davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1923-05-31
NARKET
ON UPWARD +.
TREND
Strong Tone Shown by Steel
Equipment and Motor
. Stocks.
BY Cosmopolitan News Service.

NEW YORK, May S1.-Strength
in steel, equipment, motor and mo-
tor accessories stocks featured the
first two hours trading on the stock
exchange today. Confidence was dis
played from the outset, inspired by
assurances from various sources
that prosperous business, conditions
will continue to prevail for the re-
fnainder of the year. Buying was
not particularly aggressive, the gen.
eraI list being very dull at times,
but stocks were scarce around cur
rent levels, resulting in sharp adj
vances, whenever covering opera
tons were attempted. Demand from
shorts was by far the most powerful
force behind the upward move, their
position being made extremely I'M
comfortable in stocks like Crucible
Steel, Mack Truck and Stewart
Warner, which ran up 2. to 9. points
on comparatively small trading.
Steel and equipment stocks gave a
good account of themselves, espe-
cially American Locomotive, which
with a point gain at 14S, came
within fractional distance of the
years high, reached a few days ago.
to 1879. United States Stee' was in
good form, rising about point to
9812.
Studebaker was persiStenly bought
rising more than points to 114A
on reports that earnings for the sec
ond quarter will approximate $40 a
share. Strength was chiefly at the
expense of the short interest, which
was responsible for most of the re-
covery from it's recent low at 1868
Stromberg followed the rise in
Stewart-Warner with a one and
one-half-point advance to 76h.
California Petroleum was again
strong and one and one-half points
higher at 113%. Marland Oil, on
the other hand, was under pressure,
declining a point to 47A. Fluctua-
tons in other oil stocks were ex-
tremely narrow, but steadiness pre-
vailed.
The advance in railroad shares
came to a halt temporarily at least.
With earnings statements for April
out of the way, Wall Street is eSti-
mating the May returns, which are
expected to be as favorable as those
of the month previous. The under
tone remained steady, fractional
improvements being recorded in
most issues.
Good buying of shares of electri-
cal concerns attracted attention.
General Electric touched $50 for a
gain of three and one-half points,
and Westinghouse Electric rose two
points to 57A. Gains of about a
point were registered by American
Can, Corn Products, May Stores
and Continental Can.
Call money renewed at per cent.
The Washington times., 1923-05-31
BLAST SETS FREE A FLOOD
THAT BROWNS MAN IN MINE

SHENANDOAH, Pa, May 81
Benjamin Glazis was drowned and
his partner, John Covaleskie had a
narrow escape when a volume of
water and slush broke through a
chamber in Draper mine at Gilber.
ton. The accident occurred when
the men fired a shot releasing a
large body of water that was not
known to exist in the mine.
Four other men, hearing the rush
of water, made a break for safety
and succeeded in reaching a point
above water level just as they were
about to be overcome by the flood.
Glazis body had not been recovered
up to q late hour.
The Washington times., 1923-05-31
BANK DEPOSITS
GAIN DURING
APRIL
Savings Deposits During Last
Month Show Increase, Re-
serve Board Reports.
By HARRY GUSACK.

49, Savings deposits during the
month of April showed substantial
increases throughout all sections of
the United States, with the excep-
ton of New York, according to re-
ports received by the Federal Re-
serve Board from 500 banks.
On May l the total deposits
amounted to $6,499 zoos, 900, or an
increase of A per cent over the total
deposits of $6,474, 1O1 900 on April
I, 1923, and an increase of 10 per
cent over $5,914, 315 900 on deposit
May /, 1922. The total deposits on
May / were greater than in any
preceding month this year, reflect
ing the improved business condi-
tons throughout almost all sections
of the United States.
The Washington times., 1923-05-31
N. Y. Cotton Market.

