Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-06-29
GOSSIP OF
THE STREET


picture. especially In the market world,
If you just feel in the humor Of look
ing for It. For illustration. while some
are burning the midnight oil in worry
ing over the protracted conl strike and
the threatened walkout Of the railroad
mentennnce Of way men, the oil men
are disposed to regard either event as
big booster for the oil industry.
One large oil producer yesterday put
It this way: "a railroad strike and a
coal strike would demonstrate the coun-
try is not depending entirely oh the
coal mines and railroads for trans
portQtion and fuel.
| Many Industries have already turned
| from coal TO fuel oil, and many Others
| have laid plans for change In the
event of the inability to obtain coal.
| II the railroads were tied up, all es-
sential transportation Of oil could be
provided for by motortrucks. This
mode of transportation In many parts
of the country already has cut of
big slice of the railroads revenue. ship
pers Of nearby points have found this
method more satisfactory and with a
much smaller percentage Of loss.
So Wall Street Is disposed to LOOK
upon a railroad strike as a bullish fac
tor on oils.
Check From Somewhere
In skirmishing around to find some
plausible explanation for the sudden
slackening of the speculative energy. a
good deal of consideration was given in
some quarters to the statement that
details brought out by the stock ex-
change QUESTIONABLE had for time
resulted in cessation of active and ex-
tensivc operations by some of the infiu-
entail traders.
1t was generally understood. however,
while there had been a contract OF
buying none Of these identified with
bullish operations had taken the selling
side of the market to even moderate
extent and holdings of the various stocks
were az large after the close yesterday
as they had been at any time since the
bull campaign started.
This refers to accumulations Of stocks
in the hands Of groups or OF combina-
tions. The suggestion was made these
concentrated interests would probably
not be disposed to come into the market
in an aggressive manner until after the
approaching holidays.
Southern Railways Growth
One of the clearest pictures of the
service Of an extensive transportation
system which has recently been accom-
plished is found in the resume of Fair
fax Harrison, president Of the Southern
Railway, of that system. just sent to
the stockholders. The figures. which
cover the development Of the company
ton of the growth of the territory
served. a territory, according to the
executive. more nearly served by a
single railroad system than is any other
territory of like extent served by sin
gle group Of lines With the excep-
ton of West Virginia. each State in
the area south Of the Ohio and Po-
tomac and east of the Mississippi Is
traversed by Southern lines. The re-
view indicates that the freight business
increased 0007 per cent in the ten
years. while passenger service showed
an increase of G8.10 per cent in pas
senger miles. The cost Of earning n
dollar of operating revenue on the
cents as compared with S5.31 cent? in
1920: for all the railroads Of the
country it was 09.14 cents in 1911
and 94.3S cents in 1920.
Steel Prices Advancing
"Strong efforts of the Administration
to end the coal strike and some fur :
! thcr gains in coal and coke production
at non-union mines in Western Penn :
sylvania have made Pittsburgh steel
| trade more ready to believe a settiemen,
is not far off," said the Iron Age III
! its weekly review of the steel industry
AT the same time. actual transactions
in steel have been at advancing prices
dominant factors in the market beins
/ the expected continuance of high cOS
| conditions
1T is conceded a coal strike settle.
ment would advance wages that have
been paid at the non-union mines. a,
the same time labor scarcity which |.
more in evidence Mt steel plants, par
ticularly in the Chicago district, point:
to higher labor costs at no distant day
Both blast furnaces and steel plant'
are buying increasing quantities of Goa
in the open market at high prices, som,
! of these contracts covering periods o.
weeks.
The 10 per cent freight reduction
effective this week. will mean larger
shipments in carly July from bias
furnaces and rolling mills. But thu
holiday will Curtail the output at SOIL,
steel plants.
Building trades, railroad car build
ers and automobile plants are biddint
for labor in Chicago district agains
blast furnaces and steel works and tn,
latter find it hard to maintain working
forces.
Cash Sales Transactions
There were a number Of sales o
stocks for cash instead Of In the regu
lar way in long list of issues in yes
terday's market. which attracted quit
a good deal of attention, and which fo
a time, were difficult to interpret. Thcs
sales, it was later explained. were il
connection with arrangements 70
changes In Stock Exchange firms to g,
into effect Saturday. This made it nee
essary to sell or buy for cash In orde
to close out accounts carried by some 0
these firms.
The transactions are so unusual. eX
cept under special conditions, natural,
their presence on the tape caused NOR
or less uneasiness. which. however, wa
dissipated when the real explanation
was made.
A More Peaceful Market
The announcement of the Pcnnsyl
vania management yesterday of II
agreement with employees over the ques
ton of wages. and other matters, wa
an important factor in causing a disap
pearance of uneasiness over the railroa,