The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-15
US. COTTON CONTROL
PLAN STIRS MARKET
Traders Rush to Even Up Com
mitments Pending Further
Developments.

President Wilson's statement regard
Ing the proposed inquiry of the War In
dustries Board into cotton and indicating
that n reasonable price would be fixed
for the product should action be found
necessary caused great activity and cx-
element In the New York market yes
terday. There was a rush to even up
commitments pending further develop
ments in this connection, or because OF
the effect of the statement on holders OF
spot cotton In the South and It was evil
IDENTIFY those long OF contracts who were
most seriously disturbed by the an
nofncement Liquidation was active and
general. but was well enough absorbed
after severe initial break to result in
very nervous and irregular fluctuations
during the later trading. October con-
tracts sold off to 33.0Sc. at the start,
making a decline OF 135 points from Fri
days closing prices and of 242 points
from the high level Of last Tuesday. A
rally to 337Oc. followed, but was partly
lost in the later trading. with October
closing at 33.29c and with the general
list closing barely steady at "a net de-
cline OF IS to 1873 points.
Owing to the excitement caused by
the announcement from Washington
very little attention was paid to other
news. The census report showing do
nestle mill consumption of 534.914 bales
for August. against 569.4SS last year. at
tracted little or no comment, as interest
centred on the price fixing proposition
and other features mentioned in con-
nection with the proposed inquiry. Prob
ably the statement that methods would
be considered eliminating speculation
avA tyN tl,a ~
vousness and confusion, but 1t seemed
the most general impression that this
referred to operations in spot cotton and
that there was no intention OF interior
ing with legitimate business OF the ex.
change.
The market had a very active opening.
first prices being 100 to 1876 points lower.
with active months selling 1870 to 40
points under Fridays closing figures.
There were Southern selling orders
around the ring which were executed,
but as they were mostly on limits they
were not generally connected with the
latest price fixing developments. The
feeling was. indeed. that the effect of the
Presidents announcement on Southern
holders could hardly be determined un-
til Monday or Tuesday. Covering was
very heavy on the initial decline. caus-
ing rallies OF so or 20 points from the
lowest, but liquidation remained In evil
dence and last prices showed recoveries
Of only 20 to 50 points
The local market for spot cotton was
steady and lis points lower at 3505c.
for middling upland sales nil.
Southern spot markets follow:
= Galveston steady. 20 points lower at
34c. sales. $50 bales.
New Orleans steady, unchanged at
33.50c.; sales. 1929 bales.
Mobile nominal, unchanged at s3.25c.: :
sales, nil.
Savannah quiet. rs points lower at
sac. sales. $40 bales.
Wilmington steady. unchanged at
33.75c. sales, nil.
Baltimore nominal. unchanged at 35c. {;
sales. nil.
Augusta steady. H. points lower at
32.6ac.: sales. 1857 bales.
Memphis steady. unchanged at 34.5oc. {;
sales. $50 bales.
st. Louis steady, unchanged at 34.5 soc. ;
sales. nil.
Houston steady. 100 points lower at
$500; sales. 5,4S5 bales.