New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-16
BANKERS CABLE BACK NO
Cav Guarantee OF Cotton Bills Is
Out of the Question.
REPUTATION MAY COME HERE
Foreign spinners Likely TO Suffer
Most from Financing OF
This Side.

---e committee NJ American bankers
-, Inns been conducting the neEota lions
- rho foreign bankers in regard TO safe
Ting bills Of ladln= for export cotton
$50 n q meeting held At the Corn EN-
60 rssrL yesterday afternoon 10 refuse
:. 5o--an5 OF the English ard Continental
,,-.-e that American banks guarantee
.-,--ar bills after October 81
--,,, following cable dispatch setting forth
a., termination Of American bankers not
told ON the question Of 4 guarantee
= sent n thu foreign bankers committee,
- IN V-e6neSda- cabIed 10 the bankers
a.. chm the London and Continental bank
had decided 80 adhere % their Tesolu-
.. Of 1uIv - insisting upon \ bankers
-s--,-,fee GA bills Of iadlrs covering cotton
.r;-r,erts from this side
.sz-0 denly regret your decision and can
49, rr, reel that it was reached through
.-.,-,--l.rn-for- We have accomplished
-, 5- securing the vslidation certifica te,
49, --Ia,-f--z tho business on q safe basis
7,---.1,e- consideration IF bankers guaURT-
:, is .bsolu-eIv out of the question. being
.,-----atsl7Ic VITA correct banking princi-
- This r. final Situation could not he
.---.-5 fl-- CIR committee going 70 London.
s. ~ course we would welcome your depJl-
-.tr-r ir Nov York where al data and in
,,---a.sor arc ohtsiHabIe and where rail
60 and cotton people also could be heard
= a-r -0r raer,t this would lead to q better
,,zs-z-77df-E vita mutually satisfactory
rosu''s.
77o~7rd making public This cable dispatch,
e., members OF the committee. which Is
,,r-,oez- ~ vraTrer- T T--e7v. vice-presideElt
~ --. corn Exchange Bank chairman ".
= Porter. president OF the Chemical Ma
.sorar Rank Fred : Kent, yiCe-president
- she Fsrize-z' Trust Company: Max May
,--r--resf5eut Of the GUARANTY Trust Com
nam Joseph r. Talber7 v'ce-president OF
-ee National Ti-- Bank. and Gilbert >.
r----ra -#oe-rreside-- OF the National Park
Fs-z. declined 10 make any statement The
,=4--a--ir +-e- said. covered ali they- had 10
So al -ra matter az TINS time
.7.i,s --e cable dispatch sent 20 The for
r.-r bankers makes ft evident that the se-
s,s5ar NJ Tie American bankers not 90 give
,-1 e-lsrz-fer demanded Is 1nal It leaves
sne us- omen for further negotiations
There 5z Z feeling among the local BANKERS
f-s- -7e European banking interests do rot
s---- -r~ce-=-e nd tlre situation and that
--.r.s- f- e made clear 70 them they VIII be
wiling Pm accept the vsIi5ation certificate
-lsu adopted a- Tic banks and railroads
ir~-
Sir Edward Holden. chairman or the Lon
con and Midland Esnk- who is said 70 ha<e
,--a- --z moving spirit behind tce foreign
demand f,- hank guarantee Is expected
s--a ea-T- next month. and II nav he tlat
s-rrr he has - .sed NTH New York bankers
r. v-7u ne wiling 20 change his position in
LIE MATER
r. however t1r foreign bankers stand
sr-- ~ their decision n demand d gla-an-
re- st-=- October 81. IT VIII simply mean
bankers sad -a=ro-1av- that The cotton cron
--5r b. financed On this side II the ocean
r~-.s general opinion in banking circles 7p-
Yez~zL t- ho that this method would work
-na-z hardship ~ foreign spinne~s tha7 II
--7u-E -1 American planters or banking IN
Ir-esrs.
= j. -r~u-nized hv the bankers here hoE--
80. -r-- tho financing of Export shipments
81 cotton bv American hanks. involving, as
s-s~ez. some sz00. Goe oao annually. VII be
= 1--a undertaking. hur the bankers sttl'
F7re nat when The nature o. ne -aiidation
certificates and just what tEe- mean are
rro-z fully explained the foreign bankers
-. sof persist in their demand for 4 bank
e-s guarantee