Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1907-07-03
BANKS DEFEAT
TRUST COMP ANIES
RoEHR BILL GOES DOWN TO IT'S
DEATH.
INSIST i UPON SECURITY
assembly Refuse to Concur in Rn
to Allow Trusts to Do BANKING
BUSINESS With Fewer Safeguards
man Are Required of Banks
Capitol Bill Conf .renee.
Madison. June n.

Madison, June 27.
1ne trust company bill, authorizing
those organizations to receive mo,.
eys on time deposits, requiring them
TO nave reserve Of ~ per cent. of
the deposits and subjectlng the stock.
holders to double liabinty the same
as that shouldered by stockholders Of
banks. went down to defeat in the AZ.
sehoIy last night by an oyerwheln.
ing vote. Assemblymen jackson ana
1stabrook argued in favor OF the hin.
put Messrs. Mains, G. l.. Scott Kuc.
Aux ana EiYer argued with success
on the other side.
Inc arguments advanced by the a..
Voeates Of the bin were thae the nnl.
ICY OF Vesting trust companies Win
the additional powers contemnla,aa
ny the bill would TEND TO Increase tbo
interest rate for depositors. encou,.
age them to deposit their money in
trust companies and keep the money
"IIhin The state. 1t was argued thaf
banks paid lower rate of interest
ana that lie money received nv
them went out of the state in large
Quantities to be used in speculative
! entel Nrises.
Oh the other side 1t was argued
mat the higher interest rate paid ~
trust companies was cue to the fant
mat they now peiG no taxes. and thar
me reverse was true as to sending
money out OF the state because trnst
companies usually loaned money ~,
lohg time agreements which were
generally outside of the state
Messrs. Mains, Kuckuk and EIyer ia.
| Tended the banks of the state ana
pointed out that they came to the
rescue with short time loans contin.
ualiy and should be encouraged and
'hat trust companies should nor be
vested with more banking powers
without being subjected to exactly
the same legal restrictions TO which
banks are now subjected.
The Roehr bill to further regulate
the banking business and providing
that loans of banking corporations tn
officers shall not exceed so per cent
OF the capitai or surplus was con.
Cured in.
Salary Instead of Per DiemS
BY vote of 81 20 the bill flying
the salary of the civil service com.
missioners at $500 year instead OF
$40 a cay was passed.
without word of debate the as
senbiy placed upon its final passage
and voted in favor of the two-cen,
fare bill, 40 to 80. There has been a
strong sentiment in the assembly in
favor of the two-cent fare proposi.
tion for political reasons, many of
the members being inclined TO the be-
lief that they could make poIitical
capital out OF a record which showed
them voting n favor of low passenger
iares. Believing that the senate win
kun the bill anyway, they calculated
that there wa no harm In passing
the bill In tht assembly and putting
1t TO the senate TO kill, though
they fully appreciate that the state
railroad commission is sound in its
attitude.
Capitol Bill to Conferences
The assembly refused to recede
from its position when it amended
the capital appropriation bill so that
limit of S750,0O0 for each wing was
established. On motion of A. s. Ba.
ker a committee on conference was
appointed, consisting of Messrs. A. s.
Baker, Ingram and Ainsworth. In
gram urged strongly the adherence to
the assembly amendment because, he
said, the architect, whose percentage
Is based on the total final cost, would
be Interested in boosting the price of
the capital
BY vote of 70 to 0 the bill appro
priating $4,000 for the maintenance
Of the work shop for the blind at MIL
waukee was passed.