Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-11-16
MARKET CAME BACK
WITH MUCH V|G0R
Oils Were the Real Lever, but
Railroads Made Better
Showing

New York. Nov. 16-TodaN stock
market displayed come back power
, that was both impressive md signii.
| cant. An apparent new stilauMs for
! resumption or continuation of the
| constructive program was derived from
| the OvcrwhClming successful notation OF
| several Of tho more recent bond issues.
| In all events. while there was the
! same constant shifting Of activity
! among the various groups. not in one
! particular quarter but in all parts OF
I the list, the line of least resistance wns
distinctly encountered with the rising
I prices.
One of the outstanding features Of
, the days oDeration was supplied in
! the turthcr effort TO gaIvanize life into
! the trading In The railroad division.
| In SO far as price Improvement, the
, effort net with greater degree oi
success than any Of the recent demon
Stratious on these lines THIS was par
'icularly true as 20 the higher grade
issues in which substantial advances
were scored. tn" maximum gain being
! Scorc BY Delaware Inckawalna and
Western. While The leadership rcntrrcd
, in RPa ling Al the coal roads made
4 good slowing. The movement was
associated with the meeting Of the rail-
/ road cICcutires today, called TO con-
>iG"r the proposed rate reductions. t,he
wagc question undoubtedly will also
como III for great deal OF attention.
As In oil the recent market demon
etratiOns the real live movement OF the
day WAS furnished by the oil Groun.
There was n little short OF spectacular
narcback in the Standard OIL issues,
with Standard Oil of New Jersey shoot
ing up over Z points. The professional
contingent evidently had once moro
made another serious mts"al'uation "t
the market position Ot the entire group
and before che days merEct NaH Yer!
old found themselves badly Wnlpsawcu
Even Royal Dutch came back strong
despite announcement Of tMc pTopoSol TO
pay dividends in scrip instead OF cGsh.
Besides the stimulus Of the remark.
able ovcrsubscription Of the newer bond
issues the market enjoyed m additional
invigorating factor in the continued
case OF the money rates. Although
there we're heavy Withdrawals scheduled
for the day. the Cnl, renewal rate was
Glcd NJ Al, thu lowest initial rat" in
three weeks. While the official "&:o
WAS made at A. in private dealings
offerings Of ! per cent money were
liberal
Opening prices were irregular, bGt
the lis! strengthened within tn" frs
half hour on the support given TO InilS
and equipments. CUalers, grangerS nnI
/ Itranscontinentals, as featured By DeIa-
| ware. LackawannH and Western,
( Reading. Norfolk and Western St
! Paul. Kansas City Southern Iw.i"rrc"
! and Northern Pacific, wor" Higher hy
fractions to -. points. Ra,dw.n L"'"-
r.o.irc. C-uriblc Ste"l ard Pre- - Steel
, Car al,D were favo."I in til. 'a~,r lNJ-
tn:. Ihc ,tgnnge,r srcr;&.'trs }."r" rrN-
I rc,cn,ei BY American TuUaro", S'N'$-
Kocbuck and FamouS Players common
and preferred.
: OILS assumed strong positions later
under lead Of Standard Oh group. The
New Jersey issue rose ~ points and
tho California shares %9a. Mexican
Petroleum. General Asphalt, FTeeport.
Texas, Houston and Pierce preferred
wcrc I 20 5l9 points higher. There
we're few acccSsions 10 the strong
rails, in which heavy buying Of Reading
! Was the feature. ChcmicA, lrug.
leather and trEtile shares dtsl.av"d III.
creased strength.