Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-04-08
CONTINUED ACTIVE
DEMAND FOR P. R. 7.
Remarkable Change Of Attitude
Toward All the Prominent
Local Stocks

The continued active trading in p.
X. T. was the outstanding feature OF
the local market. Several large blocks,
including one Of 1000 shares, were taken
during the brief session which elevated
the stock to new high for the year
at 33N, which is within n point of the
high record of 34is established in !
1917. Trading was ais, broader in
Union Traction, which reached n new
top at A.
Some profit taking appeared in
Pennsylvania Railroad. all of which !
was readily taken. but the price move !
msnt was narrower than for some rev
days. While there was substantial
| falling off in the business in the gen.
eral list, the market as a whole retained
n tone Of decided strength. An inter-
csting feature was supplied in the ami
mated advance Of over points in Phil
adelphia Insulated Wire to 34ai on
| comparatively small transactions. This
indicated little stock pressing for sale.
the market for which having been more
or less of uncertainty after the failure
| of the banking firm, which was the
| principal sponsor.
Small fractional gains were made by
Lake Superior. American Stores and
| Ugh Valley. Slight shading occurred
; in the Philadelphia Electric issues.
The weeks happenings in the local
market were not only Of n highly in
tcresting character. bur were such from
which many were able to derive consid-
| cradle encouragement. From an in
vestment viewpoint the outstanding de-
velopment was the pronounced strength
and material advance in the stock Of
Pennsylvania Railroad. This In itself
would not call for more than passing
comment and could. easily be inciden-
rally associated with the general uplift
of prices. Behind it was a cOmprehcn-
sive motive. That was the official as
surancr of an early restoration of the
u per cent dividend rate. The annual
report was pleasant surprise. show
! ing earnings more than sufficient to
meet the requirements of the 1 per cent
dividend last wear. In the last six
weeks. however. there has been pro-
nouncd Quickcning of traffic movement
! all along the vast system. This i'm
provement has been especially marked
east of Pittsburgh and which is con-
tirmed in the increasing operations of
the steel industry and the other con-
\ tributing or associated industries. Busi-
ness in the Middle West is picking
up more slowly. 1t is only n question
of short time when the same influences
Will extend to That section. Inc only
regrettable part of the rapid recupera-
tion OF the Pennsylvania property and
the accompanying enhancement in the
market value of its securities is that
the brighter promises now held OUT can
not overcome the unfortunate losses
many of the small holders unwillingly
took not many months ago because of
the pessimistic utteranCeS expressed by
certain interests who because of their
position should have been more guarded
in their remarks.
The continued uninterrupted advance
in the stock of the Philadelphia Rapid
Transit Company was another crafty.
ing development. especially TO those of
the shareholders who had the courage
and tenacty to retain their holdings
since the suspension of dividends and
other trying periods. Not only does
tn" present increased market vaIua-
tiOn of the stock virtually assure the
fulhlmcnt of the dividend promises. but
it also can be accepted as n reliable
reflex of certain other conditions which
are certain to strengthen both the ply