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The Birmingham age-herald., 1922-11-01
Priuate Wire News
sTEWART,s LETTER

Birmingham, October 31.-The Liverpool futures came points better than due with large sales of 10, ,000 bales at an advance of II points in their middling
 Manchester cables were slightly better than yesterday, reporting good business done in yarn goods; they also reported Ithe total stock of cotton at Liverpool was 6o4. 290 of wrich 30S.172 were American
 Our opening was to 10 above last nights close, and held & good undertone throughout the session, but proving to be no more than a scalping affair. The finals were about unchanged from the pre- vious close. There was considerable trad
 ing both sides In the way of specula- tion, but the general commission house business was rather light. Liverpool good buyer in the afternoon. Southern good business from most points. There were 900 bales sold by these markets
 yesterday. Exports today were 5S,000 bales. The Journal of Commerce places the condition of the crop to October "A at 52.1 against 447 per cent last year. or nearly 1 per cent lower than month ago. They state losses through weevil ravages and drouth are proving quite as serious as feared, but close picking and the generally good quality of the staple may serve partial set-off. Picking is estimated at 92 per cent complete, break ing last years high record of cotton picked by 1 per cent. Sentiment on the whole appeared a trifle less confident and more people were talking temr- porary raction. The New Orleans Cotton Exchange will be closed tomorrow, legal holiday in Louisiana.-S. R. Stewart & Co.
The Birmingham age-herald., 1922-11-01
NEW ORLEANS COTTON
 Rx Asaociated Press

Nsw orIeans October S1.-Early ad- vances today carried the price or eo.toh m for gains of II to 16 points, but onr = ing a good part of the remainder or the session the market felt resumption or the liquidation from the long side that has been so much in evidence or late anu small net declines ruled, the close sho" ing net losses of 3 to points, December closing at 23.57c. It was fairly active market in spite of the fact that tomorrow will be holiday here in obseryanc cor All-Saints Day.
 On the opening and for a short period after a good trading prevailed ana u cleaned up everything offered. December advanced to 23.T7c a pound. The iqulaa tion that soon set in changed the tone or the market considerably and there was further softening when traders, who had been talking reaction. commenced to take a hand in the operations. Around the middle of the morning the lowest prices off to 23.43c and the list showing losses under yesterdays close of 13 to 19 points.
 From the middle of the day on the tone was steadier, and recoveries carried. prices back up almost to the highest levels again. May showed most strength and rose to n new high for the day 23.65c, which was 12 points over yesterdays close. For these recoveries telegrams from the interior, telling of a better demand for spots from both spot houses and Carolia and Geargfa mills were mainly responsible, although the large exports for the day had some effect, The total of foreign ciearances from all ports amounted to 5s,07s bales. As the market strengthened, liquidation by longs was encountered, but the mar ket held steady at the decline. and gave ground only gradually.
The Birmingham age-herald., 1922-11-01
Government Bonds
 Make Big Aduances
By Associated P

New York. October 3i,- W, United States government bonds. which advanced 4c to 22e on s1Oo. was the chief development in today's irregular bond market, the main trend in which was downward.
 The new government 4H per cent bondH. which sold last week as low as ss.so. were quoted at s1 above that figure to- day. the net change showing gain of Go on the day. Liberty BIAS advanced ls and the first 4As, 22c.
 French las and ss dropped to new lows the movement in todays deaf- ings and were only fractionally above the lows of the year, but the French munici- pal issues were inclined to harden. The individual feature in the foreign group was the drop of h points in Swiss ss.
 kaII Mortgages
 Speculative railroad mortgages were un- der pressure most of the day. but slight recovery was noted in final dealings. Erie points, while declines of l to l 11 were reg lstered by Erie general 4s, St. Paul con vertible 41as, Pennsylvania Consolidated 41as, Seaboard Air Line consolidated ss. New York Central refunding 5s, Illinois Central refunding As, Denver and Rio Grande refunding 5s and Texas and Pa- cific firsts. The few exceptions to the downward trend included Seaboard Air Line refundlng is and Pennsylvania gem eral las, all up 1 to : points.
 In the industrial and public utility groups there were several weak spots, the more prominent being Chile Copper 6s, Cuba Cane Is. International Paper 5s Series Wilson convertible 6s Julius kayser Is and Manati Sugar Is, all down a point or more Armour 4hs and At- lantic Fruit Is were among the few iu- dustrial liens to mount to higher ground, gaining l and 1a points, respectively
 Total sales, par value, were $13,006. o60.
The Birmingham age-herald., 1922-11-01
COTTON WAS LESS AC VE AND AT CLOSE WASSTEADY|
Rx Asaociafed Press

