Evening star., 1923-01-05
WALL STREET LIST
/ STRONG ALL DAY
Many Good Advances Are
Scored Regardless of
News From Abroad.
by STUART u. WEST.

special DlSpatch TO The star.
NEW YORK, January 5.--The ac-
ltion of today's stock market fully
bore out the conclusion that the sell
dng movement at Thursdays close
would have come about anyway, re-
.gardless of the outside news.
OF course, the disruption of the
separations conference afforded q
convenient pretext, but it remained
for the market today to demonstrate
Wall streets true attitude toward the
latest crisis in European affairs. 1t
did not take long after the opening
for such further selling as came in
TO be absorbed. Then pool opera
tions were resumed with quite as
much confidence as before the inter-
ruption of the previous afternoon.
The two quarters in which the
European news had its, principal ef-
feet were German marks and French
francs. OF equal Significance with
the streigth in our security markets
was the SteadineSS of sterling eN-
change, which even more than on
Thursday ignored the weakness in
continentals. 1t could not be doubted
that the break in marks and francs
meant that in banking circles the
chances of an agreement on the repa-
rations question through American
Intervention or in any other way were
regarded pessimfstically.
The Inference simply was that
America and Great Britain feel suf1-
oient confidence in the strength of
their home situations to not be upset
over what may happen If France car
rieS out her threat to occupy the
Ruhr and force an independent set
tiement on reparations.
Call Loans Low.
One helpful influence, both in stock
and bond markets, was the reduction
in the rate for standing call loans
from to 3A per cent, the lowest in
over six months. This was of no
great Importance in itself, but it was
important as reminder that funds
are now flowing back to the main
financial centers and are pressing for
occupation either in the Joan market
or In the security market.
Reason for the strength of United
States Steel common was disclosed in
the high price fixed for the annual
offer of stock to employees The rest
of the steel group were not so prom
inent they have been, and interest
also shifted away from the equip
mentS and from most of the recently
favored oils. In their place a consid-
cradle number Of stocks of speciality
type were taken up, the motors con-
tinued in demand and some Of the
attention even was bestowed upon the
lately neglected rails.
California Petroleum.
Petroleum got into new high ground
for all time. 4 price of ~ had not
been reached since 1912. In 1913
California Petroleum sold down
around Is. Earnings are now run
ming between SIS and $50 a share.
while the company has some of the
finest grade crude on the Pacific coast.
Its output is close to $4,000 barrels
a day. Despite denials there are GER
tain people in the financial district
who believe that the Doheny inter
ests are the heaviest purchasers of
California Petroleum stock with the
idea of securing control once more.
Whatever interest has been shown
in United States Rubber stocks in
the market lately has been aScribed
10 knowledge Of gradual Improvement
in the company'S earnings position.
The footwear business constitutes
approximately 40 per cent of United
States Rubbers operations and the
current season has brought heavy
sales.
During 1922 it was a question in
the street whether the company was
earning it's preferred dividend, the
payment of which was in doubt until
the announcement of the regular dis
tribution on this class of United
States Rubber stock was actually
made.
MarIand OIL in Good Shape.
Although final results for 1922 of
TIE Marland Oil Company have not
been received in the street. estimates
are that after interest charges, divi-
dends on the stock, depreciation and
depletion, there was something left
over. Production of the company IS
increasing, with a gross output of
about 10000 barrels Of fine grade oil
u day and refined output of about
1900 barrels daily. Average produc-
ton in 1921 and a part of 1922 was
IesS than half the present rate. A
substantial premium is being paid on
II large percentage of Marland's oil,
and any advances in the price of crude
petroleum in Marland's fields nat
urally will strengthen the company's
earnings position, for its equipment
is in a condition that will permit the
full benefit of higher selling prices.
Late Realizing sales.
In the last hour on the stock ex-
change the usual realizing sales were
apparent to some extent and prices
came down rather generally from the
high. 1t was noteworthy that cotton,
like stocks, quickly got rid of it's un-
easineSs over the failure of the Paris
conference.
The wheat market did little, but
fresh light was thrown upon the po-
Sition in the grain trade by the week
ly export figures. These showed a
total of 1O,325, 900 bushels, as against
S,423,0O0 the week before and only
6.260,00O in the corresponding week
ar-S