davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1920-12-11
STOCK MARKET WAS VERY IRREGULAR
 WITH SOME RALLIES
United States Steel Was Most Active Feature of the SeS- sion With Range of
 One Point
Bv Associated Press

New York, December 10.-The stock market was feverishly irregular and heavy today, prices of many prominent shares recording new low levels for the year, though showing surprising rally ing power in the later dealings.
 Shorts were extremely aggressive ex- 4ending their operations to the more representative issues in the railroad dl- vision. whre gross declines of one to almost five points accelerated the re- newted depression in industrials ana specialties. -
 IJouidation of the investment trans portations gave rise to much gossip ana rumor affecting the financial standing ol various professional interest put Ill Wen ii formed quarters, selling of these stocks was regarded as in the nature Of a belated cleaning-up of bull poois-
 Further light was thrown on the pack ward conditions in the steel industry py the November statement ot the uniteu States Steel corporation "hlch uisolo9'5. a.1 eoa a decrease in thrilled orders ol oA'''V' tons, far exceeding all fofScaSts;
 This draws the bookings Of the Steei ,.ornoratfon down to the lowest aggre- gate of the year, but leaves the tota' at slightly over 9.000,0O) tons, as against little more than 7,o0O050 tons in the same period of last year
 Tinted States steel was the most actlVe feature of the session, fluctuatlng WIthlil a range of one point and gaining a. irac- tion at the end Mexican petroleum re- nlaced an early setback Of almost points with a net advance or 9& ana r.ecover.es Kn other leaders ran from 1 to points u ..
 The money market retained all Its recent firrnness, but foreign exchange was variable, rates to eastern tsarope' notably Greece and also to China agaln breaking sharply, the Oriental rate re s.,sordin9 to another new low record for silver in London. .,..4
 Convertible issues were the weakest features of the bond market, especially Southern Pacific lives, which sold undef par Other issues. domestic and 1oreigh' were irregular Total sales. par value aggregated 15,0o0. Old United ota'es bonds were unchanged on call
The Birmingham age-herald., 1920-12-11
New Orleans Cotton Rx Assnciafed Press

New Orleans, La, December 10.- Higher prices on the opening of the cotton market today did not last long, but the decline that followed was re- placed by another upward movement in the late trading so that it cannot be said that any definite trend was as- sumed. The net results were charac- teristic of the session, for the market was closed 2 points higher to points lower than the last quotations of yes terday.
 Early gains were in response to a much better English market than due and they amounted to 16 to 20 points, which carried January up to l5slSc. Although English prices were higher than expected English mill advices were discouraging, as they claimed that more looms were stopping because Of the impossibility eff putting through new business with the Far East, Ex- pectations of unfavorable weekly statistics and continued talk of high government crop estimate increased of- ferings Lowest levels were reached around the time of tn posting of mill takings, which we've 265,000 bales against 3ss,OO0 this week last year. and 31O,O00 this week two years ago. Here the market stood 21 to 33 points under the close of yesterday, with January down to 1467c.
 In the late trading there were rumors of favorable progress being made by legislation to revive the war finance corporation, and they caused re- covery. January closed at 15c-
The Birmingham age-herald., 1920-12-11
BKADSTREET REVIEW
By Associated Press


 New York, December 10.-Bradstreet' s tomorrow will say:
 Aside from a slightly larger volume Of trade doing at retail, reflected in some reordering from jobbers to fill depleted stocks, the general distributive trade sit uation is not materially different from a week ago. Indeed. big wholesale trade is d shade quieter, and industry has slackened with unemployment increased and more wage reductions announced. In wholesale lines the general disposition, aside from the natural desire to clean up surplus stocks, is to await the turn of the year., and the results of retail dis tribution in the next two weeks for a clearer view of the entire situation. Re- tail trade itself is not unvaryingiy brisk; it is reported good at only two out of 10 markets and fair at a majority of the others. Indeed. from quite rew markets comes the intimation that re- taiers are waiting for the holiday trade, while consumers are waiting for after the holidays.
The Birmingham age-herald., 1920-12-11
STAPLE RECOVERED PART
 OF ITS EARLY FALL
Scattering Demand to Cover Shorts Appeared to Have Been Pretty Well
 Supplied
By Associated Press

