The Birmingham age-herald., 1923-06-28
STOCKS SETr
 HsW LOW RECORD L JRING TRADING

w YORK, June 27-Quoted N3 les continued to melt away in to- 'i active stock market under the sti ulus of heavy professional short ael ing and more extensive commis- sea house liquidation of weakened n; ginal accounts. Both the indus 5ai l and railroad averages broke sough the low levels of last No
 Der. One hundred stocks estab-
 ed new low records for the year
 ing the days trading, the largest
 lber for any single day in many
 pths. The list included such
 ks as United States. Bethlehem,
 public and Gulf States steeis,
 fdwin, Studebaker. United states
 hber, American Sugar, American
 4olen. American Tobacco company,
 ifornia Petroleum, Famous Play
 International Paper Northern fife, Southern Pacific, Chesapeake anI Ohio, Lehigh Valley, Pennsyl- vania and Norfolk and Western. - selling of the rails, which was re-
 'ded as one of the most disturbing
 ltures of the day, apparently was
 sed on speculative expectation of
 ,reased wage demands by the pig
 UT" brotherhoods. The unusually
 vorable nature of the May earnings
 ports. now being published was 'tirely ignored.
 The New York Central systems bowed net earnings last month 'e6re than double those of year ago . Ut the stock broke to 9SA. closing
 ghtly above that figure, for net loss of nearly two points on the day
 Rails were heavy from the start Ut some of the industrials made loderate gains in the first hour on 1ort covering operations. The vol 'lme of liquidation in the rails and absence of fresh buying power else ,vhere induced general short selling .,-hich resulted in recessions of l 70 points throughout the list ne of the sharpest breaks took place n Dupont, which dropped nine ana one-half points to 107.
 were substantial recoveries In he last hour, but the list, as whole id not benefit much from the sup nort offered. Considerable ouying nn a cash basis was reported ourlhs the day.
 Moderate buying of French francs md Italian lire both of which ad, vanced slightly, was the feature of he foreign exchange market De r,and sterling yielded three-eighths marks. after selling around .ooo6e, rallied to .ooO7Ac. Call money open cd at 51s per cent and advanced to ( before the close. The time money market was somewhat hrmer With bids put in at per cent for all ma .,.rities but business was confined largely to renewal. The ruling rate for prime commercial paper con tinues at per cent:
 Days total sales 1,o56.1oo shares.
 Twenty industrials averaged ss,oo, net los, 145; high 1923, 1o5.3s; low ssee. -s.s.
 Twenty railroads averaged 7s.4S; net loss, 1.45; high 1923, 1o5.2S; low 7s4S
 NEW YORK. June 27'-Sa,iI ,a,r n1oneS ,ate E,s t,rm high iGW GfSersd ss at ruas s. iast a loan csi1 loans against acceptances 4la. time loans firm; mixed collateral 6o 10 w days. s: to months. 5q 1a prime cum mercial paper, 5.
 LONDON MONEY ,,u, n.r roMno> ounce: money, @ II. per cent; discount Tss.. shs5t bls ,fSgs ssa per per cent: cent.
 CHICAGO STOCKS @ CHICAGO, June 27..Armour or pe1n pera wsas; monwesith s'f Edison s 157%: Diamond Match lioh; middle west Utilities, 45' National "o.. esS Swift International. 17H Union Carbide. 53N; Wahl. 45A Western kn1i ting ,: Yellow Manufacturing B, 2eo' Vel low Aaxi 90 . FOREIGN ENCHANGES casafs' G1sa rrtsn TnsfnAF ae@aSd !" fsGs Trsns. soiasy sisa and 1i' 1S Sn 1tay s and 4.4s Belgium. 5: 22h and 5; 2S; Germany; soolA and OoO7n H9llana Sweden ss ;1' ana 4s Denmark. I7.s7. switzerland. r 80. Spain. l4s3: Greece SIS Poland, ,sant,,. oSesHs. se as Brazil, 1o.s7. Montreal. s6 e-16. cr x..Durr NEW oR1EHNs. ESH Ia"AH June s7-Rough r,ss quiet sales none. Millers. receipts, 12os sacks Clean riee a"ift ssies izpe Redepts none. Bran and polish unchanged.
 BUTTER MARKET
 CHICAGO. June 27.-Under pressure or liberal supplies and dull dull demand the the score toay and became easier on the medium to under scores. Buyers were hs sd4 S pd to he rec ceipts even to the extent of giving con cs:sons when the buyers otherwise would firm. but the ss-ss score cars found light demand.
 s7hc, 90 score 361ac, ss score s4Mc, ss score s4hc. s7 score s4c. SC score sSc. Centralized car lots: 90 score 3sAc. ss score 3s%c. ss score S5@S5lac.
 DULUTH MrkN.. NAN Jun: n1,aR s,-cl9sing flax July. s2. 72: September. 4s bid; October, e2. 3s bid.
 FOREIGN SILVER ' NEW YORK. June 27.-Foreign bar sil yer. 63%c. Mexican dollars, 4sAc.
 HORSES AND MULES ST. LOUIS. Mo, June 27.-Horses and mules about steady. Quotations un changed.
 E ss RAW SILK
 NEW YORK, June 27.-Raw silk easy. Prices per pound: Canton extras. A 14-1e' tf. 3b@7.4b: others unchanged.