The Birmingham age-herald., 1908-06-29
LOUISIANA WANTS
 B|G SHIP SUBSIDY Mammoth Scheme Is to Be Laid Before the People BUSINESS MEN IN EARNEST New Orleans and Other Merchants of the State Are Going After Panama
 Canal Business On Very
 Large Scale.
BUSINESS MEN IN EARNEST

New Orleans. June 2S.-The question whether Louisiana shall grant what is in effect a state ship subsidy will De acted on by the assembly this week. The object of the grant will be a quasi public steamship company organized to conserve to the Mississippi valley states in general. and to Louisiana in particular, the advantages to be de- rived from the Panama canal.
 The assembly has been asked by committee of 95 New Orleans business and professional men, including some of the wealthiest men in this state, to incorporate them under the title of the Mississippi Valley and Orient Steamship company, Mayor Behrman heading the list of 95 names. The statement sub mitted to the assembly says that to gain the commerce of the Orient an the west coast of South America and North America through the Panama canal, the people of the Mississippi valley and of the whole south must De prepared to take immediate advantage of this new channel of trade, lest the vast field which 1t opens be taken possession of by the maritime rivals of this country"
 A domestic steamship line is then proposed as the means of securing this commerce. The capitalization is to De s1O 100000 with the privilege of in creasing to $50. 0.0O0,000.
 The subsidy feature is to consist ia exemption of the property of this cor poration from all state taxation un 1 1925. To make the incorporation of the company effesiis constitutions amendment will be necessary, and the assembly will decide whether such an amendment shall be voted on in the elections next November.
 Father of Scheme.
 The father of the project is J. ". Porch, whose active work through the New Orleans Progressive union has brought many important public move. ments to successful conclusion. M Porch's plan contemplates the opera tion of a steamship line out of NeH Orleans to all the countries to the south and east desired to be reached by the business men of the Mississippi valley. The maritime laws of the United States impose greater expense of operation upon American owned ships than is imposed upon foreign bottoms by the laws of their own countries, and in order to place the contemplated line upon an equal foot ing with all competitors and make the assurance of success doubly sure, the people of Louisiana will vote the cor poration charter liberal enough in it's terms to accomplish the desired end is expected that some day the federal Congress will enact free ship law and also a law which will permit greater proportion of foroi"n citizens to ship as crew and officers than the present law permits. But until that done the Mississippi Valley and Orie at Steamship company, through the liberal grants to be made by Louisiana anl the city of New Orleans and the fact that the company will be freed from all taxation, will be the gainer to an ex- tent more than sufficient to offset all burdens imposed by the federal mari- time law.
 The charter of the company is now before the Louisiana legislature. It provides unusual protection for stock holders prohibits to the last degre. the issuance of stock except in ex- change for actual money raid into tn Q treasury, compels the holding in trust free from all liability of all stock subscriptions paid in until the company fe ire~ d ,la foe. tl,. pany the right to issue watered stoc,s or stock to the promoters for services rendered.
 The idea here is to so far safeguard the treasury as to make every O standing share of stock the ~~~rAe~,A tive of $100 in cash actually paid in.
 Sound Basis.
 The plan. while predcated upon the soundest of sound business principles. goes further and seeks through the CO., operation of the state to perpetuate the steamship company in a manner thd' will serve the commercial intere.ss If the Mississippi valley to the fullest possible extent. It has in the rough been approved by all the leading com mercial bodies of the Mississippi valley approved by the National Board Jf Trade as a pra ctical proposition and in dorsed by leaders in the Bureau ,s American republics movement. Japan. acting through her New Orleans con sul. has asked the privilege of sub scribing to a block of the stock. me Cramps shipyard people are said so have expressed enthusiastic approval and offered to assist in financing the project. Letters from men prominen. sas City St. Louis. >F'~oaa polis, Pitts sas City. St. Louis. Menneapolis, Pitts burg. Birmingham. Cincinnati and oth Sr places have promised the fullest CO., operation.
 The New Orleans committee of 25 having executive charge of the Worlds Panama exposition project have not only unqualifedly indorsed the steam ship plan but have subscribed liberally to the initial organization expense fund.