The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1913-01-11
WOULD CHANGE
BANKING LAWS
STATE COMMISSIONER E. II.
DOYLE Is IN FAVOR
OF IT.
Recommendations ARE MADE
All officers or Employees Of Banks
Handling or Having Access to
Cash Should Be Required to
Furnish Bond.

laws OF the state, III the recommends
tons Of Banking Commissioner K. Ii.
Doyle are adopted by the legislature.
Following conference between rep
resentatives Of the state and national
bankers in the Office of Commissioner
Doyle, the following recommendation
for changes in the law were approved:
Giving the commissioner of bank
Ing the authority to investigate the
character. fitness and responsibility
of people seeking to organize new
banks.
Requiring all officers or employees
of banks handling or having access
to cash to furnish bonds.
Providing machinery whereby
state bank may inforce its statutory
lien on its own stock, and providing
for the cancellation and sale OF same.
Providing that directors shall sub
scribe in their oath that at least ten
shares of bank stock is not or will
not be transferred or hypothecated.
Providing that state banks will
twice each year render report OF all
loans or lines of credit exceeding
five thousand dollars and upwards.
Providing that any bank designated
as reserve depository shall cease
to be such II it shall not conform to
the provision of the banking law as
to reserves, etc.
Changing the law with reference to
steamship bonds in the direction of
requiring that a steamship must have
at least a carrying capacity Of sew
en- thousand tons. rather than five
thousand tons,
Making it unlawful to allow any
officer, Director or employee of bank
or other person to oyerdraw their ac-
count, and providing penalty there
for
Increasing examiners salary from
$4,000 to $4,000 per annum.
Fixing the loan limit to directors,
officers or employees of any bank to
ten per cent. of capital and surplus,
and then only upon approved collat-
eral or Endorsements.
Requiring the commissioner to eG-
anime all banks seeking TO go into
voluntary liquidation either for the
purpose of winding up their affairs,
or consolidation with some other
bank
Making II the duty OF the commits
sioner OF banking to examine into
the affairs and conditions of bank re-
ceiverships before directing payment
of any dividends, or accepting final
report.
Providing that the commissioner
shall take possession of banks whose
corporate existence expires where
such banks have failed to receive APP
proval of extension of corporate exist
ence on account of\not removing GER
tain bad debts or doubtful assets.
To Help Teachers Get Pension Law.
More than nineteen thousand
teachers in the public schools OF
Michigan will through various organ
lzations with which they are affiliated
urge the legislature to enact teach
ers' retirement salary law.
During the present school vaca-
ton a campaign tn behalf OF the
proposed measure is being carried
on with vigor all over the state. In
Detroit a committee has just been
appointed by the president OF the
Detroit Teachers association, In re-
Spouse to action taken at a mass
meeting of teachers and interested
citizens in Central High school.
The committee Is made up OF SUI
pervisor Charles L. Splain, Principal
George Parker, Bishop school; Prin'
cipal Dale T. Cook, Owen schooi'
Principal John Meade, Palmer; Prin-
cipal Rachel Mckinney. Columbian
Principal Benjamin F. Comfort
Case: Principal Laura Downey'
Scrippes; John Merrill. Western
High; Miss Katherine Gartner ana
Ralph II. Struble, Eastern High;
Miss l.. Leonore Conover and Prof.
Emil Albrecht, Central; Miss
Elizabeth Cullen. Washington Nor
NAL kindergarten: Miss Charlotte
Keen. domestic science department.
The committee will cooperate
WIN tne leBlslHtiVe COhhieeoo "
I'VE members appointed by the De-
troit Schoolmen's club, and with a
committee of three comprising the
local officers In the Michigan State
Federation of Teachers Clubs.
1t is planned to introduce the bill
as soon as the Legislature convenes,
and every influence will be brought to
bear on the lawmakers.
jackson Man 10 President.
Michigan Knights Of the Grip at
Kalamazoo, selected Grand Rapids for
the next convention place. and elected
Frank L. Day Of Jackson as the presi-
dent. W. J. revereaux Of Port Huron
was elected secretary and treasurer.
H. @. vcppelt of Saginaw. John d.
Marvin Of Grand Rapids and John @.
Adams Of Battle Creek comprise the
board OF directors. The knights In
dorsed the proposed measure of the
stationary engineers that provides for