The Birmingham age-herald., 1923-07-11
4Y FULLEST OF WY SESSIO " JRING THE YEAR

K market in response to a series
 unfavorable domestic develop nA -uts. while speculative uncertainty '" .r the outcome of the Franco Brit .-it impasse on the reparations ques-
 Il was reflected iu the unusually
 all volume of trading as the dull of any full day session this year.
 Tall Street apparently is marking
 .e pending the announcement of
 ltish policy on reparations which
 expected to be made iu the House
 Commons by Premier Baldwin on
 ursday. The governmental crop
 1ort indicating an increase Of
 900 000, ,000 in crop value this year B. s favorably received by the
 1ancial community as indicating an
 crease in the farmers buying DOW .E. Special significance was attached
 C. the fact that practically all of the
 timated increases is represented by
 gher values for cotton and corn
 ith resultant benefit to the south
 n and middle western sections of
 .e country.
 The favorable effect of the crop
 port was enumerated, however. , a decrease of nearly 6O0,0OO tons -is the thrilled orders of the United tates steel corporation, further cuts 5h important commodity prices in
 uding wheat, rubber. lead, sugar nd Pennsylvania crude oil and
 trther indications of decreasing pro- auction in other important industries.
 otably the automobile field.
 While the thrilled tonnage of the leel corporation was a disappointing urprise to Wall Street, it actually lad little effect on the steel shares.
 nited states Steel common lost bout a point on the day and the eading independents yielded small ractions. Upward revision of the lriceS of bars and various sized hapes by the Carnegie Steel compa ny. attracted more than ordinary in crest. CopperS yielded with the rest of the list but some encourage .nent was obtained from the fact that stocks of refined copper in the hands f American producers declined seven million pounds, to 197,500.00 pounds, Il June bringing the total of hand Q less than 200. .000,000 pounds for the irst time since the war. Oils offered good resistance 10 selling pressure lespite the fact that another cut in midcontinent crude prices is regarded as an early possibility.
 Delaware and Hudson was run up 70 103 E or 10 points above Saturdays ,ow, in further reflection of official assurance that no change in the nine dollar division rate was under com l sideration. The stock loaned at premium which is unusual for a rail- road Issue. Western rails were heavy. i
 Call money opened at 513 per cent out softened to 412 before the close. Time money was som ewhat firmef with more loans arranged at , $s per cent.
 Foreign exchanges showed marked l improvement. Demand sterling ad vanced more than cent to $4.57 5-16 | and French francs jumped nearly ] 0 | points to 5.90c. German marks were | s4 a million as against S3.37, the low | point yesterday.
 Day's total sales 6SS,1oO shares
 Twenty industrials averaged SS.44 1 net loss .S2.
 Twenty railroads averaged 1888.
 High 1923, 9o.63, low 76.S5.
 LIVE STOCK CHICAGO. July 1O.-Cattle: Receipts. 1 o.000; matured steers slow. uneven, gen 1 erally 1oc to 25c under Mondays best practically grade yearlings in fairly active | s11.5O paid for 1915 to 1850 pound av craze of strictly choice grades; best year lings at noon, S1l; bulk young, $9 @ 1928, mostly mixed steers and heifers; few lots mstured steers averaging around 1,20O and desirable yearing heifers; buls fully 15c higher; veal calves 25c higher; stoekers S5d5.25; bulk veal calves to packers and outsiders, s1L5o@12;5o;
 Hogs; Receipts, 39,0oO; uneven steady craze, s7.SO@7.5O; top. s7.55; closing ac- tive; packing sows mostly $G q 6.4o; mostly s6.5097; estimated holdover, sheep Receipts. 2e.ooo: fat lambs. culls and yearlings mostly 25c to Soc lower; sheep steady to strong; bulk desirable fat lambs, .$14Q1A75i top, s151o; culls, na- range yearlings, s9s5; medium and handy weight ewes mostly S5 96 6,25: light weights up to s7; heavies, $S.5o 4.25,
  NEW YORK. July 1O.-cattle: Receipts. t1o; no trading: Calves receipts l.oSo; little calves s8@9; buttermiIk calves, lambs. s12@17; culls, soon. Hogs Receipts, 1915; steady; medium weights, ss.25 q S.35; pigs and heavy hogs, $7.75 9s; roughs, $5.50@6.
 EAST ST. LOUIS. H.. July 1o,-csttle; light yearlings and beef cows tending to weakness and light yealers steady to 25c steers steers, sii.25; bulk native steers, sc 1915; western, $2S5 GD3.S5; yearlings. sS.S5 S',f; S1U;'5 sS%s SSSSi 5sE"75@S oanners '2@2S0' ; Hogs: Receipts, 10000; market 1Oc to 1bo lower; top s7.45 bulk good light and sold pigs around 25c lower; bulk. sG.6O@ 2; packer sows strong bulk S5;5o 5;65.
 o~s on smb. top s bnSs 'Sf 114: culls. s7; few to feeders, S75O; sheep scarce and steady; best mutton ewes, $5.50.
 CINCINNATI Ohio, July 1o.-Hogs: Re csPts SsOS 25a i0wer heavy SO s7.so; heavy fat sows, s5@5.6o; pigs and Cattle: Receipts. $50: steady: heavy, se:1 O $50; heifers, $4@625; cows, s25o Sheep; Receipts. 2.ooO; steady. Lambs ;, LOUISVILLE Ky, July 1o.-cattle ac- :; heifers, s5d9; cows s2@7 feeders, ss@7.25; atockers, s9.5O@7.
 Hogs Rs9ePtsi dE o2 SgoO non 25c lower; 12c throwouts, s5.so down stags, s6.1O down. Sheep: Receipts, s5OO steady; lambs, s145o@l5; choice sl5,5O; sheep. sS@6. ' KANSAS CITY. July 1o.-cattle: Rs- eeipn 1s.ooo; calves 1000; better grade steady; other classes weak to 10c lower top heavy steers, .s11; long yearlinss, 1o.76: mixed yearlings, s9@1O; bulls strong; bolognas mostly s4 D 4.50; several steady to Soc higher choice kinds, S9a $50; better grades stoclers and feeders ! steady; others weak to lower; bulk feed | Hogs: Receipts. 12.000: very slow; few ! sales 10c to 15c lower; packer market Dc | to 1oe i3wer packer t69 s9 t9P S55G & shipper sT@7.2o: bulk desirable 1855 to 2s5 pound | averages s7.1o@7l5; packing sows steady; | bulk. 6G6.10; stock pigs steady, mostly | S6.25R 6.60.
 sheep: Receipts, 10000. lambs 25c to soc; small bunch natives S14: better grades largely s139 1890; culls mostly $7 | @7.bo; sheep steady to 25c lower, Texas yearlings. so.75; wethers s7.50.
 FOREIGN EXCHANGE
 NEW YORK, July lo-Foreign ex- change firmer. Quotations in cents: Great | Britain, demand 4.57 5-16 cables 4.57h | day bills on banks 4,54A France, de- | mand 5Ss, cables 5.89la Italy, 4.3o1a and ! 4.sl; Belgium, 4.93 F. and 4.94; Germany. | ,oo4 and ,0o4A; Holland 39.07 and Ss.1o | 1920 Sweden, 26.30 Denmark | I S.uit Graln 4 l