Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-12

of a shipping subsidy along the
lines of the bill that was once be-
fore Congress known as the Frye
subsidy bill. The matter came up
through a resolution introduced by
Col. Robert Lowry of Atlanta,
Ga, favoring the subsidy, which
was adopted.
| The second days session of the thirty
| first annual convention of the American
| Bankers Association was opened at the Co
| lumbia Theater this morning with a prayer
by Rev. DIR. Teunis S. Hamlin, pastor Of
the Church of the Covenant.
! The consideration of the report of the
executive counsel, interrupted by the ad-
| journment yesterday was resumed this
| morning. The receipt of a number Of COM
munications addressed to the executive
council was first reported and then COM
munications were read and referred to the
proper committees.
Amending National Banking Law.
Mr.. Van Slyke of Wisconsin presented
an extended memorial recommending Ger
tain amendments to the national banking
| law. Mr.. Van Slyke said that all banks
are classed as one by the general public,
and when failure occurs, of whatever
kind or from whatever cause, it affects the
| character OF all and touches public conf
dence, the most important element of bank
| ing capital
| All banks are therefore Interested in the
passage of restraining laws to protect their
own stockholders no less rnan the security
OF their patrons; laws admittedly just and
| reasonable, such as will be enforced when
| enacted.
Mr. Van Slyke declared we have too many
| laws and too little enforcement, and the
| popular tendency prevails to restrict, IL
| not prohibit, many lines of perfectly legiti-
mate trade. County banks should be privi-
| legged to accept mortgage security not to
| exceed 20 per cent of their loans.
I Attention was called to an alleged unrea-
| sonable instruction, SO frequently disre-
garded, providing for the limits of certain
classes of loans to one-tenth of bank s
| capital stock. AS the banks show a dis
| position to increase their surplus rather
| than their capital the limit becomes more
and more disproportionate to the bona fide
| capital
A resolution was presented by Mr.. Van
Siyke providing that the association re-
| quest Congress to amend section 5137
| United States Revised Statutes, so as to en-
| able or permit banks located outside of the
| so-called redemption cities to accept real
estate mortgage security not to exceed %
per cent of It's loanable funds. The resolu-
| ton also provided that section 5000 United
States Revised Statutes, should be amended
| so as to allow certain loans to the extent
of one-tenth of their actual unimpaired cap
! ital. The resolution was referred to the
| proper committee.
Mr.. George w. Carroll presented an ex-
| tended statement on education in the cur
| rency question, and the paper was ordered
| printed.
Uniform Bills Of Lading.
Mr.. L. E. Pierson of New York submitted
l
| ing, which was referred. A resolution was
adopted providing for the appointment of a
! committee of five members to be known as
law committee, to attend to the business
Of the legal association. The committee
| should be empowered, it was suggested, to
| employ counsel. The resolution was adopted.
The matter of a ship subsidy came up to-
| day with the introduction of a resolution
| from the executive council, and caused
| heated discussion Col. Robert j. Lowry
| submitted a resolution providing for con-
gresSlonal aid for the increase of the ship
| ping. Col. Lowry made a short address, in
which he pointed out the necessity of some
| thing being done to help the shipping. He
| said he favored a subsidy.
Mr.. E. ]. Parker of Quincy ILL.,, seconded
| the resolution. He said that the commerce
of the country demanded subsidy He de-
clared that the amount of shipping under
| foreign flags made 1t imperative for the
government to extend aid to commerce
Col. Fletcher of Little Rock opposed the
| adoption of the resolution. He declared it
was un-American to call on the government
| to aid the shipbuilders.
The shipping could be increased without
| outside assistance. Col. Fletcher declared
he was confederate soldier. but that he
| had surrendered with Gen. Joe Johnston In
North Carolina, and from the day of the
| surrender there had been no more patriotic
| American than he had been.
The question of the adoption of the reso-
luton coming up, the motion to adopt was
| carried on division.
Text Of Lowry Resolution.
The full text of the Lowry resolution
follows:
| Whereas the export trade of the United
States is annually on the increase, and
in the years to come will necessarily In
crease in greater ratio than it has in
| the past;
And whereas the percentage of foreign
freight carried in our own American ships
| has decreased until compared with the
gross amount of our exports, ii is ridicu-
| lously small;
And whereas this is to the great dis
advantage of the people of the United
| States from the viewpoint of proper econ
omy in the conduct OF business, besides
(. greatly detracting from our national pres
tige and pride;
And whereas the opening of the Panama
canal will be of the greatest Importance
to the commerce of the country, and will
| render even more necessary than at pres
ent the building of more ships to carry our
freight to oriental and other markets of
| the world:
| And whereas the passage of ship sub
sidy measure on the part of this govern
ment would be substantial encouragement
| to ship building, and will be long stride
| toward the upbuilding OF strong Ameri-
| can merchant marine to carry our freight
and mail direct from all our ports to
foreign ports:
4 And whereas 1t is necessary for the
maintenance OF our national prestige among
the civilized nations of the world that we
do not allow our flag on merchantmen to
become well-nigh extinct upon the seas:
| And whereas the building OF Ships thus
encouraged by government subsidy, would
mean employment to skilled labor as well
as to common labor. and would give a
healthy impetus to internal trade In the
purchase of supplies necessary for the
building of these ships.
Therefore. be It resolved. ~ the Ameri-