New York, December 10.-The cotton market showed no very decided price ten- dency today. but sharp reactions from an early advance were partly recovered with the close very steady at net gain of to 30 points. After selling at 15.95c early, January broke to 15 soc and closed at 15.83c, compared with 15,76c at the close of the previous day.
 The market opened steady at a decline to 25 points higher. Five December notices were reported in circulation which probably accounted for the rela- lively easy ruling of the spot month, while later deliveries were influenced by Liverpool cables accompanied by reports of better tone in Manchester. Both Liverpool and the south sold here, but there was considerable buying for Wall street and local account which sent ac- tive months about 19 to g points net higher during the early trading with March selling at 16.10c.
 The scattering demand to cover shorts then appeared to have been pretty well supplied and prices broke rather sharply early in the afternoon under continued southern and New Orleans selling, wh le tl.ere also was scattering pressure ln- Spired by weakness Tn the gram mar and less favorable reports from Wall street. March broke to 15.60c, with the general list showing net declines of about 20 to 34 points followed by closing ral- lies of 30 to 8 points on covering. There were rumors early that Congress might soon take action on the re-establishment of the war finance corporation, but little was heard of them in the later trading
 Sales of print cloths in the Fall River L -ef yUaa1< estimated at only 5000 pieces, and it was reported that there would be a meeting to dis cuss the wage scale there tonight. Ex- ports today. 41. 421, making 2,02S,e12 so far this season Port receipts. 32,324; United States port stocks 1855, ,4S2.
The Birmingham age-herald., 1920-12-11
Hubbard Bros. & Co.'S Letter

New sYork, December 1O.--Our mar ket today. except at periodical mo- ments, was lifeless and uninteresting. It was very sensitive to either buying or selling orders. At only one time during the morning was cotton in de- mand to stop the slow decline-that was when January was around 70. One broker bid 70 for 2,000, which halted what seemed to be the start of a severe decline. After this cotton was pur- chased. the market continued it's down. ward course.
 Early in the afternoon slight resist ance was evidenced on the buying side, probably covering by shorts and little investment buying. We think cotton can be bought on the way down for future profits but one doing this must pick weak spots and not jump into the buy on every little rise. fearing that he will lose the market. It is very probable. our trade being in such stagnant condition, that when the bot tom is reached there will be plenty of time to take on cotton. for we believe fluctuations will continue narrow and move more slowly than heretofore.- Hubbard Bros. & Ca
The Birmingham age-herald., 1920-12-11
VARIOUS FACTORS FIGURE IN SETBACK OF WHEAT
 IN CHICAGO GRAIN PIT
By Associated Press

Chicago, December 10-BeariSh econmic and financial developments had a good deal to do today with sharp setback which took place in the price of wheat The market closed heavy, 51s to 6Ac net lower, with December s1.6oA to leo, and March $L57A@.5S. Corn lost, 3s4a41ac; oats, 21A924sc, and provisions. 22@72c.
 Breaks in the value of stocks, cotton. silver and sugar put bulls att disadvan- tage from the outset in the wheat mar- ket Much attention was also given to a statement from the federal reserve bank of Chicago, pointing to imperative need of liquidation of loans on the part of country banks Besides predictions were current that there would be a 50 per cent increase of wheat receipts in Kansas within a fortnight Authorita- tive denials that any such increase was probable did not reach Chicago until after the market had closed. Mean- while, the market continued to weaken, although on the decline there was free buying to remove hedges on Canadian wheat that presumably would be shipped to Europe. Signs of domestic milling de- mand were likewise noted.
 Ccsn ara oats Ehowed independent weaknesses, largely as a result of more liberal offerings of corn to active, par ticularly from Nebraska. Provisions gave way with grain and hogs.
The Birmingham age-herald., 1920-12-11

