New-York tribune., 1908-04-08
BANKING BILLS PASSED
H4LF NOW WITH HUGHES.
T7co Measures Unanimously DO
Through Senate.
INV Telegraph to The Tribune. ]

Albany AnriI Lust half of the long programme
of banking reforms recommended by Superihteho-
ent Clark Williams of the State Banking Depart
nent passed out the hands of the Legislature
7 to-day when the Senate passed Two Assei"oiS
bills by a unanimous vote To-day was 10 nav
been the grand clearing up holiday OF the palih-
ing measures. with nine of the remaining
bills special order for final consideration the
Senate settled down to a grinding session Three
( of the bills amended, another was reconiimt-
ted. two were not touched and two were passed
The two bills passed belong to the criminal end
of the series twenty measures which the BANK
ing Superintendent recommended. One makes II
nisdemeanor for any officer of a banking lnsutu-
tion to maintain deposit of funds belonging 10 the
institution with which he is connected with another
moneyed corporation. with the understanding that
he personally is to receive loan in return IL
also makes it msdemeanor for an officer inten-
tionay TO conceal from the directors any transac-
tons required TO be reported. The third provision
of the bill makes 1t msdemeanor for an officer
employe of trust company to alter the terms
of time certificates deposit.
The other BILL which goes TO the Governor,
amends the Penal Code by placing limitations on
the operation of foreign corporations, loan or in
vestnent corporations building and mutual loan
corporations associations cooperative savings
and loan associations
One of the surprises OF the day was the injection
of the barge canal movement into the banking
question Amendments were adopted to both of the
bills charging the reserve which must be kept
by state banks and trust companies. providing that
where state funds deposited and the institu-
ton secures them with state bonds such bonds
may be used and considered legal reserve. The
object of the amendment is to encourage banks and
trust companies to buy barge canal bonds. which
have been drug the market for two or three
Years. The amendment suggested by State
Controller Martin II. Gynn and advocated by
all the friends of the barge canal in the Senate.
The the proposition came the first
bill regarding the reserve of trust companies. The
amendment carried "a to %, and the
ond BILL making the provision for state
banks, 1t adopted by a viva voce vote The
first follows:
Ayes-Davis. Foeiker. GiIchrist, Hill Page, SAKE
and Wemple Republicans; Ackroyd, Boyce Coha-
Ian. Cullen Fr.ewley, Fuller Grady Hartee. Hasen-
1ug. Mccall. McCarren, Mullaney Owens. Rams
pergeT, Sohmer Taylor and Thompson, Demo-
Gratis. Total, %.
Noes--Agnew. Aids. Armstrong Burr. Carpen-
ter, Cassidy Cobb Cordts. Emerson. FanCher,
Gates. GTattan. Heacock Hinman. Hooker. Knapp.
Ra aines Smith. Travis, Tully, White and Wilcox.
This action delays final consideration in the Sen
ate these two bills until week and also
requires their repassage in the Assembly before
they go TO the Governor
Including to-day's action, just ten of the
twenty bills have passed from the Legislature 10
Governor Hughes. One has been signed. and the
public has yet 10 receive of the other nine
teous spirit and has sacrificed its own bills to
those OF the Assembly.
The banking law up to date provides for the
creation OF third deputy superintendent Of banks
to have charge of the New York office.