davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1920-07-28
EVER ONE MILLION
 SHARES CHANGED 1 HANDS YESTERDAY
American Bankers Received Another Small Consign- ment of Gold In the Lon
 don Market
By Associated Press

] New York, July 27.-Liquidation in 4the stock market assumed more for (midable proportions today. the turn over of 100000 shares being the larg- est and most varied of any session in many weeks. An aggressive short in- kerest, emboldened by recent success
 accelerated the decline, but hurried to
 over in the last hour, when a consid-
 able part of the loss was recovered.
 The rebound was primarily attributed
 sudden easement in the money mar
 ct, call loans falling to s per cent
 fter having held firm at from the Poutset.
 few speculative stocks, notably Crucible Steel and Houston Oil, ended pat substantial gains
 i, Foreign exchange made no percepti- sble response to announcement that American bankers had obtained an- other small consignment of gold in the london market.
 The only definite development of fi-
 ancial interest during the day-pub- scation of the second quarterly report bf the United States Steel Corporation did not materialize until after the close of the market. Total earnings of s43,155,705 compared with s42,0S9,91O in the previous quarter and were sev- Leral millions under popular estimates. Bonds reflected in a general way the
 2e1ingfof pessimism so long prevalent
 f the stock market. Liberty issues ItAre materially lower on heavy offer rngs and pressure was seen in many of kthe better known railway and indus 4 Trial bonds. Total sales, par value, aggregated $14.275,000.
 Old United States bonds were un- hanged on call
The Birmingham age-herald., 1920-07-28
COVERING IN FINAL.
 HOUR FEATURED IN.
 THE COTTON MARKET.
Quotations Closed From Twenty-three to Seventy , Points Above the Previ-
 ous Close on Monday
By Associated Press


 New York, July 27.-While the cot~ ton market displayed a good deal of weakness at times during the day with prices declining from 13 to 45 points below the previous nights close, which carried October as low as S205c; De- cember, S0.32c, and January. 20.60c, rep resenting loss of over $l5 bale in the last week, there was a good deal of covering in the final hour which not only restored all of the loss, but advanced the market anywhere from 2S to 70 points above the previous close.
 At the opening May was points higher and other months 8 to 12 points lower, and this relative difference was maintained all day, feature of the market, in fact, being the strength of the distant months in contrast to continued heaviness in October, due largely to a reversal of straddles and to increasing offers of new crop cot ton in the south. The close was steady with prices unchanged.
 Although very little change oc- cured in the crop situation, and sen timent remained bearish in expectation of favorable condition reports this week preceding the government report Monday, there was a feeling in some quarters that the rainfall, which con tinued today, would result in crop complaints later in the week. this view being confirmed by the special reports published in local trade paper in which Alabama conditions were said to be favorable. but the outlook in Mississippi. Missouri and Louisiana not so good as a month ago. The trade, Liverpool and Japanese interests bought most of the cheap cotton during the day. Wall street. western com mission houses and local traders were the big sellers, not alone on the crop outlook, but on a continued bearish interpretation of financial and indus trial conditions.
The Birmingham age-herald., 1920-07-28
Daily Financial Gossip
By HOLLAND

