The Red Cloud chief. [volume] (Red Cloud, Webster Co., Neb.) 1873-1923, 1909-04-01
THE HOUSE coNcuRs.
The Senate Amended Bank Bill Is
Accented.

Inc senate Amenoco bank bNI "
Accepted.
The b.nk bill as amended in the
senate was concurred In by the house
and goes now to the governor for his
signature. or that the bill is assured
for in conference the governor said
that although the bill was not entirely
to his liking he was willing to take 1t
as the best that could be done under
the circumstances.
Taylor of Custer appeared as the
chief champion against adopting the
senate amendments to the guarantee
bill. Opposed to him were all the
house members Of the. banking COM
mittee which framed the bill. Taylor
had the solid following of the repub-
leans save four who voted against
the motion made by Taylor not to con-
cur in the senate amendments on
three sections. With them went nine.
teen democrats who believed as Tay-
Tor did that the amendments he point
ed out weakened the measure. The
vote on not concurring in the three
sections as amended by the senate
StOOu 10 W anu lnty Wtlc
ed as sent from the senate.
The bill as 1t goes to the governor
makes no changes in the composition
of the banking board.from what II was
arranged by the committee. The board
Is still to be composed OF three men,
bers, the governor, the attorney gen.
eral and the auditor. The governor is
to have practically all the power of
direction and appointment. He is
really to be the board per sc. This
was done because the democrats
would not trust the two republicans
who must of necessity be members of
the board. The entire board is to have
control of what banks may be desig-
mated as repositories of that portion
of the reserve OF banks not required
to be maintained as actual cash on
hand. Banks in towns OF one hundred
or less may be formed with only $1O,-
900 capital stock, banks In towns OF
100 to 500 can have not less than s15,-
900 capital stock, in towns 500 to 1000
not less than $4,000, in towns of
1000 to 1000 not less than $4,000
capital. in cities of 1000 to 5000 not
less than $500, in cities OF 5000 to
$4,000 not less than $4,000 capital.
and in cities of $500 to more popula-
ton not less than 100000 capital
stock. All this must be paid up. This
is less drastic than the original bill.
| but is more stringent than the present
banking law. A majority of directors
| in any bank must reside in the county
where such bank Is located or In
| counties adjacent thereto. Each d.
rector must own stock in an amount
not less than $4,000 II the bank has
| $4,000 capital and not less than
| per cent IL a smaller bank. The d.
rectors may not borrow more than
| 20 per cent each OF the amount OF the
| capital stock, and the aggregate loans
| to directors shall not exceed 80 per
| cent of the total capital.
Each stakeholder must be liable In
| the sum OF his stock and that much
more for the debts Of the corpora
lions. This is the present law and is
| the requirement of the institution. A
stakeholder need not prove before in
| CORPORATION that he owns as much
| property outside banking stock as he
holds that commodity. Indeed he need
not own any other property than his
bank stock. He must, however. prove
that he is a person of integrity and
financial standing to the satisfaction
of the board before any charter may
be issued The assessments may not
exceed one.fourth of / per cent for
each six months until July ], 1911, I'M
less there is an emergency call and ar
ter that date only one-twentieth OF one
per cent each six months.