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The Birmingham age-herald., 1923-04-20
WALL STREET |S PRONE TO LAUGH AT SUGAR PROBE
Expert Declares Government Investigation Is Mere Play
 To Galleries
II. WALTER II. BROWN Editor New York Commercial Special Dispatch to Agc-Hcrald.


 NEW YORK, April 19.-Early trad Ing in today's stock market gave an indication of buoyancy which spread rom one group to another. and fi- nally centered i'll the rails. But it did not last, so that at the close, the tone was somewhat heavier. dash of cold water was thrown upon the market by the announcement that the government was seeking an in Junction to restrain further trading E in sugar futures on the sugar eX- , change. It induced some selling of | sugar futures, which was promptly reflected in a decline of about two points in sugar stocks.
 l Those who are at all familiar with actual conditions are inclined to regard the action of the United States attorney for this district as p.Cre or less of q play to the gal leries. The advance in the price of sugar is not and could not be, due to trading in sugar futures on thG else. The farmers have succeeded in DlSe. The farmers have succeedd in getting d bill through Congress iwhicn has been sustained by the su- rreme court regulating trading in grain futures and their theory has been that so-called bear manipulation has forced prices down. In regard to sugar. the theory is that there has been bull manipulation which has
 
 down in one case, and the exchange is blamed for it. and they go up in another case. and the exchange is blamed for it. The price of raw sugar in Cuba is now 5$t cents d pound as compared with cents q round last year. The New York Sugar exchange can hardly be held responsible for that.
 o O O
 6Odscnd to Cuba.
 Incidentally, it is Godsend to Cuba, where business has been dead for the past two or three years, and to American business men who are now obtaining the liquidation of frozen credits. Both our grain farm r. CTS and our federal attorneys seem to be overlooking the fact that for every buyer there is seller and for every seller there is buyer. If grain is sold for future delivery, someone has to buy it, and if il is short sale, the seller has to buy it in before the contract natures, and the price then prevailing will depend upon the amount of grain actually available, notwithstanding all the paper transactions that have oc- cured in the meantime. If sugar fu- lures have been bought, someone had to sell them, and in the end, they will have to buy them in, and if the sugar is not to be had the seller will sustain serious loss. tIhoSe who sold sugar futures at constantly advancing prices did not force the buyers to take them. The buyers did 1t voluntarily and they did so be- cause they believed the crop was q short one. and they did not base their belief on guess work. but upon pretty thorough investigation. If the crop is short. then present prices are jus : tified; if it is not they will soon right themselves. This has always been so. and always will be. Trading in sugar futures is merely incident of the adjustment of supply and de- mand as it is in grain or anything else.
The Birmingham age-herald., 1923-04-20
COTTON SEED OH.
w YORK COTTON FUTURES
NEW ORLEANS COTTON

NEW ORLEANS. April 19.-Better weather over the belt and the federal gov ernments action against the New York Coffee and Sugar exchange were respon- sibe for decline in cotton today which late in the session amounted to 70 to g. points. old crop months making the wid- est move. The court proceedings against the Coffee and Sugar exchange were an adverse influence against cotton because the trade read in them the possibility that the government would not look favorably on any boosting of old crop values be- yond certain limits.
 The effect of the sugar market news was heightened by telegrams late in the day to brokers here claiming that con siderable cotton was headed toward New York from the south to go against May contracts there. The market closed at net losses of 70 to S7 points. May traded as low as T 20c. while the inside price on the close was 2T 3sc; October traded down to 2S .G3e. which was also the inside price on he close
 The weather map reflected dry weather over practically the entire cotton region, and the forecast called for more dry weather with some warming up in temperatures. This considered the best weather in some time. Reports from here and there in the belt during the day said that planting progressing fast in sections where recent rains ad not made the soil too heavy
The Birmingham age-herald., 1923-04-20
sTLlXARTas LETTER

