The Newtown bee., 1907-04-12


 l influential politicallylof any that has shown it's hand at the Capitol this ses- | sion, and there have been some threats | made, too, if stories that are going about are to be believed, but through 1 it all the committee on banks has stood it's ground and insisted that something be done to put the trust companies on the same footing as the savings banks so far as the savings de- poS1ts are concerned.
 During the week the trust cOmpan- ies evidently began to fear that de- and they upbent long enough to in form the committee oni banks that they would like to consider matters together. The result will probably be that substitute bill will probably be introduced embodying the principle tending, and that is the main thing afteriall. The original bill introduced by Representative Hooker of Hartford, who has made special study of the banking system, was this:
 Section l. All corporations other than savings banks, chartered by this state maintaining a savings depart mentor soliciting or receiving deposits of sa vlngs, shall invest all such depoS- it's so received according to the re- quirements of the statute laws of this state concerning the investment of de-
 
 t1ons shall pay to the state, on the de- posits so received, the same tax which is req uired to be paid by the savings banks by section 2422 of the general statutes as amended by chapter 1S9 of the public acts of 1903, on the deposits held by them; and said corporations shall also transmit to the bank com missionerS, on or before the first day of October in each year, and oftener if required by said commissioners, a sworn statement of the amount of such deposits and the securities in which they are invested, together with such other information as may be required to be given to said ommiSSioners in the annual statements of banks and trust companies.
 Section 2. All such savings deposi ts which are not now invested in accor d. ance with the provisions of section one of this act, shall be so invested be- fore October l, 1908.
 Section 3. The reserve fund required by section 34OO of the general statutes in the case of state banks and trust companies shall not apply to the de- posits mentioned in section one of this act.
 The substitute bill will read as follows:
 AN ACT CONCERNING DEPOSITS FOR
 SAVINGS IN CORPORATIONS OTHER
 THAN SAVINGS BANKS.
 Section l. All banks, trust com panies, corporations, partnerships, or individuals maintaining a savings de- partment, or soliciting or receiving de- poSits as savings shah invest all such deposits hereafter so received accord ing to the requirements of the statute laws of this state concerning the in- vestments of deposits in savings banks Section2. All savings deposits which are not now invested in accordance TKyJf h 1n JCi ofc this act, when re-invested according to the requirements of the statute laws Of this state concerning the invest ment of deposits in savings banks, and ali savings deposits shall be so invest ed before January l, 1908.
 Section 3. The reserve fund required by section 34OO of the General Statutes | in the case of state banks and trust companies shall not apply to the de- posits mentioned in this act. Thursday, in the House, Represen- tative Gum offered an amendment ganized before January l, 1907, with a capital stock paid in of S1OO, 900 or over, should not come under the law, and that liability for the savings funds should be double liability.
 This substitute bill will be quite as cal features of the former are elimin- ated. If the trust companies are wise | they will accept this Substitute It | may be that the lobby of the trust companies might be able to | block the bill in the Senate, though l | doubt if they would be able to do so in | the House. In case of the passage of | the bill in the House and the non-cOn- currence of the Senate with the House, then the present unsatisfactory bank ing laws of Connecticut would remain as they are. But the results that would follow in the way of disaster to ! savings banks in Connecticut in the years to come would be laid at the door of the trust companies, and ir some future legislature, unless it is owned body and soul by the lobby | there would be sure to come legiSlatiOr of such a radical nature that the truS1 companies themselves might be very much embarrassed.
 The broad question is whether Con nectlcut wants to continue it's pOlicy of mutual savings banks or does i
 want to change and let the stock sav
 lngs bank take the business, and be
 fore a great while force the mutua
 savings banks out of business? Three
 days were given to the hearing of thes
 bills relative to the savings deposits il
 trust companies and during thOS
 three days not a soul appeared agains
 those bills except those persons per
 SOnally interested in the profits of tn trust companies doing savings ban business. And these were in favor o the bills several trust company official , whose companies do not maintain |. savings department.
 Now what is for the best interests
 the state and all the people, the ml I, tual savings bank conducted for N
 profit to stockholders but entirely fC = the benefit of the DEPOSITORS, (
 the stock savings bank RUN for th | profit of the STOCK FRS?
 It should be remembered that th
 State of Connecticut has NEVE d chartered a stock savings bank, bl ' ten trust companies are engaged e that line of business. Suppose an a 'f plicatiOn was made to the General A $ Sembly for charter for 7. stock savings bank. Would it l
 granted? Most aSSuredly it wOu
 not 6Op,t he1iaVa anvopa won