The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-08-23
lIvERp00l'S PLAN REJECTED.
NEW ORLEANS EXCHANGE TAKE
DETERMINED STAND.
Vigorous In Opposition to Proposed
Method of Validating Cotton Bills
Lading and Declares same "Direct
Reflection and Insult Upon those
Engaged In Exporting OF Cotton"-
Meeting OF Southern Interests Cali
ell to Adopt Protective Measures.

NeW orleans, Aug. l6.-Brandlng
the proposed plan of the Liverpool
cotton bills OF ladlng committee, to
institute in New York a clearing
house for the validation of cotton bills
OF lading. as a direct reflection and
insult upon those engaged I'm the ex-
porting OF cotton" and placing It,
self upon record as opposing the plan
In Its entirety. the New Orleans Cot
ton Exchange this afternoon. through
Its board OF directors. passed resolu-
tions to this effect. and approved the
reports OF Its special committee ap-
pointed 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 South
ern exchanges. boards of trade. bank
ers and exporters. and others inter-
ested I'm the handling OF cotton. to
meet here In joint conference, prob
ably during the annual Convention
Of the American Bankers Association.
about November 20 next. for the pur-
pose OF adopting measures for the
protection of their respective and mu-
tual interests.
The local Exchange expressed itself
N hal xrt1 IT, be f,,t, -,
the past. TO cooperate In any fea-
sible and just plan for the protec-
ton Of the legitimate cotton trade
and the elimination OF practices con-
trary to commercial morality; any
feasible plan that will not take fur
ther tribute from the Southern plant
ers. All cotton exchanges In the I'm
ted States were urged to oppose the
proposed plan.
In the report Of the special COM
mittee. made public today. 1t was
stated that Charles 8. Haight. repre-
senting the Liverpool interests, at q
conference last Saturday. explained
the entire plan 10 the local commit
tee. but as no change from the origi-
nal plan was noted. he was informed
that IN adverse report would be made
and the proposition opposed.
ITO the surprise OF your commit
tee says the representative. Mr..
Haisht therenpon informed the com
mittee that this matter had been
practically concluded by. the Lver-
pool committee and the New York
sub bills landing committee. 'disre-
garding the agreement to leave mat
ters In allegiance until further con-
ference with the Southern interests.
and that a letter was being printed
In seventeen different languages to
be issued TO cotton importers and
foreign banking interests all over the
world. requesting said cotton buyers
To ask their American sellers of cot
ton 10 comply with the plan and to
request Aberican exchange buyers to
have all their documents approved as
to their genuineness through the
central Office In New York."
Your committee stated that II
considered the action Of the Liver
pool and New York committees as
being highhanded and unwarranted,
In endeavoring to put this plan into
operation upon such short notice and
without consultation with Southern
exporters and Southern Exchange
buyers. who are mainly interested In
the proposition and whose interest
and regulations are entirely at stake"
The committee. In giving reasons
for oposing the plan. reported that
the losses through knight. Yancey
and Company. and Steele. Miller and
Co. were nothing. and. consequent
~ there was nothing to- Justify the
complex and cumbersome methods
OF handling cotton" as proposed !;
that the proposed plan Is an insult
W 'btcANSNcu Nht
OF cotton" and that II gives to New
York a decided advantage in the pur-
chase of documentary bills. while
other cities will be under the neces-
sity OF paying for their bills before
verincation can be obtained.
"In other words" says the report.
''the plan II drawn entirely In the In q.
terest of the foreign buyer and bank
er and the New York Exchange buy
er. withov regard To the interests Of
the larg section Of the country In
which cotton - produced and whlc h
bears the primary burden Of financing
the crop"
Attention Is directed particularly To
the fact that cotton alone Is selected
out Of the enormous quantity OF com