Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-12-21
GOSSIP OF
THE STREET

Tho action Of the United Gas I'm
..o,ement and American Gas directors
:. Increasing the dividend rate on the
..rmon stock to a 6 per cent pei
..rum basis is considered highly sig
,,acant in financial circles. 1t is gen.
.-o,,v interpreted as indicating that
.onv Of the problems confronting these
.n,erprises have been overcome. or, at
last, under sufficient control to war;
.,nt their elimination as menacins
factors.
Tbe "come back of the utility cor.
,orations in general has surpassed the
pp,nst sangune expectations of the
.,ronpest believers in these properties.
While most of them had hard row
"a hoe during the war period. the
s,nericnce was not altogether without
,ood results. One Of the good things
Gaming ont of the trying period was
tbe farcr attitude of the various state
pnblic Service Commissions and other
rsgulatory bodies. which. previous to
war. combined to make life miserable
for NIL those associated with utility
propositions.
4 large number Of the securities Of
the utility division. in consequence.
have rightfully been returned to the
category Of safe and sane investments.
Madison Silk
Among the stronger features of the
Industrial division Yesterday was the
silk assumed the leadership. reaching
g., t,,n -,
rrossng 36. According TO reports yes
os large sized blocks of this stock.
which have been taken out of the mar.
ket.
II IS understood. the company has
reduced its bank obligations to point
where they are but small amount
romparcd with $1,000 900 owed about
wear ago. Plants are reported to be
running ut capacity with output booked
to April next.
Artificial Stimulus
"pool manipulation. together with n
retirement Of short contracts, Is re-
.ponsibc for periodical strength. such
as witnessed in the trading the last
few days. said an active trader yes
terdar.
Some cannot understand tho back
rarlness Of tho independent steel
shares in face of the huoyancy and
pronounced strength of United States
Steel. Tho independent stccls. as n
whole. do not rally as they would if
conditions were good. While their
tory rate, orders arc gradually drop
ping of. Many buyers are awaiting
the turn Of the year. This, of course,
may be seasonHblc slowing down.
"In addition to the unsatisfactory
state Of affairs within the trade, sew
cra Of the independent steel companies
are contemplating issuing new secur-
tiles. probably in the shape of bonds,
which Is not encouraging to stock
holders. putting dividends further
away
Michigan Central
Banking and market circles mani.
tested great deal of interest in
report circulated yesterday to the cf-
feet efforts are being made to gather in
the minority stock of the Michigan Cen
tral. While the ultimate purchaser is
not mentioned. il is generally surmised
the shares will find their way in the
treasury Of the New York Central. The
Central has SIS. 13S. 900 stock
Of which New York Cen
trail is known 10 hold SIG, 800. The
minority interest, therefore, cannot ex-
ceed 10, 1S7 shares.
The last sale on the New York Stock
Exchange was made at $3.50, and it was
the consensus Of opinion in financial
circles yesterday the stock should COM
mand "A market value of at least $3.50
a share.