simism influences the leaders of the in- dustry serious results would follow The industry would be depressed, and yet today and for years to come petroleum is to be of greater value to civilization and world industry than gold or possibly any other thing except food and cloth lrg-even iron. For other commodities, artificial substitutes may be secured, but as yet no substitute for petroleum is suggested as possible.
 Mir. Bedford was asked this morning if he believed that the petroleum sup plies of the world are being rapidly ex- hausted. He has recently said that Sie world is short of oil. He does not know, nor any of the men of science, or any ot the leaders in the oil industry, know to q certainty that as yet undiscovered re- sources of oil are hereafter to be dis covered and exploited. He, however, is convinced that beneath the soil the world over there remains enormous resources of petroleum. He has faith, although not knowledge, that these resources will be sufficient to meet any demand for petroleum products which the world may make for many years to come.
 WHAT THIS FAITH INVOLVES
 As a result of faith or confidence if the magnitude of petroleum resources not yet discovered. but awaiting discov- cry, the world is now witnessing an eX- traordinary phenomenon. For some years after the discovery of gold in Gal ifornia and in the Rocky mountains, aa also in Australia and South Africa, thou sands of earnest and adventurous men were sent forth to search for evidence of gold in the hope that discoveries or new deposits might be made.
 Now, in like manner the world is under exploration by bands or groups of earn est and adventurous men. These have been sent out by the managers of the great oil industries with instructions to explore the lands. Already reports have come from some of them who have ven tured beyond the arctic circle. and these reports tell of the discovery there of oil In the tropics, Africa. in South America. there are searchers for oil who if they were grouped together would be found to number by the hundreds. The oil in dustries do not vince at any expense They feel that if out of 100 men who have been sent forth here and there, ho more than 10 make discoveries Of new oil fields, the result will have justified any expense.
 So now a group of explorers numbering many hundreds in all, probably are searching here and there throughout the world in the hope that they may discover those hitherto hidden oil resources Of whose magnitude many of the leaders in the oil industry have no doubt. If new fields are discovered which give prom isc of rich returns, no obstacle Of climate of mountains and jungles, and no ex- pense entailed by the construction or transportation lines will be permitted to stand in the way of the exploitation or these fields For today the world is be- ing searched for oil, and as result or this search men of the high character or MT. Bedford have faith that petroleum resnllrces are not to be exhausted.
The Birmingham age-herald., 1920-12-11

U. S 4s, coupon, bid .......... 104 Panama 3s, registered, offered... S9 Panama 3s, coupon, offered. 90 American Smelling & Refining 5s "A American Tel. & Tel. cv. 6s ... e41s Atchison gen. Is ........ "A
 Atlantic Coast Line 1st 4s .... TIA baltimore & Ohio cv. 4zs 63A Bethlehem Steel ref. 5s .... T7% Central of Georgia con. 5..s... S3A Central Leather 5s - S9 Chesapeake x Ohio cv. 5s .... 92 Chicago, R. & Quincy joint 4s... 96A Chicago, Mil. & St. P cv. 414s ... 67 Chicago, R. I. & Pac.~Ry. ref As 64B City of Paris 6s ... 93h Colorado 6 Southern ref. 4ks...70 Denver & Rio Grande con. 4s..s 6Sh Dominion of Canada 5s (193D.. 90
 Erie gen. As 70 Illinois Central ref. 4s ..... "A Inter. Mer. Marine 6s . 7S
 Kansas City Southern ref. 5s, bid 7oB Liggett & Myers 5s ....... so
 Louis. Nash. un. As ..- 78& Missouri, Kan. & Texas 1st As ... 56% Missouri Pacific gen. As ...... 51A New York Central deb. 6s ...... 903 Norfolk & Western cv. 6s ...... 1O3B Northern Pacific As .... 731s Pennsylvania gen. 5s ......... STA Reading gen. 4s ....... 7SH Republics Iron & Steel 5s (1940) S5% St. Louis & San Fran. adj. 6s.. 64 Seaboard Air Line adj 5s ..... 34M Southern Bell Telephone 5s ..... S1
 Southern Pacific cv. 5s .... 99h Southern Railway 5s ..... S5
 Southern Railway gen. As ..... STE Texas x Pacific 1sct, bid .....A 7S Union Pacific As .... so
 United Kingdom of G. B. & l.
 51ss (1s3D ................. SSh U. S. Steel 5s ................ 91% Va. Carolina Chemical 5s ..... 91 Wabash 1st ................. S41s Wilson & Go. cv. 6s ....... 82B
The Birmingham age-herald., 1920-12-11
Coffee Market Rv Ass0clafAf, PrAaA

