The Birmingham age-herald., 1918-09-22
Weekly Financial

New York, September 2l.-A uiStlnctIy
 upward trend this week in stock mar ket in which industrials and specialties
 displayed the preponderance of activity, CT couraged those traders who are classed as optimists to further expression Of conviction that scarcity oS SOCKS had become the apparent controlling factor rather than money restriction.
 A week ago there was manifested pronounced disposition to curtail specula- tion, this attitude being enforced by tho desire to conform to government wishes that money should be devoted to indus tries essential to the war. This situa- tor seems now to have adjusted ttseh without in any way having placed pro- fessional traders, in their opinion, in the position of working at cross purposes with the Federal authorities. The out come of last weeks vigorous liquidation was against a generally oversoid con dition which was indicated by the scarci- I ty of the floating supply or stocks. is- sues which had been subjected to pear pressure made substantial recovery ana there was a pronounced display of strength also in the oils and shippings, | which were governed by special influ- ences.
 l This upward swing, which gradually gained strength as the week progresseu' was made in an oversurn smaller Ill Voi- ume than had been exhibited recently ai- 1 though it carried some issues repeatedly | into new high ground. The international political developments, and the continued l favorable advices lent added support 10 the general list.
 l Over Campbell & Co.'S Wire l New Orleans September M.-The sole l influence in cotton today was the prico | fixing controversy and the market was unfavorably affected by reports out ol | Ivy tl procidQnt | in his determination to fix the price or the staple and control it's distribution. The 1 opening was at the decline and the de- l cline persisted throughout the sesslon. 1 At the lowest the trading months were lfo 1 to 157 points under the close Of yesterday. Last prices showed net losses for the ses- sion of 125 to 133 points,.
 1 No attention at all was paid 10 .ho weather map, which reflected about the worst conditions ever obtaining in the cot ton rekion at this early date. Much rain | was reported from gulf coast districts 4 and from the eastern belt, while temper I at,1res were far below normal, rangine from 40 to 4s degrees quite generally III
 the interior Frost was reported lroi'' many localities in the more northern DOT
 itions of the belt. These conditions mus.
 |make for continued deterioraion oI .no
 plant and serious damage to the graoe
 of onen cotton as well. The outlook IS
 for fair weather over Sunday, warmer Tn
 tba western half of the belt, but not
 much change in temperatures in the east
 ern half. The situation remains such that opin- ions are without value. The course or tne
 market for the coming week VIII oepenu altogether upon the tone or repoI.s laA
 1 Washington regarolns prioe
 1 Shepard & Gluck.
 Over Stewards Wire >- orIaans September 21-Overnigh'
 news on the price fixing situation ieaves
 | it no clearer Press reports Ironi A
 inrton say President Wilson will TX the : price of cotton and take over distrlpu, tion of this years crop. Another repor' , lsays that Mir. Calvin of the cotton s'a..'
 marketing board says price fixing oli eos !, ton is not imminent and VIII pc lesoA " i, to only in case of necessity. Through all the uncertainty. oplniol prevails that chances are rather in law of indirect regulation through the fixiht
 ! of the price of goods, which would ieaV' 2 the function of the market undisturpeu
 and also that with the further reverse '
 the cotton crop by the early cold weatne. ] present levels should be fully safe, ana : in fact, too low. ; The market opened from 50 to 90 point , down and after short rally sold down U 2930c for December. Exaggerated irigh
 over the price fixing uncertainty VI tn . main cause for the heavy sacrifice sell :, ing.
 ], The Dallas Cotton and Cotton Oil New :. reports crop indicated 1o.S6o,ooo. exciusiv :, of linters. Our spot quotation is unchanged a l32. 75c, and factors say owners have with . Idrawn limits and are not offerins.-Jon z E Clark & Co.
 l Hubbard Bros. & Co.'S Letter al New York, September H.-The denol
 alization in the cotton trade throughor
 inc United States was increased todd !. I N another press dispatch from Wasi , inston, stating that the price would eel s tainly be fixed by the government Sine 5, the agitation was started by the stat
 (ments of the war industr1es Doard n z price of cotton has declined about '. E . bale. This loss Of values has fails