Evening star., 1922-10-04
WALL STREET LIST
MOVES UP SHARPLY.
Standard Oil of California on
100 Per Cent Stock Divi-
dend Leads.
BY STUART p. WEST.

NEW YORK. October 4.-The oils
were to the fore Immediately on the
opening Of the exchange, large buy
ing orders developing.
A declaration Of 100 per cent stock
dividend in Standard Oil of California
was excuse enough for a wild ram
page. A matter of 1000 shares sold
the first few minutes of the session
at 1919 to 1873. The next sale. was
200 shares at 1874, an extreme rise of
3 points over night.
Strong Elsewhere.
Bullish operations were aggressive
ly conducted throughout the morning.
cable dispatches stating that an
armistice virtually had been agreed
commanders in the near east con-
tributing to the more cheerful senti-
ment.
Trading was largely of a profess
sional character, but the volume of
business indicated the temperance
of an investment demand on the part
of small interests.
The bouyancy of the Standard Oil
group exercised dominant influence
on prices, but the resumption of ac-
tive bidding for public utilities, food,
merchandising and standard railroad
shares also accelerated the upward
swing.
Some Weak Spots.
There were a very few exceptions
to the rising trend. Delaware and
Hudson and Pullman off to points
on realizing sales and the Mexico
Seaboard issues yielding point in
response to reports for further de-
creases in production in the Toteco
fields.
National Biscuit extended its gain to
12 points and Standard Oil of New
Jersey to 6. while\gains of to 3 Y
were made by Fisher Body. May De-
partment Stores. Dupont. National
Lead. Mexican Petroleum and United
States Realty
Call money opened at ~. per cent.
Other Oil Shares.
Although there has been less talk
about a possible melon cutting on
Standard Oil of New Jersey than on
AIRY of the other Standard Oil prop
critics. the stock rose rapidly in the
wake Of the California shares. Senti-
ment was particularly bullish on
stocks of other oil companies located
in the same territory as the Cali
fornia cCrE E1any-Pacific Oil and Cali
fornia Petroleum. although the latter
being accustomed to moving by it
self. was not as responsive as the
former
1t takes great deal of buying to
put up Texas Company on account
of the large additions to its market
supply from the stock dividends of
the last years. but it had its
fair share of the general advance
in the oil group Houston Oil. with
out any special gossip. became much
more active at d very sharp advance.
Th. pool in Skelly Oil made the best
showing for it of any of the low
priced oils
Pacific Oil.
With Standard Oil of California
promising a 100 per cent stock divi-
dend rumors are now beginning to
be heard of a deal in which Pacific
Oil will figure. The Pacific Oil plan
is said to call for the complete alb
sorption of another oil company with
an exchange of stock on a favora bic
basis. Pacific Oil owns thousands OF
acres Of oil lands in California. the
lowest public estimate of the valua-
tion being placed at s25oooo.ooo and
from that point estimates range up
ward to $500. 100000. Pacific Oil now
holds about so per cent of the stock
of the Associated Oil Company.
All Better.
Sterling. francs and lire all went
higher. sharp rebound occurring
in both French and British govern
ment bonds. Wheat went lower and
cotton higher. All this was. of
the natural reversal of sit
uation only week ago threatened
b. war scare. after apprehensions
had been relieved.
The general investment list was
helped by the European
but on the stock eX
change. as had been the case the
previous day, there were other mat
ters of interest and bearing upon
the price movement.