The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-08-10
BANKS FAVORED BY
TAFT AND CABINET
Ohio Savings Bank Law Ignored-New York State Re-
fuses Bonds Issued South of Dixie Line-Old Feud
Still smouldering Depositors Education Opposed by
Banks.

Heretofore in default, and on which
said funding or settlement obligauons
there has been mo default In the pay
meint of either principal or interest,"
since the issuance of such funded or
settlement obligation and provided
the interest on such funded or settie-
ment obligation has been paid regu-
larly for a period of not less than ten
years next preceding such Invest
ment.
4. In the stocks or bonds of any
city. county, town or village. school
district bonds and union free school
district bonds issued for school pur-
poses, or in the interestfbearing OBJ
| legations of any city, county, town or
village OF this state, isued pursuant
to tn OBSERVATION-DISCLOSURES
| to the authority of any law OF the
state for the payment of which the
faith and credit Of the municipality
issuing them are pledged. -
| g. In the stocks or bonds OF any
| Incorporated city situated in one OF
the states OF the United States which
was admitted to statehood prior to
January first, eighteen hundred and
sixty-one, and which, since January
first, eighteen hundred and sixty-one.
payment of any part of the principal
or interest of any debt authorized by
the legislature of any such state to
be contracted, provided said city has
population, as shown by the federal
! census next proceeding said invest
ment, of not less than forty-fve
thousand inhabitants and was incor-
porated as u city at least twenty-five
, years prior to the making of said In
/, vestment and has not, since January
first eighteen hundred and seventy
, eight, defaulted for more than ninety
! days in the payment of any part
} either of principal or interest OF any
bond, not rother evidence of in
! debtdeness, or effected any compro-
/ mise of any kind with the holders
| thereof. But II, after such default
on the part of any such state or city.
the debt or security. in the payment
of the principal or interest of which
T such default occurred. has been fully
, paid. refunded or compromised by the
3 issue of new securities, then the date
( of the first failure TO pay principal
or interst. when due, upon such debt
5 or security, shall be taken to be the
date of such default. within the pro-
< visions of this subdivision, and sub
sequent failre tso pay instalments OF
: principal or interst upon such debt or
security, prior to the refunding or
: final payment of the same, shall not
( be held to continue said default or
h to fix the time thereof, within the
IS meaning of this subdivision, at a date
t later than the date of said first fail
e ure in payment. II at any time the
/. indebtedness of any such city, to-
: gether with the Indebtedness of any
Is district, or other. municipal corpora.
y tion or subdivision except county
which is wholly or in part included
i within the bounds or limits of said
y city, less its water dept and sinking
- fund, shall exceed seven per centun
: of the valuation of said city for pur.
= poses of taxation, its bonds and stock,
Y shall thereafter, and until such in
# debtedness shall be reduced to sever
y per centum of the valuation for th'
l. purposes of taxation. cease to be az
: authorized investment for the moneys
If of savings banks but the superin
l. tendent of the banking department
s. may, in his discretion, require an!
" savings bank to sell such bonds oI
s. stock of said city. as may have beer
If purchasedp rior to said increase o
.el debt.