New-York tribune., 1908-04-03
RfNKING BILLS PASSED.
Senate Takes 4ction on Eight
Other Legislature Business.
rRv Telegraph 70 The Tribune ]

.r,a-r April I'm a long session the Senate
--sse considerable beadway to-day the mass
3 barking reform bills recommended by Super
.-,s,ssut Clark Williams Of the Banking Depart
80 most Of which have passed the Assembly
tsshr ef seventeen passed. and one
amended hut these were among the measures not
csculated inspire much opposition They were
rsssed hy q party vote The Democrats, save Sen
stor Tsvlo-. basing their opposition on the ground
that the bills centralize power in the hands Of
the superintendent.
TIE senator's were -aenife=,iy tired by their long
struggle yesterday on the Tacetrack proposition
Fa1igce most visible il the case OF Senator
s,-sdy. who spoke for more than three hours yes
,er5sy Nevertheless. ne was practically the only
cne 70 make any extended discussion on the Ques
-i0n The arguments favor Of the bills were ad-
rzncel 10y senator Hooker. instead Of Senator
Gates. chairman OF the Banks Committee.
Possibly The most important action was an
amendment 10 the bill requiring trust company
branches 70 have a capital Of 500 GO in addition
te fhe capital OF the parent institution Senator
FsE= opposed the retroactive feature IF the bill
v=i-n would compel all trust companies now main
tanning branches ana not having additional capital
a. 500 80 for each branch 20 increase their CAPT
tai or discontinue the branches. He offered an
amendment making the bill applicable only to the
t-ru-e. and il voted dosn by p TO . Senator
Hooker offered amendment providing that exist
i-E t-1sr companies need not secure the consent
~ the Superintendent Of Banks 70 continue q
branch. but compelling each branch TO have the
-essarv slooese additional capital This was
rs-suimously adopted. The contest between the
Republicans and Democrats started out badly. the
-i-st bin permitting savings hanks TO hypothecate
heir securities II time Of trouble being lost by a
vote Of - 10 10 Later the vote was -econsidered
and the bilI passed. = to 10
o-he- bills passed provide that the value Of say
Sings bank securities shall be computed by amor
-izatiDn. that directors of ranks and trust com
Tsries must make oath rfar the stock necessary
qualify them has not been hypothecated; that
--rst companies cannot own stock Of another
D. .ueved corporation IN excess OF u per cent ~
-re capital % the second corporation; that the
-erinteHdeuI OF hanks may inquire into the ht-
-ess Of persons desiring 10 organize new bank;
-fs- safe deposit companies may open branches
O. rhe approval OF the superintendent Of banks
TIE Assembly had 4 long struggle over the bin
r-srsfe-rirg from the Attorney General 10 the
s-r.ariurendeur Of banks control IN hank uquida-
t.1I proceedings. After several amendments had
been E0ted doun the bill passed by party
vote o -. Tsle most important arLendrlan-
vas offered by Mr. Palmer. minority leader. Il
proposed 10 strike the day Limitation placed
O. the ti-ne when an fnsoIvent bank can go 20 the
cou--s and apply for permission TO resume. The
bin as passed provides that such application must
ne MADE within ten dayz after the superintendent
has assumed control The Palmer amendment
would have permitted such a application at any
w.thou- debate The Assembly also passed the
b. making Il q misde-neanor for an officer Of a
banking corporation 70 deposit money belonging TO
the corporation witE another nloneyed corporation
VITA t-e understanding that d loan is 70 be made
3 return. The biu requiring that 2 full state
ne1c % al loans made shall be made 10 me
hoard q directors At least once a month was
amended 20 have the report made 10 finance
our--l--se consisting OF al least Eve directors,