Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-06-07
TWO ATLANTA NEW
APPOINTED To SEE
BANKERS IN LONDON
A. P. Coles and C. B. Howard
Will Present Plan to Foreign
Bankers for Protecting
Through Bills of Lading
CERTIFICATE OF BANKS
is PLAN OF PROTECTION

/ ooSOSASAtAOAA
don, England, to present to English and
European bankers a plan for protecting
| through bills of lading for cotton. They
were A. p. Coles, cashier Of the Central
| Bank and Trust corporation, and G.
b. Howard, secretary and treasurer OF
the association, and a member of the
| firm of Akers, Inman & Akers.
| lie proposition that this committee
of two will submit to English and
European bankers is that local banks
certify to through bills of lading issued
by railroads.
| A committee of seven submitted a
report that Mr.. Coles and Mr.. Howard
be appointed as a special committee to
] London and that they be authorized to
submit a plan of certification by banks.
This report was unanimously adopted.
1t foIlowE:
REPORT OF Co -'rEE.
After thorough consideration or va
rious plans submitted, your committee
begs to submit the following report
and recommendations:
THAT Messrs. A. P. Coles and C. 3.
| Howard, be sent to London as a COM
mittee to confer with AoIeign buyers
| and bankers, and if possible, agree up
on some practicable method, which Will
make through cotton bills of lading ac-
ceptable.
81 nat this committee endeavor TO Sc
cure tne adoption of the ioIowing plan:
"The genuineness of bills Of lading
to be certified to by bank at point OF
issue IN about the following form:
We hereby certify that the agent
whose name is signed to this bill OF
lading, has acknowledged to us that
same Is his signature, and that the
railroad is in possession Of the cotton.
This clause to be stamped upon the
face or back of bills of lading and sign
ed by the bank"
The committee of seven consists or
s. b. Brown, of Albany, Ga; 1. We'll, OF
Montgomery; Frank M. Inman, of At
lanta; w. o Jones, of Elberton,; G.. ~.
Nicolson, Of Atlanta; L. M. Bashinsky,
OF Troy, Ala, and c. B. Howard.
The plan. of certification by banks
was proposed by Frank M. Inman.
The session of the buyers Friday MORN
ing opened with the report of the COM
mittee Of seven being read by the secre-
tary.
An alternative proposition in the re-
port aroused discussion.
L. M. Bashinsky, of Troy Ala, speak,
ing of the plan to protect through bills
of lading by certifcation by local banks,
suggested that special men be employed
by banks to ascertain the actual receipt
by the railroads of the amount of cotton
certified to in the bills Of lading.
MOST SATISFACTORY METHOD.
Mr.. Bashinsky said that IL foreign
bankers are assured that bills of lading
given by the roads are accurate and
valid, that this assurance will be sut-
ficient and will prove the most salts
tory way of contenting foreign bankers
with through bills Of lading.
1t was explained that while foreign
bankers may object that they are unfa-
miliar with signatures from local banks,
that these signatures may easily be veri-
fed by New York banks through which
they will pass; and that in this way for
eign bankers will be assured that the
signatures of local banks are genuine.
On a motion, the report Of the commit
tee appointing two representatives to go
to London and detailing a plan for them
to present to foreign bankers, was adopt
ed. There was only one dissenting voice.
CONFERENCE WITH ROADS.
The committee that prepared this re-
port was appointed as a standing COM
mittee to act in any way possible for
the safeguarding of through bills Of
lading 1t was authorized to attend A
meeting of southern roads that will De
held within a week, probably in Atlanta,
for the purpose of discussing bills Of
lading.
president Nicolson read a cable from
London in answer to an inquiry or the
Southwestern Cotton Buyers association,
in which 1t was said that the date has
not been set for the meeting of foreign
bankers which the committee from the
association is to attend. 1t was suggested
that London be cabled to set definite
date for a conference between foreign
bankers and the associations committee.
TELEGRAM FROM CAROLINA.
A telegram was read, urging that
committee from the Southwestern Cotton
Buyers association be appointed to meet
with the Carolina Mill association on
June 10 to discuss bills of lading. 1t was
agreed that this shall be done if a formal
invitation is received from the associar
ton.
MUST CONVINCE NEW WORKERS.
Mr. Bashinsky pointed out that 1t is as
important to convince New York as for
eign bankers of the validity of through
bills of lading, and suggested that as
many members of the Southeastern Cot
ton Buyers: association as possible ac-
company the committee consisting Of Mr.
Coles and Mr.. Howard as far as New York
to consult with New York bankers. He
put his suggestion in the form Of a res.
olution and it was adopted unanimous
ly.
A motion was made and adopted that
the action of the association in regard to
through bills of lading be made known
to the Atlanta Chamber Of Commerce and
that 1t ask the chambers Of commerce of
other interior southern cities to urge
that this matter be taken up elsewhere
and that general efforts be made to pro-
tect through bills of lading.
OFFICERS REELECTED.
The present officers of the association
were reelected towards the close of Fri
day mornings session and the associa-
ton adjourned. The officers are:
G. A. Nicolson, of the Maddox-Rucker
company, president and c. B. Howard
of Inman, Akers & Inman, secretary and
treasurer.
Thursday afternoon the association
adopted resolutions pledging its support
to the Stevens bill now before congress.
This bill provides that common carriers.
such as railroads and steamship COM
panies, be made responsible for bills OF
lading issued by them whether or not
they have actually come into possession o:
the goods for which the bills of lading
are issued.
D0CTMACTERC NAMED