The Owosso times. (Owosso, Mich.) 1897-1926, 1899-01-20

great that one house or the other was
forced to adjourn for lack of work. The
only proper way to handle this matter
is to have all this visiting done at once,
and that, too, before the real work OF
considering bills in committee of the
whole or on third reading commences
in earnest. Under the constitution the
first vote in the legislature proper for
United States senator will be taken on
Tuesday of this week, and when this
matter is disposed of arrangements for
the long recess will be made.
Banking commissioners Report.
Probably the most important state re-
port in many particulars, is that of the
banking commissioner. That of Com
missioner Maltz for the last calendar
year has just been completed and sub
mitted to the governor. 1t shows that
during the year one state bank failed
and one went into voluntary liquida-
ton, while four were permitted to de-
crease their capital During the same
time five private banks failed. The
remarkable showing is made that dur
ing the year the deposits in state banks
increased in the enormous sum Of $10,-
625,63S, while the increase in loans was
$S,33S, 30S. The latter increase shows
that there is vastly increased de-
mand for money for use in business
For the same period the national banks
Of Michigan show an increase in de-
posits Of more than $4,000,0O0
Commissioner Maltz calls particular
attention to the law that prohibits
state banks from holding industrial
bonds when the security is upon other
than real estate, and he calls upon all
banks having such bonds to retire them
from their assets. He expresses the
opinion that loans upon unproductive
real estate should not exceed 40 per
cent of the valuation Of the property,
and calls the attention of the legis-
lature to the fact that the banking law
provides no penalty for making excess
sive loans which have caused most Of
the bank failures in Michigan.
Amendments Recommended.
The use of corporate titles by private
banks is roundly condemned as tending
to deceive the public, and the following
amendments to the banking law are
recommended:
Il. That the annual meeting Of the
stockholders now held on the second
Tuesday Of December be changed to
the second Tuesday Of January, so that
the retiring officers may have an op-
portunity to make a full report of the
condition of the bank for the full cal
endar year.
'2. That loans made to officers or en-
ployes of any bank shall first be sub
mitted to the directors for their ap-
prevail.
3. That no person engaged in the
business Of private banking shall be
eligible as director or officer Of any
state bank.
a. That in section 1 the clause permit
ting banks to organize with $4,000 cap
ital be stricken out, the commissioner
being of the opinion that no bank
should have capital of less than $25,-
900.
So That in section So the clause per-
hitting unlimited loans upon other col
lateral securities authorized by this act
be stricken out"
1t Is further recommended that the
law providing for the Incorporation Of
trust and security companies be amend
ed so that security debentures shall ap-
ply to all alike, so that each depositor
should have his deposit at the same
risk as all others.
The state commission appointed un-
der the provisions of the uniform text
book act passed two years ago held Its
first meeting here a day or two ago.
Adhere to the Old System.
Statistics just compiled by Superin-
tendent Of Public Instruction Hammond
show that vast majority Of the school
districts Of the state still adhere to
the old system governing text books.
Reports were received from about $500
of the 1900 school districts in the state
or these 440 had adopted free text books
previous to last September, and 26S
adopted them during that month, while
743 adopted uniform books and 1893 ad-
hered to the old system.
The residents of local option counties
will be interested in a bill introduced
last Friday by Senator Humphrey. 1t
is designed to make greater restric-
lions about the sale of liquor by drug
gists in these counties. At present
many of the drug stores are practically
saloons, but if this bill passes. drug
gists will be required to make detailed
reports Of all sales to the prosecuting
attorney once each month. 1t also pro-
vides that all elections on this subject
shall be held at the time Of the regular
election in April, thus eliminating the
great expense of special elections from
time to time.
The portion OF Governor Pingree's re-
cent message which attracted most at
tention is that which relates to the en-
croachments Of trusts and combines. 1t
is possible that some attempt at legis-
lation may follow the governors sug-
gestion. Al least the senate has re-
ferred that portion Of the document to
the judiciary committee with the re-
quest that 1t embody its views on the
subject in a bill or otherwise and re-
port.
The Telegraph Bill.
Aside from the railroad taxation bills,
the only measures affecting corporations
thus far introduced affect telegraph and
fire insurance companies. The tele-
graph bill, which was introduced by
Representative Burch of Detroit is
fashioned after the law recently enact
ed in Kansas. 1t provides that all mes
sages sent to points within the state
shall be charged for at the rate of 20
cents for fifteen words or less, the pres
ta hat &c 90