Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-04
WAS firm
IN LOCAL MARKET
Concerted Action Needed to Off,
set Unsasiness Caused by
Recent Failures

The frmness Of Pennsylvania Rail-
road was the sole feature Of tae brief
session in the local market. Apart from
that stock and p. n. T.. the dealings
were of diminutive proportions and
generally made up OF small: odd lots.
Pennsylvania Railroad moved up to
359s, equaling the high price of the
year, and which represents a rise OF
over 3 points from the low Of the wear.
The stock apparently Ia again growing
In favor with the smaller investors,
since It has been demonstrated the divi-
dehd would not be further disturbed.
There was the same steady accumula .
tion of p. II. T.. with over 500 shares
in small lots taken between 2ob and
%A.
Price movement in the general list
was %1Sd s.. as result OF tine
after dipping to 031s, rallied to 94.
Lehigh Navigation was fractionally
better, while Lehigh Valley lost a point.
The Philadelphia Electric and the U.
q. I. issues were steady, but were
given little attention. Brill preferred
ran of 4 points on small offerings, and
American Gas was y under the previ.
Oua sale.
Righttully, the endless announce.
ments of suspenions of brokerage
houses, including some having member :
ship on the regular exchange, has ere.
ated a great deal Of nervousness and
timidity among investors and stock
dealers. Much Of this apprehension is
warranted and some Of 1t Is not. The
time, in all events. has arrived when
there should be concerted action on the
part of all financial interests to pro-
mote every means to alleviate the OF .
listing uneasiness.
Among several things which could be
done, and which would greatly assist
the legitimate brokers In the transac.
tion Of their business and help to re In =
spire confidence on the part Of the in.
vesting public, would be the making Of
transfers and issue Of new certificates,
whether temporary or permanent, more
expeditiouslw Most all the leading
houses have been subjected to consid :
cradle annoyance in this connection and
In some cases the inability of the
brokers to obtain prompt transfers has
promoted a feeling of suspicion as to
their solvency, entirely unwarranted.
A striking illustration in this con-
nection is the protracted delay in the
issue of the New Philadelphia Elec-
trio Company preferred stock certif :
Gates. While the payments of these,
through the purchase Of warrants by
the brokers. was made prior to Feb
ruary 10, 1t was announced yesterday
there would be no delivery by the trust
company until March Is. Naturally. a
great many people who bought the
stock through the warrants cannot un =
derstand when their broker tells them
each succeeding day the stock has not
been issued. In view of the unscrupu.
lous action Of many Of the 10 called
bucket shops, which recently were
forced into bankruptcy, the inability Of
the brokers to deliver the stocks peop@
paid for three weeks ago, naturally,
makes them question the truthfulness Of
the brokers' excuses. In this particu-
lar case, the broker is helpless. There
does not seem to be the slightest ex.
cuse for such delay. Other instances
not quite so negligent could be re.
counted, but the principal question is
for all hands to get together and get
busy and speed up transfers so there
will be no room for complaint or sus.
picion.