The Birmingham age-herald., 1923-10-04
UPWARD MOVEHAS
 ITS BEGINNING IN RAILROAD SHARES

parently was becoming over-croWded brought about a vigorous upturn in prices in today's stock market, the first million share day since Sep tember 13. The rally, which was gem orally construed as a correction of a weekend technical conditoin. was conducted without relation to news developments. Several of the large commission houses reported that the buying came largely from profession al sources, so-oaled public partici- patton being of negligible charac- ter.
 The upward movement started in the railroad shares buying of which was influenced by the August earn ing statements now being published. Particular attention was paid to "big four" which added slA points to it's 61s point gain yesterday. touching 104, new high for the year, on reports of its purchase by New York Central interests.
 Baltimore and Ohio and Chesa- peake and Ohio, which are reported to be earning about $20 a share, each were run up another point or so, as were Wabash preferred "A" New York Central, Northern Pacific, Union Pacific. Lackawanna, Lehigh Valley. Erie first preferred and sev- eral others. Reading was pushed up S5s.
 6dlQWtut III WHICH the Ill., terest is supposed to be unusually large, made the best showing among the so-called pivotal stocks, closing five ponts higher at 120 after hav ing sold slightly above that figure. Studebaker, which with other motors has been under pressure recently in speculative expectation of more in tense competition and price cutting in the automotive industry next year, was not far behind, climbing B points to 9912. United States Steel crossed S9 for net gain of nearly points and American closed points higher at 939s.
 The weekly steel trade reviews re- port a further slight contraction in output of both pig iron and steel. Since March there has been shrinkage of 1888, 669 tons in the un- filled orders of the United States Steel corporation. September op erations of the corporation are re- ported to be at ST per cent of steel making capacity and. if the BLOOD ton daily bookings reported in the first three weeks were continued through the month, the reduction in thrilled orders Is expected to be con- siderably below the 496,000 ton de- crease of August.
 Today's market was not without its weak spots. Jones Brothers Tea broke below 30 to a new low for the wear on unofficial reports that the years earnings would be consider ably below the S10 or SIP a share reported a few weeks ago. National enameling also had temporary sinking spell, dropping to 451a but it rallied later to 47%, up 4 on the day. The only other conspicuous weak spots were J. l. Case and Van Raalte silk, off 912 and "A points, respectively. the turnover in each case being small.
 Q l- CT. Funds on call opened at per cent; decreased to 41A and thence to f. Some 50 and 60 day time money was quoted as low as 5A per cent l,ut the bulk of time funds moved at 51k Tie commercial paper mar ket was steady.
 Demand sterling held steady around S454H but the continental rates were reactionary. French francs dropped 12 points to 5.S7 cents ana German marks sank to new low of 1-5 a cent million:
 Total stock sales 1,026,5oo shares.
 Twenty industrials averaged 90.4o, net gain 2.15.
 High: 1928, 1O5.3s; low, S6.92.
 Twenty railroads averaged S2.S7;
 High, 1923, sO.51; low. 70.5s.
 CHICAGO STOCKS
 195. Tnternationai' Is; Union Carbide. 54iI Wrigley, 115 Yellow Mfsn B, 26S; Yellow Taxi 1l6.
 LIVE STOCK
 oeio3s soo; iAiet slow. steady heavy steers. ss ms75; beef steers. $5@S.25i heifers, $6@ $; cows s2@6; feeders. s5.5o @7.25; stock erI Hogs: ga v O' Receipts. 2,soO: steady to 22oe lower; goo pounds @p; Ss;4G; leS 10 nigs zgv t20 pounds down, s45o o@6.5O; throwouts' ''ia9 Sheep: a9"H' Receipts 200; steady; lambs $12.
 naeeipts. nAipsAii ii 500; calves. s15; slow; year ings. s11-s5; light veals' top' Ss'60; teed- erIi aogs Ssg Re Receipts, 1s,Ooo; slow; bulk of sales s7.25 Q7.S5; stock pigs steady sS'2S e s:9S sbecp: Receipts, 12,OOo; lambs steady to 1oc higher, S1s@l2.65; sheep steady; ewes, $5.65.
 NEW YORK. Oct. s.--cattle: Receipts, 800; steady; steers, $5g10.10; bulls. $9Q t5S cows sl25 4sg d@lgss yes o,is TGseiP.s ana httie. I'2Ge calves; s7@s; DutteTmllks and grass CTS Sheep se 9 and and lambs: Receipts 15oO; bare ly steady; sheep s506; culls. $2@S; lambs sii iG14; culls. s7@s.
 H0ss u.Fses EsesPt,s sss ffsy pss she sSS s ssiS..a95@7ssSS.' A'
 CHICAGO. Oct. s.-cattle: Receipts, 10 900; active; fed steers, yearlings and and desirable beef heifers showing most advance; top matured steers, $l2.1b, SWeaish9s dgt 5S reiativeiy few Weighty steers below s1o: best yoarlngs s1l.s5; numerous lots. Sio.5O@ Q l!l.4ei best e year, year, ss25m10.1O; western grass steers about steady; killing quality plain; bulk better e6 grades to stocker and feeder dealers Se:5o 00 EO. hulk palmer kind, S5.50 6p 6.25; ; prices steady to strong with late last G5; western heifers, s4.75@e; some high CT; bulls about steady; most western frsss Rsavisr Rssisi native bologna bulls s4St56 largely; veaiers mostly 800 lower at s11.5o sfs.5o and above; country dernand stock CTS and feeders fairly active at tirn to higher prices; bulk stockers and feeders
 Hogs: Receipts. 2s.oo0; mostly steady: desirable butchers strong to 10c higher; SveTage, aver ; ;s.20@s.s5; top. ss.4O; desirable ITO to 190 pound average mostly $7.9O @ average, s7.25@7.s5; packing sows largely s7Q7.25; bulk desirable 120 to 130 pound slaughter pigs, s6.5O@7 estimated hold Sheep; sG' Receipts. s2.ooo; fairly active; fat lambs fully steady: bulk fat westerns, 10 good kind around S12.5o; natives to packers mostly s12.5o, sorted; few to city around s9; fat sheep steady; 15o-pound wethers. $6.50; few odd punches fat ewes, s5.b0@6; yearlings and 2-year-old wethers mixed, s6.75; feeders active, 15c to 25c lower bulk offerings of plainer quality at S11.50 112.65: few choice kind around SIS; feeder ewes mostly s5.5046.5o
 EAST ST. LOUIS, III, Oct. 3.-Cattle: Receipts. 5000; beef steers long yearlings and light yearling steers and heifers 25c Hlgher beef COWS and c9nners strong: bologna bulls steady to shade higher; calves 50c higher; stockers unchanged; hulk beef steers and long yearlngs, Ss@