BIRMINGHAM, April 19-Liverpool came over to 16 points under expects-
 tion, sales of 1000 bales showing a falling off of 5000 bales from Monday and Tues , day. Spot quotations were 8 points down
 in that market. Our markets opened 20 to S5 points under Wednesdays close. and
 was under pressure most of the entire ses-
 sion, the finals being at the lowest figure of the day and 70 to so under the previous
 close. Spots were generally quoted 2o to so lower with no reports of improvement in demand. The lower cables clear
 weather all over the south and continued dullness in the goods market intensified the bearish sentiment this morning. Liver
 pool, Wall street and the south sold al
 the start and later on professionals and
 Wall street sold. Brokers usually trad ing for leading Japanese interests bought
 about 50, 900 October and January during
 the morning supposed 10 be covering. The
 action of the government against the Cof-
 fee and Sugar exchanges caused some sen
 timental selling. Trading in May was quiet, with offerings light. July feels the brunt of selling because of it's premium over new crops. Everything was against the cotton market today and it the
 weather continues good lower prices are likely temporarily, anyway.-S R. stewart
The Birmingham age-herald., 1923-04-20
SHARP DECLINES FOLLOW ADVANCES IN COTTON PRICES

NEW YORK, April 19.-festerday advances were followed by sharp de- clines in the cotton market here to- day. The covering movement in old crop months seemed to have pretty well run it's course during the pre- vious day, as there was very little demand and prices yielded very readily to disappointing cables, prospects for better weather in the south and deiterated complaints of poor spot demand. July deliveries broke to 2f.0"c or S2 points lower, and closed at that level, with the general market closing week so to S3 points net lower
 The market opened easy IS to 23 points lower in response to the poor showing of Liverpool and the favor able weather map. After showing net losses of about 30 to 56 points, prices showed a tendency to rally on q little trade buying of near months and covering but soon broke again, under renewal of liquidation or general selling which seemed to be partly influenced by developments in the sugar market. The reported pro ceedings by the department of justice against the sugar futures trade, It least. were more or less generally
 
 ture from the standpoint of futures markets generally, and the market was extremely nervous and unsettled during the afternoon.
 There was enough covering to cause rallies from time to time. but all these bulges met increased of feringS and there was renewal Of general selling toward the ciose oil prospects for rising temperatures and more settled weather in the south. May broke to 2S.U0c and Oc tober to 24.20e. with active months showing net losses of S7 to S2 points and declines Of about 80 .C 94 points from yesterdays figures. There was some criticism of the sa-ly weather map because of low temperatures but otherwise conditions were considered favorable and sellers here were pre- dieting that a week or ten days O. geod weather would make a big change in the characee, of crop ad- vices Exports today i203 bales, SO far this season 4.211,97l. Pert re- eeipts today 3,95O. Unite1 States port stocks 495,733
 COTTON SEED OIL
 NEW YORK. April 19.-FolIowng the decline in cotton and lard. which induced commission house liquidation. the cotton seed oil market was lower today. It ral- lied late on support >,om refiners and closed steady ct a x al net loss Of to points. Sales 1-.qD barrels. Prime crude lOc. Sa les: Prime summer yellow spot, 11.45@11. 75c; May and July, Ii 45c {; September, II .Ssc., all bid.
 NEW YORK COTTON FUTURES
The Birmingham age-herald., 1923-04-20
Bonds Are Still Firm;
 Aduances Irregular

NEW YORK April l9.-Bond prices con- ttnued firm with irregular advances in to- days dealings on the New York Stock exchange Sugar company liens, influ- enced by the furry in stocks IS result of the governments action in seek to stop speculation in sugar, were mixed. Rnnta Aegre Sugar IS closing points orr while Cuba Cane Ss were up a, polnt.' United States government bonds were steady in quiet trading. Foreign bonds were somewhat improved, French issues leading the moderate advances.
 Railroad mortgages continued Tn far demand but the price changes Tor the most part were small Frisco income 6s advanced as and St. Louis, Iron Mountain and Southern 4s, river and guit diN1sion, were up 1. Copper company liens were active Cerro de Pasco Ss, up points leading in this group. Armour X Co. 4'as were up 1.
The Birmingham age-herald., 1923-04-20
CABLE RATES REDUCED
Western Union Announces Cut In
 Foreign Wire Service.

