The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-19
WANT NOTHING
TO DO With IT
Believe It Scheme to Insure
Loose Business Methods
Against Loss at Expense of
Firms Which Have Built
Up Reputation by Hon
est Dealings.


nouncins the Liverpool cotton bills of
iaoihs vahdation and central clearing
mousse plan as an extraordinary and
unique Insurance against the results
Oh the negligence of the European cot
ton buyers in dealing with irrespon-
sioie firms. and declaring 1t a refiec-
ton Vpon the honesty and Integrity az
the southern cotton exporters, tae CON
ference OF Southern bankers and ex-
porters OF cotton, held at the Cotton
EHchanse to-day adopted resolutions
placing themselves on record as UNI
refusing absolutely to have anythin;,
TO do with it
me plan was branded as being re-
pusnant to sound business principles,
offensive TO reputable business men. in
mat It assumes that all cotton ship
pers are dishonest until the New York
validating house has pronounced them
otherwise.
A militant resistance through thor
ough organization of interests was
suggested TO Tight the Liverpool
scheme.
Thinks Motives ImpuEned.
CHARLES s. Haisht, of New York,
representing the Interests explained
the workings of the proposed central
clearing house. The conference was
enlivened when Mr.. HaIght felt that
his motives were impugned and his
statements questioned.
Following a preamble which declar-
ed that the foreign buyers in comhina-
ton with certain New York bankers
had undertaken to indicate to the
Southern cotton shippers and bankers.
over the earnest protest OF the latter.
the method of billing export cotton"
and branding st plan of unique in
surance," the resolutions adopted in
condemning the central bureau plan
declare that the proposed scheme is un-
just in that 1t proposes to place self
respecting and universally respected
merchants inder the same obnoxious
surveillance that it bestows on ques-
tionable parties; and finally futile, in
that the nat of the central bureau GER
tifyinS to the one virtue OF genuine
ness of signatures, would place ire
sponsible and dishonest shippers in
position of vantage from which they
could practice multitudegof collat-
eral Irregularities pregnant with
greater injury to the cotton trade than
the isolated danger of forgery.
The remedy for the conditions COM
planned of lies In enforcing the prac-
tice of more careful and discriminate
ing business methods on the part of
both the carriers and buyers of cotton.
and not in attempting to devise
schemes whereby the former may con-
tinue to escape liability for the injuri-
Gus and fraudulent acts Of their agents
and employees, and the latter may be
protected in their indiscriminate and
care free traffic with firms of a doubt
full standing"
Militant Methods.
The resolution then declares that SIT
is the sentiment of the interests hero
represented that they will oppose the
said central bureau plan. not only by
refusing to comply with the require.
ments thereof but by organizing
among their several constituencies a
militant resistance to the proposed re-
hection upon the honor of the Southern
cotton merchants and upon the right.
OF the Southern cotton trade"
After calling the conference to mr.
der. President Thompson was elected
permanent chairman. He reviewed tina
nilis OF lading matter from the incep.
ton OF the Liverpool plan TO the pres.
ent conference. In part he said:
me plan represents a desire q ruth
iess intention. on the part OF the for
eish buyers and bankers to protect
themselves In loose and careless sys.
tenn OF business. and Furthermore ia
make the reputable merchants, those
VINO have built up their business ard
character through long years of mir
Peachaple transactions, to make thess
people pay the premium for This nro-
lection" p'o-
j. D. Moss. of Athens. Ga. was IN.
only one to vote against the adoption
OF the resolutions. He said he Thought
mere was some merit in the LiyernooI
plan.