davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
DAILY BUSINESS EDITORIAL
The Law of Limitations Is Progressive One
Rx RICHARD f. JOHNSTON
By RICHARD !

XXTEN they King mghiest of all things
wv here below, he had his throne brought to the seaore ng
creeping with and that
caused frightened servants King and throne to place OF safety
gentle of the law of limitations That one of
the memorable and often UNDECIDED Emperor William and
Kuur fell that possible for Germany to become the
leading nation of the and industries but
it rule the whole world
quaed then fell beneath the
and she
stretched her ntacle beyond the limit of central
the budgeon hacked
people palace changes
shift ruling them
either his lost his head the bargain
Charles oyed of
often. He passed the limit Cromwell did the rest
XIV said the king the Had he lived
occupy would have suffered the fate of
his tared The limit arrived 1898 ragged mob led
by of the streets, overturned empire.
limit What it? It that of
gence which demands certain conditions obevances
development The
behind The foolish ground beneath the advancing column
There would demagogues where there akadaa social
element for target of the demagogue The demagogue have
only often supplied by Incidence those
highly repeat
theoretically embrace the ideals of Voltae
that had found Judgment
they the
and their necks saved but they had of the limitations
produced produced
though had Aadn lamp rubbing which
the
The meek and owly would
do without while and promptly discovered that doing without
bottom that
another peak after 20 months of laborious climb
Apparently realized the
well have done That marker of present industrial limitation
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
NEW YORK COTTON
NE1N nRIEANs CnTTnN

NEW ORLEANS. Feb. 24-Moderate re-
actions downward featured the trading in
cotton today. apparently resulting from
weekend releasing of profits on the long
side more than from any other factor.
New selling appeared in the new crop
months. which made wider declines than
the older crops. Small advances were
made around the opening. except on
March which at its best traded unchanged
compared with yesterdays close. Other
months were / to points up. From this
there was decline to levels 2 to "a
points under the close of yesterday, March
falling to 20. soc and October %. 3Sc a
pound. The close sat net losses on the
day of 9 to q points, March closing at
30. 33c and October IS 41c.
March was held down on the opening
by the issuance of notices, calling for the
tender of 700 bales. liquidation of weekly
long held contracts being stimulated by
them. The notices did not circulate for
any length of time, and spot brokers
claimed various contract brokers had in
structors to stop notices up TO about TO-
600, or about the extent of the total Ger
tificated stock here.
New selling of he new crop positions was
done on a favorable opinion of the new
crop outlook, taking the belt as a whole.
Further rains in Texas were held to be I'M
favorable in kilograms from that state,
especially the rains in the southern por-
ton, where it is claimed planting is being
unusually long delayed.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
Curb Keeps Up Strong
Tone All During Week

NEW YORK, Feb. 2t.-'ft.s market
showed a strong tone during the greater
part of the week and was not specially
influenced by the action of the federal re-
serve bank or the higher rates for money.
Pronounced strength was shown in
number Of issues in the first few days
when several stocks moved up to new
high records. Standard Oil issues main
tanned the most prominent place all
through the week but some of those is
sues reacted from their highest levels.
vacuum Oil which made gain OF nearly
q points crossing So, directly intlu-
dend in April. Standard Oil of Kansas
was bought a large scale, ranging from
~ to 81, and eKntucky rose from 1O4h to
ITO. There was also. accumulation of New
Prairie Oil swung over wide range, first
advancing 10 points to 273. and after re-
acting to 262, recovered part Of its loss.
Galena Signal Oil was one of the strong
est features, ranging from 6S y to rs. I'm
perial Oil moved UP from liz to 70.
Independent II shares were also active,
but moved within narrower range.
gain OF points was made in Magnolia,
while Gulf Oil, after selling above IS. re-
acted to 64ss. The Salt Creek issues were
active and strong all through the week,
mountain producers moving up above 70,
and Penn Beaver was heavily traded in.
advancing over l point. also making new
high record. Penn Mex ranged from 20 to
rs. Independent Oil was traded in for the
first time yesterday and was also in de-
mand
Industrial issues were irregular. Gillette
Safety Razor was the strong feature in
that group advancing from 266 to the new
high record Of 2s4. Household products.
in which dealings were on large scale.
rose from 34A to 35s. Todd Shipbullding
moved up from SIS u to so. Mining stocks
continued to demand attention.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

