davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1922-02-12
President McAdams Strongly Defends
 Reserue Banks
By Aesociated Press

Richmond. Va, February h. Thomas McAdams, president of the American Bankers association and head of the Richmond Clearing House association, made a vigorous defense of the federal reserve system in an address at the banquet of the Richmond chapter of the American Institute of Banking last night. Near ly 400 guests were present. Gov. D. Lee Trinkle being among them.
 It was contended by Mir. McAdams that ignorance as well as prejudice is largely responsible for the attacks that have been made against the federal reserve system. Senators, he said. have stood upon the floor of Congress and made financial state ments that are untrue, not malicious ly but because, MT. McAdams de- clared. they don't know what they are talking about But for the fed eral reserve bank. he said, the coun- try would have been plunged into the greatest panic the world has ever known. As 1t Is, he continued. the system has been the salvation of business. making possible the rejuve- nation of business after a very try ing period of depression.
The Birmingham age-herald., 1922-02-12
Steel Demand Broadens And Volume of Business
 Shows Improvement
By Associated Press

New York. February 1.-The de- mand for steel has broadened slight ly and the volume of business dur ing the week showed moderate im- provement. Interest was centered largely In structural materials and plate, although there was fair business doing in wire products. There were also good orders in soght from the railroads. While the market appeared steady on the surface. t was said that concessions were ob- tainable on more than moderate sized lots.
 Pig iron experienced brisk de- mand in spots but on the whole the market was quiet and barely steady. with producers anxious for business.
 The copper market has continued weak with small lots still pressing on the market, although there are no large supplies available at much under 13iac delivered for eiectrolytic. while the largest producers are hold ing at 13%c delivered. Large con sumers have fairly good supplies on hand and are showing little interest. Optimism is still felt in some quar- ters, partly over the increased ex- ports and partly on the idea that the actual consumption of copper in 1929 will be considerably ahead of last year.
 Tin has been cratic following fluc- tuation in London and sterling ex- change. February requirements ap- pear to have been over estimated and spot tin is now only kc over futures. whereas recently the differ ence was %c.
 Lead is unchanged with producers well sold up for nearby shipment and not disposed to offer freely for March at current prices.
The Birmingham age-herald., 1922-02-12
WHEAT JAGGED AT
 THE CLOSE AFTER AN EARLIER UPT J R N
Corn and Oats Both SeesaWed as to Quotations, With Lit- tie Change in the Pro-
 visions Market
By Associated Press

Chicago, February Il Highest prices on the present upturn in the wheat. market were realized today but were not maintained at the fn- ish and sag was noted just at the close. However, the resting spots were x to 1%c higher, with May at $1.S5 to 1.33h and July at 3117N@ 1.1s. Corn closed Ac lower to Ac higher. while oats finished unchanged to A c higher.
 With & double holiday ahead there was considerable evening up in the wheat market and May sold at a new high on the present upturn and the average of the day was higher Re- ports of the continued drought in the southwest and the fact that the fore cast showed no moisture in Kansas over night were effective influences
 Corn and oats held within narrow limits with general disposition to even up for the holidays on the part of the local element. Buenos Aires corn closed 29Sc higher but this had little effect here. Oats were dull with commission houses fair sellers. The provision market was dull with prices little changed.
The Birmingham age-herald., 1922-02-12
Actual Condition
 Or ReserUe. Banks
By Associated Press

