New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-13
FAVOR SHIP SUBSIDIES
ACTION By BANKERS.
Adopt Strong ResoIutions-No Ac-
ton ON Currency Report.


,,nbuildinE of the American merchant marine
resolutions reviewing the growth of American
commerce and the decline in American shipping
and pledKing the association 10 throw the
weight OF its influence toward the enactment
o. a ship subsidy law were presented by the
executive council of the association and adopted
by rising vote. in which it was estimated that
three-quarters Of the delegates took the affirm
alive side.
The second days session Of the convention
occupied three hours and was devoted TO the
transaction OF such business was contained
n the report of the executive council, besides
addresses and discussions interesting and IN
structiye on various phases Of banking
The report OF the currency committee was re-
ceived, but no action taken thereon The report
followed the suggestions made yesterday by
Secretary Shaw in his address before the con-
vention for an emergency currency Exon
gresham Pugsley. of Peekskin. \. Y. who sub
rnitted the report. expressed the opinion that
Congress would enact financial legislation if the
bankers presented q united demand for some
specific measure. The report outlined several
changes in the system which it might be ad-
yisabIe 10 make by legislation.
TEXT OF SUBSIDY RESOLUTIONS,
The enthusiasm Of the dav vented the
ship subsidy proposition The five enacting
clauses Of the resolution are as follows:
Resolved by the American Bankers Associa-
ton. assembled:
First That the members of this association are
deeply interested in any measure which will pro
mote the interest Of the whole country CONNER
cially and industrially, and especially with ref
e-enCe TO our foreign commerce.
Second. That we favor and most respectfully
urge the passage by Congress Of some measure
10 foster and encourage the upbuiding of our
merchant marine and give back the prestige
on the high seas which once enjoyed.
third That We favor the shin subsidy meas sure
Sif 3lrari nv
which, think, would tend TO restore our flag
the seas and build UP our merchant marine
TO the extent that the necessities OF our trade
now and in the future may demand
Fourth That We recommend that our Senators
and Congressman favor some just and equitable
measure that will bring about the results and
afford the relief above suggested.
Fifth. That through our legislative committee
We memorabilia the Senate and the House CT
Representatives. Of the United States with
copy OF these resolutions.
The afternoon was given up to sightseeing.
Many Of the bankers and the women accom-
panying them witnessed an exhibition drill Of
cavalry at Fort Myer. Others went TO Airing
ton and Mount Vernon. In the evening they
attended the theatres. The convention viii ter
inmate with the session tomorrow, the pro-
gramme OF which includes the discussion Of
practical banking questions. addresses and the
election and installation Of officers
TO AMEND NATIONAL BANK ACT
In the Invocation opening the convention the
Rev Dr. Teunis S. Hamlin depIored all lapses
from the high standards OF honor among those
managing the financial interests of the country
and prayed that consciousness might be quick
ened and wills strengthened that men may
ecute the trusts Of the people
Consideration Of the report Of the executive
council which was before the convention at ad-
5ournnent yesterday was resumed and many
communications were read and referred to ap-
proprfate committees.
President M Y Van SIyke, of the First Ma
tionaI Bank Of Madison Wis. presented reso-
luton recommending two amendments TO the
National Bank act. The first 10 enable permit
banks located outside redemption cities TO
accept real estate mortgage security not to ex-
coed 20 per cent of their loanabie funds; second,
that instead Of restricting loans TO one-tenth of
the capital stock, to make the limit one-tenth
Of the actual unimpaired capital employed The
resolution was referred to the executive council
G. ". Carries of St. Louis. read a conmun-
cation containing a resolution pledglng the con
ventfon 10 send a delegation to Congress TO SC
cure a Joint commission Of legislators, bankers
and experts to formulate some plans Of complete
reorganization of the monetary system This
was also referred to the council.
The convention authorized the appointment
% . standing committee of five IS law com
r7fttee The new committee was recommended
by the executive council:
At the suggestion Of L. Z Person OF the
Eaw-York Exchange Bank committee OF I'VE
was authorized 10 confer with a committee Of
SINNERS and carriers TO agree a uniform bill
Of lading.
The resolutions favoring government aid to
shipping were presented from the executive
council without recommendation. which served
as = topic Of discussion Robert J. Lowery. OF
Atlanta the author OF the resolutions. spoke in
favor Of them, did also E J. Parker OF
Quincy, III
M. Fletcher. president OF the German Ma
+ional Bank of Little Rock Ark. opposed sub
sides" for any American industry. This decla-
ration evoked the first applause on the subject
lie hoped The resolutions would be defeated
Upon = rising vote the resolutions were agreed TO-
rN-C,v REFORM REPORT.