Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-02-28

of their capital stock, either being
ashamed of the smallness of the sum, or
having none. 1t seems TO me that people
cant have much confidence in such financial
institutions
The General Plan of the Bill.
"The general plan outlined in the bill
will probably be to establish State bank
ing department, with two examiners, one each
far the eastern and western sections of the
State. 1t wouldn't cost much 10 keep up
the Offices and the banks could be assessed
a small amount to pay the expenses. Trust
companies have to pay for e1amina-
tions made by order of the Orphans s
Courts. The.bankers state that the national
bank system of examination is beneficial,
and it could be adopted in this State. What
is good for national banks should also bene-
fit State banks"
Senator II. P. Packer, of WeIlsboro, said
the committee had big job before 1t, and the
aim was to outline system of supervision
that could be modified or added to in the
future, as occasion required. He argued
that the banking interests of the State were
more extensive than the insurance business,
yet commission is appointed to look after
the companies.
Senator Dunlap is the Beaver county
member of the committee who is opposed to
Senator Fliun's bill to convert the local
wharfs into market places. He was more
interested in this subject than in the work
of the Banking Committee and preferred to
talk about the rights of river men. Senators
who heard him make mis- speech against the
bill the other night say il was we'll received,
and the feeling is that unless Senator Finn
hustles the measure will be knocked out.
One Cause of Pittsburg's Greatness.
Senator Dunlap claims that Plttsburg
owes its commercial greatness to the rivers,
which, long before the advent of the rail-
roads, opened up to her industries the mar
kets of the Mississippi Valley. He added:
THE glory of Pennsylvania in the sister
hood of States is not the fertility of her
soil, or the richness of her coal beds
that rib the ground, but the water
ways in the West to the Mississippi
and the Delaware in the East. which leads
to the markets of the world. Why build q
canal to the lakes when there are no wharves
here for boats to land? A canal would be
useless. The rivermen to unit are OPP
posed to this bill. They paid for these
wharves, and their business requires them.
1t looks ridiculous for Piltsburg to ask the
Government to appropriate money for river
Improvements when the city aims to appro-
pirate TO its private use the water frontage.
L think the city ought to be able to find
place for its markets somewhere else"
Senator Dunlap rather intimated that if
this bill were passed he would oppose the
Erie canal scheme. He holds it would be
useless without wharvts in this city. He
agrees with the other Senators on the COM
mittee about State supervision of banks.
He stated that the failure of Jamison & Co.,
the Barker Bros and the DeIamater bank
had called attention.to the importance of the
subject.
The committee is determined to expose
the bogus investment companies, and to
show up the folly of dealing IN wildcat
securities. A few get the money who stand
in, and the others are swindled.