Waterbury evening Democrat., 1907-11-14
10 PROTECT PEOPLE
Governor Hughes Starts an In.
 quiry Into Banking Methods.
HE APPOINTS SIX FlMANCIERS
Asks New York Bankers to Investigate Conditions Without Pay and to Sue- sest Needed Changes In the Laws. To Report by Dec. IS.

Conditions Without Pay and to Sus- sest Needed Changes In the Laws. To Report by Dec. IS.
 Albany, N. T., Nov. 14.-A thorough investigation of the banking situation in this state and particularly in New York city is soon to be made. Govern. or Hughes has appointed the following committee to make this investigation and report to him recommendations designed to prevent a repetition Of such disturbed conditions as have ex' isted for the past few weeks:
 A. Barton Hepburn, president of the Chase National bank; Edwin S. Mars ton, president of the Farmers Loan and Trust company; Edward W. Shel' don, president of the United States Trust company; Algernon S. Frissell, president of the Fifth Avenue bank; Stephen Baker, president of the Man haitian Trust company, and Andrew Mills, president of the Dry Dock Say ings bank, all of New York city.
 Assured They Will Act.
 It is understood that the governor before making his appointments re- ceived the assurances of these bankers that they would serve. In a letter ad- dressed to the committee the governor says:
 "In view of recent events it has seemed to me desirable that informa- tion and recommendations should be obtained from men who by virtue of long experience and expert knowledge are in position to judge of the meas ures which may be desirable to safe guard the interests of our citizens by promoting the security of financial in stitutions organized under the laws of the state and by preventing to the full est extent possible the recurrence of disturbances such as we have lately witnessed
 To Safeguard State.
 For this purpose I have no author ity to create or authorize any state obligation. but for my own guidance and for the benefit of the people of the state I deem it both proper and important that at as early date as possible and in advance of the meeting of tile legislature opportunity should be afforded for the expression of ma tured opinion with reference to the improvement of our financial legisla ton.
 "I therefore request you. whom have selected (without thought of dis paragng the qualifications of others as representative men having eXpert ! familiarity with these matters, to ac' as a committee for the purpose of col l lecting and colating facts. receiving suggestions and expressing the views which, after due reflection. you ma! entertain with reference to the follow ing question:
 l The Question to Be Answered.
 "What, if any, changes are advisable in the laws of the state relating to th' l incorporation, conduct of business anC supervision of banks and trust compa nies?
 q do not suggest any particula method of procedure on your part, be ing content to leave that to your owl judgment.
 While your report will be formall! independent of that of the superin tendent of banks, who will also hay, these matters under careful considera tion and whose advice I expect to re ceive, he will no doubt be glad to co operate with you and to furnish an, assistance within his power. Indeed believe that full and free conferenc with him throughout your delibera tions will be mutually helpful.
 "I must ask you to undertake thi important work solely as a matter c public service without provision fo compensation or indemnity for eI pense But you may be assured tha your fellow citizens will not fail gratt fully to appreciate your public spirit.
 'I shall be glad to receive your IT port on or before Dec. 15, 1907"