The Western Union Telegraph com- pany has announced reduction in trans Atlantic rates, effective Friday The rate to Great Britain and Ireland has been reduced from g cents per word 10 2S. The rate on overnight letters 10 t,reat Britain is s cen.s per word with Il minimum If 20 words. Week end letters. which may be filed until midnight on Saturday night and delivered on Monday morning, take a rate of cents a word, with mn mum of 20 words. providing that the cabIegram i S sent to cities where the Western Union has it's own offices.
 The new rates to other principal European countries are as follows:
 France 2Sc, Belgium 2lc. Germany 33c, Italy 34c, Switzerland 3ae, Aus tria 3Se. Czecho Slavia 39c. Poland Foc. Boumania 4l. Spain Ale, Hugary He, Greece 43c.
 There are cores bonding reductions in the rates to other European coun- tres and it is expected to increase the overseas communications and serve as a st!mulant to foreign trade .of the country.
The Birmingham age-herald., 1923-04-20
ANNOI NCENIENTs.

A W6manless Wedding, eomicai burlesqlha on the marriage ceremony will he Rresented at the Pratt City Hall FridlY evening under the aus pices of tk NJ. r.. church on Fourth street.
 The regular meeting of Globe Lodge No, 7s1 A. r. X A. NJ will be held Friday evening at the Ensley Masonic temple. A full attendance of members is dssred.
The Birmingham age-herald., 1923-04-20
Told by Priuate Wires
=BUBBARD's LETTER

NEW YORK. April -tspeeiall-Bet- ter weather in the belt caused reaction early this morning. This was followed by d sharp break brought about hy the action of the federal government. as re ported by the news ticker that the government had sought for an injunction against the in price of sugar Naturally. this has shaken the confidence of many in the trade who do not care 10 be long of this federal government against the Sugar ex- change. On the other hand. there were q number Of complaints of the necessity trade demand was reported from the At iantic states
 Futures in Liverpool are due tomoTow May II 5Sd, July +.32d.-Hubbard Bros X Co.
The Birmingham age-herald., 1923-04-20
CHICAGO VEGETABLES

CHICAGO, April 1s.-onions un- changed.
 Sweet potatoes firm; Tennessee Nancy Halls, s1. Ql. 50: few, 65.
 Celery dull; Florida crates ordinary Golden Self Blanching. 4-6 dozen. s2 e 25; few, 51 75; French strain, 4-6 dozen best $2@2. 25; poorer, $l.75; dozer dozen. s2; heated. 5OcQsl.
 Tomatoes unchanged.
 Spinach weaker; Texas bushels. curly T59s5c; broad leaf. s141.1b few. S1. 20 Louisiana barrels broad leaf s4 50Q5.
 Strawberries stronger; Louisiana 24-pint crates, klopdykes, good, $5 50Q5.75.
 Cabbage slightly stronger; Louisiana barrel crates Wakefield. s4. 50Q5; flat fair, s4Q4. 50; Alabama flat, S4. 5004. 75 Texas Wakefield. s5Q5.25.
 Auction Wednesday: Florida grapefruit Brights, s1.65@4; Goldens, s1 65Q4.65 Russets s2 260@4.25. Florida oranges Brights, ss.6oGs. 20; Goldens, s2 75 @ 6 20; Russets, $2. 75Q6.05.
The Birmingham age-herald., 1923-04-20

number that showed amazing flexi- bility of the body. He was accorded a splendid hand, something ont Of the ordinary for such acts.
 Florence Vidor is starred in the photoplay, '"Dusk to Dawn" It is a splendidly aeted movie ~h many thrilling ina dents and ~Ieh pathos. News reels And comedies complete some time ,rnd worth seeins.- R E. w.
The Birmingham age-herald., 1923-04-20
DRY GOODS MARK ET

NEW YORK. April I9.-Weakness m raw cotton led to quiet trading in cloths and to further offerings from second hands at slight price concessions in to- days markets. Yarns were quiet. Raw silk again failed to contribute buyers among domestic silk manufacturers. The fall fabric trade develops slowly. Bur nal Wool goods showed firmness where very late deliveries were concerned,
The Birmingham age-herald., 1923-04-20
ENsLEY nIiREAU

