The Birmingham age-herald., 1923-03-11
RECENT RISE NOW
 THOUGHT TOHAVE| BEEN OVERPLAYED|

AOLLN Ot ENI LHx LD
 NEW YORK, March 1o-Specula- tors for the decline succeeded in de- pressing prices In today's brief ses- Sion of the market. short selling be- ing aided by heavy profit taking of professional traders. These realizing safes were based Tn part on the fear that income tax payments next week would result in higher money rates, with the possibility of further liqui- ; dation of shares in which paper profits had been established.
 rShe decline. while conducted in an ~,Nss:." fashion, without any indica- ? ton of general weakness, was con- .strued in some quarters as proof that -the recent rise had been overdone. leaving the market in a weakened tchnical position. One of the most significant developments of the day was the report that odd lot business had been materially increased In the ~.last few weeks, indicating an ex- banding public interest in market operations. Professional operators however, continue to dominate the general dealings.
 Some Of the popular shares which closed fractionally lower were United States Steel common, Baldwin, Cruci- ble. Studebaker, United States Rub Der. Anaconda, American Woolen, Union Pacific. Reading and New York Central American Locomotive dropped 1 # points and American Can l; points.
 Points of Strength.
 As usual, there were several points of individual strength, gains of l to 314 points being recorded by American Tobacco. A and B, Hupp Motors n1 ba I'll way issues, buying of the latter be- ing influenced by reports that New York bankers were leaving for the west next week to complete arrange ments for the sale of the traction properties to the city of San Fran cisco.
 The monthly tonnage statement of the United States Steel corporation. showing thrilled orders of 7.2S3,9S9 tons at the end of February, an in- crease of S172l3 over those at the end of the preceding month, was bet ter than expected. It showed the largest number of thrilled orders on hand since January, 1920, despite the fact that the corporation Is known to have refused a large amount of business during the month
 The continued good demand for sterling resulted in another advance of A c in the demand rate to $4.10A, but trading in the other European eX- changes was irregular and quiet, with only nominal changes In rates.
 Days total sales, 40S,oo0 shares. fIndustrials averaged 1o3.S2: net l6ss .66. High, 1923, 105. .23; low. s6.96.
 Twenty railroads averaged ss9s: net loss. .21. High, 1923, 90.63; low, S9.3.
 LIVE STOCK
 LOUISVILLE, Ky, March 10-Cattle receipts, 1oO closing steady; heavy steers ss9s.75; beef steers s5Qs25: heifers s45O @s; cows s2@6.25; feeders s5.5OQ7.25; stockers S3@6.75.
 Hogs, receipts 1,2oo; loo higher; 165 to Seo pounds ss-4o; 12o to 1s5 pounds ss.25; 260 pounds up sS .05; go to I2o pounds $6.50 down.
 Sheep, receipts 50; steady; lambs s12 EAST ST. LOUIS. H., March 1o.-Cat- tie. receipts 800? compared with week ago: Beef steers weak to 25c lower; choice light yearlings and heifers. steady: others and and stockers and feeders steady; light Tealefs soc higher; top steers for week ss.5o; top light yearlings ss.25; bulks for week: Steers $7.25QS.75: cows s475V6; , canners s2.s69 5; bologna bulls s45OQ5
 Hogs reee.G5s o.50o; mostly 1Oc higher; . spots spot, l5e his4er' few heavies 5g15c . pound averages sS.40@s.45; 19O to 22O l. pounds Ss35@s.4 230 pounds and up a sezo 'e.So; pigs steady; bulk desirable 4 weights s7.25q7.75; packer sows s7Q725 sheep, receipts 100; market for week. Tat lambs 26c lower e@Is steady; fat sheep 25e higher; tops fer week: Wool Ss.5o; bulks follow Wool lambs s14.35@ l4.15;' light weights clipped s12.26912.35; . fat light ewes $s@s.35; heavies s6. clAe i4.>ATI, March 1o.-Hogs, receipts . l,6oo. active. steady to 1oc higher; pack CTS and butchers ss.75; pigs and lights Cattle, receipts 300; steady. calve. . slow. soc to s1. lower; s5.@125o. Sheep and lambs, receipts none: steady.
 ,, NE WYoRK. March 1o.-cattle receipts. {. 16 30; culls. s7@9; little calves s697 ;. sheep and lamb receipts. 3,s4o; quiet: aio sheep p s57go aes eul,s sizS S le; sG sais ss Hog receipts, 3.1s0: steady; medium to lightwsights: 30. 25 @s. 40: pigs and heavy ' hogs, Ss. 5O49; roughs, s747.25. ' COFFEE MARKET NEW YORK, March 10.-Coftee futures unchsnged to 2 points higher and the more active positions sold to 5 points above yesterdays closing quotations scattered covering. May advanced to II 73c and September to lo.lsc. with the market clos ing at net advances of to points. Sales were estimated at about .ooO bags, of which 4,0oo represented switches from May to July at 6s points.
 Closing quotations March 12. 1oc. May scember S5c. 'e' Spot coffee steady; Rio Is. 1s,.c; Santos offers reported.
 The official cables reported an advance of 30 reis in the dollar buying and a de- cline of l-32d in Rio exchange on London fThe Rio market was unchanged to 100 reis shigher. and santos 25 reis higher to 50 reis .lower. Victoria cleared 4.5oo bags for New York. Santos cleared 1,200 for New Or leans Brazilian port receipts. 33o00; Jundiahy receipts, 21.000.
 FOREIGN EXCHANGES
 NEW YORK, March 1O.--Foreign ex- changes steady. Quotations in cents: Great Britain, demand 4.70a4, cables All 6o-day bills on banks 4es1a. France. de- mand 6.oi, cables 6.o412. Italy, demand 4.79. cables 4.791k. Belgium, demand 5.21. cables Ssi1s Germany, demand .oo4s1s. cables .oo4s%. Holland, demand 39.59 cables S9.62. Norway, 1906. Sweden. .sCzecho- slovakia 297. Argentine. 37.25. sErazil. 112s. Montreal, sSis.
 COTTON SEED OIL
 NEW YORK March 19.--cotton seed oil
 ps ssaT to % on snyns by strength in crude and hardening trend in Sther s c9modty m?rks,s by selling locked ing bids were 3 to points higher for ac- tive months. Sales, l4.oOo barrels; prime crude. 10 25c bid; prime summer yellow spot. II 40c; March, II .45c; May, II 76c July Il 93c, all bid.
 LONDON MONEY
 LONDON March l0.-Bar silver 32 s-l6d per ounce. Money, 2is per cent. Discount rates, short and three-months' bills, 2 7-16 Q2la per cent.
 RICE
 NEW ORLEANS. March 10.-Rough rice dull; no sales; receipts. Clean rice dull sales l51 pockets Honduras, 6ac: 1919 pockets Blue Rose. BE G4 .17c; 151 pockets Carolina. 6 iac; 360 pockets Edith, 7iac; 509 pockets second heads 2lac. Receipts. TO- -26s pockets. Bran and polish unchanged.