The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-09-23
4 FUTILE SCHEME.
sOUTHERN COTTON MEN DE-
NOUNCE BILL OF LADING
SCHEME.
Resolutions Adopted Declaring That
Clearing House Valuation Idea Is
Discriminatory and Offensive TO
south.

house plan as an extraordinary and
unique insurance against the results
Of the negligence OF the European
cotton buyers In dealing with irres-
ponsible firms and declaring IL re-
hection upon the honesty and inte-
gritty Of the Southern cotton export
ers. the conference OF Southern bank
ers. exporters and cotton men held
at the cotton exchange today adopt
Cd decisive resolutions placing them
selves on record as being unalterably
exposed to the system and refusing
absolutely to have anything to do
with IL.
The plan was branded as being re-
pugnant To sound business principles,
offensive to responsible and honest
business men. In that II assumes all
cotton shippers are dishonest until the
New York validating bureau has pro-
nounced them otherwise.
A militant resistance through a
thorough organization OF interests
was suggested to fight the Liverpool
scheme.
The conference was called to order
shortly before noon by w. b. Thomp.
son. president Of the cotton exchange.
who welcomed the delegates from
dozen or more Southern cities.
Charles 8. Haight Of New York, rep
resenting the foreign interests. went
- exhaustive detail in explaining I've
workings Of the proposed central
clearing house. The conference was
sniivened at different times when Mr..
Haight felt that his motives were i'm
Dsgned and his statements ques-
uoned.
Following a preamble which de-
sfaied that the foreign buyers in
common with certain New York
banking interest had undertaken to
dictate to the Southern cotton ship
pers and bankers. over the earnest
protest OF the latter. the method Of
oilling export cotton" and branding
Il a plan for unique insurance" the
resolutions as adopted were;
Resolved That although the
members Of this conference deplore
She losses entaiied by the fraudulent
practice Of two certain cotton firms
IN ths recent past. and although they
declare I'm favor and will render
active support TO any and all reason
able and legitimate reforms in the
methods of billing and forwarding
sotton. still the central bureau plan
- Questioned. both In its original and
amcnded forms. is hereby condemn
ci ~ being repugnant to sound bug
mess principles In that II proposes TO
invest bills Of lading with status en-
tirefy Independent OF considerations OF
character and solvency Of the shipper.
discriminatory In that IL imposes bur-
dcns and hardships upon the cotton
exporter and possible costs upon the
cotton producer. from all of which
me shipper and producer Of every
cher commodity is free: offensive to
reputable and honorable business
men. I'm that II assumes that all cot
ton shippers are dishonest until the
New York validating bureau has pro-
sounced them otherwise; unjust in
that n proposes to place self-respect-
ing and universally respected mer-
chants under the same obnoxious
surveillance that 4; bestows on ques-
tionable parties; and. finally. futile in
that the fiat OF the central bureau
certifying to the one virtue OF gen.
uineness Of signatures would place
irresponsible and dishonest shippers
IN a position Of vantage. from which
they could practice multitude OF
soliateral Irregularities pregnant with
greater injury To the cotton trade
than the isolated danger or forgery
THAT the remedy for the condl-
ffous complained OF lies I'm enforcing
the practice OF more careful and dis.
eliminating business methods on the
part OF both the carriers and the buy
ers Of cotton and not I'm attempting
60 devise schemes whereby the form
T may continue 10 escape liability
for the Injurious and fraudulent acts
OF their agents and crnployes and the
hitter may be protected In their in
discriminate and carefree traffic with
arms of doubtful standing.
BE IL further resolved
That Is II the sentiment OF the in
ferests here represented that they
will oppose the said central bureau
plan. not only by refusing to col, i ly
with requirements thereof. but b.