stock. 1854.
Savannah Middling, 1860; receipts
2o21; sales, 2s5; stock 1884
Charleston: Receipts, S5s: stock, 41,s43
Wilmington; Middling, 2s.5oc; receipts,
235; stock, co. 94s.
Texas City: Stock, 1863.
Norfolk: Middling 2g.63c; receipts 1872.
sales, LIZA; stock, $685..
Baltimore: Stock, $50.
Boston: Middling. 29s0c; stock, 10,4o4.
Philadelphia: Stock 5,743.
New York: Middling. 29.75c; stock, 6s.-
s3s.
Minor ports: Receipts. e25; exports. 225;
stock, 1888.
Total today: Receipts. 1889; exports
$685.; stock, 775,2S2.
Total for week: Receipts. 1o,sSs; ex-
ports 1894.
Total for season: Receipts. 4.s71.2ss;
EXPORTS S4SS,S1s
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
Told by Private Wires


NEW YORK, Feb. 24-(Special.)-A fair
demand continued for the spot month and
our market opened few points over
last nights close. However the new crop
months opened down. The buying of yes
terday was continued somewhat during the
first hour. but shortly after scattered
liquidation came on the market and
depressed prices. We believe that since
the advance failed to carry cotton over soc
the market Is due for substantial set
hack, for undoubtedly the weakness of the
new crop months will have more or less
depressing effect on the near positions.
Futures in Liverpool are due on Monday:
May Is. I'D. july 15.62d.-Hubbard Bros
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
NEW ORLEANS COTTON

NEW ORLEANS. Feb. 24-Spot cotton
quiet and unchanged. Sales on the spot
246; to arrive, $50. Low middling, 29c;
middling, 20 75c; good niddling, o.25c.
NEW YORK, Feb. 24.-spot cotton
quiet; middling, 29.76c.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

New Orleans: Middling, 2s75c; receipts,
s.549: exports, s109; sales. 576; stock,
163.ss4.
Mobile: Middling. 29.25c: receipts. 81;
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
FOREIGN BONDS
ION Curb Market)
SLIGHT DECLINE
FOLLOWS ADVANCE
I'm COTTON PRICES

NEW YORK, Feb. 24.-Yesterday
advance TO 29.9oc for May contracts,
or within 10 points of the long
tallIed-of soc level. was followed by
moderate reactions in the cotton
market today. May sold off to 29.55c
making a decline or 50 points from
yesterdays high record, and of 10
points from yesterdays closing quo
tations. That delivery closed at
29.57e, with the general market clos
ing steady at net decline of 4 to 20
points.
The opening was irregular at an
advance of to points on old crop
positions, but to 10 points lower on
the new crop months.
There was some further trade buy
ing and covering of old crop deliv-
cries, but it was supplied by realizing
for over the weekend, while there
also seemed to be considerable south
ern selling and probably some local
selling for reaction. New crop
months were pretty well sustained
during the early trading. There was
considerable selling of them earlier
in the week on reports of good
weather In the south, and something
of a short interest had accumulated
which seemed inclined to cover for
over the weekend.
by reports of delayed crop prepara-
tions in the southwest, but it was
considered rather early in the season
for suc! feature to prove of much
ultimate Importance, and all positions
eased off late in the morning under
increased realizing. March sold
down to 29.50c and October to 25.S2c,
with the general list showing net
losses of 10 to 20 points. The close
was a shade up from the lowest on
some positions, and after having sold
| on about even terms during the
greater part OF the morning. March
closed ut a premium of points over
May. Part of the southern selling
1 here was attributed to hedging
against the increased business re-
ported in spot cotton in the southern
markets, with local traders inclined
to believe that some hedges were be-
ing sold against purchases from the
cooperative organizations. Week
end reviews of the domestic cotton
goods markets were considered bull
fish, but no Improvement was report
ed in Manchester.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
INTERIOR MOVEMENT

Houston: Middlng, 29.75c; receipts,
3.5Ssi shipments, 4,791; sales 1894; stock.
Memphis: Middling 2s5oc; receipts,
1929; shipments, 4.7oS; sales 1900; stock
121,425.
ST. shipments, 1900; sales, 4.oss; stock
$685..
st. Louis: Middling, 295oc; receipts
2o4s: shipments. 2.o4s; sales. 60; stock.
Little Rock: Middlng. 2s.ssc: receipts.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
CITIES SERVICE QUOTATIONS.


