The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1909-01-23
Assembly Stands by Racetrack Bill and Votes Inquiry
CHANGES ARE MADE
IN BANKING BILL
WoIfe's Warning Fails to Pre-
vent Two important
Amendments
Especial Dispatch TO The CALI

Especial Dispatch TO The CALI
CALL HEADQUARTERS CHAMBER
OF COMMERCE BUILDING, SACRA-
MENTO, Jan. 22-"Let's go slow. We
have worked hard over this measure
and we have finally put it into salts
factory shape. Now at the eleventh
hour the riders are coming along
Look out, or the riders will destroy the
whole BILL
This warning was served on. the joint
committee on banking by Senator Wolfe
Of San Francisco, sitting as member
of the committee in the consideration
of the new banking act To-day's
meeting was called with the under
standing that there would be no more
objections to the new law from bankers
and no amendments offered except of
an unimportant character and that the
joint committee would be able to re-
port the bill TO the two houses of the
legislature for passage.
But there were bankers present ask
ing for changes of an essential kind
and so much time was occupied in
arguing about them that the committee
will have TO hold one more meeting
at least before the measure is in shape
for report
PROPOSAL EyOkEs WARNING
Wolfe's warning was evoked by the
proposal to so amend the act that
small banks could do a departmental
business on the minimum capital stock
OF $685. 900. This amendment offered on
behalf of 9S small country banks
throughout the state, was a bone of
contention before it was finally adopted.
The amendment permits a bank to
do a savings and commercial business,
or a commercial and trust business,
or a savings and trust business on a
capital stock Of $3.50 instead of re-
quiring a separate capital stock of
$25, 900 for each department. 1t also
permits a bank to do a savings, com
merciaI and trust business on a capital
of s225.000, the 100000 covering the
trust department The only limitation
is that such bank must increase its
capital stock, in accordance with the
general provision of the act, when Its
business exceeds $4,000.
OPPOSED BY STANTON
Speaker stanton of the assembly
joined with Wolfe In opposition to this
amendment.
IF a bank can't raise more than
s25 600 10 do a savings and commercial
business" said Stanton, ''it ought not
to be in business. Call 1t pawn brok-
ing business or something else, but
don't call it a bank. Personally /
| should favor this amendment, because
| 1t will save me from digging up lot
more money, but I'm against it just the
same"
why. under this amendment."s said
| Wolfe, "a bank can be organized in
San Francisco to do a savings and
commercial business for $4,000. It's
very dangerous proposition"
| Senator Cutten explained that 1t was
intended to help SO country banks
throughout the state that would have
to go out of business otherwise.
( When a vote was taken on the
amendment it was carried by to .
Ieavitt. Curtin, Cutten, Transue and
Perine voting for it and wore, HAWK
and stanton against IT.
PLACES LIMIT ON EXPENSES
Another amendment which was Of
fered on behalf of the savings banks
| of San Francisco was adopted after
lconsiderable debate, Stanton finally vot-
ling for 1t so that he might move a
reconsideration and fight against 1T on
the floor of the assembly.
The banking act provided that the
superintendent of banks, who is &c
replace the bank commission and IS &c
receive $4,000 a year, should be EN-.
powered to hire attorneys, clerks ano
! examiners and to fix their compensa-
/ tton The San Francisco savings banks
aslxed that this be amended, placing
Irritation OF $4,000 year on the
amendment. which the superintendent
could expend.
Rank Commissioners Shearer ane
vawter T. f. Sartori of the Security
| ssy;ngs hank of Los Angeles. j. Z
tcclaston of the Bankers trust conf
..a,,,, of Oakland and j. M. Henderson
Ir of the Sacramento bank were among
those who took part in the discussion
Of the amendments
Regulate Tenement Houses
CALL, HEADQUARTERS. CHAMBEF
/ oEs COMMERCE. BUILDING, SACRA'
| STtrnrsrO ga measure similar Il
| San Eranciscos tenement house ordi
nance has been introduced IN the uppel
house by Senator Lester ": quincy.
All dwellings In wnich more . la ~, ,, -
| Families reside and prepare their owl
| eand viii come within the provisions
The principal object Of the bill is t.
nrovide for proper ventilation and nr'
several of the civic clubs OF Sa1
| T,rancisco have taken deep intefes
In tbe matter, and are anxious TO nave
| II enacted into state law, SO ina
| property owners desirous OF uliizine
4 tha antire area of their lots Tor build
i Tvs n,,rnoses regardless of health anc
! sa99afv will find It more difficult tc hav'
the law abrogated.
rnNrEEDENTCE 0E