The Birmingham age-herald., 1923-10-16
STRONG BUYING
 POWER HELPSTO
 CHECK REACTION

which carried most of the leaders to points above Saturdays closing prices. The recovery was not asso- ciated with any outside develop ments, being generally regarded as correction of an oYersold condition.
 Considerable irregularity was ap- parent at the opening. Bear traders continued to offer the steel, motor and certain oil shares, but they en- countered good buying power and 1t was not long before the market was pointed upward with shorts bidding against each other for stocks. One commission house estimated today that the market value of stocks loaned to short interests now ap- proximated $100,000,000.
 Another flock of new low records for the year were established by or dinarily inactive shares. Columbia Graphophone common and preferred d touched new bottoms at 9 cents and sI a share respectively, on the an nouncement of receivership proceed ings against that company. Among he other issues to sell at their low est price of the year was "Soo" Colo fogle Steel, Armour of Delaware pre- iogle Cteel Armour of Delaware pre- serred. Producers and Refiners pre- .eerrcd, Magma Copper, Butte Cop CT and Zine, Central Leather pre- ferred and Warrington Pump.
 Strength of the tobacco issues was associated with reports of heavy buy ing by the Whelan interests. Phillip Morris was run up more than points 10 19&, new high, and gains Of 2fi to 4 points were recorded by Lor- illard. Liggett X Myers, American Tobacco and American Tobacco B.
 United States Steel touched S7B end then fell back to STE, up A on 7 the day. Net earnings of the cor roration for the third quarter soon to be published are unofficially es- timated at between S40.000,000 and s45, ,OOOOO0O. Baldwin. Studebaker, American Can. Mack Truck, Strom- berg Carburetor Stewart Warner Speedometer and Gulf States steel each closed at a net gain of ? points or more,
 One of the most constructive de- velopments of the day was the re- sumption of dividends on Punta Ale gre Sugar, which had been suspend ed since July, 1921. The stock closed half a point lower at 543i after hay ing sold as high as 55 E. Fisher Body jumped 22 points to 1S0 on two sales. Inland Steel dropped nearly 3 points on heavy selling just before the close.
 The gains in the railroad group were smaller than those in the in- dustrials. Reading issues improved temporary on stockholders approval of segregation plan, but Nickel Plate" preferred was heavy on un- official reports of another issue of preferred stock.
 Call money opened at per cent and then eased to Az, The time loan market is virtually at a standstill with brokers biding 5A and bankers asking 5h. Commercial paper Is holding steady at 5A for prime names.
 Except for the weakness of Dan ish and Norwegian kroner which touched new lows for the year, for eign exchanges were firm. Demand sterling held steady at s4.53A French francs advanced 6 points to 6.14 cents and Belgian francs advanced 8 points to 5.2615 cents.
 Total stock sales, 5lS,00O shares.
 Twenty industrials averaged SS.3, net gain SS; high, 1923, 105.3S; low, S6.92
 Twenty railroads averaged s2.41; net gain, .4G; high, 1923. 9O,51; low 1853.
 LIVE STOCK
 n KANSAS CITY, Mo, Oct d5.-csttie: iiti e. grades corn fed steers and yearlings strong to a shade higher; best weighty steers, $10.75; other classes killing steers around steady; she stock generally steady; stockers and feeders, weak, 15c lower; few desirable yearlings. Ss.7O@7S5.
 Hogs: Receipts 1s,0oO steady to weak; able i, 2Go-pound averages, ss.sO9s.75.
 Sheep: Receipts, 12OO0; lambs steady To weak; westerns $l2.9O; feeding lambs strong.
 LOUISVILLE Ky. oct. 15.-cattle: steers, ss@s.75; beef steers. s5ffs. ; heifers s4as; cows. s2@6; feeders $s.5O a7.25 stockers S33@6.5O.
 Hogs: Receipts, 3,40O; uneven; 200 pounds up sS.25; 165 pounds to 200 pounds, s7.9O i26 to 165 pounds, SIPS; pigs; 12o pounds down. S675; throw -outs'
 sheep: Receipts 400; steady; lambs, sl2.OO.
 CINCINNATI, O., oct. 15.-Hogs: Re- eeipts, 15,oOo; 1Oc to 2oc lower; heavy, ss.35; packers and butchers $S.a5i me
 Cattle; Receipts, 4,5oO; dull; steers,
 Sheep: Receipts, 500; steady; s1@6; lambs soc lower, S5@13.5O
 25.OOO; active fed steers and yearlings and better grades fat she stock, especially ysarlings offering mostly 25s higher; Yearling steers more in spots; ma tured steers scarce; clean weghty kind slow; top, s12,5O, weight 1,22l pounds; 
 pounds; numerous strings fed yearlings, s10.50Q12; mixed yearlings upward to SIi.50; western grassers and fat she stock steady to 25c higher; canners and cutters ; nd bulls about steady; vealers steady to -5c lower; mostly steady quality consid- ered bulk vealers to packers, $l1 @ 11.50; upward to $12.50 and above to outsiders; plain to medium bologna bulls, S3.50@4; weighter kind upward to $4.75; stockers and feeders steady to strong; country de- lnand moderate.
 Hogs Receipts, 5s.ooO; opened slow cium and weighty butchers around steady; others mostly weak to 15c lower spots off more; practical top. sS.25; few loads to traders above; bulk desra ble 200 to 3O0-pound average, ss@S.25; 140 to 190-pound average mostly $7:60@79O; bulk desirable packing sows,, $7;25 and trading in pigs; estimated holdover, 15,000.
 and yearlings mostly 25 e soc lower; sheep and feeding lambs generally steady; good and choice western fat lambs sl3@13.50; ; ss5Q: good and choice yearling wethers. sl0.90; bulk fat ewes, $5@6.; bulk better grades feeding lambs, $12.75@1a.
 EAST ST. LOUIS H., Oct, 15.-United States Department of Agriculture),- light yeariings. bologna bulls. light veal, CTS and stocker steers steady; beef cows about steady; canners and cutters barely bulk native steers. ,sG1o.s5: bulk west, west erns s4.9O@6,4O; pigs, s6.50@9.65; beef cows S350Q4.50; canners. $1.25@2.25; bulls, ss@4.5o; calves, s11.5o; stocker
 Hogs; Receipts. 1s,OOO; slow, steady to Raade lower; 200 to 240-pound butchers 4.15@S.25; 160 to 190 pounds, s7.9O@81O; Sfgs. 15Q25c lower; 14O to 16O pounds, :s5.5e9?d7d5; packer sows unchanged,
 Sheep Receipts. 1.500; steady to 25c lower; fat lambs showing the decline; run mostly southwest lambs natives, S12@ 1250; butchers, culs, s8.
 NEW YORK, Oct 15.-Cattle: Recepits, 1925; lower; steers $5@10 state bulls s3.00@4.75; cows. s1.50@45o. Calves, re and little calves, $500; buttermiiks,