NEW YORK, May 31.-Cotton fu-
lures were heavy at the opening to-
day with prices from 6 to II points
lower. There was some selling for
wan street and Southern account,
due to the desire to reduce com.
mltments until after the publica-
ton Of the government report on
the condition of the new crop, and
more favorable weather reports.
July opened at 2728, off 7 points.
October at 24.75, off 7 points: De.
cember at 24.21, off II points. Ian.
uary at 1898. off 7 points, and
March at 1891, off six points.
The Washington times., 1923-05-31

Foe of Good Business.
An unstable price structure is the
foe of good business. It prevents
the conservative business man from
entering into commitments for
needed supplies, or from assuming
contracts for futur" deliveries. It
introduces that undesirable element
or speculation, against which Ameri-
can business has always protested.
There has thus been an earnest
desire on the part Of business lead
ers 10 ascertain whether prices are
stabilized at present levels, or
Wnether there Is a prospect of an
other reaction before the year. It
seems clear that prices will go no
higher, mainly because of the re.
fuSal of consumers to pay them
The Harvard Economic Service.
the conclusions of which are based
on an exhaustive study of prices
and price movements, say that the
refusal of business men to make
increasing longtime commitments
on a rising market is a favorable,
not an unfavorable, symptom FOR
business at this time"
If the price advance had contir.
ued its accelerated pace, the result.
ant increase in demand for credit
accommodation might well have in.
creased the pressure upon the bank.
ing systems very sharply. Put
now, at a strategic point in the
upswing of business, a minor reac.
ton has occurred which will en-.
courage caution in making commit.
ments and will discourage specula.
ton in commodities. These condi.
tons should make for a healthy. ne.
Rod of prosperous business during
the remainder of the year.
The Washington times., 1923-05-31
Joins Terminal Bank.

: A. Denekas, formerly connected
with the Peoples Commercial Saw
ings Bank has purchased a sub.
stantiaI interest in. the Terminal
Commercial and Savings Bank, it
was announced today. He has been
elected a director and will serve as
vice president of the institution, it
was stated.
Mr.. Denekas has been prominent
in business and civic affairs in Park
View for the past forty years.
The Washington times., 1923-05-31
Revenues Climbing.

The Government Actuary has sub
mitted to the Secretary of the
Treasury a special report showing
that, at existing rates, tax collec-
tons for 1924 will exceed 81, 200, O00,-
900 and will continue to climb in
1925. Under the economy program
which the budget now is prosecut-
Ing, no such revenues will be
needed. unless it should be decided
to accelerate the retirement of the
public debt. 1t seems certain that,
with this showing, a tax reduction
program will be in order.
The Washington times., 1923-05-31
Foreign Exchange.

NEW YORK, May 31.-Openirg
foreign exchange:
Sterling. demand, 4.62A: cables,
4.62B. Francs, demand, .0658: ca.
hIes. .0658R. Lire, demand, .O474;
cables, .0474R. Belgian francs,
demand, 1884: cables, .05641a.
Marks. $1,000 to 81. CZechoslovak
kronen, demand, .O298; cables,
.0298A. Swiss francs, demand,
1902: cables, 1904. Guilders, de.
mand, 1915: cables, 1918. PesAtas,
demand, 1913: cables, 1920. Sweden
kronen, demand, 1862; cables. 1865
Norway kronen, demand, 1861; ca
bles, 1865. Denmark kronen, de,
mand; 1851; cables, 1866.
The Washington times., 1923-05-31
AVERAGE PRICES
20 PER CENT
OVER 1917
Financial Expert Tells of Re-
covery From Collapse
in 1o2O-21.
BY w. s. COUSINS.
Copyright, 1923, by Cosmopolitan

