Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-12
LOCAL movement
= MORE IRREGULAR
Standard Steel Co., Owned by
Baldwin Locomotive, De-
cIares Stock Dividend

There was unusual irregularity IN
price movement In the local market con.
sidering curtailment Of operations. At
the same time the market was fairly
broad, or at least the dealings were un-
commonly varied. This was partly due
to generous influx Of orders IN the So
called New York stocks. The market.
however, for the local stocks suffered In
consequence and was more or less mar
row. This accounted for the recessiOns
sustained by some of the more popular
issues.
The General Asphalt shares Continued
to hold the limelight, scoring further
substantial advances and carrying both
stocks to new high levels for the year.
The movement lacked local coloring. but
considerable part of the trading from
oil reports emanated from this city.
Direct explanation for the movement
was still lacking and upon close an.
alysis had all the fingerprints Of adroit
pool manipulation. The spectacle Of
the fast mounting prices, together with
the confident predictions Of much higher
prices and the chances Of the shares
being made the speculative leaders Of
the oil group was too much temptation
for the speculative contingent to resist.
One of the more conspicuous out
standing features of the local list was
the renewed heaviness Of y. II. T.,
which under pressure dipped below 80
to 32a4.. The selling had all iitdica.
tions of liquidation Of a stale or tired
speculative account. None of the un-
derlying shares was affected. Mixed
movement prevailed in the other utili-
ties. Philadelphia Electric shares and
I. G. !. remained firm. On the other
hand. Philadelphia and Western on
light offerings dropped back to on. or
u under the previous sale. York Rail-
ways common was mp n point to %.
Pennsylvania Railroad was firm and
in fairly active demand above A. Elec-
trio Storage Battery continued to creep
on the other hand. gave ground, yield.
ing to 1881. United Railroads OF New
Jersey made new high record at 200,
| while West Jersey and Senshore sur
rendered u point of yesterdays ad-
vance. Lake Superior had support ut
10. Keystone Watch Case was off 4
points from the previous sale on an
odd lot transaction.
The Street was somewhat surprised
in the announcement of the dcclaratio
Of 100 per cent stock dividend by the
Standard Steel Works Company. all OF
which stock is owned by the Baldwin
Locomotive Works. The company will
increase its capital stock from SO. 1000. :
600 to $G.000.OO0. According to tho
last annual report the company ut the
close of 1921 had n surplus Of S5.644. .
MS, which will be reduced to 81. GA. =
565 by the stock dividend. while capital
account will be increased in like pro-
portion. The balance sheet showed
plant and equipment valued at 80. .45S. :
OIL. while capital stock was $4,000, ,O0l
and bonds outstanding $4,000. 900. II
is understood the increase in capital was
made to make it more fully represcn,
the value Of property.
Gross earnings Of the Keystone TeIe.
phone Company fell off $7540 durinR
June and net earnings were Sl52S
smaller. For the first half Of the year
gross was $42. 1870 less than the core
spending period Of last year. but with
IL reduction Of 800. .1O4 in operating
expenses. the net earnings were $57.
DG5 larger and after interest charges
| the balance showed n gain of Sal DID