The Birmingham age-herald., 1923-02-12
BELIEVES PRESENT. PRICE LEVEL. FOR COTTON TOO HIGH
British Authority Says High Prices Will Not Last --Gray Goods Improve With
 Raw Cotton

When Sir Charles w. Macara, the British cotton operator, speaks, the world trade. in general. gives ear. Such was the case during the week when the British authority was asked if, in his opinion, the world could long continue to pay present prices for raw cotton and at the same time purchase on the pre-war scale.
 Frankly, I do not" was his reply. But" he added, T ought also to say that in addition I do not think the world will be called upon indefinitely to pay the present high prices"
 It is understood that Sir Charles expression could be duplicated in the American industry. In the main the cotton trade is as "bullish" as ever perhaps more so. Put also there Is wide spread belief that matters will not always be as "bulllsh'' as at the moment.
 Gray Cloths Firmer.
 There is much comment on the close manner in which the drift Of the gray (unfinished) cloth market follows that of the raw cotton mar ket. Not for an instant is raw cot ton allowed to fly off without gray goods flying off to. Striking illus dtloH Ot lLlS WdS lut ~->N- week when the early slump of raw cotton was followed, only about the proverbial two jumps" behind by gray goods. And the recovery of raw cotton at the close found almost mirror like reflection in the cloth market. From now on, say the clotn men, raw cotton will determine how business will be in gray goods.
 If cotton now continues strong, better business in gray cloths is ex- pected. Some centers have reported good business in finished cloths, ana are understood to be waiting for the right moment" to cover ahead on more gray goods. The fundamental cloth market conditions are consid- cred unchanged. Some have been working on the theory that February is normally quiet month, and that no particular advances could there- fore be expected Others are giving most attention to watching the stu ation with the jobber. watching the prices that he is quoting on ms goods and giving close thought to tie reception py the retail trade.
 There are undoubtedly many who are not satisfied with the progress of prices, and their fears are stimulated by a week of raw cotton such as we have recently had. Bulls" on tho other hand consider that cotton has exhibited remarkable strength, con sidering the profit taking that has been current, and considering the Eu- ropean news which would have been sufficient, ordinarily, to affect the market to a much greater extent than that just experienced. An easy spell, says the bulls" shakes out the sur plus of those who are nervous. IhSt these nerves are quickly calmed when cotton rises, has been recently evi- dent.
 Print cloths in the gray (unrin- ished) goods market showed ten deney to improve on Tuesday, fol- lowing the sharp advance in cotton. Raw cotton has been the chief ln- fluenee in the gray cloth market. There is a feeling in the trade that still higher prices are yet to come. Caution seems to goV2rn operations now more than ever.
 While reports from the jobber tell of good business, this trade Is not on he replacement basis, which means that the final test as to how consumers will take the high levels has rot yet been reached.
 Sheetings have been quiet with prices about unchanged. Drills hoid firm.
 There were reports oI some 6oou business in silk striped shirtngs. Bombed lawns have been selling steadily in a small way, with prices very firm.
 Sateens are strong though the de- mand is not as great as 1t was short time ago.
 Business in finished goods was re- ported fair this week. Flannels con- tfnued to sell we'll, and most of the large houses reported being com fortably sold up. Blanket business was coming along we'll and one Of the largest factors notified the trade that it's line would be withdrawn at the end of the week.
 The trade has bought freely Of work shirt cLambrays at the new prices named last week. A few of the important lines have been we'll sold up and are about to be with drawn. The price of 14 cents for 430 chambrays has been considered lower than expected.
 The trade is now waiting for the most important development in col ored goods, the naming of gingham prices. There had been intimations by some houses that they might take action early this week, but there seems to be an inclination to post