The Birmingham age-herald. [volume], February 26, 1920, Image 19

About The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950

Image provided by: University of Alabama Libraries, Tuscaloosa, AL

                
CREDIT DEFLATIONS
HAVE ASSUMED A
WIDER DIMENSION
Shares of All Descriptions
and Liberty Bonds Added
a Great Deal to Their
Recent Heavy Dips
By Associate* Proas
New Tegk, February 25.—Cumulative
eigne that the deflation of credits is as-,
ruining wider dimensions and that indus-,
trial conditions are being readjusted tgi
meet this situation provoked another out
burst of liquidation on the stock ex
change today.
Shares of all description and several
of the bond issues floated by this go^fern
npnt during the war added much to their
recent depressions. Among losses stocks
extended from 5 to 10 per cent, thje de
cline being substantially assisted by bear
ish aggressions.
The brunt of the movement was again
borne by mercurial issues, embracing the
steel, equipment, motor, oil and shipping
divisions, but dormant or obscure issues
also suffered severe shrinkage. ,
Dealings presented a greater diversity
of offerings than usual, suggesting en
forced selling from various (Quarters.
Pools abandoned their recent buSlish op*
erations In rails, but that group offered
more resistance than any other Issues.
Final quotations were slightly alaove low
est levels, but the tone at the close was
weak.
The local money market reflected in Us
Incipient stage the change in the mone
tary situation. Call loans opened at 7 per
cent, rising steadily to 15 pec cent just
before the close. This compares with the
6 per cent quotation which nuled during
the past fortnight.
Directors of the local federal reserve
bank announced in advance In the rate of
loans and discounts on treasury certifi
cates from 4 to 5 per cant. Such ac
tion had been foreshadowed, by the central
bank in Philadelphia. Other rates were
not altered, contrary to expectations.
In the bond market, which was heavy
throughout the feature was Liberty 3%s,
Irhich fell to 94.30, a new low record, and
an extreme decline of 1% per cent from
yesterday’s minimum. TV) t a I sales, par
value aggregated $14,250,000. Old United
States bonds were unchanged on call.
New York Stocks
By Allaelatad Pran
Sales. High. Low-Close.
Am. Beet Su. ...900 88%
Amer. Can ....<100 42%
Amer. C. & F...8500 130
Am. H. & X*. pfd.1900 U>2
Amer. X. C.8100 91%
Amer. Loco. ....7500 91 %
Amer. Lin.900 79%
Amer. S. & R.. .1900 61%
mer. Sugar ....600 125%
Amer. S. T. ...2700 81%
Amer. T. & T. ,.2100 97%
Amer. Tob.
Ana. Cop.7400 56%
Atchison .1200 82%
Atlantic C. I*. ..300 87
A., G. * W. I...4500 143% 139% 139%
Bald. Ijoco. ...57800 108% 104% 104%
I'alti. & Ohio...6400 36 34% 34%
Beth. S. "B‘* ..13200 87% 83% 83
Can. Pac.2000 122 119% 120%
ten. Leather j.7600 80% 77 78
Ches. & Ohio.>.2700 55 54 54"’
C., M. & SL F...4800 39% 37% 37%
C . It. I. & P. ,.47500
Chino Cop. ••. .. 5200
Col. F. & I..300
lorn Prod. ....WOO
77 77
38% 39%
124% 125
100% 100%
89% §7%
86% 87%
77% 77%
60 60
124% 124%
80 80%
96% 96%
.. 22tr
55 55%
81% 81%
87 87
35
35
S3
33%
37%
79% 7J%
60% 57%
85% 85%
53% 51%
S3 79%
21% 20%
74% 71
29% 28%
67%
85%
51%
79%
20%
71%
28%
188%
27%
43%
27%
70
32%
33%
34
Com Prod. -WOO 79% 71% f7%
xrucible Steel . 34*400 195% 139 191%
Cuba C. S. ....6100 40% 39% 40%
Erie -.......5300 14% 15% ij%
Gen. Bloc. --1800 IKS 164% 155
Gen. Motors ..20500 225% 228% 231
GL Not. pfd- ,-3600 78 75% 75%
Gt. Nor. Q. C. ..1500 36% 36 36
Gulf 8. R_,...800
Illinois Con.800
lns. Cop. ..2100
1st. M. M. pfd...4700
lnt. Nickel ....3900
Int. Paper .....8100
Ken. Cop. w,.. -2700
I*. & N. ......i..800 100% 100
Max. Motors -200 27% 27%
Max. Get. ....22800 170% 165% 167
Miami Oop. .....500 22% 22% 22%
Mid. Steel ......9700
Mo. Pae.-..14800
N. X. Central ...100
N. T, N. H- A H-36800
Nor. t, "Wteat_100
Nor. Pan- ..,..3900
Ohio C. G. -_2400
O. P. * B^.,-2800
P. -A. Pet i*. .*88000
Penn. ..4600
* W. Vo._1500
Ray C. C. 6000
Reading .15200
Rep. L & S. ..84400
Royal D. N. T...8600
Sea. A- L. .500
do pfd. —-200
fdn. O. & R. -.29TOO
S.-S. S. * I.-200
Sou. Pac._l<4O0
Sou. Ry. ......7600
do pfd. ,.«,.«• .900
Stude. Cor. ....24800
Tenn. Cop. ......500
Texas Co.9100 17S
Tob. Prod. .600 118% 116% 116%
Union Pac..5800 66% 65 65
UT. S. R. S.10300 67% 65% 65%
United Fro«. . 200 ISl'Mi 180% 180%
If. S. T. P. A..8200 58% 56 56
r. S. I. A..9400 82% 73% 73%
U. S. Rubber ..17800 98 93%
U. S. Steel ...113800 95% 93%
do pfd.1100 110% 110
Utah Cop.3600 70% 69
Va.-Car. C.600 63
"West. Union .
