Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-10-18
TINE ON BILLS
NOT GUARANTEED
MAY Be EXTENDED
Gardin Thinks Limit on Cotton
Bills of Lading May Be Made
December 81 Instead of
October 81

NEW YORK, oct. E.-Several months
are expected to elaHse before the final
form Of bills OF ladIng now in dispute
between England and American banking
interests is perfected. according to the
belief expressed today in high banking
circles
The compromise form. that OF a guar
antee company to guarantee the valid
sty Of cotton bills Of lading. suggested
at a meeting Of American bankers and
Sir Edward Holden. representing the
British financial interests. Is believed TO
De the one that viii eventually prove
10 be mutually acceptable to both Brit
ish and American interests
John E. GarCin. vice president of the
s.onaI City bank said today that the
time limit set by the British Bankers
committee for the acceptance Of the
American cotton bills OF lGding without
q bankers guarantee probably would be
extended from October 81 until Decem-
her Il.
~By that time" said Ir. Gatin. 1.-THE
cotton crop viii have been financed and
there VIII be about nine months in which
TO perfect the plan to guarantee the bills
b. en- insurance company before the next
crop"
OF LARGE SCOPE
The guaranty company now under
contemplation win probably be of larger
scope than is generally understood. That
il will be undertaken at the Initiative
OF English bankers and capitalists. with
probably q head OfTice In London and
branches throughout the United States
ana with a capital commensurate with
the business. which IL will undertake.
throws a new light on the plan 1t
shows that English bankers are them
selves ready to undertake the guaranty
company TO satisfy their own demands
The company w4l probably be large
stock company of limited liability In
which English bankers and spinners.
American bankers and exporters will be
invited 10 participate. II may result
In becoming a large money-making COR
poration.'
IN important move toward a set
dement, OF the differences now existing
between European and American bank
ers over the cotton bills Of lading
controversy was taken at a con-
ference here yesterday, when Amer
lean bankers, aided b. American cotton
interests and cotton carrying railroads.
recommended the formation of a guar
anry company TO validate cotton bills at
the moderate cost Of to cents per bale.
This was merely recommendation,
however tor so far as could be learned,
no action to organize the proposed guar
anty company has yet been taken, and IL
Is considered likely that opposition win
be manifested on the part OF American
cotton exporters
REGARDED As CONCESSION.
The plan as suggested is generally re-
garded as q decided concession to the
European bankers. who have been repre-
scented at conferences with New York
bankers by Sir Edward H. Holden. chair
man OF the London City and Midland
bank which does an enormous business
in American cotton bills. The American
bankers are not especially optimistic con-
corning the outcome. and some are dis
posed to question the practicability OF
the plan.
statement issued after the conference
says:
THE members OF the committee Of the
American Bankers association and inn
portent cotton men. together with Sir
Edward Holden. met in consultation yes
terday and they came to the conclusion
that the only possible solution OF this
difficulty VIII be the creation of a guar
anty company, with an adequate capital.
70 guarantee the validity OF bills of
ladIng and to safeguard against forgery.
at the moderate cost OF 6 10 cents per
bale We believe that when a. COM
pany is formed. its guarantee " ac-
ccptable TO the exchanges buye.s acre,
and win Be made in the form required
b. tire European aeceptors."
IN addition 10 the bills OF lading COM
mkttee OF the American Bankers asso-
citation. there were present at yesterdays
meeting Robert Walker. president and