The Birmingham age-herald., 1921-11-03
Irregular Markets
 Reported By Brokers
 Ouer Priuate Wires
SHANNON & CO.'S LETTER

New York, November 2.-(Special.) Renewed efforts to depress the cot ton market during the early trading later attempts to cover disclosed a sold-out condition and a dearth of offerings which as a matter of fact has been the real state of affairs for days past. except for what bears were willing to pass around from one to another.
 The market is neither broad nor active. and the advance has been largely at the expense of the shorts, as the trade does not yet show much disposition to buy on bulges. We believe, however, that speculative selling has been carried far beyond the bounds of prudence, or what was
 In any way Justified by the facts, and before the position can be fully reversed. prices will be driven much higher. though just when this will happen Is beyond us to forecast.
 The stock market has been only moderately active today and some what irregular. In the main, how ever, prices have been well main tained. Not much Is doing In the rails. naturally enough after the re- cent strike settlement, which was really no settlement at all, as the whole question will undoubtedly come forward again at an early date
 It looks as if 1t was a mutual agreement not to wash our dirty rail road linen In public during the arma- ment conference. The oil shares have been steady enough. but have rot been especially conspicuous. though Mexican Petroleum has had a further rally, as 1t is reported that a very satisfactory statement will soon be issued by Pan-American showing an increase In holdings of Mexican Petroleum, and there seems to be a large short interest in this latter stock.
 The general aspect of the market has been a trading one for the day. As for the general situation. most important matters are pending. Some definite conclusion should be reached in the Irish question one way or the other this week, and 1t Is drought with big possibilities either way. The conference in Washington will be under way In another 10 days, and this will be followed with ab- absorbing interest throughout the world It's consequences may be most important to the future course of events. We are living in very interesting times and the stock mar ket is watching closely to discount tendencies as soon as there Is any indication of them. Total sales. 590, ,500.-7-Post & Flagg.
 S. R. STEWART & co.
 Birmingham, November 2.-The quotations from Liverpool came over Is to 20 better than due. with sales at 5000 With this announcement came a cable from Manchester say- ing orders for 100000 pounds ster- ling worth of cotton goods had been received from China during the past
 weeks low prices.
 New York said the market writers ascribe the break yesterday to liqui- dation of December and selling by
 westerners on the break tn wheat and the subsequent rally to trade | buying and covering in an oversold
 market. Our markets opened 10 to 20 up. but met with heavy selling. said | to be by bears who were trying to use the announcement that Lloyd George had cancelled his American trip and his resignation likely on ac- count of the Irish question. this sell ing brought prices in some months below Mondays low. The market rallied from here, however. on a gen- eral furry Of huilisii news arriving ! from the exchanges from all corners. The weekly government weather
 report stated that harvest of cotton completed in many sections, being practically over in Texas and Arkan-
 sas and very little remains to be l picked In Alabama and Mississippi. A member of large New York firm wired that he had covered most of the western belt and found 100 per cent picked. staple everywhere poor and sins all closed. Dallas wired several thousand bales sold there. and the demand was good. all of which puts the marketin stronx