davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
RAILS ADVANCE;
NDUSTRIALSFALL'
ON ELECTION EVE
Wall Street Loses Bravado
In Eleventh Hour
Trading
Nv EDWARD CoNDLoN

NEW YORK, Nov. 3-wall street
likes to think that It discounts every
thing and does 1t well in advance. In
Mid summer 1t was the autumn trade re-
vival that was being discounted, and
for the last few weeks 1t was the rout
of the third party that was being in
terpreted by means Of advancing prices.
Curiously enough, domestic and foreign
trade has failed to corpe up to expecta-
lions this fall and the reason assigned
was that the public was waiting until
after the election before buying on
large scale. ,r.-
Did Wall street everyday its hand in
sending security and COMMODITY prices
higher in July and August, and, II So,
did the financial community once more
make a tactical error in assuming too
much concerning the election? This Is
a question which can only be answered
definitely wheR the vote is canvassed
Tuesday nighe
Bravado Cracks
Strangely enough, Wall streets bra
vado seemed to crack bit at the last
moment. with single exception, going
back to pre-civil war days, the security
fore election and declined after on prof
It taking. Mondays tradings on the
stock exchange is a decline OF twenty
eight hundredths Of point in the aver
ages of 20 leading industrial stocks
against a net advance of seventeen
hundredths of a point for the repre-
sentative railroad stocks. Wheat closed
lower and the other grains finished ir-
regular. Cotton firmed up in narrow
trading.
But on one point there does appear
to be unanimity. And that Is on the
question of the action of professional
traders after election day. The finan-
cial community has steeled itself to ex-
pect heavy taking of profits by recent
buyers and by many OF the buyers IN
late summer who were unable to obtain
high prices for their holdings and pre-
ferred to "wait OUT the market.
Interest To Revive
On the other hand, the Wall street
counting. houses are anticipating gen.
eral revival Of public interest in the
stock market soon after election so that
realizing on the part of professional
traders may be absorbed without vio-
lent fluctuations in security and COM
modify prices.
1t is hardly likely that anything like
boom times will be seen during the re-
naming weeks of the year, but all pres
ent signs point to gradual improve
ment in underlying trade conditions,
both in the United States and in Eu-
rope.
Loan Floated
The first concrete evidence Of defi-
mite plans in Germany to acquire a
firmer financial foundation since the
German loan was floated, is the an.
nouncement that 100000 City OF
Berlin note issue has been negotiated
this week with a group Of New York
banks and that long term loan Of
about $4,000, 900 is contemplated. Ru-
mors of negotiations of a $40, 900, 900 City
of Hamburg loan are also current here.
It begins to look as II Europe meant
business this time in its efforts to get
back to some semblance of normal,
something, Of course, which Is very
necessary If trade improvement in this
country is to be more than a petty af-
fair.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
MEXICO CURTAILS
BRITISH TRADE
Delayed Shipments Will Occur
From Modified Arrangements
(By Associated Press.)

LONDON, Nov. "a modification
of the attitude of the Mexican govern
ment towards commercial relations with
Great Britain has been brought about
through inquiries by the British cham
Der of commerce. The foreign office
has been advised by the British diplo-
matte agent in Mexico City that the
Mexican government will accept ship
ments from Britain in the future under
the same conditions as from other coun-
tries where Mexicans do not have con-
sular agents.
This arrangement requires that ship
pers mail number of documents to
a Mexican port of entry where they are
filed with the customs agents and the
shipper is advised later whether the
shipments in question are allowable.
These conditions entailing extended de-
lays will seriously affect England's
$4,000 pounds monthly exports to Mex
leo.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04

Similar declines, either more or less
pronounced, can be shown for most Of
the important importing nations.
All this indicates that there is a con-
stantly increasing need for energy and
ingenuity in order that a large proper
ton OF our war period gain in foreign
customers may be held. For America
needs her foreign purchasers more than
many business men, perhaps, realize.
The above chart suggests some op-
portunities. For instance there is
China, country which buys a smaller
proportion Of her imports from us than
Japan, even the Japan's total purchases
from other nations have been running
far ahead of China's. And then there is
India, which buys no more than 10 per
cent of her imports from us, although
the Department of Commerce recently
pointed out the tremendous possibilities
of that land as a buyer of American
goods. Australia Is another example Of
a market more accessible to us from
transportation viewpoint than to most
Of our competitors.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04

