The Sentinel=record., 1911-08-17
COTTON MEN
 IN PROTEST
NEW ORLEANS EXCHANGE CON DENNIS LIVERPOOL BILL OF
 LADlNG PLAN.
Claim it Will Result in Aiding New York Exchage Brokers to the Det- riment cf All the South.
 ern Dealers.

| New Orleans, Aug. 17 Branding as direct reflection and insult up- lon those engaged in the exporting Of cotton" the proposed plan of the Liverpool cotton bills of lading com mittee to institute in New York a clearing for the vaidation of cotton bills of lading, the New Orleans cot ton exchange this afternoon through its directors, passed resolutions plac- ing itself on record as opposing the plan and approved the report of it's own committee on the proposition. The directors also adopted resoIl- tions authorizing its president 10 issue invitations in the name of the ex- change, to all SoIthern exchanges. boards of trade, bankers and export. ers and others interested in the hand | ling of cotton to meet here in joint session, probably during the annual eonyention of the American-Bankers Association about November 20 next for the purpose of adopting measures for the protection of their respect i've and mutual interests
 The local exchange expressed it. self as being willing, in future as in the past, to cooperate in any fea- sible and just plan for the protection of the legitimate cotton trade and the ellmination of practices contrary to commercial morality and any feasible plan that will not take further tri- bute from the Southern planters. All Icotton exchanges in the United States were urged to oppose the Liverpool Iplan.
 In the report of ihV special com mittee made public today i. was said that Sharles S. Ha'g'ht representing the Liverpool interests at a confer. ence last Saturday, explaining the entire plan to the local committee but as no change from the criginai lplan was noted he was informed that an adverse report, would be made and the proposition opposed.
 To the surprise of your committee" says the report, MT. Haight thereup- on informed the committee that h,s matter had been practically concluded by the Liverpool committee and Una New York substitute bills of laoing Icommittee, disregardlng the agree ment to leave matters in abeyance until a further conference with he southern interests and that letter was being printed in F different In- guages to be issued 10 ccttoa inn porters and foreign banking interests lall over the world requiring said cot ton buyers to ask their American sellers of cotton to comply with the plan and to require American ex- cnange buyers to have all their docu- ments approved as to their ganu.ae- ness through the central office Tn New York.
 Your committee stated t<lt 1t con Isidered the action of the Liverpool and New York committees as being Thigh handed and unwarra tied in pus- ting this plan into operation upon such snort notice and without con |sultation with Southern exporters and Southern exchange buyers who are mainly interested iii tho prcrositson and whose interests and reputations are entirely at stake.'
 The committee, in giving reasons flor opposing the plan, reported that the losses through the Knight, Yan- cey and Company and Steele. Miller land Company affairs were nothing and consequently there was nothing to Justify the complex and cumbersome methods of handling cotton," as pro. posed than the proposed plan is an insult upon all those interested in the handling of cotton; that it gives to New York decided advantage in the purchase of documentary bills whne other cities will be under the necessity of paying for the bills be. fore verification can be made."
 Tn other words" says the report "the plan is drawn entirely in the interest of the foreign cotton bupers land bankers and the New York ex |change buyer, without regard to the interests of the large section of the country in which cotton is produced and which bears, the primary burden lof financing the crop"
 Attention is directed particularly