, involve the investment of millions. E. Fl. Hartman learned this lesson from John Newell and himself taught it when he reconstructed the Union Pacific. William k Vanderbilt also learned the lesson and
 after he succeeded his brother as the leac- CT of the Vanderbilt interests he, too, adopted to the advantage of the New York Central the methods which were taught by John Newell.
 w. K. VANDERBILT AS LEADER Almost all the references to William k. Vanderbilt that were published the day when his death was reported spoke Of him as having become leader of the Van derbilt interests after the death of his rother Cornelius. But this statement is inaccurate. William K. Vanderbilt ac- cepted the leadership two or three years before the death of Cornelius.
 The late James Stillman, who was inti- !mately associated wi Nanderollts' lrelated confidentially shortly after the leadership was transferred to William K Vanderbilt, how this transference took place. The confidence then imposed by MT. Stillman is now ended by the death 1 Of William K. Vanderbilt. Cornelius Van
 derbilt had been for sometime in impaired health He believed that he would not be able to recover his health, and he felt that the responsibilities of leadership
 should be accepted by his brother. Will K H 2 clined the proposition. But the two 1 of the opinion that Cornelius Vanderbilt man upon MT. Stillman's yacht, then anchored off Newport. They were in con- | ference far into the night. Cornelius l Vanderbilt urged his brother to accept l the responsibiity MT. Stlllman was also | of the opinion that Cornelius Vaudeville l should be relieved because of his ln- l paired health. At leae' Ntllam h' van l derbilt said that he would accept the re- | sronsibility provided he had free hand and esneciailv were permitted to make | certain changes in the management. Cor nelius Vanderbilt said there must be no changes which would affect Chauncey M. Depew who was at that time president I of the New York Central. Although nav | ing the highest regard for MT. DepeW' nevertheless William =. felt that the | time had come when practical, eXperl- enced railroad operator should be named | as president of the New 1ork central It was thereupon agreed that Depew s~nou ~ | he made chairman of the board of dlrec- tors including all the subsidiaries of the ' New York Central and that competent | railroad operator should be named as president. With that understanding Will | liam K. Vanderbilt accepted the leaaer sbin shortly after he did this President | Callaway of the Lake Short became pres | ident of the New York Central ana De-
 new was made chairman of the board' nosition which he held during two terms
 as Tinted states senator and still holds
 Sone of the greater undertakings of the
 i ivanderbilt system were initiated and car
 r;ed through under William K. Wander
 lbilt's leadership, particularly the very great real estate operations, running ten
 hlocks north of the Grand Central Ter
 minal.
The Birmingham age-herald., 1920-07-28
WHEAT PRICES FALL ON NEWS OF TIGHT
 MONEY SITUATION
Corn and Oats Tumble In Sympathy With Wheat, While Provisions
 Made Some Good Gains
By Associated Press


 Chicago, July T.-Distress Nelling large ly due to big calls for margin in the face of tight money conditions brought down wheat prices with extraordinary swiftness today, especially just before the close. The finish was wild, 1lA to 14 cents net lower, with December $2.55 to S2.251a and March S2.S7. Corn lost to cents and oats IS to 514 cents. Pro- visions, however, gained D to 50 cents- More than half of today's steep descent of values in the wheat market came dur ing the last thirty minutes when holders of the grain were confronted with the alternative of quick liquidation or of put ting up funds overnight to an extent that was virtually prohibitive. The ma- jority of dealers appeared to have figured that with drastic decline yesterday and with further sharp breaks this morning a decided rally was to be expected be- fore the close. Instead, demand was nearly lifeless, and the rush to sell quick Iy became a stampede. Bearish crop news, lowering of export bids and n- dustrial strain were all apparent factors
 Corn and oats gave way with wheaI' but sufficient buying power developed to keep the two feed grain markets reia- lively ili check. Most of the purchashs was 10 collect profits for shorts.
 Upturns in provisions was to draw sup port from packers.
The Birmingham age-herald., 1920-07-28
New York Futures By Associated Press
American Cotton & Grain Exchange
New Orleans Cotton
By Associated Press


 New Orleans. July Awhile the tone was easy in cotton today, the market strengthened in the late trading and closed at net advances of 1 to 46 points. At it's highest 1t stood 10 to s points up from the level of yesterdays close rising to the gains from declines below yesterdays that at one time amounted to 20 to 3S.
 Early selling pressure was due to fa- vorable crop account from the Texas and dry weather map. although the market hesitated on this feature for a while because of private reports of con- siderable rain in the central belt A weak stock market and pessimstic feel ing regarding trade in general helped the early sellers. but as the session pro- gressed more and more short covering was met from the shirt side until finally the demand from this source became greater than the ring could supply.
 Heaviest covering of short contracts came late in the session and there was also at this time an important new de- mand for the distant months buyers evidently being attracted by the very wide discounts on them At the highest of the day October traded up to 3l. roc and March to 29.23c, the latter being the strongest month in the list.
The Birmingham age-herald., 1920-07-28

