davidaulloa/AmericanStories huggingface dataset:
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1924-05-23
DECLINE
is FORECAST
BabSon Sees Descending Arc
for Commodities Here

BAnsoN PARK. Mass. May 80
The decline la commodity prices con
tinuing steadily since the firsi n
thia year has brouEht averages 10 a
point bat a. par cent above prewa
levels. The trend. still downward. -
slowing up n little and many com
modltles that have suffered severely
viii doubtless come back. The sue
cess of business men aud investors
over the neat few Year,. however
will depend 10 s large extent on their
correct Interpretation OF this trend.
Commodity prices, therefore, have
the center o. tie stage. Just now, and
tho business world ana iia students
seem 90 be split into two opposing
camps. Ia fact. We seem 20 find
two schools group Of "funda'
menlalisis" and a group Of mod
oTnistn." Roger W. nabson. the
statistieihn. and most prominent
representative OF the fundamental
ist" group In this discussion. believes
that the long swing Of commodity
prices win be downward. lie bases
his conclusions on the studies being
made At tho nahFon institute.
FINDS PRICES Run
IN CYCLES
III We begin by getting the facts
on tho situation" says nahaon. eve
find that commodity prices have a
habit or rising for 20 90 30 years.
then gradually declining for about 20
years,
Historical evidence would seem TO
indicate a decline IN prices for tho
next rs 10 g years.
This whole business OF money and
prices IL cleared up," continued Bah
son. ~ you realize that capital f.
siored.up labor. nothing more. and
that money and credit simply repre-.
SCENTS an immediate demand on the
supply of labor or is products"
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1924-05-23
NEPoUNNIALRTzy GONE

NEW YORK - No longer win
David Scpounnlaiktzy be called upon
20 repeat hts name five or six times
In casual introductions, nor will he
have 10 print his signature on hotel
registers. He who was David Ne.
pounniallStzy n now David Knapp.
The supreme court offered no objcc.
tons 10 tho change.
The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1924-05-23
LOS ANGELES BUILDS

los ANGELES Los Angeles Is
credited with one.twentie,h Of all tho
building operations in the United
states during 1898 in statement -.
sued by the Los Angeles chamber pt
commerce. Reports from other cities
in Southern California showed similar
record.breaking activities.
The Birmingham age-herald., 1924-06-16
srATE AND MUNIcIPAL

Ala National Life (par lOl ............. IS Lincoln Life (psr l0l ..............'.'.' Protective Life tpar lo ................. 1S
The Birmingham age-herald., 1924-06-16
RISE REPLACES
 COTTON DECLINE
Market Develops Over sold Condition Toward
 End Of Week

NEW ORLEANS. June 15.-Al- though the week started off with prices for cotton declining as result of the more favorable weather and many scattering reports from the interior claiming that the crop was now mak- ing good progress, the market soon de- veloped an oversold condition. The technical position also was altered by the pretty thorough liquidation of the long interest and the creation of a sizeable short interest and was there fore in a condition to respond quick ly to any favoring influence.
 That influence developed about the middle of the week in a sudden de- mand for July contracts, mainly on the part of large spot houses that were credited with having sold large amounts of cotton for exports to Russia. The buying of July was said to be for the purpose of fixing prices on this cot ton intended for Russia. At any rate the resulting advance in July con- tracts pulled up new crop months in sympathy.
 The strength of July based mainly on the hardness of southern spot mar kets revived the impression that de spite the recent reported liquidation of the long interest in that month the position nevertheless retained possi- bilities that might make for something of a squeeze before July should be fin ally liquidated. The demand for cot cot from Russia was emphasized by
The Birmingham age-herald., 1924-06-16
MONEY MARKET
 REMAINS EASY DURING WEEK
Steel Has Little Change. Textile Foremost
 Issue

