The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-02
sFINAL HOUR RAND
I PUTS INDUSTRIALS|
! TO LOWER LEVELS

g ~ ~ AH
NEW YORK, May PROF essional
bear spectators continued in con-
troll OF today's stock market. staging
another hour raid which carried a
number of the popular indus trials
one half to two points below yester
days final figures. The STARK
Warner Speedometer was depressed
~ points and Stromberg CaHoure-
tor Az. Rails offered good resist
ance, the average showing a slight
gain in the day.
Closing out the weakened mar
ginal accounts and foundations, by
frightened investors was largely re-
sponsible for the heaviness at the
opening Some experimental short
selling also took place in the, carly
dealings but the general list Offered
fairly good resistance to selling bres-
sure. Kelley Springfield selling more
than 8 points above yesterdays
close in the first hour Baldwin,
Studebaker and other favorites gain
ing a point or so. Trading beca me
dull CT the rally, however, and the
shorts again extended their lines and
Succeeded in touching off more stop
loss orders.
Prices zigzagged back and fortl,
until Just before the close when the,
shorts greatly increased their Of,
fe-ings Studebaker, which had sold
as high as 100 IS was scored down
~ l17i2 off "a points Other mo-
tors and motor accessories yielded In
sympathy.
~Another flock of new low records
se- the year was established, some
OF tic most important being United
Siates steel at 1925, American Elk
press at lis, Austin Nichols at %
efene=al Electric at IL, General
Asphalt at 40i4. Davidson Chemical
at 81 and central at 91& closing
erices generally being around the
Lowest of the day.
--atiood investment buying of selected
stocks was reported at the lower
levels. Some of the active issues to
chose above yesterdays final fig
Hres wee Kelley Springfield, Ameri-
can Car, Atlantic Coast Line, Pa
eifie Oil. Pan-American. The Nir-
ginia Carolina Chemical issues and
internationa paper.
s2CaH money oncnad at 50 per cent
and eased off 10 sly and then to 5,
The time money market was virtually
deadlocked with brokers, bidding
ana 5A per cent, depending upon
maturity ard bankers asking 81 and
sE Prime names on paper discount
at } and 5is per cent with more
paper moving at the higher rate.
ssTradng in the foreign exchanges
MAS relatively light because of the
Holiday abroad. Rates were ire
sular. Demand sterling advanced
q cent to 4.63aa and French
francs eased slightly to SIS cents.
Norwegian kroner dropped 80
points to 1900 cents, new low
record for the year.
Days total sales $4,000 shares.
Twenty industrials averaged
$40: net loss %.
High 1928, 1888; low $685..
Twenty railroads averaged s4.s1;
net gain .o5.
High 1928 so.sS; low s4.53.
MONEY MARKET
NEW YORK. May Call money easy:
high 81 low s. ruling rate 5A. closing bid
s.. offered at 5A, last loan S, call loans
Mixed collateral 5000 days 5k @5h, As
. '''' .,'~. s-.,s.,.,.' paper
]LoNDoN May 1.-Bar silver. 30 lid
per ounce. Money /, per cent; Discount count
three-months bills, per cent.
COFFEE MARKET
prices being points higher to points
lower. but turned firmer, and the close
was within point or two of the best,
showing net advances of to II points. Es-
!, timatsd sales 5000 bags Closing: May
Der s .i5c and March s.15c.
Spot coffee steadier: Rio Is. III d
11ssc: Santos As lt1a oil &c. Cost and
freight offers included Santos IS and SIS,
part bourbon, at IS. 6214 Ola 1oc. Prelmi-
nary figures point to decrease OF about
of coffee during April and the figures are
expected to show visible supplies of Bra
lillian coffee for the United States of about
$4,000 bags, which is regarded as equal to
about months supply.
The offcial cables showed an advance of
so res in the dollar buying rate, with
decline Of l-32d in Rio exchange on Lon
don. The Rio market was 25 to ZOO reis
higher, and Santos was SO reis lower to
rs reis higher. Brazilian port receipts
1000; Jundahy receipts, 5000.
RICE MARKET
NEW ORLEANS. May Rough rice
sacks Clean rice steady; sales none; re-
ceipts $50 pockets. Bran and polish
nominal.
SUGAR MARKET
NEW YORK, Mag There was little
more interest displayed in the raw sugar
market today Prices were easier with
tubas now quoted at SIC, cost and
freight. equal to .o3c fc" centrifugal. The
sales included 1900 bags of Cubas,
prompt shipment. late yesterday to a local
refiner. and $500 bags today to an outpors
refiner for May shipment.
Raw sugar futures we're unsettled again
and after opening TO I points higher on
covering, prices broke under renewed
liquidation and selling by houses with Gu
ban connections. with active positions
showing declines of IS to is points. and
the general market closing at about the
lowest and from Is to Is points net lower.
The volume of business however. was
smaller. Closing May s.o!c. July 6.l7c.
September g.. &c. DcCe.r-)er 5 .15c.
Refined unchanged at 100 sc for fine
granulatcd. Refined sugar futures closed
10 to 20 points lower.
CHICAGO STOCKS