The age-herald., 1901-08-20

| uCfI AONCNSNl tAdl nO AHJuotiNC oAdAA bO l done to the stockholders.
 Unchanged Sections.
 Sections Il, 12 and IS were adopted, as follows, without debate:
 Section Ii. Any association or corpora ton organized for the purpose of any in- dividual shall have the right to construct and maintain lines of telegraph and tele- phone within this State, and connect the same with other lines and the Legisla- ture shall, by general law of uniform op- eration, provide reasonable regulations to give full effect to this section. No tele- graph or telephone company shall consol- idate with or hold controlling interest in the stock or bonds of any other tele- graph or telephone company owning competing line, or acquire, by purchase or otherwise, any other competing line Of telegraph or telephone.
 Sec. 12. All corporations shall have the right to sue, and shall be subject to be sued. in all courts in like cases as natural persons.
 Sec. The term Corporation" as used in this article, shall be construed to include all joint stock companies, or any associa- tions having any of the powers or priv ileges of corporations not possessed by in- dividuals or partnerships.
 Rate of Interest. There was minority report signed by Messrs, Cofer, J. Proctor and others to regulate the rate of interest," They offered new section, which read as follows:
 Section IS. After the ratification of the Constitution, on corporation, society, or ganization or association shall be allowed to charge or collect for, or upon the loan or forbearance of money goods or things in action. either in the way of interest fines, forfeltures, premiums, commissions or sums of money for the purchase of stock, bonds or any interest In the busi- ness of such corporation, society, organ ization or association, as a condition upon which such loan or forbearance. as a charge, a greater amount than the legal rate of interest provided for by the gen. eral laws of the State upon the loan or forbearance of money, goods or things in action: and all such sums of money paid such corporation, society, organiza- | ton or association in excess. of the legal interest provided for by the law, by what l ever name called, shall be credited in the principal of the loan made by said cor | poration, society, organization or associa- | tion, and every such loan made in Ala | bama shall be governed by the laws of | this State.
 Afternoon Session. MT. Proctor spoke in favor of his sec l ton. He said it was not aimed at build | ing and loan associations unless they were charging more than the usual rate of interest. He proceeded to illustrate the methods of many such associations, show I ing that they did charge excessive ir- l terest. 1 Judge Howze Of Jefferson said that 1t was admitted that this section was aimed at the building and loan associations. The question was whether those associations were beneficial There were two classes of such associations, local and national. 1 Hardships had arisen because the foreign | corporations had been very unfortunate. They had made losses which had affected the borrowers. This was due to bad loans made in excess of valuation by local I agents. a.-
 Pending his argument the convention adjourned until 3:30 o'clock.
 Afternoon Session. l The convention reassembled at 3:8O o'clock with 94 delegates present.
 MT. Long of Walker arose to a question of personal privilege. He referred to an article in the Womans Journal of Boston l criticizing his speech on the question of woman's suffrage. He said he had said nothing to justify the criticism and that the paper did not represent the best sem timent of Boston. Moreover that Boston