a
 NEW YORK, June 15.-(By Asso- cisted Press. )-An extraordinary easy money market, which stimulated prices of investment securities, was the fea- ture of the week in businss and fi- nance. The call rate on the New York , Stock Exchange fell back to per cent while 90-day time money was avail able at per cent The rate on bank CTS acceptances relaxed to PA and 2% per cent basis.
 With money cheaper than at any time since the start of the war, the reductions in the discount rates by the Federal Reserve banks at New York and Boston to 3h per cent were con- sidered natural responses to open mar ket conditions. The new discount rates are the lowest for all classes of paper in the history of the system. The re- action in business and the heavy gold imports were considered largely re- sponsible for the surplus of loanable funds. Other factors were the absence , of the frozen credits which existed dur ing the depression of 1920, the lower level of commodity prices and the di- minishing supply of short term invest ments.
 Little Change In Steel
 Little change was apparent in the ssteel situation. Publication of the steel corporations unified orders as of June 1, disclosed a decrease of 5S0,000 tons and left the total of 3,628,000 which is the smallest since November, 1914.
 The decline, slightly larger than that of April, was not suprise because the figures on iron. and steel production during May had shown that the in- dustry had suffered, severely. It is thought tha the June decrease in the corporations unfinished business will be. smalled as the rate of shipments has fallen to about 55 per cent of capacity while new orders are holding fairly steady.
 The steel industry as a whole con- tinues to operate at about '45 per cent capacity. There has been additional buying of pig iron but this has not been sufficient to prevent further soft ening in prices. Steel prices also were easier.
 Uncertainty over the future of the oil industry continues. Production of crude oil and gasoline have run some what higher than expected while con- sumption, principally because of the unfavorable weather, has been disap- pointing. The situation has been in delicate equilibrium mad the best judges have not been certain as to whether reduction in prices will be necessary to curb the situation. Cuts in certain crudes already have been made.
 Railroad traffic seems to be holding up fairly we'll although the latest fig ures available those for the week ended May 31 were deprived of part of their comparative value by the May 30 holi- day, The total for the week, 820000 cars, was 113,000 smaller than for the corresponding week last year. This de- crease was about 16,000 cars more than that shown by the previous week. At this time last year traffic was ex- banding to level consistently above , one million cars a week. No such ex one million cars a week. No such ex- pansion is apparent at present.
 A sharp rise in wheat was caused by the government crop report which
The Birmingham age-herald., 1924-06-16

the export during the week of 10000 bales from this port to that destina- tion.~ Another vessel is in port to load further consignment to Rus sia and two other vessels are chartered to load cotton for the same destination, one at the end of the present month and the other during July.
 Towards the end of the week the market was supported by shorts cover ing owing to several private midmonth condition reports all of which showed deterioration in the crop condition compared with the reports of two weeks ago. The market was addition ally stimulated by excessively high temperatures in Texas and Oklahoma which it was feared would injure the large amount of young cotton in those states. As a result the week closed with good undertone notwithstanding
The Birmingham age-herald., 1924-06-16
IDLE U. s. GOLD
 TO BE PUT BACK NFOREIGN TRADE
Cheap Money Has Stimu- lating Effect On
 Bond Market
By EDWARD J. CONDLON (Leased Wire to The Age -Herald)

NEW YORK, June 15.-The pre- mier positioH which New York now holds among the financial centers of the world was never more apparent than during the week just completed. Wall street is yielding the sceptre which Lombard street so firmly held for cen turies and so successfully disputed with the commercial city-states, Venice and the Hanseatic League. The British centre has been the clearing house, not only for the empire but for the world at large.
 L Last week the discount rates on bank CTS bills were named below the figures quoted in the London market for the first time since the acceptance market was organized in America with the es- tablishment of the federal reserve sys- tenn in 1914. The dollar acceptance has become internationally known in its com petition with sterling bills, and prom ises to occupy a more important place in world finance than it has hereto fore.
 To Put Gold To Work
 Perhaps, one of the most striking phases of acceptance credits was the news last week that the idle gold in the United States would return to for eign trade by virtue of the extension of rediscount facilities by a group of New York banks for German two name" trade bills.
 The move is a sound. one, in that it brings relief to Europe and affords the borrower big saving in interest rates, and may have the full benefits of the rediscount arrangement with the federal reserve bank. Thus the vast hoards of gold in the vaults of the federal re- serve bank may be employed without risk as an aid in rehabilitating Euro pean finances.
 Monday will see a transfer of some $69, 100000 from Britain to America for the account of the war debt. h. cidentally, this will mark the first time that Liberty bonds have not been ten dered as part payment. The premiums now being obtained for all of the Lib erty loans prohibits the payment of the bonds in lieu of cash by the debtor na- tion.
 The cheap money market now ruling has made possible the Notation of the new treasury certificates of indebted ness on a PA per cent basis, a pre- war rate, with the subscriptions run ming nearly four-fold for the $150,000,- 900 offering.
 The strong demand for bonds has been the immediate result of the low money rates. Banks and corporations, as well as investors with surplus funds, have been eager to employ their money to an advantage and have found the bond market a logical place. Bond sales since the first of the year are run ming some $S1, 100000 ahead of this time a year ago while the turnover in stocks is about 100000 shares less than for the corresponding period in 1923.
The Birmingham age-herald., 1924-06-16
BONDS SWEPT
 TO HIGH MARK
Commerce Commission Decisions Boost Rail
 Mortgages