Parsons desiring to get in touch with the Enshey bureau Age-Herald correspondent will please phone Mrs. Harold Mandy, Ensley 4o6-W. The circulation department of the Ensley bureau is at S09S2 Nineteenth street, Room 4
The Birmingham age-herald., 1923-04-20
COFFEE MARKET

NEW YORK, April l9,-coffee futures were higher today. There seemed to be nothing to inspire fresh buying in the cables from Brazil, but il looked as though the recent decline had left scat tering short interest ia the market which was covering during today's trading. It was thought this might be partly due to the break in sugar and cotton. as the buying came partly through brokers With connections in these markets.
 The general list showed net gains or IS to 32 points. Last prices were few points off from the best. but the market was II to 27 points net higher. Estimated sales, 50 600 bags. Closing: April and May. 9 4Sc: July. s.77c: September. s.osci De- cember, 7s9c; March. 9tc.
 Spot coffee quiet; Rio IS, II ls @ is c Santos 4s, 14is lac. Cost and freight oi fers included santos 3s and 5s at IS, a0a n 25c for prompt shipment and at | 50e for october December shipment, American credits No fresh offers were reported from Rio Victoria.
 The official cables from Brazil quoted Rio 200 reis higher to 75 reis lower and Santos l75 reis higher to 25 reis lower, EN change on London was S-64d lower and the dollar buying rate 50 reis higher Bra ziian port receipts, 5000. Jundiaby re- ceipts 900N.
The Birmingham age-herald., 1923-04-20
SPOT COTTON

NkW ORLEANS April 1s.-spot cotton steady, 25 points highsr. Sales on the spot. s2l bales; ta arrive none Low mid ding, .3sc; middHns. s.13c: good l36,476.
 NEW YORK. April ls-spot cotton quiet; middling, 2s zoe
The Birmingham age-herald., 1923-04-20
DIpno,rpTI PARADE HELD

The Snriners that have been mak- ing merry in Birmingham did not overlook the opportunity of giving Fairfield an abbreviated taste or what was happening in the larger city. An iinpromptu parade was staged on Gary avenue Thursday morning by about 25 Fairfield citi- zens, who later in the day crossed the hot sands. They were So dis figured and painted that it was in possible to recognize them. The Fairfield candidates numbered sev- eral nrominent citizens.
The Birmingham age-herald., 1923-04-20
ENTERTAINED AT SHOWER

rell were entertained at a linen shower Saturday afternoon at the homo of the former on Icnsley High lands in e mpliment to Miss Gertrude Inl mIaS
The Birmingham age-herald., 1923-04-20

CHICAGO, April ls.-cattle; Receipts 12.o0O; killing quality genefal'y plain i. beef steers uneven, spottH. sentrAliy steady. fills and less desirable killing quality considered; top steers. slo 10 weights l 527 pounds; several loads or weghty steers. ss.75@io: yearlings scarce; best young steers, s9.aO; bulk beet steers SS 25@950; light beef heiters lp- ward to s9.15 beef cows and heifers strong; spots higher; veal calves steady to 25c lower. stocllers dull
 Hog receipts S3,0oo. early sales mostly to traders around steady; shipper and packer market slow, uneven, DC 10 lac lower: early top. ss. 5o closing bulk l60 to s1o pound average ss lo@s 2S 2gs 10 s25 pound butchers, s7 S5Gs 10 pack ing sows weak to 10c lower, $6 s5 @f 10 ]; pigs weak to 25e lower, bulk 100 to 13o pound pigs. s7QI.50; estimated hoid-over' IS 900.
 sheep receipts, ls,OOO. lambs uneven, steady to 25c lower; top, Sl4 50 to pack- CTS and shippers, bulk wooded xli 25Q IA GO; clipped lambs largely Sl0 q 11.5o heavy clipped ewes averaging lo2 pounds, s7 50; two loads heavy clipped wethers. SI.
The Birmingham age-herald., 1923-04-20
--------'---'1----7 77'7777777s6 6'---7-77=
 LIVERPOOL COTTON

LIVERPOOL, April 19.-Spot cotton in fair demand; prices easier; good middling. l57ad fully middlng. 15. 51d; mtddlinE. 47d: low middling, Is 22d; good ordi- nary. II 72d; ordinary, 14 i2d. Sales 1000 bales. including 4,90o American No re- April, 14.76d; May. 14.7td; July. 14.5Od; october. is. 36d; January, 12s6d' March, lo.7Od.
The Birmingham age-herald., 1923-04-20
POTATOES
FN ClIl,AcO An.

