The daily morning journal and courier., 1907-01-24
UNIFORM LAW FOR
 BANKS AND TRUSTS
PLAN TO DO AWAY WITH SPE-
 CIAL CHARTERS

For Financial and Other Institutions
 Connecticut One of the Three States
 in the Union Where These WIde-Open
 Privileges are Granted-Bankers As-
 sOciatiOn of the state Will Present Il
 Bill to the Legislature.
 The Connecticut State Bankers as- sociation, through it's legislation com mittee. which is acting in conjunction with the legislation committee of the Hartford Clearing House association, has prepared for distribl,ion among the banking institutions of tine state 8 number of suggfestions for a uniform law for the incorporation of banks and trust companies in this state.
 It is the intention of the essociaion to present to the present session of the general assembly a biil m5del,d close ly af,f" these suggestions, Nhich shall regulate along safe and sane lines .Le sran in' of charters whi2n aecrttt ihe dniees te do bankl ,g ar6 rust bus. mess n this state.
 Il sending out these suggestions the rlan oers of the com !~....a d.salaln any desire to curb competition, CT to cua9l the privilege ,.y sse 70 do a legitimate banking business, but they d espT- tt do away wi Il .h grartins O. special charters and aim to have all persons engaged in banking conform to the same general law.
 MUST CHANGE CONSTITUTION.
 The granting of special charters cannot be prevented except by a change in the constitution of the state. but the bill which will be presented in accordance with these preliminary suggestions will give a formof orGani- zation which will be safe and reliable and in compliance with the laws of the state in regard to banking It will prevent excessive unusual and impro- per. privileges being obtained under the disguise of banking charter, ashas been done in past years, when so- called banking charters" have been obtained, the provisions of which have permitted the grantees to undertake almost any commercial enterprise from setting up an insurance colnpa- nv to operating street railway or a steamboat line.
 Charters have been granted permit ting the establishment and operation of branch banks, which is in direct vii olation of the statutes which forbid branch banks. Blanket charters have been obtained for no other purpose than to sell them to the highest bid der when the opportunity afforded, and such charters have been sold by more than one prominent citizen of the state.
 A RIDICULED TRINITY.
 Connecticut, Maine and New Jersey are the only states in the country where these special charters. with their wide opportunities, are now granted, and the Bankers association aims to put the laws of Connecticut on plane with those of New Yorfk and other eastern states. where all bank ing and trust companies conform to the same general law.
 The committee from the Bankers assaciation is composed of the follow ing members: Meigs H, Whaples, of the Connecticut Trust and Safe De- posit company; Frank P. Furlong, of the Hartford National bank; Alfred Spencer, Jr., of the Aetna National bank; W. F, Atwood, of the Mechan- ics' National bank of New Britain; Lewis Van Keuren. of the Colonial Trust company, of Waterbury and H C. Warren, of the Merchants National bank of New Hacen.