The Birmingham age-herald., 1923-08-26
SPECULATORS FOR DECLINE RESUME
 ATTACKS ON OILS

AIT IACkS ON OlLS
 NEW YORK. August 25.-stock prices dr1fted downward in todays relatively quiet half session. Specu- lators for the decline resumed their attacks on the oil shares, using the recent cuts in dividends as an ex- cuse, but they made little headway Prices were pointed upward toward the close as a result of buying by shorts who did not wish to remain uncovered over the weekend.
 Producers and Refiners, the quar- terly dividend of which was cut in half, actually closed point higher, indicating that the change had been fully discounted before the directors meeting. Cosden established a new low for the year at 28A, but snapped back later to 39&. Marland closed nearly a point lower and Houston dropped 2 points. Other active issues showed only minor changes.
 United States Steel, common, closed at 925, up A, but Baldwin and Amer can Locomotives, American Can, Stu debaker and other so-called pivotal stocks showed fractional losses
 One of the features of the session was sharp run-up in Davis Chemt- teal. which spurted points, to 41, a new high for the year, but dropped back to 39% at the close.
 The spirited advance of this stock was described as run-up of an over extended short interest. Other chemicals improved in sympathy.
 Trading in rails was again sluggish with fractional recessions the rule.
 Strength of French francs, which advanced SA points, to 5.T1A points, was the feature of the foreign ex- change market. Demand sterling held F,fr r4a l. drachmas advanced q points to 2.O6 cents on light trading.
 The weekly clearing house state ment showed increases of $s,339, 900 in loans. discounts and Investments S2,750, 900 in cash in own vaults; S12 2S1, ,0O0 in the E. reserve of member banks in the Federal Reserve bank; S16,902,000 in net demand deposits and $1,T2S,0O0 in time deposits. Az gregate reserve totaled S501,7S5,000, increase of S9S02,06o over the week
 Total stock sales, 27s,Ooo shares.
 Twenty industrials averaged 91.59; net loss, .35.
 Twenty railroads averaged 7s.66;
 High, 1923, sO.sS; low. 76.79.
 LIVE STOCK
 CHICAGO, August 2o.-CaELle tccelptb 1.O0O1 fed beef steers and yearlings of value 10 sell above SIP, 25c higher; others around 25c lower; spots lower; western grsssers steady: better grades she stock strong; in-between kinds steady; canners strong to 10c higher; yeaiers VI higher; bulls steady to lbe higher so3ekers ,iiSi ana fed steers, $s. eO @ II 65; western, SC. 75 Q 7.75; butcher cows and heifers, $4 :S6 Q SITS: canners and cutters S2. @ 25 ; veaiers, sI2Q1aS stockers and feeders 5000 QF 70. generally steady; supplies mostly native; best offers, SIS 50; market for week d. rects around 10 per cent; western run, 2lo doubles. Compared with week ago; Fat lambs culls and yearlings generally SlS.50 aged Killing stock strong to 26o higher; best lightweight ewes. $S 50; feed Weight ns d''iSs ewes, $ 50; feeding lambs. 35S ppices pPf Fat western western lambs. s18 5o91sso native, SIP. Q13. 25; culls, S5 DO @ 10; :; yearlings, Sl0. 90 @ II .2bi wethers' SEQ s.75; ewes. s5.75 @7.5o; feeding lambs'
 Hog S T receipts. 4OOO; mostly Is @ 2So high and Choice Iso to 24o averages, s9@S. .2s; top S925; bulk desirabes, S50 to 325 pound butchers. $s. 25 Q 90; packing sows largely S7 40Q7.S0; few strong weight pigs around ss 5e; estimated hold-over 2,5oo; heavywelghts. ssQs. 90: medium light lights, s7. 50 @e 20; packing sows. smooth, S7 10 @7 65; rough, $6 @ 10; slaughter pigs Sf 20 co TO-
 LOUISVILLE. August 25.-cattis re- ceipts 200; closing steady; heavy steers, ss.25Qs; beef steers, $59s. 50; heifers, s5 Qs 50; cows, s2@7; feeders. $6@7.25i
 Hog receipts. i,7oo, 25o higher; 1s5 pounds up. 80 25 12O to 165 pounds, Ss.75; pigs. 120 pounds down, SIPS; throw-outs' s6 25 down.
 Q12.50; sheep, $s 50 @5 .bo.
 
 receipts, 1900; calves, 500. For week: Better grades beef steers and yoarlings mostly 25c higher: spots up more; other fad native steers around steady; top steers. SIP 50; best yearlings. $12.25; fed westerns to sell above $9 50, 15Q 2bc high sr; others steady; .grassers. 25o lower; spots off more; beef cows 10@25c high cutters 1OG 15c higher; bulls steady; veal fleshy feeders strong to 25c higher plain CT kinds slow, about steady numerous ' IJop reneints I 800 desirable medium ] weight to packers, $s 450S. 50. or 50 10c higher than yesterdays average; bulk of sales, S7 75@8. 40; packer top, $S.5o; stock pigs steady; best natives, s7.
 Sheep receipts, 800. For week: Lambs, 25 Q soc higher; top colorados, SIS. 25; best natives, SIS 10; better grades mostly s12@ 12.85: sheep around 25c higher; top ewes. s8i other killers largely $7@7sO; Texas wethers, $S.75; native stocker ewes mostly ss@9; yearling ewes, top, $9. 75i feeding lambs. $11. .75@12 40.
 CINCINNATI. O.. August 25.-Hog re- oeipts 500; 20c higher good mediums and packers; heavy, SS. 25 q .25; packers and butchers, $9. 50G9 60; medium, Ss, 50 70 9. 60; heavy fat sows, $5 50 75; pigs and lights. s8Q9.30.
 Cattle receipts. 150; steady to strong on good kind. Calves slow, soc lower, s4@ 12. 50.
 Sheep receipts, LIDO; steady; lambs slow ,5Oc lower. s5@14. 50; few extra, S14.75.
 NEW YORK, August 25.-Cattle re- eeipts, 465; no trading. Calf receipts, $50, steady. Veals, S11 oil. 50; fed calves, $6.5o 50; sheep and lamb receipts, 36s5 steady; sheep common to choice $3 Q s. 50 ; lambs, choice southern spring, s15@16.25; ; common to prime state springs, $14915;
 i Hog receipts 2.O75; steady; Porkers g ;20@9 60; heavy, SS.75@s; roughs, SC 2S Q6.75.
 EAST ST. LOUIS, Ill., August 25.--Mules and horses steady. Quotations unchanged Approximately al lof the 1500 arrivals on commission this week found outlet
 Cotton Goods Trading NOw Is More General