The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1918-11-16

committee, notified the presidents OF
the two exchanges this morning by
telegraph. He said later that the COM
mittee's decision was precipiated by
undue short selling yesterday by
speculative interests, who, he said,
took advantage of the situation ere
ated by the cessation of hostilities &c
force prices down cents a pound.
Tonight Mr.. Brand issued a formal
statement declaring that speculative
activity in cotton at this time is un-
justified.
1.-The signing of the arrnistice," he
said, brings US suddenly to the
threshold Of the reconstruction era.
Pending developments are of the ut
most importance to the cotton world
sThe consequences of unfounded
rumors that tend to promote vicious
speculative activity and cause unjustl-
fed decentralization must be avoided
thus far as possible.
''The worlds requirements of cot
ton to meet its increasing demands
for clothing will henceiortil be on
continuously ascending scale. Based
on reports to this committee from
the various foreign countries, we es-
innate their requirements and prob
able imports of cotton under presene
conditions to be over 100000 ba:e
in excess of last years taking.
Europe is almost .denuded of cot
ton and cotton goods The potert;a
buying. power of the world which
will be aided and fastened by the es-
tablishment of the necessary credits
will quickly assert itself
The end Of the submarine menace,
the monthly increase in new tonnage
and release Of ships now supplying
the allies, together with freeing mu-
nitions space, Mr.. Brand said. viii
greatly increase tonnage available 70
cotton exports.
The text OF Chairman. Brands te:
egram is as follows:
please read from the rostrum O.
your exchange before the ,openin
Wednesday morning, post on the bull
letin board and send Immediately to
each member firm carrying contracts,
the following notice:
tIn order to curb undue speculative
activity it becomes necessary at this
time to prohibit further speculativ'
short selling on the New York anr
New Orleans cotton exchanges and
the members of these exchanges are
hereby notified that all further spec
uIative short sales are prohibited
Hedge sales may be made on cond1-
ton that an affidavit from the sell
er will follow that the sale is bona
fide hedge sale against the purchase
Of cotton. No selling orders fror'
foreign countries except in liquidation
of long contracts are to be executed !"
Mr.. Brand also issued the following
formal statement outlining reasons for
the prohibition
"The signing Of the arnlistice brings
us suddenly to the threshold of the
reconstruction. era. Present develop
ments are of-the utmost importance
TO the entire cotton world.
."The consequences of unfoundea
rumors that tend to promote vicious
speculative activity and cause unjusti-
fed decentralization must be avoided
as far as possible. In order that
harmful violent price fluctuations
may be checked the committee on
cotton distribution has ordered al
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 from any 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
fleets of the allies, together with the
freeing Of space previously used in
sending munitions to Europe, will
mean large increase in available
tonnage for cotton exports.
''The worlds requirements Of cot
ton to meet its increasing demands
for clothing will henceforth be on a
continuously ascending scale. Based
on reports to this committee from
the various foreign countries. we es-
innate their requirements and prob
able imports Of cotton under present
conditions to oe over 100000 bales
in excess of last seasons takings.
Europe is almost denuded of cot
ton and cotton goods. The potential
buying power Of the world which will
be aided and fastened by the es-
tablishment of the necessary credits
VIII readily assert itself
WHERE'S THE PRINCEo
The Hiding Place of Crown Prinoc
Not Located.