Arizona republican., 1912-03-19

ruling rates paid ny savings hrnks, and more nearly n accord wita the
 benf fits they de-:ye from the use 1 of the state moneys
 Strengthen Anti-usury Laws. l recommend also. and most ur- G' ltIy. that the laws relating to 1 usury be strengthened. to the end l that the rights of borrowers may Ge 1 fully protected and the exa ,t4o;l3 of unreasonable lenders defeated. Means should be taken to prevent ! the making. or to provide for the | illegality of contracts entered into. generally with So-called loan brokers. , for the payment of extortionate in- ! tcrest. directly or indirectly. and tu | stop the perniciOuS practice in vogue | of mortSagins or assigning unearnrd i salaries as security for loans out of i all proportion smaller than the re- ! turn required to be made and carry [ ing interest requirements out of all proportion larger than the benefits l to he derived. by the borrower. fom l the transaction
 Corporation Laws.
 
 q corporation commission and clothed | it with certain powers. the employ mcnt of which powers will undoubt- ! edly work great benefits to the peo- ! pie. particularly i'm the correction ol i the excessive and discriminating ! freight and express tariffs at pres
 ent in vogue. To render the com 1 mission still more effective. its DOW
 CTS should be made self-operative by statutes defining all necessary rules 1 and regulations for its operation 1 Machinery should be provided for carrying into effect the provisions of
 the constitution by which it was in- | tended to transfer the issuance oI i corporation charters from the au- ditor's office to that of the corpora 1 tion commission. and supervision of | foreign insurance companies from ! the office of the secretary of state, ! fiXin" the fees to be charged. the 1 life and extension of corporations and carrying out and defining the other provisions of Article NIN. In addition to this the supervision of surety and fidelity companies. now i lodged with the governor, should be | likewise transferred. defined and re- sulated.
 "WiId Catting."
 am convinced that advanced steps should be taken to stop wild-cattinG, and | recommend that the corpora ton commission be clothed with further powers to that end. Since my incumbcucy of the office ot gov ernor. large numbers of inquiries have come to hand of such nature as 10 indicate to my mind that great volumes of worthless stock, issued bv companies holding Arizona chart
 CTS are being disposed of throughout the country. thus not only drawing from the buyers of these worthless 1 stocks. who ar" usually of thu" lncagre earning class. money not iiufrcQuentlv needed for the actual nccessarics of life. but bringing dis credit upon our state AS an ci- fective means of checking this. | recommend that the light oi publicity be thrown by law upon every cor poration holding charter under the laws of the state ri Arizona. or un- der the charter oi another state. or f-ring it's stock for sale in Arizona Statutes now in force give publicity to the financial standing and pre- vent fraud on the part ot certain kinds of corporations. such as bank ing and loan institutions. insurance, bonding and fidelity companies. but the law should go further and require that every corporation securing a charter or attempting to sell stock within tn" state. with great particu- oil g.f ltt and other promoting companies.
 should file an accurate statement "i the business proposed. showing where located assets and liabilities. and such other information. including copies of all advertising matter iusad. as the corporation commission might require in the determination 'i the legitimacy of the enterprise \ similar statement should be required serni-aunualIy. to the end that accur- ate information might be had at all times for the use of inquircrS. and for the further effect il would have of deterring purely wildcat enter priscS from seeking a harbor m Arl- zona Every such corporation. dolns business in the stat" or SclhnS us stock in the state, should also ne
 required to keep a full ana accurate set of the company'S books. minutes and other records. showing the condl- tion of it's properties at some de- signated point in the state. m the lLands of an authorized agent. and iopen at all times for the inspection of stockholders or of the corporation commission. This might reduce to some extent the revenue now de rived bv the state from the incor- porating business. but it would dlg- nifty and benefit legitimate com panies desiring tn incorporate tol IIegitimate purposes and on fair and honest plan and would ma- t.riaIlv increase the standing oi ArI- zona corporation. abroad.
 Prison Reform.
 If Arizona is to heW to the liite Iof progressivcness she has marked out rcr herself. and justify the position isccorded her even at this early date, there is no way in which that pro eressiveness can be made more prac- itical or productive of greater or more lasting benefits than by mapping out land adopting d modern and advanced policv of management of the state ! penal and so-called reformatorY ar I correctional institutions. and of treat ing the unfortunate inmates thereof,