Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-02-17
State and Savings Banks Re.
quired to Publish Statement
of Loans to Banks Officers
MEASURE PASSES THE SENATE
If Measure Becomes a Law State
Banks and Savings Banks in Iowa
Will Be Compelled to Make Quarter
Iy Reports and Have Them Publish
ed the Same as National Banks.
TBy Ora williams7
IDy vi" w
,pecial to Times Republican.

Special to Times Republican.
Des Moines, Feb 1.-THE senate
with one important amendment passed
the Lewis bill concerning quarterly
statements to the state auditor from
the state and savings banks of the
state. The important amendment adds
to the other things that must be re-
ported to the auditor and published
money loaned to the directors or Off
GERS of the bank. The purpose of the
bill as stated by Senator Lewis when
the bill came up on special order was
to make the quarterly statements Of
the state and savings banks conform
as nearly as possible with the quarterly
statements OF the national banks. He
argued that this would place the state
banks on the same footing before the
public and that this uniformity of
statement was advantageous statistic
ally. Jackson moved to amend by add
ing to the bill the requirement of re-
porting money loaned to directors A
spirited debate followed in which Lewis
charged that this would handicap the
state banks, the nationals not being
required to make such reports. He
argued that the national bank could
use 1t against the state bank where
they We're rival concerns. jackson,
Bruce, Brooks, Molsberry and others
argued for the amendment and it was
adopted % to 10, the amended bill be-
ing then adopted 81 to 5. Under the
bill which is quite likely to pass the
house and become law, section 1872 of
the code is repealed and in lieu there
of is enacted law requiring that the
quarterly statements shall include
matters set out under fifteen different
heads including amounts loaned to d.
rectors or officials, overdrafts and ev-
erything else that might show the con-
dition of the bank. Section 1873 is also
repealed and in lieu thereof is enacted
a law giving the state auditor wider
authority in the matter of investigating
banks and specifying more in detail
the matters of which he will be allowed
to inquire.
Tax Holder of Mortgage.
Senator Crossley has introduced
bill to place the tax on the mortgage
holder. The same bill in substantially
the same form has been introduced at
numerous sessions of the legislature.
Senator Crossley's bill provides that
the owner of land may offset his taxes
with any mortgages that may be on
the land or real estate and that such
tax offset shall be levied against the
person holding the mortgage; no con-
tract between mortgage or mortgagor
to the contrary can be recognized by
law. Other necessary provisions and
safeguard to the law and provided
The taxes against the mortgage shall
be lien on the mortgage and as the
mortgage is lien on the land the
owner of the land shall have the RIGHT
to pay the taxes against the mortgage
and withhold from the interest on tle
mortgage the amount OF the taxes.
Anti-Pass Sub Committee.
Senator Smith of Mitchell has ap-
pointed the subcommittee of the rail-
roads committee of which he is chair
man to take up the anti-pass meas
ures before the committee and report
an anti-pass measure to the commit
fee This subcommittee consists or
the following senators: Hopkins, f1af-
per. Winnie, Stirton and Saunders.
Work in Senate.
The schools committee of the senate
today recommended for passage the
Kline bill changing the school year
to conform to the fiscal year and plac-
ing the annual meeting in rural schools
on July 1st. The present arrangement
causes the directors in the public
schools to meet in September on the
third Monday to arrange for a school
that has already started three weeks
before. The only change in city schools
is to make the September meeting
July 1, and leaves the March meeting
the annual meeting.
The agricultural committee IN the
senate today recommended for passage