Evening star., 1923-03-02
CALIFORNIA PETE
IN SHARP UPTURN
Trading More Active and Bit
Wilder Today-Prices Con-
tinue to Advance.
BY STUART p. WEST.

Special Dispatch TO lhe star.
NEW YORK, March 2.-There was
no difference between the market to-
day and that of other days, except
that the trading was more active and
a bit wilder.
California Petroleum stocks had an
other sharp upturn at the start. after
which they were not as conspicuous.
\ report that the preferred stock
would be called in. thus placing the
'ommon directly in contact with the
earnings and treasury assets, was
denied. California Petroleum pre-
ferred at its high was up 10 points
from where it was selling only a week
ago. Other oil stocks were generally
strong. In the Pan-American heavy
short accounts was outstanding and
was easily driven in. The upward
move continued In Phillips Petroleum
and Pacific Oil and Sinclair, which
previously had done nothing, were at
length drawn along.
Anaconda Lends Coppers.
The feature among the coppers was
Anaconda, and here the objective
evidently was to get the stock up to
he level at which the recently issued
tebenture bonds would begin to be
price is 53, and this figure was reach
ed in the early dealings
Among the specialties United States
Realty was again a feature and other
stocks in this category that were bid
up most sharply included 1nterna-
tional Paper, international Cement.
owens Bottle and Wells Fargo. Tim
ken Rolling Bearings. responding to
optimistic statements from sources
close to the company, got across 40
~ 10 r
Bethlehem Steel B. was the strong
est of the steels and American Smelt-
ing of the metal stocks.
Review and Outlook.
There was very little in the way
of outside developments that bore at
all upon tho security markets today.
With stocks il was simply case
of the pools and large operators con-
tinuing to push their advantage
while conditions were favorable and
with sentiment Sanguint. Some of
the upbidding OF SpecialtieS was un-
questionably reckless and suggestive
OF August and October. 1872. the cor
Iective for which was found in the
violent recoils of September and No
Nomber. Nevertheless there was no
Immediate sign of a check
Along with the continued advance
on the stock exchange. speculation
for the rise was active again in the
commodity markets. Cotton went
through the 30h cent level and re-
fined sugar prices regained nearly all
the ground lost early in the week. In
view of the cold water which sugar
retiners have tried to throw upon rise
IN the raw product it was interesting
10 see them hurriedly pulling their
quotations from cents a pound.
where they stood only few days
ago. to above 9 cents.
L. =. Rubber Report Out Soon.
The % report of the United States
Fubbcl company. to be issued in the
near future. will show about so
'entS applicable to the common stock.
according to reliable advices in the
street. Distribution on the common
has not been made since July, 1921.
In 1921 L. 5. Rubber reported deficit
of over S6.000.000 after preferred
dividends. The showing to be made
for the last twelve months will prove
that the preferred dividends were
earned. which was a matter in doubt
in some quarters The Street figures
that the publication of the bad
news" in the shape of poor earnings.
together with a prospective advance
in tire prices, will be followed by a
better feeling regarding u. S. Rubber.
AS we'll as the other rubber and tire
shares.
The 1922 reports of the American
Telephone and Telegraph Company
and the Bell system will be made
public next week. A remarkable in
crease in earnings over those of 1921
will be shown.
International Paper.
The short interest in international
Paper. which put out it's line of stock
some weeks ago, when it first became
known that the company would pre-
sent a bad annual report. appears to
he having quite bit of trouble getting
under cover. The paper report Is due
the first week in April, and VIII show
1922 as year of losses rather than
profits. Since the preparation OF this
report however. quite change mas
come in the paper industry, especially
IN the news print end of it. and Inter-
national Paper is now doing much
better than it did at any time last
year.
Marks Quoted Higher.
Marks were quoted higher. again
an interesting occurrence. in view of
The 42O,OOO,O00,000 increase in paper
note circulation disclosed in the lat
est weekly report of the German
Reichsbank. Money rates were un-
changed, but the easier conditions
which have developed with the course
Of the week were readily explained
by the federal reserve figures show
ing that the raising of the New York
bank rate had been effective in further
reducing rediScountS by nearly $50, -