Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-07-18
Great Commercial Bodies of New
York and Other Cities
Take Matter Up.
RAILROADS FIGHT CHANGE.
Some Banks Are Curtailing Their
Loans ON This Glass of
Collateral.

New York, July 1S.--When the com
misisoners on uniform laws meet at
Seattle. Wash, on Aug, 20, they will
be waited upon by committees repre-
senting the great commercial bodies of
this and other cities and urged to draft
a bill of lading TO put an end to what
the shippers term the gross frauds
which they declare have made bills OF
lading an unsafe instrument OF credit.
The decision TO have committees appear
before the commissioners, was reached
as the result of an announce
ment of the interstate commerce com
mission that 1t had not sufficient au-
thority to order the railroads to revise
theh methods of issuing bills OF lading
10 meet the objections which the COM
mercial bodies have raised against the
instruments I'm their present form. 1t in
the present plan to have the new bill
which Is expected to be drafted by the
commissioners on uniform laws intro
duced at the next session of Congress.
A decision OF the interstate commerce
commission announced early this week.
contained recommendations embodied
in the demands of the shippers but the
commission decided that II lacked the
power to enforce these recommends.
tons II was in view of this. and the
belief that the railroads would not ac-
cept the recommendations OF the COM
mission that the plan announced today
was formulated. The tremendous vol
nme of business transacted on bills of
lading Is apparent from figures % the
year 1907 which show that goods val
ued at 81 COO 600. 900 We're shipped or the
l. in hat IL
cia interests have been trying for the
past three years to compel the carriers
TO issue two separate bills of lading
forms In order to differentiate between
the ordinary receipt and the more inn
portant order" bill which Is used as
basis Of credit In the transportation
of the countrys crops, partic-
ularly the cotton and grain
crops of the south and west and manu-
featured products The shippers have
demanded also that the railroads COM
pel the surrender of the instrument
upon delivery of the property to the
consignee, several extensive swindles
having been perpetrated against lend
ers by means OF bills of lading, that
were not 50 surrendered AS the
railroads have fought the proposed
changes from the first. representatives
of the commercial bodies OF this city
say they do not expect the recom-
ineIludlIOnS OF the interstate commerce
commission 10 change the situation AT
all They believe however. that what
ever action is taken by the commits
soners on uniform state laws Will be
approved by Congress. as the COM
missioners consist of Representatives
from the several states. appointed by
their respective governors
l.. NJ Manuelbaum OF the bill lad
ing committee OF the Cotton exchange:
Theodore +. Whitmarsh, vice president
of the Wholesale Grocery association.
and Charles f. DrOeste, Of the bin of
lading committee of the Mercantile eN-
change. in interviews -iven out to-
day, all express the fear that II the
present alleged abuses are not cor.
rected by Congress early in It's next
session. credits will be seriously cur
tailed and in consequence all CONNER
cial interests severely handicapped.
Lewis Pierson. chairman of the bill
OF lading committee. of the American
Bankers association, said it was true
that certain banks had curtailed their
loans on this class of collateral hut
that the movement had not yet become
general we all hope" he said,
that before 1t does, Congress viii pass
uniform bill OF lading act that will
safeguard the rights of all concerned