West. Elee. ..77T600 50%
■Willys-Over. ..13500 23%
Coca-Cola .1200 37%
Total sales, 1,235,201).
44%
39%
71%
34%
95
77%
42%
5%
81*
41%
28%
20
75
W%
97%
8%
16%
88%
65
96 %*
23%
57%
84%
10
43%
27*
70
32%
95
78%
41%
5
75%
43%
26%
1»%
72%
87%
95%
8%
1«%
1}
93%
22%
56%
80%
10
170
76
41%
5
77%
42%
26%
19%
72%
88%
95%
*%
16%
37%
64
93%
23%
57
80%
10
171%
49%
22%
36%
93%
94%
110
69
6t%
34%
50
23%
37%
New York Bonds
By Anaalatid Fran
U. S. 2s, registered, bid.
U. S. 2s, coupon -.
U; S. 4s, registered, bid.
U. S. 4s. coupon, bid .
Panama 3s, registered, bid ..
Panama 3s. coupon, bid
100%
100
106
106
88
88
Amer. S. & R. 5s . 82%
Wickwire Spencer
Steel Corporation
First Mortgage 7%
Sinking Fund Gold
Bonds, Due 1935
SECURITY—Dtract first mortf af e Ml
entire properties of the Company.
ASSETS—Net quick assets in excess
of *2.800.00 for each $1,000.00 bond
issued.
NET PROFITS—Salss per annum ex
ceed $39,000,000.00, and net profits
•ear five times interest requirements.
SINKING FUND—Over SO per cent of
tbs issue will have been retired be
fore maturity callable at 108 and in
terest.
Circular ea request.
Marx and Co.
bankers
?
American Tic!. & Tel. cv. 6*.... 97
Anglo-French 3s .. 9**4
Atchison wen. 4s *... "*44
Atlantic 'least IJne l*t 4s. 7*
'Baltimore, A Ohio cv. 4'4s . *5
Beihtehanp Steel ref. 5s . 95
fen. of Os. Consol, fs, bid..' *.
Central l.eather is . 94*4
Cfiesatsoake & Ohio cv. 3s.. 7**4
Chicago. B. A Q. Joint 4s . 94*4
Chtca»o. Mil A St. P. cv. 4*4S.. 70*4
Chiea^o. It. i. A Pec. Ry. ref. 4s *4*4
City «yf Peris «s . 91
Col. A Sou. ref. 4J4S, bid. 71*4
Den. A Rio Grande" consol. 4s... 62
Dominion of Canada is (19*1).. 91
Kri£ gen. 4s . *4
Illinois Central ref. 4s . <2
Tnt; Mer. Marine 6s . 98*4
Kansas City Sou. ref. is . 70
Ugrgctt A Myers is . *9
i«ulsville A Nashville un. 4s... 91
79rissourt, Kan. & Tex. 1st 4i... 57*4
Jiiesouri Pacific gen. 4s . 55*4
New York Central deb. *s. 92
N'l^folk A Western cv. 6s . 191
Northern Pacific 4s . v. 73
Pennsylvania gen. is .......... 99*4
Reading gen. 4s .. 79 44
Rep. Iron A Steel is (1940*- 90
8t. Ia>uis A San Fran. adj. 6s.... *1
Seaboard Air Dine adj. 5s *9'«
Southern Bell Tel. 5s . *944
Southern Pacific cv. is . 100
Southern Railway 6s . 94*4
Southern Railway gen. 4s . 79
Texas Company cv. 6s, bid. 100*4
Texas A Pacific 1st . 82*4
Union Pacific 4s . 32*4
U. K. of O. B. A I. 5*,4s (19S7>.. 93*4
U. S. Steel is.: • • • 34
Virginla-Car. Chemical 5s, bid.. 03*4
Wabash 1st . 38',4
Wilson & Co, cv. 6s . 92
Liberty Bonds
By Aunlitn rrau
New York, February 23—Final price*
of Liberty bonds were:
3',is . 94.30
First 4s .