have suffered most from depression are
Ishowing at least moderate signs of re-
Icovery. -
The average prices Of stocks traded
lin on the New York Stock exchange has
been advancing and on Friday trans
actions exceeded a million shares with
the closing quotations showing a pre-
Iponderance Of advances.
The overwhelming defeat of the So
lcialistic government in England by the
conservative party is held by our own
banking and commercial leaders as ire
fmendously significant and encouraging.
A somewhat similar development Is
Hooked for before long In France and
fhope that the impending general cleo
ftion will bring a swing away from radi-
calism has been strengthened.
All the foreign exchanges, led by
sterling. have gained strength
How can any business boom be near
at hand when money rates are so low.
| Is asked. That money rates are I'M
usually low is, Of course, the fact, Only
Hast week Chicago banks decided to re-
duce interest paid on deposits from 2 to
f1% per cent. At New York there is so
much idle money that reports are fire.
quent Of banks refusing large blocks
Of deposits. New security issues Of any
and every size are floated without
causing the slightest ripple and govern
ment obligations are all selling on an
extremely low income basis-the treas
ury As have touched LOT.
An explanation of all this can, be-
lieve, be furnished.
It has been the almost universal rule
all over the country for many months
to buy only from hand to mouth. This
has naturally kept down borrowing by
H-rr
facturers, for the latter have also
scrupously avoided stocking up unsold
merchandise. 4
Grain has been rushed to market in
abnormal volume. Exports of wheat
have broken all records. Therefore,
millions and millions OF dollars have
moved from the larger financial centers,
where money Is superabundant to the
agricultural districts enabling farmers
to pay their debts.
Cotton, too, has been sold quite fire.
quently at from % cents to better than
rs cents a pound. This means the dis
tribution of large sums throughout the
south.
Moreover, after what happened when
the postwar boom collapsed, most bust
mes concerns determined to fortify their
cash and capital position, with the re-
suit that the long period of cheap money
has facilitated the raising of a very
large amount of capital through bond
and stock issues. Consequently the need
for borrowing from banks has been
drastically cut down.
Finally, 1t would take tremendous ex-
pansion in business and inordinate for
eign borrowing to makeF much impress
sion upon money rates ID view of their
colossal stock of gold, fer 1t forms the
base for furnishing more credit than
banking prudence is likely to grant.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
RATES GRANTED
Action Taken by Governor on Recon-
mendatiOn of Board

MONTGOMERY, Ala, Nov. g.
Governor w. w. Brandon today on rec.
ommendation of the pardon board pa
rolled Rich Hawkins, Macon county
who received a 16-year sentence for
murder April %, 1919; George T. NV.
Gree, Lauderdale county, who received
a IL to 10 months sentence for distill-
ing April 80, 1924; Willie Frosyth,
sentenced to IL to 10 months for dis
tilling in Lauderdale county, June g.
1914 and J. M. Vanderford, Jeffer-
con county, who received sentence OF
a year and day to five years for dis
tilling January %, 1928. The COVER
nor also on recommendation of the
board granted full pardons to Jim
Bentley, Cleburne county, convicted of
distilling and Mae Clemmons. Lauder
dale county, convicted of manslaughter
both of whom were out on parole.
Parole was granted on recommends
ton of the trial judge to W. ]. Pickett
Mobile county, who received a three
months hard labor sentence for viola
ton of the prohibition law.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04

THE extent to which foreign nations
rely upon the United States for
commodities which their popula-
lions need is shown in the above chart.
The bars indicate the proportion Of pur-
chases by leading nations from this
country to the total imports Of those ma
lions from all parts of the world. The
figures are averages OF al available
years since and including 1920.
1t is important to note. however, that
the proportions in almast every instance
are declining, due largely, no doubt, to
the fact that many commodities which
could be purchased only from the
United States with convenience during
and just after the war can now be Sc
cured to as good advantage in other
places or can be made in the countries
which require them. The United King
dom, our most important customer from
the viewpoint of total value Of pur-
chases, for instance, bought 29.2 per
cent of all her imports from us in 1920.
Last year, the figure was 1872 per cent.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
WOMAN, 98, WILL
CAST VOTE TO-DAY
President Sends His COngratu-
lations On Her Public Activity

