Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-28
HEAVY SELLING
| OF P. X. COMMON
Recent Steady Absorption Of
West Jersey and Seashore
Regarded Significant

Heavy selling OF Philadelphia Electric
common stock was the outstanding fea-
ture of the trading in the local market.
A turnover in excess of 1900 shares
was made in stock during the two
hour session, most of which was taken
at par, but later the price shaded to
PAS. There was nothing in the way
of news TO explain tho liquidation,
which undoubtedly was prompted by the
additional issue of preferred stock. The
new Offering of 100000 of the pre-
terred pl laces $15,0O0,00 of that issue
ahead of the common stock, and while
there is nothing to warrant such fears,
there is some doubt expressed as to
ability of the company to maintain the
common dividend, especially if the fnan-
cial requirements continue rs heavy as
they have the last two or three years.
IL might he called long -distanced
fight. as current earnings insure the
stability Of the common dividend. Trad
ing at the same time continued active
IN the preferred warrants when issued,
WIN the price moving up to ~. Trans
actions in the preferred were light.
Ihe continued heaviness of the Bank
Of North America warrants was the
only other noteworthy feature; those
rights sustained further decline of
21a points to "A, low of the week.
Pennsylvania Railroad continued Que
Of the strongest spots. advancing TO
3412. Only odd lots Of United Gas
Improvement came out at unchanged
prices, while the preferred yielded n
"a to 51. Philadelphia cumulative pre-
fcrred was u point higher. Philadcl-
phia Rapid Transit was unchanged ut
17S.
The recent quiet but steady accumu-
lation of the West Jersey and Sea-
shore stock is regarded as foreshadow-
ing some unusual development in con-
nection with that issue. Suspension of
dividends and the widespread liquidat-
ing movement in the security markets
last year carried the stock down to q,
or 1OH points under the high price
Of the year. In the recent absorption
the price was advanced to "a. which
practically cleaned up the entire float
ing supply, which Is confirmed by the
inability of one Of the leading houses
to execute an order for ten shares
within the last three or four days
within u point of the last quotation.
it is quite generally known that all
the offerings within the last six months
were taken by prominent down town
banking house, which firm, it is under
stood, has a standing buying order,
which was placed in the hands of sew
cral floor traders. In other words, they
have been holding the bag and getting
all the stock without bidding for 1t,
except in making progressive advance
in the buying price. as the floating sup
ply was cleaned up at the different
stages.
The recovery in stock from the ab-
normal low level reached last year is
believed by some as foreshadOwing an
early resumption Of dividends. which
apparently are warranted by the results
reached In the extensive retrenchmcnts
made to cut down the operating costs.
Others, however, who have been max
ing a careful study of the movement.
are confident 1t has greater Importance
behind it than the resumption of divi-
dends. which Is suggested in the effort
of the Pennsylvania Railroad several
years ago o'brins a closer unifcation
of the property within the Pennsylva- =
/ MIA Railroad system. which r an was
upset by the ruling Of the Public Scrv-
ice Commission Of New Jersey.