Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-10-18
BANKS AND COTTON
MEN STAND FIRM
AGAINST GUARANTEE
telegram Sent to Committee
in New York Opposing Any
Pan to Levy Tax on
Cotton

Atlantas financial and cotton interests.
represented at the meeting in the cham
Der of commerce rooms saturday morn
ing OF the Banking committee with repre-
sentatives o. those interests. stand pat
against any accession To the idea Of
guaranteeing cotton bills Of iadlng for
European bankers. express their indigna-
ton that the demand has been made, call
II an aIronJ and an insult TO the mteg-
rity OF reputable southern cotton dealers.
and send the following telegram TO the
bill o. lading committee of the New York
Cotton exchange in response to one from
that committee:
BANKERS. cotton buyers wholesale
merchants and manufacturers Of our
chamber OF commerce are unalterably OPP
posed to any adjustment which puts an
additional tax on the cotton crop. and
further believe the proposed adjustment
reflects upon the integrity OF the dealers
in this commodity and discriminates
against cotton as compared with all 9TH
er exportable commodities in requiring of
cotton merchants what is not required of
exporters Of other commodies."
The foregoing telegram was dispatch
at noon, Saturday. over the signature of
the Atlanta Chamber OF Commerce. and
followed a meeting of one hours dura-
ton.
THOSE PRESENT.
SQECRA l. NAGE HAcSAAGuN OF the
Lowry National bank. as chairman OF
the banking committee OF the chamber of
commerce. presided over the meeting.
With the committee met the following:
Sam D. Jones. president Of the Atlanta
Stove works; CheSley B, Howard. OF In
man. Akers & Inman. cotton buyers; A.
3 Simms. cashier OF the Fulton Ma
tional bonk: ]. E McAsham, vice
president Of the South Texas Ma
tional bank. Houston: W. A. Parker. vice
president Of Beck & Gregg Hardware
company: G. A. Nicholson. president OF
the Maddox-Rucker Co. and Edwin s.
Ehney.- OF E E Ehney & Co.
The entire tone OF the meeting was one
OF emphatic condemnation Of the attempt
TO require guarantees Of cotton bills of
lading: condemnation OF the movement to
form a guaranty company for the benefit
Of European bankers in so far as the
cost OF operation OF such a company
would impose any further tax on cotton:
and condemnation OF the indiscriminate
classification OF all American cotton inter
ests under one head as a crowd whose
honesty cannot be taken for granted
The telegram from New York which
resulted in the meeting and the ex-
pressious above outlined. was as follows:
Have been in conference with a rep
Tesentative foreign bankers ans New
York bankers and foreign exchange buy
ers. The only apparent solution OF pres
ent difficulties is in the nature of a guar
antee guaranteeing the validity OF the
bin OF lading in connection with the rail-
road valuation certificate.
"A foreign company will be organized
10 guarantee this risk at a cost Of or
Z cents per bale. Please place this mat
ter before your members. and wire WI
liam A. Nash, president of committee
In New York. quick as possible tomor-
row. whether the plan would be accept
able TO your body.
GEORGE W. NEVILLE.
IS 7. HUBBARD.
II. MANDELBAUM.
-Bill OF lading committee New York
Cotton Exchange"
TELEGRAM TO BANK.
Mr.. Orme read another telegram ad-
dressed to the Lowry National bank.
which he said has evidently been sent
verbatim to numerous other banks
through the south. as follows:
We can settle cotton difficulty In no
other way than By giving Europeans a
guarantee covering not only the integ-
rity Of validated bills Of lading but guar
anteeing aaginst forgery. Europeans pro-
pose TO form a guarantee company Of
large capital for that purpose, furnish
ing such Insurance at a cost not more
than 6 or Z cents per bale. They viii
invite interests on this side to join. We
are favorable to this settlement, and
hope you viii use your influence with
bankers and cotton trade generally. to
cheerf-Ily accept this best possible sofL-
ton Otherwise cotton men will be Sc
rtously impeded next week. II accepted.
could procure necessary extension of
time. Would appreciate your cooperation
ard the expression Of your opinion.
CSigned) Joseph T. Talbert. vice presi-
dent National CITY bank. New York;
WOULD COST HALF MILLION.
Walter g. Cooper. secretary OF the
chamber OF commerce. said that authori-
tative estimates are that the proposed