New York, February 1.-The actual condition of the clearing house banks and trust companies for the week shows a deficit of $1,S62,- se0 below legal requirements. This Is a decrease of s1s,515.36O from last week The statement follows:
 Actual condition: Loans, dis counts, etc, s4,425, ,05s,o0o; decrease. s44,137.oo0 Cash in own vaults, members Federal Reserve bank, $e3,- s05 900; iscrease, $1.964,000. Reserve in Federal Reserve bank of member bankcs, S486,175, ,000; decrease, $2l,- 075,0Oo. Reserve in own vaults, state banks and trust companies. $7,720,- o60; increase, s275. .ooo. Reserve in depositaries, state banks and trust companies, $s,7o5, 900; decrease. $752,- 00o Net demand deposits, $5,osb,- 2s1, 900; decrease, $27,3s1, ,000. Time deposits, $256,s1s, 900; increase. $l1,- 0s9 900. Circulation, $s3,450,ooo; in crease, Ss3,o00. United States de- posits deducted. s143.29s.o0o Aggre- gate reserve, sso2, 500, ,0oo. Deficit in reserve, s1,ss2.ss0; decrease, s1S,- 515,36o
 Summary of state banks and trust companies in Greater New York not included in clearing house state ment:
 Loans, discounts, etc, sess.s15,4oo; increase. s2.s63,400. Gold, S4,7ss,seo; decrease, S116,100. Currency and bank notes, s1e.sos,so increase s5f4,100. Deposits iwth Federal Re- serve bank of New York, 61,9oe,OOo decrease. s1s6,400. Total deposits $e55, ,o33. 500; decrease. $7os,0o0.
 Eliminating amounts due from re-
The Birmingham age-herald., 1922-02-12
NEW YORK COTTON OTTO
NEW ORLEANS COTTON
 6y Associated Press

New Orleans, February 11.--Cover- ing of the short interest and new buying for long account in consider able volume put the price of cotton higher today from the opening. High est levels were reached toward the close when the March position trad ed at 16Slc, and the list was at gains of 2s to 2s points. Just on the close the demand was much less urgent and last prices were at net gains on the day of but IS to 19 points with March at 16.21c.
 Coverings by shorts here was quick ened by the report from New York that a large short line, estimated by some people at 10000 bales, was be- ing covered in that market. The market was carried to it's highest prices by private bureau estimate of 562,0 bales as the amount of cot ton consumed by American mills dur ing January. This compared with s11,s0o consumed during December and only s66,4e3 during January of last year These figures did much to offset the reports from New Eng Hand that the mill strike still contin- ued to spread.
 The early gains were due in large measure to private cablegrams from Liverpool to the effect that the Ged- des committee report, recommending cut in army and navy expenditures. had ben we'll received and should cause a revial of confidence. Bullish comment followed the receipt of cable messages from London. claiming that large quantities of yarns were being
 sent by England to Germany to De woven into cloth there for the ac- count of Britisch firms.
The Birmingham age-herald., 1922-02-12
Ford Puts His Name To Eight Million
 Dollar Bank Check
By Associated Press

Detroit, February I1.-A cheek for ss,o00, GOO, bearing Henry Ford's sig nature, was turned over today to Ralph Stone, receiver of the Lincoln Motor company, completing the transactton whereby Mir. Ford be- comes owner of the Lincoln property, sold at auction last Saturday. Deeds signed by William s. sayres, master In ehaacery, were given Mir. Ford ina mediateIy afterwards. The deeds, when filed for record by MT. Ford. will bear s4,O00 worth of stamps.
 Edenton, N. C., February 1.-The Farmers' Bank ana Trust company of Hertford, N. O., was closed yes- terday by State Bank Examiner Latham, according to word deceived here, on account of an alleged short age in funds reported to he between S40,00O and S60,000. Fl. c. Sullivan, cashier Of the bank, was arrested and later released on $25.00O bond. The directors this morning arranged with the Hertford Banking company of Hertford for bond securities to pro- tect depositors.
 New York, February 11.--A few hours after the firm of Hellman, Straus & Co.,, wholesale dealers in lace, cotton and net goods, had been placed in the hands of receiver yes terday, Clarence Hellmen, T years old, a member of the firm, shot him self in the right temple, according to pital Liabilities of the firm are ato taH fA he in Af kAk0 mn Its assets are said 10 exceed $l,000,- 900
 Montevideo, Febrary 1.-The Uru- guayan government has accepted an offer of a loan Of 5,0o0.0 .000 gold pesos (normally about s3,0so,o00) made by Ia group of American bankers. The loan will be effected by means of an issue of treasury notes, at par, pay able in one year and bearing per cent.
 Brunswick. Ga, February 11.-Ed- ward H. Mason, president of the Ma tional Bank of Brunswick, and one of the leading bankers of this sec ton, died suddenly at his home here today from cerebral hemorrhage.
 Washington, February 11-By a vote of 276 to 8 the House today ac- cepted Senate amendments to the farmers cooperative marketing bill and sent 1t to the President for his approval. The measure, long before Congress in one form or another, would permit organization of mar keting associations among farmers for cooperative dealing.
 Mexico City, February 11.--Mexico's s financial affairs will be settled by the end of next week, according to information given the correspondent by a high official of the treasury department. The settlement involves adjustment of the nations foreign debt. a program of national re- Mobilization ana reorganization, and a definite understanding with the American oil men regarding oil taxes and their payment.
 Indianapolis, February 1.-The first joint meeting of the represen- tatives of the railroadmens organi- cations and the United Mine Workers of America will be teld in Chicago February 21, according to an am nouncemenr made today by John L. Lewis, president of the mine workers who called the meeting.
The Birmingham age-herald., 1922-02-12
Lower Prices Coming
 In Dry Goods So as
 To Stimulate Business
By Aasneiatad Pre.s