NEW YORK, June 15.-(By Asso- ciated Press. )-Reduction in the New York and Boston federal reserve re- discount rates to 31A per cent, causing fresh decline in money quotations, last week swept bond prices to the high est levels of the year. With Wall street caught unawares by the lowering of the bank rates, trading activity broke out on an almost unprecedented scale. To- tai daily sales mounted as high as $2S,- 769,000, unequalled since early in 1922.
 Reflecting the extent of the weeks gain in prices the average of about 90 representative issues moved up almost 1h points compared with an advance during the current year of only 212 points. All classes of bonds shared in the improvement. United States obliga- tions on several successive days estab- lished record high levels, and several score of foreign government, railroad and domestic corporation liens scaled new 1924 peaks.
 Creates Cheer
 The impressive action of the invest ment market created the most cheerful sentiment in several years, and in cer- tain quarters was held responsible for the expansion of activity and the better feeling in stock trading. The demand for new bond offerings which again ap- proximated $100,00O,000 for the week, was so strong that in several instances all bonds were sold before opening of the subscription books. A $26,000, 900 (Nickel Plate) issue was several times oversubscribed and a $10,O00,O00 block of Argentine government one-year notes was snapped up quickly.
 With call money rates crumbling to as low as 2 per cent on the stock ex- change and 115 per cent on the "out- side" market, time loans available at 3 per cent and the acceptances dipping to new low records for this. center, it was inevitable that huge supplies of idle bank funds should find employment in the investment market. High grade se- curities were the first to benefit but as the buying movement gained in mo- mentum and giId edge issues grew scarce orders were extended to embrace many types of semi-speculative liens.
 Rails Rally
 Several favorable decisions by tn in- terstate commerce commission brought sharp rallies in railroad mortgages, con- ditional approval of the acquisition of the International Great Northern railway
The Birmingham age-herald., 1924-06-16
IAssvGf LOcez1Es. soJ7W

condition is lower than for any June except that of 1898.
 Planting has been so late in many sections, however, that favorable weather from this time on may ma terially enlarge the forecasts which will be made later on in the summer.
 Even though there is no improve ment, the present outlook for grains while unfavorable from a production standpoint may in the long run prove q boon to the farmer. Small crops will bring the supply of grains down to a point nearer the amount which this country is able to consume In this way, prices would be strengthened.
 It must be remembered that very lit tie improvement in foreign demand can be safely anticipated. Farmers must depend chiefly upon the demand at home.
The Birmingham age-herald., 1924-06-16

by the Gulf Coast lines contributed to brisk advance in the bonds of these roads. Carolina, Clinchfield and Ohio issues scored even more sensational gains as control of the road was turned over to the Atlantic Coast Line and Louisville and Nashville.
 Despite the improvement in funda- mental market conditions and the wide spread belief that the reduction of the rediscount rates would enhance the su- premacy of Amercian bankers in the field of foreign financing, prospects fail ed to improve for early Notation of in- ternational loans. Delay in marketing the German loan was considered partly responsible for the extension of S25,- 100000 American credit to the German gold discount bank. Proposed terms of the Hungarian loan were not acceptable to New York bankers and if an early offering is attempted they are likely to remain outside the participating syn dicate,
The Birmingham age-herald., 1924-06-16
STRONG FEATURES
 DEVELOP ON CURE
Number Of Stocks Move To
 New High Records