DULUTH Mimi, Feb. 24.-ClosinE: Flax
seed on track. So u arrive, IS o.; Feb
ruary. $3.07iz bid: March. $500; May
2.Soia bid; July, SETON bid.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
NEW YORK BONDS

NEW YORK, Feb. 24-Following are to-
days high. low and closing prices Of bonds
on the New York Stock Exchange and
the total sales Of each bond:
RnilwaN and miscellaneous
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
SHARES ARE AGAIN
ON UPWARD GRADE
AS DAY is ENDED

NEW YORK, Feb. 24.-Beadjust
ment of the technical structure of
the stock market after three weeks
of steadily rising prices resulted
in lower quotations in today's early
dealings, particularly among indus
trial shares, but good buying sup
port was Forthcoming just above yes
terday's low levels and prices were
working upward again before the
close.
Announcement Of the interstate
commerce commission approval of
the proposed Louisville and Nash
Vile stock dividend checked the de-
cline, that stock jumping 4 points to
154s4, a new high record for the year
and nearly % points above the years
low. Atlantic Coast Line. which
owns approximately 80 per cent of
the Louisville and Nashville stock,
jumped points to 1876, also (. new
top price. Some OF the other divi-
dend paying rails improved in SYM
pathy, but New Haven was conspic
uously weak. dropping IS points to
20.
United std les 9leGl GOHHiIOH III
dulged in momentary display Of
strength, getting above los but it
closed unchanged at 1918.
o o o
Popular shares.
Other popular industrial hares,
Studebaker. Baldwin, American Can,
Americant Wooden, Anaconda Copper.
the PanJAmerlcan Oil issues and
Crucible and Gulf States Steels
all closed below last nights final
quotations, the net losses ranging
from small fractions to nearly
points.
Maxwell Motors was one of the few
outstanding strong spots in the in
dustrial list, touching 81 and clos
ing at SOY. where it was up 2ss
points on the day. Jewell Tea pre-
ferred established a new high price
at 7SH. closing at 7712, up "a on
the day. Brooklyn Union Gas, KEEL
sey Wheel and American Ice were
weak. losing to 4 points.
Foreign exchanges were reaction
airy. sterling dropping nearly Il Of
cent to $40 SIG and Francs
yielding 9 points to 6.55 cents. Slight
recessions were also noted in all
the other European rates.
Days total sales. 472,000 shares.
Twenty industria1s averaged 1926,
net loss ~. High. 1928, 1o3.59; low,
$685.. Twenty railroads averaged
1920, net gain, .0S. High 1923, 90.43;
low, S453.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

NEW YORK. Feb. 24.--Coffee futures
were very quiet with prices lower during
today's trading. There was some scattered
covering by March shorts at the opening,
and first prices were points higher to | /
points lower. Later months gradually
eased off. however, in the absence of any
important support. and after selling at
1880 early March closed at 1l.90c bid.
while July eased off to 1856. under scat
tering liquidation prompted by reports OF
a continued slow spot demand and the
rather irregular showing of Brazil. The
close was to IA points net lower. Sales
were reported of about 5000 bags. Clos
ing quotations; March, 11.90c; May,
l1.s4c July, 1O.65c; September, 9.7sc; De-
cember. 9.46c.
Spot coffee dull; Rio rs, 13Ac; Santos
IS. 15% a Ice. No fresh cost and freight
offers were reported.
The official cables showed no change
in Rio exchange rates. The rice market
was us refs higher to ESQ reis lower and
Santos % reis lower to 100 refs higher.
Rio cleared 500 for New York, Victoria
25,500 for New Orleans and Santos 74,700
for San Francisco Brazilian port re
cepts, $1,000; Jundiahy receipts, II 900
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
FOREIGN BAR SILVER
NEW YORK. Feb. s4.-Foreign b
:. 647sc. Mexican dollars, 49i2c.


SAVANNAH, Ga. Feb. 24.-Turpentine
quiet. 81 Az; sales none; receipts. 1872;
shipments. %; stock. 6.119. Rosin firm
sales, la29i receipts. 675; stock; 1872.
X, IS. 90: NJ, So IS; y, $3.50; WIG. $6.15;
WV q
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
REIMBURSEMENT Brings Stock Market Prices After Three W.
NEW YORK CURB

NEW YORK. Feb. 24-Transactlons on
the New York Curb Market today were
- sounv,s.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

