Evening star., 1923-02-03
Definite UP7URN
! ON STOCK MARKET
Prices Rise Steadily, With
Trading Very Active for
TW0-Hour Session.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, February 3.-After a
week or more of hesitation the stock
market today emphasized the definite
upward turn in Fridays session. AS
prices rose trading became more ac-
tive. News from abroad was regard
ed as distinctly more favorable.
. Under these circumstances the OIL
stocks and the sugars were picked
out as special objects of buying. Call
fornia Petroleum, Pan American, Mar
land, Cosden and Sinclair led the oil
group, Sinclair coming in for mucn
more attention than 1t has received
for a long time past. All the sugar
stocks reached the best prices SO rar
on the recent upward movement, the
latest price advance seeming TO pear
out the Sanguine feeling In the sugar
trade regarding the outlook Tor 1870.
Interest, however, was not connneu
to any one section of the market The
steels were drawn along, the equip
ments. especially Baldwin Locomo-
tive, stood out strongly, and the poois
in specialties were very busy. rail-
way shares Joined in the advance
with particular activity at rising
prices in the ST. Louis and San Fran
cisco: issues. in . Pere Marquette, IN
Southern Railway and in Chlcaso
and Eastern Illinois.
The market continued strons
through the last hail. hour, with the
buying power sufficient TO absorb
heavy realizing sales and still maintain
the early gains.
The same interests which have
been back of the move in Corn Prod
ucts all along we're again active in
the stock, pushing IT forward another
two points. Recent short sellers had
a hard time covering in stocks like
General Asphalt and Retail stores.
The American Tobaccos We're run up
sharply. Public utility issues, espec-
tally Consolidated Gas, Brook lyn
Edison and Columbia Gas were in de-
nand.
List BuOyant ut Close.
The general list closed buoyant
well up TO the best prices OF the day.
Brooklyn Edison was one of the
leaders of the public utility group on
buying of a most substantial char
acter The Consolidated Gas interests
are also connected with Brooklyn
Edison and something of the same sort
is expected in the latter stocks as has
just occurred in the former. From
sources in a position 10 know what
is going on il was learned today
that a readjuStment. of capital and
an increase in dividend rate would
not be unlikely in Brooklyn Edison.
Some switching of operations from
Consolidated to Brooklyn Edison is
mentioned.
Public Service Prominent.
Public Service Corporation OF New
Jersey common also was prominent
among the public utility stocks to-
day and it's strength was attributed
mainly to the report recently pub
lished showing for 1922 a net income
applicable TO the common stock of
S14 a share after preferred dividends
and all charges. 1t is understood that
the current earnings are equivalent
after charges to two and one-half
times the So common dividend.
The favorable financial conditions
and operating results of public serv-
ice, together with the likelihood that
It will encounter no legislative handi-
cap, so far as can be seen, are the
basis for the optimistic feeling in
Wall street with regard to the future
of the corporations
Ruhr Compromise Seen.
The financial markets today took
the view. although the grounds for It
did not appear at all clear, that events
in the Ruhr were moving toward
compromise.
Ordinary reading of the cable dis
patches would have seemed to point
to the conclusion that if the French
way strike. the Germans had gained
quite as much by the complete shut
down of the mines. Nevertheless, the
feeling in financial circles seems to
be that Germany would soon take
the initiative in suggesting some sort
or an accommodation which would
not involve a complete backdown on
her part, and at the same time salts
fy the French that they were getting
the best deal possible.
French Francs Higher.
Acting upon this inference, the short
interest in French francs continued
its covering movement, rates getting
mp around .063S, as against the ex-
treme low of .0512 in the early part
of the week French bonds of the
dollar loans were quoted s points
above their extreme low. The stock
markets Of the day again bore out all
t)At has been said about the strength
of their internal position. AS soon as
the foreign views gave them a chance
they were quick to respond to the
favorable course Of the domestic trade
situation.