The Holly chieftain., 1911-04-14
COLORADO
LEGISLATIVE
DOM %
Cove Bank Guaranty Bill.
D OF n q 8

Cove Bank Guaranty Bill.
A statement was made in the Sen.
ate to the effect that nearly 80 per
cent of the banks Of the country are
made insolvent through loans to their
officers. directors and stockholders.
Senator Frank r. Cove who prepared
the banking code" portion of the
Crowley bank guaranty bill. explained
that. II depositors are to be fully pro-
tected, a hard and fast rule on the
subject of loans by state banks would
have to be enacted and the Senate
voted to retain the following provi.
sions of the Crowley bank guaranty
bill.
mo bank shall loan to any officer
or employe thereof. No officer or en-
ploye of any bank shall become en-
dorser for any person. firm or cor
poration borrowing money therefrom
without the approval Of the board of
directors entered ON record in the
minutes of the board"
The same provisions apply to unin-
corporated banks and the following
amendment was adopted: mo bank
shall become the creditor of its stock
holders in an amount exceeding 40
per cent of its capital"
For three days and two nights the
Senate, in committee Of the whole,
has subjected the Cove portion of the
bank guaranty bill to q critical analy.
sis and of the sixty-three sections of
the bill thus far considered, but few
amendments have been offered. SEN
ator Cove prepared his portion of the
bill with the aid of thirty state bank
ers and as the measure now stands
the guaranty offered to depositors con-
sists in the enforcement of rigid bank
ing regulations as to loans, invest
ments, reserves and examinations.
The bill applies only to state banks
hereafter organized.
Bill Establishing New Court.
There is one bill in the Senate over
which both Legislators and politicians
have given themselves but little con.
Germ. The bill becomes quite import
ant as adjournment approaches be-
cause there are the Democratic plat
form pledges. the tunnel and the ap-
preparation bills which will crowd
every minute of the remaining portion
of the session and force night sessions
besides. The Cove bill re-establish-
ing the court of appeals has been lost
sight of. but its author 'wfl call 1t out
into the sunlight one day, not later
than next week. and Senator Cove
will try to make 1t special order on
the calendar.
viii Adjourn April 22nd.
The Eighteenth General Assembly
will adjourn without day on April 22d.
The House will concur with the
Senate in adopting resolution fixing
this as the day for closing the regular
session.. Leaders have decided that
this will be sufficient to pas sail the
laws that can be passed by this as.
sembly in regular session, as well as
| to break the senatorial deadlock.
Bills Made Special Orders.
The other bills made special order
which were not reached:
s. B. No. 464, Cornforth, an act to
encourage the breeding Of horses and
creating state racing commission.
s. B. No. 465, Cornforth, an act to
regulate the holding Of racing meets
s. B. No. 1913, Hits, an act making
new regulations to govern warehouses
and the issuing Of warehouse receipts
H. B. No. lit, Teller, an act making
q new classification Of counties and
regulating the salaries Of county Of
ficers.
H. B. No. 256, Slattery, an act to
amend the revenue law Of the state to
require the payment OF fee when
state license is transferred.
H. B. No. 544, Madden, an act to
make possible the creation of road i'm
provement districts in rural communi.
ties.
H. B. No. 1, Skinner, the railroad
commission bill. platform pledge)
H. B. No. 116, Lafferty, an act max
ing an appropriation to enforce the
act providing for the examination and
care of pupils in the public schools.
H. B. No. 321, Parker, an act pro
v1ding for a change in the terms of
the district court for the Thirteenth
district.
H. B. No. 363, Ellison, an act re-
pealing the law requiring the Supreme
Court to hand down written decisions.
H. B. No. 2S7, Hasty, an act pro
viding for the creation Of the Four.
teenth judicial district. to be composed
of Prowers, Baca. Kiowa and Bent
counties.