The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1911-08-19
PLAN NOT FAIR
New 0.Ieaus Cotton Exchange DeneuR-
-f 'ay T..
ces Validation Scheme.
UNJUST TO the SOUTH

UNJUSl slU iHE SVUl6
Declares that This Section Should
Fight Against the Discrimination
Proposed by the Bill Of Lading
ing Clearing House in New York
and Repudiate It..
Branding the proposed plan Of the
Liverpool cotton bills of lading COM
mittee to institute in New York a
clearing house for the palidation of
cotton bills of lading as direct re-
Election and insult upon those en-
gagged in the exporting of cotton,
and placing itself upon record as op-
posing the plan in its entirety, the
New Orleans cotton exchange We'd
nesday afternoon, through its board
of directors, passed resolutions to
this effect and approved the report
of its special committee, appointed
to investigate the proposition.
The directors also adopted resolu-
tions authorizing the president Of the
exchange to issue invitations in the
name of the exchange to all Southern
exchanges, boards of trade, bankers
and exporters and others interested
in the handling of cotton to meet at
New Orleans in joint conference,
probably during the annual conVen-
ton of the, American Bankers asso-
citation, about the purpose of adopt
ing measures for the protection OF
their respective and mutual interests
The New Orleans Exchange ex-
pressed itself as being willing in the
future as in the past, to cooperate II
any feasible and just plan for the
protection of the legitimate cotton
trade and the elimination of practices
contrary to commercial morality; any
feasible plan that will not take fur
ther tribute from the Southern plan
ters. All cotton exchanges in the
United States were urged to oppose
the, proposed plan.
In the report of the special COM
mittee it was stated Wednesday that
Charles S. Haight, representing Liv-
erpool interests at a conference last
Saturday explained the whole plan
to the local committee, but as no
change from the original plan was
noted he was Informed that an ad-
verse report would be made and the
proposition opposed:
"To the surprise of your commit
tee," says the report '1Mr. Haight
thereupon informed the committee
that this matter had been practically
concluded by the Liverpool commit
tee and the New York Sub-bill OF
lading committee, disregarding the
agreement to leave matters in abey-
ance until further conference with
the Southern interests and that a
letter was being printed and in II
different languages to be Issued to
cotton importers and foreign bank
ing interests all over the world, re-
questing said cotton buyers to ask
their American sellers Of cotton to
comply with the plan and to request
American exchange buyers to have
Ell their documents approved as to
their ,genuineness through the CEN
trail Office In New York.
The committee, in giving reasons
for opposing the plan, reported that
the losses through Knight, Yancey, &
Co., and Steele-Miller & Co. were
nothing, and consequently there was
nothing to justify the complex and
cumbersome methods Of handling
cotton" as proposed; that the pro-
posed plan is an insult to those In
terested in the handling Of cotton,
and that it gives to New York decid-
ed advantage in the purchase of doc
umentary bills, while the other cities
will be under the necessity of pay
ing for their bills before Verlllca-
ton can be obtained.
"In other words" says the report
the plan is drawn entirely in the I'M
terest of the foreign cotton buyer and
the New York exchange buyer, With
out regard to the interests of the
large section of the country in which
cotton is produced and which bears
the primary burden of financing the
crop"
Attention is directed particularly
to the fact that cotton alone is Sc
lected out of the enormous quantlt!
of commodities exported for the vail
dation of bills of lading, nor IS any
such plan in vogue in any other COM
mercial country Therefore, It can
only be construed as reflection up
on the cotton business as carried on
in the Southern states" concludes
the report.
The committee recommended I'M
mediate action on the part or the
directors in calling a conference OF
all cotton shipping organizations for
the protection of their respective in
terests.
FLYING Fish Attack Men