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Show SHORT SELLING OFCOTJIEiS Speculative Business on New York and New Orleans Or-leans Prohibited. WASHINGTON, Nov. 13. Speculate e short selling of cotton on the New York and New Orleans cotton exchangee was prohibited today by the cotton distribution distribu-tion committee. Bor.a fide htde sales against the purchaSe of cotton are permitted per-mitted on affidavit from the seller, but no selling orders from count rie-s except in liquidation of long contracts are to be executed. Charles J. Brand, chairman of the committee, com-mittee, notified the presidents of tho two exchanges this morning by telegraph. He said later that the committee's decision was precipitated by undue short selling yesterday of speculative Interests, he taid, who took advantage of the situation created cre-ated by the cessation of hostilities to force prices down 2 cents a pound. Tonight. Mr. Brand issued a formal statement declaring that speculative activity ac-tivity In cotton at this time is unjustified. unjusti-fied. "The world's requirements of cotton to meet its increasing demands for clothing will henceforth be on a continuously ascending scale. Based on reports to this committee from tho various foreign countries, coun-tries, we estimate their requirements and probable Imports of cotton under present conditions to be over two million bales In excess of last year's takings. "Surope Is almost denuded of cotton and cotton goods. The potential buying , power of the world, which will he aided and hastened by the establishment of the necessary credits will quickly assert itself.1 it-self.1 The end of tho submarine menace, the monthly Increase In new tonnage, and release re-lease of ships now supplyir.jr the allies, together with freeing: munitions space. Mr. Brand said, will greatly increase tonnage available for cotton exports. |