CHICAGO. April i9.-Potatoes slightly weaker; receipts, 7s cars; total United and bulk round whites. Sl. l.40@1. 50 cwt.; Minnesota sacked whites, s1 90 GDJ S5 cwt. ] 25 cwt.; Michigan bulk white Si 40 cwt. Idaho sacked rurals. Sl.70 cwt. . Idaho sacked Russets. s2@2.25 cwt, . fancy, S2.35 cwt.; Montana sacked Rus gets. g. cwt.
The Birmingham age-herald., 1923-04-20
HIDES AND WOOL

No. l Green Salt Hides-11c. No. Green Salt des-1oe. No. Green Fresh Hides-sc. No. ? Green Fresh Hldes-sc. No. I Dry Flint Hides-i4c. No. : Dry Flint Hides-1Se. No. 1 Dry Salt Hides-12c. No. ? Dry Salt Hides-13c. Sheep skins-15c @s1, Goat skins-10 @ BOG. Hog Skins-10 n 5c. Horse Hides-s1 0S. Tallow-4 @ 7e.
 Beeswax=22@ @2Sc.
 Clear Grease Wool-s5 q Ssc. Ginseng ss@9. Clear Washed Wool-4s Q 4sc. Burry Wool-1sG 25c.
The Birmingham age-herald., 1923-04-20

weight pigs steady: bai.s, e7.25@7.4o; so to loo pounds pigs aruand s6 packer
 sows steady. s675. Sheep, receipts 500; bout steady on all classes; bulk clipped lambs. S11.5oQ l,f5; :; ouote choice handy weights, SIP: bulk spring lambs sl6@l7. light clipped ewes S725@7.50; no wool lambs or sheep on sale.
The Birmingham age-herald., 1923-04-20
MOTHERS, cLIB ENTERTAINED

The members of the Twentieth Cen tury Mothers club were entertained at the home of Mrs. William C. Max well on Ensley Highlands Wedn esday afternoon. Mrs. 0lin Nichols was leader and the response to roll call was Current Events" Mrs. G. F. Ransom discussed individuality in the study of the development of the in stincts of the child and Mrs. John sherman spoke of the moral and re- ligious instincts q s presented in Kirk patrickis Child Study, which the Cen tury club is using for it's text book this sea son. Fruit punch was dis pensed as the guests entered afte
 the hour of study, ices were served. Mrs. B. H. Hart Mrs. K. NJ. Faust, and Mrs. N. w. Duncan were guests. Plans were cL cLmpleted for the annual open meeting which will be held April al the home of MT Dominick in the nature of an afternoon tea. the hours being from to o'clock. The hos tesses will be Mrs. R. E. Gloude, Mrs. G. r. Ransom. Mrs. B. Hoage, Mrs. John owens and Mrs. Charles Stewart.
The Birmingham age-herald., 1923-04-20
ATLANTA RESERVE RANK

