Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-02
PR. !. BREAKS INTO
new HIGH GROUND
Splitting Up Of Electric Storage
Battery Shares Open
to Criticism

Electric Storage Battery and Phila.
delphia Rapid Transit remained the |
outstanding features Of the local mar
ket. Official announcement OF the
long talked Of recapitalization plan by |
the Electric Storage Battery directors
gave fresh impetus to the bullish activ-
tiles in that stock, carrying It up over
53I points to 147M. Philadelphia Rapid
new ground. reaching q, an overnight
gain of nearly a point. Few transac.
lions were made in its new stock ut ~
on the basis "when or II issued.'
The splitting up Of the shares OF the
Electric Storage Hattery Company
came in for more criticism than favor
in local financial circles. In more con.
servative circles the action Of the board
was deplorcd as it was regarded as
playing into the hands Of spectators.
II was pointed out that in view OF the
wonderful record tho management had
the stages Of a purely speculative pro.
motion TO high class business PROPOSE
ton, and one that had earned the
esteem and confidence of the entire
banking world, II was to be regretted
the stock market side Of the matter
should have outweighed the business
end. No words were minced in con-
demning the splitting. up Of shares.
which means the possibility Of the stock
becoming little short Of speculative
| football
The speculative end. Of course. hailed
the action with a big hurrah and in
sisted by the recapitalization there
would be more general trading in
lower priced stock. which would be nore
easily handled than a stock selling
around $50 a share. There are now
less than POO, 900 shares Of the old 500
par value stock outstanding and after
the plan goes through there will be about
son. 900 shares of no par value.
While the further advance in Phila-
delphia Rapid Transit to q was pop.
ularly ascribed to Mr.. Mitten's profit.
sharing proposition and plan to place
the stock OF a q per cent basis, there
were many on the street who held the
opinion other influences were at work.
A great many theories were in circula-
ton, with further intimationS OF Il
possible contest for proxies between
the management. and by those who are
not in favor with the policy and gem
cral administration of the Mitten man.
agemcnt. As most Of this was in the
nature of conjecture 1t would be un-
fair to both sides Mt this time TO IN.
dulge in any discussion. Possible de.
| NelOplHeutS HliS opeh "oy AVA ~ ~
on.
PENNSYLVANIA Railroad was one o.
the strongest features Of the genera
list, advancing to 34H, on small buy :
ing orders, thereby recovering nearly
the whole of the quarterly divi-
dend taken off this week. The U.
G. I. shares were stronger, and trading
continued fairly active in the lhila
dclphia Electric issues with Indications
Of the same organized support. Trans
actions in the Bank Of North America
warrants were smaller, but the price
variations continued wide. American
Gas scored an advance of 2Es points
disclosing scant supply around thu
current quotations. American Stores
was up u point on brisk trading in thu
early proceedings: LchiglI Navigation
was up q, and Philadelphia Compan!
cumulative preferred improved a
Small transactions were made in Phila
dclphia and Western at Gl2, n gain o
J., point.