New York, July 27.-(SpeciaL )-William
 K. Vanderbilt it was always named with
 those who were presumed to have accum-
 ulated a fortune considerably in excess
 of sl00,000,0 coo. When the estate of his
 father William H. Vanderbilt, was set
 tied approximately s45,000.0Oo were re- ceived by William K. Vanderbilt and like amount by his older brother, Cor nelius Vanderbilt.
 Thus s90.OOo0o0 were divided between the two sons of William H. Vanderbilt. But
 all the children received from Mir. Van- derbilt's estate at least si0,000, ,000 and at
 the time some discussion was caused by this apparently somewhat unequal dis tribution of his property The will of William H. Vanderbilt was explained later conhdentially by c. C. Clarke. who was for many years the financial advisor
 and confident both of Commodore Van derbilt and also of William H. Wander bilt. In fact, it was under the tutelage of Mir Clarke, who was then serving as vice president of the New York Central system. that both Cornelius Vanderbilt and William K. began as apprentices or students of railway operation.
 MT Clarke said that after the death of Commodore Vanderbilt, William H, Vanderbilt received as his inheritance SO, ,O00, 900. The other heirs received much smaller amounts. The Commodore evil dently intended to pass on to his son, in whom he had great confidence the greater part of his fortune, not merely to give to that son assurance that he was one of the richest of Americans but also to enable him to carry on with great capital certain constructive work which the Com modore had in mind.
 William H. Vanderbilt increased the fortune of $sO,0oo. 900 by his own wise n vestments and by the income and the value of the properties which his name identified. In this way he was able to beaueath to all his children in proportion ate parts all that he had himself ac- cumulated. There was then left the s9o,- GOO 900 which he received from the Commo- dore. his father. This he determined to divide between the two sons, and his wish was carried out. Each received s45,- | coo, 900 in addition to other bequests.
 Uron Cornelius Vanderbilts shoulders was placed the responsibility for direct ing the Vanderbilt system. He was re- garded as the new leader and he early 1 demonstrated his ability byl successful reaotiations whereby the Rome, Water l town and Ogdensburg railroad system i passed into possession of the New York Central William K. Vanderbilt was not at the time prominent as a Vanderbilt leader. His relations with his brother Cornelius were very cordial but there was no interference with the leadership | of Cornelius William K. Vanderbilt had however, mastered many of the problems | which were worked out when the mod | ern railroad construction and operation were perfected. He was an admirer of | John Newell, that master mind who really created the Lake Shore system and taught railroad managers what economic construction meant in the way of income, although construction of that kind might
The Birmingham age-herald., 1920-07-28

Central Leather 5s ........... 90% Chesapeake & Ohio cv. 5s ... 1873 Chicago, B. & Quincy joint 4s.. 93A Chicago. Mil. & St. P. cv. 41ss.. 63
 Chicago. R. I. & Pac. Ky. ref, As 65 City of Paris 6s .......... 91ss Colorado S Southern ref 4hs %. e61s Denver & Rio Grande con. 4s.. 6215 Dominion of Can. 5s (1931), bid. S6ss Erie gen. 4s ............... 39ls Illinois Central ref. As ......... 6e3s Inter. Mer. Marine 6s .... s3ta Kansas City Southern ref. 5s SIS Liggett & Myers 5s, bid ....... "
 Louis. & Nash. un. As ........ f6ts Mo, Kan & Texas 1st As ....... 5z4s Missouri Pacific As ......... 51T New York Central deb. 6s ...... S6
 Norfolk & Western cv. 6s, bid s6 5s Northern Pacific As ....... 721s Pennsylvania gen. 5s .......... S2ts Reading gen. As ..........-..... 7Sss Republic l. & S. 5s Q940), bid S6
 St. Louis & San Fran. adj. 6s GOA Seaboard Air Line adj. 5s 32% Southern Bell Telephone 5s ...... S5ia Southern Pacific cv. 5s .....,... 93Ss Southern Railway 5s ........... So& Southern Railway gen. 4s 5614 Texas & Pacific 1st .. ITS Union Pacific As ............... SD
 l. 5hs isSD .............. s4N U s. Steel IS s0A Va.-Carolina Chemical 5s, bid. s2
 Wabash 1st bid ................ SO
 Wilson x Go. cv. 6s, bid ..,..... 50
The Birmingham age-herald., 1920-07-28
Shannon & Co.