New York, February 1.-Cotton goods trading has been quiet and the markets have become irregular in COL sequence of the light demand. Western jobbers are preparing to make lower prices to stimulate busi- ness The New England wage con- ditions are unsettled and strikes are causing a curtsilment of production in Rhode Island. Next week wage reductions are to go into effect in the northern part of New England among cotton mills and there is doubt as to whether they will be ac- cepted peacably. Buyers lack con fdence in many current prices and are holding off Lower bids have heen made and accepted on sheetings and print cloths. One line of S6-inch heavy cotton flannels has been sold up and withdrawn for the season, while others have not sold at all freely. In bleached cotton lines the market is very weak. Percales are less active. Tissues, ginghams, ra- tines and cretonnes are the best sell CTS in wash goods lines for the time being.
 Production in southern mills con tinues large and several mills are running nights. The yarn mills are talking of curtailins production ana yarn prices have been weak and IT, regular. tSsple knit goods in under wear and hosiery are quiet but fair business Is reported for forward de- livery in bathing suits and Knitted outer wear. There have been some further small inquiries for cotton goods for export.
 Prices current in binary markets are as follows;
 Print cloths 2s-inch 64-64s, %c' 64xSos. 5c: 3s1s inch S4xe4s, ssc, brown sheetings. southern stanoaros 11Hc: denims 2.20s; indigo 17c; tick inrs s-oz. staples 26c; staple sing- hams 16Ac; dress singhamS 2oc ana 22Mc; prints He.
The Birmingham age-herald., 1922-02-12
TENDENCIES WERE UNCERTAIN ON WALL STREET YESTERDAY
Week-End Trade Reviews Reported Less Distribution in Merchandising Lines,
 But Business Improves
Ny Associated Press

New YeFk. February 11.--Uneertain tendencies ruled during today'E ab- breviateA stock market session. The approaching double holiday and dis satinfaetien over proposed future tax legislation hold down trading.
 Several speculative favorites in the industrial and special divisions par ticulariy Gulf tSatss Steel, were un. der constant pressure. closing at ma terial reoessions. but losses otherwise held within one point limits.
 Some junior rails retained most of their recent gains. and A few utilities, including Peoples Gas. were active and storing.
 Beuds were dull and featursless, q majority of 70 riberty se~' g eNow- inK nominal net gains. Changes among other domestic bonds and the international group were of . mixed character. Total sales, par value, Ss.a6o,o0o.
 Actual reserves of the clearing house banks showed a moderate def icit for the first time since last Oc- tober, due to q cash loss of s1S.616, 900. Actual loans and discounts decreased s4Ais7,ooo and reserves of members of the federal reserve bank dropped $2i.ooo.ooo.
 Weekend trade reviews reported less distribution in merchandising lines. but general business improve msnt was noted at important agricul- rural eenters. The one important traffic return was that of the Union Pacific system, which showed a large gain in net income for December.
The Birmingham age-herald., 1922-02-12
Copper Market Has
 Been Rather Weak
By A.socIated Press

