The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1914-12-19

state Banks Not Ready to Join.

I4
The desirability OF membership OF
the state banks in the federal reserve
association was discussed by repre-
sentatives Of some OF the big state
banks throughout this country, and
the federal reserve board in Wash
ington.> George =. Lawson, vice-presi-
dent at the Peoples State bank. repre-
scented the state financial institutions
of Detroit
Membership In the association IL an,
open question until the federal reserve
board has established the bylaws for
the general government of its conduct,
as provided in section nine Of the act,
where It is further provided that all
banks shall submit to examination
and regulations prescribed by the fed
eral reserve board. To examination,
however. there would be no objections,
here because in Michigan the board
will probably accept the state exami-
nations. according to John II. Johnson,
president of the Peninsular State
bank, but the banks should know what
the regulations are before considering
the question.
On the request OF Mr.. Lawson, the.
president of the Peninsular State has
outlined his views further, as follows.
Under the national bank act, limit
of commercial loans Is 10 per cent.
This restriction is incorporated in the
federal act. Under certain conditions
we are permitted to loan 20 per cent.
Possibly the lesser amount Is safer
and wiser. The smaller banks claim
this would handicap them seriously.
Other features, favorable and unfa-
vorable, are to be borne In mind:
The liability OF the member bank
for the debts Of the reserve bank.
Interchange Of checks. To what,
extent will this be developed?
Limited permission to make farm
loans. Why such tremendous favorit-
ism to the farmers? Why discriminate.
against the homes and business prop
critics on which city banks loan?
What would be the effect Of the
entry of a state bank to the associa-
ton wherein % per cent Of its total
assets were first mortgages?
Permitting national banks to act as
trustee. executor, register, ETC.. would
this permission also be granted to-
state banks when not in conflict with
the state law?
"AlI public funds. including postal
deposits, to be placed only with banks
of the federal reserve system. In
this state, this would decrease our REL
serve requirements from 20 to Is on
commercial, and from Is to on saw
ings.
THE definition of commercial paper
as made by the board, is 1t sufficiently
broad to serve us?
These are points that occur to me
In a hurried examination OF the act
and interchange of opinions will GER
tainly serve to crystalline on the vital
points"
State Poultry Exhibit This Month.
The eighteenth annual exhibition of
the Central Michigan Poultry and Pet
Stock association. "Michigan's Quail
ity Show" will be held in tho artil-,
lery armory, Lansing. December. %.
1914, to January 2, 1915. This years
show is held in conjunction with tho
American Poultry association which
has awarded the Central Michigan or
ganization- these dates. thus making,
the local exhibit national in charac-
ter.
Estimates now place the probable
number Of birds which will be shown
here at 1900. This number may bel
exceeded .as there will be some from
outside the state and practically
every breeder OF fancy poultry inI
Michigan will be represented. II Will
be the largest show ever held in this
section of the country.
William Wise. well known Judge,
and poultry expert. will preside at tho
local poultry exhibition and make the,
awards. Something special In the way
of medals and ribbons will be offered
as inducements to exhibitors. among
these being the grand prize gold medal
and special prize medals put up by tho
American Poultry association. The
American White Orpington club and
the American Bun Wyandotte club
are offering state cups In special
classes. The A. p. A. gold medal IN
| for the best cockerel In group com-I
posed OF American. Asiatic, Mediter-i
ranean, English. Polish. Harnbur6, 4
| French. Game ana Contlnental classes.
| Six medals viii be awarded a bantarn|
chsses by the American ASSOCIATION,
also. These competitions are. Of course,
open only to members Of the BIC orr
ganisation. s
EpIdsmIcs Under Control.
Although more cases continually oro|
| being reported Secretary Burkhart ol|
| the state board Of health rtato6 that
| the VISIONS epidemic1 Of dipn1noelo|
aro well under control II rllnv 80
tions ol ~ stafs b ~ Iotk fow 1c11|
schools have been olosed b4oonso ~