The Birmingham age-herald., 1923-06-13
SELLING PRESSURE SENDS INDUSTRIAL ISSUESDOWNWARD|


 buying support, professional specu- lators for the decline launched a se- ries of successful attacks on most of the list in today's stock market, The selling pressure was most eff f.ctive against the industrial stocks. many of which yielded 1 tC points, but rails. which had held firm earlier in the day. yielded with the rest In the heavy selling of the last hour. Tho bear attacks conducted in the face of favorable developments, in cluding the placing of American Smelling on a dividend basis after a dividend paying period of more than two years American Smelling crossed 63 on the announcement but fell back later to 61%. where it was off fractiCnally on the day.
 New low records for the year were made by more than a score of stocks including General Asphalt common and preferred. Standard Oil of New Jersey, Invincible, Caddo. Skelly, Tidewater, Sinclair and White Oils, Producers and Refiners. Pan Handle Producing and Refining, Simms Pe- troleum, Kelly-Springfield, United States Rubber, Lee, Goodrich, Good year and Ajax Rubbers. Pierce Ar rtw and American Ship and Com merce.
 Heaviness of rubeers was direct response to 10 per cent tire cut by the Flrestone company, which was regarded in some quarters as fore runner of a price-eutting war. Oils continued to lose ground as result of the heavy over production with Its prospect of further price cuts. Di- 'rectors of the American com pany, meeting today, were informed. however. that earnings for the cur rent quarter would equal those of the producing quarter and that net earnings this year would approximate the high return of last year.
 New York Central was pushed up to 1o2H in speculative expectation of the stock being placed on s7 dividend basis tomorrow, but later it dropped for loss of nearly a point. Atchison, St. Paul preferred, Rock Island. Baltimore and Ohio and Union Pacific also were offered free ly in the last hour. losing 1 to 2 points on the day.
 Woclworth established a new high at 243 and then broke 12 points for a net loss of 2A for the day. Tide water Oil was off 10 on the day Call money opened at per cent but eased off to A where it closed.
  paper market were dull with no change in rates.
 Foreign exchange rates were in clined to ease on quiet trading, De mand sterling held fairly steady around 461A, but French francs broke 5 points to $50. German marks touched a new low at .oo11Ac.
 Days total sales, 721,6oo shares.
 Twenty industrials averaged 95.s7; net loss. .25.
 Twenty railroads averaged S3.71; net loss, 80.
 High, 1923, 9o.s3: low, so.1S.
 COFFEE MARKET
 NEW YORK. June 12.-The market r for coffee futures was more active than for several months. owing to heavy sell ing which appeared the result or the low CT cables from Brazil. Houses with Bra zilian connections among the more active sellers, suggesting that freer or ferings of the primary markets were fore shadowing an increase in the new crop movement. and except for covering there appeared to be very little demand. me market opened at a decline ot 10 29 points, and active positions sold 54 to s3 points net lower, with July easing or to ,9sc. September to 5.sSe and md. March hnmi the lowest. showing net declines of 64 to s3 points. Sales were estimated at about OOO bags. July s.95e. September 9sc october : soc December 7.59c, March : .5Oc, May ' 45c.
 The local spot market was quiet and nominal at 11&c to 7sc for Rio Is and 141ac to 15c for Santos 4s. Cost and freight offers included santos Ss and 5s, part bourbon. at 12 9Oc to l3c for prompt shipment and at H. 25c for September November
 The official cables reported decline of $ 25c to l 1000 reis in the Santos mar ket and of 475 reis at Rio. Rio exchange on London was unchanged with the dollar fOr Nay Ori Brazilian port receipts, 1s,ooo; Jundiahy, 14.oOo.
 SUGAR MARKET
 NEW YORK. June 12.-The raw sugar market was unsettled today. and while no definite transactions were reported could be obtained on the basis of 57.c cost and freight. for Cubas. or 766c for centrifugal
 The raw sugar futures market less active and prices were irregular. The opening was to points lower under re- ued reports of poor for refined sugar Offerings were not very aggressive. and after the early selling movement had subsided the market rallied on covering with active positions at one time show ing net advances of to points. The fresh buying interest and prices eased off again in the late trading, and were finally l point lower to net higher. Closing: 6.27c March 4.07c.
 The market for refined sugar continued quiet. and while there were no changes in list quotations. which range from 9:75c to Q soc for fine granulated. one refiner announced that he would accept orders at 9 soc. shipment within two weeks.
 The market for refined futures was nominal.
 FOREIGN EXCHANGES changes easy. ouosatlon. in cents crsst day day 1ii biis on banks 4 5s4: France. demand e.ssh. cables GAO. italy. 4.6sh and 4.e4 Belgium, 5.51M and 1,,;, 55S Ger and as 20. Norway 1s .so Sweden, 2s.5s Denmark IT 50. switzerland .n p, 19s5' czechoslovakia, 2.ss Argentine. s5. 4O, Brazil 1925. Montreal. 97 21-S2.
 NAVAL STORES
 stock. 4.547. Rosin firm; sales l,1ls; re- 7I. Quote: B, D. E, s4. TO; F. G. s4.75; II, T. K. NJ. s4.so N, s5; we. s5.2o: wv, JACKSONVILLE. Fla. June 12.-Tur- pentine firm, sl; sales none; receipts ses ssfs stock Se fesePts ouSe g. c. g: st to M E s.so9so k ;, E VIC, s5.2o; wv. s5.9o
 CHICAGO STOCKS soia Commonwealth Edison. l27&; Dia- mond Match, HE; Libby McNeil 6A; Middlewest Utilities. 45h National Internaiional: E; Union Carbide Car 'N7; 57 wahl, 46h; Western Knitting, 5is Yellow Manufacturing B. 273 Yellow Taxi, 93%
 FLAX SEED
 DULUTH Min. June 12-CIosing: Flax seed, July, s2.s3Ia asked; September. ? 5sA asked; October, s2.42@ asked
 
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