Second 4s .*. 89.92
First 4*4S . 91.12
Second 4 7is .r.... 90.50
Third 4'4s . 9*34
Fourth 4 '4s. 90.0 4
Victory 3Sis . 93.6 2
Victory 44*s .. 97.64
Money Market
By Asseeiata* Praia
Xtw York. February 23.—Mercantile
paper, tWb&i: sterling 60-day bills.
:;369«; commercial 60-day bills on ban!:*.
2.361,; demand, 3.40',*: cables, 3.41. Francs,
deman. 1408: cables. 14.06. Belgian franca,
demand. 13.60; cables, 13.38. uilders, de
mand, 267s; cables, 37. Lire, demand,
18.18; cables. 18.16: marks, demand. 1.01;
cables, 1.06. Government bonds weak;
railroad bonds heavy.
Time loans strong; 00 days, 90 days and
six months, 874.
Ear silver, 1.2517: Mexican dollars,
Louisville Live Stock
Louisville, Ky.( February K.—Hogs—
Receipts 1,600 head* market active and
steady.
S30 pounds up ..313.36#
120 to 250 pounds.JH.oOg1
Pigs . 10,SO®13.a
Throwouts (down) . 1.75
Cattle—Receipts 700 head; market stow,
steady.
Heavy Steers .$12.00#!2.50
Beef steers . *.00®11.«0
Heifers . 8.0©@ll.b0
Cows .. B.OOWO.'JO
Feeders .*. 8.0091625
Stockers . 7.00# 9.,iO
Sheep—Receipts 50 head; market steady.
Lambs .• •$ ..IS.'JO
Sheep . 7"0
Chicago Live Stock f
■y Anaclatal arm
Chicago. February 25— Hogs— Receipts
16,000 head, estimated tomorrow 30>fl00;
market 15c to 2bc higher, closing weak.
Bulk .«3.90®14.fio
Top . 14 x9
Heavy . 13.65@14.*5
Medium .14.15@14.65
Light .14.50®14.S0
Light light .14.K@14.7i
Heavy packing sows smooth— 18r40@63.9O
Rough . 12.00@12.40
Pigs . 13.K@14.60
Cattle—Receipts 6.000 head, estimated to
morrow 14,000; market weak.
Beef steers, medium and heavy,
choice and prime .$[e-mail]
Medium and good . 11.25@13.75
Common . 9.no@ll.25
Lightweight, good and choice.. 11.60@1S.26
Common and medium,. 8.5046911.60
Butcher cattle heifers. 6.50@12.50
Cows . 6.50#11.25
Canners and cutters. 4.75@ 6.50
Veal calves . 15.00@M6.2S
Feeder steers .«•••■ 7.S0@11.50
Stocker steers . 6.75@10.25
Sheep—Receipts 15,000 head; market
steady.
Lambs, 84 pounds down. 17.o0@20.6i
Culls and common.14.00@17.28
Ewes, medium, good and choice 11.26@14.30
Culls and common. 6.00@ 7.30
East St. Louis Live Stock
By AuMlatU Praia
East St. Louis, 111- February 25.—Hogs—
Receipts 19,600 head; market higher.
Bulk ..
Medium . [e-mail]>
Pigs .12.00W4.80
Sheep—Receipts 500 head; market
stead v.
Lambs .»*•»■!•
Ewes ...v. e.00@18.-S
Coffee Market
By Associated Press
New York, February So.—The circu
lation of March notices estimated at
about 5,000 bags caused some little ir
regularity in the coffee market during
today's earlier .trading. After opening
2 points higher, prices sagged off 2 to
3 points in consequence, but importing"
interests were said to be taking up the
notices and prices soon rallied on trade
buying and covering. May sold up to
14.60c, or 22 points net higher, and
closed at 14.57c, with the general list
closing at a net advance of 14 to 22
points. March. 14.10c; May, 14.57c;
July, 14.85c; September, 14.70c; Octo
ber, 14.63c: December, 14.62c.
Spot quiet; Rio 7s, 14-H@lSe; Santos
4s. 2414®24%c. No fresh offers were
reported in the cost and freight mar
ket. Owing to the holiday, there were
no official cables from Brasil, but the
slightly steadier tone of sterling since
the break of yesterday morning and
the talk of prospects for early action
on the peace treaty may have been an
influence in futures.
Sugar Market
By AMMlataf Pr»M
New York, February 25.—There was
a little more interest displayed in the
local raw sugar market today, and
while prices were unchanged, the un
dertone seemed to be a little steadier.
