The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-03-01
ANNUAL REPORT OF
STATE TREASURER
No Serious Problems lave
Been Brought lip In Georgia
BANKING LAWS NOT GOOD
Railroad Commission Will Urge In Its
Report for 1909, to the Legislature
That Railroads May Be Al
lowed to Water Stock.

Atlanta, February 2S.-(speciai)-fhe
annual report Of State Treasurer Il II.
Park for 1908 to Governor Smith. by whom
it will be transmitted to the legislature,
was made public yesterday. This report
contains a number of features of interest
concerning the state financial department.
not least among which is the attention ne
calls to the fact that the time Is at mana
for legislative, finance and appropriations
committees to take account OF stock ana
see to it that the state is not lea liieo
financial embarrassment through legisla-
tive extravaganza.
The nresent administration, he says. has
not been hampered by any serious imam
cial problems, but he intimates that there
are rocks ahead unless the legislature
adopts a policy of careful consideration
and economical financial management
Under the plan of placing the state
money in repositories which pay 2 per
cent interest upon daily balances lhe
state received from interest last year
S185O2 SO. an increase of $743S.97 over the
amount received in 1907.
The treasurer notes an increase from
$40 to 492 state banks between l9oo anu
1909 with an increase of more than w.
800 900 in the aggregate capital stoeN' III
addition to which Georgia has l00 Ma
tional banks, not subject to state lnspec-
ton, with paid in capital OF S'oVo'VVV anu
deposits of about $4,000 700.
Attention Is called to the fact that INC
banking laws of Georgia are in a very uii-
satisfactory, not to say chaouc, colui,
ton. Georgia bankers, stockholders anu
depositors in banks" the treasurer says
deserve as much consideration at inc
hands of the lawmakers of our state as
do similar institutions in other states,
and | again. for the eighth time since my
incumbency of the position of state panK
examiner, urge and plead for the enact
ment at the earliest possible moment OF
nroner code of laws governing the CHAR
tered hanks of Georgia This deserves
action without controversy or debate.
Owing to the lack OF sufficient num-
Der of assistants, Captain Park SAID 40
state banks could not be examined the
second time last year, as the law re-
quires.
Captain Park calls attention to an Of
fcia1 hostage bill amounting to 1920, and
saws. az have only cents to pay 1t with,
and S102O 81 due on salaries" Stating that
the attorney general has held that the
governor could issue warrant IN pay
ment of this postage bill, Captain PARK
states. 81 again respectfully request TINS
often mentioned warrant, and trust that
it will be agreeable to send it without FUR
Their delay"
There were only two bank failures dur
ing 1908, while four banks surrendered
their charters, and there were 10 mergers,
five into state and eight into national
banks and seven liquidations.
1.-THE public remembers the unfortunate
failures of two great banks during the
trying financial times Of 1907" says the
report, namely. the Exchange bank of
Macon, the cashier of which was indicted
for misdemeanor and embezzlement and
has been convicted and sentenced to seven
years Imprisonment, and some of the
other officers have been indicted for the
same offenses, but have not yet been tried
This bank is still under the jurisdiction of
the superior court acting under the same
permanent receivers. They have PAID
dividends amounting to 70 per cent to the
depositors and, I am informed, will soon
pay another.
"The second failure, namely the Neal
bank of Atlanta, resulted largely from the
promotion of both foreign and local en-
terprises, and was precipitated by an I'M
looked for panic and rum
The report then goes into brief re-
capitulation of the circumstances and in
cidents in connection with the Neal bank
failure, which are familiar to the public
In concluding this feature of 1t the treas
urer calls attention to the decisions of the
superior and supreme courts sustaining
the states claim to a first lien upon the
assets of a state depository to the extent
of the amount it has deposited therein He
points to these decisions as a vindication
of the course he pursued in making the
deposits in the Neal bank.
Discussing the states financial condition
Treasurer Park calls attention to the
fact that the common school appropria-
ton for 1909 is $4,000 greater than that
OF last year. amounting now to $2,250 600
He notes the disappearance of the states
income from convict hire and from the
liquor tax, and says:
"It is to be hoped that the incoming leg
islature in its wisdom may be able to de-
wise the ways and means for meeting
the largely increased school appropria-
lions which should be met with the ut
most promptness. My own opinion is that
the teachers of the state should be given
larger compensation than they receive,
an average, | am told, of only $50 per
month, and they should be paid monthly
The need of additional help and more
room in the treasury department, as
well as the necessity for certain repairs
Treasurer Park enters protest against
the treasury guard who sits at the
door of the treasury department while it
Is open, being made a political appointee,
and changed every few months before he
has time to learn just what his duties are
On the occasion of a visit of the controller
of the currency of the United States at
the state treasury department, the subject
of guards was touched on The visitor
pOiOtad hot he
ury had over $50 armed guards constant
ly on duty. About that time an attempt
was made to rob the state treasury of
Nebraska. Captain Park then, about
four years ago, asked the governor for
the appointment of treasury guard
The request was complied with" says
the report. land a feeble and infirm old
man who had been sitting down by the
entrance to the dome for years was as
signed to the active duties of a treasury
guard. The faithful old gentleman SUBJ
sequently became too feeble to rise from
his chair after he had taken it, without
assistance, and finally dropped dead while
an incumbent of the position. This was
Mr.. Quillien. He was succeeded by Mr..
Britain, also a venerable but excellent
gentleman of great feebleness, and who
also unfortunately dropped dead while
an incumbent of the office. Only recently
Nii iior'ei came very near DYING or acute
indigestion while on his post, and re-
CURED the prompt attention of two ply
sicians and was carried to the hospital
from the capitol. There have been num-
erous other appointees to this position.
but they have been changed so Frequently
that | scarcely get acquainted with their
featnfes after giving them the usual in
sVuctiohs before they are removed and
%other Aard substituted. Many menu
PcfS OF III AiRgiSlatlra and citizepc n ave