CHICAGO, Feb. 24.--The butter mar
lket was unsettled today The demand
for 92score was good and that grade was
firm. Fancy butter was the free sell
ers' list. although the demand was very
good. The medium grades were quiet,
but the demand for lower scores contin-
ued. The centralized car market was
firmer, with demand almost entirely for
delivery on February contracts.
Closing prices: Fresh butter, 81 score
461sc; So score, 47Ac; SO score, 4sAc: 90
score, 1910; 81 score. Sic; 90 score, 5zisc.
Centralized carlots: IS score. 47kc; 50
score, 50%c; 90 score, $3.50.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
NEW YORK STOCKS

NEW YORK. Feb. 34.-Foliowing are to-
days sales, high, low and closing prices OF
stocks listed on the New York Stock Elk
change:
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

900 South Am e. G.. Az 4A AZ
5000 Spearhead ..... OF .07 .O7
1900 Tech Hughes III. 90 SO 90
200 Tonopah Divide :. IS IS IS
1900 Tonopah Mining. 2 -16 1-ls21-1s
s so Tri-bul & . ... - - y
1000 U 8 Continent M II IL II
100 United Eastern u 81 1-16 81 lie
Soo United Verde Eek 81 al 81
100 United Zinc ...... rs rs rs
100 West End Cons :. 1916 3-16 3-16
800 Yukon Gold $500. 80 .S6 80
1000 Argonaut Gold -. "a "a "a
800 Butte g. West $50. 2 TX IL
200 Chief Cons ...... S S
j. 90 Gold Coin ....... 66 SIS 66
1000 Gold Jackpot -. AS AS AS
1000 Silversmith ...... AT AZ Al
5000 Silver Queen -. so Al so
1000 Cruss Min $1,000. ~ ~ ~
Total sales of stocks. 672, 800 shares.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

fancy worsteds. Burlaps were slightly
weaker. Linens sold well and deliveries of
some grades of dress linens were light to
meet demand. Novelty silks were active.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
DRY GOODS

NEW YORK. Feb. 24.-Cotton goods
were steady today, with strong demand
for novelties in printed and wash goods
lines. Some advances were named on
branded lines OF bleached cottons. Yarns
were steady. Wool goods lines sold very
we'll and mill agents were obliged to allot
some of their product Of overcoatinKs and
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

Total sales Of bonds TODAY were s5,631.
600 COMPARED with s14.750.o 900 previous
day and s9.0s3. 900 year ago.
RAW SILK
NEW YORK. Feb. 24.-Raw silk I'M
changed.
STEEL
NEW YORK, Feb. 24.-Steel unchanged.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

NEW YORK Feb. 24.-Stocks-Appar-
emily the federal reserve board rediscount
rate does not cause any selling except
where bear traders try to il as
means to depress the list There is little
new buying and what there is is notice
able in the dividend paying rails.
Cotton-There were no new features IN
the market today. a slightly reactionary
tone is noted due to weekend profit
taking, but pressure is apparent There
was some scattered selling from the south
representing hedges against recent pur-
chases of spots which have been sold more
freely since recent advance in futures,
Some reports of delayed farm work in ex-
IRENE southwest Texas but it is too early
to be a market influence. particularly as
only a small district is affected Liver
pool opening Monday will probably be
Influenced by action by Turkey on the
treaty. This is expected to occur over the
Chicago Grain; Wheat ruled duh and
firm almost the entire day, easing
lust at the close and finishing with May
shade easier and July slightly firmer
than last night. The market lacked the
heavy liquidation of the past few days,
and 1t was apparent that there was alb
sorption of wheat by commission houses
Export demand actually woke up today
and the seaboard confirms 5000 bushels
of Manitobas and considerable Durum
Domestic demand continued good with
millers in the market for supplies. The
southwest sent in a few damage claims
on the growing crop. Private cables re-
ported more favorable foreign situation
and better demand. Corn Country offers
ing very light. Underlying conditions and
the action of cash today suggest to con-
gestion in cash and higher future prices
Doremus Daniel & Co.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

1854; shipments, 426; sales. sse; stock. 49,
613.
Dallas: Middling, 2s9oc; sales 2.03s.
Montgomery: Middlng, 2s.5oc; sales. 100.
Tota to-day: Receipts, 11,040; ship
ments 13.44S; stock. 440,710.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

NEW YORK, Feb. 24.--Cotton seed oil
was a shade easier under liaudating sales
in March against tender day and in sym
pathy with the decline in cotton. Sales
1900 barrels. Prime crude, loo sales;
prime summer yellow spot, 10000; March,
1890; May. l1.33c; July. 11.61c, all bid.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

