The Birmingham age-herald., 1923-12-18
sSPECIALTIES AND
 OILS ARE BULLISH

NEW YORK, Dec, 17,-Weakness of the railroad shares, based on specu lative fear of unfavorable legislation pr further dividend cuts by some of the Northwestern railroads, caused some unsettlement among Standard 1ndustrials in today's active stock market, but failed to halt bullish op- srations in the oils and certain spe- ctaltles.
 There was a good sized accumula- tion of weekend buying orders at the opening, due in part to the publtca- tion of the details of Secretary Mel ton's tax reduction plan and the fa- 4 vorable reportartions developments Wall Street reports that brokers ! loans had increased comparatively little in recent weeks despite the rapid advance on stock prices, also were considered a good omen in some quarters on the theory that 1t in dicated stocks were moving into , strong hands.
 Spectators for the decline, taking Advantage of the fight over the chair manship of the senate committee on Interstate commerce, launched an at tack on the rail shares, concentrating on Union Pacific which was forced down more than 3 points to 125 12, al- ? though it rallied later to 127 selling of this particular issue was some what of a surprise because of the fact that net railroad earnings this year are running well over 1922 with an increase also reported in income from other sources.
 800" Preferred broke points to T5. new 1923 low, on one sale and Omaha touched new bottom at 32, or 2% points below the previous sale. Net losses of a point or more also were recorded by Southern Pacific, Atlantic Coast Line. Lackawanna, Louisville and Nashville, Nickel lat a feh ginia preferred. Big Four" broke 5 points.
 Independent strength was shown by a number of specialties. Corn products was again the favorite, being pushed mp A points to 157 A, a new high for all time, on buying attributed in some quarters to speculative expecta- ton of special dividend distribution and in others to run-in of the short interest. Continental Can was anoth- = CT strong point climbing 29s points to 535s. American Can was pushed up to 1079s, the highest price this year, in speculative expectation of an increased dividend at Friday 5 meeting of the board of directors.
 Revival of a demand for the oil shares was based on a report of a reduction in output by the fields in the Los Angeles basin. Stanard Oil California led thes advance with a gain of PA points and good buying also was noted in some ordinarily ln- active issues such as fnvincible and transcontinental
 Wall Street estimates that Stand ard Oil company cash dividends will total nearly s13S, 100000 this year. < Baldwin, Studebaker, United States Seel and American Woolen all showed fractional recessions at the close, Davison chemical again moved rath- CT erratically, opening at 75&, drop ping to 753s and then moving up to T91, closing slightly below that for a net gain of nearly 2z points. Call money opened at "A and then dropped to Az. The time and com fnercial paper markets were dull with no change in rates.
 Foreign exchanges were quiet with fractional recessions being recorded by most of the principal currencies Demand sterling sold around $4.37 E and French francs around 5.24 cents. :. New stock sales, 1,1S0,300 shares; 2 twenty industrials averaged 95.2S, net gain .0S; high 1923: 105.3S, low S5.76; twenty railroads averaged S2.99, net less .49; high 1923: 90.51 low 1853.