New York, July 27.--Early in the noon hour offerings tapered off and the de- mand from shorts in the trade brought about a recovery of 20 to 25 points. The tone was still very unsettled, with senti- ment bearish, though in some quarters asking if the decline had not gone far enough for the moment, possibly dis counting as bearish report as the Aug bureau is likely to be. Liverpool closed steady at net decline of 2S points to an advance of points
 The weakness of October was also in- creased by the reversal of numerous straddles, arbitrage interests liquidatlng their Octobers and covering the more dis tant positions A factor which tended to increase the pessimistic temper of the trade was the break in steel common to S7ss, the lowest level at which this stock has sold in many months
 Demand from the trade. while at times fairly active. could not cope with tho volume of offerings promoted by the un- certain outside conditions and better crop reports the latter not alone in cotton bu. in nearly all of the products of the soil, and at noon the market crop positions, while the distant months being under less pressure, ruled steady at around last nights closing prices.
 Wall Street firms were active sellers of contracts and western wire houses also continued to sell freely on the general crop outlook Post and Flagg.
The Birmingham age-herald., 1920-07-28
Liberty Bonds 9v Assoejated Press
Money Market By Associated Press

New York. July H.-Mercantile paper s Exchange steady. Sterling 6o-day bills, 3.7: commercial 60-day bills on banks, 374: commercial 6O-day bills, 3.751e; de- mand, S7SSs; cables, S79as. Francs de- mand, TSP; cables, 7s4. Belgian francs demand. BPS; cables S.30. Builders de- mand, s4.9o; cables, S43S. Lire demand 5.52; cables, 554. Marks demand, 2.4o' cables, 246. New York exchange on Montreal, IFS per cent discount. Govern ment bonds irregular. Railroad bonus, irregular. Time loans strong; 60 and !" days and months, s1s
 Bar silver: Domestic, 9s1s; foreign 931h; Mexican dollars, IL
The Birmingham age-herald., 1920-07-28
Port Movement

New Orleans Middling. 39, 75c re- ceipts. 935; exports, s,52S; sales, Tor; stock. PA, COL
 Galveston: Midding. SSc; receipts, 2,4ss; sales. 7S5; stock, 119,1S2
 Mobile: Middling, 39c; receipts, 694; stock, 2,63i.
 Savannah: MiddIing, Ale; receipts, 1,014: stock, 65.31S
 Charleston Middling, 40.50c; receipts, 3i; stock, 237, ,56S.
 Wllmington Middling, Ss Soc; exports, 3,000; stock. 32,823.
 Texas City: Receipts, lie; stock. 24, ,69s Norfolk: Mlddling, 40. Soc; receipts, 1l2; stock, 24,939
 Baltimore: Stock, 6121.
 Boston: Middling, 40c; stock, 7.10o Philadelphia: Middling, 4O.2 .25c; stock, ,622
 New York: Middling, 4oc; receipts. 75o; stock, 35634.
 Minor ports: Receipts. 1075; exports. O75; stock. 3.0l1.
 Total today: Receipts, 7,214: exports. F, ,Go3; stock, s0S, ,9o1.
 Total for week; Receipts, 15,2o2; ex- ports. 14,S15
 Total for season: Receipts, 7.247.seS; ex- ports, 6,335,143
The Birmingham age-herald., 1920-07-28

