The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1917-03-16

/ erect. II imposes numerous EeBula
tons safeguarding interests Of depos-
Itors generally, strengthens legitimate
banking and authorizes the state bank
examiner to consider m 80 character
of applicants in granting charters for
new banks, as well as the business
necessity of an additional bank in ter
ritory for which application is made.
The new code is generally approved
by banking interests of the state.
Bank capitalization required by the
new code is apportioned on the fol
lowing schedules:
Towns of less than 1000 population,
! $4,000 capital less than 5000 popu-
lation, $4,000; less than $4,000 popu-
lation, $4,000; less than 100000 pop
ulation, 500, 900; 100000 or more pop
ulation, s150,O00.
Trust companies in cities of less
than $4,000 population require $4,000
capital; in less than 100000 popula-
ton, $780, 900; in 100000 or more pop
ulation, 100000.
Guaranty Act Also Signed.
Closely following his approval OF
| the banking code, Governor Lister
signed the bank deposit guarantee
act, which requires banks coming I'M
der it to deposit $1,000 for each $780,.
| 600 deposits in gilt-edge collateral
and one-half Of per cent cash on
average daily deposits as guarantee
fund under control of a state bank.
ing board, consisting of the governor,
state bank examiner and three other
members, two of whom must be Off
GERS or directors of state banks.
1t is estimated that the assessment
plan adopted will supply guarantee
fund of s2,500,OOO with which to In
stitute the act.
Full payment of all depositors Is
provided in the event of bank fail
ure The governor is required to ap'
point the guarantee fund board with
in Is days after the act takes effect,
which will be June 9, and the first
board meeting is fixed by law at 80
| days after an appropriation of $500
is made for preliminary use of the
| guarantee department
Bill Abollshine Second Choice Signed.
Senate bill 2s5 is among the COVER
nor's grist of more than a dozen bills
signed. This bill completely abolishes
second choice voting in the primaries,
the optional second choice feature
having been eliminated in closing &C
| ton. 1t also provides for strictly par
| tisan primaries, but does not make
the provision mandatory, copying the
present law in that respect. 1t lie ex-
pected that an amendment requiring
party registration will be offered at
| the next session.
Other bills signed by the governor
make the following statutory provi.
sions:
Authorizing the university to ex.
change scattered granted lands for
compact body of timber land in the
Sultan Basin.
Appropriating s45S4 for payment OF
outstanding indebtedness against the
new state school for blind building at
Vancouver
Reappropriating s1,O50,1sO unex-
pended balance in the permanent
| highway fund.
Enforcing material and labor liens
upon chattels, Notwithstanding mort
gage or other title encumbrance,
measure designed to permit legal COL
lection for repairs to autos.
Authorizing transfer to municipal
use of lands granted to counties.
sherlffs Mileage Cut.
Repeating a section of the code
whereby sheriffs living at county
seats can collect mileage on papers
mailed to deputy in another city of
the county for service.
Fixing hotel liability for lost prop
erty on a schedule graduated accord
ing to the price paid for accommoda-
ton and running from $50 to $3.50 I'M
less greater valuation is stipulated in
writing.
Authorizing reversion of balance &C
cumulated in local improvement dis
trict funds from penalties and interest
to the general fund or such other use
as city council may determine.
Empowering cities owning street
car lines to extend their lines beyond
the corporation limits.
Applying the gross misdemeanor
penalty to buying, selling or receiving
autos with the license tag removed
or other Identification marks conceal
ed or defaced.
Empowering second and third-class
cities to establish assessment i'm
prcvement districts for filling low
lanGs within the corporate limits,
| Grays Harbor measure.
AIpropriating s9,s42,01s, the perma-
nent highway levy, for present bien-
mum.
Changing the name Of Old Yakima
City to Union Gap.
Providing for registration and with