WEST BOYLESTON, Mass, Nov. 3.
Mrs. Emily w. Parker, who was SO
years old on September IA last, is in
receipt of the following letter from
President Coolidge:
white House; Oct. 81, 1924:
"My Dear Mrs. Parker:
Zone of my friends in West Boyles-
ton has been good enough to send me
a newspaper clipping telling the story
of your registration and of your life in
terest in public affairs. I am writing
to congratulate you on your being able
at your advanced age to continue your
activities and to express the hope that
you may have many more years. of con-
tinued interest.
(Signed.) ...
CALVIN COOLIDGE"
Mrs. Parker will be taken to the polls
tomorrow as she is anxious to cast
her vote for President Coolidge.
DECORATIVE CANDLESTICKS
Charming candlesticks are of deep
blue glass with long prisms of crystal.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
POULTRY AND PRODUCE

NEW YORK, Nov. 3.-Butter firm;
receipts, $500 pound creamery higher
than extras, 41@41hc; creamery extras,
(92 score), 40hc; do, firsts, 1888 to 81
score), 34@39hc; packing stock current
make, No. 2. 26c.
Eggs, steady; receipts, $50 cases.
Fresh gathered extra firsts, 51Q55c;
fresh gathered firsts, 44@40c; do, Sec
onds and poorer, s7@43c; nearby hen
merry whites closely selected extras, SIG
SAC; nearby and nearby western hennery
whites, firsts to average extras, 60QS0c;
nearby hennery browns, extras, 500
CSC.
Cheese steady; receipts, 81 ASS pounds.
State whole milk flats, fresh fancy to
fancy specials, 1914 @20Ac; do, average
run, 1870; state whole milk flats, held
average run, 1871 @19c.
CHICAGO, Nov. 3.-Butter I'M
changed; creamery extras, 38hs; stand
ards SIC; extra firsts, 36@37c; firsts,
82@34c; seconds, 2914 @3ohc.
Eggs lower; receipts, 1924 cases;
firsts, 42@48c; ordinary firsts, 37@4Oc.
KANSAS CITY, Nov. SHUTTER I'M
changed; creamery, 4o@42c; packing.
21c.
Eggs unchanged; firsts, 42c; selected,
sic.
Poultry unchanged; hens, 19c; springs,
20c broilers, &c. roosters, 12c.
Potatoes unchanged; Kaw Valley cob
blers and Ohios, 75c%S1.
CHICAGO, Nov. s.-Poultry alive
higher; fowls, 10000; springs, 21hc;
ROSTERS, 15c; turkeys, CSC.
NSw YORK, Nov. 3.-Live poultry ir-
regular; chickens, by freight, 21923c; by
express, 24@25c; broilers, by freight or
express, 30@35c; fowls, by freight, 1870
23c; by express, 1S925c; roosters, by
freight, Ice; turkeys, by freight, 32c;
by express, 32@40c.
Dressed poultry steady; chickens, %
@45c; fowls, 18@32c; old roosters, $50
&c; turkeys, SOQ4sc.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
MODERATOR QUITS
WIEN ROW LOOMS
Wisconsin Church Official Re-
fuses To Hear Charges
(By Associated Press.)

MADISON, Wis, Nov. 3.-Henry e.
Andrews, Portage, moderator of the
Madison presbytery of the Presbyterian
church, resigned his position and left a
meeting of the presbytery here today
when it convened to consider charges
against DIR. George Z. Hunt. Madison
minister.
The charges were an outgrowth of
comments by DIR. Hunt on the case of
Or. Harry Emerson Fosdick, New
York minister. A statement credited
to DR.. Hunt declared that the Westmins-
ter confession of faith was antiquated'
and that DR.. Fosdick has been elbowed
cut of the church by reactionaries in the
theology"
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
MRS. HARDING
SLIGHTLY BETTER
Complications, However,
Retard Recovery Of Late
Presidents Widow
(By Associated Press.)

MARION, Ohio, Nov. 3.-Mrs. Flor
ence Killing Harding, widow of the late
President, who has been i'll of kidney
trouble for several weeks, was slightly
improved tonight, although complica-
tons have set in, bulletin issued by
DR.. Carl w. Sawyer at o'clock to-
night said. DIR. Sawyer's formal state
ment said
Mrs Harding is some better tonight
after resting we'll today. New compli-
cations have developed, however, which
are vet underlined"
Weakened with grief at the death of
her husband, Mrs. Harding suffered a
second shock with the death a few
weeks ago of DIR. Charles f. Sawyer,
personal physician to the late Presi-
dent and long friend of the family.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
SUGAR MARKET

