The Montgomery advertiser., 1909-08-04
BANKING BILLS
TN THE SENATE
Biz Appropriation Bill
Is Passed.
$4,000 MINIMUM CAPITAL
In Towns Of Less Than $500 the
Minimum Is Placed at $4,000
The hin Carried the stipulstien rhat
q Branch Bank Must Have
Capital of 5000 Ac-
tually Paid In.


Taking up and passing eleven bills
relating principally to banking and In
surance matters. the Senate yesterday
motnins again settled itself In Its
chair prepared for another day of list
less routine. All of the matters passed
upon by the Senate were administra-
tivnf measures and when explanations
were moi clearly, understood by Sena-
tors the statement that the bill had the
Recommendation of the Insurance Com
missioner was all assurance required
for passage.
Some amusement was occasioned
when House Bill 10, proposing the ap-
preparation, of 100000 for the expenses
of the extra session was upon its fnal
passage. Senators Doster. Thomas,
White, Overton and King voted against
the measure. Senator McWhorter, up
on the announcement of the vote, ask
ed the President IL motion would be
in order to exclude those voting mo"
from the operation OF the bill. In a
shout OF laughter, President Gray ruled
that the motion would not
Rev, e. NJ. Craig. Presbyterian
minister of the city, opened the Senate
with prayer, and on the call OF dis
tricts for the introduction Of bills, Sem
ator Reid introduced a measure to
amend Section 216s of the code, the bill
relating 70 the appointment OF tax eo'-
lectors.
a bin by Senator Reynolds seeks TO
have Section se1e of the code amend
ed. Another by Senator Davis seeks
to amend Section 331s of the code.
After the bills had been referred to
the committees, petition from the
Mobile Baptist Association was read
endorsing ali prohibition measures
which might come UP for considers
tien by the Senate and praying that all
such measures be passed. Especial
consideration was asked for constitu-
tionai prohibition. The petition was
signed by the Moderator of the Asso-
citation. Rev. w. A. Alexander.
House Bills and s. the one relating
to the publication of the name of the
woman or girl who was the victim Of
an assault or attempted assault in a
newspaper, and the other relating to
the exemption of a witness forced to
testify In case Of prohibition VIOLA
ton. were reported fayorably upon by
the Temperance Committee and were
placed upon the calendar for a third
reading.
Senate bill II, caused considerable
Discussion on its final passage In the
Senate. The bill seeks to amend Sec
fion S542 OF the code. which sets forth
that no bank In the State shall have
capital of less than $25,o0e actually
paid In and employed In the business,
In towns of more than assoc inhabi-
tants, nor less than $4,000 in towns OF
less than $500 inhabitants. by making
the capital OF branch bank $4,000.
Senator Gum moved that the capital
OF branch bank be made 10000, but
the amendment was tabled. The sub
stitute report Of the committee making
$1,000 the necessary capital, was
passed. During the discussion, Presi-
dent Gray from the chair. stated that
. he knew Of bank having capital OF
$4,000 which had more than ten
branches.
Taking UP the regular calendar, the
Senate passed bill introduced by Sem
ator Hayes, seeking to NIX the amount
OF capital and deposit with the State
treasurer by miscellaneous insurance.
companies, excepting mutual aid assoc
Citations.
A second bill by Mr.. Hayes to pro-
hibit Interpretations, rebating and
Determinations by life insurance COM
panies, and prohibiting the issuance OF
SPECIAL contracts and the sale and is
suance of stocks. bonds or other secu-
rifles in. connection with the sale of
life insurance.
Two further bills by Senator Hayes,
the frst seeking to amend Section 4bbs
of the code regulating the deposits Of
fire insurance companies, ana tne sec
ond seeking to amend Section 1889 Of
the code, defining life insurance
agents powers and privileges were
passed.
After some discussion in which Sem
ators said that they did not fully I'M
derstand the bills. Senator Hammers
two bills relating to the appointment
of assistant bank examiners and to
provide fund for their compensation
and expenses were again referred to
the Committee on Banking and Insp-
rance, for further consideration and re-
port
Three other bills from the Commit
tee on BANKING and Insurance, cham
pfoned by Senator Hammer. as wanted
BY the Insurance Commissioner, were
rapidly passed upon explanAtion of
their contents. The first bill seeks to
amend Section 459l of the code relat-
Ing to the institution of an investiga-