New York, February 1.-The cop per market has been weak and tend- ing lower throughout the week as there are fairly good supplies in the hands of large consumers, who are therefore showing little interest n the market. While some of tho largest producers are still holding at 1S% cents delivered for electrolytic. there are moderate supplies avail able around 1874 cents delivered.
The Birmingham age-herald., 1922-02-12
COFFEE MARKET

New York. February 1.-The mar ket for coffee futures reflected fur ther liquidation of March contracts today under which that delivery de- clined points under the previous close. Later positions at first re- sponded moderately but on later buy ing for Wall street and trade account developed considerable steadiness which was maintained throughout the late forenoon. The opening was 8 to IS points lower. March declining to S.32c, while July, after selling down to s,4oc, rallied to St2c, and December from S.40c to s.47c. Final prices were to IS points net lower. Sales were estimated at about 43.00O bags March, S.33c May, s.37c; July s.42c; September, s.43c; December, S47c.
 Spot coffee was reported quiet and unchanged at SMc to 9c for Rio Is, and 12kc to 12i1c for Santos 4y Firm offers were unchanged to 90 points lower. Bourbons 2s and Ss were quoted 12.70@12.s0c, and Rio 7s. shc, both American credits.
 The official cables quoted the dol lar rate 100 reis higher, with Rio exchange on London 1-32d lower Rio futures were unchanged to 25 reis lower and Santos unchanged to 100 reis higher. Brazilian port receipts, <7,ooo; Jundiahy. 2l,ooo.
The Birmingham age-herald., 1922-02-12
SHORT COVERING WASAFEATURE IN
 COTTON MARKET
Days Trading Closed Barely Steady at the Last, With Prices Nine to Eighteen
 Points Net Higher
By Associated Press

New York, February 1.-The cov- erlng of shorts ahead of the holidays was a feature in the cotton market today which promoted general firm ness and advanced prices at one time IS to 24 points above the previous close. with March selling at 17:35c, May 17.o6c and July 1s.5so: The opening was steady at an advance of ' to 10 points and no aggressive of- ferings were encountered until just before the close when profit taking sales appeared. weakened prices slightly and leaving the market bare ly steady at the last with prices g to IS points net higher.
 Both the west and Wall street were good buyers during the second hour on the firm developments in the grain market and there was early buying of March by Liverpool and the trade which did much to sustain the early advance in the market here. Bulls pointed to the firm attitude of the British government In both India and Ireland and to the Geddes report ad- vocating big savings in British ex- penditures as likely to improve the foreign situation. It was also agreed that the Fall River sales of 12o,0oO pieces for the week, with curtailment of only 6O,o00 pieces offered encour- agement to speculative buyers, off setting to some extent the continued apprehension over New England labor conditions and the dullness of the goods trade in this city.
 Clear, warm weather prevailed over Al l. o1k fttF h r reports of improvement in spot de- mand throughout the south. Senti- ment hero at the close of the day, as expressed in commission house let ters, was almost unanimous favor able to a gradual improvement in cotton prices, depending somewhat upon the wage situation and the at titude of Congress towards the bonus tax.
The Birmingham age-herald., 1922-02-12
Hubbard Bros. & Co.

Members New York Gotten Exchange, Nsw OrIeans Cotton Exchange, New York Pro. duos Exchange. Associated Members Liverpool Cotton Association. Orders so- IIcise1 fer the purchase and ,Ale of Gotten nr1 Cotton Seed oil for future delivery. speeiaI aatsntion and liberal terms given for eonsixnmsnt of spet eott0a for de- livery.
The Birmingham age-herald., 1922-02-12
NAVAL STORES
By Asscciated Press

