The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1910-09-03
4 Plan IS DEVISED
FOR EXPORT COTTON
A. G. S. Will Place Validating Agents
In Principal Towns Between Bir-
mingham and Meridian.

The first step taken here to protect
cotton export bills Of lading 80 as they
will be safely negotiable was placed
in operation yesterday by the Alab-
anna Great Southern railroad and it is
expected that the plan as outlined
will come pretty near safeguarding the
bills of lading issued by that company.
E. T. Steele, freight traffic manager,
after a conference with the officers of
the company, has announced that a
validating agent or agency has been
established in the cities between Bir-
mingham and Meridian which have ex-
presses and from which cotton is
billed for export shipment.
According to the plan, Mr.. Steele
in Birmingham or his principal clerk
will append to all bills of lading issued
by the local agent a certificate to the
effect that the bill of export shipment
signed by the agent and attached to
the certificate is true and genuine.
The certificate will read something
like this:
1.-The Alabama Great Southern rail-
road certifies that A is a cotton
agent for this company, and that his
signature attached to the appended
export cotton bill of lading is true
and was signed by the said A as
agent"
In the certificate will be given the
of bales Of cotton for which
bills of lading are used and other
technical information and regulations.
The validating agent will then stamp
the bill of lading and the certificate
with seal of the company, which |
will be kept under lock and key. One
half of the seals impression will go |
on the bill of lading, while the other
half will be impressed on the certifi-
cate. In this manner it is believed |
1t will be extremely difficult for |
banker to be deceived in the negotia-
BILE or original bill of lading. After
receiving this valuation the shipper
nay procure from the agent copies of
he bill but none of them except the
original will have the seal and certifi-
cate. The offices Of Mr.. Steele will /
yalidate bills from Birmingham, Epps
md Eutaw. The cashier at Meridian
md the one at Tuscaloosa, who are
inder bond, will validate or certify
he local agents signature at those
places.
las been attached these safeguards,
t is thought will be sufficient safety
or the banks of this country to guar
ntee them to the bankers of Europe.
The reform has been brought about
~ the cries of fraud which have
risen in Europe as a result of the
Knight, Yancey & Co. failure. The
oreign bankers demanded some safe
yards for their money, and the bank
rs or this country and the railroads
re responding to that cry as quickly
8 possible. The plan, as outlined by
be Alabama Great Southern will be
ollowed, it is believed, by the South
IN railway and allied lines. The
gents of the Alabama Great Southern
ave been presented with a circular
igned by Mr.. Steele and M. L. Malloy,
to the effect that these
afeguards will hereafter be thrown :
round cotton shipped for export
The Southern railway was affected
y the bogus bills OF lading said to
ave been Issued from Decatur, which
'ere brought to light when Knight,
'ancey & Co. failed. The Alabama {
reat Southern was not affected.