New York, October si.-Cotton was rather less active today and fluctuations were irregular. In an advance on better British trade advances, the market met much realizing and after selling at 24.s7c, or r points net higher, December broke to 24.oec. There was a recovery to nearly the early high level during the middle of the afternoon, but it was not fully main tained with December closing at z4.1sc and the general market closing Hteady net points lower to l point higher.
 The market opened steady at a decline of 3 points on December, but generally 10 5 points higher on the relatively steady Liverpool cables There appeaarea saaes ro,nd ro Ds the ring, brought in by the reactions or yesterday afternoon. but they were soon absorbed, and the early buying movement carried prices IT to 21 points net higher, with January selling at 24.l4c ana March at 24.2oc. Profit taking became more ac- promoted by reports that after having bought very freely for the last lew weeks the demand from domestic mills was taii- ing off. ,,
 There was also scattered southern sell ing on the reaction, which carried January points net lower on the active montns. s, The continued bullish average or soutnern spot advices seemed to encourase puyans on this decline. and there was sharp rally during the early afternoon on re- newal of local support and covering py early sellers, but the market was rather unsettied in the late selling and closing prices were within point or two or sa yss, terday's final quotations on the aeeiVe
 The monthly crop report of local author, ity indicated a range of eight-tenths Q, oL | per cent for the month and estlmatea ,aa shae Private cables from Liverpool reported spinners calling, with better puslness III Manchester at steady pr1oe7ss; pn1S 7s1 so far this season. Port receipts. S5, 4o2. United States port stocks, 1.1l97l2.
The Birmingham age-herald., 1922-11-01
BEARS HAVE THEIR INNING IN PIT AS WHEAT GOESDOWN
By Ansociatad Press

Chicago, octoper S1.-Perslstent scat tered selling induced by material de- cline in prices at Liverpool and by appar- ent Hull in export demand had bearish effect today on wheat here. The close was heavy, E @1hc net lower. with De- cember s1.13% @l.14 and May @1.121t O 1.12A.
 Corn finished X d1c down. oats off R O hc, and provisions varying from loc de- cline to Dc advance.
 ing as much as pence lower in some cases and with an increase of more than 1000 900 bushels reported the world s estimated supply. the buying side was at a disadvantage for the. time being. at least. Rains in much of the winter wheat belt counted as further bearish influence. Besides, primary receipts were in excess of the figures last week and last year
 Corn and oats were easier in sympathy with wheat. Arrivals of new corn here showed a steady increase.
 Sharp breaks in the value of hogs weak ened provisions
The Birmingham age-herald., 1922-11-01
Curb Opened Unsettled
 But Recovered Later
By Associated Press

New York, October s1.-The curb market today showed an uncertain tone Tor a while, but after midday there was a de- velopment of quiet strength and recoveries from low levels of the morning made good progress. The Standard oil issues dropped abruptly at times, some of these stocks falling 10 points on the sale of 10 shares, but demand in evidence after these recessions, and the offerings were quickly snso56ed, atr,n6 on. standard aid oil of New ferk to 54s, and then started on a moderate upturn Vacuum Oil yielded from s52 to $40, followed by good rally. In the in terval of weakness, Vacuum oil fell from Al B to 40h, New York from 4sss to 46% and New Jersey from 43A to 42h.
 Independent Oil stocks moved within a narrow range. Gulf Oil dropping from 5oA to 5sA and then rallying. esl
 International Petroleum ranged from 23% to 22%
 The industriaI list was generally quisit.
The Birmingham age-herald., 1922-11-01
NEW LIONS CLuB

