The Birmingham age-herald., 1915-06-05

Let's remove illiteracy from AlaDana'
 
 tuted, would be unable to prevent in- vasion. With earnestness he urged that the government at Washington begin as soon as possible the work necessary to bring our navy up to thesrequired stand ard for safety.
 Prepared in One Way
 If there is a feeling that the United States is now unprepared to maintain by l force of arms or by it's navy defense | against aggression, the feeling IS strong | in the financial district and among men who think deeply that this country IS to- l day better fortified to maintain at least defensive warfare than is any other na- tion. For there is now proof that the fnancia, resources of the country are su- perior to those possessed by any other country and can be made speedily avail able and in addition to that the diversity of our industries, the establishment in recent years of great industrial plants ana the magnitude of our harvests provide defensive power unmatched. It has been | said that if some person qualified for the work were now to do what David A. Wells did in the midyears of the civil war make revelation of the stupendous re- sources of the United States-then there would be better understanding of the fact | that even if our navy be weak and our army small, nevertheless our resources are now and in the future will be sufti- cient for us to maintain our positions.
 The Foreign Bank Plan
 l The Merchants Association of New York which represents, as whole, the commercial and industrial life of the community, disapproves of the propo- sition recently made public which If adopted would make banks of the fed eral reserve system stockholders in a great central bank established to do e&- clusively foreign business. The feeling seems to be that it is at this time more important that the federal reserve sys- tenn and the state bank system get to- gether in closer cooperation than Is now characteristic of them. Notwith- standing some temptations to persuade state banks to cooperate with the fed eral system, the two systems seem tc be drifting farther and farther apart Some of the great trust institutions arc securing larger and larger business since the federal reserve system was established. Veterans in our banking life are reminded of the fact that some 25 years ago many national bankers were apprehensive that under the law their banks were earning less and less upon their capital. Therefore, when the 20-year charter of national bank was about to expire the subject was seri- ously discussed whether it would not be the wiser part not to take out a re- newed charter but to reorganize un- der state law. This was not done, but instead many of those who had capital | invested in national banks put other capital into state chartered institutions and on the whole found that they were justified in doing that. One of the most successful of the trust institutions in Boston was organized in this way. And the first suggestion from it came from the late Colonel Clapp, for many years proprietor of the Boston Journal. Lead ing democrats like Henry M. Whitney and strong republicans united to or- ganize this trust institution, believing that the opportunity for reasonable and yet large profits was greater for a istate- chartered institution than was found in the national banks The ven- ture was a success from the start ir that respect resembling the experience of some of the tate-chartered institu. tions of New York. Today the outlook seems to be not very favorable for gen. era1 cooperation between the state chartered banks and the federal re. serve system.
 The Vanderbilt Request
 When the will of the late Alfred G Vanderbilt was offered for probate ano published one clause in it caused a good deal of comment The testator mad, handsome bequests, one for as much q: S500,000 and one for as much as $200,0O and some smaller ones to those who were named as executors to the will
 In like manner, MT Vanderbilt's father the late Cornelius Vanderbilt, made special bequest of $50, ,000 to Chauncey NJ Depew and also $50,000 to E. w. w Rossiter, who had been for many year. a confidential financial associate of tn,
 Vanderbilts Both Senator Depew anC MT. Rossiter could under the law hay,
 qualified as executors and declined tt accept the bequests Then they coult
 have claimed legal fees for their ser
 vices, which would have been greatl.
 in excess of the bequests. To hav done that, however, would have beei regarded as dishonorable. The execu tors named by Alfred Vanderbilt {, whom he bequeathed the large sums cal qualify and decline the bequests, claim ing afterward much larger fees thai the amount named in the bequest, bu that would be regarded as smircl upon the reputation of these men. Whcl Russell Sage drafted his will the lega work was performed by his confiden : tial lawyer for many years, the lat Almon Goodwin, who was named one :,
 the executors. To him Mr. Sage be
 queathed nothing Therefore, Mir Good win would have been entitled as esti mated. to about $700.00O legal fees. Blu that fortune did not come to him. fo