The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-17
LOST GROUND Isl
RECLAIMED LATER
TO BIG EXTENT

NEW YORK, May i6.-Professiona
bear traders launched another sharp
drive against the steel shares in to-
days stock market, forcing most of
the leaders to new low records for
the year.
The failure to bring out any extern
sive forced liquidation in other quar-
ters, however, led to a covering move
ment in the early afternoon in which
much of the ground lost during the
morning was recovered.
Scattered selling took place
throughout the session in individual
stocks. subject to special influences,
new low prices for the year being re-
corded by Postum Cereal, off 63s
points; Famous Players, off 3ss
points, and Standard Oil of New Jer-
sey. International Harvester. Worth
ington Pump, American Agricultural
Chemical common and preferred. Lor-
Hard. Tobacco, Dome Mines and
fSears-Roebuck, the net losses in these
issues ranging from small fractions
to points.
Just before the close short interests
started drive against the copper
stocks, which were particularly sus-
ceptible to pressure because of the
relaxing price tendency of the red
metal. now quoted at 15lsc a pound.
or two cents below the years high.
Utah broke pa points, Kennecott
and the others fractionally. Heavi-
ness Oh pneSe issues DrOuEnt about
some selling in other quarters. net
losses largely exceeding net gains at
the close.
Weekly weather and trade re-
views emphasize the restricted nature
of new buying and the resultant fall
ing off in forward business. No sig
nificant changes are reported, how
ever, in the prices of Standard Prod
ucts. United States Steel common
dropped today to 967s. the lowest
price this year, and then rallied to
9T3s, off IS on the day. Bethlehem
and Crucible Steels also established
new lows. but the net losses were lin
tied to fractions.
Publication of statistics showing
that railway freight traffic in the
first quarter of this year was the
greatest in the history of the period
failed to arouse any interest in the
rail shares, which declined with the
rest of the list. The losses, as rule,
were still small, although Canadian
Pacific. Backawanna and Western
Maryland preferred each closed
point or more below yesterdays final
prices.
Call money opened at Az per cent,
but dropped to in the early after
noon, closing at that figure. Time
money was virtually placed on a per
cent basis. large sums being availa-
BILE at that figure. The bulk of prime
commercial paper continues to move
at per cent.
Foreign exchange rates were
slightly easier, despite the depart
ment of commerce announcement
that imports exceeded exports by
more than s60.OOO,0oO in March, the
greatest months excess of imports
over exports on record. While such
an excess would have resulted in
heavy gold shipments from this cen
ter and possibly a marked improve
ment in exchange rates because of the
war, it has been counteracted by the
vast sums payable here by Great
Britain on her war debt, by the
enormous decrease in interest pay
ments on American securities owned
abroad. and by thes izeable reduction
in ocean freight Indebtedness due to
slump in foreign trade and the
greater activity of the American mer-
chant marine. Demand sterling
dropped 4 cent to s4.6212 and French
francs slipped 8 points to 6.64c. Ger
man marks sold at S2150 million, or
within $3.50 of the extreme low for
all time. Norwegian exchange es-
tablished another new low at 1920.
Days total sales. 726, 200 shares.
Twenty industrials averaged 1888;
net loss, AZ. High. 1928, 1898; low
9540
Twenty railroads averaged s1.70;
net loss, II. High. 1923. 9O.63; low,
SO.37