The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-05-13
NAME UVER|NG Of
c. D. P. IS BLAMED.
FOR MARKET LULL
Cotton Goods Men Advance
Many Theories-Some
Policies Changed

NEW YORK, May 12.-"Tell them
the cotton goods trade will improve
by the 25th," said one of the clair
voyants in the New York market.
This expresses the attitude of the
market about as well as anything
could. Opinions regarding the fu-
ture trend are scarcer than orders.
Some blame the whole trouble on tho
backward weather, which, they say,
has interfered with the dry goods
trade. Others say raw cotton IS alone
at fault. But what to do about raw
cotton, they admit. Is a puzzler.
Theories concerning the present
situation are numerous enough. Said
one factor:
ITO me, it IS obviously the result
of maneuvering on the part of the
republican party. Their only chance
for continuation in power is to go
through presidential year with con-
ditions in the country in good shape.
1t was recognized that with prices
mounting as they were doing, there
would be severe break in 1924. They
have checked this, preferring to have
the worst occur right now, confident
that the sound conditions would mean
consequence of prosperity This is
my theory
Washington has bee. responsible
for the lull. Propaganda Of the Fed
eral Reserve bank, through its own
and other institutions, has put the
quietus on everything. We had no
idea of the power that ,.as being
exerted in this direction. This real
ization has been one of the impor-
tant means of changing many we'll
settled policies for future operations
on the market"
Totals Are Favorable.
1t is interesting. in studying the
figures on cotton cloth exports, re-
Gently given out by the department
of commerce, to note that the totals
compare we'll with last year. This is
true in spite of all of the talk Of ex-
port business being quiet. Certain
classes of goods, of course. have fall
len off heavily, but this seems to
have been offset by increase in
others.
For the nine months ended March,
1928, the total exports of cotton cloth
were 425.oo749s square yards,
comparing with 438,189,375 yards for
the corresponding period ended
March 1922.
The big decline, as might be sup
posed, was in gray cloths. Exports
of all other kinds of goods are ahead
of those for the previous similar
period.
There is still not single rift in the
tire fabric situation to all appear
ances. Very little inquiry is reported,
even for quick goods, and if there
is any contracting done quietly" it
is not market gossip. The situation,
in the opinion of some, justifies fears
that the rate OF tire production Is
too high. Reports are heard that cur
tailment is beginning to become gen.
eral. The reported order for 1000
900 pounds of Egyptian tire yarn was
turned down by the New Bedford mill
to which gossip credited 1t. according
80 .l,,tn hot ~ w, cr,,,
difference in price causing this &C.
ton
Some Arc Buying.
The stage has been reached in tho
cotton gray cloth markets where
several of the large buyers consider
certain prices low enough to warrant
some purchases. The theory is that
unless something disastrous should
happen, cloths are not likely to go
much lower and that it is a fair
gamble to start buying on. a scale
down" The majority are not willing
to go ahead in this matter but there
are quite q few of the important
buyers who must have merchandise
tn keep plants operating These al
ready have started on sI,l1 basis.
Print cloths have reached new low
levels since the advance and have
excited interest. There has been fair
buying during the last day or so, with
some stable sales reported. Sheet
ing prices in number of instances
are regarded as rather low There
have been d few cases where some
stable orders have been put through
Generally, however, sheetings have
been very inactive, and the price
tendency has been constantly lower.
Some sharp declines have taken
place in sateens. Second hands have
sold. in a small way, certain styles at
a cent yard under prices prevailing
last week.
The market on combed yarn cloths
has been very quiet and there have
been reports Of easing in prices.
Mills have accepted business for Or
dlnnry hard twist voiles at one cent
yard under the recent high market.
Oreandies arc quiet and are quoted in
second hands at lower prices. The
trend in lawns is for slightly lower
levels.
While there have no. been many
changes in iirished goods, the mar
ket is regarded as somewhat easier.
Tn,- chi. + dev elrpment las been the
naming cf lower prices on unbranded
bleached muslins. These prices were
somewhat unexpected and at the mo-
ment lower than had been looked for.
However, the gray cloth market has
since sagged further. and the new
bleached muslin prices are not at
The cutting of prices on bleached
muslins has had natural influence
on other finished goods. With cot
ton still going lower. there is no ten
dency to operate. Percales have been
rather quiet. Certain cClored goods,
such as tickings and some chambrays
are believed to be available at
slightly off prices with firm bid.
Mills, however, have made no change
in their quotations.
Index Number-17.6s.
The decline in the cotton goods
markets continues. according to the
Fairchild cotton goods average
price and index number for the week
ending May s. 1t Is 1853, compared
with 1867 fer the week previous
The high average price for 1928 was
1911 for the week ending March "a.
The average price Of cotton showed
considerable decline. being 27.37 for
the week ending May S. compared
with 1856 for the week previous. The
high average price of raw cotton for
1923, was BIO for the week ending
March II.
The average price this week would
be lower but for the fact that the
prices on finished goods are used
here, unchanged. as nominal. There
are several distances where there
have either been reports of slight
shading of prices. or of actual sales
at lower levels, in certain colored
goods. This has particular reference
nnIHE0 TENN tn