There were sales of 18.001.bags of San
Domingo and Venezuela sugars at Stic
cif to Canada, and 7.500 bags of Cubes
in port at 9*ie cost and freight to Can
ada. There were no sales to local re
finers, who continue to hold off, pond
ing a more adequate movement of re
fined. The close was steady at 9Vic
for Cubas. cost and freight, equal to
10.16c for centrifugal duty paid.
There was nothing new in refined,
with deliveries still handicapped by a
shortage of cars. Prices were un
changed at 15® 16c for fine granu
lated.
The market for sugar futures was
dull, with no transatcions reported.
Closing prices were unchanged to 3
points net higher.
Naval Stares
By AuscIltsS frsu
Savannah, ua.. February 25.—Turpen
tine, firm: sales, 50: receipts, 140; ship
ments, 104; stock. 7.159. , *
Rosin, firm; sales, 255: receipts, 170;
shipments. 10: stock, 32.732.
Quoti: B. 15.S0; D. E, P. 16.90; G, 1170;
H. 16.85: I, 16.90; K. 17.00; M. 17.25; X, 17.50;
Wg, Ww. 17.75.
Cottonseed Oil
New York, February 23.—Cottonseed
oil scored a good advance today on
scattered short covering, inspired by
, the bulls showing In other markets.,
| such as lard and cotton. Local longs ]
! and cotton houses were sellers on the j
rise, but offerings were well taken and]
_THE DAY IN WALL STREET
|Wil!y» Loan Causes a Drag in the Motor Stocks—Bank
ing Syndicate on French Loan to Be Extended.
Money Was Still Easy on the Street
3tfctt>8oTK$rlbniu
N«w l'ork, February 25.—(Special.)—
Announcement of a proposed laO.OOO.OOO
_ capita! increase by the WlUya-Over
land Company has been a drag on all
of the motor stocks, n has directed
attention to the fact that high costa
of materials and the big business being
swung has imposed demands for in
creased capital that must be met if
the companies are to go ahead with
their programs. Rumors of a possi
ble financing by Chandler motors are
heard In the financial district. The
annual report of that company issued
the other day showed a big drop in
caah and a big increase in inven
tories. Chandler was one of the weak
S|mts in tho motors group today,
dropping points to 11*;%. One block
of 2,000 shares of Chandler went at
120. The annua! meeting of the Chan
dler company was held today when
the directors sere re-elected.
An extension of the life of the bank
ing syndicate which underwrote the
Hi,000,000 French cities loan, offered
last fall, is planned by the managers,
it was learned yesterday. The origi
nal syndicate agreements expires
March 1. since only about half of the
bonds had been sold up to February
1. The syndicate is to be extended
for an indefinite period.
Favorable action was taken today
by the committee on stock list of the
New York block Exchange to list
temporary certificates for la,703,Ulu
shares of the new common stock of
General Motors for par value on the
exchange. Trading will begin on
March 1.
These temporary certificates will be
replaced the first week in May by the
stock certificates. Between now and
the beginning of trading m the tem
porary certificates next week con
tracts for hundreds of thousands of
shares of the new stock made on the
curb on a "when issued basis’’ will
have to be settled. Somo people were
unfortunate enough to pay as high as
$40 a share for this stock on the curb.
Yesterday 18,00 shares were traded in
on the curb within a range of SI, the
closing price being 23tJ. The old stock
got down to 2SV5i and closed at 131, off
4'i pofnts.
Every little while new streets "Fut
X. Call" brokers sell an option for a
song that turns out big for the lucky
holder. One of them came through in
Republic Steel common. It was a put
that was sold late Tuesday afternoon
on 100 shares of Reputin'. 5 points
under that market that day. The
purchaser paid one paltry greenback
for the privilege of putting the stock
at SI'*. The paper expiring at 2:1 >
yestorday afternoon. The man who
sold it had been placing a lot of puts
and calls with a good deal of suc
cess and took a chance oo this put at
$1 as more of a Joke titan anything
else, figuring that since Republic had
quite a break on Tuesday, it might be
expected to move up Instead of down,
as it happened. The extremely unfa
vorable annual report of the Republic
iron and Steel Company tame out. late
Tuesdav and resutted in a break of
about 5 points ip the stock right at
the opening today. Without waiting
for the stock to go lower so that he
could exercise his option, the owner
of the put immediately sold the paper
for $110, his profit being $109 on an
original Investment of $1. The man
who bought the put second hand later
ir. the day had an opportunity to take
a profit of about $800 on his invest
ment of $110. Republic sold in the
afternoon down to , or nearly 6
points under the put price.
TRADING IN CORN
BROADENED OUT
IN CHICAGO PIT
Quotations on Both Corn and Oats
Wrrt Seesawed, While Pro
visions Scored Gains
of I2e to 17c
Chicago, February**-ShCoo trading
broadened out noticeably in volume to
day, owing- to withdrawal of a rule,
which, during the last ten months, has
required that any individual interest in
delivery further off than the current
month should not exceed 200.000 bushels.
