Bisbee daily review., 1908-01-07
Recommendations OF
NEW YORK GOVERNOR

ALBANY, n. Y, Jan. 6.-The 131st
annual session of the New York state
/ legislature began at noon Saturday.
James w. Wadsworth, Jr-, was re
/ elected speaker of the assembly. The
/ second annual message OF Governor
Hughes was the feature of chief in
terest
I The message contains many import
ant recommendations Chief among
( these, in the light of certain condi-
/ tons, is a recommendation regarding
/ the amendment of the law relating to
! banks and trust companies. In bringing
! this matter 10 the attention OF the leg
islature the governor urged them to
adopt every practicable means ito pre-
vent repetition of reprehensible prac-
tees and to assure the proper manage
ment OF the financial institutions char
tered and supervised by the state, on
, whose stability and prosperity the in
terests of our people, in every walk OF
life, so largely depends"
Another important recommendation
has as It's object the complete suppress
sion Of race track gambling through
out the state.
Direct nomination at primaries and
Z
| in the message and recommendations
also are made for better provision for
the care and protection OF emigrsnts
With reference to The banking laws
the message says:
Recent events have demonstrated
the necessity for preventing the exploit
tations OF banks and trust companies
and the acquisition and use of a con-
aE - k,
cilitate selfish schemes opposed TO
sound banking
IF suitable restrictions are imposed
in an explicit form and with appropri-
ate penalties, insuring adequate knowl-
edge and proper action on the part OF
the board OF directors with regard to
loans and other transactions, prevent
ing the deposits of moneys OF one in
stitution with another in order that the
officers, directors or stockholders of
the former may obtain desired cred
its from the latter; limiting the amount
which may be loaned by any bank or
trust company upon the stock OF an
other financial institution; reducing
the amount which may be loaned upon
collateral to any one interest, ana
erecting proper safeguards against
loans and investments in aid of
schemes Of promotion represented by
unmarketabls securities, and II In ed-
dition suitable means are provided for
the enforcement of the rulings OF the
superintendent OF banks with regard
30 improper or unsafe practices, the
security Of our financial institutions
and the confidence which springs from
Just reliance on their proper manage
nsns viii greatly be strengthened"
Ths governor recommends that pre-
vision be made for liquidation OF In
solvent banking institutions under the
supervision OF the superintendent Of
bank5.
Extrems caution In making any
changes in the present insurance law
10 urged by the governor He says
that while any SUGGESTIONS OF additions
should receive proper consideration,
no changes should be made unless 1t
clearly appears that they are needed
to conserve the interests Of the policy
holders. He also suggests the advisa-
biIity OF providing for the liquidation
under the supervision OF the superin-
tsndent OF insurance OF insolEen1 insur-
snce corporations in the same man
ner as is proposed for the liquidation
OF banking institutions.
The enlargement Of scope Of the pub |
lie service commissions law proposed |
IN the message would provide for the |
extension OF the act to Include tele-
phone and telegraph companies In ad- |
dftion to the corporations already UNI
de- supervision.
Such extension Of the act would
bring the TELEGRAPH and feleuhnnel
companies Under regulation as 70 rates.
service and other matters similar to
that which obtain in the case Of thel
corporations at present subject 70 thef
law The governor recommends that
extensions OF jurisdiction shall lake
effect October /. 1903.