The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1925-02-17
BANK BILL IS
DEFEATED IN
STATE SENATE
Would Have Required Stock
holders to Put Value of
Their Stock in Escrow
OTHER SENATE ACTION

OTHER SENATE ACTION
Senator Ralph Ingerson's bill re-
quiring holders of bank stock to de-
/ post cash or securities equal to their
holdings with the state, which has
ebeen hanging fire for the last week
was put out of it's agony by the
state senate yesterday afternoon.
Coming up for third reading and
final passage, the bill was defeated,
2G to 2l, two Nonpartisan senators
voting was the Independents for the
death sentence.
| Action on two other bank regula-
tory bills which were on the calen-
dar for today were postponed until
today, and the mill and elevator
management bill amended by the In
dependents last Saturday was not
reached today. All three Of these
measures will probably be acted on
today.
There was comparatively little de-
bate before the vote on S. B. 70,
Senator Ingerson's double liability
deposit bill. The author Of the mea-
sure explained his purpose in IT'S in
PRODUCTION which was he said the in
surance Of payment Of the double
liability on the part of stockholders
in insolvent banks. Senator Page Of
Benson county attacked the MEASURE
declaring his conviction that if it
were passed it would have the eff
feet of putting many state banks
out of business.
Vote on Measure
There were few diversions from
party lines on the roll call The SEN
ators voted as follows:
For passage: Bakken, Benson,
Carey, Ettestad, Fleckten, Hamilton,
Hjelmstad, Ingerson, Magnuson,
Marshall, Martin, McCrory, Mike
thun. Olson of Barnes, Olson Of
Eddy, Patten, Patterson, Richie,
Ward, Whitmer, Wog.
| Against passage: Atkins, Babcock,
Baird, Bond, Eastgate, Hart, Kaldor,
Lynch, Mccoy, McLachlin, Murphy,
Olson of Burleigh, Page, Pathman,
Peck, Ployhar, Porter, Rusch,
Storstad, Tofsrud, VanCamp, Whit
man.
Absent, Frederickson; not voting,
Kretschmar.
Another bill of Senator Ingerson's
which would have thrown additional
restrictions around the negotiation
and discounting commercial paper
shared the same fate by almost the
same vote being defeated &c to %.
1t was rather u tough afternoon
in the senate for Nonpartisan meas
ures two more companion bills de-
signed to make it possible for the
state to levy taxes on the corporate
excess of foreign corporations doing
business in the state being killed on
committee reports.
These bills were sponsored by
Frank Hellstrom Of Bismarck who
! appeared before the state affairs
committee on their behalf. S. B. LAG
provided for the levying of a tax on
corporate excess, and its companion,
S. B. lat provided that all foreign
corporations doing business in North
Dakota and having domicile in the
state must also take out state
charter. The second bill was intend
ed to bring these foreign corpora
tions within the scope of the pro.
vision of the former.
Pay it Anyway
| The recommendation of the COM
,nittee on state affairs that the two
bills be passed was voted down &c to
%, and the bills were then indefin-
itely postponed by the same vote.
~ can't see that these bills make
much difference one way or the
other" declared Senator Ole Ettes-
tad of McHenry in the course of the
debate which preceded the vote. 1.-THE
whole thing will come out of the
pocket of the consumer, the poor
man in any case" The Nonparti-
sans supported the measures how
ever despite Senator Ettestad's pessi-
mism as to their efficacy.
The senate put in long session
yesterday afternoon, and passed a
total of, ID bills, most of which were
of routine nature, and excited lit
tie opposition. An exception was S.
B.. 8, making an appropriation Of
$40 ,450 to reimburse the depositors
guaranty fund for money spent in
the operation of the guaranty fund
commission. Eighteen Nonpartisans
voted against this measure but failed
ito prevent it's passage.
House Bill 62, regulating the prac-
tice of nonresident insurance agents
in the state was passed over a scat
tering opposition. So was H. B. g.,
and amendment to the law putting
extra penalties on the commission
Tof crimes when the criminal is arm
ed with revolver.
! In opposing the latter bill, Sem
ator William Martin of Morton coun-
ty spoke feelingly against the res
traints on the carrying Of firearms
declaring that such laws put the law
abiding citizen at the mercy Of the
HAWKES. element.
While it is expected that the mill
management bill will be up for action
today, this is not certain, as the
measure is a house bill, and from