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The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
DAILY BUSINESS EDITORIAL
What Makes the Warrior Fundamental Asset
By RICHARD F. JOHNSTON

Afghanisan Mobile Wednesday with OF
5000 of Brazilian of the Tennessee company
left Japan Birmingham products produced
the finishing mills for whose funonng the manganese ore is
imported.
ports of Birmng
There regularly of Mobile
Birmingham mill products Galveston and
and regular that of and steel prod
uctst Pacific
that handled by the Warrior in time to
all brought to Birmingham
handled Warrior
al-rai
of And the saving rebounds
benefit of all Birmingham There retail merchant IN Brmng
importing and exporting because out of
operations the enriched Birmingham
chants and enabled them to buy central city properties
He who thinks thinks The Warrior undecuts
Of freight bills buwark against railroad
congestion and rail domination That would painfully
obligation stand watchf the Warrior
through Indifferent citizenship foregoes
that which that city heading the rocks
field The fabric enjoyed by Birmingham
pnang continuous arduou work by the traffic
depends watchfu traffic
This there another profert of the need traffic association
commission handed decision in
increase of the Memphis
Birmingham This decision cancelled proposed
order he old and lower
ruling the Birmingham SIS will
thousands of dollars The higher would have been
had the traffic association interviewed fought
affected and should do 1t Bmghams
uncertain state
Birmingham shipper and home
whether that interest the Warrior All Bmn
pull development
fundamental That the
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
Report Of Condition
Ofl2Reserue Banks

WASHINGTON, May 17.-Combined re-
sources and liabilities Of the - federal
reserve banks at the close of business
May ls were reported tonight by tho fed
eral reserve board In thousands of dol
lars as follows:
Resources: Gold and gold certificates.
$344.o43. Gold settlement fund federal re-
serve board. s6s6.707. Total gold held by
banks. S1,O30,75O Gold with federal re-
serve agents. $1.999.s1S. Gold redemption
fund. s57,S17 Total gold reserves.
ss.os7,ss5; Reserves other than gold.
reserve cash, s66.642. Bills discounted
secured by United States government. OBJ
legations $360200 Other bills discounted.
S337,131. Bills bought in open market.
S2S1,609 Total bills on hand, S978,940
United States bonds and notes, s151.663.
United States certificates of indebtedness,
s37. 226. Municipal warrants, $40 Total
s60.4s4. Five per cent redemption fund
against Federal Reserev bank notes. s19l.
United collections, s734,416. All other re-
sources. s14.077. Total resources, $5.214,-
10.
Liabilities; Capital paid in, sos ,27s
Surplus. s21s.ss9 Deposits: Government.
s66,057. Member bank reserve account.
deposits $19,9S,691: Federal reserve notes
in actual circulation, $2,232,999 Federal
Reserve bank notes in circulation, net liza
bility. $.s7s. Deferred availability
items. $641,510. All other liabilities
s16,9so. Total liabilities, s5,214.71O.
1873 per cent. Contingent liability on bills
purchased for foreign correspondents
S2s,677.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
COFFFE MARKET

NEW YORK, May 1.-THE feature in
the market for coffee futures today was
the relative weakness of May, which sold
off to $3.50 under small offerings follow
ing the issuance of two notices. There
were very few buyers this morning, The
market opened As points lower on May In
consequence, but generally to points
higher.
best under realizing. showing a net decline
of As points on May. while later months
timated sales 1000 bags Closing Eso May Nay
cember bic March s.13c. The advance
in the date Of delivery was accompanied
by rumors of higher freight rates from
Brazil.
for Rio rs and 14%c to 1bAc for Santos As.
Cost and freight offers included Santos
3s and 5s part bourbon. at 10 35c to Is. 75c
for prompt shipment and at 12.7bc for July
shipment.
The official cables reported q decline
of 40 refs in the dollar buying rate, with
an advance of 1-64d in Rio exchange on
London The Rio market was rs refs
higher and Santos unchanged to so reis
higher Brazilian port receipts. $4,000;
Jundiahy receipts, 5000.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

