Norwich bulletin., 1915-03-24

SdVInSS 9ank investments
 In concurrence with the senate, this act concerning investments for sav- ings banks was passed by the house on Tuesday:
 Section 1. Savings banks may in- vest not exceeding three per centunf of their deposits and surplus in the acceptanceS authorized by section 13 of the federal reserve act of the United States, or any amendment thereto, of any national bank, or member of federal reserve bank in this state, or in the city of Boston in the common wealth of Massachusetts, or in the city of Providence in the state of Rhode Island, or in the city of New York in the state of New York, or in the city of Philadelphia in the state of Pennsyl- Vania, or of any state bank or trust company in this state, which may be authorized to issue such acceputances, but the amount invested in the accept arces of any one bank by any savings bank shall not exceed thirty per cen tum of the capital stock, surplus, and undivided profits of such bank; nor shall the amount invested in the ac- ceptances of any one bank by sav- ings bank, when added to the sum of any funds deposited by the savings bank in such bank, exceed thirty per centum of the capital stock, surplus, and undivided profits of such deposi- tary bank.
 State Bank Acceptances.
 An act concerning acceptances by state banks and trust companies was taken from the house calendar and passed in concurrence with senate ac- tipn as follows:
 Section l. Any state, bank or trust company may accept for payment at future date not exceeding six months drafts drawn by It's patrons, but no bank shall accept such drafts in the aggregate to an amount exceeding fifty per centum of it's capital and unim- paired surplus.
 Sec. 3. No bank shall accept for payment from one person, firm or cor poration an amount exceeding ten per centum of it's capital stock and unim- paired surplus. Such liability of GUS toners may be in addition to lal lia- bilities provided for in chapter 76 of the public acts of 1911. :'Surplus' in the meaning of this act shall include surplus, profits and losses and all other items of excess earnings, except such interest as has been paid in advance. For the purpose of computing such book value unless the known market value of it's assets is less than the book value, in which case the market value shall be considered.
 Sec. 8. A record of such accept ances shall be kept in such form as shall be approved by the bank commis- sioner, and shall at all times be kept posted to date and open for inspection by said commissioner or his authorized examiners.
 Sec. 4. Any acceptance issued under the provisions of this act shall be either of draft or bill of exchange drawn in good faith against existing values with bills of lading or warehouse receipts attached, or with stocks or bonds of known value and worth at least twenty per centum in excess of the draft, or of commercial or busi- ness paper owned by the person or firm negotiating the same and en- dcrsed by such person or persons with out limitation and subject to the re- strictions defined in section 2 of this act.
 The house took final action on the act which provides that the Attawau- gan Street Railway company may con- struct it's railway with single or double tracks and proper turnouts and switches and with all appurtenances, under the provisions of it's charter and amendments thereto, at any time be- fore July 1. 1917.
 Probate Court Fees.
 An act was taken from the calendar and passed, the text of which follows: An eXecutOr administrator, trustee guardian or conservator, in rendering final account. shall be allowed by the court of probate having jurisdiction of the estate the following fees for his service, in excess of his expenses,
 
 such fiduciary, shall be apportioned among them according to the services rendered by each: For administering property of any estate not exceeding and the income received, five per cen tum; for administering additional amounts not exceeding ten thousand dollars. two and one-half per centum; for administering amounts exceeding eleven thousand dollars, one per cen- h1o a11nura Sh ba made for the necessary expenses of such fiduciary. If the value of the es- tate, including the income received, amounts to one hundred thousand dol lars or more, in excess of all obliga- tions of the estate, every executor, ad- ministrator. trustee, guardian or con- servator shall be entitled to the full compensation allowed to a sole execu- tor, administrator, trustee, guardian or conservator under the provisions of this act, unless there are more than three, in which case the compensation to which three shall be entitled shall be apportfoned among them according to the services rendered by each. When ths services performed by such fidu- cfary or fiduciaries have been unusual, extraordinary, or of great difficulty, the court of probate may allow addi- tional compensation. When a will pro- vides compensation for services of an executor, the executor thereof shall not
 
 services in excess of the amount speci- fled in such will unless he shall file with the probate court a written re- fusal to accept the amount so specified Will Pay Peekham. By vote passed in the house Tues day, the state comptroller is directed to draw his order on the treasurer in favor of S. A. Peckham of Willimantic for the sum of s91.44 in payment for services rendered to the state by. Mr. Peckham in transporting employees en- gagged in the construction of highways. Mrs. Shipman's Pension. The committee on claims reported favorably a bill which read as follows l "The pension of Mary E. Shipman of Hartford Is hereby increased to $2O a month, and shall continue during her widowhood.'
 Legislative Notes.
 The committee on humane institu- tions has decided to make favorable report upon the bill introduced by Sen ator Barnes which provides for an ap- propriation of ,000 for a nurses dor mitory for Backus hospital, Norwich. Senator Barnes of Norwich presided at Tuesdays session of the senate, through the courtesy of Lieutenant