The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1907-05-21
GRADING OF COTTON.
SENATOR MelAuRlN DISCUSSES
THEODORE PRICES SUIT.
Says II will Benefit south-southern
Cotton Association Taking In.
terest in the Proper Classi.
fication Of the Staple.

connection with the case of Theodore
III. Price against the New York Cot
ton Exchange. Senator McIaurin
said
The Southern Cotton Association.
realizing after the institution of Mr..
Prices suit that II was an attempt
to eradicate the worst evil with which
the cotton interests of the south have
been afflicted with for years, request.
ed me to come to New York to see II
they could not in some way be rep.
resented in the suit and lend such as.
sistance as was possible in the eradi-
cation 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 had been depressed by the
system of grading on the New YORK
Cotton Exchange. but we think that
we now see the cause of the depres
sion and opportunity to correct this
and believe that in the long run It
will rebound not only to the advan
tage of the producer but to the cotton
trade generally. including the New
York Exchange.
The methods adopted by the clique
of the New York Cotton Exchange
have been so successful in the past.
that in their overconfidence, those In
ssttNss I..u r.t al
abuses to be of such magnitude and
have at the same time placed them
selves in such a position with regard
to the market that they have over
reached themselves and have given
the south the very opportunity IL
needs. | believe that their interests
the entire amount of spinnable cotton
left in the country. and that they have
done so solely with the idea of max
ing 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
Ineffective whenever they cannot con.
ineffective whenever they can not con.
summate IT by making such deliveries.
AMI | believe that If they can at once
be brought to a realization of the fact
that they can no longer deliver to con.
sumers of cotton and purchasers of
cotton who intend to make ultimate
delivery OF 1t to the consumer the sort
OF cotton which mas been handed
around on the exchange, who had any
intention that it could ever get out
side of the exchange warehouses. the
corruption OF the abuses which we
complai nof will be easily obtained.
For that reason ! hope that every man
who has a contract for the delivery of
cotton on the New York exchange will
lend us his support In compelling
proper classifications of such cotton
under the rules of the exchange. II
we can once compel the liquidtion of
contracts for considerable amount
by the delivery of spinnable cotton
called for by them | believe that we
will have taught the exchange a les
son that will go along way to pre-
vent 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 |
hope that shall have the benefit Of
the cooperation and advice OF all per
sons who agree that the principle of
the suit is right and particularly of
those whose demand for strict full
flilment of their outstanding contracts
will help to force the exchange to
adopt the reforms sought to be effect
ed. and with that result in view /
shall be very glad to get in communi-
cations with all such persons for |
fully believe that a cooperation of all
interested in effecting the reforms
sought will undoubtedly result 10 tn
: advantage of all concerned.
with regard to the attitude OF the
South upon the entire question think
| may safely say that nothing In re-
cent years has created so much in
terest there, and has aroused so
strong puDlic sentiment as has the
prospect of remedying the abuses OF
which Mr. Price complains, and be
lieve that the cotton interests are
unanimously behind Mr.. Prices en-
deavors."
While the grain crops may be affect
ed seriously in spots, the outlook, 50
far as the crop experts of the depart
ment of agriculture can determine, Is