Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1910-06-03

y for cotton, by which English and =
y European firms were defrauded. of
y about $7,O0OC00. c. B. Howard of y
Inman, Akers & Inman, made the =
y motion that knight, Yancey & Co. =
y be expelled.
%>N%~~%%@~%~~%%
The Southeastern Cotton Buyers as
ISOLATION is going to send a COMMITTEES
to London. England, for the purpose of
convincing European bankers that it is
not necessary for them to require port
bills of lading for cotton shipped from
interior cities, and that through bills
can be protected.
This committee would represent bank
ers and railroads, as we'll as cotton buy
ers. A. p. Coles, cashier of the Central
Trust and Banking corporation, has been
suggested a member of it,
The Southeastern Cotton Buyers as
ISOLATION, at a meeting Thursday morn
ing at the Piedmont hotel, authorized the
president, G. A. Nicholson. to appoint a
committee to decide on a feasible plan
for the protection of through bills OF
lading, which plan the committee to
London will present to the European
bankers.
A NUMBER OF PLANS.
At the meeting Thursday morning a
number of plans to protect through bills
of lading were proposed The commit
| tee will consider these Thursday after
noon or Thursday night, make a selec-~-
tion from them. and report back TO the
association Friday.
A. P. Coles announced that the Cen
| trail Banking and Trust corporation Is
ready to insure the validity of through
bills of Iading. 1t would charge cents
bale to do this, which would amount
to about $4,000 for the Georgia cotton
crop. .aa
l--4s M. Basssinsky, -efss,r CO Ala pro-
posed that. banks certify the through
bills of lading given by the railroads.
Mr. Coles announcement was that the
Central Trust and Banking Corpora
ton would place bonded agents at all
points of concentration of cotton and
that these agents would see what cotton
the roads received and wound certify to
the roads having received it. There would
| be three to FIVE special agents to check
up these special agents, and agents at
| the would-be stationed ports to inspect
cotton as it would be put aboard ship
NO PECUNIARY OBJECT.
He said that 1t was not the plan of the
Central Trust and Banking corporation
to make money, but simply to insure
through bills of lading. He said that
| should charge of five cents a bale
amount to more than the expense his
bank underwent that it would distribute
20 per cent of the net proceeds among the
buyers b ywhom il was said. he estl-
| mated that his plan would entail an ex-
| pense of $4,000 year.
PLAN OF CHECKING.
L Well. of Montgomery proposed
| plan of checking cotton from the point Oh
its sbipment to its destination. He esti-
r,atad that the expense of this course
could be covered by charge OF three
cents a bale on every bale of cotton ex-
ported.
He estimated that there are between
| & 600 600 and 10000 bales of cotton snip
ned annually from the south, and that
the total cost of his plan would be De-
tween 100000 and $25O0Oo.
T Wells proposition was 10 nave ou
| reaus of information established at al
norris. They would get Information on
| ALI cotton shipments as 10 the point OF
gbinmept the number of bales snip
nod the mark of the bales, the name
of the shipper and the destination or
| tbo cotton At the time this cotton
uas mt aboard train this Information
would be telegraphed to these bureaus.
when the cotton reached port this IN
formation would be verified Ihen IL
would be cabled to the ports or It's
destination IN England or Europe
where bureaus of publicity would pc
! publish this information for the bene-
fit of bankers and buyers.
He insisted that by this methoo
European bankers would be assured OF
the validity of through bills OF lading.
BASHINSKPS PLAN.
The nIan of Mr. Bashinsky is to have
bius NJ lading on all cotton shipments
sent to some local bank, and to have
this hank certify that this cotton was
mt aboard train The banks, he said,
could communicate with the roads by
teIeDhone or in some other way and be
assured that its certihcation was accu-
rate. This certificate, as he stated, would
be without recourse"
The association seems to favor some
such course of certif1cation by local
banks.
Those at the meeting Thursday
morning of the association are: K j.
Lowry. Atlanta; S. d. Jones, Atlanta;
w o. Jones, of the Elberton Copress
oopany; A z. Coles, cashier of the
| Central Trust and banking corpora
ton: John Z. Clay, Atlanta; r. L. MOSS,
Athens; 1. Well, Montgomery; G. III.
West Vaudeville Cotuoh company; Car
rollton: c. R. Simms, H. II. Hanna, OF
Akers. Inman & Co.; 8. B. Brown, OF
the Georgia Cotton company, Albany.
z. s. Ehney, Atlanta; F. NJ Inman.
Atlanta; C. B. Howard, Atlanta; G. a.
! Nicolson, tlanta; G. H. Lewis, Paul
Brown, A. T. Porter and L. NJ. Bash
insky, Troy, Ala
49, -on nr,Irnr