The Washington times., 1922-10-04
STANDARD OIL
STOCKS ACTIVE
ONN.Y.MARKE7
100 Per Cent Dividend DecIar-
ed by S. o. of California
Sends Shares Up.
BY w. S. COUSINS.

(COpyTlBnl, I'VE, Dy NOslnOpOllldn NtNs
Service.)
NEW YORK, Oct 4.-Trading in
Standard Oil stocks was the tran.
scendent feature of the stock mar
ket in the first period today, actuated
by the formal announcement of the
intention of the directors of the
Standard Oil Company of California
10 declare special stock dividend OF
100 per cent to stockholders of rec
ord December 8, 1922. Heavy trad.
ing in this issue and the Standard
Oil of New Jersey stock accounted
for a large share of the activity of
the market. Opening at 1917, up 3
points, the California stock sold up
to 1874 before the end of the first
hour; New Jersey opened fractionally
higher and gained 81 points, at
2091a.
Recent unfaVorable DEVELOPMENTS
in the Mexican oil fields has empha
sized the necessity of discovering
new sources of crude oil, or of utiliz.
ing more largely the present farili.
ties for securing and refining this
important commodity. Because Of
its excellent quality. the product Of
the California oil fields is expected
to fill the bill. and, in return. the
leading companies in that territory
are expected to reap rich harvest
1t Isl for that reason that stocks OF
all the California oil concerns have
been in good demand in the market
place, California Petroleum selling
up today at 66; Associated Oil up
3i2, at 1247s; Pacific Oil up 2I2, at
CO.'S. Sinclair and Houston shared
in the upward movement of the mar
ket, and even the Mexican oils, i'm
PEELED by strong bullish activity,
made their best showing in week
or more. At 1861, Mexican Petrol.
cum was up more than 10 points
from Saturdays low
Specialties Advance.
Spectacular developments were
recorded also. in few high priced
speCialtics which have been prom.
inent during the last week Ma
tionaI Biscuit added IL more points
to its lO-pOint rise of YUStCr.
day. and sold up TO 1899 Euying
of this stock was also to the aC-
compartment Of rumors that stock
dividends Kere in order Coca Cola
rushed up 3I2 points, TO a new
high at -, on reports that earn
ings are now running between 81"
and SIS. Dupont sold up about :
points. to 1852, and I-aCkawanna
made a new high al l43. Equip.
ments were in good form. with the
exception of Pullman, which lost
about points on publication of
the annual statement for the year
ended July, 1922.
Motor stocks were active and
firm, a new upward movement in
PierCe-Arrow common and pre-.
terrcd being feature. Steel
stocks were inactive and inclined
TO be reaCtionary.
Those who have been Observing
marked conditions this week have
advanced the theory that the vigor.
Gus assault on prices last Saturday
marked the end Of the secondary re-
action. and completed the shake out
of weakly held speculative accounts.
They Oppe that the technical posi-.
tiOn of the market has been greatly
improved, and the way opened for
the continuation of the upward
movement.
III duulllOn W lne tNCFIlCnt ueNPl-
Opments in domestic business and
industry which flooded the financial
district, the market received the
stimulus of foreign adviCes hat an
had been entered into be-
tween allied representatives and the
Turkish nationalistS. Sterling got
up above AL, and the incident Of
new low record for fiat German
marks passed without special notice.
Call money ruled at AZ per cent.