New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-13
FAVOR CHECKING OFFICE
.,v Prove Solution of Cotton
w. Bill of Lading Problem.
ING DEBATE OVER PLANS
,..,ners. Carriers and American
md Foreign Banking Inter
ests Approve Scheme.

.-s.. Is believed TO be practical solu-
of the cotton bill OF lading problem
n0a last fall threatened TO tie up the ship
me- ~ cotton from this side TO Europe.
N' s-eed on at a meeting OF representa-
va - ,he Southeastern and Southwestern
w" carving roads, the Liverpool Bill
e',.s,ng Cotton Conference and the sub
-,i,,ee Of the bill of ladine committee
80 49, American Bankers Association. held
"a chamber Of Commerce yesterday.
,s..r a Lengthy debate over plans which
IA make Il possible 70 handle the COM
y .otton crop without friction and along
res satisfactory TO shippers. railroads.
...-,saip companies and American and
Ign banking interests and cotton buy
= a resolution was passed expressing APP
-,,-sI Of the formation Of a central Office
= his city 20 which all advices OF bills
:. ,ss,ng issued are TO be sent, provided
...b q, Office can be established along sat-
,S..,orv lines. \ committee. consisting OF
: --,-sseufatives Of each OF the bodies pres
=, AZ the meeting, was appointed to out
s,a system under which such a checking
s-reat could be established here.
-h,s proposed central checking Office II
"a explained. viii serve as a clearing
,ouse fo- all cotton bills Of lading against
,s,ch drafts are drawn on foreign bankers.
indicates OF all cotton bills issued by the
-slroads VIII De kept on file. and the Of
81 will also receive direct from the rail-
,aads record Of all such bills. and IN this
rav ar immediate check will be placed on
,nv ir-ecularity IN the issuance of bills.
he valuation OF cotton Hills OF lading by
re railroads. which was agreed 10 last
year ty most OF the cotton carrying roads.
vii BE- continued IN conjunction with the
~ plan.
TIE valuation plan was objected 10 by
he European bankers last fall as not a
uHcert safeguard. and thew issued an
.!nnstlm that they would refuse 70 accept
Ills Of lading for cotton after October 81
less they were guaranteed by bankers
asgs After a series Of conferences, how
ever. between the American bankers bill
Q: lading committee and Sir Edward Il.
Holden, the London banker. chairman OF
re foreign bankers bill Of lading commit
..s. who came 70 this country 10 Try 70 ar
range q solution Of the difficulty. it was
.g1esd 10 extend the valuation plan 70
December ST. which is practically the end
{. the cotton shipping season.
ssyera. plans for the final settlement Of
us difficulty were suggested one Of which
VS. that cotton bills should be guaranteed
.y q number Of the leading surety compa-
-.ss here This plan found favor with the
e-e.-n bankers. and was also we'll thought
q bv the bankers in this city. but h. IS un-
ssrstood that 30 was found 70 be impracti-
able T. was recognized. however that.
unless some plan for safeguarding cotton
hills d. addition 70 the valuation plan. was
sdop-ad before The opening Of the next cot
,on Shipping season the whole controversy
would be- reopened and much confusion and
? oss might result. Yesterdays meeting was
zNed 20 Try 10 ind a way out OF the Gitn-
ulw that would prove satisfactory 10 all
eencs-aed.
A member Of the sub-comnittee Of the
American Bankers Association said after
he conference that II was confidently
.oped that the solution OF the perplexing
ylss;ion would be found in the proposed
sntral Office system. which. he added. had
cen approved by the representative OF the
liverpool BIS q Lading Cotton Confer
s,ce who attended the meeting Just how
B,l the committee appointed 10 work out
|. plan for the establishment OF such an
Ecs would make its report could not be
arnsG but T. is understood that il Will
= IN ample time to have the system per
Acted before the beginning Of the cotton
4pptlg season.
Among the leading cotton carrying roads
spresented az yesterdays meeting We're
ae Illinois Central. Seaboard Air Line.
Southern Railway. Louisville & Nashville.
2ock i and. Central of Georgia. Atlantic
lssi Line and many others of the South
western and Southeastern lines For the
ms rar- they were represented by their
''ealc managers. The banks we're rep
'sssnt@1 bv three members % the sub-com-
-.,,ee % the bill II ladsng committee Of
| Re American Bankers Association: Fred
Ken vice-president q the Bankers
| trust Company. chairman. John E. Gardin,
ucs-pres dent Of the National City Bank.
m Samuel Sachs. Of the international
snking f-rn Of Goldman. Sachs & Co.
\ The other three members Of the commit
%. Max May. vice-Dresident OF the Guar
aay Trust Company; Gilbert G. Thorne
i'e-preadent Of the National Park Bank
New York and Slr. Macintosh man
ssr CT The Canadian Bank Of Commerce.
FTe unable 20 attend The Liverpool Bills
Ldng Cotton Conference was rep
faH l.r