New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-16
THE NEW BANKING BILLS.
HEARING BEFORE THE SENATE COMMIT
TEE-THE MEASURES TO BE RE-
PORTED on FRIDAY.

Trenton. March IS (SpociaD Tho Senate Com
mittce Revision OF Laws gave hearing on the
bills for the revision of the banking laws drawn by
a commission. consisting OF James b Dill Thomas
~ McCartor. jr.. and Judge Nreoland There are
three bills. regulating respectively banks. trust
companies and safe deposit companies.
H. W johnson. cashier Of the Long Branch
Bank objected TO the provision requiring reserve
fund OF Is per cent Of the demand deposits. He
thought If the funds got below this point the
bank ought to have some time to make up the
amount
Mr.. Dill said that this provision was easier
than that Of the National Bank act
Thomas y McCarter jr.. said that at confer
ence this morning of the leading trust companies
OF the State thirteen out OF twenty-five being
represented. a few amendments We're decided upon.
which submitted to the committee. WITH
these amendments tine bills would bee entirely sat
isfactory The trust companies have no objection
IN their reserve fund but they do object to being
their own vaults and only three -hfths on deposit
in other banks This would compel the Fidelity
without bearing interest Tie amendment asked
Of X per cent Of the demand deposits. the other
seven-eighths 10 be on deposits Immediately avail
senator ". NJ Johnson called attention TO the
provision that a new trust COMPANY must Pay IN In
Ing passes upon the application Tor a certncate.
Mr.. Dill said that this was to prevent people
without capital getting certificates for schemes
which they could not carry out . .ho ,,,,o,,.r
I-zal H. McCarter. president or the tlielty
Trust Company of Newark. spoke In favor OF the
hills and ~ the amendments proposed NY his
brother He said that the laws were too lax now;
tnCtirr the puhlic the State at the same time in
crcasrd the business OF the companies.
senator Pltney wanted to know whether one
eighth OF Is per cent of the demand deposits was
I'1oI II NcCartor said the other seven-eghths
would he available I'm other banks. and besides.
ev.rv banking institution carried what We're called
ouick securities, which could be turned into cash
senator Cross said there no provision for
t.isf companies guaranteeing utleb IT was SAID
that those that conducted that business ala 50
under special charters. 49,, ,.
trust companies. He was concerned to know what
eject these bills would have upon those insutu-
lions lie was not prepared himself TO pass Juug'
ment upon the matter ,., 49,. -
fdr pitney said that any existing trust COM
many rotains its present rights and powers. unless
r. chooses 10 tOme under this act ana accept itS
benefits and requirements 49, 49,. ,...
Nv senator l'lotffrr nI n" New-Jersey Trust
Companv' Of Camden. said that those who were
In favor Of the bills had had them under consid-
eration for months and were familiar with them.
bur the Camden companies had not seen the Dils
until Monday night. 49,, -, c, -.
ola attended tho several conferences which have
bnen hold to consider these bills. and had ex-
nreesed themselves satisfied with them.
Tho committee asked the Camden people 10 go
over tho bills and submit any desired amendments
in vcrting There will he another hearing on the
bius Tomorrow at $3.50 O'Clock, and the com
nrittee hopes to report the bills on Friday.