Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-08-12
LOCAL DEALINGS
FAIRLY ACTIVE
American Stores Giving the
Trading Contingent a Good
Run for Their Money

In the local shares for Saturday
market. Prices, however. we're more ir.
regular, indicating a moro two-sided
character to the trading. One OF the
more interesting events Of the day was
the parallel price commanded by the
two Philadelphia Electric issues, with
the common closing the remaining gap
between It and the preferred, advance
ing to 31H.
There was also continued active
demand for the street railway shares,
p. Il. T. was we'll taken around 33,
equal to the top price of the week
Union Traction managed to break loose
at last from the 40 peg, moving up to
4Ok. Philadelphia Traction continued
to be readily absorbed ut GO.
lrrcgularity and erratic quotations
attended the movement Of the leaders
Of the week. American Stores made a
further dip to 40. or 31a points under
last nights closing. and 1919 points
below the weeks high record. Most OF
the loss was regained before the closing
Brill continued to slide back. reaching
80, a decline OF 2 points. and 0 points
under the high Of the week.
Pennsylvania Railroad also lost fur
ther ground, yielding to 46ls. I. G.
I. was fractionally lower at SIN. Lake
Superior lost Il shading to 9A. Con-
solidated Traction of New Jersey. on
small odd lots, moved up a point from
the previous sale TO 30.
The local market within the last few
weeks has certainly given those Of the
trading element, always hollering for
some action, good run for their
money. Few Of the historical specu-
lative coups of Wall Street cnn COM
pare in duration and results to that of
the remarkable movement in the issues
Of the American Stores. The "show
movements on the big board may make
more noise and kick up more dust. but
they generally are short lived. In Phil
adelphia they make more lasting
meal out of it and give all hands an
opportunity of sticking their fingers in
the pie. whether they get burned or not.
The American Stores remarkable for
ward movement has at all times been
more or less clothed in an air of mys-
terry. There are few of the big specu-
lative favortes over in the metropolis
to show n record of making almost an
uninterrupted rise within two years
from the POS to high record of 155E
There was n spectacular movement in
the General Asphalt shares during the
war boom. but the greater part of this
big speculative play was pulled off on
the Big Board. There is not single
broker on the Street able to give Il sat =
isfactory explanation of the steady
rise in American Stores, especially the
more recent sensational jumps of five
points and over. No end Of rumors,
stories and reports have been in circula :
ton. The real goods never has been
delivered. Some one wanted the stock.
wanted it bad and was after 1t regard :
shooters on the local exchange got
200 might be the high goal. Some of the
ardent followers assert even that will
be passed.
The market. as n whole. however
is demonstrating it IS not half so dead
as many thought it was. The eighteen :
point jump in Brill few days ago was
a strong reminder there was still biz
kick left. The utility group apparently
is working into shape for giving q
pyrotechnic display later on. The lat =
cst coup of the Mitten management
demonstrated the company had regained
sufficient credit position as TO place it
in an cnviable independent banking 20 =
s!tion. At the same time, the big block
Of stock removed from the Street BY
the additional purchases of the en-
ployes paves the way for easier riding
for the stock on the market. The un-
diminished hrmness of the Philadelphia
Electric issues Is diSrounting the ever
growing volume of increasing business
Of that company. The monopoly which
the company occupies in the unmeas-
urcd lighting and power field Of Phil
ad"lphia and adjoining districts has
never been fully realized. \ big Wes
prn electrical engineer some years age
called attention to it. but nobody
seemed 10 have paid very serious at =
tention to his prediction. Every day his
words are becoming fulfilled. So on
through the list could nuggets be picked
out. As stated before in this column
traders have overlooked the Acres OF
Diamonds in their own back yard be
cause of the lure Of fast work they dc
in taking your money away from you
on the Big Board.