ATLANTA. Ga, May 17.-(special.)-
Statement of resources and LIABILITIES Fed
era1 Reserve bank of Atlanta at the close
of business May 16:
Resources; Gold coin and certificates In
vault, s5.947.34s. Gold settlement fund,
s27.221.724.95. Total gold held by bank
s33,169 072,95. Gold with federal reserve
agent, 800 672.7s5 Gold redemption fund
s2.954,76i.53. Total gold reserve, s1?6,-
f966194s. Reserve other than gold. 81
Non-reserve cash. S7,075,264.67. Bills dis
counted: Secured by government obliEa-
lions, $4,000. 09S OF; all other, S22,97l-
272.6S; bills bought in open market $40
sl6.41423; total bills on hand, S57,67S,7
6SbSs United States bonds and notes,
s552,050 All other certificates of indebt-
edness s406,42s. Total earning assets. $751;
6S7,163.SS. Bank premises. S2,5l6, 06S. IL.
UncoIIected items, s2s,2i2. 902.99. All other
resources s8S0,5S0.47. total resources,
s331, 264,45s.60.
Liabilities: Capital paid in. s4,d13,15o.
Surplus SS,9+1,553 AZ. Deposits: Govern :
ment. $3.50 5s.02; member bank, reserve
account. S57262612.56 all other, $245.-
5SS07: total deposits, S61461, 55S ,65. Fed
eral reserve notes in actual circulation,
S1341S7.935. Deferred availability items.
SCI S37, 344.57. All other liabilities, S922.-
1880. Total liabilities, $231.26445s.60.
Aatio OF total reserves to deposits and
federal reserve note liability combined.
6s7 per cent. Contingent liability on
bills purchased for foreign correspondents
S1l76432.43.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
FOREIGN BONDS
OILS TARGET FOR
BEAR ONSLAUGHT
In CURB MARKET

NEW YORK, May 17.-Ou shares
were the target for bear attacks In
today's curb market, new low records
for the year being established by
Standard Oils of Indiana and New
York, Gulf of Pennsylvania, Salt
Creek and Mountain Producers.
Mutual Oil and International Petro-
leum. but the net loss in each case
was held to point or less.
Cities Service, Imperial, Northern
Pipe, Ohio Oil and Prairie OIL and
Gas yielded l to 2 points and Vacuum
dropped ia on transactions of near
ly 10000 shares. The April state
ment of the Cities Service company
showed net earnings of s1,64O,1S9. an
increase of s351.933 over the same
month last year. Maracaibo Oil
moved against the current trend,
gaining nearly a point.
Price movements In the industrial
and mining groups were narrow and
irregular.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

NEW YORK. May 17.-Raw sugar was
quiet today. and prices were more or less
nominal being quoted on the basis of &c
for Cubas. cost and freight. equal to 7.7sc
for centrifugal.
Raw sugar futures were easy during tho
early part OF the day under renewed liqui-
dation prompted by the poor demand for
refined and the statement OF the depart
ment of agriculture that the production of
sugar form the United States and Cuba this
year will be larger than the recent esti-
mates. July sold down to 6.02c and Sep
TENDER to 6 .05c. or to 10 points below
the previous night, but prices rallied and
finally were off few points from the be st
and from 10 points lower to net higher.
Trading was light Closing July 6.07c.
450c.
Refined unchanged at Q. soc to o. 90c for
tine graduated. Refined futures nominal.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

Hubbard Bros. & Co.
Members New York Stock Exchange, New
duce Exchange, Associated Members
Liverpool Cotton Association. Orders So
licited for the purchase and sale of Cotton
and Cotton Seed Oil for future delivery.
Special s attention and liberal term: given
livery.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
Short Market Flashes

NASHVILLE. May 17.-On a bid of
s6I70S75O, the state funding board today
sold to Keane, Higbee 6, Co. of New York
an issue of s350.000 Az per cent bonds and
$4,000 Az per cent Tennessee bonds.
NEW YORK. May 17.-London and Paris
correspondents of local banks and broker
age houses have taken advantage of the
recent reaction on the New York Stock
exchange to interest their customers in
American securities. Several cable requests
have been received here for accurate in
formation suitable to incorporate in cir
cular letters to investors.
NEW YORK, May 1.-THE Pennock Oil
company has declared an extra dividend of
10 per cent in addition to the regular quar-.
terry dicvidend, both payable June IS to
stock of record June Is.
NEW YORK. May 1.-THE surplus pro-
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
RICE MARKET

NEW ORLEANS, May Though rice
quiet sales none; receipts none Clean
rice quiet; sales. 335 pockets Honduras.
51ac; 304 pockets Japan, 4Ac; $50 peck
cts Blue Rose, Sc. Receipts. 1908 peck
cts. Bran and polish unchanged.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
BANK OF ENGLAND

