Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-10-18
COTTON BILL OF LADING
GUARANTEE YET Unknown
Continental Bankers Have
Agreed on Form and Stand
Pat in Demond for it

No new light has been thrown by the
developments OF the past - hours on
the question OF whether American bank
ers shall guarantee bills Of lading COW
ering shipments to England and the con-
tinent
Every word concerning this matter is
being snxiousIy awaited by bankers and
cotton buyers throughout the south, but
no word comes.
An Associated Press dispatch from
New York Thursday morning states that
the drafting OF a bill of lading mutu-
ally acceptable to American and British
financial interests will again be taken
IN hand today at another conference be-
tween the subcommittee OF the Ameri-
can Bankers association and Sir Edward
Holden, chairman OF the English Bank
ers' committee. The meeting which was
held last Tuesday adjourned without any
decision having been reached"
Another dispatch from London trans
mttted by the Associated Press is as fol-
lows: The English and Continental
bankers are standing pat on their orig
naP demand that American cotton bills
OF IadinR be guaranteed by American
banks. ThereN have been no develop
meuts in the controversy. so far as this
side is concerned. recently"
CONFLICTING ADVICES.
In conflict with these dispatches Is
the information that has come TO AT
lanta in the form Of confidential Iee-
ter and a cabIegram. the former from
New York and the latter from LONDON
both of which have been shown 10
Journal representative by their recipient
p Coles cashier of the Central Bank
and Trust Corporation
The letter is to the effect that Sir Ed
ward Holden does not come TO America
clothed with any authority TO conduct
NEGOTIATIONS for the English committee
a. tht- matter OF guarantees; that no
~ana-zI meeting OF the bankers. even OF
tbosa in New York alone. has been call
"a 20 confer with him, and that none
will be called ~, 1.,..
E-or, another source. says Mr.. Coles.
thA information comes that Sir Eo"siu
has stated he is in this country TOT ms
u-yal annual visit and without paTuo
uIar business related 10 tne e-se-
II ts reported also that AZ the CONFER
80. whose proceedings have been re-
,,ortad for two or three days past. none
~. Eaw York banks were represented
sra none but the national banks among
49, ana orly q few of the natonal
hangs The conference, unonciaI as IL 10
could not in any sense, moreover, oe
considered a general one, for the re<AsOhS
Just recited- .,,-,.A,
.t-,a tUI the expiration OF the old rule
,,,dar which the banks have operated
anv negotiations which may oe uhoi
e-tarIv undertaken between Sir EDWARD
rTo1sar in his private capacity, and the
New York national bankers VINO nav
been coaferring with him, with regard
20 the drafting OF q bill of laoing mu-
tiuentai financial interests VIII nave 70
OCTOBER Is THE LAST DAY
oe.oher Is Is the last day on wnich
bFTIx Of ladiug can be handled IN Ausnt@
So as TO reach New York 10 san OF the
ISth. which is the last sailing GATE 10
reach London and the continent oy octo-
Der n. when the present RUE ,p.
October IS Is this approaching Satur-
6av The interest that centers around
,bs vttaI question Of what forms OF guar
ortaa the continental bankers nave oe-
v,anded is therefore explainaole-
Th.t the continental bankers have
-sea on the form Of guarantee whicn
thex will demand Of the Americans is
stated fatty In a cablegram received DIV
Mr.. Coles from Sir Edward ho lues
owr hank. That much. at least, appears
positive -, 9TH
- q what Is the form OF that guar
sntee7 II there are some clauses IN
.bat make II seriously obtecuonsoie OF
tb.t render legal compliance with tnenn
tupoSsible. the American bankers can
~onpIv. and cotton shipments VIII stop
TIL an adjustment Is reached q.
7, snv guarantee at all is conceded IL
--r1 mt All the American national banks
o,,t ~ the business Of buying foreign
a~cbanra Their charters would pronio-
q, the9r giving the guarantees. None OF
,ba rational banks in Atlanta buys Tor
elxn exchange. so they would not De al
fected one way or the other, OF DC IN
terested beyond their matter-oi- It
co-cern IN the normal movement OF the
cotton crop
7, fs ruuiored that foreseeing that the
continental bankers will be satisfied with
nothing less than a guarantee. some OF
the national banks that do not wish 10
go out OF the business are contemplat-
ing the formation Of trust company
among themselves. TO handle the foreign
exchange apart from their own affairs as
national banks
AFORM OF GUARANTEE.
Following IS a form OF guarantee that
a. now being used by one Atlanta bank,
and that may approximate the form
which the continental bankers have
agreed to demand:
Atlanta Ca. CDate).
For value received we hereby guar
antee that the bills OF lading herewith
attached to bill OF exchange. No. g.,
drawn by CJohn Doel on Bank Of Com
marcel for ESQ pounds stsrling) at COZ
DAYS. represent 600 bales OF cotton) act
uaIly delivered into the custody OF the
Central railroad) and the signatures on
the same are those OF an authorized
agent or agents OF the aforesaid rail-
rod or steamship"
According 10 Atlanta bankers convers-
ant with the matter. the question OF
agreeing upon a bill OF lading that would
be mutually acceptable is something to
be taken UP later, when time will per