News Service.)
NEW YORK, May 31.-Beginning
in 1920, and continuing through
1921, this country witnessed one Of
the greatest collapses in the whole
sale price structure. and, to lesser
degree, in retail prices, in it's his
tory
Since that time there has been a
partial recovery in some commodi-
ties and further recessions in
others. But the average price level,
as measured by Bradstreet's Whole
sale Commodity Index, has ad-
vanced nearly 20 per cent, where it
compares most directly with that Of
the early months of 1917.
With the exception of copper and
pig iron, which scared to unprece-
dented price levels at the height of
the war demand in 1917, the peak
of commodity prices was recorded
between March and July of 1890.
In that period, for example, Brad
streets Wholesale Commodity Price
Index touched 20.87 against 9.76 ip
1915, and 1898 at the present time.
The National Industrial Conference
Boards cost of living index reached
2O4.5 in July, 1920, compared with
100 in July, 1914, and 1875 today.
Taking the average of 1913 as the
basis, the United States Bureau of
Labor statistics reported the level
of wholesale prices in May, 1920,
as 247, against 142 in 1922, and 1853
at the present time.
Cannot Hold Goods.
An era of falling prices takes
little consideration of the costs Of
production. Distributors who fall
into the error of piling up their
shelves with commodities, and
manufacturers who exercise poor
judgment in stocking up to the
limit with raw materials, at peak
prices, have no alternative but to
mark down their inventories to cor
respond with current quotations, it
being an inviolable rule Of mer-
chandising not to hold goods for a
rising market.
Partly in recovery from the hys-
terra which punctuated the course
of commodity prices in 1921 and
partly in response to the increasing
costs of production and the gradual
consumption of stocks, prices of all
commodities since the first part of
1922 have been steadily rising. In
the view of most economists, they
have again reached a peak from
which they are most likely to re-
cede, though probably not so pre-
cipitously as in 1921.
Price changes in the basic COM
modities since 1914 have covered
more ground than probably at any
other similar period in the history
OF the country; the following COM
PARSONS are, therefore, of more
than usual interest:
The Washington times., 1923-05-31
Liberty Bonds.

Furnished by w. B. Hibbs & Co.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
DAILY BUSINESS EDITORIAL
Railroad Earnings And The Observation-Disclosures
Plea
By RICHARD F. JOHNSTON

finely this in the of
than
the interstate commissions estimate OF on
impossible industry proouc-
tiviy of the south
railways April beyond that Of month
last Var was 1911 per cent That
this reached $S5s0OO compared with
900 in the period last increase st. 10 per
stock allowing for preferred dividends of S3oooo which were
earned in the first quarter"
known railway refers in its
This tanamoun to acknowledgment of the obligation which the
the better off they 1t plain falling Oft log
this mutually Of relationship which makes difficult to under
and
bearing hard Birmingham There from that
1t is logical sequtur of fact
finally it. Common points to fairness in all Of
The result of unfarn harmful those who
guilty those whom praciced Railroads live by
the of those whom they Even when community
railroad also served by water line the former
nothing by fighting the latter because fighting community
fighting itself well that at which its blows directly
aimed.
develop They Wherever
by the rails their
foolish throttle anything that produces
like the fafamed pebble the far famed
waveets it extend from rim and touch
inch of the surface
former soldier
accepted its members and bound
exciaby
the of tracing the connection Society
and practical.
heard churches the
reckless
times
lost its poe during the Workmen lost it. Capital
flowed Men and drunk it and
drunk time after the
Certainly large
many murders peace
The virus of poisonous condition is unacceptable
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
! BOND INTEREST IS
CENTERED MOSTLY
IN RAIL ISSUES

