Cotton

The nearest cotton futures have fluctuated around the high level of 31-c- recently established, with speculative dips and spurts of small scope. The Census Bureau's report of domestic consumption as 567,000 bales for February compares with 610,000 for January. When the fewer days in February are taken into consideration, it will be seen that despite superficial appearances, the consumption rate for the latter month has really been higher than that for January. The chief cloud on the cotton trade horizon just now is the impending strike of 36,000 employees in the cotton mills of Fall River, who have demanded a 29% wage increase, to offset the cut of 22 1/2% made in January, 1921. This suggestion of renewed labor difficulties comes rather early in the current business cycle--it will be interesting to note whether similar strikes for increased wages will be a feature of the spring months, which are seasonably most favorable to such labor disturbances.