Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-15
AMERICAN S1ORES 7
At new TOP PRICE
Many Attractive Local Invest
mont Issues Ats curiously
Being Overlooked

American Stores and Electric Stor.
age Battery were the outstanding fea .
lures Of the buoyant local market.
There was q further sharp rise In all
the American Stores issues. making new
high records for tho common at 1861
and 40 for the two preferred issues.
The dealings in the common were heavy
but in the preferred stocks the turn
over was light. The high prices rep
resented Z gain Of ~ points for the
common: 9 points for the first pre-,
preferred. Once again the movement
was unattended BY any particular news
or stimulating developments.
Electric Storage Battery. responding
to the favorable annual report published
over the holiday, again moved forward
in common with the spirited trading on
the New York board. establishing a new
high for the year at 1791a. while the
new stock sold up to 45&. The income
for the year showed $22.50 earned on
the stock, which compared with $23 3.3l
In 1920, which was considered remarka.
bly, good in view of the business condi.
tions.
Renewed active buying cropped out
for p. r. T., which advanced the quo.
tation over a point to 32H. Realizing
caused n subsequent reaction to 81. The
Philadelphia Electric issues maintained
a firm position, with fractional rallies.
the common advancing to 20, while the
preferred made new top at 29n.
Pennsylvania Railroad was well taken.
Lehigh Navigation advanced Ia to
1871. on moderate dealings.
The week in the local market was
again one Of satisfactory and profitable
results for the average holder Of the
home shares. To a large extent. the
position Of quite number Of the local
securities recalls the lesson of DR.: Con-
monds." While straining their eye.
sight in attempting to find solid and
safe investments and sinking their cash
into the securities Of almost every
known foreign land and varied classes
of domestic proposition. they fail to
see there is in their back yard. 80 to
speak, a grade of securities that are
practically without an equal.
This thought is suggested in the quiet
picking up by shrewd investors recently
Of some Of the stocks Of the underlying
properties Of the p. r. T. system. That
is to say. what properly could be des.
lRnated as the original street railway
concern. As an illustration, the Frank
ford and Southwark Passenger Railway
stock. This company was incorporated
in 1854. leased in 1893 to the Electric
Traction Company at an annual rental,
increasing year by year. and now. and
for some years past. pays the rate OF
$1S per share per year. The Electric
Traction Company stock Is the primary
security for the Electric and People I.
4 per cent bonds. and the guarantee Of
the Frankford and Southwark Railway
dividend by the Electric Traction Com.
pany is a charge. Of course. prior to
the income available for interest on the
Electric end Peoples A.. The Elcc-
trio and Peoples 4 per cent bonds. in
turn, are guaranteed, together with all
the underlying charges, by the Union
Traction Company, whose 80 per cent
paid makes the unpaid capital liable
for the obligation assumed. The Union
Traction. in turn. Is guaranteed 9 per
cent dividends by the Philadelphia
Rand Transit Company.
The same story could be repeated ~
concerning the position Of all the other