Omaha daily bee., 1906-11-28
BILLS FOR TRUST COMPANIES
Measures viii Be Submitted to Legislature
BY Saunders AID Others
sANKIR8 NOT 50 MUcH OPPOsLD nov
AssoCiatiOn in Convention Favored
the Projects with Proper Restric-
tiOns" ana fndividusI. Mod
ify Their Positions.

Among the bills which will he introduced
by the Douglss county delegation in the
legislature this winter viii be several pro-
yiding for the establishment and operation
Of trust companies In the state Senator
Charles L. Saunders will introduce ono,
and Il 10 said some legislator will be Sc
lected by certain local and outside financial
interests to present a measure which will
embody more liberal ideas Of the province
OF a trust company than those OF the bill
Mr.. Saunders has framed.
II shall present the same bill / had up
last session as st was finally amended
after the bankers and lawyers had taken
their crack at IT," said Mr.. Saunders. "Of
course am, as I always have been, in
favor OF giving trust companies a broader
scope than the measure allows, but / be-
lievs my hin will pass where something
'more liberal would not.
III can only break the ice and secure
some sort Of legislation in favor OF trust
companies, no matter how inadequate,
shall feel satisfied. for it will be easier
then in coming years TO get what Ia really
needed already see some change for the
better IN the attitude toward trust COM
ipsny legislation. II used 20 be that in ad-
dition to the opposition OF all the bankers
we encountered a strong ight from lawyers
all over the state who have been making
some money as executors OF estates and
who did not want trust company to get
this source of revenue away from them.
The lawyers are not SO determined "a their
opposition now and even the bankers are
willing 10 allow some sort OF law to be
nade."
Prohibits Banking Business.
Senator Saunders bill. which scarcely re-
semhles its original self prohibits trust
companies from doing anything which
might be construed as a banking business.
Men Of financial interests outside the To-
cal banks cay a bis trust company would
be organized in Omaha soon II a suitable
law should be passed. They predict the in
PRODUCTION in the legislature OF measure
which will not only allow trust companies
TO act In the ordinary iduciaFy capacity,
but will provide that they may do q bank
ing business. under the same restrictions
now laid on the banks. Local men are said
TO be interested, but their Identity remains
secret. Eastern capital represented by the
McCsgue Investment company also Is care
fully watching the situation.
The Nebraska Bankers association, at It's
convention in Omaha last week. passed a
resolution declaring in favor OF trust com
paniCs, with proper restrictions" and au-
thoTized the appointment Of a committee Il
draft bill. The president has not vel
named the committee.
Il think the state has grown to point
where It needs the trust company" said G
w. wattles OF the United States Natona
hank. II do not think the bankers will op
pose law providing for companies to ac
, as executors OF estates, TO hold property il
trust and to buy bonds issued by cities and
towns for municipal improvements. ! alsC
believe 1t would be ali right for these com
panies to take deposits, provided they arr
not to be used in q banking way"