The Birmingham age-herald., 1923-07-06
VOLUME OF SALES. SMALL AS USUAL AFTER 4 HOLIDAY

AFTER 4 HOLIDAY
 NEW YORK. July 5.-Prices slumped badly in today's early trad ing on the stock market and then rallied briskly, closing prices gem era4ly showing slight gains on the day. The volume of sales was rel atively small, which was to be ex- peoted after "a holiday.
 The increase In the bank of Eng land discount rate from to per cent, the apparent Franco British impasse over the Ruhr problem and further cuts in gulf coast crude oil and lead prices accounted, in part, for the pessimistic sentiment at the opening. Bear traders offered the usual laders freely and succeeded in torclng threescore stocks to new low levels Tor the year, including United States Steel common at S94, Baldwin at 1l4h, Union Pacific at 1854 and Northern Pacific at 6324.
 Inese shares were not long in com ing back, however, United States Steel touching 91 and closing at gain of half of a point, Baldwin railing to 117a4. and closing at l17& up |; Union Pacific closing l higher at 12S1a ana Northern Pa ciflc closing 5s higher at 65A
 Selling of some of the high priced rails during the morning was re- ported to be for the account of European interests. Jersey Central broke points and Delaware and Hudson 4, the latter recovering it's loss and closing at a slight fraction al gain. New Haven sold as low as s$s, an extreme low for all time, and then rallied to 10.
 Some of the conspicuous heavy spots were Brown Shoe common and preferred, General Electric, New Or leans. Texas and Mexico, Laclede Gas, Western Union, Woolworth, Amer ican Zinc preferred and Chicago and Eastern Illinois off to 3 points. spose.
 Fs eign exchanges were weak be- ca, of the disturbing political de'dal pments abroad. Demand ster-
 TIT lon stabllshed new low for the v ed S4.55 lie and French francs qt th 'o, points to 5.S6A cents. IL ia1l lire also touched a new low at se 1c. off 23a. German marks were Ql sea at .OOO5 4sc, or nearly 2OO0OO to the American dollar.
 CaIl money opened al h per cent. put advanced to 5 before the close.
 
 Did and 6M asked, a few loans be- ing reported at the higher figure. Out Of town banks are still the p4in- cipal takers of commercial paper, prime names ruling at per cent
 Days total sales 731,30O shares.
 twenty lndustrials averaged S7.9O net gain .03.
 High (2923) 105.SS; low S7.S5.
 twenty railroads averaged 77.o4, 1. High Qs2S) so.6S; low 76.S5. : sCdNClNNATI. July 5.-Hogs: Receipts. ,1oo;; active, 26c higher; heavy, Ss; pack CTS and butchers, sS; medium, ss: heavy Tat soWs' $605.75 pigs and lights, $5Q7.75. Cattle: Receipts, HOO; choice dry fed light butchers cattle strong, 26c to 40c naigner; other classes steady; hefers. $4 V I0.lo; calves strong and higher 50 5Q 13
 sheep: Receipts. $500; strong. Lambs weak to 25o lower; s4@1s.
 KANSAS CITY, Mo-, July 5.-cattle. Re. eeipts. 1000. Calves: Receipts 10OO beef steers steady to 1oc lower; many sales ss@ 1o.65; best heavies. S11; ali other loads yearling heifers. S9.25Qs.5O: best steers and heifers $SQ9.50; comparatively good cows, S6q 6.6o; canners, s2Q2.50; bologna bulls largely $4@4.25; better grades vealers to packers. $s.bO@9; stock CTS and feeders dull With practically noth- ing doing early.
 Hogs: Receipts. 10000; early trading active to shippers 25c to soc higher later very dull; packers not bidding; top. s7S5, choice lsO to 24o pounds. s7 25 @7,3O; pack ing sows 15c to 25c higher; bulk, s6.15@ 625; stock pigs strong; bulk, $s.25 @ 6.5O. seeR seaSe m a 0CUy lambs tnn s0% sl6.1O; better grades largely $14.50Q1o culls Q9; sheep strong; Texas wethers, s74b Q8.25.
 LOUISVILLE, Ky, July Seattle: Re- ceipts, 200; steady; beef steers, Ss.6OV7:, pounds up, s7.5o; 12o to 166 ponds s7.ae: pigs 12O pounds down, s5.50; throwouts. t5.75 down; stags, s5:25 down.
 Sheep; Receipts 4,300; strong. lambs, s15 1850; one load, SIG; sheep, @sG5.
 CHICAGO. July 5,-cattle: Receipts: steers; yearling and butcher she. stock generally steady; lower grades beef s;eeIs slow; spots shade higher on desirable eral loads. 11@11,45; best lons yearlinss. s11.35; several strings, $1o.76Q11; kinds at inside figure being, mixed steers and bulls about steady on desirable kinds lights and medium weight sausage pulls nnevenIy Owsr Tea1ers 4s %SS ;s highsT oTk ward to S11.60 to outsiders.
 Hogs; Receipts. SOO00; better kinds slow 1Oc to 15c higher: bulk 4so to 35O pound average, $7.5547,70; lop, E.79; 26O 70 $50 pound butchers mostly s1.85G 7bo. bulk throwout sows. s6.25 Q s 60; strong weight pigs mostly around VI. estimated
 sheep: Receipts 10000; desirable fat lambs strong to 19e higher; foqr Go1SlHs hni% best natives, S15.50915.75: cults slow. $S @9; mixed doubles Nevada yearlings. ends ss; fat ewes, S5Q6.5o; extreme heavies downward to sS.5o.
 NEW YORK, July 5.-cattle: Receipts, 1 5so; firm; steers, s6911.60; bulls. &@ $50; cows, s11.5O@6.75.
 Calves: Receipts 2,o99; firm veaiss; a Sdl
 Sheep and lambs Receipts, 11,375; weak; sheep. sS.5O96; culls' S2@5; lambs Ssql % Hogs: Receipts, s.73o; steady; medium to light weights sSQs.25; pigs and heavy hogs. s7.75@S; roughs S5.5O@6'
 EAST ST. LOUIS, H., July 5.-Horses and mules steady. Transactions light.
 EAST ST. LOUIS, H.. July b.--cattle; strong; Texas steers, strong to 2bc higher: fight vealers, 25c higher; other classes. s,o. 4.asns stsaay ,sasa7 sns HAxS SSt s'ssf Sssrines bologna bulls s4.5OQ5.
 on lambs; spots, 75o higher, one load s1525; bulk. s14.75 ql6; culls, T.5oi few' ss; sheep, unchanged; bulk light fat ewes 'aS Hogs Receipts, 2ooO; active; 4Oc to practical top. $7.9O; bulk, good light and medium weight, $7.759 1885 heavy butch CTS, S7.65Q7; pigs, mostly 25c higher bulk, l10 to 136 pound averages S7@7,50; packer sows, 25c higher; bulk, S6.
 FOREIGN EXCHANGE
 NEW YORK, July 5.-Foreign exchange easy, Quotations Gin cents): Great Brit ain. demand 4.55 15-16. cables 4.55 3-16 so-day bills on banks, 4.6S; France. de mand bs6A, cables. 5.S64 Italy 4.S1 "a. 1.3a; Belgium, 4.92h, 4.93; Germany, .oo06 M. .O0O59s. Holland, S92Q, Ss.2S 16.97; Sweden, 26.41; Denmark