The weekly statement of the Bank of
Total reserve. increased f303, 900. Clrcula-
ton, decreased 100000. Bullion, increased
5000. Other securities. increased 3,612. 900.
other deposits. increased 4,720,000. Pub
lie deposits, increased LOSS, 600. Notes
reserve, increased sol 900. The proportion
of the banks reserve to liability this week
is 1874 per cent; last week it was 90 Is
per cent. Rate Of discount. per cent.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
FOREIGN EXCHANGES

NEW YORK, May 17.-Forelgn exchange
irregular. Quotations In cents; Great
Britain. demand 62iS. cables 4 .s2ss So
day bills on banks, 60es. France. de
mand 6.67, cables 6.67t. Italy. 4.S614
and 4.s6&. Belgium. 5.75ia and $40.
Germany. .0021a4 and .0022 Holland.
SO 10 and 391sis. Norway, Is As. swe-
den, 1855. Denmark. IS so. Switzer-
land, 1871. Spain. 1921. Greece. 1.92.
Poland. .0021. Czecho- Slovakia, 29s. Ar
Eentine. 36.12. Brazil. 10. 80. Montreal.
NJ 15-16
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
NEARLY 40 STOCKS
ARE FORCED DOWN
TO NEW LOW PRICE

NEW YORK. May 17.-Encouraged
by their success in depressing prices
in the last few weeks, bears con
tinued their search for weak spots
in today's stock market. While
nearly 40 stocks were forced down to
new low prices for the year. includ-
ing a number of leading copper,
chemical and oil issues. good buying
support was Forthcoming for the
usual leaders. particularly in the
steel and equipment groups. While a
few stop loss orders were touched
off. bear traders were unable to bring
out any large volume of forced
liquidation.
Among the issues which dropped TO
new low records for the year were
Standard Oil af New Jersey. At
spiration, Chino. Nevada and Cerro de
Pasco coppers, Virginia Carolina
chemical A and B, American Agricul-
tural Chemical, Westinghouse Elee-
trio, Railway Steel Spring. Postum
Cereal. Famous Players, Information
al Combustion Engineering. House
hold Porducts. Missouri Pacific
Youngstown Sheet and Tube and
American Tobacco, A and B.
There were three announcements of
increased GlNlQeHQS IHo udy
United States Realty which increased
its annual rate from six to per
cent; Texas, Gulf Sulphur, which
went from to per cent annually;
and Quaker Oats, which raised its
quarterly dividend from IA to per
cent.
United States Steel, Baldwin.
Studebaker. American Can and Cali
fornia Petroleum. generally regarded
as pivotal stocks, offered good re-
sistance to selling pressure, closing
from small fractions to l point above
yesterdays final figures.
Early selling of the oil shares was
based on the bearish interpretations
placed on the long explanation, pub
lished by the Standard OIL company
of New Jersey in its official pub
LEGATION of the charges of the La
Toilette committe. Pure oils dry
to new low was in reflection of
speculative appointment over the
annual report which showed earnings
of only S1.37|a share last year as
against s2.57 the year before.
Call money opened at Az per cent,
eased off to 4A and thence to four.
Time money appears to be on
per cent basis, large sums for nearly
all maturities being available at that
rate. Trading in commercial paper
was quiet the bulk of the prime
names commanding per cent.
Dealings in foreign exchange were
extremely dull, refleeting a similar
condition In London. Demand ster-
ling eased slightly to s4.62B and
ing eased slightly to S4.62b and
French francs advanced 8 points to
6.67c. German marks held steady
around .0021%. Norwegian Exchange
rallied Is points to. 6.4Sc.
Days total sales $4,000 shares
Twenty industrials averaged 95.41;
net loss -.
High 1923. 105.3S; low $40.
Twenty railroads averaged S1.5S;
net loss .12.
High 1923, 9063; low so.37.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

WASHINGTON. May 17.-ProposaIs of
the interstate commerce commission to
consolidate the Baltimore and Ohio rail-
road with the Philadelphia and Reading
Central Railroad of New Jersey Chicago
Indianapolis and Louisville and other
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

duction of California crude oil is fast find
I ing its way to eastern refineries. During
the week ending May a total of LOO, 600
barrels was shipped from California to gulf
and Atlantic coast ports as compared with
975.o00 barrels tho week before.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

