The Birmingham age-herald., 1923-12-19
SHARP REACTION ON SOME STOCKS

NEW YORK, Dec. 18.-Stock prices reacted sharply in today's market largely on Washington dispatches Z forecasting the passing of a soldier bonus bill over the Presidents veto. ~ Some selling also was inspired, how ever, by the speculative belief that S the recent advance In prices had been too rapid and that a Reehnical re- action was warranted.
 Offerings were distributed over a z wide list with some of the sharpest reactions taking place on such specu- lative favorites as Corn Products, off 5 IA; Davison Chemical, off 8 7-S; Reynolds Springs, off 31a, and To- bacco Products off S4.
 Bullish enthusiasm was tempered 2 somewhat at the opening by reports that the Mellon tax reduction meas 2 ure would be side by Con gresS in favor of the bonus bill and the continued deadlock over the craftsmanship of the Senate inter 2 state commerce committee. Through E out the forenoon the market met all offerings without yielding much ground with the sharp recoveries in some, issues indicating the presence 5 of strong support.
 sAt An irregular recovery was under Z way in the early afternoon, but in the final hour the offerings were sub stantially increased with special pressure dBdlu ulItClcQ dl In0 Idll- road shares, particularly the north 2 west issues. Union Pacific slumped to 125 Is for 8 net loss of nearly 2 points and "Soo" broke 31s to 43, an- other new 1923 low. Losses of to 3-4 points also took place in Lacka- wanna, St. Paul common, Atlantic Coast Line, Chicago and Northwest ern, Rock Island common and per :. cent preferred, Katy" preferred, Missouri Pacific preferred, New Oleans, Texas and Mexico, St. Louis Southwestern and Wabash pre- ferred A.
 The average of 20 leading indus trial stocks showed a net loss of more than 11s points on the day. United States Steel touched 94 Is and then rallied to 94 3-S for net loss of more than 1 point on the day; Baldwin was off 2 3-S points at 123 s1-S; American Can closed 3 Is lower at 1041a, and Studebaker closed at ? 104 for net loss of If. Oil shares displayed firm tone at the opening and continued to offer good resistance until just before the close when they yielded with the other industrials. Houston dropped 2 8 points. closing at ST 1-8 and net losses of Q point or more took place in Pacific oil, Pan-American B and Standard Oil of California.
 Peoples Gas touched 97 7-S on the declaration of an increased dividend, ssb but dropped back about point be- fore the close. Stocks of companies expected to benefit by the heavy -sSholiday trade moved against the cur rent trend, Gimbeu Brothers and May Department stores each closing about z 1@point higher.
 s4eCall money held steady at 4 S4 per cent. Trading in time money was -on a moderate scale with most of the business in the shorter maturities at 5 per cent Little new commercial paper is coming into the market, the best names commanding S-4 per cent.
 Foreign exchange business was slight with slight recessions the rule. Demand sterling was quoted around 437 and French francs around 5.23 cents.
 Total stock sales 1,431 .0o0 shares.
 Twenty industrials averaged 9371; net loss 1.57.
 High 1923: 105.3S, low s5.76.
 Twenty railroads averaged s2.1o, net loss S3.
 High 1923: 9o.51: low 7s.53.