New York, July 1.-The market for cof- fee futures, after declining 1 to 5 points at the opening. developed another very weak spell. which drove prices off to new low levels since the war started, July declining to lie, September to 10 .O3c and December to 10. 200, representing net loss of 47 to 50 points. The selling was mainly by Wall street, local and trade interests on further weakness in Brazilian markets. Covering orders at the decline caused a rally near the close and final prices were B to g points net lower, with the exception of July, which was nominally 75 points lower July, 10.75c; September. 10c: December, 10. 31c; March, 10Ac; May, 1047c.
 Spot coffee dull; Rio Is, 11A6fec: San- tos 4s, 1sl4a1sAc Firm offers on the basis of we'll described Santos 4s were 144G15c. There were no Rio offers The Santos offers were a little above the lowest level of recent sales. The early Brazilian cable reported Santos futures 150 to $50 res lower and Rio exchange 1-16d lower. Later private cables report ed further decline of 75 to 375 reis in the Santos market. Receipts at the two Bra gillian ports, 37,OO0: Jundiahy receipts, -.,- 0OO
The Birmingham age-herald., 1920-07-28
Thomason-parker & Co.

New Orleans. July N-While there was considerable selling pressure against cot ton in the early trading today, and prices were at small net declines up to mid session, the late trading demonstrated the truth of the claim that has repeatedly been made by bullish traders of late that the market was badly oversold All de- cines were recovered. and the market sent 10 to 53 points higher than the close of yesterday. Last prices were 1 to 46 points up, net. At the lowest of the day prices were 20 to B points under the finals of yesterday.
 Continued good crop accounts and a fairly good weather map, combined with further slumps in the stock market to bring about the early declines. There were reports of heavy selling by western and Wall street interests. but as the ses- sion progressed the tone steadied. and the demand from realizing shorts iH- creased.
 The bulls claim that a bearish report on condition has already been discounted. and that the market Is ripe for a pro- lcnged reaction if the weather turns at all bad, and danger was seen in the fore-
The Birmingham age-herald., 1920-07-28

ielectrolytic spot and third quarter, 1e00. iron, firm; No. l, northern, 4o.oO@ 5O.0 %; No. ?, northern, 4s.oO@ 4eoo No. 2, southern. 44.oo O 45.0o. Tin, easv: spot, 1875: August-September, 1850. Anthony, 75.O0. Lead, steady; spot. $50; Zinc, steady; East st. Louis' 7soGD OO At London spot copper, feo 2s Cd; futures, f94 7s Sd: cleo trolytic m spot, f1os; futures. f114; tin spot, f267 5s; futures, f271 los' lead spot fss 15s; futures. fs6 15si Zinc spot, Al 15s; futures, f43 los.
The Birmingham age-herald., 1920-07-28
Cotton Seed Oil nu Assoeiafsa Rrasa

New York. July 27-Cotton seed was a little soft at the start in line with the hesrish showing in other markets, but nrices gradually hardened later on de- nand from belated shorts in July and by recent sellers, inspired by the surprising show of strength in lard Closing bids were 10 to 20 points net higher. Sales, 12,000 barrels. Tenders, aG0 Prime crude nominal; prime summer yellow spot SIP .5o413 p; July, $l2b: winter yellow and summer white normi- nal.
The Birmingham age-herald., 1920-07-28
Hubbard Bros. & Go.

York. Members New York Cotton Exchange
 New Orleans Cotton Exchange. New York Produce Exchange. Associated Members LiS. erpool Cotton Association. Orders solicited for the purchase and sale of Cotton and Cotton Seed Oil for future delivery. Special attention and lESeral terms given for con- signment of spot cotton for delivery. Cor
The Birmingham age-herald., 1920-07-28
Liverpool Cotton n. A-...s.Naa nrass

Liverpool, July 27.-Cotton spot in fair demand, prices easier; good middling' 2S 5Gc; fully middling ZL3lc; middling, 2G.06c; low rniddlng, 22.26c' good ordinary 10. Gee; ordinary, lS0Gc. Sales, 5000 bales including 7.1OO American; receipts, 3o0o including 800 American. Futures closed steady: July, 2l2Sc; october. 2262e; Jan uary, 2tS9c; March. 26,S3c: May, 20.29e.
The Birmingham age-herald., 1920-07-28
Naval Stores

