The Birmingham age-herald., 1923-08-05
ACCUMULATION OF SELLING ORDERS CAUSE OF BREAKS

CAUSE OF BREAKS
 NEW YORK, August "A mod 9erate reaction marked the resump- stion of trading in todays stock mar Eet, the first session since the death of President Harding.
 A heavy accumulation of selling orders, coming from timid investors @Hd professional speculators for the decline. resulted in receSslonS Of l 10 ? points in the initial sales of the usual leaders, with a few other is sues showing losses of to 4 points, e but the breaks did rot become wide open at any time. The splendid re- days closing levels indicated the presence of substantial supporting , orders, which kept the decline in .stcheck. Confidence increased as trading progressed and the main trend was upward toward the close a, Selling pressure was most effec-
 tive in the northwestern rails, new lows for the year being established in Southern Pacific 51 F, which ral- lied later to 53 F, off F.
 "a Losses in most of the other active carriers were held to fractions, but they were sufficient to send the av- craze of 20 leading railroads stocks to new low ground for the year. h' United States Steel, Baldwin, Stu debaker, American Can and other so-called pivotal stocks registered net losses of approximately l to F nearly 3 points below Thursdays final quotations. Houston Oil and American Car and Foundry each Broke points, but recovered good part of their loss before the close. Some of the motor accessories were fYpa 'Carburetor and Stewart Warner fSpeedometer each showing net losses 4of about points on the day
 Foreign exchanges were firm. De- mand sterling held steady around S4.57, and French francs advanced -as1s points to 5.S5 cents Other Flu ropean rates showed nominal gains.
 The weekly clearing house state ment showed increases of S6,o94,OOO in loans, discounts and investments ! S5791, 900 in net demand deposits and s2.675.OO0 in time deposits. The reserve of member banks in the fed eral reserve bank decreased SIZES 900, and cash in own vaults was $S70,000 below the previous week. Aggregate reserve totaled S509,3l5,- 224,370. a decrease of $12,46o,S4o De- -EfUw that of week ago.
 Total stock sales, 4O2,Oo0 shares.
 Twenty industrials averaged S7.20; net loss. 100.
 High 1923. 1O5,3s; low, S691.
 Twenty railroads averaged 7S.7o; net loss, .501.
 LIVE STOCK
 KANSAS CITY. MO, Aug. 4-Cattle With week ago: Better grade beef steers and yearlings unevenly higher extreme cases S5 6a soc higher; other fed steers, in ,f,, straight grass steers steady to ioWet.
 Weeks t0g o weshtS Sdst fat shs Stock fuy horned grass cows, dull and 1neveny 1n nfg. buIIs 25a50c lower: choice light vealers closed steady; medium and heavy grades weak to lover dssirasle nEsr plain StGGNef and in ferior grades mostly 2595oc lower.
 Hogs: Receipts. $500 few early sales sal, steady to 1oc lower later sn tradins .rosuy ton 9e .d loTeT Sn s9lpR1f of ssles '0 bulk d. sira bie 190 to puound butchers, SS.So% g 40; packing sows 10 to Zoc lo"er' puiA' $500 @5.75.
 sheep: Receipts. 500. For week: Sheep and range lambs steady to 25c higher; ma f5ye ianebs s@rsPs spss5 bulk. S12OOa 25 closing top. natives, $11 b0; choice wetners' so;
 Tsxss s7SS 6G nstSs Ses' stdcR sht ewes ewes largely S7O0@S25, q few at Se.5oi top range ewes $9.l5.
 CHICAGO, H.. Aug. 4.--Hogs; Receipts, i fOO0; good and choice light 2oc to 4Vc lower than early Friday; others mostly a5c lower than Fridays average buik good and choice 160 to 24O-pound i aver ages. $765 7s5 top StsU;, ShStc,eps DsN sTso@ aes 7.6O; packing sows, mostly so.so ~ D. tV, es tirnated holdover, 5000; heavyweight hoss gSt Gsdiq lights sa9 sY paeE s ing sows, smooth, $bS0 1 5V; pachlns sows, rough. $5.6O Q6.sO; killing piss Cattle: Receipts, 500; better grades grain fed beef steers yearlings ana Iar ,a sne stock soc to 75c higher; yearlings up more in spots; inferior and common sraues ter' mostly grassers, dull; little change; top xii 10: canners and cutters steady to strong; bulls, soc to Toe lower; Veaie1s s1 higher stockers ana r,res fesuefS foiow Beef steers, s9.SOQlO.5O; stockers and feeders, n s5O0@6.50; beef cows and neders' ed el vosI $50; canners and cutters S-'ou 9 o'o0' ''"i ''sans sheep Receipts 5oo; todays receipts ssIpts practically all direct; for week wee aoah,ss diree' Compared week ago: Fat lanps' leeulhs lambs and yearlings 25c to soc lower; cniis mostly soc higher aged stock 2bo to soc higher; closing top, western lamps si2.5O; practical top natives eA@' eps S SS e0 66 o. oO; handyweight ewes, $o.oVV is: close iightweghts, s7 50; heayies SS.6o@4.5O: bulk feeding lamos SlEfoW i2.5o.
 , LOUISVILLE, Ky, August 4-Cattle receipts l9O closing s5eaqg 5S fefn hefers s5S S,s5; cows. s2@6. 50; feeders s6g7-20; [; s stoekers $S5Og6. 75. , ,s. { nounds up. $s 12O to l65 pounds sS. .oo; !, plgs 13O pounds down. $S; throw-outs' : she sheep Receipts, 1,17O; slow; lambs. s12 < 0of9 %; choice, SIP 50; sheep, sS 90 q D 6o' : cINCiNNATI. August 4-Hog receipts. ! hoes dull; heavy, s7 75 as. l5; packers and z butchers SS. 25; medium, S.25; pigs and s CaftIe sHas sO receipts, 295 slow and steady; . calves slow and lower. $4q II .5O; a sheep receipts, l,o00 strong; lambs e1- a tremely slow and steady
 : EAST ST. LOUIS, August 4:Icattle N Tat native steers. 15025c higher; common kind 25c lower; western. 26 e soc < higher; good to choice light yearlings, 26c- q steady to 25c lower; light vealers 50q 76c { lower; stock steers steady; other classes < $lO. S5; long yearllngs,. s1o. .75; light year . lings sl0 25 Bulk for week: Native
 steers Ss 50 q 10 2S; sa weste5n steers eSS6S o. 25: canners, $2. 25 42 50; bulls. S4 26 D. Hog receipts 500; few early sales; light ; hogs to shippers, SS O5gs: :l5; about loc { lower. most decline on medium and strong 4 western butchers top after initial rounds ss; bulk shipping lights, $Sqs o5; few < good l9O to 200 pound butchers early, | fn S0G pound butchers, s7 65@776; hogs fairly active; good 120 to 13O pound aver sheep receipts. 15O market nominal; : sheep unchanged; week top s12,5O; me < dum to good southwest shorn lambs sell ss12; common to medium kind mostly { slo 800 H.; culIs to packers s6 5o@7 to Might mutton ewes included. $5 50. POULTRY AND PRODUCE N no grarinl p6R Q