Pine Bluff daily graphic., 1918-11-14
COIJON GAMBLERS
 RECLEVE J0LT War Industry Board Bom- bard Activities.

Chairman Brands telegram is as fol- lows:
 Please read from the rostrum of your exchange before the openinp | Wednesday morning. post on the bull i letln board and send immediately to each member of firm carrying. con rylng contracts the following notice: in order to curb undue speculative 1 acuFlty It becomes necessary at this time to prohibit further speculative short selling on the New York and New Orleans Cotton Exchanges and the members of these exchanges are hereby notified that all further specu- latlVe short sales are prohibited Hedge sales may be made on condi- tion that an affidavit from the seller will follow that the sale is a bona fde i hedge sale against the purchase of cotton
 | No selling orders from foreign countries, except in liquidation of long contracts, are to be executed" Mr. Brand also issued the follow . ing formal statement outlining req sons for the prohibition order: ''Ihe signing of the armistice brings us suddenly to the threshold of the reconstruction era. Pending devel- opments are of the utmost importance to the entire cotton world. 1 "T'he consequence of unfounded 1 rumors that tend to promote vicious speculative activity and cause unjtls- tified demoralization must be avoid ed as far as possible. In order that harmnll violent price fl u0:uations may be checked. the committee on cotton distribution has ordered all speculative short selling on the New York and New Orleans cotton ex- changes stopped and to make this order thoroughly effective, has re- quired that no selling orders except in liquidation of long contracts be ex ecuted fro many foreign country.
 'The stoppage of sinkings by U boats, the monthly increase in new ship tonnage and the releasing of ships now engaged in supplying the 1 fleets of the allies. together with the freeing of space previously used in sending munitions to Europe, will mean a large increase in available 1 tonnage for cotton exports. uc WO1lQ ICqull ClICulS Ol NOi- ! ton to meet it's increasing demands 1 for clothing will henceforth be on a continuously ascending scale. Based on reports to this committee, from 1 the various foreign countries, we es- | innate their requirement and prob 1 able imports of cotton under present 1 conditions to be over two million Ibales in excess of last seasons talk 1 ings.
 Europe is almost denuded of cot 1 ton and cotton goods. The potential | buying power of the world. which will i be aided and hastened by the estab- 1 lishment of the necessary credits
 will quickly assert itself.'
 New Orleans, Nov. 13.-The War
 Industries Board threw bombshel
 into the cotton market today when it telegraphed officials of the Cotton Ex-
 change, before the opening, that fur
 ther speculative short selling of cot 1 ton on the New Orleans and New 1 York Cotton Exchanges was prohibit l ed
 This action was accepted here as the
 result of the slump of 200 points dur
 ing yesterdays session and the recent
 heavy short selling which put prices
 down over $40 bale.
 The announcement apparently was l intended to stabilize the market but
 on the opening call active months fell
 the full 200 points which represent
 the extreme range of fluctuations a'-
 lowed under the war rules now III
 force.
 Demand, however soon sprang up
 which raised prices. 75 to 100 points
 from the bottom.
 The telegram was signed by all the
 members of the cotton committee or the War Industries Board It stated:
 sIn order to curb undue speculative
 activity it becomes necessary at tnls time to prohibit further speculatlve,
 short selling on the New York ana
 New Orleans Cotton Exchanges l Cotton firms were notified that
 hedge sales would be permitted if they
 were accompanied by affidavits that
 they were bonafide sales against cot,
 ton purchased. The telegram was read
 from the rostrum of the future ring
 about ten minutes before the opening.