Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-01-30
AMERICAN STORES
REACHED new TOP
PhiIa. Electric issues Strongly
supported--Bank Of North
America Warrants Heavy

The strength Of the American Stores
issues supplied about the only notewor-
thy event OF the local market. There
was fairly active trading in the COM
mon stock. carrying the price up to w,
q pain OF points and new high notch
for the current year. The first preferred
on nominal dealings advanced 31a
points, to 11S1s.
Trading In the Philadelphia Electric
issues slackened and the prices Of the
three issues were better sustained, sug-
gesting. organized support. This was
particularly noticeable in the common
each time II shaded under par. The
warrants had market 1bs and Ia,
with the bulk OF the business done Mt
Is. The preferred was n shade lower,
at 2715 but later rallied to 27aI.
Bank of North America warrants
continued heavy, sustaining further
decline Of 2 points to AZ. In the aft
ernoon when the offerings were cleaned
up, there was sharp rebound to ~.
pennsylvania Railroad continued firm nj
34h.
Dribbling selling Of Philadelphia
Rapid Transit continued, causing that
stock to yield to 17A. The u. G. !.
issues were we'll sustained.
A net income of S207 ,OO1 was report
ed by the York Railways Company for
the fiscal year ended November 30. This
compared with $238, ,802 in 1920. $780,
6G5 DIN 1919 and $S1 ,01S in 1913. After
deduction Of the 5 per cent dividend on
the preferred stock, amounting to $50
600, there was balance of S127 ,OOl
earned on the common, equal to Dos
per cent, or $2.54 a share. This com.
pared with 0.28 per cent, or S3.13
share for the common in the previous
year. The decrease of S20, 900 In the
net income for the year, according to
the statement Of Gordon Campbell, the
president, was the result Of the de.
crease in gross receipts from the opera.
tion of the railway Of S55,3T6. On the
other hand. the lighting company
showed an increase of $94,33 in gross
receipts, but this was partly Offset by
an increase Of Sill in operating ex-
penses ''The peak of high prices was
reached IN 1920" he said, continuing
in 1921, and while there is some reces-
sion In expense toward the end Of the
year, in the aggregate the cost was
higher than the year before. On the
other hand, general business condition.
began TO affect the receipts Of the rail
ways early In 1921, In effect, as the
year progressed and at the end of the
year gross earnings are still falling. IL
must remembered that while the rates of
fare were only increased 40 per cent.
the average increase IN the unit price
Of labor and material advanced consid-
crably over 100 per cent since 1014.'
While there has been some sllckening
Of the pace of the bond market, all the
leading Investment houses reported Il
continued wide inquiry for the high
grade issues. The Street has been prac-
tically cleaned up of this class of Sc
curlties and orders are more difficult
to fill each succeeding day in the old
! line goods. AS n result the shelves Of
most Of the bond houses today are near
er of becoming bare than at any time
within the last decade. The boom in
the bond business has been to the bond
houses the life saver the bulge in cot.
ton was to the Southern banks last fall.