Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-10-16
BUILDING AND LOAN AssoclA,
rIoNs AND STATE OFFICIALS
MAY GET INTO COURT.
COMPANIES DESIRE TO DO
GENERAL BANKING BUSINESS
Executive Council Refuses to Permit
II and Companies Show Law Was
Twisted by Supreme Court Sanction
ing Borrowing Money-state Of.
tieiaIs May BE Hailed Into Court.
Special to Times Republican,

SpeeAal 10 IlIneS- epuDlica
'Des Moines, Oct. 16.-Shall building
and loan companies in Iowa be per-
mitted to engage in the banking and
brokerage business? The question is
before the state executive council for
determination. Two companies have
asked permission to amend their
articles SO that they may borrow money
up to at least two-thirds Of the capt.
tai stock. The council has not as yet
given consent.
Back OF this Is a story Of judicial
legislation. Years ago Attorney Gen
eral Remley, Interpreting the building
and loan law Inc especially that part
which forbids such company to engage
In banking, held that it was contem-
plated that these companies should
never go into debt nor permit officers
to borrow money and thus involve the
assets. 1t a been the unbroken rule
of the state for years that these build
ing and loan companies should not be
permitted to engage in any speculative
business or dealing in money and
credit. But recently the supreme court
has held to the contrary and that it is
legal for an association to borrow
money and otherwise engage in some
of the functions of banking.
But this does not obligate the state
executive council and thus far it has
refused to permit companies to revise
their charters so as to specially pro-
vide for going into debt. The counsel
may be hailed into court and be COM
PEELED to show cause why it should act
this way after the law has beer
twisted about.
The members of the city commission
of Des Moines count themselves fortu-
nate that the professional reformers
here have been diverted from their
pastime of nagging the city council and
have taken up with wonderful yea and
enthusiasm the work of exposing the
extravagances Of the board of super
visors and the school board. Thus far
not very much excitement has been
aroused OF the subject. Persons who
a few years ago were eXcusing public
officials from taking state money with
out returning any equivalent whatever
find 1t hard to create prejudice against
others who have raised the public
schools to a high degree Of excellence.
On the other HAND politicians who were
frantic a few years ago because the
state tax levy had been raised a tenth
of a mill are strangely Indifferent to a
school levy of over 33 mills. ant some
OF them are still insisting that the
state legislature did a terrible job of
making high taxes. But the city COM
mission is enjoying a rest while the
ooa1c arc t11rra1 IN 0t hor 1iroot innc
il II -
Judge Charles S. Bradshaw, newest
and decidedly popular district Judge of
Polk county. believes that a court ought
to exercise a broad discretion in order
to be just in criminal matters, and
accordingly he did a remarkable thing
the other days in court that caused
much favorable comment. He virtu-
ally refused to permit a verdict to stand
because it was too stiff and voluntarily
gave a prisoner the benefit of a large
sized doubt. The victim was one of
two young fellows who on q tipsy lark
"held-up' several men whom they knew
and got the money to buy the drinks.
The court refused to give to the jury
the question of robbery a. found in the
Indictment and the jury returned q
NerQlcC OIL larceny from Tie person.,
which means fifteen years. The court
knew the man did not deserve n such
Incarceration and vet there was no
error in the record to warrant a setting
aside of the verdict. At his suggestion
the attorneys got together and agreed
upon a plea Of guilty Of assault with
intent to rob and the poor fellow got
a five year sentence. 1t was a clear
case of the jury being more insistent
upon a conviction h the facts would
warrant. and the court either had to
infict the long punishment or max a
peculiar turf to ecure exact justice.
At the term of the supreme court
which commences tomorrow the case OF
the state VS.. Count" Nathoo will be
argued. He is under sentence for a
crime against a little girl. The count
is a little and very dark looking Hindu
who poses as a fortune teller Of high
grade. and he has succeeded in u
ulating a small fortune by high ability
to read the minds and weaknesses of
men and mt He has maintained
fine rooms here for years. but is now
out on heavy bonds. He is a finely
educated man.
Registered Jersey Sals.
to Times-Republican.
Northwood, Oct. 16.-The joint auc-