The Birmingham age-herald., 1923-06-20
SEVERAL LEADERS TOUCH NEW LOWS| TIDE IS STEMMED

HUE ES SE EWlWEU
 NEW YORK, June 19.-Stock prices displayed a better tone in today's active dealings on the New York stock exchange but there were in dications of frightened and forced liquidation and short selling throughout the day which gave the market spotty appearance. Sew eral of the leaders tumbled to new low records before sufficient buy ing support set in to stem the tide of selling orders.
 Official denial of the widespread rumors that several brokerage houses were in financial difficulties did much to dispel the pessimism that was so prevalent in yesterdays late dealings. Speculators for the decline made repeated assaults on the list but in many instances they encountered substantial buying or 6ers placed on the belief that the re- cent reaction had been overdone and that technical condition warranted rally.
 Oils were rather unstable because Of unfavorab1e trade conditions. the Pan-American issues, Texas com pany, CalioFhid 1etioleulii' cers and Refiners, General Asphalt and number of others falling to new low prices for the year.
 United States Steel touched an other new low at 92 If and then rallied to 92 7-S, up Ii. Gulf States and Republic Steels, Consolidated Gas. Cerro de Pasco and Kennecott Coppers. International Paper, Bald win, U. S. Industrial Alcohol and Central Leather were among the more than three score other stocks that sold at new minimum prices for the year, but all rallied before the close.
 Rails held up well in the first few hours Of trading but they gave way In the afternoon reaction and many of them closed at net losses on the day. Chesapeake and Ohio, Lacka- wanna. Illinois Central, New Orleans; Texas and Mexico, and NortolK anu Southern dropped back 1 to points.
 Call money held at per cent all d.y The demand for time money and commercial paper was agaln quiet with no change in rates.
 Foreign exchange rates showed marked improvement. Demand sterl- ing advanced 5-16 to S462 6-lo anu French francs climbed ' 1-z pom to s6.22 1-2 cents eiermah nan1e ma ns rallied from .U006 IA, the eXtrenie low established yesterday to .00o9 o-o cents. o.cooo ,,oras
 Twenty industrials averaged 9S.'o'
 ef High 1923, 1o5.sS; low 92.64. o,- z z Twenty railroads averaged 'l''4' het High a 1923, so.sa; low so1s.
 LONDON MONEY
 LONDON, June 19.-Bar silver S2d per ounce ,Ntt MGnggi SIis Y 1Ps PsF peT cent three months bills, 21s per cent
 COFFEE MARKET
 ,,ru YORK June 1s-The market for coffee futures opened at decline oI Io 10 15 points under a renewal or ynths yes,sh1 days selling novement wtth WI ao to as points This was prom pted by reports Of further sharp declines in misreis quotations m tn rne f,rmer. and after selling off to Sc for July and 9bc for December. prices raiIeu on covering. December sold up to l,ser ;@oc tn a'9 the market closed net Ii points lower to points higher Sales were estimated at about 77,0oo bags: July s.$4e, septe77nqpaer qao 59c October 7.boc, Decemper 'Sfe' March 7.29c May ' 29c .o
 Spot coffee irregular; Bio IS were re ported very scarce d at f,eigbf A If offers were in limited supply, including santos Ss ana bs at II loc for July. September ship. ment. and Ss and Is at fIS6c for prompt 
 for July shipments. . ao
 The official cables showed net de- cline of 800 reis in the dollar buying rate with an advance of 5-S2d in the Rio rsle on London. The Rio market was s75 10 I oO0 reis lower and Santos b5O to ;o6o reis lower. Brazilian port receipts, 20co0o; ooo; Jundiahy 15,000. Victoria cleared sO'uoV bags for New Orleans and Santos ll'4Vo TOY San Francisco.
 HORSES AND MULES
 EAST ST. LOUIS, H., June 19-Horses and mules steady; quotations unchansea' ' SUGAR MARKET
 NEW YORK, July 19.-The raw sugar market was steadier today and prices were cost and freight equal to 7.03c for cen trifugaIs. There were sales reported Of T.. GOO bags of Cubas at that level; ana It was generally believed that more business was put through. At the close nnliteu quantity was still offered without oeinus Expectations of an increased consuming demand and steader tone to the spot market, as well as more favorable adVlees ices from abroad led to increased covering and re flewed buying for outside account in the law sugar futures market. with prices at points. The advance was checked by realizing in the last hour. and tinai prices were to ? points net higher; Clos Yer soc, March 3.soc.
 ' There were no changes in the nst r,rtces of refined sugar, which ranged from & 2bc to 9 90c for fine granulated, but 1t is generally believed that nearly all re- liners are accepting business at the in that some were even taking or ders at Sc. There was a little better in dhstry reported and withdrawals on old contract were again of fair proportions. Re- fined futures nominal.
 s@ RAW SILK
 hNS1IW YORK June 19.-Raw silk weak. Prices per pound: Kansai double extra cracks. sS. 5OQs. 65; kansai best Nc ], ssgs, 20; Kansai No; l. filler s7 go q S.do; fuler. gold double deer. s9.65@s.7o.
 FLAX SEED
 fras: poAE July, g.' s2.s8H asked; September, $2.49 asked; October, S2 S9h.
 METAL MARKET
 NEW YORK. June 19.-copper easy; electrolytic. spot and futures easy, s,,I Tn saasy spo, Sron ahe steaaV; prces unchanged Lead steady: spot. s7. 25. Zinc. quiet East St. Louis spot and nearby. s6. An tinssny. spot s676.
 :. FOREIGN SILVER
 NEW YORK, June 1s.-Foreign bar sil- ver... e5%c. Mexican dollars boAo.
 FOREIGN EXCHANGES
 NEW YORK, June 1s;-Foreign ex- changes irregular Quotations in cents: .seh, s0-day bills on banks 4 50 7-1s, France. demand .22A, cables $ .23: Italy; 4.54la and 55. Belgium, 5.S1h and 5 .32. Germany. .00O7A and .00o7h. Holland. 39 .21 and S9.24. Norway, 16.SO. Sweden 26. 51. Denmark, IT. Switzer- land, 1T 96 Spain. 14Se. Greece, 3 42 Poland .0O07. Czecho- -Slovalia 3. Ar 2 gentine. S5 90. Brazil, 10.60. Montreal, s7E
 CHICAGO STOCKS
 CHICAGO. June 19.-Armour preferred, 77h; Commonwealth Edison, 121 Y; Dia- mond Match. 110ia Libby McNen, : As Middlewest Utilities: 45; Standard Gas 21A.; Swift & Co.,, 7009s Swift lnterna- tioTial, lsR; Union Carbide, 55; Wahl, 4e;N Western Knitting. 5; Yellow Manu- Ss