The Birmingham age-herald., 1923-01-25
PROFESSIONALS IN
 CONTROL OF STOCK MARKET TRADING
By Associatee Press

NEW YORK, Jan. 24.-Heavy sell ing of oil shares imparted a reaction ary tone to todays stock market after an early display of firmness founded on another bullish demon stration in railroad stocks. Profess sional interests again dominated trading. The foreign situation con tinues to exert restraining influence on business. but domestic conditions appear to be the deciding factor in the determination of quoted values.
 Irregularity also prevailed in the bond market, which was featured by the strength of tax-exempt issues in reflection of the House of Represen- tatives adoption of a resolution to submit to the states proposed con- stitutional amendment prohibiting the further issuance of taxeXempt securities. Foreign exchanges eased slightly.
 Some new high records were made in the cotton market, but prices re- acted on taking at the close.
 Weakness in oil
 Weakness of the oil shares was due largely to speculative disappointment over the announcement that the Standard Oil Company of California had declared dividend of only soc a share on the new stock, which is equivalent to the rate on the old. The HbW SIOCh ClOSSu AL OO h lACh AoSS IA 2%, after getting as low as 54A. Speculative belief that other Stand ard oil companies might also con- tinue the old dividend rates prompted selling of Standard oil of New Jersey, which sold down within fraction of 10 and at a net low level for the year. E The recent cut in California crude oil prices also was a contributing fac- tor, California Petroleum dropping l ss points and Pacific oil A. General Asphalt broke 2% and the preferred 2,while losses of a point or more were sustained by the Pan-American issues and Pierce oil preferred.
 Strength of railroad shares was at tributed to a continuance of record car loadings, the satisfactory nature of the December earnings statements and the signing of a bituminous coal agreement, removing the possibility , of another strike this year in the soft coal fields. Some excellent gains were made in this group during the morning, particularly by the low priced speculative issues, but these were materially reduced or wiped out later. At their best prices Atchison sold at 1o1 Baltimore and Ohio at 44h, New Haven at 2oas, St. Paul common at 23 and the preferred at 35%, Northern Pacific at 74h. Nor folk and Western at 112, Southern Pa cific at 90A and Southern railway. the most active, at 30A.
 Beechnut Drops
 Beechnut Packing dropped more than points on further selling as result of the official announcement that no increase in dividend was con- templated, and Fisher Body. which in- dulged in sensational 3S-point drop yesterday, moved today within radius of points, closing at 16sh, net loss of E points. Postum Cereal. R. H. Macy. Nash Motors and Mackay preferred also were conspdcuously weak, while United Fruit. up %. and kresge, up 8, were among the few outstanding strong spots.
 Call money held at 41s per cent. Time money and commercial paper markets were unchanged.
 Foreign exchanges were dull and irregular. British, French and Italian rates yielding slightly. The India rupee established another new high vrecora at 33 .45c.
 3 Days total sales ,742,000. Twenty industrials average s716; z net loss, 27. High 1922, 1o3.43; low, 7s.59. ~Aa
 Twenty railroads averaged ss.11: net gain. .S4. High 1922. ss.ss; low. 73.4