NEW YORK, June 9.-Interest In
today's trading in bonds on the New
York stock exchange conferred largely
in the railroad issues, with foreign
government bonds close second in
volume of dealings.
Serbian SIS, up 1k, continued to
lead in activity in the foreign group.
the demand resulting for the most
part from interest in the forthcoming
Austrian loan. Most of the French
issues sold off slightly on cable re-
ports that France is expected to re-
ject the latest German reparations Of
fer. License IS dropped liz and
tonally.
United states government bonds
were relatively quiet with little
change in prices. The tax exempt
31ss moved up 5-32 of a point and
the Liberties fluctuated within mar
row limits.
Although trading in the railroad is
sues was quite active price changes
were small. Katy new prior lien
IS gained point and Norfolk and
Southern IS lost the same amount.
Sugar shares followed the stocks
downward, Punta Allegro rs dropping
2ss and several others losing large
fractions. Virginia Carolina chemical
7ks( with warrants, dropped IN.
American Telephone and Telegraph
convertible IS gained a point.
Total sales (par value) were SILL
$4,000
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
BOSTON WOOL MARKET

BOSTON, June s.-The Commercial Bull
letin will say tomorrow:
"a sluggish market prevails In wool
prices and except for the fine staple quail
tiles are on the easy side. Further ship
ments of low woods are being made to
Europe. which offers better market for
some types than does the home trade. AT
the mills the situation has changed little
If any.
'In the west the dealers have lowered
their limits in many sections and are ger
ting some wool at the lowest levels. Woo!
is moving rather more briskly in some OF
the bright wool states.
"Bradford reports a decline of penny
a pound for tops grading 46s and above.
For the week prices are down fully 10 per
The continental markets are steady, how
ever. Offerings from the River Platte
show no easing.
firm"
Domestic: Missouri and average New
England half blood, So q 53c; ts blood. $50
choice 81 5O@i.55; i Blood ti eombing. ,i.se
.91.s5; u. blood eombIng. s1.1o@1.12; 4
Pulled: peiaine' si4o@1.45: IA, .1.so@
40; A Supers. $115@1.25. Mohairs. best
combing. 7s@s3c; best carding. 70 75c.
NAVAL STORES
JACKSONVILLE. Fla, June s.-Turpen-
tine firm. $50 pc. Sales. $50: receipts.
TAG; shipments. 244: stock, 1852. Rosin
firm; sales. 1855; receipts. 2.5os; shipments.
72s; stock. 109.l57. quote: B to E, $3.50
Q4.651. + to II. $4.65h; 1, $465@4.7o;
X to NJ. $40; N. $4.95; WIG. $40: WV.
S5.85.
SAVANNAH. Ca. June s.-Turpentine
firm. s6c: sales, So; receipts $50; ship
Resin firm; sales. sac; receipts, 1,41s;
Shipments 1856: stock. $500. Quote: B.
d, E, $3.50; F. G, H, 1876; !. X. NJ. $40;
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
WOOL MARKET

WASHINGTON June s.-Western wool
markets were slow and inactive with
slight price changes during rt the week
ceived by the department of agriculture
from its fled representatives.
Prices in Utah are about cent per
pound less than for the preceding week
the reports show. The top price for fine
wool was As cents Coarser grades sold
at Acc and some as low as 4oc: These
lower prices indicated more decline than
has occurred since the peak this season
the department says. ABOUT IS per cent
OF the Utah clip is reported as having
shearing is now under way in the
north coast counties of California. Prices
range from so cents to SIS cents for clips
in Mendocno county.
The first warehouse wool sale Of the
during the week, 10000 pounds of IL
months wool being sold at an average
price of 5Sl cents per pound. Ware
house sales will continue. the report
states. Twenty-Five per cent of the New
Mexico clip has been contracted for with
wool being concentrated at shipping
points Lower prices have been offered
during the past two weeks, but only a
few sales have been made. Advices from
Arizona Indicate that the northern clip is
practically over. with most of the wool
sold and shipped.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
FOREIGN BONDS
LIVE STOCK