Savannah, February 11.-Turpen- tine firm, s1Ac; sales, l4; receipts, 5s; shipments, 1os; stock. 6.66s.
 Rosin firm; sales, s5e; receipts 40; shipments, 342; stock. 73.oos. Quote: B, 40; D, s4.15@4.2o: E. F, G. H, $4.2o; I. s4.22h; K. 34.55; M. s5.2o; N. $5.i5; we. S5.s5; wv. $s.
The Birmingham age-herald., 1922-02-12

serve depositaries and other banks and trust companies in New York and United States: Deposits, ss04,-
 T9c.sOo; decrease. s3.70s,7oo. Banks; Cash in vaults, s2s.2o5,1oo.s Trust companies: Cash in vaults, $s,90e,200.
The Birmingham age-herald., 1922-02-12
NEW ORLEANS COTTON By Associated Press
PORT MOVEMENT

By Associated Press New Orleans: Middling, 16.3bc; receipts. 2.400; exports. 2.soo; sales. $40; stock, 191,6Sz.
 Galveston: Middling, 16.Soc; re- oeipts, 4,45s; sales, so7; stock. s2b.- 06s.
 Mobile Middling, 16c; receipts. PSI; stock. 19,S9l.
 Savannah. Middling, 16,3Sc; re- ceipts, l,357: sales. 1892; stock, l4S.4lS Charleston: Receipts, 55; stock, 82,s44.
 wilmington: Middling. 1s.lac; re-
The Birmingham age-herald., 1922-02-12
MONEY IN GRAIN

t12.5o buys guarantee option on lo.eoo bushels of wheat or corn. No further Tisk. A movement of 5c from price Hives yhu an opportunity to take $500; te, S$0e; 9e. $500. etc. Write for particulars and fires market letter. Investors Daily 0uiee. Southwest Branch, Desk BK, 1oo% BslS-
 more Ave. Kansas City, Mo.
The Birmingham age-herald., 1922-02-12
FOREIGN EXCHANGE

New York. February iI.-ForeiEn exchange easy Great Britain, de- mand 4.32S; cables 4.33A s0-day bills on banks. 4.2s%. France, de- mand s.52; cables s52h. Italy, de- mand 4.79Ia cables 4S0. Belgium, demand SIS; cables S13H. Ger many, demand .491z; cables .49%. Holland, demand 37 10; cables 37 .15. Norway, demand 16.S3 Sweden, de- mand 25.s5. Denmark, demand 20. 4b. Switzerland, demand 19 A. Spain, demand IS. 60 Greece, demand .fS. Poland demand .03ss. Czecho- Slcvakia, demand 1.S9. Argentine, demand se.75. Brazil, demand 13 IF. Montreal a5&
The Birmingham age-herald., 1922-02-12
LONDON FIGURES

London, February 1.-The follow ing are the board of trade figures for the month of January: Total imports f7e.4so.o0o; exports of British prod ucts fe3,l40,000; re-exports fs,450. 900; total exports f7l.5so, 900; excess of im- ports f4,s90.000.
The Birmingham age-herald., 1922-02-12
CHICAGO GRAIN By Associated Press
CASH GRAIN Nv AaaoriateJ Prnss

Chicago. February 11.-Wheat: No. 3 red. $1.so1a; No. red, s1.2sh. Corn: No. mixed, 5s% @5411c; No. 3 yellow. SAX @54hc. Oats: No. 2 white, 3sh @3s%c; No. 3 white, 354 @36&c. Rye nominal. Barley, 5s9 sc. Timothy seed. s5@7.5o. Glover seed, s12@22. Pork nominal. Lard, $1o.52; ribs, $1o@11.
The Birmingham age-herald., 1922-02-12

