Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-12-23
mis- In tic Face of New Laws Dcpriv.
ing Ills Office of Income From
Various Sources.

. = ?.
ing Ills Office OF Income From
Various Sources.
Recommending to the Legislature
many radical.-changes In the laws
which have to do with his department,
particularly in the statutes governing
banking and incorporat tons. secy. OF
state Charles $. Iingcy fled his bien-
NAL, report With Coy. spry this morn
ing.
The report shows a satisfactory in
crease in the revenues from this de-
partment, despite the fact that no laws
We're enacted by the eighth session of
the legislatures which would tend TO
augment them, other than the motor
vehicle law providing for state tax,
and this feature was more than Offset
by the decrease in insurance fees. The
revenue coming through this channel
into the state treasury from all sources
during the biennium aggregated S2,S.-
1872, as against s23s,4l1.S6 for the pre-
ceding biennium, an incrcasepof $ip.-
1885,
OF the total for tho two-ycar period
Just closed. $l06,329.2 came from gen.
eral fees: S15O275 from the annual cor
poration license tax; penalties and costs
from delinquent corporations $S,il5:
discharge of corporation license tax
liens. s5Os: registration of automobiles
and chauffeurs, s3,2l0.5o; insurance. $s,-
475; sale of the compiled laws of 1907,
si,50026.
CORPORATION REVENUE.
At the close of the first year 1.-THE
biennium, there We're $500 corporations
OF record doing business IN the state.
Under the law enacted by the legisla-
ture of 1908. Gov. Spry cancelled tue
charters of 4.lUO OF the domestic cor
portations and those of 700 foreign cor
porations.
Ths cancellation followed the failure
of the corporations thus dealt with to
comply with the annual license tax.
The law provided for a penalty for
those corporations which failed TO pay
the tax. but no provision was made FOR
those which ceased to do business at
the expiration of tho year. There was
no way. OF designating these previous
to the passage of the 1909 statute, but
backed by this law, the secretary of
state prepared new files at tho begin
ming of the year 1910, including therein
only live corporations,
Warrants were issued and placed In
the hands OF the sheriff ordering him
to attach and sell sufficient of the
property belonging to the delinquent
corporations to satisfy the claims or
the state for the delinquency ana,
costs. In this manner, $50S.'5 was real
tied. According to the report. there
will be few If any sales for delinquency
during 1910.
It was thought BY n few, declares
the secretary, that this law would DIS
courage the entry of foreign corpora
4, tl,.n Fl
ns the records show II considerable IN
creas. since the law went into effect,
secy. Tingey suggests that the In
corporation fec IL not adequate ana
recommends that the maximum be
placed at $3.50 instead of $50 as at
present. but leaving the present slid
inr scale IN to $50 undisturbed, Under
tre present law, he says, the revenue
from this source for this coming bcn-
mum Will be approximately $4,000 per
nnnum,
BANKING CONDITIONS.
Taking IN the conditions surround
ing banking In Utah, the report shows
that while there has been an increase
or % pc, cent in the number of banks
in the STATE during the bicnnium: ex-
ccpt in three cases each OF the institu-
tons IL transactlng n greater volume
OF business, indicating an encourage
Ing financial situation throughout the
state In 1aOS, at the close or the
preceding blennlum, lie cites the fact
that there were IS state banks, three
nriynte banking Institutions and four
branch banks doing business In the
state. In the two wears intervening ne
between the two biennial reports, 10
new state banks have been established.
one private bank Incorporated. ana
che private bank established, making
"A incorporated banks. three private
banks ana four branch BANKS ~
present doing business In the statei ~
in ali. There have been no failures DUR
Ing the two years.
examiner. the report declares It mas
been through and complete, Ehch
bank has been examined ut least once
each year and in certain instances cS-
uminations have been conducted more
rreuuently Where violations OF the
hnnliing iawa have been discovered or
unsatisfactory conditions existed. these
have been reported to the secretary OF
state Immediately and action taken 10
correct the trouble.
BANKING LAWS NEED CHANGES,
The present banking laws were en-
nrted in 1883 and with two exceptions
az 1nsser inheritance, no changes have
hccn made to meet the eXigencics or I,
rand growth of banking interests. ne
prcsent laws. the secretary believes, are
obsolete and Inadequate ana no citSs
that at the present rate nt CROWN WIN
&, banks now existing IN the state. me
fatal to he shown in the next biennial
report will be not less than 100 win
this condition prevailing, he declare;
tha legislature OF 1913 will be required
TO make radical changes to afford nde-
ountc supervision and to properly saie-
guard the money Of deposit9rs ,'ne
Of these changes he opllts, WIZ " W,
oro,tIon Of a state bank department
~ bureau and provision for the APP
~