The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-27

make UNIFORM the law or warehouse re-
ceipts took up the major portion Of to-
uniform state laws in the senate cham
Der of theanew capitol.
While the chief aim Of the commit
tee drafting this bill was to reduce to
code form the existing commercial
usages in connection with warehouse
receipts, one innovation, negotiability,
has been introduced.
Ask More Freedom.
So far as possible, the committee has
sought to give to warehouse receipts
freedom of transfer similar to that
given to promissory notes. This nego-
liability, releasing the goods covered
by the receipt from all liens incurred
by previous holders Of the receipts as
against purchaser in good faith, is an
advantage now lacking: Such negotia-
fer Of goods in storage and enhance the
value of warehouse receipts as collater-
al security for loans.
The proposed bill has received the in
dorsement Of the American Ware
housemen g association and of the
American Bankers association. Vice
President Albert M: Reed Of the ware
housemen $ association said today that
he believed that the bill, as now draft
ed, would be Of inestimable value to the
commercial world.
Opinions Differ.
Before the proposed bill was taken
| up today there was a spirited debate as
| to the method in which it should be
considered. A strong element, led by
| Commissioner Williams Of Florida and
Commissioner Arbin of Connecticut,
urged that it be postponed until printed
| Of oc q ct hvyf ho
committee, could be distributed. The
committee and it's supporters, led by
Commi ssioner F. B. James, the chair
man Of the committee, urged immediate
action. AS a compromise the revised
bill was ordered printed Immediately
and it's terms were taken up for discus
sion in a committee of the whole, un-
der the craftsmanship Of P. W. Meldrum
Of Savannah, Ga.
Bankers Ask Cooperation.
Prior to- the discussion Of the ware.
house act Thomas B. Patton of New
York, counsel and secretary of the
standing law committee Of the Ameri-
can Bankers association, appeared be
fore the commissioners to solicit their
cooperation in the work Of his com.
mittee.
''The American Bankers association
has always been working for uniform
laws,' said Mr.. Patton. It was largely
| gotiable instruments law, drafted by
this conference, has been adopted in
many states. We wish to call your
attention to tn danger to the uni
formity attained by this act by amend
ments.
Bills of Lading.
"1t is to guard against such
ing law committee Of the American
Bankers association exists. We ask the
cooperation Of this conference in this
| work. '>'T H- ''''
"Another matter which I wish to
bring before you is the question OF
negotiable bills Of lading. Bankers arc
accustomed to lending money on bills
of lading, but their losses have become
so common that something must be
done. to improve this form Of security
these loans. We have introduced ne
gotiable bills Of lading in congress
which applies to interstate commerce
We ask your cooperation to secure
similar state legislation.''
President Amasa NJ g Eaton assured
Mr.. Patton that he was welcome AMI
promised him that the conference would
| cooperate with the bankers assOcia
ton. R. W. Breckenridge of Omah:
moved an amendment to the constitu
ton creating a banks and bankers
committee, which was referred to tn.
executive committee for immediate &C
ton.
New Members.
Three new commissioners were in
troduced to the conference today. They
were Frederick G. Bromberg of Mobile
Ia, president of the Alabama State Bal
associations; John H. Mosher of Nor
man, Okla, and T. M. Mordecai o1
Charleston, S. G. Three old members Of
the conference also attended for the
| frs time this year. They were P. W
Meldrim Of Savannah, Ga; John L
Webtser Of Omaha and Charles Mon
roe of Los ngeles, justice Of the su
preme court Of California.
These additions bring the total at
tendance up to the largest in the an
nails Of the conference. The attendanc,
at last years meeting at Narraganset
Pier, R. l., was twenty seven.
w. T. Robinson of Philadelphia, presi
dent, and lbert M. Read of Washington
D. c., vicepresident of the American
Warehousemen' 8 association, wer
among those who attended today
meeting to listen to the deliberation
over the proposed bill to make uniform
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