The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-05

NAV invest the money Of their dePostors
should be extended only with the greatest
caution and upon the most satisfactory
evidence that the added line OF investment
is one that Is safe and conservative nor ON!
for savings banks but also for trust tunus'
Special legislation enumerating the author
lied investments should be superseded by
a general law. establishing proper stand
ards Of safety. Savings banks shouiu De-
il possible limited TO their original purpose
OF benevolent institutions organized TO
hold and invest the savings OF small deposl,
tors, and the use of such institutions should
be denied TO people Of wealth VINO are
capable Of managing their own ailal1s ana
who make large deposits therein LOT invest
ment purposes only.
Investment associations and concerns
should be brought more strictly under State
control and such concerns whenever opernt-
ing under unsafe and vicious systems shoulu
be suppressed.
Bank directors should be compelled to
make periodical examinations OF the books
Of their institutions and should be held
responsible for the thoroughness and sum +.
cheney OF such examinations. Building ana
loan associations should, without exception
be prohibited from loaning their funds
unon second mortgage. The Superin-
tendent Of Banks should be directed ny
law 20 examine at least once In every SIX
months the books and securities OF all
banks and trust companies.
Tn. attention OF the business world u
again attracted 10 the evil results OF IN
restricted loans by banking institutions TO
favored individuals, so that the solvency
of the banks and the safety OF depositors
are made TO depend to a large extent, upon
the financial integrity OF few borrowers,
Safe banking requires that liabilities 10
the bank be distributed in number ana
restricted in amount. The provisions OF
tho National Bank Act limiting the total
liabilities for money borrowed by any
person 20 10 per cent. OF the amount OF
the paid.in capital stock OF the bank are TO
be commended | recommend that. with
reasonable exceptions IA 70 the discount
OF strictly business OF secured paper Tue
similar provision in the State law be
amended by fixing the amount TO be loaned
to the individual borrower at not more man
20 per cent. of the capital stock actually
paid III.
FIsH, GAME AND FORESTS.
The forests and streams Of the state
should be made attractive places OF resort
for the invnlid and for those in search OF
wholesome recreation in the open air. 10
this end the fish game and forest laws should
be strict and consistent The preservation
OF the wilderness and the restocking OF tho
waters of the state with food fish. and the
protection Of game. should in my judgment
be encouraged, not only for the benefit OF
our own people. but for the purpose OF at
trncting 10 our State the eNtr-RrOwnB
army Of sportsmen and pleasure seekers
Inc policy Of the State toward the eS-
,tIsion preservation and control oil the
Forest Preserve demands careful attention,
and shall az some later date communicate
TO you by special message my recoinmenda
tions on that subject. whereby hope - De
able TO outline more Comprehensivo ana
consistent treatment than would be proper
within the limits OF this message