The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-08-10

Presenting some educational mat
ter for bank depositors 1t should be
understood that the object is first to
have the kinds of banks, the laws
governing them and the class of
bond and stock securities clearly ex-
planned.
President Taft Is not to be CEN
sured as objecting to rules of his own
state laws but to his possible lack OF
education as to their real merits and
the benhts which savings depositors
of Ohio should receive from them.
The New York State savings bank
Investment law was enacted by those
who were considered careful, con-
servative and wise business men and
| two clauses of the act should be es-
pecially Observed first, the accept
ance of bonds of cities of $4,000 Dopu-
| lation; second the bonds or stocks of
any city cituated in one of the states
etc, (which since January first
eighteen hundred and sixty-one has
not repudiated or defaulted" etc.
To authorize the buying Of bonds or
stocks of either city, county, town,
village or school district I'm the state
| of New York and accept bonds or
stocks of cities only, and cities which
have not less than $4,000 population
indicate what such "conservativeness
really means
The reference to "repudiation" In
the year 1851" does not need ex-
| planation to the 40 year old citizens
of New York or any other state oi
the Union, but IL Is a matter tha
should be studied carefully and cor
rected for the present generation a
least. If banks of all the states were
inclined to educate their deposition
as to Kinds and qualities of their sc
curties and give them due justice
as supporters of the stock houlder
actual Savings banks would soon b'
-foundede In every county of import
ance In the Union, CroSs-road banks
by the hundred would be eliminated
and postla savings abandoned ant
forgotten. But such Will not be-
while bankers live.
Abstract of the investment Laws o
Savings Banks and Trust Companies
showing the character of securitie
held under statutory provisions o
the state of New York.
SEC. 116. IN WHAT SECURITIE
/, DEPOSITS MAY BE INVESTED.
The trustees of any savings ban
I may invest the moneys deposite
therein and the income derived there
from only as follows:
/. In the stocks or bonds or In
u terest-bearing notes or obligations c
j the United States, or those for whic
the faith of the United States
pledged to provide for the paymer
of the interest and principal includin
the bonds of the District of Columbia
2. In the stocks or bonds of In
terest- bearing obligation of tn
!, state. issued pursuant to the authorit
of any law of the state.
: 3. In the stocks or bonds or II
! terest-bearing obligations of an
state of the United States, which hf
not within ten years previous to mai
ing such investment by such corpora
9 ton defaulted in the payment of an
part of either principal or interest {
,, any debt authorized by the leglslf
ture of any such state to be col
e tracted; and in the bonds or intel
u est-bearing obligations of any stat ,
the United State, issued in pursl
u ance, of the authority of the legi
3 lature of such state, which have, priC
g to the passage of this act, been 4
! sued 70 rthe funding or settlement I,
any previous obligation of such sta