The Birmingham age-herald., 1923-07-18
LOSSES CAUSED BY
 LIQUIDATION ARE. QUICKLY MADE UP|

ing lower, price movements in today S quiet stock market gradually turned upward and at the close the aver ages were somewnt higher than yes terdays closing.
 Execution of an order to sell 5000 shares of United States Steel common precipitated a flood of selling orders at the outset and was interpreted by many floor traders as q renewal of liquidation. This, however, proved a nasty conclusion, with the result that short covering operations were ln- augurated and the market recovered most of it's losses quickly.
 While the market continued quiet most of the day with total sales only slightly greater than yesterdays low record, substantial advances were re- corded by numerous stocks. The market was most active in the final hour, despite an increase In the call money rate half an hour before the close.
 A 1o-cent cut in the price of Ohio crude had no effect on the oil shares, most of which registered small gains on the day.
 California Petroleum preferred, however, yielded 1 F in the face of a favora ble contract for sale of S6,000, GOO barrels of light gravity southern California crude oil to the standard oil company of New Jersey, delivery 
 years.
 The last hour movement upward had its inception in the demand for rail stocks, inquiry spreading to other parts of the list and resulting in a gain throughout the list. Balti more and Ohio moved up 4 and St. Paul preferred, New Haven, Illinois Central, Rock Island and Norfolk and Western 1 point each.
 Woolworth, strong throughout the day, closed 6% points higher, KresSe points and Associated Dry Goods points. Other stocks which recorded gains of 1 to more than points in- cluded Advance Rumely preferred, American Car, American Ice, Austin Nichols, Corn Products, Crucibte Steel, Cuyamel Fruit, Royal Dutch. Stewart Warner and Stromberg Car buretor.
 Call money opened at Az per cent, moved up to at 1 o'clock and ad vanced to , E per cent at 2:30 o'clock, where it remained until the close. Time money was quiet, with rates un- changed. Commercial paper rates re- mained at to , f per cent.
 Demand sterling improved slightly to 4.59 3-16, while most of the other European exchanges were easier.
 Net changes, however. were small.
 Total sales. 349,20O shares.
 Twenty in1ustrials averaged 89.50: net gain, .2S. High, 1928, l05.3S, low, s7.64.
 Twenty railroads average 79.33; net gain, IT. High, 1923, 90.65; low, 76.S5.
 LIVE STOCK
 EAST ST. LOUIS, lU., July 17.-Cattle receipts. $500; native beef steers steady to 15c lower; Texas steers beef cows calves and stockers steady; light yearngs 15@25c lower; canners 1o@15c higher bologna bulls strong to 25c higher bulks follow: Native steers, s. 55 Io; Texas g.7S@5..7755: cannsfs. s S256@8; bulls, ;l 75@ 50; calves s1O@10. .25
 Hos receipts 1t is9GS sH t6 sl9W So 5op s en @S; mixed butchers $7S6G 50; 200 pounds and up, s7 49@7,55; pigs. 159 2 25c
 Sheep receipts 5.ooo; good to choice lambs, s18. 5Oa q IS 75 considered steady; sl3@1S. 50; culls. S7; sheep scarce and steady; best mutton ewes. $5.5o
 CHICAGO, July 17.-catue receipts. 1900; uneven; beef steers. yeariiugs and lower; in-between grades, fat she stock and yearlings refecting maximum de. cline: top matured steers, $1l 50; best yearlngs Sl1; bulk beef steers and heif- CTS, S8 50 e 10 50; cage-fed Texans averag ing 1,335 pounds So 60; several loads southwestern grassers. 50@7.S5; bulls closing IS c 25c lower; vealers, quality considered. 25c lower;s bulk desirable bo- logna bulls, s. 50@5.75; bulk vealers to 
 above to outsiders; bulk stoel1ers and feed
 ii Hog y re receipts, 2S.ooo: uneven, 1oa 25c higher; bulk 1g0 to 24o pound average; butchers, $7 6OG7.8o; bulk packing sows se. 25 q 6. SO; strong weight pigs mostly s6.75@7.25; estimated hold-over, 15,O06.
 Sheep receipts 10000; fat lambs mostly 25c lower; spots and in-between kinds off more; feeding lambs culls and sheep generally steady; bulk desirable western lambs, s14. 50014. 65; one double to city l-.tN ( .1A fn1f ffrV pfu clipped lambs, .sl3.5o; desirable native lambs mostly $14; practical top, Sl4.25; culls. ss 50; yearling ewes generally ss. 50; bulk aged ewes. S5@6, 25; light weights, $7; heavies downward to $3. 50.
 NEW YORK, July 17.-Cattle receipts, $50: no trading. Calf receipts. 2.06O. firm; veals, s9@14.5o; culls. $7@s 50; southern calves, $7@12; buttermillks, seq T..
 Sheep and lamb receipts. 1O.55O lower sheep. s3 50@6 50; culls, S2@3 lambs, SS 914.50 culs, s7.
 Hog receipts, 2,7o0; steady; medium weights. SS. 25@s 35; pigs and heavy hogs, s7. 5@S. 20; roughs $5 50 Q96.