The Birmingham age-herald., 1919-02-11

further heavy government expenditures are the lines along which sentiment gath ers inspiration"
 Cotton, although in a relatively exclu- sive and strong position as to world S needs, nevertheless drawn into this pess- mistic vent and suffering in sympathy as, with ideas of general price reduction prevailing, demand and support are held iE suspense. Defense rests largely on the shoulders of spot holders, particularly during the next two weeks, when the adjustment in foreign freight rates, said to be coming about March l, might in- itiate period of large export demand, Bears count on adjustment by weaker holders in the meantime. There are some signs, however, that the opinion prevails that cotton is now cheap enough.
 The market rallied about 25 points from the low point reached on the early break, but shows no real activity on the con- structive side. The facility with which the break came this morning at these re- duced levels seemed to affect confidence. s There will be a revision of spot quota tions in New Orleans today, and should the grade values widen, it will strengthen the contract market. Spots there today were marked down 200 points in the ad- justment process, middling being quoted at 2550c, with sales of 2300 bales
 Mobile reports q decline in spots of 125 points, with middling quoted at 23c, but no business done. Western market were III cha nged with very sales, except at Dallas. which reported sales of 3717 bales at 24.95c.
 A higher opening based on firm cables met heavy selling by Liverpool. Wall street and the south, with the result that the market went into low ground. There was a fair volume of buying however, around 20c for May, and scattered buying for a turn caused an upward reaction. The labor situation in New England was reported better. Otherwise there was nothing new in the general situation, which still awaits price readjustment be- ty. cen manufacturers and consumers.
 The market displayed it's strength dur ing the last hour of trading, in which the gain moved prices above Saturdays close with the tone steady.
 Over McReynolds & Julian's Wire
 With the opening of the week trading was resumed in an unsettled market, val ues being depressed to a new low level for the season as result of the labor unrest throughout the world, particu- larly in the United States, due to the demand for more pay and shorter hours. Trade conditions in America are less fav- orable also because of the labor strikes and anticipation of lower prices for com modities. buyers holding off in the hope of buying cheaper in the future.
 The tendency to a lower level of the cost of living important declines having occurred already in grain, provisions etc. with prospects of still lower prices with the advent of spring. In demanding more pay and shorter hours. or a 4S- hour work and 54 hours pay, when wages are the highest in the history of the country, especially in view of the low cost of living, the labor element Is only injur ing it's cause, and the future welfare Of the country.
 The new American merchant marine and it's development will depend upon the ability of the American people to eX- tend their foreign trade, but how will such a thing be possible if American mills and manufacturers are operated as three shifts per day and higher wages since the products of the industries of the Uni ted States will have to face foreign com petition where mills and factories run 12 hours a day and at smaller expense in the way of wages. The policy of the United States Is the reconstruction or large American merchant marine in order to build up the long neglected for eign trade. The population of the Uni ted Sates has assumed immense propor' tions, now about 105 500o,000. and in order that our people may continue prosperous
 in the future, they must have an outlet for their industrial production. and as this will meet with foreign competition after peace is signed. what chance will there be for our foreign commerce to expand if the cost of industrial produc- ton is increased by higher wages and shorter hours? Wages are lower and working hours are longer In Europe which will give foreigners the advan- to pa-H & R Beer.