Business consisted largely of spreads,
the simultaneous buying of May and sell
ing of July. Closing trices were firm
at the same as yesterday’s finish to Sc
higher, with May *!.3Sft to *1.3* and July
Jl.lWft to *1.31 Oats finished ',c off to
ftc advance. Provisions scored net gains
of He to 17c.
Loosening of restrictions on the com
trade was looked on in eomn quarters as
likely to have a bearish influence.
The fact that receipts continued light
and that no big accumulation at ter
minal points was now expected put all
other considerations nearly out of sight
Although price changes were more lively
than has of late been the rule, the ten
dency of the market most of the time
was upward, especialy for the nearoy
months. Closing prices were at the top
level of the session.
Profit-taking sates on all bulges pre
vented the oats market from showing
much sympathy with corn strength.
Higher quotations on hogs gave a lift
to provisions.
Chicago rutures
By AsMcialta Pr*»t
Chicago. February S3.—
Corn—- Open.
May . 1.33ft
July. 1.39 ft
Sept.1.27 ft
Oats—
May . 73-ft
July . 72ft
Pork
May . 34.30
■July.
Lard—
May . SO.SO
July . SI.30
I Ribs—
May ..... 18.35
July.
High. Low. Close.
1.39 1.33ft 1.35ft
1.31ft 1.28ft 1.30ft
1.27 ft 1.25ft 1-37 ft
80ft 79ft 80ft
73 . 71ft 72ft
34.65 34.30 31.65
34.15 34.30 34.45
21.00 20.SO 20.00
21.55 21.30 21.50
18.45 11.30 IS.37
18.90 , 18.SO IS. 85
i
Cash Grain
•y Associated Press
Chicago. February — Cash corn. No.
4 mixed, $1.4001.13; No. S. yellow, $1.45fp
1.41%. '
Ooats, No. 2 white, STV$#i$e; No. 3
white, K%®87%.
Rye, No. 2, $1.50V»: barley. $1.30#1.13:
timothy seed, $12.<VXS>14.00: clover seed.
$45.00049.00; pork nominal; lard, $19.93;
ribs, $17.50#18.50.
St. Douis, February 25.—Corn, No. 3. 1
Oats. No. 2.90c: No. » white. 89090 c;
$1.47; No. 3 white. $1.4*8*1.30; July, $1.32'/$. i
May S354c.
Potato Market
By Asseeiete# Press
Chicago. February:*. -Potatoes, steady'.:
receipts 31 cars; Northern white, sacked,
! S4.2C4Qt4.d5: Northern white, bulk. $4.30® i
| 4.50,
Rice Market
By *sseetated Press
New Orleans, February 25.—Rough
at the close prices were 34 to 58 points
j net higher. Sales, 35,000 barrels. Prime
I crude. 17.30c nominal; prime summer
yellow, spot, 18.70# 18790c; March,
18.70c; May, 19.60c; July, 19.85c; prime'
winter yellow and summer white nom- i
inal.
Dry Goods Market
By Asseeiatsd Press
New York. February 25.—Cotton (
goods and yarns today were quiet. Silks
were very quiet. Burlaps shipments
for Calcutta in January were 101,140,
000 yards, an average of about 80,000.
000 yards for December and January,
substantially up to the country’s con
sumption. Wool goods sold moder
ately.
-
Alabama
Power
Company
Bond Secured 6 Per Cent
Notes, Due July 1, 1922
Secured by pledge of
Alabama Power Com
Eany 5s at rate of $1,380
onds for each $1,000
bond.
Yield About 7 Per Cent
Full Information* Upon Request
WARD, STERNE
& CO.
304-308 Brown-Mar* Bldg.
Main 595
rice, no sales; receipts, i,o4o sacKs,
millers’ receipts, same. Clean rice, no
sales; no receipts.
Produce Market
New York, February 25.—Butter
steadier; creamery firsts, 5S#58VfeO.
EggH steadier, fresh gathered firsts, 57
fniSc. Cheese irregular; average run.
2S®2!>c.
St. Louis, February 25.—Poultry,
geese, 22; others unchanged. Butter
unchanged. Eggs, 4SVsc.
Chicago, February 25.—Butter unset
tled: creamery. 48<& Soc. Kggs higher;
firsts, 60#5«',aC. Poultry, alive,
higher; springs, 33c; fowls, 37c.
MARINE NEWS
Blrmingport. February 25.—(Spe
cial.)—Towboat Clio arrived from Mo.
bile with empties to be loaded with
coal.
Cordova. February 23.— tSpecial.) —
Nugent with three barges of coal de
part*. Will pirk up one barge of steel
at Blrmingport.
