Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-28
CONTINUED ACTIVE
DEMAND FOR i. G. |.
Lake Superior Showed De-
crease Of $1,211,2e3 in Net
Earnings Last Year

The continued strength and activity
Of Y. g. I. was the stellar attraction
Of the local market. Notwithstanding
the absence of any confirmatory inform
atory information concerning the recent
interesting reports of probable dividend
action the demand for the stock was
relatively urgent. The initial transac,
tion was made at an advance of lMs
points above Saturdays closing, at 5i"s
and not until the. price had touched
55s4 the highest Of the year, was there
any lessening in the demand. This
represents a rise Of SITS n share from
the low price Of the current year ana
a recovery of S26.75 from the extreme
low Of the liquidating movement OF
1920. Although the rapid advance In
vited certain amount of provt- king.
considering the wavering trend OF
the general list the greater part Of the
gain was sustained. Until the late bid
ing when the stock declined to "a Ill
sympathy with the weakness of the
general market. Only few odd lots
Of the preferred stock came out nt 55as.
| which was about equal to the best OF
the year.
Movement of the general market was
mixed and somewhat uncertain, which
was to be expected IN view of the vacil-
! lating character Of the New York mar.
ket and confusion created by the con-
| flicting advices regarding the labor sit
uation. Pennsylvania Railroad was
fed out freely at 46, II point under
last weeks final quotation, but nearly
81 share under the high of the
year. The possibility of transportation
industry once more passing under Gov
ernment control is a situation not alto
gether relished by investors. Un-
doubtedly some who had bought at lower
figures in anticipation of restoration
Of the per cent dividend rate have
decided to transfer to other Invest
ments.
The recent heaviness of the Lake
Superior Corporation issues. the stock
making further descent today to SIS.
found partial explanation in the annual
report published today. This proved
to be more unfavorable than expected.
Net earnings of $3.50 600 were shown.
previous year, decrease of S1.2l1,-
293. After payment of S1,41O.47S divi-
dends and interest, rentals, ETC., on re :
curities Of underlying companies, and
charge of SS7.7O3 for depletion, the
loss from operations for the last year
was 81 ,18S. .62S. Balance of surplus
from the previous year was S4O4, ,Sl3.
leaving deficit carried forward as of
June 30. $763.Sl3. In the year ended
June 30. the company wrote down
S1,117.OS7 against depreciation of in =
ventories. making total loss in that
year 50, 1877 ,424.
Price movement In the balance of the
list was irregular. Philadelphia Elec- :
trio issues and the street railway stocks
showed an inclination to droop. The
first named dipped under 80. and =. r
II. dropped back to 32lS Electric Stor.
age Battery yielded to 461a, in sym
pathy with the reactionary movement in
the New York market. Keystone Tele
phone, on light offerings, was nearly q
point lower at 8. American Gas. or
the other hand, on nominal dealings ad
vnnced n point to 81. West Jersey ant
Seashore, after reacting to 37aI made 4;
sharp rebound In the late dealings to 80
Small buying orders disclosed the mar
ket bare of the stock. Westmorelant
Coal. on odd lots. was up 3 points from
the last sale at 73.