Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-11
LOCAL TRADING
BROAD AND ACTIVE
Increase in Pennsy Freight
Movement Barometer OF
Industrial Revival

Trading was uncommonl, broad and
active in the local stocks for a satur-
day. Interest continued concentrated
In about the same stocks which COM
manded foremost attention In the pre-.
vious sessions. Pennsylvania Nailroad
was an outstanding feature. making
new top" for the week and year at
37A. There was also continued active
buying OF p. X. T.. which likewise held
firm Mt the weeks top price. q. Inc
statement issued by the so.cal'ed in
surgent directors was practically ig-
nored as a market factor. Union Trac-
tion was also firmly sustained at the
maximum quotation Of the week. U. 9. !.
was of fractionally at 45, as was Elec-
trio Storage Battery at 14SA. Amer
icnn Stores common shaded. but the
first preferred was up n. The Phlla.
delpbia Electric issues. although re.
ceiying only scant attention, were firm.
Interesting Developments concerning
the future Of several local corporations
are promised for the coming week. The
stockholders Of the Philadelphia Rapid
Transit Company on Wednesday at the
annual election will either ratify or re.
feet the proposed policies Of the Mitten
management. On the same day the
SnuTeHViucTS VI thC. NJtOECC
Company will vote upon the proposed
conversion plan for the retirement Of
the two preferred issues into common
stock.
During the last week there was q
decided broadening Of speculative inter-
est IN the local shares. resulting In
the establishment OF new high prices
for the year by six prominent issues,
several Of which touched the highest
points registered in more than two
years.
In two events Of the week there are
TO be found clements Of great possibili-
ties. One Of these was the much dis
cusscd Supreme Court ruling in the
Consolidated Gas case. In the opinion
of some of the best utility experts the
decision of the high tribunal virtually
revolutionizes the outlook Of the public
utility situation. The other was the
reported increase In freight movement
throughout the Pennsylvania system.
BY reason of the wide diversity Of
industrial and trade enterprises the
Pennsy system accommodates. the traffic
movement Of that important carrier Is
always accepted as a reliable barometer
of the country's trade, conditions. es-
pecially because of its close affiliation
with the two accepted leading industrial
units. namely. the steel and coke in
dustries. Within the last fortnight
there has been a marked increase in
coke production. which directly confirms
the reported increasing operations Of the
steels mills. which are now operating
approximately at 55 per cent of pro.
ductiOn capacity. The pronounced gains
reported in new building operations are
another.
An accepted authority states require.
mcnts Of structural steel for the new
building now in process of construction
or in contemplation are certain TO bring
the output Of fabricated steel mills al
most up to full capacity before the first
Of June. This is really the first reli.
able sign of the long looked for revival
Of industrial prosperity and should not
be for a moment undercstimated. It
means not only that the corner has been
turned. but a general revival of indus
trial activity is close at hand