PARIS, May I7.-Ihe weekly statement
of the Bank of France shows the follow
ing changes Gold in hand increased h.
900 francs. Silver in hand, increased A.
900. Notes in circulation. decreased 271.-
e34.0 Treasury deposits. increased 49,
$4,000. General deposits. increased Ill.,
$4,000. Bills discounted. decreased 155.
$4,000. Advances. decreased 21.21S 900.
Advances to the state remained unchanged
at %. 500 600. 900 francs.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

CHICAGO. May 17.-Armour preferred.
s2% Commonwealth Edison. 1s2h; Mid
8; Standard Gas 2sl4 Swift q Co.. 1os% !;
Union Carbide. coz VAIL. 4SA; Western
Knitting. 5ia; Yellow Manufacturing b,
267; Yellow Taxi, 81 a Swift international,
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
BOND MARKET
UNITED STATES BONDS


Readers should note that Liberty bonds
are quoted in dollars and thirty seconds
of dollars instead of dollars and cents.
The fractions designated by giving the
Enumeration only.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
METAL MARKET

NEW YORK, May 17-Copper easy; cleo
spot and sp1 nearb g &c I'm iT
~. 6o@42.62c. Iron steady; prices un-
changed. Lead firm; spot, 7 25c. Zinc
delivery. 6.65c. Antimsny spot. 7.4o0
S.45c.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

minor lines were generally approved today
in a statement by Daniel Willard presi-
dent of the Baltimore & Ohio. presented at
hearings before the commission.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
Bear Operators Continue Search For Weak Spots In
NEW YORK CURB


NEW YORK. May 16.-Following is the
official list OF transactions on the New
York Curb Exchange. giving all stocks and
bonds traded In:
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
NEW YORK STOCKS

! NEW YORK, May 16.-Following are
| today's sales, high, low and closing prices
OF stocks listed the New York stock
! Exchanges:
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

BANK OLE France

LONDON, May 17.-Bar silver, az Std
per ounce. Money, "a per cent; discount
rates, short bills. rs per cent; three
months bills, u a. 3-16 per cent.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

NEW YORK, May 1.-THE Quaker Oats
company today announced quarterly div
idend OF per cent on the common stock
per cent on the preferred. In the last
quarter 2h per cent was paid on tho COM
mon.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

NEW YORK. May 17.-Call money
steady; high Al. low I, ruling rate Az
closing bid A. offered at AZ, last loan T.
call loans against acceptances 4, time
loans steady. mixed collateral, 6o9o days
b05A, four to six months SO ~, prime
commercial paper s.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
BUTTER MARKET

CHICAGO, May 1.-THE butter market
here today was easy and very unsettled
Supplies did not clean up. One feature of
todays market was that the undergrades
were hardest to sell with the result that
the tendency of prices was to spread out.
The car market was fairly steady with
Fresh butter: 90 score Ale. 81 score
4o1ac. 80 score 40c, SO score sshc. So
score 39c. 81 score 3sMc. Sc score S7hc.
Centralized car lots: 90 score axe, so
score 401ac IS score 4oc.
Metal office furniture made in this
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
NEW YORK BONDS

NEW YORK, Nay 17.-Following are
toaay's high. low and closiuG prices Of
bonds on the New York Stock Exchange,
and the total sales OF each bond:
Railway and miscellaneous
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

NEW YORK. May 1T.-Foreign bar sil-
Her. 66Bc. Mexican dollars. sic.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

INDEPENDENCE, Kan, May 1.-THE
Atlas Portland company Of Northampton.
Pa, has concluded arrangements for ac-
QUESTION of the plants of the western
States Portland Cement company, located
at independence, Kan, and Davenport. Ia.
according to reports here today. The At
las company will incorporate the new hold
ings and retain local offices as headquar-
tiers, 1t Is understood. The company has
plants in Hudson, N. Y, Hannibal, Mo-,
and Leeds, Ala.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

CHICAGO, May 17.-Potatoes steady: re-
ceipts. 7S cars; total United States ship
ments 412; Wisconsin sacked round
whites. s110m1.15 cwt; bulk mostly 81 10
cwt.: Minnesota sacked Red River Ohios
81 .05@1.2o cwt.; Michigan and Mime
sofa bulk whites, poor. soc cwt.; Idaho
sacked. Russets, sl.75@1s5 cwt.; new
stock firm. Alabama 100 pound sacked Tri-
umphs. No. /. So; No. 2, 50 25GS.50
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