NEW YORK, Nov. 3.--The raw sugar
market was easier today. Sales of $4,000
bags of Cuban for prompt shipment
were made at 5.78c, a decline of Nc.
Ten thousand bags of San Domingo also
were sold at 5.7Sc.
Rejecting the easier tone in the spot
market and the declines abroad, raw
sugar futures were generally lower I'M
der commissions house selling. The close
was points lower to 1 net higher. De-
cember closed S.s1c; March, So7c; May,
3.1Sc; July, $3.50.
The market for refined sugar was I'M
changed at 7.15c to 7.50c for fine granu-
lated.
Z Refined futures were nominal.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
WALL STREET BRIEFS

A block of $4,000 shares of the De-
forest Radio company will be offered
to the public on Thursday by Jesse Liv-
ermore. Application will be made to
list the issue on the New York curb
market. In lover the counter" trading
during the last week, shares of the cor
poration have advanced about IS TO $21
a share.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
MARKETS AT A GLANCE

NEW YORK: Stocks irregular; food
shares in demand.
Bonds steady; United Kingdom issues
at new 1924 highs.
Foreign exchange easy; sterling
slightly lower.
Cotton higher; trade buying.
Sugar featureless.
Coffee firm; strong Brazilian mar
kets.
CHICAGO: Wheat lower; increased
stocks.
Corn steady; bullish crop advices.
Cattle irregular.
Hogs higher; broad demand.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
REDMOND GIVEN
O-YEAR SENTENCE

BOSTON, Mass, Nov. 3.-George
f. Redmond, head of the defunct brok-
erage house of G. +. Redmond and
Company, was sentenced to ten years
in the federal penitentiary at Atlanta
by federal court today, for using the
mails to defraud in a partial payment
stock purchase plan. He had been in
Jail for several months for failing to
turn over 100000 of the company's
assets. Appeal was taken.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04

NEW YORK, Nov. 3.-After selling
to points in sympathy with lard and
grains, cotton seed oil steadied up to-
day on reports of a better cash demand
for oil and compound and covering of
shorts on the firmness in crude. Clos
ing bids were to points net higher
for the active months. Sales 10000 bar
rels. Prime crude, $S.62A @s.75; prime
summer yellow spot, $10.4O; December
closed $1O.29; January, $1034; March,
$10.47; May, $10.61, all bid.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04

were absorbed by the trade and prices
rallied slowly 80 points. The best price
being made on covering by early sellers
There was no particular news. Exports
were $4,000 today and $4,000 Saturday
Sentiment is becoming mixed, some now
doubt If the trade or speculative demano
even after the election of Coolidge Will
be sufficient to absorb offerings.-John
F. Clark, G Co.
NEW ORLEANS, Nov. S.-Cotton
prices were lower again at the opening
Monday on a poor Liverpool, gooo
weather and a private crop estimate OF
10, 100000 bales.
Liverpool was to penny points
worse than due with spot sales, 5000
bales, of which 1890 was American. A
cable said: "Undertone poor owing 10
better exchange and large offers OF the
actual, good general demand by recent
shorts on way down."
The weather map showed generally
fair over the belt with temperatures
fairly normal. The forecasts are Tor
fair and warmer weather with probably
slightly cooler temperatures In the
northwest. The Journal of Commerce
issued its estimate of about 13,OOO,OoU
bales, which compares with its last esti-
mate OF 13,0s0,000 bales. The report was
taken as bearish, but those who COM
pared. it with the last report of this
agency considered it virtual stand
off to a shade bullish. The report says
weather has permitted the crop to do
more than just hold its own during
October, 1t estimates the percent OF
crop picked as of October q at 70 per
cent; cold weather, the report said, had
helped open bolls,. no labor trouble, very
few weevil and grade above average.
New York said sentiment in New
Bedford mill district was better last
week than for some time. Sentiment is
mildly bearish on increased crop ideas
and favorable weather, with no marked
change in the market over election day.
The next government crop report is due
Saturday, November 8, and is expected
to show a small gain in yield for the
period--Levy & Aronson to S. r. Stew
art. -'
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04

NEW YORK, Nov. 8.-Cotton goods
were steady today, with gray goods buy
ing quite broad, but in moderate sized
lots. Print cloths and sheetings showed
firmness. Yarns held steady. Raw silk
was slightly lower and imports con-
tinued large. Wool goods of a fancy
and fine character sold steadily. Burlap
markets were about steady but higher
prices were resisted.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04

