
increase In Che common dividend rate,
which in turn would make the proposed
conversion Of the preferred shares more
attractive. The demand, with a scant
supply Of stock. resulted In Aasspirited
N the wsSn o1s' SI 9irs: rsosS tS
price, The first preferred at the same
time rose 3 points to 1872, while the
second preferred on small dealings ran
up a point to $780,
Dealings in Philadelphia Electric
slackened to some extent but the stock
was firmly sustained at the top price
20&. On the other hand, the bonds
showed reactionary tendency. which
confirmed tho deductions that the recent
splurge in the stock war part Of the
window dressing program for the forth
coming new financing. Interests sui
posed to be In close touch with the man.
asement were. quite positive in their
statements today that an increase in
the common dividend to 8 per cent was
part Of the market program. This in
crease, 1t was said, will be made at the
June meeting.
Pennsylvania Railroad was another
firm feature, selling up to 38N. equal.
Ing the high price Of the year. The
February statement fulfilled all the re.
cent predictions and showed a gross in
come Of $37 $50 600 for the month. q
decrease Of S147 1916 compared with the
corresponding month last year, when
the total was $37 500, ,075. Net revenue
from railway operations, however. made
a favorable showing compared with last
in 1920 there was deficit of $2G4, TAT.
The favorable showing In net was
mainly due to n reduction Of 81, 1853 $50
in transportation expenses, n decrease
Of 81 .266, OH in maintenance of way
and structure expenses and decrease
Of So, 424 .316 in maintenance of equip
ment. The net railway operating in.
come, after taxes. amounted to SG,304,.
100. compared with deficit Of 81 ,S31,
34S In 1920.
The Philadelphia National Bank di,
rectors, in declaring q quarterly .divi-
dend Of 5 per cent, placed the stock
of that institution on 20 per cent per
annum basis. This came in for more
attention because of the increase in the
capital stock during the last three
years. Since November, 1910, the
bank has paid dividends at the rate
of 16 per cent, and since it's incorpo.
to amount Of $1O, ,s1S. 100. On August
1, 1918, the capital was increased from
81 500. 900 to $4,000, 600 by the issue
Of $1,000 additional shares at $500 a
share. The rights to subscribe to this
new issue sold as high as 1921. In
February, 1920. the capital was in.
creased to 5000 900, by the issue Of
2O,GoO additional shares at $500 q
share and the rights to subscribe to
this additional stock sold as high as
STA. - .,.'