The Birmingham age-herald., 1923-11-13
FAVOR REDUTION
 IN INCOME TAX

NEW YORK, Nov. 12.-The un- ward movement of stock prices which has been under way, with a few minor Interruptions, since Octoebr 31, was temporarily halted late today by a wave of selling for both accounts ap- parently based on the belief that the rapidity of the recent advance war ranted at least a moderate reaction lon technical grounds.
 Secretary Melons proposal for a reduction of federal income taxes ap- parently met with favor in the financial community because it brought a large volume of buying orders into the market, giving the opening 8 strong tone. The early gains ran from one to five points, covering a broad list but with the best displays of group strength being shown by the merchandising, steel, food, equipment and chemical shares.
 New high records for the year were established on the upSwing by all Erie railroad issues, Kresge, Con- goleum and Willys Overland pre- ferred. United States Steel and Amer Nican Can touched new high, levels on the current movement, Steel closing 1s higher at 943s after having sold nearly a point above that figure and Can closing at par for net loss of one point after having hit 102.
 Extension of the gasoline price cut
 
 eastern states had a smaller depress- ing effect on the oil stocks through out the session but it was the re- port that the Consolidated Gas com pany of New York was preparing to issue S300O0,O00 additional common stock at $50 share that turned the general course of prices downward, that stock dropping four points to 5Ss but rallying feebly towards the close.
 Heavy buying of the Erie issues, ap- proximately 75,000 shares of which changed hands, undoubtedly was in- fluenced by reports of high October earnings. New Haven also strength ened on publication of a report for the third quarter showing a surplus of $359, 442 against a deficit Of S1,4ll,- Al in the corresponding period last year. Copper shares developed mod crate strength on reports of another increase in the price of cred metal which is now selling at 1874 to 1898 c E a pound for delivery in the first quar- ter of next year, or about cent above the recent low, but the gains in this group were not maintained
 The outstanding strong spots of the session ewere Congoleum, Brooklyn Union Gas, American Agricultural Chemical preferred, General American Tank, Goodrich Rubber preferred, Pullman, Woolworth and Sloss-Shef-
 
 Kresge up and Iron products pre-
 Private offering of 30O,OOO shares of no-par capital stock of the William Wrigley, Jr,, company will be made some time this week. While no of- ficial announcement has yet been made the stock, which is to be listed on the New York Stock Exchange, will probably be sold around $40 to SAP share.
 Call money opened at A per cent and then dropped to Al, where 1t closed. Time money and commerclai paper rates were unchanged with business quiet.
 sharp break of more than three cents in demand sterling to $4.25as, a new low for the year, was followed sby a partial recovery with the feature of the foreign exchange market which displayed a reactionary tone.
 Total stock sales 1,004,000 shares.
 Twenty industrials averaged 91.13. net loss .25.
 High. 1923, 1922 1O5.SS; low s5.7S:
 Twenty railroads averaged SS.26;
 High, 1928, 9O.51; low 79.5S.
 LIVESTOCK
 NEW YORK. Nov. 19,-cattle: Re eePts n, 1soo sfgSy sa, cows stssfs si15
 Calves; Receipts. 1900: steady; veals. s14@14.5O: culls and little calves S6.6O@ 7.50; grassers, s4QA50.
 sheeps and lambs; Receipts. tsne: ss1eo: steady; sheep, S5@6i25; .s enlis' G@S;
 Hogs; Receipts, 5,56O; steady; light to nsSiu sS Reayy yeif6ts Rogs roSshs ss @6.50.
 CHICAGO, Nov. 12.--Cattle: Receipts: wegn s9e f9a sd heifers 10 to 15c higher; middllng graues weighty steers; strongi killing quality wpeighty steers above sii.25; several loads. s115O; bulk fed steers and yeaerhngs. ss.50@lO50; mixed yearlings upward to closing with early advance lost; bulk grassy and short fed heifers under SC :; bulk fat cows, S3.50@ 4.50; light weight canners downward to s2.25 strong weight kind S2.60 and above; stockers ana reed ern grass streers to killers strong to 25c up; other classes generally steady quality considered; bulk Vealers, SS.oOWS'te' 1ew at $9 to packers; selected kind upward
 Hogs: Receipts, 7O,ooO; opened 10 to 2oc lower; closed mostly 25c lower; bulk age, $7.15@7.45; top. $75O; desirable l6o to 19o-pound average mostly, S5:i9 @a;;1U; grades weighty slaughter pigs, $5.76@6; iestimated holdover. 15,ooo-
 uneven strong to 25c higher; bulk good and choice fat lambs. s12.S5i top, $1S.25; {; cull natives strong; sheep ana Ieeullg lambs steady; good clipped lambs around wethers, $li95; good medium and handy weight fat ewes, $5.5o@6:25 choice lights weights upward to s6.75: better grades feeding lambs mostly. s125o@13; few medium kind around. SIP.
 KANSAS CITY, Mo. Nov. 12.-cattle: Receipts, 2i,0OO; calves. 4.0oo; steady to s725GDo25: she stock steady; beef cows. sS.s5@4.5o; canners and cutters S2@S; bnS Stsady 6qaofoa op ysas ssso stockers and feeders strong to shade bulk of sales ss.so@7.1o; 200 to 2so- pound averages. $7@ 7;1o; 1So to . lSo. pound soe pge seady S
 Sheep: Sheep: Receipts 7ooO lambs steady to shorn sbonS' Tesas SnsSp @ Tethers, ;7s5; Colorado ewes, s6.5o.
 2 CINCINNATI. Q. Nov. 12,1Hogs: Re: Re: Ssasrs SSSf snS a5S 5S ssaVy S sss5; stags. s4@5.75; pigs and lights. Cattle Cattle: Receipts, s75; steady; steers, ss@9; heifers, sS@s.5O; cows s2.5O9 $50; calves soc higher; $S@11.5O.
 LouIsvILLR Ky. Nov. 12.-cattle: s7.50@S; beef. steers, $4@7.5o; helfsrs. stocklrs, s2.56@5.75. Hogs; Receipts, s7. 30: 165 to 200 pounds. s6.9O; 120 to 165 pounds. s6.25; pigs 120 pounds down. S5.25; throwouts. S5.65. down. stags S5.l5. sheep: Receipts, 100; steady; lambs. Sl1.
 FAST ST cod LOUIS Noy 12MHogs Re, fo 10c lower; closing mostly 1Oc lower; espe- Sisly dull and weak on heavy butchers; few opening sales steady at $7.40@745; top. s745; bulk medium weights and heavy kinds, $725@7.s5: 1S0 to 200 pound kinds S7.10@7.25; l60 to 1S0 pounds s7 017.15; light lights and pigs steady to 25c lower; good 14O to 16o-pound kinds, Se:SS4@7 good weight pigs S6 70 62S