The Birmingham age-herald., 1923-10-09
TRANSACTIONS IN
 RAIL SHARES ARE
 FEATURE OF DAY

reg lstered net losses of 1 to nearly { points, brought to halt Il promising upward movement in rail shares, many of which advanced 1 to 2 points before yielding to the general selling pressure.
 The buying of rail shares was based not only on high current earn ings but on speculative indications of some favorable merger and dividend developments in some of the leading shares. Baltimore and Ohio and Chi cago and Alton preferred established new records for the year in the hrst few minutes of trading. Substantial net gains also were registered by Reading. Lehigh Valley, Delaware and Hudson, Lack2wanna and Wa eelled or materially reduced before the close.
 Late hsaviness of the rails was senerslly regarded as sympathetic with the weakness o6 tndustrials, but he outline of proposed rail legisla- : 1t the December session slso had bearish effect on sentiment.
 Weakness of American Woolen, which dropped more than points. below $70 to a new low record for the year. was construed as lack of panys ability to maintain the $7 divt- dend Baldwin and Studebaker also sustained sinking spells. the former closing 2h points lower at llb% and the latter showing net loss or l% at s5ss. Davison Chemical dropped nearly points to 45a and DuPont was off s ss at I25.
 Pan-American oil issues were de- pressed on publication of a report that the Standard Oil of New Jersey had abandoned drilling in Aguada, but the net losses were held to frac- huy q point lower.
 Uneasiness over the reduction In steel production was held responsible for the weakness of the steel shares, United States common dropping q point to s7M and Gulf States Steel Jones Tea. which had been under pressure recently on reports of un- satisfactory earnings, touched anotn- CT new low st 2Sh.
 Strength of Marine preferred, which closed . point higher at 24s was associated with a report that the company was bringing suit for al- leRed violation of an agreement by the United States government to purchase ships during the war, Amer 5can Smelting crossed 69 on pubica- ton of the semi-annual report show ling net earnings for the period Of sS.4S a share, but 1t reacted later closing at a small fractional loss.
 Cali money opened at IF per cent. advanced to s. and thence to . h. The time money market was quiet. some s0-day loans were made St eH pus the bulk Of the puSlness was Aof SV
 foreign exchange trading was quiet but firm. Demand sterling sd- vanced X of . cent to 5a. and French francs gained nearly 10 points at 5.99Ac. German marks were pack
 
 Total sales stocks 712,00O shares
 Twenty industrials averaged S6.bS;
 High 1928. ios.ss; low, ss.ss.
 Twenty railroads averaged ss's7'
 High. 1928, soSi; low. 7s.ss.
 LIVE STOCK
 KANSAS CITY. Mo. oss nNs. s.-castls s,o., H,.;
 .nos 'ssss qsa. ssss Sss ysss4s:
 she seos Ssa fsiE eows s7Ss sStys iosnas. iisna ua''S ss.SoS1: caves. steady to s5c higher; practical tor, vealers, se.6o stock
 Hogs: Receipts, is.ooo: 1cc to 15o others; packers bidding around ssc lower, @ Suk bpS lsS fG so 'ISPSSnS .s stversses. ss.s5S7.sS; packing ..ows most. y ss.2S @s5O;. s.Osh sa. pigs' ios .s to iSo sSesp; R.c:iDt., It,o00: la ls@s' ,s asS:sc s: |. higher Top wssterns sls;se othsEs sEs SS1s i.ss of ssDs. swss : others. i2o-pound kind. ss.ss.
 CINCINNATI. Oct. s.--Hoss: Receipts. 2 stsSsS packers and butchers, ts.s5; medium. s gs.sS: T5ss' nIss asS sSYS YIiShss tsA ss@71s sns :r. ..ds .sp: sdsT sssS sGS SsfsF. aU sheep; R RsesiP,a s,ess .SS .ss,, .io" lambs
 LOUISVILLE. Oct. s.-cstt..: Re. SsaSs SsPts ssssgs ssSs .ssSs;s ss stssss goo Ssans. 'ss se ''fsSy isS s' bounds. ss.26: lso to iso pounds, T.26; sissI sd so1n, 11o pounds down. S'9S' 'hr0~01'''
 sheep: sheep: Receipts. zoe: steady: lambs. - si3.oO.
 sispts . i1So ssr' sSSGs' cssss $ aas ss'iig; gs: spss .sss ss Sheep and lambs steady: receipts. 5;s6s: sheep. .s49s: culls. s2@s; lambs s119i4;
 Hogs steady; receipts. 2,oio: lIsh.. to too ss.50; heavy hogs ;s.a5 9ssb: roughs,
 ST. LoyIs. October s.-Hoss: Re over: over: closing s5 to 4oc lower. Top .ssS; desirable. 216 to 24o-pound butchers. ss.l0 sss5 closing tog ssiS ,g run mosy t gh i. f7Sa.a5; lighter kinds snd pswses, .s.sss gs75a aGass most 's good heavy 'so sows ss75 '' css :so RfssR ss.a -s.ss4n lSs s aste s Sssl iogna bulls. i5 to 5sc lower: cannera. 10 stooker sts sAa slssrs SDehanssd sDe fat fight top yeeriins.' ;ii.7s; maturea steers sii; bulk native steers ss 's2SSs5o western sheep: Receipts. sooc; fat lambs 7 strong to 26c higher. culls and sheep un.. { good s.o southwest lambs lambs to butchers. s1S. as. ,7sos Sh 0na %at.on sss sSss 2 heavies. S4
 k 20 900; most grades fed steers. 15 to 25c E lower; yearlings in more. active demand: steers. sisso several @ strings sl3@ SIafsc is5o sfed yearlings numerous at S1o05 QD H. 50; strictly choice Angus mixed steers and heifers averaging i.osA pounds, sl2 west 1, ,,steady to strong spots higher; 22 loads meaty Montanas to killers. sS.75: numer- sous loads less desirable kind S625p7.S0; rarlain qauities western to feeder buyers h$5 o 6.25; other classes generally steady; *bpils closing strong: bulk vealers to pack Meis s11 Q 11.50 bulk stockers and feed ~~ers. $s@7; numerous loads going on : Hogs: Receipts, so,Oo0; desirable grades sIpostly 15c lower; others Is to 25c off: ~closed dull 25 to 35c lower: bulk good and