New York. December 10.-The market for coffee futures was lower today owing to disappointing cables from Brazil, while scattering liquidation may also have been promoted by the weaker and unsettled ruling of other markets. The opening was 8 points higher to points lower, but only one month sold above yesterdays closing quotation, and active positions later showed net losses of g to 17 points, with March contracts selling at 700. March closed at 70s. with the general list showing a net decline of 10 to IT points. Closing bids: December. 645; January. 664; March. 7O3; May, 742; July, 775; Sep tember, S05; October S10.
 Spot coffee, dull: Rio 7s 6B to TAG: Santos As, 10@101ac. Cost and freight offers included Santos As at $S70. It was reported that 12,000 bags of Rio Is had sold at $6.50 to $6.55. American credits. The official cables reported an advance of 110 reis in the Rio mar ket, but the dollar was worth 100 reis more, and Rio exchange on London was kd lower. The early cables showed a decline of 50 to 75 reis in Santos fu lures, but this was followed by an ad- vance of 75 to 125 reis. Brazilian port receipts. 75.000; Judiahy receipts, ST., 900; Santos cleared 55,700 for New York.
The Birmingham age-herald., 1920-12-11
Liverpool Cotton By Associated Prcsa

Liverpool, December 10.--Cotton. spot in limited demand; prices, Higher; good middling, 13.S7d; fully middling. 12.92d; middling. 11.42d: low middling, s.67d; good ordinary, 6.67d: ordinary. o.67d. Sales, 1000 bales, including 3,6oo0 American. Receipts. 20. 900 bales. including 1S,100 American. Futures closed irregular; December, 1133d; Janary, 11.37d; March, 11.41d: May, ll.31d; July ll.29d: October, 11O2d.
The Birmingham age-herald., 1920-12-11
Daily Financial Gossip
By HOLLAND

New York, December 0-(SpeciaL)- least 40 per cent of the oil which Great Britain secures each year is obtained from American soil. The government and the people, as well as American oil industry, have been tolerant of this in- cursion by British capital into American oil fields, But today the world is short Of the oil. As high an authority as A. C. Bedford, who is chairman of the board of the Standard Oil Company of New Jer- sey. makes this admission. Only recently have the oil authorities been willing to confess that a shortage of oil prevails throughout the world. Statistics that are now available permit no questions to be raised respecting the shortage of oil in the United States Walter Clark Teagle, who is president of the Standard oil Company of New Jersey, told the members of the American Petroleum in- stitute at their meeting in Washington few days ago that it was a reasonable estimate that the United States would be compelled by the demands for oil and it's products to secure 700,000,000 barrels of oil in the present year. But the best we can do probably is to produce not more from our own soil than 800, ,000,- 900 barrels. Here there is an acknowl- edged shortage, possibly much as 200, ,c00,000 barrels. It can only be made good through the purchase of oil from lOItlSH dnu LHen Dy importing this foreign oil to the United States.
 At the present rate of production and consumption the United States will by the year 1927 meet a demand for oil which in the aggregate will amount to something over 300, 100000 barrels. We shall do well if we produce one-half of that amour from our own resources. Therefore the United States must search the world and become great buyers of petroleum. This will be remarkable reversal from con ditions which prevailed only few years ago. Until comparatively recently our own resources provided all the oil neeo- CT to meet our domestic and world de- mands We were able to export enor- nous amounts of oil and were not com pelled to import any. Therefore, large favorable trade balance on our interna- tonal trade in oil was secured each year by the United States Hereafter the trade balance is likely to be the other way. In fact one of the leading authori- ties in Great Britain predicts that within 10 years the United States will be com pelled to import so much oil that within five years after this heavy import be- gins the payments will be sufficient to extinguish the debt which Great Britain owes to the United States.
The Birmingham age-herald., 1920-12-11
Weekly Liverpool