NEW ORLEANS,I FED. 24.--COIIUH Iu-
lures closed steady at net decline of .
a.,
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25
FOREIGN EXCHANGES

NEW YORK, Feb. 24.-Foreign ex-
changes easy; quotations in cents: Great
Britain. demand 4.7O9-16 cables
4. 10 1916; 60-day bills on banks 4.6s 5-l6
France. demand Cos; cables. 6 o6. Italy.
4.s1 and 4 .s1h. Belgium, 5.31 and S BIZ
Germany. .0043ia and .0o44% Holland,
$3.50 and 80 IS. Norway 1913. Sweden,
1851. Denmark. 1874. Switzerland,
is.57 Spain Spain 1918: Greece. 1;lo: Po-
gentine, 81 so Brazil. 1l.62. Montreal.
98L.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

LONDON, Feb. 24.--Bar silver Sid per
ounce; money IA. per cent. Discount:
Short bills. rs g2ia per cent; 3-months
bills, rs O. ZIG per cent.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-02-25

BIRMINGHAM. Feb. 24.-Cotton prices
ruled rather undressing during the short
session today. The initial prices were
slightly above the close of Friday on buy
ing by Liverpool. but after the contracts
were filled the market ruled featureless
with somewhat a sagging tendency. the
finals averaging 10 points decline for the
day. Spots were generally unchanged to
so points down. the latter being at Mem
phis. where middlings were quoted at 29c.
Small sales were reported from the south
ern points. shorts covered in the March
option caused it to again close at
prenius over May. Rains all over Texas
were considered bearsh and brought re-
newed selling in the new crops. Worlds
takings of American cotton are now $1,000
above last year, due to Increased Amer
lean consumption. Fall River sales, for
the week were 10000 pieces; southern
spot marekts sold 5000 bales yesterday,
the largest in some time. and indicating
good business at unofficial points where
the bulk of spot business is done. Exports
today were 10000 an dnow running so,o0o
under last year. Fundamentals in cotton
are bullish. but is entitled to further
temporary downward reaction to adjust
the technical condition due to the big ad-
vance his weeks. r. Stewart & Co.
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1923-02-02
NATIONAL EDUCATORS
TO MEET IN CLEVELAND

CLEVELAND, o. Feb. 2.-Special
attention TO a plan for solving the
financing OF public schools will be
paid by the winter convention OF the
Department OF superintendent OF
the National Education Association.
meeting here February "a TO March ..
The convention IS expected 10 be one
OF the largest gathering OF educators
in the history of the country, as 10000
delegates will attend. Every State
will be represented.
Delegates win include school super
intendents. college presidents ant
deans, heads OF teacher training
schools and elementary. high school
and college teachers.
The convention will also give atten.
ton to the production Of better train
cd teachers and 20 q discussion OF pro.
posed measures for Federal aid &c
education.
j. II Beveridge. OF Omaha, Neb.. Is
president OF the superintendent
The Sterling-Towner bill, a meas
ure TO create a national department o.
education. with a secretary in the
Presidents cabinet, will be discussed
at this winters convention. The bill
Is now pending in Congress. X. G
Jones. superintendent of Cleveland
public schools and vice-president o.
tho superintendent group OF the as
ISOLATION. may initiate a movement
opposing any legislation by Congress
which will give TO a Federal depart
ment OF education supervisory
authority over individual school sys-
tens throughout the country
Evening capital. [volume] (Annapolis, Md.) 1922-1981, 1923-02-02
Sees Farmers Ruined By After
War Burden High Tax, Lou Price

hat the cost OF government has in
creased 200 per cent. over that OF pre-
war days.
THE farm mortgage Indebtedness
has increased from Sl69,000,000 in
1910 in those four States To $500 600.
600 in 1920. an increase OF more than
200 per cent That is an overhead
also that has TO be met.
Overhead Declared Crushing
at wasn't so difficult TO meet these
overheads when wheat was $3.50 q
bushel. but when the farmer gets less
than 80 cents, as he got this fall and
he is continuing TO get at certain
points in the West today, do not see
how we can say that the price which
the farmer ought TO get should be
down TO the pre-war basis. | do not
see how it is possible TO pay OF his
overhead alone. let alone anything
left over for tAe family.
"In addition To that. shogt-time
paper - commercial paper ~ has adj
vanced in the bank in the Ninth Fed
eral Reserve district in 10 years from
about $7O0,000.000 To $1,000. goo 600
That short-time paper is usually
higher rate paper. and higher rate