The Birmingham age-herald., 1923-09-13
DAYS SALES ARE LARGEST INV MORE THAN 2 MONTHS

turned decidedly heavy in today s market after an initial period of mod crate strength The selling is re- ported to have originated largely from bear operators, but the ease with which stocks lost ground in- duced considerable profit taking with the result that the days sales were the largest of any session in more than two months. The only apparent reason for the burst of selling was the reports of curtailment of steel operations contained in the weekly trade reviews Steel shares dropped ? to points and this had a depress- ing effect on the rails, oils, equip ments and other standard issues, which also registered substantial losses. United States Steel common dropped 3 points to 90 1-2; Gulf States Steel was off S-4 at S3 3S, and Republic was of 54 at AZ Is. Cos- den was one of the most active issues on the board, more than 7O,000 shares changing hands. The stock closed at S1 B-S, off IA, on selling attributed 2 In some quarters to reports that some scf tho larger Independents were in need of new financing.
 The Iron Age, in It's weekly re- view states that "the first ten bus mess days of September have passed without improvement of new buying in steel products, to the extent that had been expected" It also declares that "apsrt from the buying of So,000 to 40, 900 kegs of nails for early ship nent, lttle of the inquiry for Japan ing that cit is believed several months will eiapse before the real construction needs of the stricken districts can be definitely known"
 Sugar shares offered god resistance to selling pressure in reflection or the higher commodity prices. Early gains in the active issues ran as high as 8 points but these were reduced to fractions before the close.
 Some of the outstanding losses in the industrial division were Baldwin, American Can, Corn Products, Ameri- can Tobacco TB",' Dupont. Houston oil, woolworth. Stewart Warner, Ma tfonSl Lead and Central Leather pre- ferred, of 3 S-4 to nearly 6 points.
 The weakest active members or the railroad group were New York Central ana Southern Railway which dropped 2 and l s-8 points, respeo- lively on what was generally de- scribed as profit-taking.
 CalIs, money held at per cant all day. Some calling of loans was re- norted in Anticipation of September is income tax payments. Demand for time money was fairly large with 1-2 per cent the ruling rate anu long term loans. especially scarce. Commercial Paper unchanged at 1-A Foreign exchanges were slightly ereactionary. Demand sterling held ffairly steady around SABA 3-4 and French francs around b.IS cents, put Italian lire dropped z 1-2 points to A 10. cents and German marks Tell pe- low one cent & million.
 stock sales 876.100 shares.
 Twenty Industrials averaged s2.oT net loss 1.64.
 i. Twenty railroads averaged S2.oS. 1 High, 1928: so,51; low. 7s.5s.
 NEW YORK. Sept. l9.-cattle firrner; receipts, 510; steers. s6,75@12, 76; state bulls. B .1o5b; SS9ws' si, So@g5; Gslyss ys eaiis oiifa and little calves. s7@S; buttermiiks, 90 g Sheen U and lambs irregular; receipts slambs, $12.76@16; culls, $S 10.
 B2Fs hss8y Aoss GsssPs 5s Rs' rosshs SC s5Q 50.
 ceipes EAST sT LISas sI6W opsRed low CT; few good light hogs; a ss: as: 20 q @ S .sp; light hogs showing maximum decline; closing top 16 1so te 2SO pCgnd s70 ,S avsr sEo to RSD Iso T pound pigs s7. @s.25; packer S0Gs Cattle ' receipts 1sS coco: native and west. ern beef steers and light ,yearlngs bHfuS bulis, 10 S @f5c higher; light vealers. ssc higher at S11 25 912; stockers and feed- srs agl sss 5ste Sissh sht yssIngs ss 25 O TO-. beef cows. s4Q6; canners, 50; 69loeRS aob pulls 3s5sSt7s sSs .tr61v si2 S5 @is; some held higher; cull lambs unchanged best light ewes to killers. se
 CHICAGO. Sept. .12.-Receipts. 11,ooo; fatr1v actfVe. native and yearltngs strong to 15c higher; spots 26c up; year, % b.ss st ysaynss %atSuff Sr fed steers and yearllngs. $10911.75; west ern grassers steady to strong bulk te pound Wyomings. s7 35; about ls loads Kansas grass steers, s7 25@7 50; meaty about 1,060 pound meaty steers on coun- try account late yesterday, S9 70; vealers' egs: eps other classes steady to strong bulls scarce; active; bulk bolognas. s4.25 4.s5. aec ihIs Iewer r1 bulk good and choice iso to 2se pound average. $s 15W .S6; top, ss 40; bulk desirable 24o to 800 pound butchers, 7'eS: few desirable strong weight pigs, s7756s. .35; estimated hold-over. 1S.ooo.. lambs i in in spots more; feeding lambs strong
 gsf '0f aSs s.sas s5?nf t5p Opf a5i natives mostly 'is SSgiS.3S: t0p: poma & sI1.I sio So; fat yeariins wethcrs upward to siG.75; fat handy weight ewes, ss 5o@7; hssSs Gsty PsS ssgS to tsw Eoo feeding yearlings. s11; feeding lambs, S1S.60@14; top, t14.
 LOUISVILLE. Sept. 1a.-cattle receipts. 100; slow: hessyy steers: SS@s.7s beef cows cows s2@ 50; feeders. ssS7.5O; stOckers. asS SsP lSSe % 1s5 'S o Bounds. 1Ss S 60; pigs 12O pounds down, ST; throw
 sheep receipts, 500; steady: lambs. .115o q 12; sheep, ss@5.
 CINCINNATI. o.. Sept. 1a.-Hog re- eeipts. 4,2oo; 10@15c lower; heavy, Ss9 g 50; packers and butchers. Ss. 55; me dium. ss,S5; stags s495; pigs and lights 'Oyi Cattle receipts, 800; good killing classes csSey' csvaS stfons fommSa to 5co cto SigheP s4@is
 Sheep receipts. 3,soo; strong; lambs strong; closed $l higher.
 KANSAS CITY, Mo. Sept. 12.--cattls receipts, 1000; calves. 2.0oo; very slow; around steady; plainer fed steers and westerns dull. with bids weak to lower; Sed ssy aropnd fOp sis 5G she stock slow, steady 10 weak: bulk beef cows s3 500 5; bulls ss2es strons 3SS top Teaes stockers and feeders steady; other classes dull bulk early sales. Se 4o @s.2
 Hog receipts, 13,000; mostly l Q 26c low CT than yesterday; bulk 17o to .27o pound averages to shippers sS.e5@ .s5; top, $s; tie: packing sows. i5G26c lower bulk, se. s5@7 50. stock pigs around 25c 10 4oc higher; bulk, s6 25 or 50.
 Sheep receipts, 5000; fat lambs active. | 25@50c higher; fat sneep scarce. around | steady; feeding lambs strong to ioc high CT; bulk best western feeding lambs | S13. .25 N13. 75; handy weight western feed l DTS. S1S
 HORSES AND MULES
 EAST ST. LOUIS, Sept. 12.-HorseS and | YIias steady. Ouotatinns unchanged