The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-13
GO
AVERAGE
8 FIGURE FOR YEAR.

~ AAA OAA IL Tx1A
eaY
6 NEW YORK. May 12.-Professional
bear spectators launched another
? ssharp drive against today's stock
-emarket, forcing recessions of to
90 points in number of active shares.
-iRnd carrying the Industrial average
otto new low figure for the year.
New low prices for the year also
sswere made by number or top stacks.
: iiincluding United States Steel COM
.o5non at 97A bethlehem Steel at IS n
Crucible steel at ssh and Stude-
baker at 40.
1880 Marked absence or any errective
buying support undoubtedly prompted
the short selling but it was SEN
<hnentally influenced by another cut
of loo a barrel in midcontinent crude
oil, the fourth since April %. ANA
the emphasis placed by the weekly
merehantile reviews on the apprecia-
BILE ourtailment Of demand in the
iron. steel and textile industries
United States Steel. long regarded
as one of the market leaders was
the individual target because o. the
psychological effect that a decline in
that issue is bound to have. particu-
larly on small traders. Nearly So
600 shares OF Steel common changed
hands at the closing price of 81 Is on
the day. The reaction i'll Bethlehem
gave rise TO unconfirmed rumors
about speculative uncertainty over
= the division, closing Il lower.
: DUPONT was the outstanding week
!, spot, dropping 10h4 points to 127
/, which is 20 points below last weeks
/, high. Losses of to 4 points were
!, registered by Baldwin, Ajax Rubber
!, Stewart Warner Speedometer Strom-
I, berg Carburetor, Mack Truck, Math-
l. ieson Alkali, American Lineseed
7, American Tobacco B." United Retail
/. Stores, Iron products, and Columbia
!, Gas.
Il Railroad shares, which held firm
II in yesterdays reaction, eased with
II tho rest of the list today although
the losses. as a rule, were held to
1 fractions.
The feature of the foreign ex-
/ change market was another sharp
!, decline in German marks, which car
1 ried them to .0023c or within points
1, of the extreme low registered last
!, January. Other European rates held
!. fairly steady, demand sterling sell
l ing around 4.6l "a and French francs
|, around 606c.
|, The weekly clearing house state
/. ment showed decreases OF s1.S22. 900
!, in loans, discounts and investments
l, $2,110,000 in reserve of member banks
|. in the Federal Reserve Bank and
4 $4,000 In cash In own vaults. Net
I demand deposits increased s7,742, 900
and time deposits s3.327.00 Aggre-
/ gate reserve totaled $50S,575,0 900
i leaving an excess reserve of Ss,4S7,
II 4Su, ueCTedSe OIL So,ooftoJV ptlON
/. that week ago.
!. Days total sales 1000 shares
I Twenty railroads averaged S1.6S,
net loss so.
/, High 1923, 90.6S: low So.37.
l. Twenty industrials averaged $40. |
II net loss LOS.
|, High 1923. 1o53s; low $3.50.
|, SPOT COTTON
II NEW ORLEANS May 12.-Spot cotton |
i,atapdy 2b points lower, Sales the |
kpot, 10 roc. Sales to arrive none. Low
ss? d Rsdept. ss ,s sSGa
.ho2.o1s.
u NEW YORK. May 12.-Spot cotton |
quiet: middling, % 45c.
!, CHICAGO STOCKS
|. CHICAGO. May 12-Armour of Della |
ware, 81; Armour preferred. So; Common |
wealth Edison l2s; Diamond Match
utilities. As: National Leather. ia: Stand
srd Gas a. Swift & Co.. 1o4k, Swift In
%ah Western S pn Emitting daFeis Ys ss@
Manufacturing b. 262 yellow Taxi 81.
!! = NAVAL STORES
Il SAVANNAH, Ga, May 12.-Turpentine
firm. 81 sales; 81; receipts. 1855; ship
iss.7S N, $50; VIC, IS so' Wv. ss ii
Il FLAX SEED
II DULUTH. MINI. May 12-Closing flax |
49,. 98; May, 1928 asked; July, So. rs |
asked; September, 81 90 asked; October |
i$2 54 asked.
IL CHICAGO BUTTER
CHICAGO, May 12.-More liberal sup
plies of top scores together with report |
ed weakness at New York, took the edge |
off the butter market here today; So score |
while generally held at 42hc, could in |
be bought at nc less. Medium |
to undergrades were firm and we'll cleaned |
Up. The car market was dull. Offerings |
at&the below quoted prices met little re-
sp5hse
i fresh butter, 80 score. 42hc; 81 score |
~ 80 score. ave; SO score, Ale; So |
tcXfe. 40hc; 81 score, 39hc; Sc score |