Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-07-19
BROADER DEALINGS
IN LOCAL MARKET
Public Service Corporation
Earnings Strengthened Recent
Rumors of Increased Dividend

Although price changes were gen.
orally small. dealings in the local mar
ket were decidedly broader. The trad
| ing was by no means in large volume
| but there was pronounced strength ant
there was also better representation OF
| the local stocks than seen for some
days. The much better sentiment pre-
vailing in the other markets evidently
was OF contagious type which found
direct reflection In the animatcd deal
ings in the so called New York stocks.
Of the latter. General Asphalt shares
continued the outstanding features and,
while lacking local significance. at.
tracted attention because of the widen.
inp speculative enthusiasm.
Renewed activity in United Gas I'm
provcment with sales at 81 in the nft-
ernoon was based on reports that a new
plan looking to a modification Of the
terms of the gas lense SO long sought
by the company will be presented to
City Council tomorrow. The contro-
versy between the company and the
city. relative to giving the company
some relief from the terms of the lease
which have become burdensome because
Of post war conditions. has been going
on for about two years. and an early
and equitable settlement should be well
come to both sides.
Among the local stocks Pennsylvania
Railroad. u. G. /. preferred and Phila-
dclphin Electric preferred continued
firm features, the last two named
reaching quotations equal to the high
record of the year p. r. II. enjoyed
much better support and was well held
above the 30 mark. Union Traction
dipned under 40, to 39A.
The strength of Pennsylvania was
communicated to West Jersey and
Seashore. which retouched the high
price Of the year at 37R. The belief
Is growing that dividends on West Jrr-
sey and several of the other important
sumed before the parent company re-
stores the 6 per cent rate.
In the miscellaneous list Electric
Storage Battery retained the leadership.
scoring another peg in the steady up-
ward market at 4G. American Rail.
ways yielded TO 12l. on light offerings.
Lake Superior also shaded under 10.
Small transactions We're made in Cata-
wiSsa second preferred stock ut 81. or
G"i above the previous sale made over a
year ago.
Some light on the recent activity and
strength of the Public Service Corpora :
tion securities and talk of higher
dividend rate wns given in the COM
parAtive statement of combined results
Of the operations Of the corporation and
subsidiary companies for the month OF
| June and also for twelve months ended
June 20. The statement showed Operat
ing revenues Of subsidiary companies to
have been S6.N0. .51S.52 for the month,
as against S8.124 4.174.50 IN June. 1921
gain of S135. .344. OF and net increase
| in surplus before dividends Of S4jG.
O)l.4,. as against SSS.II3.75 for the
corresponding month last year. The
twelve month statement showed 0perat q.
ing revenues of subsidiary companies tC
have been S7G.2O3. .219.O1. as agains,
SI1.701 .242 .GS. gain of S435. .07G .339
| over the previous corresponding year
and the net increase In surplus was
S4.SW.S .S54.I 4. compared with S2.1OS.
492 go for the preceding twelve months
According to street reports, another
increase in the dividend rate might be
made before tho end of the year. Eight
per cent is the rate which it is cy-
pected the company will adopt If any
change is made. Earnings at present
are running at the annual rate of S15 n
snare on the common stock, which
compares with net earnings for 1921 of
50 II share.