KANSAS CITY. June Seattle: Re
| ceipts. 1000; calves, 500; most classes
around steady, with trade dull most
offerings: few cowsI s6.5o@6.26; bulk
others. s495.25: Gamers largely s2.4o@
$50: best vealers, s99s.5oh yearling
Texas stockers, 81; horned Texas feeders,
$3.50.
Hogs: Receipts, 5000. mostly loo to 15c
lower Packer top. $50 bulk: 1855 to
steady; mostly $5.7596 nothing choice
here.
Sheep: Receipts. 5000; spring lambs
strong to 16c higher. Top natives. SIS. 40 !:
s ss.ss sas sss weight ewes around
steady; heavy lots odd punches, 1904.
LOUISVILLE. KY. June Seattle: Re-
ceipts. 400: beef steers, 500: heifers, $50
g; eogs s207; feeders, '697.25; stockers,
Hogs: Receipts. 1900; cents lower
1865 pounds up. ss.s5; 100 to 1866 pounds
$3.50; l2o pounds. $3.50; throw-outs. S.;
sheep: ' Receipts. 1900. Lambs. $50
1925; choice. $3.50: sheep s395.
CINCINNATI June s.-Hogs: Receipts
1000: weak. lower. Heavies and packers
and butchers. s7.25; pigs and lights, $40
Cattle: Receipts, $50: steady to strong.
Sheep: Receipts, $500; steady. Lambs
steady.
EAST ST. LOUIS, June Seattle: Re-
ceipts. 2ooo receipts largely westerns
few sales Texas steers 25c lower, S5.25 q
n some c eae steady few fat
$416 q 6.26is light vealers. $9Q9.50; prac-
tical top. 1925.
lower; bulk sales good and choice hogs
$6.65Q6.75; few heavy and medium quail
it 3yo mixed $500 $50; bulk good. 100 to
sows weak, 10c to l5c lower: bulk Sci
$500.
sheep: Receipts 1900 Top spring
sls6o@14.6o; culls, 50; fat light ewes
$3.50; heavies. $3.50.
CHICAGO, June Seattle: Receipt,
5000; beef steers and yearlings moder-
no choice kind here: part load heavies
1850 few loads s1o@19.25; shipping de-
mand fairly active except for heavy steers:
some heavy Nebraskas held over; best
ss5s ssR ti beef . steers sna
grassy era sy. natives :, below 81; Some southwest
and below; bulls weak other classes gen.
s orally steady: bulk bologna bulls 1855:
desirable beef heifers. s75o9s.5o.
Hogs: Receipts, $4,000 very uneven,
~ q zoe lower; mostly 2o@25c lower than
in June since 1911. Top. s7.o5, one load:
buluk 100 to S25-pound averages, s6.76@7:
packing soWS mostly 1885 a Sis; desira BILE
10 to 13opound pigs, s5.26@6.26: esti
mated holdover. 5000
Sheep Receipts, 1000: fairly active.
mostly steady. ssulk desirable native
sprinsers, sl5@15;25: choice 10 pound av-
erage to city butchers, s15.75; cuIls
mostly SO 5o@11: handy weight ewes to
packers mostly $5Q5.5o; heavies $3.50
$50: few choice young ewes to breeders
$606.75. O.
NEW YORK, June Seattle: Receipts
1.476; weak; steers. s7@iO; bulls, 1906
weak; veals. $SQ11.5o; culls. 1907; little
calves. 1907; butter milks, 81.
sheep and lambs: Receipts. 1900
easier: sheep, 1906 culls, s2@2.50; lambs
$12@l6.S7; culls. S10@ll.
Hogs: RECEIPTS 1850; steady: medium
weights. $7.75@S; pigs and heavy hogs
T@7so; roughs. s5.5O@6.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
GARAGE INCORPORATED
oliver Heads Concern With Paid In
Stock Authorized At $4,000

