The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-06
SAG is DUE TO-
EXTENSIVE SHORT
COVERING MOVES

NEW YORK, May 5.-Pciaes rail-
lied brisllly at the opening of todays
stock market in response to extern
sive short covering operations, bu'
when these had been completed the
market sagged again, and closing
prices were irregular. The only out
side news development of any i'm
portance was another cut Of 10 cents
barrel in the price of Mid Cont
nent crude oil, the third within the
last fortnight, but with few excep-
items the oil shares offered good re-
sistance to the selling pressure
which the cut inspired
The substantial buying support
= forthcoming for stocks generally as
ISOLATED with Strong financial inter
ests undoubtedly prompted tae short
; covering which set in late yesterday
and was carried on through the first
hour today. Bear traders, however
apparently endeavoring to create Il
pessimistic feeling in the market
hammered Baldwin Locomotive in the
last hour and forced 1t down 1l2
points TO 12714, new low record for
the year. Several of the other spec
ulative favorites, notably Stude
baker, American Can. Cosden Cult
States Steel, North American and
~ stewart w dTutT ALSO SIclued II az
tionally on the day. U. S. Steel
touched 102&, but fell back to 102s
up " at the close.
- Sugar shares made good recovery
from recent heaviness. American ris-
= ing 2 points, and Cuban American.
Cuba Cane common and preferred
and South Porto Rican gaining
point or more. Some of the other
active industrials to register net
gains of point or more were Burns
~ To- doh Do
American "A" and b" Peoples Gas
and Pullman.
Local gas shares We're under pres
!, sure as a result of the passage by
the state legislature of the dollar
~ to So. but rallied later to 6S$4.
Brooklyn Union Gas closed a point
lower. Phillips Petroleum, off Is
registered the largest loss in the oil
group;
steady, with business quiet. Demand
sterling eased slightly to 4.62 sis,
or within a small fraction of the
years low. German marks rallied
slightly to .oo29 cents.
The weekly clearing house state
ment showed decreases of S14,337,oOO
in loans discounts and investments:
$4,000 in reserve of member banks
in, the federal reserve bank and
os12027,000 in net demand deposits.
q 600 and cash in own vaults by
q s1,025,0
Aggregate reserve totaled SSH.
295,000, leaving excess reserve OF
sl1,335.S10 an increase OF Sl,9le'49o
over the previous week.
Days total sales, 100000 shares.
Twenty ndustrials averaged 1913;
net gain, 10. High 1928, 1888; low
+, twenty railroads averaged s4.o1;
4 High 19p3 yO.bS. low,
1857.
FOREIGN SILVER
~ NEW YORK May 5.-Foreign bar silver,
67%c. Mexican dollars, 519sc.
STEEL
NEW YORK. May Steel prices un-
changed.
CHICAGO STOCKS
CHICAGO. May 5..Armour of Delaware
@ ss: standard darsT Gas, ssH swift c.: ~
sS W United Unite ia 1 IRON Works. s. Wahl. isIa
Western knitting, ea Yellow Manufac-
turing B, 2es; Yellow Taxi. sl1a
$50 BAR SILVER
LONDON. May b.-Bar silver. 90 16,1sd
count rasss s MSqs{ Ss seP pe
thee months bills.-2 percent
COFFEE FUTURES
NEW YORK May 5.-The market for
coffee futures was very quiet this morn
ing and prices moved irregularly within
a range of 7 points. The opening
was l to points higher on little scat
tered covering, but after selling at 9Szc,
July reacted to 9.75c, while December
ased off from S.4Sc to S.3sc.
The market closed net points lower
to 3 points higher. Sales were estimated
at $4,000 bags. Closing quotations: May
1b.3sc; July. 9.75c. September. s.7sc; De-
cember, g. Soc March, s.35c.
Spot coffee quiet, Rio Is II "A a IL &C;
Santos Is, l41a 915l4c. No fresh offers
were reported in the cost and freight mar
ket. The official cables showed de-
cline of 80 refs in the dollar buying rate
with advance of 132d in Rio exchange,
=. on London. The Rio market was 225 a $50
refs higher and Santos 20 refs lower to
rs reis higher. Brazilian port receipts,
IL 900; Jundiahy receipts. 5000.
IN FOREIGN EXCHANGES
~ NEW YORK, May 5.-Foreign exchange
leteady. Quotations in cents: Great Brit
ain. demand 4 .62 cables So 9-16. 60-day
bills on banks 6.07 ZIG. France, demand
o Gs1a. cables 6.67. Italy, 4.s7ia and
4.ss. Belgium. 5.76a and 5.77. Ger
,inany. .Oo29 and .Oo29h. Holland, 1903
and 1912. Norway, 16 So Sweden, 1852.
Denmark, IS 81. Switzerland Is .05. Spain,
us "a. Greece, 1888. Poland, .0021. Czecho-
iEovakia, 2ss. Argentine, So. so. Brazil,
40, SO. Montreal, IS Liz
IA -s.--
N.Y. N -