The Birmingham age-herald., 1921-11-22
SHANNON & CO.'S LErrER

New York, November 21.-Although not reflecting as yet any acute anxi- ety on the part of either trade or speculative shorts, the cotton market has displayed generally satisfactory tone in view of ginning figures so much above what were recently con sidered probable for this crop. No doubt it is felt that those who hold the actual and have seen prices so much lower will not fail to take ad- vantage of any further recovery to market their holdings more freely and fill up the demand from tn. trade which though said to be little more active is still very spotted and mostly for small lots on hand to mouth meth cd. It still looks that some additional development is needed to give the de- mand the real snap but we have faith in the future and prefer the construc- tive side of easy markets.
 Trading has been fairly active but the stock market somewhat irregular with the strongest prices in the after noon despite the fact that call money was higher. There is very mixed sentiment regarding the market. The optimists urge the strong technical position of the market with the big short interest. the generally easing tNhNShSJ Ol iiOhCJ anu tHc pl OoPtSl of most constructive and important results to come from the Washington conference. The doubters, on the other hand, feel that with the world wide depression in trade the complete dislocation in the foreign exchanges and much of the world in poverty stricken condition, that the revival of trade must of necessity be very slow and hence any justification for a higher level of prices a matter of the somewhat distant future.
 These conflicting views find ex- pression in a market which has had substantial rally since the turn from the extreme depression came at the end of last August. The notable feature of the market of late has been the activity in specialties. showing the desire of owners to get better range of prices for their favorites in order to facilitate the carrying or dis posal of them. The French prime minister's speech before the confer ence at Washington appears to have been frank and forceful and to be very favorably commented on. It all helps to a better comprehension of the problems confronting each nation and consequently to a better chance of practical results. On the whole the market may be said to have acted well today and to hold out the prospect of considerable activity with good trad ing possibilities for the present- Post & F'lagg.
 s. R. STEWART & CO.'S LETTER
 Birmingham, November 21. = Our market opened at an advance of 50 points on a good Liverpool, which came over 10 better than due and giving an improvement in spot sales at 1000 bales. and the government ginnings which was about as expect ed, but 1t brought in covering orders which increased as the session grew older. These figures were 7,27O,575, which we believe is about all there is to this 1920-1921 crop, with reports that have been coming In for a month or So that ginning was completed and many mills closed for the season from sections over the entire belt, we do not look for a final count of over 100000 anyway. The market acted well under so many distressing polit- teal and financial dispatches, particu- larly from abroad its range was steady with good undertone all day, It's fluctuations were narrow varying on an average of S5 points and on each little rally downward buying of | good character was noted March was l In more demand than other months, however, trade demand was only mod crate. There was no other particular cotton news aside from the ginnings Texas ginnings were 1,130.0O0 under | last years figures. Georgia and South Carolina about 400. 900 bales less. Now that the ginnings has been