The Birmingham age-herald., 1919-03-04
Over Private Wires
Over S. R. Stewart & Co.'s Wire

New Orleans, March 3.--Liverpool was somewhat better than due on fu- lures, but there was shorp cut m prices, which quoted 70 points lower This cheapening of the spot basis may be a suggestion of the expectation of larger imports on the reduction in freight rates. but as yet nothing defi- nite has become known on the private rates on cotton.
 General trade and financial reviews show by contrast the existing unset- tied state of affairs. While the stock market and steel reviews show actlv- ity and optimism, the cotton goods re- view is just the opposite.
 The Steel Review says: Trade ac- cepted with evident satisfaction Judge Gary's assertion that steel prices were we'll maintained and that unemploy- ment in this country was less than had been estimated"
 The Cotton Goods Review reads: Trade, quiet and irregular. buying only for immediate needs. Selling agents advise manufacturers to curtail production and mills generally follow ing a laying off policy. At the present time it is believed not more than 70 per cent of the spindles are in op- eration."
 It will be remembered that evcr since December, these dry goods re- views told of idleness and reduction of mills, yet the government census re- port on January showed new rec- ord number of active spindles. Another thing, these dry goods reports change In tenor promptly with any change in the contract market.
 Our market opened 10 to 30 points lower and was nervous and unset tied principally over the amendment to change the future contract. There was, however. no aggressive pressure. as it is felt that the market is techni- cally stronger after recent severe liqui- dation and that there is some genera, news of really bullish import. such as the avowed policy by the government to stimulate all trades and industries in the interest of order. quiet and the development of prosperity.
 A New York operator writes of that market:
 A holiday market prevailed in cotton today with trading consisting mainly of evening up of old transactions, There was some selling by Liverpool and southern interests early. causing slight decline, but this was recov cred on covering near the close. There Is little fresh in the way of news both as to spots and textile matters. With tho unsettled conditions abroad and the lack of trade demand, we doubt If any material advance in prices will occur"
 The market was featureless all day Business was light. due to the holi- day tomorrow. Internal strife in Ger many which may postpone the peace settlement and the opening of the coun- try to cotton had something to do with the lower opening and lack Of new buying. Antwerp cabled that the first ship ment of cotton since the war had ar rived there and that soon Belgium might be in the market. Wall street bought May in the late trading
 The market ranged between 30 and 35 points for the day and finally rest ed at unchanged to 12 points off for March: lower on October. Spots were marked down 75 points at New Orleans with sales 600 bales, middling. The close at New Orleans was steady and in New York the mar ket closed firm at about the top prices for the day.
 Galveston reported spots off ,125 points; middling there was 27 cents; sales. 800 bales Other markets were practically unchanged with light busi- ness done.-JOhn F. Clark & Co