New-York tribune., 1910-01-16
CENTRAL BANK PLAN
WR.VREELAND SPEAKS
Would Hare Capital of 800,
100000 Held By Banks.

Boston. Jan. 1--we will never have
stable financial system in the United States
until Capitalization of our note issue and
spportionment OF our revenue is assured"
said Representative Edward p. Vreeland.
of New York. chairman OF the House
Committee on Banking and Currency and
vice-chairman OF the National Monetary
Commission. at the dinner OF the National
Shoe Wholesalers Association here to-
night. in a speech advocating the estab-
lishment Of central bank OF issue.
Mr.. Vreeland sketched the bank as II ap-
pealed most to him. He would give II
capital OF S10e.o00ooC. held chiefly by the
national banks. the state banks having
share. Its governor he would have ap-
pointed by the President. subject to con-
firnation by the Senate. The directors
would be elected by the stockholders. Divi-
bends declared would be not more than
per cent. the surplus 20 be turned into the
United States Treasury. The bank, which
would pay no interest on deposits. would
do business with constituent banks. the
United States government and In foreign
exchange. It's note issues would be pat
termed after the plan of the Bank OF Ger
many.
Speeches were made also by James A.
Emory. of New York, and William S. With
am. Of Georgia, president of a hundred
banks.
More than two hundred men, representa-
tive OF the entire scope of the shoe and
leather trade, gathered here from all sec
tions Of the country to discuss and act on
questions of vital interest to the trade.
The convention was under the auspices of
the National Shoe Wholesalers Associa-
ton. Its underlying purpose was to con-
slider whether the trade was really con-
fronted with a radical advance in leather
and shoe prices. and whether the buying
public would demand shoes at fixed price
or shoes of an established quality at the
market price.
In speaking of the hide situation in the
country, H. P. Darlington. OF Chicago.
said that there should be more elasticity in
the prices of shoes. He declared that the
demand for hides was greater than the
supply, but thought there was no danger
of a famine. He expressed the opinion
that when the production of cattle caught
up with the demand, conditions would be
better. Sampson Rogers, OF Chicago.
spoke along similar lines.
In discussing the relative position of the
leather market, John F. Wilder, also of
Chicago and general secretary of the
National Association of Tanners. laid par
ticular emphasis setting aside profit
for labor. He declared that experience In
Chicago had shown distinct gain IN
lettering the relations between employers
and employees He believed in individual
izing the man behind the machine, and
decried the methods of banding employers
together TO watch legislation. After re-
viewing conditions in the leather market
Mr.. Wilder closed by calling attention TO
the clause in the corporation tax law
which provides for publicity OF filed re-
ports of individual corporations, a measure
which, he said, should be repealed
One of the most important addresses of
the convention was that of Charles III.
Jones, president of the Commonwealth
Shoe and Leather Company. Of Boston. and
the leader of the New England trade in
the successful campaign for the removal Of
the duty on hides. Mr.. Jones spoke on
1.-The Manufacturers View of the Future"
in part as follows:
The idea that any price which has been
fixed on shoes OF the various grades is per-
manent and unchangeable is, in my opin-
len. an absurdity. i do not mean by that
that shoes will not continue to be sold at
50 so, s., 50 80 and 81 pair. These prices
will undoubtedly continue to be. as they
have been. popular figures at which TO re-
tail medium priced shoes
l. sea mo advantage in the suggestion Of
fered by some manufacturers. that 1t might
be well to split prices, introducing shoes
at such prices as s. 20, S3 25 or IS Is. Any
effort in that direction would, in my opin-
Ion, tend to develop unfair competition
multiply styles and varieties and result in
no good.
What should occur. and what in my
opinion, viii occur. If il is found that this
tremendous advance which has now been
established Is maintained. is that all lines
of shoes shall move up one full grade
This will result. of course, in forming at
the top new grade, to be retailed at 81 90
/ do not believe il wise that the former
interval of 81 between 81 and s. shoes
should be preserved. So long as the popu-