The Birmingham age-herald., 1923-06-03
BEAR SELLING OF STEELS AND OILS AIDS DEPRESSION

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 NEW York, June z.-Prices sagged through the list at the open ing of today's stock market In re- sponse to further forced liquidation arising from the recent failure of the largest curb house and unconfirmod Iumors that other curb houses were under investigation. This decline. which resulted in losses of one to five points in a number of leading shares, was aided by some bear sell ing of steels and low priced oils.
 Substantial buying support was forthcoming at the lower levels and the market turned upward towards the end of the first hour. Shorts lost little time in covering their com mitments. closing prices being al or near the highest figures of the day
 Weekend mercantile reviews re- ported little change in the general industrial situation. Bradstreet's re- ported the general trend. as regards new buying. In the direction of in creased quiet and Dun's reports that conservative tendencies predom- mate In most markets.
 During the early reaction, United States Steel common, which sold ex- dividend earlier in the week, touched a new low for the year at 94% but rallied a point before the close. Bethlehem Steel also established a new low at 50ss but crossed 52 later for T slight fractional gain on the day.
 Motor and motor accessories shares were we'll bought on reports that production was running 2ia times that of year ago. Willys- Overland preferred jumped points to 64 and then eased to G2A. Stude- baker and Chandler each moved up about a point. Some of the other outstanding strong spots in the in, dustrial list were Baldwin and Can. Crucible Steel, Pan American and Phillips Petroleum. Underwood Typewriter and California Petro- Ieurn, all mp ] to 5i2 points National Lead, American Sugar and Federal Mining and Smelling preferred were conspicuously weak.
 Foreign exchanges were irregular. Demand sterling improved slightly to s4.63 and French francs dropped points to 6.4Sc. German marks es- sc, 900 to the dollar. Greek exchange jumped 70 points to 4.20c or Just double the rate q week ago.
 The weekly clearing house state ment showed increass of S22.f76,0Oo in loans, discounts and investments; and s136,O00 in circulation. Time de- posits decreased sG.693,G0. Aggre- gate reserve totaled S533.61S,Oo0, leaving excess reserve of s2S,061,740, an increase of s17,995,97O over a week ago.
 Days total sales. 472.000 shares.
 Twenty industrials averaged 95.76; net gain .39.
 High 1923. 1o5,3S: low s2.77.
 Twenty railroads averaged s1'os; net gain IT.
 High 1923, s0.s3. low so1S. LIVE STOCK
 CHICAGO. Juno s.-Hogs; Receipts 5000; generally steady with fTid.9' na,nd sw.r averages, s7.soa7.4o; 2so to a2b pound butchers. E.io@7.s5 packing sow.. .sis SgS YSSt; to PEG iso "1@n pound weight ,S.Soosa5 hogs. se;so@7so. medium; ,.e,1 ia,: Hio%1 s:G 7.so: s".'' packing skiing sow. smooth .s.1o@s;5o; packing sows rough ,5.75@s.15; killing pigs. s55o@65o.
 ago: handy and heavy steers 1oc to ieo higher spots more; light yeariinss 9oc to 7Ss lowsr op m:iuTsd ;iss s"ssh.r sssbs .h. stock soc to sl off; bulls 35c to 6oc lower: veal calves uneven, 2bc to 7bo down: weeks bulk prices follow: Beef steers and yearlings, ss.75 a 10.25: stockers and fed- CTS s7@7.75; beef cows and heifers se.a9 l.fO calves ss.7639.76.
 sheep: Receipts e.ooo receipts practical ky all ornr aso M o pss een. of Ws.k receipts direct bulk best California springs sorted. s15@15.5o: closing top. sl6.76; bulk best natives. s1s@15.25; culi natives most iy s1o612; bulk old crop lambs: s1s9l4; best offered sl4sb; S Spik hanay Ia bT..dr' w.sn,
 CINCINNATI. June s.-Hoss: Receipts, 23o0: steady.
 Cattle. Receipts, 25o; quiet ana Useoy'
 Sheep. weak; .2.5oa5.oo. Lambs steady.
 EAST ST. LOUIS, Ill.,. June 2-cattie: Receipts, 5000: compared with week ago: native steers 25c lower others Ss. 2Sd h,sner. nr ,nra strong: beef cows and bologna bulls soc lower: canners 25c lower; light vealers s1o.75: long yearlinss. s11; light yearlings. se.ao: bulks for week; native steers, ss.bo a1o1o; westerns :s5o year,ialn.gns;a .n ss;5o s;S bologna bulls, s4.5o@5; .
 Hogs: Receipts. $500: slow; few heavy butchers steady oo light liz 5c in% in&.r eossd 2oc lower: top s7.ss: bulk good and cno,ce oeo 150 to 25o pound averages. s726 @ 1.3b; 2bo sows unchanged. Bulk desirable 1so '. to 1sa pound pigs. $6.7h: packers sows' s7.1b.
 sheep Receipts: soo mar market Tor sh.nr weeS, sSc closing top sl450 to butchers; 31425 to rac<ers:' bulks for week: spring lamps, s,4m145o: culls ss50Q9; fat light ewes, $50; heavics. s3.5o.
 NEW YORK. June 2.-Cattle: Receipts, 800. no trading. Calves: Receipts. 53o: steady: Virginia veals, s11 al1:5o.
 Sheep and lambs: Receipte. h.63O: steady: sheen, ss,5o1s: culls, s2a3; lambs @12.6o m16.50: culls. SlOm12
 css RecsGs 3Ise ,sa str'S. S.svH ~'sSm Sox. s7m7.5o; roughs. s5.5o a6.25.
 LOUISVILLE. Ky. June 2.-Cattle: Re ss@a: beef steers s56s; heifers. s4.5o@s; cows s297; feeders, SCOPES stockers' Hogs: Recein.s 2a,ooo; steady: 1sb pounds up s7.4o: 20 to 165 pounds. s6.s6; pigs s5Gs.s5: throwouts. s5.4o down. .l5@I5.e5: one load. s16.5o; sheep. $5 down.
 KANSAS CITY. Mo. Juno 2-Cattle; Receipts 5000 for week: Beef steers gen eraliv steady to 4Oc higher top. $1o.7o: yearlings. uneven: mostly steady to strong; best s10.65; heifers steady to strong: cows steady to BOG lower: canners steady; . bulls mostly 15c to 25c lower; calves most Iv ROC 10 7bc lower; inferior stockers and feeders dul: other grades mostly 2bc higher: some up more: stock cows ana hcifers uneven: mostly steady; stock calves steody to BOG lower.
 Hogs: Receipts. 1900; steady to strong with yestrrdPv's average to packers. top. s715. bulk of sales. s6.75@7.l0; bulk de-