NEW YORK, June 15.-Many strong features developed in trading on the curb exchange the past week, number of stocks moving up to new high records. Hazeltine was especially prominent ill this group, moving up z points to above 21 on continued accu- mutation. Dubilicr also sold at new high on it's advance to above 31 and Lehigh Valley Coal. new when issued, was in the same list, moving up six points to above 34 on heavy dealings. Gillette Safety Razor had the widest range, advancing 15 points to 2S2. .f
 The utilities stocks continued ex- tremely active. Appalachian Power ranged from 80 to S5 and Common wealth Power from soto 06. Lehigh Power was feature Friday when it sold above 60 against 65B, it's low price for the week. Ford Motors of Canada was exceptionally weak, yields ing 15 points while Durant Motor made q moderate gain.
 Standard Oil issues were steadily held in spite of the depressed conditions of the industry and some of these issues were established at moderately higher levels. Nebraska, however, was under pressure when heavy selling was brought in by the unsettled gasoline situation in it's territory.
 The bond department was extremely active, large transactions being made on each day of the week. The utility issues displayed strength, the heaviest transactions being in Northern States Power convertible 61a's which ranged from 101A to 104A.
The Birmingham age-herald., 1924-06-16

THE nations grain crops will be
 considerably smaller this year than
 they were in 1923, if June 1 fore casts by the department of agriculture are not materially enlarged by future developments.
 Cold weather in the eastern and cen tral states has hinderdd planting. Much grain already sown has had to be replanted. On the Pacific Coast, the spring grain country, unseasonably warm weather and lack of rain have caused a heavy decline in prospects.
 To illustrate just how destructive the weather has been, the condition of spring wheat is given as only 823 per cent of normal on June 1. This is a figure per cent lower than any for similar date in 30 years. The condition of oats is the poorest for any June on record except in 1907. The barley crop
The Birmingham age-herald., 1924-06-16
indicated a yield 1oo,oOo,ooo smaller

indicated yield 100,00O,O00 smaller than was predicted at this time last year. Prices jumped about cents and held most of the advance. The rise was welcomed by those who hope for re- covery in the grain growing reiions. It has been emphasized repeatedly that the real cure for the unsatisfactory wheat situation is reduced production.
 An indication of the continued and severe curtailment in the textile in- dustry was given by the Census Blu
 rau's report on the mill consumption of cotton during May. Takings of 413,- 900 bales compared with 4S0,000 bales in April and 620,O00 bales in May of last year. They are the smallest since July, 1921. Eports, however, con tinue to run. ahead of last year. In May they amounted to 326, 900 bales as against 100000 in May, 1923.
The Birmingham age-herald., 1924-06-16

a census bureau report showing a domestic mills than had been antici- pated.
The Birmingham age-herald., 1924-06-16
TRUCK GETS LOOSE,
 DRIVER IS INJURED
Accident Occurs On Long Hill
 Near Belle Ellen

Robert Whitley of 911 Tuscaloosa avenue, was severely injured about 4 80 o'clock Sunday afternoon, when a pow CT company truck which he was driv- ing got loose on a long hill near Belle Ellen and turned over near the foot. Whitley was pinned beneath the hood ed part of the truck and received pain full bruises and lacerations about the head and body. He was taken to St. Vincents hospital, where he was found to be badly bruised, but not in a seri- ous condition. Faulty brakes were said to be the cause of the accident.
The Birmingham age-herald., 1924-06-16
GIFT FOR THE ,JTJNE RRTDE

For the June bride there is a fas- cinating little sewing table with two compartments and convenient handle for carrying it about. It is painted a brilliant lacquer red with touches of black and an occasional line of dull gold. Another, quite similar, is a soft tone of yellow with a rather indefinite design in black.
The Birmingham age-herald., 1924-06-16

STATE AND MUNICIPAL BONDS AI.ssm: 4I:s.m: sh' ,sls ls5s ..........s .: so s Aisbsms Highway iMs ................. s9 10S City of Birmingham, 4.S0 to 5.lO pet. basis. Jefferson County, AIS to 5 pct. basis. Jefferson County Warrants. 5.25 to bT5 ret
The Birmingham age-herald., 1924-06-16
LOCAL MARKETS

ApplesAw winesaps. fey Va. sA In ( up. bbl. q. s
 Winesaps. sx fey, S-I00-Il3-I25 box. -S3. % Winessps. fey. 80-ss -100-113-135. box 7s Black Bens, ex fey, 72-S0-Ss-100-113 ..$2.5 50 banAnas ss and ktraiRhtl. ErosA RaiRht. lb. ..6me
Evening star., 1924-08-23
WOULD ANNUL MARRIAGE.
Harry Berg Alleges Wife HI
Welded Was Undivorced.