New Orleans, February 25.—Cleared
steamer Ellis, Norwegian. Tela; El
Monte, New York; Harold Walker,
Tampico.
Cleared Schooner Bradford K. Jones,
j Sabine, Tex.
Port Eads, T.a . February 25.—Ar
rived steamers Henbane Head, British.
Belfast; laiko Crescent, St. Thomas;
Bake Foxcraft, Cuba; Lake Gera, Mat
anzas; SavRndagg, Jacksonville.
Sailed steamers Coperae. Sagua La
Grande. Cuba: Moven, Tampico; Norma.
Santiago, Cuba; -Suriname, Port Barrios
via Belize.
Over Private Wire*
Hubbard Bros. & Co.’s Letter
New York, February 25.—(Special.)—
purcha^a b.v iwivtrpooi again&t pre
vious sales for straddle account caused
a sharp advance in our market today. A
local operator was also credited with tie
ins a hi* buyer, so that prices quickly
advanced to near the 35c level for may.
Our market pay* no attention to the
weakness in the security market or the
continued and plainly evident signs that
deflation is rapidly approaching. This
it but natural in fact of the small stock
here and the disparity between spots and
futures, for holders in the south are
still confident that cotton will be tl\e
only article not affected by the increased
difficulty of financing this country after
the over-expansion of the past few years,
and that until the next crop at least hold
ers will secure hi* prices for their cotton.
—Hubbard Bros. & Co.
J. W. Ji; &. Co.’s Letter
New York, February 28.—(Special.)—Ac
tive »nd urgent buying, principally of
March contracts for foreign and domes
tie trade interests, with some speculative
demand for new crop positions, cau&ed
a sharp advance with the closing price,
about SO points higher. Most of toda'/'w
purchases were covering of contracts
sold recently for a reaction, and liqui
dating of spot hedges. Exports are not
showing any Increase, however. Southern
holders sre firm and they expect a bet
ter basis on which to sell. J. W. Jay &
Co.
fompson, Parker & Co.’a Private Wire
It was a strong market in cotton today,
a determined buying movement setting In
around the opening and continuing until*
prices were 68 to 78 points higher than
the close of yesterday. At the middle
of the day the market was off 30 fcoasts
or so from the highest under realising
by early buyers, but In the afternoon h
came back toward the highest again.
Liverpool was better than due, and the
trade did not like the wet weather In the
eastern belt and the cold weather in the
western belt. After a higher opening the
advance was kept going by the rise In
foreign exchange, the rumor that dec!,
action on the peace treaty would he at-,
tempted In the Senate tomorrow and re
ports of a better all around feeling In
the spot department. Texas buyers wfre
reported working on cotton In this rinr
ket and one of the largest southern J^ot
firms was credited with being a heavy
buyer of contracts.
Sentiment Is more favorably inclined to
the market, and further bullish news will
easily bring In a frssh demand
The close was around the highest levels
of the day, ranging from 80 to 73 points
higher.—8hepard A Gluck.
Saving Two Million a Year
From Forbes Magaxlne.
"We have a system o pfaying for what
we buy which la a real factor in lowering
our purchase prices.” says Hubert T.
Parson, the new head of the F. W. Wool
worth Co. "We pay our hills at least
once every weeki and. not matter where
a manufacturer la locatel, we send out
his check so that it will reach him on
Friday, so that he ran have tha money
for his payroll on Saturday. To man;
■mall manufacturers this la a very great
convenience, since It means that, as he
get* some credit when buying his meter
tala, we practically finance him.
“We always pay cash, and as cash dis
counts average 2 per cent, the sum thus
saved on. say. our current year's pur
chases of approstmately n00.0b0,000. foots
up to about 12,000,000. Our prompt-pay
ment rule Influences many manufacturers
to do business with us, and this, com
bined with tlw magnitude of the orders
we rtv. enat us to secure extra-favor
able quotations.'*
COHON WENT TO A
BRISK RISE, WITH
MARCH AT RECORD
General List Closed Steady
At a Net Advance of 45
to 79 Points Over
Tuesday’s Finals
By Atmiatid Praia
New York, February 26.—There was a
sharp advance in the cotton market to
—day, with March contracts making a
new high record for the season, while
later months made new high ground for
the movement, May selling at 35.11c or 81
points above the closing price of yester
day, and 361 points above the low level
reached on the break early in the month.
That delivery closed at 34.96c, with %ie
general list closing steady at a net ad
vance of 45 to 79 points. The market,
opened steady at an adv ance of 5 to 16,
points in response to relatively firm cables j
and after some little irregularity turfhg?
firmer on Liverpool buying, calling by do
destic spinners and covering by Trail
street or local shorts.
