The Birmingham age-herald., 1907-04-13
Much Fault Found With Heavy Tax on Foreign Money
 Loaned in State
MAY CAUSE MILLIONS ID
 BE TAKEN FROM ALABAMA
Special Committee Reports on Prog ress of Plans for Making Exhibit at the Jamestown Exposition.
 New Members Elected.

Sterling A. Wood was nominated for the office of president of the Commercial
 club of Birmingham at the regular meet
 ing of that organization yesterday after noon. He was put in nomination by Rufus N Rhodes and seconded in brief, compli- mentary remarks by the following mem- bers of the club: John L. Parker, F. Y. Anderson, T. H. Motion, Fred M. Jackson, W. P. G. Harding and M. V. Joseph
 The following nominations for vice presidents and directors were also made:
 Vice Presidents-M. V. Joseph, T. V. Smith, T. G. Bush, Robert Jemison Jr., E. w. Barrett, J. B. Gibson F. w Dixon, J. L. Kaul, John W. Sibley, R. M Good all, W. P. G. Harding and James Bow ron. Directors-Fred M. Jackson, J. w. Me Queen, Frank Nelson, Jr, Culpepper Exum, W. w. Crawford, T. H. Motion, F. Y. Anderson, Robert Jemison, Sr, and Rufus N. Rhodes.
 There being no opposition in any of the
 offices, and the nominations being made unanimous by the club. the election to be held Monday, May 13 will only be for mal affair The following inspectors were named for the election which will be held at the Commercial club rooms: F. K. Campbell, J. D. Collins and John w. ONeill.
 Feature of Meeting.
 The principal feature of the meeting yesterday afternoon, outside the nomina- ton of new officers, was discussion or two legislative bills recently enacted by the legislature in reference to the taxing of foreign money lending concerns.
 The matter was brought up by Henry F. HoWze and created a lively discussion among the members, which resulted m motion by T. H. Motion that the matter be referred to the legislative committee with instructions to take up the question:
 and if possible secure the repeal or modl- fication of the measures, on the ground that the effect of the laws would be very detrimental to the business interests or the people of Alabama.
 Mr. Howze stated that the bills m dues-
 ton exacts tax from foreign loan com- nanies that is practically prohibitive, and
 explained that if the companies continue
 business the people will have to pay the
 tax and not the corporations. The laws
 as explained by MT. Howze require tax
 of $10 on the first s1000 and sl on each subsequent 5000 loaned in the state. me other bill referred to taxes annually the money already loaned in the state at the same rate.
 Withdraw About Million. A. R. Dearborn said that the Equit- able Insurance company had arranged 10 open an office in Birmingham through which it had intended to place some thing like a million dollars on real es- tate securities at low rate of interest, but had abandoned this movement on ac- count ow the passage of the bills in ques- ton. He stated further that It was ms opinion that other companies doing bus mess in the state would withdraw and might possibly foreclose the business all ready in the hands of the Alabama GUS toners, which would bring ruin to many investors. T. H. Motion said that it was his opin- ion that nine-tenths of the building done in the Birmingham district is done with borrowed none, and to deprive the dis trict of the means of securing money at ! a cheap rate on long time would be a serious calamity to the business and in- dustrial interests of the district.
 Shortsiehted and Unwise.
 w. P G. Harding said that the legis- lature was shortsighted and unw1se. lie explained that these companies provide money for development at low rate Of
  banks canont handle and that placing a prohibitive tax on the business would work a great hardship on the people who would have the tax to pay 1T the companies continue business. MT. Harding stated further that the matter Is one ot the most important ever considered by the club. and one that demands careful and early consideration.
 R. N. Rhodes gave 1t as his opinion that Governor Conner would himself favor the repeal of the two bills if the matter Is properly brought to his atten- ton.
 On motion of T. H. Motion the ques- ton was referred to the legislative com mittee with instructions to take it up at once and see what could be done in secur- | ing a remedy.
 Other Business.
 E. J. Hudnall, mayor of Pratt City, ap- peared before the club and asked that | the club invite the Georgia and Alabama Volunteer Firemens association to hold it's annual meeting in Birmingham in | 1908.
 The matter was referred to the enter | tainment committed
 John w. ONeill reported that the Ala bama Travellers Protective association | would meet in Birmingham In May and | stated that the local post had ample | funds for entertainment, but asked the | Commercial cluD tO get Teduy tO Wei- | come the boys" with 'the glad hand"
 He also suggested that the state dele | gates to the annual convention in James, town be instructed to invite the Ma tional Travellers Protective association to meet in this city in 1908. A resolution favoring such action was adopted.
 w. P. G. Harding, chairman of the gen. eral committee on entertainment of dele gates to the recent convention of the Southern Cotton association reported that he held about $1200 balance of the amount collected for expenses which would be returned to the subscribers as soon as one or two small bills have been paid.
 Report on Jamestown Exhibit.
 The following report was made by J. W. Sibley chairman of the committee on exhibit at Jamestown:
 Birmingham, April 12, s190. To Officers and Members, Commercial
 Club:
 Your committee on exhibit at James, town exposition begs to report that a conference was held with Governor Conner and the Jamestown commission appointed by hfn Fourteen hundred square feet of space was allotted to the Birmingham district under the auspices of the Commercial club. and the state of Alabama agreed to pay all transporta- ton charges on exhibits from Birming- ham to the exposition grounds and cost
 of installation of exhibits.
 tan \ th<or haI