Suit to annul his marriage to Louise
Berg was filed yesterday in the District
Supreme Court by Harry Berg, on the
grounds that the defendant was already
married and had not been divorced
at the time of their wedding at Balti-
more, April "a last
The plaintiff, through Attorneys
Tanner & Burch, says that the de-
fendant represented to him prior and
at the time of their marriage that she
was an unmarried woman, but that
last Saturday she told him she had
not been divorced from her former
husband, although she was paying
room rent in Alexandria to establish a
residence there and get a divorce.
Berg states in the bill of complaint
that since acquiring this information
he has been living separately from the
defendant, and that he has made an
investigation, finding she married Roy
r. Parsons March 3. 1915, and that
the marriage contracted then is still
valid and Parsons is still living. Since
the time of their marriage in Baltimore
until last Saturday the plaintiff and
defendant lived at 1912 Georgia
avenue.
The petition, affidavit to which was
made Wednesday in Passaic, n. j.,
asks the court to order defendant into
court to answer the bill of complaint
and asks for a decree annulling the
marriage.
Evening star., 1924-08-23
HOLLAND PACT SIGNED.
q. s. Enters Into Another Liquor
Smuggling Treaty.

A treaty to prevent illegal importa-
tion of Intoxicating liquors has been
concluded between the United States
and The Netherlands. 1t is similar
to the treaties between the United
States and Great Britain. Germany,
Denmark, France, Italy, Norway and
Sweden.
When the treaty with The Neither
lands was signed at the State De-
partment notes we're exchanged to the
effect that in case the Senate shall give
it's assent to the Presidents proposal for
the participation by the United States in
the support Of the Permanent Court
of International Justice, the two gov
ernments will consider the making Of
an agreement under which the dis
putes, of the nature described in the
treaty, could be referred to the Per-
manent Court of International JUS
tice.
Evening star., 1924-08-23
Find Headless Body.

LOS ANGELES, Calf, August "a
The headless body of a man was
found today in the willows of a
creek bed near Whittier, near here.
Clothing indicated it might be that
of Henry Carpenter of Cincinnati,
Ohio. The suit, bearing that name,
with number 49," was made by the
Interstate Tailors of Cincinnati.
Evening star., 1924-08-23
Aim to Increase Investments.

1t is the aim of the banks to in
crease their investments in real
estate mortgages to an amount equal
to SO per cent of their resources.
This means that If that policy is car
ried out the banks, on the basis of
present resources, will eventually
hold S78.391,015 of real estate mort
cages, or S33,554,030 more than they
now hold.
Evening star., 1924-08-23

in connection with w. A. Buscher &
Co.
Pelham Courts, an apartment build
ing on Z street northwest near Du-
pont Circle, was sold for an out-of-
town client to a local investor for
approximately 100000.
Evening star., 1924-08-23

Manufacturers Of fancy hatpins re-
port a heavy slump in their business,
due to the feminine craze for bobbed
hair.
Evening star., 1924-08-23
OUTLET IS FOUND
FOR SURPLUS CASH
Savings Banks, in Dull
Money Market, Turn to
Realty Mortgages.
Special Disnatch to The Star.

SptClal ilSpdtcn TO ne star.
BALTIMORE. August 23.-Dullness
of the money market has resulted in a
boom to the real estate business here.
Fifteen local mutual savings banks. find
ing no outlet for their surplus funds,
have turned to realty mortgages and
today have about 80 per cent of their
resources in lien. an increase of ap-
proximately s10,000.000 since July /,
1923.
These investments bear a fixed rate
of interest, and the banks receive
from them the same amount of in
come, whether open market rates for
money go up or go down. These
mortgages mature in about five years
and represent from so to so per cent
of the appraised value of real estate
pledged as security.
Principal Reduced Annually.
The principal amount is reduced
every year. with a corresponding in
crease in the value of the collateral
behind the loan. The volume of in
vestments of this character has in
creased tremendously during the last
few years. and today is the heaviest
in the history of the banks.
AS of July I, according to the files
of the State bank commissioner. the
institutions had approximately 80 per
cent of their resources invested in
real estate mortgages. In other
words, $44, 1865 9S5 of their total re.
sources of s157.162.030 We're loaned on
real estate mortgages bearing inter-
est at the rate of 5 Y to S per cent.
This compares with $102,773.242 in
vested in mortgages of railroads,
power companies and in obligations
of the United States Government
States, counties and municipalities
bearing interest averaging Az per
cent