Mobile. October S1.-(Special.)- The Lions Club of Mobile will re- ceive their charter tonight from Ben A. Ruffin, special representative of International President Edward S.. Vaught of Oklahoma City. Okla. Ruffin will also be the principas speaker of the evening. Members of the city commission, heads of all civic organizations in Mobile and a large delegation of members of the Montgomery Lions club will attend.
The Birmingham age-herald., 1922-11-01
Record Crop of Spuds
By Associated Press

Madison, Wis, October 31.-Every per- son in the United States will have to eat IS pounds more of potatoes this year if,the present crop is to be consumed, the Wis consin department of markets estimated today in a survey of production.
 Normal consumption of potatoes is said to be 3.2 bushels per person. but the bumper crop of this season has reaultAd in a supply equal to four bushels for mach in- dividual in lthe country. Production is es- timated at 433,060, 900 bushels, compared to 247.0o0000 produced last year.
 With the market price down to a new low figure today at 30c hundred poupdn. the department advises. consumers to lay in their winter supply. 7
The Birmingham age-herald., 1922-11-01
PUBLISH NEW RATES

MbiIe. October 31.-(Special.)- New reduced class and commodity rates from Mobile to points on the Muscle Shoals. Birmingham and Pen sacola railroad have just been pub lished and will be effective Novem- Der s. The inbound rates from these stations to Mobile on naval stores, lumber and other things that move from that section to Mobile, are ex- pected to be published later. The matter is now before the Southern rate committee.
The Birmingham age-herald., 1922-11-01
Use of Par Clearance
 System Is Fauored
By Associated Press

Washington, October s1.-Use of the oar clearance system for checks as a univer- sal banking practice is advocated by mem Commerce of the United States. represent ing 1885 banks, while there were 72 votes cast against the proposition on a refer endum, 1t was said today by the chamber. The question of par clearance has long been one of controversy and has resulted in several states in litigation because of the federal reserve boards order that member banks must handle checks with out exacting a collection charge.
 The action of the chambers member or- ganizations was based upon 8 report by special commititee which studied the subject.
The Birmingham age-herald., 1922-11-01
COTTONSEED OIL By Associated Press

New York. October 31.-Cottonseed oil was firm early on the tight crude situ- ation and light tenders contract. but forward months eased off later under cot ton house liquidation In March and local selling on the disappointing action of lard and cotton. Closing bids were points higher to 5 net lower. Sales 3100 bar rels. Tenders. 200 barrels. Prime crude, 7.37h Q 7.5oc; prime summer yellow, spot, 9c; December. S.72c: March, 9.03c; May. 9.1Sc. all bid.
The Birmingham age-herald., 1922-11-01
Alabama Man After
 Good Seed Potatoes
By Associated Press

Prentice wis..-October a1.-There is . heavy demand for certified Triumph seed potatoes in Prince county. A concern from Alabama has sent representative here to try to buy 10 or 15 loads of good certified potatoes. but has been unable to get them. The price offered was $2 per hundred for stock that has been inspected and passed upon by the state.
 Southern farmers have experienced much trouble with a potatoe blight known as Mosaic. All certified seed triumphs have according to County Agent Bahmlow.
The Birmingham age-herald., 1922-11-01
Stop Grain Trading
By Associated Press

Toledo. O., October 31.-Trading in grain futures on the Toledo Produce exchange will be discontinued after today, pending a decision of the supreme court on the constitutionality of the grain futures act, which becomes effective November B. Kent Keilholz, president of the exchange. an- nounced today. This action was taken by the board of directors after considering the possibility of trade disturbances n connection with enforcement of the new law. Keiholz said.
 Chicago and other leading markets have been granted restraining orders by their federal district courts Trading in futures in these markets will be continued without interruption. it is said.
The Birmingham age-herald., 1922-11-01
LIVERPOOL COTTON By Associated Press