Papers of incorporation were Is
sued at the probate office Friday for
divers Garage, Inc, whose office
and principal place of business will
be in Birmingham. to engage in run
ming and operating a garage. Au-
thorized capital stock is $4,000,
paid in.
Officers and incorporators of the
new firm are, Richard Oliveri, presi-
dent; Amelia Monti, vice president.
and Bessie Oliveri, secretary and
treasurer. all of Birmingham
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09

the highest sustained average in the COM
pany's history.
NEW YORK, June S.-Alfred H.
Swayne, vice president of General Motors
corporation, has been elected a director of
the Lehigh Valley Railroad company to
fill vacancy caused by the death of
Charles d. Norton.
NEW YORK, June s.-An extra divi-
dend of one half of l per cent in addition
to the regular quarterly dividend of liz
per cent has been declared by the Lone
Star Shipbuilding company.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
Short Market Flashes

SHREVEPORT. La. June s.-A receiver
has been appointed by federal court to
take over the Lafayette Salt Works at
Lafayette. The liabilities were reported
at 100000.
NEW YORK. June s.-The New Haven
system reports the May average daily in
terchange of freight cars was $3.50 cars,
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
Hubbard Bros. 4 Co,

Hubbard Bros. & Co.
Members New York Stock Exchange. New
Orleans Cotton Exchange, New York Pro-
duce Exchange, Associated Members
Liverpool Cotton Association. Orders So
hcited for the purchase and sale of Cotton
and Cotton Seed Oil for future delivery.
Special attention and liberal terms given
livery.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
Reactionary Trend Shown By Industrial Shares In 4
NEW YORK CURB

NEW YORK, June s.-Following 10 tho
official list OF transactions the New
York Curb Exchange, giving all stocks
and bonds traded in:
JudustrfaIa
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
NEW YORK BONDS

NEW YORK, June s.-Following are
todaya high, low and closing prices Of
bonds on tho New York Stock Exchange
and the total sales of each bond:
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
BOND MARKET
UNITED STATES BONDS
ION Stock ExchanDe)

Readers should note that Liberty bonds
are quoted in dollars and thirty seconds
of dollars instead of dollars and cents.
The fractions are designated by giving the
numerator only.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
What the Railroads
Are Asking For

<AO <ASAA11S i VI
All that the railroads ask of the
Government is that they be given
square deal'' under the laws of
the land and be let alone. All that
they ask Of the public is that they
be fairly compensated for the SER
vice they render; and that public
opinion of the railroads be formed
and acted upon only with full know.
ledge of all the facts in the case.
The railroads realize their dual
responsibility to the public and to
their stockholders, made up of this
same public in all walks of life.
They recognize the present time as
an epochal period in railroad history
the beginning of the transition
period from bad to good, or from
bad to worse.
The Louisville e Nashville Railroad Is
glad to john the other great carriers IN keep
ing the public informed as to the situation,
and confidently looks .tora0oYd to stabilized
conditions (Which aUiW solve the present per-
plerlng problems IN the best aVay.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
NEW YORK STOCKS

NEW YORK, June S.-Following are
today's sales. high, low and closing prices
of stocks listed on the New York stock
Exchanges:
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-09
BRADsTREET's REVIEW
NEW YORK, June s.-Bradstreet's to
will saw:

NEW YORK. June s.-Bradstreets to-
morrow will say:
Retail, jobbng distribution of light sum-
mer goods and crop reports have shown
betterment this week. being aided by the
arrival of long belated seasonable weather.
Aiding the growth Of more cheerful feel
Ing due to this cause is also the continu-
ance of the slightly more optimistic SEN
timent visible in recent weeks in large
primary and industrial lines. The chief
gains in actual business have been largely
in the light wearing apparel trades, wash
goods, dresses. fancy shoes. etc, which
have hitherto Jagged. That there is full
disposition to take advantage of the more
favorable trend of weather is proved by
their pushing Of sales by both Jobbers
and retailers. the interest apparently be-
ing to take full advantage OF long delayed
seasonable weather. In purely wholesale
lines there Is little new activity to be
noted and collections, as q whole. still lag.
while the check to new building projects
first noted in April at New York seems to
have spread to other cities in. May.
Weekly bank clearings, $7,641,241, 900.