The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1907-12-23
THE BANKS
SAYS GOVERNOR
COMMISSION APPOINTED BY GOV
HUGHES TO INVESTIGATE NEW
YORK BANKS

NEW YORK, December S.-Of ma
tional Importance is the Committee ap-
pointed by Governor Hughes, to in
vestigate banking conditions and re-
port their findings to him not later
than December 10.
This committees recommendation is
designed to prevent a recurrence of the
recent disturbed financial conditions.
What conclusions they have reached to
date, or what definite recommendations
they make, will not be made public I'M
til the Governor himself decides upon
the wisdom of their conclusions.
The committee as appointed by the
Governor consists of A. Barton Nep-
burn, President of the Chase National
Bank; Edwin S. MarstOn. President of
the Farmers Loan and Trust Company;
Edward W. Sheldon. President of the
United States Trust Company; Alger-
noon S. Frissell, President of the Fifth
Avenue Bank; Stephen Baker, Presi-
dent of the Manhattan Trust Company,
and Andrew Mills. President, of the
Dry Dock Savings Bank, all Of New
York City.
In a letter addressed to the members
of the committee, Governor Hughes in
dicates the line which he desires them
to pursue in their Investigations The
letter follows
In view of recent events it has SEEM
ed to me desirable that information
and recommendations should be OBJ
tanned from men who by virtue of long
experience and expert knowledge are
in position to judge of the measures
which may be desirable to safeguard
the interests of our citizens by promot-
ing the security of financial institu-
tions organized under the laws of the
State and by preventing to the fullest
extent possible the recurrence of
disturbances such as we have lately
witnessed
For this purpose | have no authority
to create or authorize any State obliga-
ton But, for my own guidance and
for the benefit of the people of the
State | deem it both proper and inn
pOrtant that at as early date as pos
sible and in advance of the meeting OF
the Legislature, opportunity should be
afforded for the expression Of matured
opinion with reference to the improve.
ment of our financial legislation.
Il therefore. request you whom
have selected Cwithout thought of dis
paraging the qualifications of others)
as representative men having expert
familiarity with these matters, to act
as a committee for the purpose of col
Letting and collating facts, receiving
suggestions and expressing the views
which. after due reflection, you may
entertain with reference to the fol-
lowing question:
What if any, changes are advisable
in the laws of the State relatin" to
the Incorporation, conduct of business
and supervision of banks and trust
companies
Il do not suggest any particular me-
thod of procedure on your part, being
content to leave that to your own
judgment.
while your report will be formally
| independent of that of the Superin-
tendent of Banks. who will also have
these matters under careful consider
alton and whose advice | expect to
receive. he will, no doubt be glad to
cooperate with you and to furnish
| any assistance within his power In
deed. believe that full and free con-
ference with him throughout your
deliberations will be mutually helpful
Il shall be glad to receive your re-
port on or before December IS 1907"