By Associated Press
 East St Louis, February 11.-Cat- tie receipts. 200. Compared with a week ago beef steers steady to 25c heifers. $50 soc higher; beef cows, 25 94oc up; canners and bulls, 25c high CT: veal calves, 25@5oc lower: stock CTS and feeders steady.
 Hog receipts, $500; active on light CT weights; mostly 15925c higher; top, s1o.6o; bulk, l5o to 2l0-pound averages, s1o.25@10.40; medium butchers mostly 15c higher; strong weights slow: spots steady; bulk 225 to 30o-pound weights, s.6o@ 1o1 IS; uigs steady; packer sows steady to shade lower; bulk, sL75@ 7.s5.
 Sheep receipts. none. Compared with a week ago fat lambs mostly 25as5c higher; sheep steady to l5c up.
 Chicago, February 11.-cattle re- ceipts. 500. Compared with week ago beef steers fully steady; low rriced cows, canners and cutters about 15c higher; others unchanged; bulls, 25c lower; good and choice handy weight vealers steady; light calves around soc off; stockers and feeders mostly 25c higher.
 Hog receipts, 5000; active. strong to 1oc higher than Fridays average; mostly 10c higher. Shippers bought about 2.5oo; good celsrance; top. Sio.25; bulk lights. .1o@1o. .25; bulk others. ss.e0@1o; pigs slow. mostly 25@5oc lower; bulk desir- abies, ss@s.bo.
 Sheep receipts. 1000; today's re- eeipts nearly all packers direct. Com pared with week ago fat and feeder lambs, 5o@75c higher; best kind gaining most fat sheep and year lings. 15950c higher.
 BAR SILVER
 By Associated Press
 New York. February 11.-Foreigu bar silver, e57sc. Mexican dollars
The Birmingham age-herald., 1922-02-12
RICE MARKET

New Orleans, February l1.--Rough rice quiet: no sales: receipts sos sacks; millers receipts same.
 Clean rice quiet; sales reported: 15o pockets Honduras at 7c; 5.sS4 pockets Blue Rose at 1% 64kc; 800 pockets storm proof, at 5s @5%c; receipts 1875 pockets. Bran per ton $500; polish per ton $26.00.
The Birmingham age-herald., 1922-02-12
NEW YoRK BONDS Rv Aaaoatas.N D....

U. s. 2s, coupon bid ......,,,,, 1OI 4 u. s. 4s, registered, bid........... I04b '. :, 4s' coupon. bid d.............. 104ss Panama 3s, registered bid ....... TO Panama 5s, coupon, bid .......... 79 Am Smelting & Refining 6s ...... ssH An; IeI & Tel. cv. 6s ....,....... 110h Atlantic Coast Line 1st ss. bid ..... ss
 Baltimore & Ohio cV. 4s ........ TT
 Bethlehem Steel ref. 5s. bid ...... e3 Central of Ca. Consolidated 5s bid s2A Shesapeake Ohio cv. bs ........ S5h Chicago, Mil: st. P. cv 4hs .. ss% Chicago, R. I. c Pac. Ky. ref. Is fTis Colorado Southern ref. 4Ms bid s7
 Denver & Rio Grande consol 4s bid T3N Dominion of Canada 6s (1ss1) bid ssM illinois Central ref, is hid ,di'..,.... ssesu Int. Mer. Marine 6s .......... s2S Kansas City Southern ref. 6s. bid s5 liEgett Myers 5s. bid ........ a3A Louisville & Nashville un. 4s. bid. ss& Missouri. Kan. & Texas 1st 4a .. T4h Missouri Rae. gen. Is ........... SIX New York Central deb. 6s ........ 9ah Norfolk Western cv. 6s .....,. 1o5A Northern Pacific Is ............... S4ss Pennsylvania gen. 6s ...,.,....... s5h Reading Gen. Is ..........-...... s2A Republic l. < 8. 6s do4ol ..,.... esh St. Louis < San Fran. adj. ss -. 75h seaboard Air Line adj 6s ....... 20E Southern Bell Tel. Ss, bid ....... 2! Southern Railway 6s ............ 901 Southern Railway gen. 4s ....... slM Texas Pacific 1st 5A. bid ...... soh Union Pacific As ........t....... s1% U. K. of c.; B. & I. 5ias GssD.. ss : U. s. Steel 5s .................... 10oh Virginia Carolina Chemical De- bid.. s5
 Wabash 1st bs .................. 9bM Wilson & Co, cv. 6s ......,,....... aS