After showing net advances of about
or 70 points there were reactions of 20
or 30 points under realising and scattered
southern selling, but tho offerings were
readily absorbed, and the highest levels
of the day were reached in the late trad
ing. when March sold at 37.63c, July at
32.74c and October at 30.63c, or 70 to
8f> points net higher. The 6lose was a
few points off from the best under real
ising. Reports that some of the smaller
European countries such as Poland Rhd
Pzecho-Slovakla were making some pro
gress with arrangements to finance im
portations of cotton, and the steadier rul
ing of foreign exchange since the break
of yesterday morning, may have been fac
tors on the advajice. Local brokers, how
ever, attributed the buying chiefly to cov
ering by Liverpool and speculative shorts,
and the demand for May and July w^JS
stimulated by the continued absence of
March notices or any appearance of spot
pressure. Very few spot advices were
received from the belt, but there Were
one or two wires in reporting an Im
proved demand and Liverpool said the
iatc; advance there was due to' Manches
ter buying or trade calling.
New York Future,
By A*»*cl«t«d i*r«it
New York, February 23.—Cotton
closed steady.
High. Low. Close.
March . 37.63 36.85 37.57
May .». 35.11 34.23 34.96
July . 32.74 31.98 32.61
October . 30.53 29.90 30,50
December ...... 30.00 29.43 29.95
New Orleans Cotton
By Auoolatiit Preia
New Orleans. February 25.—Strong ad
vances were taken on by the cotton mar
ket In the early trading today, and the
gains were well maintain, although there
were periods of profit-taking during the
middle stage of the session. Highest
prices were reached late in the day when
the trading months were 88 io 88 points
over the final prices of yesterday. The
close was at not gains of 61 to 79 points.
Better Liverpool cables than due and
cold and wet weather in the belt were
back of the initial upward swing, and
a little later buying increased on the ad
vance* in foreign exchange rates.
Around the opening the market w'as 16
to 21 points up. A better feeling in The
spot department and reports that south
western spot interests were taking hold of
contracts in a large way increased bull
ish sentiment, and by noon prices were at
ad'ances of 68 to 78 points. From this
level realizing by early buyers carried
the market 30 points off from the highest,
but in the afternoon new buying appeared
on favorable rumors regarding the peace
treaty, and new high levels for the day
were readied, March trading at its best
i up to 33.36c.
?scw Orleans sutures
By Auselsted Prstl
New Orleans. February 25.—Cotton
closed steady at an advance of 61 to 79
points.
High. Low. Close.
March . IIS.nr. 37,51 38.26
May . 35.55 34.66 35.46
July . 33.21 32.43 33.12
October .. 30.61 29.95 30,54
December . 29.SO 29.49 29.84
Spot Cotton
By AiiM(iti4 Prill
New Orleans, February 25. Spot cotton
steady. 26 point* higher. Sales on the
spot. 2,1*3; to arive. 1,000. T,ow middling,
32.50: middling, 40.00; good middling. 42.00.
Receipts. 4,904; stock, 426.576.
New York. February 25. —Spot cotton
quiet; middling, 40.10.
Liverpool Cotton
By Asssoistetf Praia
Liverpool, February 25.—Cotton,
spot, quiet; prices lower. Good mid
dling. 31.8 7 <3; fully middling. 30.S7dc
middling. 29.87d; low middling. 26.57d;
good ordinary, 23 37d: ordinary. 22.37d.
Sales, 5.000 bales, including 3,800 Amer
ican. Receipts, 24,000 bales, including
18,700 American. Futures closed
steady. February, 27.84d; March.
27.50d: May, 26.46d; July, 25.26d; Ooto
' ber, 23.48d; December, 22.61d; Janu
| ary, 22d.
Port Movement
New Orleans; Middling, 40c; re
ceipte, 4.904; exports, 700; sales, 3,183;,
j stock. 426.576.
Galveston: Middling. 41.50c; re
ceipts, 5,467; exports 15,698; sales 1,
363: stock, 327,498.
Mobile: middling, 39c; receipts, 466; !
stock, 21,170.
Savannah: Middling. 39.25c; re
ceipts, 1.606: stock, 198,777.
Charleston: Middling. 39.25; re
ceipts. 211; stock. 206,969.
Wilmington: Middling 38.23c; re
ceipts 50: stock, 41.819.
Texas City: Receipts 3,093; stock,
57,653.
Norfolk: Middlnig 38.75; receipts,
Madison County 5%
Refunding Road
Bonds, $22,500
Bids will be received by
the undersigned until
March 10, 1920, for the'
sale of $22,500 Madison
County 5 per cent Re
funding Road Bonds.
Said Bonds dated April 1,
1920, and due and pay
able April 1, 1945.
The right to reject any or
all bids is reserved. Cer
tified check for $500 is re
quired.
CHAS. H. PULLEY,
President Madison County
Board of Revenue,
r* -.mi ■ I
932; sale?, 678: stock, 89,664,
Baltimore: Stock 5,125.
