The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1907-05-22
McLAURN on THE PRICE SUIT
He Talks of Effort to Make the New
York Exchange Be Good.

New York. May 1S.-Discussing his
connection With the case Of Theodore
H Price against the New York COT
,on exchange, Senator aIcLaarin sad
today:
The Southern Cotton association,
realizing after the institution OF Ar.
Prices suit that it was an attempt to
eradicate the worst evils for which
the cotton interests Of the south have
been afflicted for years, requested ne
to come to New York and see if they
could not in some way be represented
in the suit and lend such assistance
as was possible in the eradication Of
the evils complained Of.
The average man has not been
able before to comprehend the subtle
and insidious manner in which the
price Of cotton has been depressed by
the system Of grading on the New
York cotton exchange, but We think
that we now see the cause Of the de-
preston and an opportunity to cor
rect the evil, and believe that in the
long run it will rebound not only to
the advantage of the producer, but to
the cotton trade generally, including
the New York exchange.
'The methods adopted by the Clique
in control of the New York cotton eX-
change have been so successful in the
past that, in their over-confdence,
those in control have at last raised
the abuses to such magnitude, and
have at the same time placed them
selves in such position with regard
to the market that they have over
reached themselves, and have given
the south the very opportunity it
needs. I believe that those interests
have vastly over-sold for July deliv-
cry in the entire amount Of spinnable
cotton left in the country, and that
they have done so solely with the
idea of making deliveries through the
New York exchange Of lot of riff
raft which does not deserve the name
Of cotton. Of course their scheme,
which has heretofore worked so we'll,
becomes Ineffective whenever they can
not consuna1nate it by maSing such
deliveries, and I believe that if they
can at once be brought to a realizing
sense Of the fact that they can no
longer deliver to consumers Of cot
ton, and purchasers Of it who intend
to make ultimate delivery Of it to the
consumers, the sort Of Gotten which
has been handled around on the ex-
change, without any intention that
it should ever get outside of the ex--
change warehouses, the correction of
the abuses which we complain Of will
be easily obtained.
1.For that reason hope that every
man who has contract for the de-
livery Of cotton On the New York
exchange will lend us his support in
compelling proper classification of
such cotton under the rules Of the
exchange. # we can once compel
the liquidation of contracts for con-
siderable amount by the delivery of
spinnable cotton called for by them
I believe that we will have taught the
lesson that will go a great ways to
prevent the recurrence.of the abuses
of which we complain.
"My retainer. Of course, is even
broader than the interests of the
plaintiff in this suit, and therefore, 1
hope that 7 shall have the benefit OF
the cooperation and advice Of all
persons who are agreed that the prin-
ciple of the suit it right, and particu-
larly of those whose demands for
strict fulflment Of their outstanding
contracts, will help to force the eX-
change to adopt the reforms sought
to be effected, and with the result IN
view I shall be very glad to get in
communication with all such persons,
for I fully believe that cooperation
of all interested il effecting the re-
forms sought VIII undoubtedly result
to the advantage of all concerned.
with regard to the attitude Of the
south upon the entire question 1 think
I may safely say that nothing in re-
cent years has created so. much inter-
est there, and has aroused 50 strong
public sentiment as has the prospect
Of remedying the abuses. Of which Mr..
Price complains, and I believe the
cotton interests there are unanimous
ly behind Mr.. Prices endeavors.'
D0n'r Paw AIimOny.