The Birmingham age-herald., 1922-09-17
EFFECTIVE BUYING POWER IN STOCKS AGAIN IS LACKING
Bx Aseociated Press

New York. September 1s.--Laok of effective buying power and aban- donment of bull operations by specu- lative interests combined with week end profit taking and extensive short selling, caused a general reaction in today's brief stock market session. The decline in some of the recent strong issues confirmed the belief of bear interests that they had been pushed too far out of line, although the selling proceeded in an orderly manner.
 The largest variations were af- forded by so-cailed speciaities, losses of points or more being registered by American Toe, American Beet Sugar. American Tobacco and others. On the other hand. Air Reduction, Postum Cereal and New York Air Brake were pushed to new high records
 Developments in the near east were watched closely by financial interests but had little visible effect on prices.
 Equipment issues showed fractional declines through realizing sales. Mexican Petroleum moved to higher ground but a reactionary tendency was noted among some of the other oils
 Total sales were 446,000 shares.
 The foreign exchanges continued to lose ground, the market generally presenting an apathetic appearance. Recessions were only nominal in character, except In the Greek rate. which dropped 90 points.
 The clearing house statement showed an increase of s1S,710,o00 in r. fv,xr Art, compared with a decrease of $1,270,- 900 the wek before. Cash in hand deacreased s3,706,000 but there were increases of sS3,3S4,0 900 in the re- serves in the federal reserve bank and $135.0 1000 in net demand de- posits. The increase in excess re- serve was s66.6sS, ,260. as against an increase of s7541.o2 a week ago.
 LIVE STOCK
 Chicago, September 16.-Cattls receipts 1000. Compared with week ago, better higher; lower grades and westerns strong to 26c higher; extreme top beef steers
 fa eows Of mostly ssss hEhsr bulls, 50@60c higher; veal calves 75c higher; stockers and feeders, 35c higher; week bulk prices, native beef steers, sS,S5 beef coks and heifers, s4.75 or. 50; canners and an cutters ss@s.76; desirable veal calves,
 Hog receipts. 5000: active; light and butchers strong to 10c higher: bulk 1s0 to 230-pound averages $9.S6010; bulk 240 to 135-pound butchers, S9Q9.75; bulk packing sows, s7.604S.15 pigs steady, 80; Heavy, sS.60@9.75; medium. ss .40@ 10; light. s9.70@10; light lights. s9.s6@ 9.S0 packing sows, smooth, s7. 35 @S 25; rough, s7.io@7.65. killing pigs. $S 35 O s.25.
 shssg receipts sSo with Tsss and medium weight sheep 25@ 6oc higher; lambs, s14; bulk, s13.75; native culls be.50; fat heavy ewes, s4@4.75; best handy weight $7: feeding lambs. $199l2.5 50.
 East St. Louis, September 1s.-cattle receipts, 1000. Compared with week ago. beef steers 25c higher; light yearling steers and heifers cows canners and bulls 25 dD 50c higher; light calves, $1 high er stocker and feeder steers strong top for week; long yearlings, SLID; matured steers. s10 light yearlings. Sl0 50; bulk for week: best steers, $S 50@ .75 light yearlings $7.50@9. 50; cows S4.2505. 75 i; canners, s2.40@2.75; bulls, $S.75Q4. 75; stocker steers, $5G6 50.
 \ sales higher; later tone weak; top, 50 80; E bulk hogs, So .55@9.75 light lights. s9.40@ 50; pigs. s9.26q q9 70; packer sows. s79 sheep receipts. 75o; for week, 5o@75c h sher on lambs; fat sheep and other aged classes steady. top lambs for week, 1S.25c; i; bulk lambs for week, S11,b0@12.75; cuils largely s7@7.bo; light ewes -s6; heavies $3@4.