The Birmingham age-herald., 1911-09-19
SOUTHERN COTTON MEN NOW DENOUNCE
 LIVERPOOL $ PLAN
Clearing House Plan Is Bit terly Opposed By New
 Orleans Meeting
SCHEME OFFENSIVE
 TO HONORABLE MEN
Interests Will Organize to Resist Most Strenuously Liverpool Cot ton Bills of Lading Vali-
 dation Plan

 New orleans, September 1s-Denouncing the Liverpool cotton bills of lading vali- dation and central clearing house plan as an extraordinary and unique insurance against the results of the negligence Of the European cotton buyers in dealing with irresponsible firms, and declaring it reflection upon the honesty and integ- rity of the southern cotton exporters, the conference of southern bankers, exporters and cotton men held at the cotton ex- change today, adopted decisive resolu- tions placing themselves on record as being untaltersbly opposed to the scheme and refusing absolutely to have anything to do with 1t.
 The plan was branded as being repug- nant to sound business principles, Of fensive to reputable and honorable busi- ness men in that it assumes that all cot- ton shippers are dishonest until the New York validating bureau has pronounced them otherwise.
 A militant resistance through thor oogh organization of interests was sug- gested to fight the Liverpool scheme.
 The conference was called to order shortly before noon by President W. B. Thompson of the cotton exchange, who welcomed the delegates from dozen or more southern cities interested in the ex- Tort of cotton. Charles s. Haight of New York, representing the foreign in terests, went into exhaustive detail in ex- r,1a mi ha of hn central clearing house. The conference was enlivened at different times when Mir Haight felt that his motives were i'm rusned and his statement unsound.
 Following a preamble, which de- clared that the foreign buyers in com bination with certain New York bank ing interests had undertaken to dic- tate to the southern cotton shippers and bankers. over the earnest protest of the latter. the method of billing ex- port cotton," and branding it plan of "unique nsurance," the resolutions n fellews, were adopted:
 Resolutions Adopted
 Resolved Although the members of this conference depiore the losses en- tailed by the Fraudulent practices of two certain cotton firms in the recent past and although they declare in fla vor and will render active support 10 any and all reasonable just and legit- innate reforms in the methods of bill- Ing and forwarding cotton. still the central bureau plan in question:; both in it's original and amended form is hereby condemned as being repugna1lu to sound business principles in that 1t 2 proposes to, invest bills of lading with status entirely independent of con siderations of the character and sol yency of the shippers discriminatory in that it imposes burdens and hard ships upon the cotton exporter and possible costs upon the cotton producer from all of which the shipper and pro ducer of every other commodity Is free; offensive to reputable and honor able business men. in ysat it assumes that all cotton shippers are dishonest until the New York validating bureau has pronounced them otherwise unjust in that it. proposes to place self 0re- specting and universally respected mer- chants under the same obnoxious sur vsillance thatrit bestows on question: able parties. and fnai.S, futile in that the fiat of the central bureau certify ing to the one virtue of genuineness of signatures would place irresponsible and dishonest shippers in a position of vantage from which they could prac- tice, a. multitude, of collateral irregu- lnrfties pregnant with greater injurs to the cotton trade than the isolated danger of forgery.
 That the remedy for the conditions complained of lies In enforcing the prac- 9tice of more careful and discriminating Lasiness methods on the part of both the carrier and the buyers of cotton and not in attempting to devise schemes whereb, tho former may continue to escape liabil- fly for the injuries and fraudulent acts Of their agents and employees. and that the latter may be protected In their indiscriminate and care free traffic with firms of a doubtful standing.
 Oppose Control Bureau
 A Be 1t further resolved, That it is the sentiment of the interests here repre- scented that they will oppose the sail central bureau plan, not only hy refusing to comply wisi' the requirements thereof but by organizing among their several constituencies militant resistance tro the proposed reflection upon the honor Of the southern cotton merchants and upon the right of the southern cotton trade. Signed. Sol Wexler, chairman, New Or } leans; r. Q. Wemore, John R. F'lippin, Jr, Memphis; Edward S. Butler, w. O. Jones, Elberton, Ga.;J A. w. Pollard, Hcuston;'J. J. E McAshan. Houston; Ma E than Adams, Dallas" 5 In addition to the above, others present were 5. McAshan. Waco; w. H. 'fhomp- a son., George w. Wilson and J. S. Calfee, St Louis; J. F. Bowdcn and William ' Mason smith, New Orleans; E. D. Me Morris. Meridian, Mss; w. c. Lawson, x Waco. Tex; A. P. Coles, Atlanta; J. D. , Moss, Athens, Ca; ]. c. Turner. Shreve- port, La.
 After calling the conference to order President Thompson was elected perma- lent chairman, and Henry Plauchc secre- tsry Chairm m Thompson reviewed the bills ladipg matter fire n the inception of the Liverpool plan to the present confer cree.
 T In part he said
 Thompson Speaks
 'swithcut reference to the merits of the propcsitIon we object to the manner in which 1t is attempted to force this objec- ticnable and obnoxious and, might add, almost without exaggeration, insulting plan. upon the business men, the exporters and bankers of this country
 Tn the, first place it represents a le- otre a ruthless intention on the part of the foreign buyers and bankers to pro- tcct themselves in a loose and careless system of business and furthermore to make the reputable merchants, those Wh1 have built up their business and charac- yter through long years of unimpeaehaole transactions, to make these people pay the premium for this plan,
 Tn the second place, we make the point that ths plan is unbusinessiike ma Futile If there is established in New
 leoHriNuED ON PAGn 9