New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-18
COTTON BILLS EXTENDED
| ondon Banks Move Date of Ex-
piration to End of Year.
NEED TIME FOR A NEW PLAN
Sir Edward Holden Makes State
ment-Company to Give
Guarantees Favored.

Sir Edward II Holden. the London
banker and chairman OF the foreign bank
ars, bill of Iading COMMITTEES. VINO has been
here comforting with American bankers in
an effort 20 find a solution of the cotton
hill of Iading trouble. made a statement
al the Holland House last night covering
the situation. Among other things. he said
that. pending better understanding. the
present date Of expiration of the validity
Of the form of cotton bills Of Iading now
used had been extended from October 81
to December 81
since Thursday last" the statement
saws. communications have been received
from so many of the interior bankers in
the states agreeing generally to a guar
antee by a guarantee. surety or insurance
company being given to the European
bankers that SIR Edward Holden, who has
been negotiating with the American bank
ers. feels himself justified in recommend
ing and has recommended the European
bankers TO extend the date for the negotia-
ton of cotton bills on present lines from
october 81 to December 81, such period
being considered necessary for the perfec-
tion of a method for the safeguarding Of
hills of Iading, and which will also protect
the European bankers from the issue OF
forged bills OF Iading and forged valida-
ton certificates by persons outside Of the
railway companies. and Of whom the rail-
way companies can have no cOgnizanCe-
THE European bankers have agreed 10
this extension on the understanding that
the right is reserved to them further 70
consider in conference with the American
bankers. If found necessary. other schemes
of protection If guarantee and insurance
proposals should be found TO be tmprac-
| ticable."
Sir Edward is not in America otf1cially.
He is vitality Interested in the forwarding
of some plan TO protect the English odnk-
ers from bill OF Iadtns frauds. and cdine
over on his own responsibility. Since ne
has been here mucn has been done 70 re
lieve the situation.
At a meeting attended by Sir Edward me
| American banking committee and repre-
| sentatives of the leading cotton Interests
| at the Corn Exchange Bank last Thursday
| ii was decided that the best plan would be
/ to form a company to guarantee the cotton
I bills The company will be supported Joint
/ " by the American and British bankers,
J and will necessitate a cost OF from TO
/ cents for each bale of cotton me guaran-
/ tee of the new company, it was said, would
| undoubtedly prove satisfactory 10 the ex-
! change purchasers. and will be made in the
form required by the European acceptors
/ There was a conference OF the bankers
and cotton men yesterday. but Sir Edward
/ did not attend IL. He wired his suggestions
of the time extension 10 his associates II
/ England Yesterday afternoon. but their an
/ swer was delayed until late last night
| owing to the fact that some Of the mem
| bers of the main committee had 10 trave
/ great distances to reach the meeting plac
/ in London Sir Edward has kept in con
| slant touch with the English committee
and though he IS in America UnOtficIaIIy
they stake much in his ability TO represen
them.
! The amount involved annually in the cot
ton export movement exceeds SiuO00.Uu
| The American bankers say they are pre-
pared to finance the movement themselves
and would do so rather than yield To III
demands of the foreign bankers that the
stand back OF all cotton bills. although
such financing, coming at a time whel
funds are needed for the general GRO
movement. would cause no little strain Ol
the money market