New-York tribune., 1921-11-27
Cotton Cloth
Prices Firrner
AT Mill End
Inventories Proving To Be
Checking Expansion of
Trading at Present Time,
New England Fin d s
Cotton Market Vigorous
Mill Men Still at Odds With
the South Over the
Price of the Staple
specta, dispatch to The Tribune

NEW BEDFORD, Mass, Nov. 26.4-
With the weeks trading broken by the
holiday, the frmer tone in the cotton
week did not have sufficient opportunity
to develop along definite lines. That
the downward trend in prices for cotton
and finished goods has been checked
semes to be generally accepted, the in
creased buying of cotton supporting
this belief, though the cloth market was
little affected.
Whether or not trading will receive
an impetus along normal lines much
before the first Of the year is of wide
concern. The desire of all branches of
the industry, both wholesale and retail,
to enter the new year with as low a
stock as possible comes at time when
varying conditions have already retard-
ed trading and tends to weaken ini-
tiative to enter the market. Many New
Bedford and Fall River mills have al
ready taken their inventories and
issued their annual statements, and
except as the action of other concerns
hampers have removed this restriction.
Raw Cotton Stronger
The cotton market furnished the
most invigorating condition in the
weeks business. Increased interest in
the market developed to some extent
toward the end of last week and pro-
duced this week the most pronounced
trading that has existed for several
weeks. Still the mill men and the
South arc far apart as to any agree
ment as to the price level. The buying
that has developed has increased prices,
though probably not covering a range
of one cent pound. 1t certainly has
not been sufficient to force offerings
from the shippers on a large scale.
The stability of. prices on finished
goods is put forward to support the
contention that the bottom of the mar
ket has been reached. But it cannot be
overlooked that there has not been suf-
tlcient cloth trading to provide a real
test as to the resisting power of the
present levels. The absence of efforts
among sellers to force business also is
credited with giving quotations an arti-
tclal appearance of resistance. That
the mills are not making any pro-
nounced effort to effect sales is due to
the insistance of the manufacturers
that prices on finished goods are still
Print Cloths More Active
The Fall River print cloth market
has taken the lead in what trading has
been done, and reports somewhat ac-
tive market. Print cloths also have
felt the increase in the price of cotton
to some extent, a number of the mills
having been encouraged to ask slightly
tirmer prices. The finer goods in New
Bedford are very quiet, with prices un-
changed. This condition applies to both
yarns and cloth.
Great Importance has been attached I'd
in the trade to the decision and opin-
ION handed down by Judge Lehman. of
the New York State Supreme Court, in
the case of the Dartm outh Mills against
Sol Friedman & Co., converters. up-
holding the right of mill to force
completion of a contract on which de-
llverles already ha dbeen made. but
were suddenly curtailed and postponed
by strike. There are many similar
cases pending in the courts which NAV
be. influenced by this decision. its ap-
pllcation is believed to be confined ia
the cotton goods trade, but is of i'm
portance to the textile industry in gen.
general mill strike in the spring of
1920.
Mill Finances Strong
While the showing of the mills
which have made their annual state
ments during the week do not show
equal strength with the Acushnet, no
really weak spots have 50 far been
shown. The Kilburn mill made the
best showing, it's surplus for 1921 be-
ing $2,5S3,000, compared with S2,925,555
IN 1920. The Grinnell surplus in 1921
was Sl,37S 900, compared with 81 ,o21 900
in 1920. The Wamsutta surplus in
1921 is given as $3,0OO,00O, and in 1920
as $4,927,558. Extensive alterations of
the entire interior Of the Wamsutta is
attributed as an important factor in
the decrease. The cost of alterations
totals $4,000, 900, one-half of which was
provided by q new issue of stock,
while the rest was financed bv the
company. The work, which is being
pushed with only minimum of inter-
ruption to the operation of the mill, is
now about one-half completed.
Mill stock during the week has been
quiet in both Fall River and New Bed
ford. The changes in quotations have
been only slight, with no trend up
ward or downward being defined.