Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-12-01
STORAGE BATTERY
BACK At THE TOP
Utility Group Displayed Flrms'
Tone, With Small Frac.
tlonal Gains

Electric Storage Battery was the
brisht Tct Of the local market. sdyans;, H 6,
ing to 6015, equal to the high price OF
the year. While the more active trad.
Ing was done on the Big Board. there
Was said q. Be fairly. good volume
Of business done for the local account.
The dealings on the. loca! exchange
were measureably small. but the price
was kept n close parity with that or
the New York market. 4.
While the movement was partly In
sympathy with the advance in the other
electric manufacturing company stocks,
the greater pfopelling force unquestton'
ably was derived from expectations re.
garding q larger dividend distribution.
There was q report Of generous stock
dividend. which did not seem altogether
reasonable In view OF the only recent
adjustment OF the company's capital
stock position. In more conservative
circles. an extra rather than higher
dividend 10 looked for.
The utility group continued one. Of the
strongest spots Of the general list.
2. r: T. gained at 82h: Union
Traction was up at l which @
was within IN. points Of the high price
q ,. the year; rally y II brnnsst rsiaSsipa1s ths
two issues closer together again. U. q.
I. preferred with the quarterly divi:
dend Of SIN cents a share OF sold
at WN, a gain Of n. The common
on small lots advanced a point to AZ.
Selling pressure was removed against
Pennsylvania Railroad, with that stock
rallying to 481a. Lake Superior .on the
other hand, on fresh dribbling liquida-
ton touched q new low at 5M, al.
though later rallied to 6X..
The local financial community Is Civ.
ing little attention to the apparent new
controversy which has sprung up be.
tween the Mayor and Council over the
protracted gas lease question. Both
banking and influential market interests
would feel highly pleased II the dead.
lock between the city executive family
and legislative body was broken. there.
by giving q fair and businesslike con.
sideration Of the important gas lease
question.
There seems to be a strong impres.
sion on the Street the opportune mo-
ment has not yet been reached for the
reopening Of gas lease question. Never
the1ess, II Is generally felt a satisfactory
solution Of the matter will ultimately
be reached. This confidence is reflected
in the quiet accumulation of the stock
which has been in progress for some
weeks.
Much Of the stock which has been
picked up from 3S to 55N. the low and
high price Of the year. il resting snugly
In strong boxes. In the swing of nearly
1S points from the low there was mt.
urally created certain amount OF
speculative interest. A substantial
profit was realized in n goodly portion
Of such purchases. but there were
others who overstayed the market by
reason of the selfish motive to avoid
income tax payment. Then there was
small portion Of loosely margined
holdings, which was shook out In the
reaction from 55% to AZ, the low price
touched u few days ago.
In the meantime, the floating supply
has been gradually but consistently re-
duced, which is confirmed In the rela.
tive small amount If stock brought out
in either the advances or declines.