Liverpool. December 10--Weekly cot ton statistics: Total forwarded to mills,
 53.00O bales. of which American, 41.000; stock, s04,00 American. 534,000; inn ports. 66,o0o; American. 5000; exports, 7,204
The Birmingham age-herald., 1920-12-11

New York. December 10.--Cottonseed oil eased somewhat in sympathy With the weak showing in lard and grains, but no pressure was in evidence. owing to scant offerings of crude Final bids were to 10 points net lower. Sales, 25.O00, about half of which represent ing switches. Tenders. 5000 barrels Prime crude. 650 nominal; prime sum- mer yellow spot closed at $s; January, s9.25 March. $9.5S; May. 9.7s, all bid.
The Birmingham age-herald., 1920-12-11
Rice Market

By Associated Press New Orleans, December 10.-Rough rice, mo sales; receipts, 4,204 sacks; millefs receipts, same. Clean rice, no sales; no receipts. Bran and polish, unchanged.
The Birmingham age-herald., 1920-12-11
SugarMarket


 New York, December 10-There was another decline in raw sugar prices today and prices sold into new low ground for the season under more liberal offerings, closing at 6.01c for centrifugal. There were sales late last night of 5000 bags of Cubas and 400 bags of Perus at equal to 5.27c. followed by transactions of '7,5Oo bags of Porto Ricos at sole for cen trifugal, and it was said that more was offered without being taken.
 No changes occurred in refined as yet, although the undertone was unsettled by the recent decline in raws. Prices were quoted at S.75c to Sc for fine granulated, with the demand light and limited to nearby requirements only.
 Sugar futures were weak owing to ths decline in the spot market and prices touched new low levels for the season under scattered selling by trade and com mission houses, together with Cuban in terests. Final prices were 25 to 33 points net lower. or at practically the lowest of the day. January closed at 4.27c; March, 446c; May, 461c; July, 475c.
The Birmingham age-herald., 1920-12-11
MARINE NEWS
By Associated Press

New Orleans, December 10.-Cleared: Atenas. Bocas De Toro via Havana, Kingston and Cristobal; Coan (Hond), Omoa via Port Cortez; Coppename, Port Barrios via Belize; Imperator (No-o, Santiago, Cuba; Lake Ellijay, Lebu and Chilean ports; Lake Como, Tela; Rajah, Campeche and Progresso; West Erral, Manchester via Norfolk.
 Port Eads, December 10.-Arrived: Cartago, Bocas Deltoro; Elm Leaf (Br), Tampico; Jamaica, Kingston; Momum, New York; Tatician (Bro, London; Trafalgar (Nor.), Progresso.
 Sailed: Bayamo, Santiago, Manza- rillo and Cuban ports; Caridad Sala (Cuban), Tampico; Ceiba (Hond.), Cei- ba; Columbia, Puerto Colombia via Venezuela and West Indian ports; Day ton, Tampico; Elida Clausen (Nor), Tampico via Tuxpam; Hibureas (HondD, Bluefields via Cape Gracias; Nom bassa (Br.), Glasgow; Neptune, Frontera via Tampico; Santa Leonora GU. s. trans port), Colon; Santurce, Porto Rico; Witt torio Emanuele III (Amer), Antwerp and Bremen via Norfolk; Zeelandia (Dutch), Amsterdam via Vera Cruz. Havana, Vego and Corunna, Spain, Ply mouth England, and Boulogne. Mobile. December 10.-Arrived none. Sailed: Harald, Port Barrios; Vera, Be- llize.
 Naval Stores By Associated Press Savannah, Ga. December 10.-Tur- pentfne. quiet SEAS; sales, none; re- ceipts. 375; shipments, 306: stock. 14,- eos.
 Resin, quiet; sales, none; receipts, 1,757; shipments, 5,455; stock. 72.604. Quote: B, D, E. F, c, H. I, K. M. N. VIC, wv, $l1
The Birmingham age-herald., 1920-12-11
East St. Louis Live Stock By Associated Press
Money Market


