The Birmingham age-herald., 1923-06-08
7-JSINESS IS AGAIN
 1T CONSIDERABLY JRTAILED SCALE

= NEW YORK, June 7.-Prices in to- d 's stock market yielded moderate to profit taking and short selling which was most effective In certain b. the steel, equipment, oil and motor :hLres. While the reactionary ten L 4cy extended to most of the usual i> ders there were several specialties Mach showed net gains of from to l. .trly points on the day. Business Nds again on considerably reduced st.le owing to the absence of any ,o-.ective public participation. (' New lows for the year were es- Jlished during the session by Amer ian Express, International Harves- t., Standard Oil of New Jersey and rginia Carolina Chemical preferred; l,..ilroad shares enjoyed brief riod of strength on reports that
 ril earnings of class one roads snuwed an average net return of 61. ef cent on tentative property valua- on. Just before the close there was good demand for some of the low riced carriers, Pere Marquette es- | plishing a new high for the year ae 45a as.
 Heaviness of Studebaker which closed moro than a point lower at l1212 extended to most of the other motors and motor accessories. Hayes Wheel, however, was strong on re- ports that the full years dividend of sj share was earned In the first .our months and that gross sales and Let earnings in May exceeded the turnover of any previous month in he company's history. Record break ing crude oil production continues to have depressing effect on the oil shares although with the exception of Royal Dutch. off l F, todays reces- sons were held to fractions, Houston Oil moved against the current trend, Using 2 points.
 Twin City Rapids Transit issue showed big gains on the announce ment of an increase in the semi annual dividend. Recent activity of American Smelling Is said to based on the prospect of a s5 dividend rate being established at next week s meeting.
 Call money held steady today at 4& per cent. The demand for time money has improved with brokers bidding A per cent Commercial paper was more active on increased bank buying, prime names still com manding per cent.
 Foreign exchanges were slightly reactionary. Demand sterling was quoted around 4.62b and French francs around 6.45c. German marks again fell below .0o13c. Spanish ex- change dropped points to 15.10c. a new low for the year.
 Days total sales 61S,200 shares
 Twenty industrials averaged 97.17; net loss or.
 High, 1923. 1o5ss; low, s2.77.
 Twenty railroads averaged sS.o1 net gain 80.
 High. 1923, so.ss; low, so.1s.
 MONEY MARKET
 NEW YORK. June 7.-Call money steady: high. A. per cent; low. "A; rul- ing rate, ~; closing bid. 4% offered at 4; last loan. 4% call loans against ac- ceptances. A.; time loans steady; mixed collateral soso days. 4N@5: 4-a months, 5; prime commercial paper, 5.
 FOREIGN EXCHANGE easy Quotations in cents: Great Britain. demand 462. cables 4.62A: so-day bills on banks 4:sols. France. demand s15. ca 4.ss. Belgium. demand 5.56, cables 5.5sH. Germany, demand .0012B. cables .oo13h. Holland: demand 1920, cables as.23. Nor 1920. Switzerland. 1902. Spain, 15.1o Greece, 2.55. Poland. .001s. Czechoslo- yyakia 2ssia. Argentina, S5.5o. Brazil. lo.3O. Montreal, 97%.
 STEEL
 NEW YORK, June 7.-Steel prices un- changed.
 BAR SILVER
 NEW YORK. June 7.-Foreign bar sil- vcr 65c; Mexican dollars, 49ssc.
 SILK MARKET
 NEW YORK. June 7.--Raw silk dull; Canton extras. A 1416. SS.2o 9s.55; others unchanged.
 METAL MARKET
 NEW YORK, June 7.-Copper quiet : eslectrolytic, spot and futures, 15c. Tin s.s.5S, aa Iron steady; prices unchanged. St. Louis spot and nearby, $6.30Q635. An timony, spot, $6.75@6.s5
 CHICAGO STOCKS CHICAGO June 7.-Armour preferred, soh: Commonwealth Edison, 12s; Dia- mond Match. 111h h Libby -McNeilI, C.; Ma ttonal Leather, g.: Standard Gas. 2sM Union Carbide (ex-div), 6s; wahi. 4s; Yellow Mfg, B. 274; Yellow Taxi. ssh.
 LONDON MONEY
 LONDON. June 7.-Bar silver. s1 s-1sd per ounce. Money, 1k per cent. Discount rates short bills. l 15-16 and 2 per cent Three months bills. POP 1-16 per cent.
 OIL CITY REPORT
 OIL CITY, June 7.-Credt balances $S26. Runs, s6,9o4: average. 50.465; ship ments 6l,1s6; average, 5o,5A.
 FLAXSEED
 DULUTH, Minn.. June 7.-Closing flax July, $2.73 asked; October. $2.43.
 BANK OF FRANCE
 PARIS, June 7.-The weekly statement of the Bank of France shows the following