The Lee County journal. (Leesburg, Ga.) 1904-19??, 1910-07-28
PLAN is ADOPTED
FOR COTTON Bills
Railroads to Guarantee ALI Cot
ton Bills Of Lading.
THE COTTON CROP is SMALL
Estimates Place the Condition at This Time
at rs Per Cent Uncertain Reports
Received From ALI Sections.

New York City.-At meeting here
of bankers who have been negotiating
with railroad officials on the subject
of foreign and domestic bills of lad
ing a definite plan covering the fu-
ture issue of, through order notify bllls
of lading for cotton was adopted.
1t was decided to send committee
of five bankers to Europe immediate
/ ly to lay the agreement before bank
ers of England and the continent.
Foreign bankers decided at a con
ference in London to refuse to nego.
tiate- American cotton bills of lading
after November first unless guaran-
teed by banking institution. This
stand was taken in view of the loss
es sustained abroad recently on bills
of lading. It was hoped by the bank
ers in the conference the plan adopt
ed will satisfy foreign financial in
stitutions. &.
This. plan carries out. the scheme
outlined at meeting of representa-
tives of the railroads east of the Mis-
sissippi river held at White Sulphur
Springs, w. Va, on July 10. 1t pro-
vides for the issue sby the railroads
of bill of lading signature certif-
cate, which is to be attached to each
bill of lading, whereby the railroad
cert1tes the signature of the bill of
lading covering the specific number
of bales.
In the case Of through export bills
when cotton is in the possession of
the railroad company or upon the
presentation of loading certificates by
authorized agents of compressor ware
house companies.
The practice of issuing duplicate
and triplicate bills of lad1ng will be
discontinued Only one will be issued,
hut copies will be made subject to
the endorsement: copy, not negotia-
BILE. A copy of each bill of lading
will be forwarded to the agent of the
water carrier at the port of export
on direct shipments, or the port Of
s-shipment on direct shipments.
Shippers will be required to accept
sathe conditions of the bills OF lading by
attaching their signatures.
vsssAtIanta, Ga.-The banks, cotton
dealers and railroads of the south will
not agree to the demands of the Lon
don bankers that through bills of lad
ing, for. cotton be guaranteed by the
American banks. declared G. A. Mich
olson, president Of the Southeastern
Cotton Buyers Association.
He stated that they will go no fur
Their than to agree that southern
banks, without assuming legal respon-
sibilities, shall assure foreign bank
ers and cotton dealers that the bills
of lading issued by tho roads are
genuine.
Memphis, Tenn.-The Commercial
Appeal prints this summary of cotton
crop conditions:
The week gives mixed and rather
uncertain returns from the cotton
fields, Considerable improvement, at,
tendant upon dry weather, is shown
in Alabama, Tennessee, Mississippi
and Arkansas, while northern Louis
lana is: rounding into a state of fair
promise.
The Carolinas and Georgia suffered
from heavy rains early in the week,
SO that little cultivation was done on
the later days, while Texas and Okla
homa, without rain, are approaching
time when the crop may suffer In
fact, some loss has already been sus-
tanned in southern and southwestern
Texas. %
In the, central and eastern states
the crop is being laid by" in rath-
er poor condition, some of the fields
still being very grassy. Ten days
without rain would permit Of rath-
er considerable improvement, but the
crop. has received much less work
than it would have gotten under nor
NAL weather The plant remains
small and seems late 1t has put on
little fruit, and in many places has
not begun to bloom freely. Estimates
on condition seldom run higher than
rs per cent and are often below this.
There are limited districts in all the
valley and Atlantic states, however,
that give a good account of the crop.