New-York tribune., 1907-11-14
TO SUGGEST BiNK LAWS
HUGHES ASKS COMMITTEE
Local Banking Men Requested to
SerUe Without Remuneration.

Albany Nov 13,-Governor Hughes gave ou.
letter tonight the purpOrt of which is HIS
request that a. Barton Hepburn. Edwin s.
Marston. Edward w Sheldon. A1eernon < FRS
SELL stephen Baker and Andrew Mills IT.. all
banking or trust company men of New York
Clty' shall act as committee for the purpose
OF coIlating facts. receiving suggestions and
expressing the views which after due reflection
you may entertain" with reference TO needed
changes in the state laws governing banks and
trust companies
while 1t was not definitely stated at the exec
utive chamber that all these men would serve
as suggested. il is understood that the Governor
prior to giving out his letter had reasonably
conclusive assurances concerning al
The Governors letter is as follows:
Gentlemen: In view of recent events IT has
seemed to me desirable that information and
recommendations should be obtained from men
who. by virtue of long experience and expert
knowledge are in a position TO judge or the
measures which may be desirable TO safeguard
the interests of citizens by promoting the
security of financial Institutions organized under
the laws of the state and by preventing to the
fullest extent possible the recurrence Of disturb
anceS such as have lately witnessed
For this purpose have no authority to create
or authorize any state obligation. But for my
own guidance and for the benefit of the people
of the state l deem il both proper and important
that at as early date possible. and IN ad-
tunity should be afforded for the expression CT
matured opinion with reference to the improve
ment of our financial legislation
1 therefore request you. whom have selected
(Vithout thought Of disparaging the Qualtfica-
tiOns of Others) representative men having
expert familiarity with these matters. to act as
a committee for the purpose or COllatlng 1acts'
receiving suggestions and expressing the views
which after due reflection. you may entertain
with reference to the following question;
What. If any, changes are advisable IN ths
laws of the state relating to the Incorporation
conduct of business and supervision OF banks
and trust companies?
do not suggest any particular method OF
procedure on your part. being content TO leave
that to your own Judgment
While your report will be formally tndepen-
dent of that of the Superintendent of Banks.
who will also have these matters under careful
consideration, and whose ADVICE l expect 10
receive. he will no doubt be glad TO cooperate
with you and to furnish any assistance within
his power. Indeed believe that full and FREQ
conference with him throughout your delib-
eTations will be mutually helpful
I must ask you to undertake this important
work solely as matter of public service with
out provision for compensation or indemnity for
expense. But you may be assured that your
fellow citizens will not fail gratefully to appre-
ciate your public spirit
! shall be glad to receive your report on or
before December II. 1907
I remain very respectfully yours.
CHARLES E HUGHES
A. Barton Hepburn Is president Of the Chase
National Bank. of New York City. He was
1889; United States bank examiner for New
York from 1855 to 1892, and Controller Of the
Currency in the following year.
Edwin s. Marstou is president of the Farmers .
Loan and Trust Company. of New York CITY
Edwin W. Sheldon Is president Of the United
States Trust Company.
Algernon : FrisseII has been president OF tho
Fifth Avenue Bank. of New York CITY. fo~
twenty-one years He Is also trustee Of the
Greenwich Savings Bank
stephen Baker Is president of the Bank Of tbs.
Manhattan Company. of New York CITY. a state
bank He is also trustee of the Bowerv Sav-
ings Bank and director of the Bankers. 7-r,,se
Company.
Andrew Mills. jr.. is president Of the Dry Dock
Savings Institution.
A. s Frissell at his home at No Wss+ A-4
street said last night that he had not heard sboue
his appointment TO the committee OF bankers b,-
Governor Hughes He added that IL the report was
true he would be glad to serve He id NOT cave
10 say anything about what he thought the duties
or such a commission should be until he had "a
ceived definite word from the Governor
II was gathered that he thought that so,,s
change ought TO be made IN the law resar1inz The
reserve of the trust companies He said that he
thought that the present required reserve OF Per
cent was too small. When asked what he thouRbt
it ought to be he said:
I think . per cent. Then he STONED and
refused to discuss the matter further