Liverpool, October 3l,-Cotton, spot, limited demand; prices steady. Good mid ding. 14s2d; fully midding. 14.72d mid ding 14.57d: low middling, 14.22d: good ordinary, 1a.52d: ordinary, 1S.02d. Sales. 1 10 900 bales including 4.60o American. Re-
 cepts. 1s.ooo bales. including 4.s00 Amer lean. Futures closed steady; November. 13.9sd; January, 13.70d; March. 13.4sd May, 13.31d July. 1S.10d: September,
 12.6sd; October Q92s), 12.47d. Official noon closing: October. 14.32d value.
The Birmingham age-herald., 1922-11-01
DRY GOODS

New York, October 31.-Further ad- vances were announced today in denims, cotton flannels and some other lines of cotton goods. The markets were quieter. with all prices firm. Cotton yarns were quiet and steady. Burlaps held steady. Raw silk still showed a tendency to rise. Dress goods of a staple nature were better in some houses, but with better prices later business came forward steadily.
The Birmingham age-herald., 1922-11-01
Hubbard Bros. & co.

Members New York Stock Exchange, Nev Orleans Cotton Exchange, New York Pre- duee Exchange. Associated Msmbsrs Liverpool Cotton Association. orders uo- icited for the purchase and saIs of Gotten and Cotton Sssd Oil for future delivery, Special attention and liberal tsrms Aiveu for consignment of spot cotton for d. livery.
The Birmingham age-herald., 1922-11-01
FOREIGN EXCHANGE n -.tr I psAUa

New York October s1.-Foreign ex- change steady, Great Britain. dems nd. 445X; cables 445h: 6o-day bills on banks. 44sts France, demand 6.so; ca bies. '; Italy. All and 4iIh; Beigium' u.o2.b-l6; Holland. s9 and Ss.oe; Nonway, .1s.1s: sweden 2s.7s: Denmark, 2o.1b; switzerland. is.o4; Spain, 1S,2s; Greece. 2.o5: Poland .o0%: Czechoslovakia, sfb: Argentine. 36; Brazil l1.bo: Montreal
The Birmingham age-herald., 1922-11-01
Studebaker Diuidend
By Assoc,ated Pre..

South Bend, Ind, October s1.-Directors of the studebaker corporation. meeting here today, declared the regular quarterly dividend of IA per cent on preferred stock and dividend of per cent on com mon stock outstanding. payable on Decem- ber to stockholders of record Novem- ber 10. i4.
The Birmingham age-herald., 1922-11-01
Cohesion Exports
Hx Aasoclated Presa

Galveston, October S1.--Exports from Galveston during the week ending Octo- Der 2S aggregated 39,745 tons, valued at S11,339,S96, according to figures compiled by the cotton exchange. Exports during the previous week were 19263 tons. valued at $6, b00.S1O
The Birmingham age-herald., 1922-11-01
CHICAGO GRAIN ..4x D..
CASH GRAIN

St. Louis. October s1.-Cash wheat; No. 2 red $1.26@1.27. No. 3 red, $l.220 12b; December. s1.13Ai May. s1.11S. Corn No 2 white 70%c; No. 3 white, roc; De- cember. 65h Q65ssc; may, 65&c. Oats No 9 white 43h 944c; No. 3 white, 421a Q 43c; December, 43c: May, 42%c. Minneapolis, Minn.. October 51.-Cash [ wheat: No. 1 northern, St.12% @1.1S%. Corn. No. 3 yellow. 65A Qs71sc. Oats: No. white. 35% @3sSc.
 l Kansas City. Mo. octobre s1.-Cash wheat: No. 2 hard s1.14@1.1s; No. 3 red. $1.1eQ1.17 Corn: No. white. 7ohc; No. yellow. TIA QTSc. Oats: No. white. 45h Q46hc; No. mixed. 43@45c. Chicago, October si.--wheat: No. red s1.20 No 2 hard, s1.1e. Corn: No. 2 mixed, STA Q7oc; No. 2 yellow, esA @ roc.
 Oats: No. white. 43hc; Nc. white.
 4lh co 43c Rye: No. 2. s21z 982%c. Bar Hey 60n67c. Timothy seed. $666.50. Clover seed, s15.5o Q2o.5o. Pork nominal; lard. s10,45; ribs, si1@12.
The Birmingham age-herald., 1922-11-01
SHORTSHELD WHIP. H 4 W D INV STOCK
 LIST YESTERDAY
By AssocIated Press

