Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-24
SPIRITED rise in
STORAGE BATTERY
Rapid Transit Flops as the
Dividend Prospects, Fade
Away Again

Outstanding features Of the days op-
erations in the local market were the
pronounced strength Of Electric Storage
Battery and the corresponding weak
ness Of Philadelphia Rapid Transit. The
trading In the first named was little
short Of being buoyant. with an eIcit-
ing. upward swing Of over Q noints. to
IA, which was 2A points above the
high price attained last year, and within
less than II points of the high record
price OF 1873 made in 1910. The move.
ment was again unaccompanied by anr
definite explanation, but disclosed quite
spirited competitive bidding on the part
Of certain New York interests. Most
the days buying was for the New
York account, although several Of the
oca! houses, which are known to have
been accumulating the stock for some
time. were also factors in the uplift.
The old financing story Of three for
one was trotted out again, but MS usual.
lacked official confirmation. New York
reports, however, stated that a special
committee Of directors had been ap..
pointed to report on plan Of capital
readjustment. At the close Of 1920. it
was pointed out, the company had
surplus account Of S17,446,O virtu.
ally every dollar Of which was counted
in the balance sheet as current assets.
The surplus, It was stated, will proba-
bly, be swelled to over SEC, zoo, 900 as of
December 81. 1921. With only $S7, 900
preferred outstanding, this surplus will
In the neighborhood of S100 share
for the approximately S420, 900 600
common stock outstanding. As there
are no bonds or other indebtedness ahead
Of the stock all the earnings belong to
the stockholders and with the business
the company has been doing the II per
cent dividend is regarded as absolutely
safe.
The annual statement Of the earnings
of the Philadelphia Rapid Transit easily
account for the slump In that stock TO
17&. 1t was certainly miserable sop
to the stockholders, especially those who
had been led to believe by some OF the
recent propaganda that dividends were
in sight. The dividend was earned, ac-
cordIng to the figures, but they were
told 1t was spent for improvements. All
the closer students Of the local transit
situation long ago recognized this pollcy
must be followed for n long time and
chances for resumption Of dividends
were very remote. Those VINO nave
Lecn Responsible IOr DOlspcrllb up. tht
stock the last few months have been
exceedingly careless In their talk anu
predictions. Efforts, however, to raise
the stock have repeatedly met hard
stumbling block above 10.
The general list was little affected
by the movement of either OF these Is
sues and most of the other local stocks
moved within the same narrow trac-
tional limits. American Stores was
+, better, while the preferred lost
point. Pennsylvania Railroad contin'
ued firm at 34A, and was taken in
odd lots at that figure. The directors
will declare the per cent quarterly
dividend tomorrow. Both the Philadel-
phia Electric issues we're firm, the com.
mon moving above par. U. G. l. was a
shade lower.
West Jersey and seashore continued
to be we'll taken at 81. There are
reasons for believing that something
out of the ordinary is coming out con-
cerning this stock In the very near fu-
ture. 1t is known there has been quiet
accumulation Of the stock for some
weeks back. No bidding for it. but
practically the same house or its
agents have taken all offerings. In
other words. In the parlance of the
Street have been holdipg the bag. The
stock they have absorbed Is taken on
the street and cannot be borrowed even
for deliveries.