ATLANTA, Ga, April f.-tSpeeial. l[ Statement of resources and liabilities Fed eral Reserve bank of Atlanta at the close of business April 1s. 1923
 Resources Gold coin and certificates in vault, S5,96035s. Gold settlement fund. S202ls b6394. Total gold held by bank, s2si7s ,o9i.si. Gold with federal reserve agent $99 500.SS5. Gold redemption fund, sI957 Sbe.oa Total gold reserve. sl27;- 637 4d2.s7. Reserve otaar than gold, ss.673, 2s5. Total reserve, slss.31o 7tf.sa, Non-reserve cash; S.,"oo IA. Bills discounted: Secured by government obligations, Stoll 9o9.0i. All other. slo, s4o;ols;I4: Bills htousht in open mar S5243e.5469I United States bonds and notes, s524 s5o adn Al, other ser,ifiestss . Of s2,42I,oi4s6, uneoiected items. s2sse4, ssa a e'hs ssao
 Liabilities Capital paid in. s4422.loo.
 Deposits Government, s5620.ll9.e6. Member ba nts. account. s56 s25.aI All other deposits. S5a3.627.0a Total deposits, $62Sis. i7s.so. Federal re serve notes in actual circula ton. sl26 .05O. 735. Deferred ailabi'ity items. S26.Sa5.- 2ss25 All other liabiIities tie sss7soSs s6
 Ratio of total reserves 70 deposits and federal reserve note liability combined 71.s per cent.
 SUGAR MARKET
 opened inner tI. s, and ,e % 10 points , Il higher on the nlBnrT Fullng or the spot nliThtl. but broke violently under heavy general liquidation on the Washington news. May, which sold early at 6.A0c, broke to 5.10c. July from 6.66c to 59Oc, and September from 6.79c 10 6.06c. or 70 10 7s points from the early high point. and from 60 to 62 points below yesterdays closing quota lions. The market steadied later on GOV ering and rallied about 30 points from the lowest. but was still nervous and un settled, with final prices 21 to 33 points net lower. Closing. May 6c; July, 6.alc; September. 6.S5c, December. 5.95c.
 Refined was quieter. with buyers in clined to hold off and awail develop nents. Prices were unchanged at 9.6oc for fine granuated.
 Trading in refined futures consist ed of one lot for June delivery at a.T5c or To points above the previous night.
 JACKSONVILLE Fla. April l9.-Tur- pentine quiet, sl 40. sales none; receipts. 2T3; shipments, 306; stock, s.627. Rosin firm; sales. 779; receipts 1,065; ship menfs. 2,0as stock, liS.73a. Quote B. St 95. n to E. S5 F 10 Fl, s 05; l to NJ s5.lo. N, s5.s5 WIG, s5 50; wv $6 59
The Birmingham age-herald., 1923-04-20
PORT M0YEMENr

New Orleans: Middling, 2S.1sc; receipts. 1S6.i76.
 Galveston; Middling, 27o5c; receipts 1,56S; sales, 4o0; stock. 1l30i4.
 Mobile: Middling, 2Sc receipts, 1o5 stock, 3.419.
 Savannah; MddIing, 27.50c; receipts 39l; exports. 100; sales, s61: stock. 44610. charleston Receipts, 511; exports, S.22s; stock, 3S.951.
 Wilmington: Middling 2Tc; receipts, 50; stock 10.747.
 Texas City: Stock. 74a.
 Norfolk: Middlins. 27ssc; receipts. 2s4 l.. stock. 7,769.
 Baltimore Stock 1885.
 Boston: Middlng, 29c; receipts, 45i stock. 11.s 800.
 Philadelphia: Stock, 4,57l.
 New York: Middling, 2s.20c; exports, 3.444: stock 55,707.
 Minor ports: Stock, 7,0s7.
 Total today: Receipts, 41S3; exports, 7,172: stock. 496,1s6.
 Total for week: Receipts, 31,4s2; exports, 6I417.
 Total for season; Receipts, b,4isoss; ex- ports, 4,0502ss.
The Birmingham age-herald., 1923-04-20
HIGHLAND CIRCLE PLAY.

Members of the Highland circle of the Womans auxiliary Of the First Presbyterian church will present the play, .~rhe old Peabody Pew" by Kate Douglass Wiggins, Monday evening at the City Hall in Pratt City under the auspices of the woman's $ auxiliary of the Pratt City Presbyter- ian church The proceeds to be ap- piled on the church building fund and the patronage of the public is so- liNitc1
The Birmingham age-herald., 1923-04-20

(standard Fish Company Gray Snapper-Per h.. 14c. Red Snapper--Per h., 21c. Spanish Mackerei-Per h.. 22c. Pompa no-Per h., S5c. Salt Water Trout-Per h., 22c. huliet-Per h., 10c. Oysters-Chesapeake Bay, extra select s2.t0 per gallon.