The citizen. (Honesdale, Pa.) 1908-1914, 1913-05-20
HARRISBURG LETTER

Harrisburg.-Governo Tener on
Thursday last vetoed the Neely bill
authorizing municipalities to pur-
chase the entire capital stock and
bonds of bridge companies owning
bridges situated wholly or partly
within the limits of such municipali-
ties and exempting from taxation
such stocks and bonds owned by any
municipalities. This is one of the
measures sent to the legislature by
Mayor Magee, of Pittsburg, and is
the third of that executives measures
to receive the governors disapproval.
The governor approved the Scott
| bill enlarging the powers of mutual
savings, fund or building and loan
associations. The measure author
ICES such associations to do the fol-
lowing things:
To set aside from the net profits a
sum not to exceed five per cent.
thereof each year, as a reserve fund
for payment Of contingent losses, un-
til the total amount of the fund shall
/ equal five per cent. of the assets.
The dividend or interest payable on
voluntary withdrawal cannot be re-
| duced.
To permit members, when loans
are granted to secure the repayment
by giving to the association a
straight bond and mortgage on real
estate for a fixed period not to ex-
ceed one-half of the loan.
To provide in the bylaws that
loans shall be made first to members
of the association or to persons in
tending to become members who bid
the highest premiums and it is made
lawful for the borrower to agree in
writing to pay a premium not to ex-
ceed 2 per cent. year upon the
amount of the loan in addition to the
interest, without bidding for prefer
ence.
Such associations may loan money
to other similar associations on in
terest bearing note or bond. The
: amount to be loaned any one asso-
citation is limited to 10 per cent. of
the assets and the aggregate to 25
per cent. of assets.
The governor also approved the
Kaiser bill authorizing counties to
| appropriate moneys for monuments
, or memorials in memory of the sold
iers, sailors and marines of the Span
ish-American war, who served on for
eign soil prior to July 4, 1908.
The North bill authorizing the sec,
= retary of agriculture to appoint ter
citizens qualified by actual expert
ence, as special instructors in the
science of agriculture and demon
strators of approved agriculture
{ methods. The act appropriates $40,
, 600 to carry it into effect.
The governor also signed the Glib
son bill, authorizing county commits
sioners to appropriate $500 a yeal
= for agricultural extension work il
s cooperation with State college, il
encouraging improved methods O.
farm management and home econo
1 mics. The money is to be expended
/ according to regulations provided b,
6 the county commissioners.
6 1t is estimated that between Sc,
100000 and SS,00O,000 annual,
would be raised by the state if tn
: Grabe bill, passed finally Thursda,
f afternoon by the house, should be
n come a law. The vote was 105 t.
> 73. But it is almost a foregone con
= clusion that those in the senate VIII
S represent vested interests will not al
:, low the bill to pass the upper body.
# The bill provides that the stat
S authorities levying and collectin
taxes shall, as provided under exist
ing laws, levy and collect an add
= tional special tax of one mill 70
e street and road purposes on persona
II property, capital stock and bonds G
!, corporations, joint stock associations
% Companies, limited partnership
l. gross earnings of corporations, banl
i ers, brokers and foreign insuranc
y companies which are now taxed fo
state purposes, including the capita
~ stock and bonds of companies, lin
le tied co-partnerships and corporation
engaged in manufacturing and brew
h ing. There is a provision which e.
- empts mortgages and judgments.
~ Such taxes are to be distribute
s. under the direction of the state higl