Weekly journal-miner., 1922-03-01
Compensation Cases VII Be Handled by Prescott Federal Office
Bankers Association Backs Ne1U Code; Burton Sponsors
fAssoeiated Press Night wiIel

PHOENIX. Feb. 2S.-A proposed state banking code said to have been prepared by the State Bankers as- soCiation. was submitted to both horses of the legislature today It was presented 10 the senate by Sena- tor Burton of Yavapai. The new act would:
 Create a department of banking and the offices of superintendent of banks and bank examiner.
 Limit loans to individuals and to officers, directors and stockholders.
 Fix classes of banks and rules for their guidance.
 Provide for the levying of assess mcnts upon stockholders.
 Define the method of liquidation and reorganization of insolvent banks.
 Define unauthorized banking.
 Define the relation between state, federal and national banks.
 The proposed code provides that loans to an individual or corpora ton or company may not exceed 20 per cent of the capital stock; that an officer, director or stockholder may not borrow more than an equal to 20 per cent of the capital stock, and the stock held by the officer, director or stockholder cannot be advanced asJ security; and that the superintendent of banking shall not be associated with or inter cstcd in any banking institutions and he may not borrow off any bank un- der his jurisdiction.
 Two thousand copies of the bill were ordered printed and the meas ure was deferred.
 Senate bill P, introduced by Sena- tor Curtin oi Mohave county pros poses tRat $45,OOO appropriated to build bridge across the Colorado i'll that county be used instead to construct a road from Chloride to the Boulder canyon damsitc.
 Veto Measure Put In
 Senator Lines of Graham county senate bill 2S for amend ment of a provision Of the constitu ton which prohibits the exercise of the governors veto power against any initiated or referred measure. The amendment is intended to make the provision conford to another pro posed amendment requiring that an or referred measure in order to be effective must receive ma jority of all the votes cast at the election at which the measure is sub mitted
 Senate bill g, introduced later by Mir. Lines, proposes amendment of legislation relative to the levying of district taxes to meet the the interest on district bonds
 The committee of the whole rec indefinite postponement of a bill to make an appropriation for the widow of Walter Layton. an em- ployc of the state industrial school, who was killed by an inmate.
 A letter from State Engineer Mad dock to Governor Campbell was read, asking that means be provided to en- able the state to purchase its portion Of the $100,000000 worth of road building equipment which the govern ment has on hand following the war. Mir. Maddock stated Arizona's share is S1,50000O worth which, he said, car. be obtained for between $l50,000 and $20O,000 The communication was referred.
 Representative Hayes of Cochise in the house two bills for qf the gasoline tax law and the auto license law. They pro vide that taxes from these sources shall be turned into counry road funds instead of to the state fund
 Ask Hoover to Speak
 House concurrent resolution No. was introduced inviting Herbert Hoover to address the legislature on March Is.
 Democratic members of both houses went into caucus this after noon for an hour but discussion of the secret conference was so closely guarded tf:at no inkling could be ob- tained as to what transpired.