 New York, December 10.-Prime mer- cantile paper, 7qS; exchange steady; sterling 6O-day bills, S41; commercial 6o- day bills on banks, 3.41; commercial 60- day bills. 3401a demand, 3.4514; cables 346A. Francs, demand, 5.S7; cables 5ee Belgian francs, demand, 6,1i; cables 6.19. Builders, demand, S043; cables, Sc. .53; lire, demand, 3.51; cables, 3oS. Marks, demand. 1.34; cables, 1.35. Greece, demand, 695. New York exchange on Montreal, 13 9-16 per cent discount. Gov ernment bonds irregular railroad bonds heavy. Time loans firm; 60 days 90 days and six months. Tz@7s4 per cent.
The Birmingham age-herald., 1920-12-11
Naval Stores pv AasnrfofaA pH~aa
Dry Goods By Associated Press

New York, December 10.--Cotton goods today were steadier. but very quiet. Yarns were somewhat steadier. with sales light. Burlaps were easier and at lowest points thus far reached. Wool was quiet.
The Birmingham age-herald., 1920-12-11
New Orleans Futures

By AssOCiated Pfese New Orleans, December 10.-The cot ten market closed steady, up to down, net.
The Birmingham age-herald., 1920-12-11

fresh, 31@37c; fowls, fresh, 23Q 3Sc; roosters, fresh, 23@25c; western tur- keys, fresh, 45052c; culls, 25@3Sc.
The Birmingham age-herald., 1920-12-11
Shot. Coffee
0PVF OOK tNC By Associated Pr

By Associated Press New York, December 10.-Spot cof- fee 7c.
The Birmingham age-herald., 1920-12-11
POtatO Market

By Associated Press
 Chicago, December 10.-Potatoes slight ly stronger; northern white. sacked ana bulk. s.S54l.4S cwt.; Idaho Russets, $1.75 cwt
The Birmingham age-herald., 1920-12-11
Cash Grain

Chicago, December 10.-Wheat: No. red, S93: Mo- 2 dark northern. $1 .6o. Corn: No 2 mixed, 76c; No. yellow, 500 s2c Oats No. 2 white. 4sAc; No. white, 4S0i4s1sc. Rye: No. 3. N.56. Barley. 65d94c. Timothy seed, $5.5oG6.75. Clover seed. $15M20. Pork nominal; lard, N4; ribs, s11 .5o@13.50
 St. Louis. December 10-Cash wheat: No. red winter, s195@1 .s6; No. i, $l9cD .s71h; December, $l.7214; March, $1.6l1s Corn: No. g. 75c; December. nAc; May, 7sc. Oats: No. 2 white. 51c; No. 3. 6o1sc' December, 521kc; May. 53ssc.
The Birmingham age-herald., 1920-12-11
Metal Market

By ASsOcIAted Press
 New York, December W.-Copper steady Electrolytic. spot and nearby SIS. 75Gl140o. Iron nominally unchanged Tin easy; spot and nearby, $35; futures. S35. .75d36OO. Anthony, s5.50@575. Lead dull; spot s5 Zinc steady; East St. Louis spot $6. 25@6.30
 London December 10.-Standard copper, spot, f77 17s Sd; futures, SIT 12s Sd. Elec- trolytic, spot, fS9 los; futures. f90 10s. Tin spot, f223 5s; futures, f226 2s 6d. Lead, spot f25 15s; futures, f26 los Zinc, spot, f30 5s; futures, f31 15s.