Show DROP DROP IN IH TEXTilE SECURITIES L I EXPlAINED Conditions I Irregular Tn ar j jand and Unsettled In Ju I Industry T 1 HILLS Ma Make s Nos 1 1 It 16 G The The recent drop in eec eec- tal Lath textile es has lell le l malY 11 to bell that unseen tac- tac factors fac factors tors v Ore wera ere at work orl 1 the In In- In In Roger oger AV W Babson's is Issued tod todal pretty v h eli accounts for tire the development If I CondItIons In bolh the rire otton I goo s and horSted and l goods Industries are Irl and anJI I l sas a the Tire The leason eason I for tor I I h I lax gel the fact tact that prices price ot 01 otI I these goods goo s arr aN ar i mu 1 h l than most other kinds of 1 artIcles Vh When n business moo mon In Inan Inan an aol line feel leel that the HIB price structure StrUCture structure ture Is begInnIng to fret et top heaVY op there I Is hk l to to l o considerable caution exercised I regardIng r the se ot of raw raIV the of ot thea pr prIced high high ed Into 1 goods Ind nd the Iho buying of ot goods for retail 1 1 dIstribution I hi I 1 Is the case ase nol In in cotto cotton goods and woolen worsted goods c e 1 mens men's 1 isear ear lines Curtailment ent of pro pro- pro is In pros s i The rhe cotton goods industry be- be beIan Kan be-Kan be- be began Ian gan the tail fall rith a fairly good suP suP- sup supply ply pI of orders taken during the late r a was ae September especially among southern mills During O hoser hoeHr a n tn tendency en y to increase the of ot cotton goods goodsIn goodsin goodsIn In lime with the advancing ad price ot of ran rah cotton brought about re- re renewed re renewed resistance r en the part ot of bU bUers hu ers era erss As ts s a t i mills in oth the he north and south S are going I on part time SHORTAGE GE Whether 01 Ot not th the t recent te nt r 10 report therein tillS this r rear ears ear's s cotton crop Is ie e J Jabout about bales bale as U compared led ed with I an o a average sc of ot 9 during the lie 11 previous three j years ye and ot o during the three sears ears previous thereto 11 T nh result In freer bu buying Ing of ot cotton good time good time alone will 1 sho- sho show There Js tuch presented to show that both oU the an and i worlds world's supply of ot cotton is isery ery er low corn corn- com compared pared to the tho ned n-ed tor for cotton goods Du ers howe however cr argue arguo that con con- con conditions I aro arc no worse 1 h orse than titan a year year av ear a ago o that consumption Is declining and that 20 30 cent cotton full fuU di- di courts dis-courts COUI courts all the bearish factors 0 sellers Gellers of ot cotton In- In In III Insist slat that there can be no question ot of a shortage and that demand for exceeds supply rind and that the tho only reasonable development de is for tor I I I I I i I I I cotton prices to ad advance athance anee Th The present situation far ta or jow i ov cost concerns They are most mOst- mOstly mostly l ly y located in hI the boUth St e hot thit southern mills usually orl r ork more steadily than northern thern h ilIg OOIj OOL PRICES WEAK T The 1110 e wool situation is IA not quite so o tene tense a as cotton There la is no a cute shortage short of 1 wool 1001 and the tho p rIce tendency has Ira been r I do don d onard n ard The chief chiet diffIcult a t pi JI seems to Ira have a e arisen bs b breason reason r of an attempt last summer t o nat re prices on men s spring pring s wear lines s and but few 01 ders are a re reported Another reason Is that t hat makers of men s en- en entered en entered t ered this with ith season eason fairly heaY y r carried over flom Li orn a ear a gp There is hi consequently less on for tor purchases than I last ear earIn I In I n addition to these fa farts facts te ge nera b as reflected d In the he Da Babson- Babson chart Babson-chart hart chart c Is now about 19 per cent be- be be low lo below belo ow rOI mal Women's W omens omen's ear especially novel no nor novelty el- el ely t ty y lines lutes are ho hoe e eCI CI apparently n wita more mo e success than mens men's i ien's lints Mills s ll making such goods g q seem em to be operating on bet bet- better beter bet better t ter er schedules than thone making men meLts s II tar sear w ear STOCK TOCK S rU-L rU to 10 the rep rep- rep resenting r to industries Mr Dabon l continued the listed te- te tex t tile Ule textile ile tocks are few in number 1 AmerIcan Woolen Consolidated Textile and Vie the two wo silk sill issues I Mallinson and Kaiser Kaser ome Lome fust rust to mind In n this connection By far tar the tho n of the New ew England mill I enJo only a lo JO al or over over- country the the country t market The trend o to e been the tho sl sanie tea ci all kinds however howe er E Ever Eer er since the downward general market started its do down dorn n ward ard course last March Starch the theo thee e hah hll e offered little resl resistance tance to the tren trend 1 and are toda holding only About between the lows loi of 1921 aY arid and the highs ot of 1922 In one or trio tl specific notably American Woolen 1921 lows 8 bare c been l een practically realised The shrinking margin of ot profit and gradual decline In capacity operations o ot of which the th clo Is the tire moat striking case ase may be held accountable for tor to tire the other in stock prices Man Many oth- oth oth er r lines Jines mn of ot business ha have hate II been sub sub- led to the same Influences S As As for the future e there Is no assurance ot of o any broad lI tendency 1 while general bU bu and stocks are rounding out the balance of ot the he decline begun last spring To bo be sure aure tins tills may not mean materially lower lowr le els in the stock market but until the decline has spent Its Ita force and a a broad ance ad Is In prospect i there thero is no Ito argument tor for purchase of any aPe aPe- grOUpS The chances ed In trying to work the trend Is too great ilIj III i be a profitable when cotton ann annd 1 other oth cr i ties stabilize at BL levels 1 which gilo glI gl I Some assurance urance A f of ot f K KI I being IB maintained whon whorl tho the tear teal of ll f Competition flom torn abroad has been Cither e fully realized or dissipated ait ut that time limo I not the PI present When hen the tino doe does come to buy there should be Included in toI I broad list a fair of ot those pro e tIes which which sprinkling hav hn ha kling dl- dl e et their I Jo-Jf Jo through ho- ho eating it-i- it In both the and south the cot cot- cott t in n groups should all bo be InclUded In order to ho have base e a truly tire the list |