Savannah. July 27--Turpentine, firm $1.5O: sales 399; receipts. 29S; ship ments. &; stock. 12.297. Rosn, steady; sales. 1.S42; receipts. 2,974; shipments. 100: stock, S9.223. quote: E, SIG 1150; .D. $1s.2001S.45: r. $1S40G13.6o; F, c, II I. K, $1S.45@1360; M $13.55@1S.60; N. we, wv, $13.40@13.G0.
The Birmingham age-herald., 1920-07-28
Rice Market RN hxeaelated prasx

New Orleans. July 27.-Rough rice, no sales; receipts, 1894; millers receipts same; Calean rice, steady; sales, blue rose, 1754 pockets, 6 to 1112.
The Birmingham age-herald., 1920-07-28
Sugar Market

New York. July H.-The local market for raw sugar was ,again unsettled to- day and prices were about Ac lower to the basis of 154c for Cubas cost and freight, equal to 15.30c for centrifugal. The business included 15,000 bags of Cubas for early August shipment at 15Ac cost and freight, equal to 165sc for cen trifugal, followed later by sales of 5000 bags of Cubas. prompt shipment at 15Hc, and 17000 bags for early August ship ment at 15Ac cost and freight with our port options. There were also sales of 10000 bags of Porto Ricos afloat at 1890 c. i. f., and 15o tons of Peru's at 146o c. i. f.
 Prices for refined were unchanged at T to 221z cents for fine granulated. It was said that at the lower figure . moderate business has been done, but business generally is not very active, one of the refners was said to be offering sugar for January. February and March shipment at 15c for fine granulated.
 In futures a firmer tone prevailed, not withstanding the easier ruling of raws and closing prices were to 25 points net higher There was fair inquiry from trade interests and covering by shorts, while offerings were light.
 Metal Market
 Dy Aessstsh1 pres
 New York. July A--CepDers -eesAdy:
The Birmingham age-herald., 1920-07-28
Dry Goods Market
By Assoclated Press

New York, July T.-The cotton goods market was very quiet today. Yarns were easy and quiet. Mems wear were dull and burlaps quiet Silks were dull.
The Birmingham age-herald., 1920-07-28
Spot Cotton

New Orleans. July 77.-Spot cotton. quiet and unchanged. Sales on the spot. 120 bales; to arrive, none. Low middling, 29c; middling, 39.75c; good middling. 44c Receipts, 935; stock, PA, ,604.
 New York. July 27--Spot cotton. quiet; middling, 40c
The Birmingham age-herald., 1920-07-28
Potato Market RY ASsnciatnh PrnsS

Chicago, July N.-Potatoes, firm Vir- ginia cobblers, s7.25aS.25 barrel; Kentucky cobblers $3.S5@s4.10 cwt.
The Birmingham age-herald., 1920-07-28
London Money pu Askaciafed RrAaa

London, July 27.-Bar silver, So1sd per ounce; money, 51a per cent; discount rates, short bills, 6@1s per cent; three months bills, 65s9e 11-16 per cent.
The Birmingham age-herald., 1920-07-28
New Orleans Futures

New Orleans, July 27.-The cotton market closed steady at net advances of l to 46 points.
The Birmingham age-herald., 1920-07-28
Interior Movement

Houston: Middling. 36.50c: receipts, TIA; shipments. 2,522; sales, 4.12s; stock. 197, ,231.
 Memphis: Middling, 30 Soc; receipts, 474;
The Birmingham age-herald., 1920-07-28
Chicago Futures By Associated Press
Cash Grain By Associated Press

Chicago, July 27,-Wheat: No. red. $2. .74de. .77; No. red, $2.76. Corn: No. ? mixed, sl.461kdd.47; No, ? yellow, $l47@ 14S Oats: No. ? white 76h@79c; No 3 white, 75d771sc. Rye: No. 2, $2.0S. Bar ley, $105GD1.10 Timothy seed $9@l1.5O Clover seed, s9Gq35. Pork nominal. Lard S1S10. Ribs, $15. .50d16.50