Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-02-25
RENEWED BUYING
Of RAPID TRANSIT
Stock Advanced to a New High
Record for Year at
24A

Renewed active trading in Phiind"'' :
phia Rapid Transit, carrying the stock
to n new high level ut 2Iai was the
out standing feature of the local market.
A vigorous demand sprung up for the
stock directly following the opening
! which continued until tie closing. The
dealings were quite heavy with turn
over Of approximately ZOO shares III me
, two hour session. One block of 20OO
shares changed hands ut ~ and thcr,
were number Of transactions OF loO ana
400 share lots. The movement was unex
plained. in So far as news, but came III
for widespread attention because OF the
! fact of the company's looks being
| closed until after annual election. lh'
most Of the stock was taken by brokers
understood to be friendly to the NIL :
ten management and 1t was further
| understood that the days purchases
carried with them the delivery OF proxy
or right to vote at the annual meeting
The new high price of 24at repre-.
sented an advance Of Sl.I5 from last
nights quotation and nearly 81 above
the low Of the year.
/ The trading in other local stocks was
quiet and without feature Of interest
! All price changes were confined within
frnrtional limits. The York Railways
shares were conspicuously strong, with
the common advancing to II and the
preferred to "A. PENNSYLVANIA Rail J.
road continued firm at 35. philadei
phia Electric shares and the |. u. l.
issues we're also firm. American stores
on small transactions advanced -;
The weeks operations in the ioca
stock market failed to develop anything
in the way of novelty; in fact. III con
trast with some Of the recent weeks
the trading was rather tame. This wa|
partly explained in the buoyancy ol
the New York market. as thS spec
tnclc of the RAPIDLY rising values or
the big board nearly always detract'
attention from the Slower moving To-
cnl outfit. There are. however, quite
n number of interesting developments
inst ahead which should inject ne"
enthusiasm in the local speculation
One of these is the effort on the par
of one of the large Stockholders o.
thc Ichigh Coal and Navigation Tom
many to pursuude the management u
declare n stock dividend and increase th'
cnpitnl stock of the company. ~
rointcd out in this column yeStcrda!
the same gentleman several years ag'
made Il similar request and won OUT
On the surface. he appears 10 nav
enually convincing ground for making
the same request at the Forthcoming
annual meeting. and 1t Is NOR" tha'
likely that a considerable nuho'I .
the shareholders will be ready 10 oac'
him up. .,,,,
of colapsing brokerage concerns Is Una
n number OF innocent people could nav
Ia hn
sustained if similar crusade nov
being instituted by the Stock EXchahs
officials was inaugurated when ines
fly.by night organizations were begin
ming to bloom. a year or so ago.
IN, been stated the failure OF a mum
hcr of these houses was forced by req
son of the withdrawal Of the account
of their customers. This IS SlinpI
tommy rot. The withdrawal or nc
counts could not have possibly cause
the suspension Of any legitimate broke
doing n square business. 1t might caus
them TO 90 out of business. but w"ul
never make them fail. As matter G
! fnct. there is not case on record q
n failure of a brokerage hrln ina
strictly did brokerage business.
The house cleaning this time
hoinp done not only on an agSrcssiv
scale. but is being carried out with
degree of earncStncss that is certain I
cxtinruish these dangerous parasites
There has naturally been created
great deal Of nervousness among IN
vcstors, but any one doing huslne'
with firm having Stock EXchahe
! membership has little room for lear.
! any person has the slightest doubt {,
to the solvency or reliability "i I'll
hroker or the firm with which they ha
transactions, these doubts can be eas
;ly remeded by consulting the bank 9
trust company with which they d
banking or this newspaper.