The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-02-15
BANK COMMISSION REFORM.

the Bank Commissioners as to the true
condition of the bank.
T. Banks know when other banks are
"shaky' long before the public and are
rarely sufferers when the maj CRASH
comes To prevent banks having TINS
big advantage over other creditors ana
| to assist the Bank Commissioners IN
discovering what is generally the hrst
symptom of a banks weakness-tne
hypothecation Of it's securitieS-the foI-
lowing amendment concerning savings
banks is suggested:
mo assignment made by any savings
bank to any other corporation or per
son of any mortgage or deco OF truss
of real estate held by it shall be VaIld
unless the same is recorded in the OIL
flee of the County Recorder OF the
county in which the mortgaged prop.
erty is situated and a certified copy OF
such assignment as recorded filed in the
office of said Bank Commissioners.
And 1 am, while not positive, much
inclined to the opinion that restric-
ton something like this should be added
to the above: Notice Of the hypothe-
cation or assignment of any of its Sc
curities by any banking corporation or
ganized under the laws of this State to
another corporation or person shall be
filed with the Bank Commissioners
within twenty-four hours thereafter.
-
the amendments suggested herein, to be
added to or inserted in the following
sections:
/ Sec l. Onor before the first day of July,
! A. D. eighteen hundred and ninety-nlne;
the Governor shall appoint two additional
persons as Bank Commissioners, making
1.-THE entire Board of Bank Commissioners
! five, whose duties and powers shall be
as prescribed in this act.
+ Sec. 8. No assignment mace Dy any saw
I ings bank to" any other corporation OF
| person of any. mortgage or deed OF trust
of. real estate. held. by: 1t shall be YaIa
/ unless the same is recorded in the once
| of the County Recorder. of the county II
which the mortgaged property is situated
and certified copy of such asslgnmenl
as recorded filed in the office OF SAID Bank
| Commissioners.
Sec II Ito. read as follows) Each Of the
Five Bank Commissioners shall receive
/ salary of three thousand dollars per an
mum, and necessary travelling expenses
not to exceed, for the five Commissioners
] the sum of two thousand dollars per an
num- to be audited by the State Controller
and paid by the State Treasurer in the
! same manner as the salaries and expenses
| of other State officers.
| Sec IA Ito read as follOwS) The Bank
| Commissioners shall have power to ap-
| point secretary at a salary or two nun
| dred dollars per month. The said Com
/ missioners shall keep their office open fol-
| four o'clock p. m every day, except non
| judicial days. All expenditures author;
| lied in this section SnalI De dudlIeu dilu
paid in the same manner as the salary OF
| the Commissioners. They shall receive
| for office rent, stationery, printing and al
! other. expenditures necessary for the
/ transaction of their duties a sum not tc
exceed in the aggregate $2400 per annum
which sum shall include the cost of print
| ing their annual reports.
| Sec 16. To pay the salaries and al! other
necessary expenses of the Commissioners
| as provided for by this act, every cork2-
| ration receiving a license shall pay annu-
| ally, in advance, to the Commissioners
in gold coin, its share of the amount re-
! ouired TO pay such salaries and expenses
! the share to be paid by any corporation
to be determined by the proportion which
/ its total resources bear to the aggregate
| resources of all such corporations receiv-
/ ing license, as shown by the latest reports
! of such corporations TO the Commission
| ers Yours respectfully,
San Francisco, February IL, 1899.