The Montgomery advertiser., 1907-05-19
MR. McLAURIN TALKS
SENATOR OUTLINES PROSECUTION
 OF COTTON EXCHANGE.
He Believes That New York specuIatorI Have Combined. Against Southern Farmers and That Relief Wtl
 Be Secured.

New York, May 1S-- Especial. )--Dis- cussing his connection with the case Of Theodore H. Price against the New York Cotton Exchange, Senator McLau- rin said yesterday:
 "The southern Cotton Association. realizing after the institution Of MT. Prices suit, that it was an attempt to eradicate the worst evil with which the cotton interests of the South has been afflicted for years, requested me to come to New York to see if they could not in some way be represented in the suit and lend such assistance as was pos sible in the eradication of the eVlis com plained of.
 The average man has not been able before to comprehend the subtle and in sidious manner in which the price Of cotton has been depressed by the sys- tenn of grading on the New York Cot ton Exchange but we think we now see the cause of the depression, and an op- portunity to correct this evil. and be- lteves that in the long run, 1t will re- dound not only to the advantage of the producer, but to the cotton trade gen erally. including the Now York Ex- change.
 "The methods adopted by the clique in control of the New York Exchange has been so successful In the past that in their over confidence. those in con- trol have at last raised tho abuses to such magnitude and have at the same time placed themselves in such posi- ton with regard to the market. that they have over-reached themselves and have given the South the very opportu- nitY 1t needs.
 "f believe that these interests have vastly over sold for July deliery the entire amount of spinnable cotton left tn the country. and that they have done so solely with the idea of making de(tv- cries through the New York Exchange of a lot of riff-raff which does not de- serve the name of cotton. Of course their scheme. which mas heretofore worked so we'll becomes ineffective whenever they cannot consummate It by making such deliveries and I believe that if they can at once be brought 10 a realizing sense of the fact that they can no longer deliver te consumers. the sort of cotton which has been handled around on the exchange without any intent that 1t should ever get outside of the exchange warehouses. the correction of abuses of which we complain Will be easily obtained.
 For that reason hope that every man who has a contract for the deliv- cry of cotton on the New York ES- change will lend us his support in com pel1ing proper classification of such cot ton under the rules of the exchange. IT we can once compel the liquidation oN contracts for considerable amount by the delivery of sninnaple cotton called for bv them. I believe that we will have taught the exchange a lesson that will go a great ways to prevent the recur- rences of the abuses of which we com plain.
 broader than the interes.s of the plain 4'~ ir this cult and therefore horS that I shall have the benefit of the operation and advice of >-l persons who gree that the principle of the suit is tight and particularlv of those whose demands for a strict fulrllment of their outstandinr contracts will haIn to fnrNA