New York. October s1.-stoek pricei moved in a conflicting manntr today refleetlng the play of opposing speculs tive forces, but short interests finally ob. tained the upper hand and again forced a shading of quoted values. losses of 1 te points being quite common.
 Opening prices showed better tone and indicated a relaxation of professional pres sure, but the failure of the directors oi the Stakeholder Motor company to declare another extra dividend on the common stock provided another excuse for another bear attack, which aided by heavy liquidation in domestic oil prices. stude- baker registered net loss of A points on the day.
 While the quarterly reposts of the unitsd states @ Steel corporati9hn ho was dis that the dividend on the common would be earned, the showing, in view of the the coal and rail strikes was construed as an indication that the steel industry ywas on the mend. The balance of sll.; that the corporation earned all of the ss,3o4.91a necessary for the preferred and All but Sl,39e,e02 of the s6,s5s.slo needed
 Steel Gains
 United States Steel common closed st 1o4h, net gain of k. after having touched 1osA during the day. Other steel shares were inclined to weakness Laekawanna vale, %' and Republic. K. crucibie was unchanged and Gulf States was fractional- ly higher.
 Domestic oils weakened in response to a sharp break in Pacific oil, which regis tered a net decline of Sla points. Losses of to nearly points were sustained by Associated, Cosden and Tidewater Oils. Phillips Petroleum and Producers and Re- liners Foreign oils also were heavy, 3h points; General Asphalt common and preferred, 1 x and points, respectively, and Mexican Petroleum l point.
 Equipments slipped back in the face of further announcements of huge orders. Baldwin dropping 2h points. American Locomotive Is and American Car TX Changes In rail shares were mixed, a 1-point drop in Delaware and Hudson and features
 May Department Stores was the indi- vidual feature, being pushed up Tor net net gain of 8ii points on rumors or stock dividend at the next meeting.
 Some of the weak individual spots were Adams Express, American steel F9unarles a Atlas Powder, Pressed Steel Car preferred, Remington Typewriter, United Retail Stores and woolworth, all down 2h to
 Total sales, 10S9, 900.
 Call money opened at 5 per cent and then advanced to sh, holding there un- til the close. Stiffenlng of the rate was due to withdrawal from local banks or Sl3.000,000 in government funos ana ene
 Time money was quiet, with change in rates. and a fairly good business was was done in commercial paper with the pest -sl Covering of speculative commitmn.e,h ehI E < ! and improvement in the Italian political situation resulted in tairiy sooa 1eepns ths volume of business being quiet large.
 Sterling held steady around 44e \. tnere being a noticeable decrease Tn tne No,uire ai, Of mfnercial bills. due partly to the ntsn price of cotton, restricting the eepoIt movement to actual requirements abroad.
The Birmingham age-herald., 1922-11-01
SUGAR

New York, October Shaw sugar was quiet today and sales were reported prices were unchanged at axe for Cubas cost and freight, equal to 6.53c for centri-
 fugal. Raw sugar futures were easy with final
 prices to points net lower. Closing:
 December. s.e5c; March. 3.lsc: May, s.aac; July. 3.45c. There were no changes In refined prices. with fine granulated listed at 6.s0@7c.
 kThe demand was light. Refined futures
 nominal.
The Birmingham age-herald., 1922-11-01
NEW YORK CURB LIST
Rx A.snciated Preas

New York, october 31.--Transactions on the New York Curb Market today were as follows:
 Tndusfrtala
The Birmingham age-herald., 1922-11-01
Prices Moued Conflicting Manner With Shorts Forcing Decline
NEW YORK BOND LIST
By Associated Press

New York. October s1.-Foliowing are todays high. low and closing prices of bonds on the New York Stock Exchange, and the total Afles of each bond tin S1,000):
The Birmingham age-herald., 1922-11-01
COFFEE Ry Associated Presa