NEW YORK;, May 17.-Raw silk weak.
Prices per pound Kansai double extra
cracks 50 .25@9.3 IS; Kansai best No l.
IS SOFAS. 95; Kansai No. filler, IS 100
8 30; shinshu No. /. ss.7oas.s5; Canton
extra A.. 14-16, s9G9.10: Shanghai China
steam filler. gold double deer. 50. Is o.. so.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
Hubbard Bros. & {

Metal office furniture made In this
credited to Louis XII.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

NEW YORK, May I7.-Cotton goods
markets were quiet today with trading re-
ported in small lots at concessions Yarns
were quiet. Burlaps were easy and unset
tied. Silks We're quiet with low end
qualities easier. Wool goods were quiet
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

NEW YORK, May l7.-steel prices I'M
changed
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
NAVAL STORES

SAVANNAH, Ga. May l7.-Turpentine
quiet. 81. 10 Sales nones receipts, 6s2;
shipments ITS; stock. 4,43s. Rosn firm
sales. 1908 receipts, 1925; shipments AS
stock. 57.7s6. Quote: B, $4.65; d. S4.70Q
AIS; E. $3.50: F, G. .s014.s5 II. 81. SIS
@4.9o: I to NJ, s4.s5@4. 80; n, s5.15;
VIC. IS. 1905. IS; WV, 10.
JACKSONVILLE. Fla. May 17.-Turpen-
shipments $50; stock. 10, 572. Rosn firm
sales. SIS; receipts. 2.355; shipments. 1913:
stock. III 1857. Quote: B, s4.65; D. 81 10;
y to F. s4.75Q4.s0; G.. $3.50; H to l.
- so@4.s5; K to NJ. 1896. 05; N. So %
06,16: VIC, IS 80; WV Sc 1906 90
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18

DRY GOODS

EAST ST. LOUIS. ILL.,. May 17.-Horse,
changed.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-18
ATLANTA RESERVE BANK

Total sales OF bonds today were $40,
nO7 600 compared with s11, 100000 previous
day and s197s5o00 a year ago.
San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-10-14

observes that all factors considered,
we have offered him the highest mar
net value for his used car-dollar for
dollar-the most advantageous pur-
chase for nina bargain.
The confidence and good will OF
customers is vital to the permanent
success of any merchant-and condi-
tons peculiar TO the automobile busi-
ness make this particularly true of
the used car merchant.
In thinking Of the most successful
merchants which the world has ever
known we probably most often think
of Marshall Field, and the splendid
good will which the business founded
by him has achieved.
No Sensational Sales.
Yet no one will ever recall any
sensational sales or fabulous offerings
on sales days b. Marshall Field *
Company nor will they recall ever
hearing one say that an article of
merchandise purchased of them failed
70 prove satisfactory.
Likewise our every effort is de-
voted to the conduct of our used car
division so as to hold public con-
fidence.
We buy and sell motor cars. We
never swap them. The desire to
sell a new car never influences us
to buy a used car unless it would
be good business for us TO go into the
open market and buy the car for
cash.
1t is a matter of satisfaction. too.
to the buyer from US, of used car
that he is certain of a clear title and
San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-10-14

mand will continue can very freely
select the dealers who will sell their
cars.
They do not and will not select
dealers who have not sufficient re-
sources and abili'. TO continue perm
anently in business.
The dealer who is to remain in
business must look upon handling. used
cars as straight merchandising
proposition.
Like the successful merchant in
any other line of business, he must
buy right sell at profit and keep
the confidence of his customers.
No "Trade ms"
We do not "trade in" used cars.
Our used car division is maintained
for the purpose of purchasing used
cars of Dodge Brothers and other
standard makes at their actual value.
BY actual value of a car is meant q
price which will admit of its being
resold at a fair profit-at q price
which shall insure that the used ear
purchaser receives dollars worth of
car value for every dollar paid by
him-and after the car has been
placed in good mechanical condition.
We have proved by actual opera
tons that we car invariably. pay the
new car purchaser the actual highest
market value for his used car.
To explain. The reason we can
do so is dependent first, as is every
business unon the consumer, who in
this particular is the used car pur-
chaser.
We have sold used cars 70 more