Boston: Middling 39.35c; stock, 5,
300.
Philadelphia: 40.35c; receipts, 100;
stock. 10,934.
New York; Middling. 40.10c; re
ceipts 300; exports, 3,853; sales 2,039;
stock, 48, 52.
Minor ports: Receipts, 1,106; ex
ports, 1,106: stock 17,252.
Total today: Receipts, 18,235; ex
ports, 21,355; stock, 1,457,489.
Total for week: Receipts, 142,077;
exports, 115,615.
Total for season: Receipts, 5,474,
324; exports, 4,349,390.
Interior Movement
Houston: Middling. 40c; receipts,
10,524; shipments, 6,967; sales, 2,087;
stock, 254,863.
Memphis: Middling. C9c; receipts,
4,894; shipments, 2,199: sales, 2,400;
stock, 303,694.
Augusta: Middling, 39e; receipts,
255; shipments, 2,654; sales, 400;
stock, 156,029.
St. Louis: Middling , 39.50c; re
MORTGAGE LOANS
Quick Service
We make loans on improved city prop
erty and farm lands at reasonable rates .
and commissions.
QUICK SERVICE
Caldwell-Garber Co. i
Brown-Marx Building
Birmingham, Alabama.
oelpts. 8.386; shipment*, *,5^; s»ie«,
175; stock. 10,7*2.
Little Rock; Middling;, 29.50c; re
ceipts, 423; shipments, 1,03 ; *>alea
1.038; stock. 49.212.
Totals today; Receipts. 26,017;
shipments, 21,531; stock, 807.197.
Hubbard Bros. & Co.
Cotton Merchant#, Hanover Square. New
York. Member# New York Cotton Exchange.
New Orleans Cstton Exchange. New ^erlt
Produce Exchange. Associated Mem be re Liv
erpool Cotton Associations. Orders solicited
tor the purchase and sale of Cotton and
Cotton Seed Oil Cor future delivery. Special
attention and liberal terms given for con
signment nf spot cotton for delivery. Cor
respondence invited.
S. R. Stewart & Co.
Members New Orleans Cotton
Exchange
Colton, Grain, Mocks—Private Wires.
Prompt Attention Given All Business
Correspondents: Jno. F. Clark 4k Ca
Rooms 401-402 Woodward Bldg.
Phones Main 567 sad 93M
We buy and sell Liberty Bonds.
Poop Germany
is hungry because of inability to buy materials and foodstuffs on account of the
unfortunate exchange.
We have millions of hands available in spite of all the strikes with which we
produce billions of dollars’ worth ol goods. In industrial production, for exam-'r,
trinkets and toys, houhehold articles and hardware. We can bring millions to o ;
credit if we can get foodstuffs and raw materials on credit.
We ask, therefore, for offers and trial parcels up to five kilograms (2 1-5 lbs.)
a*ross weight by calculation.
(Signed) E. CERNERT A CO., Hanover, Im Moore, 25.
Cable address Gernertco, Hanover. Telephone No. 8604.
The Greatest Oil Fields in the World Are
Being Opened in Louisiana and East Texas
Rare opportunity for responsible organizer
in Birmingham to handle a syndicate of checker
board acreage in highly approved territory.
B. B. TERRY
201 Youree Hotel Shreveport, La.
AUTOMOBILE
BUSINESS
FOR SALE
STRICTLY WHOLESALE
ANNUAL VOLUME
QUARTER MILLION
It will take $75,000.00 to buy this business.
If you are responsible, terms for three years
can be arranged.
Owner is a non-resident and wishes to re
tire. Have made $45,000.00 in three years
in addition to salary of $3,600.00 per annum.
ADDRESS N-10, CARE AGE-HERALD
r
Dulion Apartments, Birmingham, Ala.
We Own and Offer
Subject to Prior Sale
the unsold portion of $190,000 (total issue) DULION APART
MENT SINKING 1 UN'D GOLD BONDS, secured by first mort
gage on the seven-story Dulion Apartments, located in Birming
ham, Ala., and which sell to yield 7 per cent. , ’!
Denominations: $100, $500, $1000, $5000, maturing serially
from two to ten years. You may thus order the amount of bonds
you desire at maturities to best suit your purposes.
Each bond is validated by the AMERICAN TRUST & SAV
INGS BANK, arthenticating the correctness of the issue. They
are free from the normal federal income tax up to 4 per cent, and .!
have been liberally purchased in this as well as foreign countries.
Our MR. C. J. GORE may be found at the AMERICAN TRUST
& SAVINGS BANK between the hours of 10 and 12 each day.
He will gladly explain to investors the features which make these
bonds “strong box securities” in every way.
G. L. Miller & Company, Inc.
Thirteenth Floor Hurt Building
Atlanta, Ga.