II we loow be-
meath the surface
can we not see sig
|nificance 3, In such
facts as these?
Merchandise Is
being delivered by
the railroads In
absolutely unpre-
cedented quantity.
Employment Is
on the increase.
The country has
been blessed with
almost ideal wealth.
er for cereal and
cotton harvesting.
Tnd,s0t V{oa xu,h{ch
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
BUSINESS BOOM
| Is ON THE WAY,
FORBES ASSERTS
Significant Facts Cited To
Show Expansion
Has Set In

BY b. G. FORBES
Isn't q business boom already in the
|first stages?
And isn't the foundation laid for i'm
|portant developments?
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04

NEW YORK, Nov. 3.-Steel prices f.
o. b. Pittsburg per 100 pounds:si Blue
annealed sheets, $265Q2.70; galvanized
sheets, $4.60Q4.70; black sheets, $500
$50; steel bars, 81. -,-,----- 81
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
FISHING CLUB MEET

There will be a meeting of the Bes-
semer Fishing and Hunting Reserva-
ton Wednesday evening at the assem-
bly, rooms of the chamber of commerce
at s o'clock. Important business is
scheduled.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
STOCK LETTERS

NEW YORK, Nov. .3.-It was a pre-
election market today. Short covering
was as heavy,r IL mot heavier, than Tor
any similar trading time for the past
several weeks. 1t was probably more
marked in the leading industrials and II
was noticeable that the groups OF stocks
in which there has been little or no short
interest were not prominent in the ad-
vance.
We would rather buy the oils now
than to follow the strength in the &C
tive and currently prominent indus
trials.
We learn that while American Sugar
Refining operations have not SO far
been profitable, the company expects TO
earn enough this year to meet the bond
interest and preferred dividends and
add about $4,000, 900 to the surplus. The
company will be able to do this through
profit derived from the sale Of Great
Western Sugar company stock. The
company has 100000 in cash and no
bank loans, according to announcement
made today.-Steiner, Rouse & Stroock.
NEW YORK, Nov. 3-Trading to-
day, as rule was irregular, nevertne-
less was not suggestive of any change
in sentiment of market conditions. It
was rather the expression of the trad
ing element, outside as well as on the
exchange, that prediction influence
had had their full effect. We prefer to
look forward anticipating big business,
big markets and higher values and,
therefore, recommend purchases of
stocks at every favorable opportunity
John F. Clark & Co.
NEW YORK, Nov. 3.-An active first
hour in today's market was followed by
a period of dullness which extended I'M
til well into the afternoon. During the
final hour, however, the general list
staged one of the greatest displays of
American Can led the upward move
ment, attaining the years best levels at
1873. Loose-Wiles also was an outstand-
ing feature of the speciality group,
reaching a new high for the year at TON.
New York Central crossed 100, for gain
of about a point and substantial ad-
vances in the railroad group were also
made by Great Northern, Atchison,
Union Pacific and Canadian Pacific.
This movement was in anticipation OF
publication of weekly car loadings
to be issued late this afternoon. This
statement is expected to show new
high traffic record for this country.
The particular motive, however, seemed
to be the certainty of the election out
come tomorrow. This fact being clear
were quoted as high as Is to 1 in New
York City. The only issue which
showed distinct weakness was Cuyamel
Fruit, which broke to a new low for
the year after publication of results OF
September quarter, which showed
large deficit after common dividends
Fenner & Beane to Kahn'& Virgin.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
NAVAL STnREs

JACKSONVILLE. Fla. Nov. s.-Tur-
pentine steady, sOhc; sales none; re-
ceipts, 1856; shipments, ISL; stock, 2o,617
shipments, 1O,075; stock, 99,6O6. Quote:
b to NJ, $6.2OQ6.25; N, $6.4o@6.75; WIG,
s7.0OQ7.3O; WV. $7.75@7.s5: x. $500.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-11-04
SAVANNAH. Ca. Nov a-Turnsr

SAVANNAH, Ca, Nov. 3.-Turpen-
tine firm, 79Ac; sales. 1853; receipts, 17s;
shipments, 1852; stock, 11,205.
Rosin firm; sales, SAT; receipts, 1,106;
shipments. 1880; stock, 1900.
quote: B, D, E, F, G, H, L, X, M,
$625; N, $6.25; WIG, $7.30; WV, $7.s5;
X, $500.