Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-08
AMERICAN JlORES
| ASTRONG FEATURE
Tennessee Railway, Light and
Power Reorganization Plan
Declared Operative

Local trading continued dull. but ths
general tone was much stronger anu
where price changes were made hisnsr
quotations were recorded. The Ameri'
can Stores once more became the out
standing feature, with fairly active puy
inn In the common. which carried tnat
snecialty TO 116 within a point of !hs
hish OF the year. The first preferred
on similar transactions at the same
time moved up q point to 10I. AS IN
the recent demonstrations, the moyc'
ment was unattended BY any news de'
yelopments. but the character OF the op.
srntions suggested the little stock when
had been hanging over the market hnd
not only been absorbed but was also
fully diEested. ,,.
inquiry for Pennsylvania Railroad
continued good, but the stock, aiser M
touching AZ, reacted fractionaiy iater
on profit. taking SALES. An 9stMe Ess
tonehins 5sf. Philadelphia Electric
nreferred on nominal dealings reached
S0X. equal to the high record price.
P.R, r. continued to reflect. steady
accumulation, which probably Is pre-.
paratory to a demonstration to be made
on the announcement Of the dividend,
il is understood, action on which Will
soon be taken by the board In order
to f,lfll the promise Mr.. Mitten made
AT the stockholders' meeting. Similar
accumulation was noticeable In U. y.
l.. which was curiously hrm at 4bA.
Erie Lighting moved up to new hgurs,
and I,ehigh Nayigation on small deal
ings advanced u to 74h..
In view Of the revival Of the steel in
dustry more than passing interest was
attached TO the annual report OF the
Cambria Steel Company for the year
ended December 81, which was made
public today. This showed a loss after
all charges before dividends Of $3,627.-
TO. This compared with net earnings
Of 0,988 ,118 in 1920, or equal to ~
per cent on the stock. Net loss after
operating expenses last year was $1,-
8O5, ,225, after all expenses incident to
operations, including ordinary repairs
and maintenance amounting to approx
imately $6,000,0O0 and for Federal
taxes. .
Formal announcement was made OF
the offer which has been given to the
common and preferred shareholders OF
the Tennessee Railway, Light and
Power Company to exchange their hold
ings for stocks in the new Tennessee
Electric Power Company, which is to
be organized as a result Of the merger
Of the Nashville Railway and Light
Company, Chattanooga Railway and
Light Company. Tennessee Power Com
pany, the amalgamation to take over
all the assets and assume the liabilities
Of the Tennessee Railway, Light and
Power Company. Offer made to the
stockholders. briefly. is:
The right to exchange each share
of tn epresent preferred Of the Ten
nessee Railway, Light and Power for
one quarter share second preferred OF
the new company and one share COM
mon stock, both without cash payment,
and with each share SO exchanged the
privilege Of subscribing for, an addi-
tionnl one quarter share Of second pre- =
ferred at the rate Of SIG per share.
Common stockholders are given the
right to exchange their holdings at
the rate OF 16-1O0 new common stock,
without cash payment. for each share
Of the cid common stock and the privi-
lege of subscribing for an additional
1-1O share new common stock at the
rate of S5 per share.