The Birmingham age-herald., 1923-10-21
FLUCTUATIONS OF DAY ARE NARROW

NEW YORK, Oct. 2o.-stock prices developed moderate strength in today's quiet half holiday session.
 Narrow and irregular fluctuations took place at the opening with renewal of heaviness in the rubbers and some of the oils but the ap- pearance of substantial buying or ders in the usual leaders and an- other brisk inquiry for the tobaccos set in motion a covering movement which continued active up to the close.
 The only important developments of the day were the declaration of the regular division by the directors of Stewart Warner Speedometer and cut of 20 cents a barrel on crude oil by Humble Oil and Refining company.
 Substantial buying orders in Northern Pacific and Great North ern preferred or S1 net gains of about 1 % points each, recovering most of the ground lost by the sell ing inspired by speculative fear of a reduction in freight rates on grain.
 Strength of the tobaccos was at tributed to inside buying prelimi- nary to a consummation of merger negotiations. Oil shares were helped by the favorable report of the Phil IDS 96lFOleuIll COupdHy lOI lH0 lulTu quarter, that stock closing a point below at 24. American issues snapped back about l point above yesterdays closing figures on heavy short covering.
 Some of the other strong spots were American Can, American Wool en, Chandler Motor, Coca Cola, Corn Products, Dupont, Gulf States Steel, Hartman corporation, Kelly Spring field. Maxwell Motors A, National Enameling. Studebaker, United States Rubber, Willys Overland pre- ferred and Woolworth, all up l to 8 points.
 Foreign exchanges turned decided ly weak, on reports that Germany was about to break with France on the question of reparations. Demand sterling dropped nearly IF cents to S45O%, French francs yielded SM points to 5.S91s cents and Belgian francs registered similar decline at 5.10 cents. German marks dropped to 5-100 of one cent hundred million. the weekly Reichs- bank statement showing an in- crease in circulation of more than IS quadrillion marks.
 The weekly clearing house state ment showed increases in all im- portant items. Loans, discounts and Investments increased $10,590,0O0 reserve of member banks In the fed eraI reserve banks $23.819 900; net demand deposits $4S,115,OOO; time deposits s10,940,0O0 and circulation $20.0oo. Aggregate reserve totalled $530.24S. 900. leaving excess reserve of $32,100,7S0, an increase of $17,- 476,529 over the week before.
 Total stock sales 1000 shares.
 Twenty industrials averaged S7.S2 net gain, .31.
 High. 1923, 1o5.ss; low, Se.92.
 Twenty railroads averaged s1.62,
 High, 1923. so.51; low. 7s.5a.
 LIVE STOCK
 CINCINNATI, oct. 2O.-Hogs: Re- ceipts 5 700; steady; pigs and lights,
 Cattle: Receipts. 200; slow, steady,
 sheep: Receipts. $50: steady; lambs slow. $4@1S.
 EAST ST. LOUIS, 1ll.. Oct. so.-Hoss. Receipts, 900; active, generally steady; weightier kinds mostly s7.15@740; pigs slow, around $6; packer sows dull, $5.75Q
 Cattle: Receipts. 300, compared with week ago, good and choice beef steers. grass heifers beef cows, canners and cut mon and medium steers 50c lower: light yealers steady; fat light yearlings and heavy bologna bulls 25c higher; top ma tured steers and long yearlings SIP; light
 sheep: Receipts 15o; today's trade lings around $l lower; culi lambs and sheep unchanged; weeks top lambs,
 KANSAS CITY. Mo, Oct. 2o.-cattle: Receipts, 1,s0o calves 200 for week; bet top weighty steers, s1165; yeariings, sl2.25; beef cows and heifers steady to I5c lower; canners and cutters. IO915o lower; calves 25050c lower; stocker year lings steady; feeders mostly 25c lower
 Hogs Receipts, 2,500; steady to strong; :; of sales. ss.5O@7iO; desirable iso to 24o1 pound averages mostly s6.90Q7lO; pack ing gAag sows' $sg aI4 6.25: .oo 55gs0e lower; top westerns SIP; sheep zSq Soe lower; fat range ewes, s5.3oQ western wethers, s7.5OG7.75.
 LoUIsvILLE. Ky Oct. 2o-cattlo: steers, $s@g;5o; beef steers. s4@s; 6eif- CTS 7.5O; cows s2Q $50; feeders. 4ogs e'P Redasls st9SserI 2se se6o@s ssesov pounds, s7; i2O to 1s5 pounds, ss.45; pigs !zC pounds down, $5.S5@5.s5; throwouts,
 Sheep; Receipts, 200; steady; lambs. Il.
 CHICAGO. Oct. 2O.-Hogs: Receipts, 5000; active, steady to 10c higher; pack ing, and mixed kinds show most advance i; s74g@7.50; better grades 1SO to 23O pound averages, S7@735; packing sows, $6.s5@ s;5o desirable weighty slaughter pigs, heavyweights, s7@7,55 ''''''
 Cattle; Receipts, 1000. fed steers and high time. or steady to 25c under close week earlier; few matured steers above sl2;. western grass steers 25c to Soc low CT; she stock uneyenly 25c to 75c off; bulls weak to 25c lower; veal calves soc to I5c lower; stockers and feeders fairly lows Fed steers and yearlings s961l: western grass steers $5.75Q6.75; butchers cows. heifers. $3.S5Q775 canners and stoter, sssFs snd sao sedsSs ssS ssssG sssas
 Sheep: Receipts, 2.000; todays receipts mostly native lambs, market generally sheep and lambs show the following de- clinsc Fat lambs, $1q1.5O; cull native lanses la ana gyearlngs 75egsl fat sheep; feeding lambs, 25@50c. Top slaughter range lambs at close quotable at si2S5; natives. s12.S5; feeding lambs. SIS.
 NEW YORK. Oct. 2o.-Cattle: Receipts, none; steady; steers, s5@s:25; state bulls, ceipts, 75 steady; .yeals, $13.75@14; culis and little calves, s79S; buttermilhs and
 Sheep and lambs: Receipts, 200; steady /; sheep s5@6; eulls; s2@S; lambs, s1o@ medium weights, s7.75@S; pigs, S7!5o Q 7.65: heavy hogs, $7.6OQ7.6o; roughs,
 BANK OF GERMANY
 . BERLIN oet, 2o-The statement of shows the following changes: V
 Total coin and bullion decreased 259S,- 30SD00 marks; gold unchanged; treasury 692.a55, 530. 900: notes of other banks in- creased 313,9 ,946 760 ,000 bills of exchange and shqSe 9d 2Ss22 b 250,774,471,0 000; advances increased