Now York. October 31.-Coffee futures lost a few points from their recent ad- vance today as result of realizing and some scattered selling on reports of a slightly easier tone in Brazilian exchange. The close was at net decline of to Is points. Sales were estimated at about 42,000 bags. December, 9.71c: January e65c; March. s.52c; May. s.s4c; July. 9.09c; September s.74c.
 Spot coffee firm; Rio 7s. 1oxc; Santos 4s, 15h 91b%c. Cost and freight offers were irregular. including Santos 3s and 5s, part bourbons. at 14.15@14.60c, and Rio Is at 10.25@10.30c.
 The official cables reported an ad- vance of 20 reis in the dollar buying rate with no change in the Rio market. The early cable from Santos was 25 re!s higher to 50 reis lower. A later Santos cable quoted the dollar buying rate 1so reis higher with the market showing an ad- vance of IS to 175 reis. Brazilian port re- ceipts 42,000. Jundiahy receipts. 23,0o0.
The Birmingham age-herald., 1922-11-01
PORT MOVEMENT

ONeNeSA changed today.
 PORT MOVEMENT
 By Associated Press
 New Orleans: Middling. 23.62c: receipts. ss.bos; sssoS; exports s.72l; sales. s.4a4; stock, Galveston. Middling. 2s.soc. receipts 4s,ss2; exports. sl.541; sales. 2.7s4; stock, Mobile: Middnng aa.ssc; receipts. 1.152; Savannah; Middling. 24c receipts, s,s67 exports, 1s.s1s; sales. 69; stock, S7.- Charleston: Receipts. ss2; stock. 5c.sss. Wilmington, Receipts, i.sls; exports. Texas City: Stock, 1S,623
 Norfolk Middling, 24c; receipts, 1,747; sales. 55s; stock. 73.6s3.
 Baltimore: Stock, 2.622.
 Philadelphia: Stock. s.ss7. New York Middling, 24.soc; receipts. Minor ports Stock. 7.7sI.
 Total today. Receipts. s5.4o2; exports. Total for week: Receipts. 1so.4s4; ex- Total for season: Receipts. 2.e7s.sss; ex-
 INTERIOR MOVEMENT By Associated Press 74s shipments. a7soi; sales. ssssp' s.ss5p: stock s 432,76s.
 Memphis: Middling. 23.76c; receipts, 1S,- sss; shipments, 12.s6s; sales. 5000; stock. Augusta: Middiins. 2s.ssc; receipts, s.slo; shipments. l.sos; sales lo1; stock. 7o,74l.
 St. Louis: Middling. 24c receipts, IT, os3; shipments, 17.2ss; stock. 11,s33. Atlanta; Middling, 24.26c, Little Rock: Middling 23.25c; recefpts. I.6lc: shipments. 2.42ss sales, 4,s5o; stock. |s paiias: Middlins. as.sbe: sales. s.4sa Montgomery; Middling. 2s.62c. Total today: Receipts. 7l.26a; shipments. ee,esS; stock. 732,4<s.
The Birmingham age-herald., 1922-11-01

New York, October s0.--France demand advanced to 7.0s; cables. 7.o6M; Italy. demand. s@.le: cables, 41Sx: Belgium, de-
 mand. s.Sbh; cables, s.5s. h the later
The Birmingham age-herald., 1922-11-01
NEW ORLEANS COTTON FUTURES
 

New Orleans, October 3l.-Cotton tu lures closed steady at net deciine oi
The Birmingham age-herald., 1922-11-01
LONDON MONEY

London. October si.-Bar silver was ss15-lsd per ounce today. Money. per cent. Discount rates: snort onis, ss po cent; three months bills, 2% @ T-1e per
The Birmingham age-herald., 1922-11-01
METALS

New York, October 31.--Copper steady; 1; electroiytie. spot and nearby. 1874 O is sci futures 1s&@l4c. Tin easy spot and tu- tures ssIf2 Iron steady and unchanged, Lead steady; spot se.5o@6.sS. Zinc was steady; East St. Louis spot and nearby delivery s7.1oG7.ls. Antimony, spot
The Birmingham age-herald., 1922-11-01
uoIIDAY IN LONDON

London. October si.--The Stock Ex- change will be closed tomorrow, a panA holiday.