New-York tribune., 1908-03-18
BANK BILLS FIELD DAY.
Assembly Passes Measures; Senate
amends One-Hearing.
tsy Telegraph to Tn. Tribune. ]

Albany March 1.-w-ithout much debate. al
though by practically q party vote. the Assembly
to-day psesed five 0f the banking reform bus
Tire Senate. the contrary. after vigorous az
tack by Senators Grady and ncCarren, amended
that cne q. the series permitting savings hanks IN
crises hypotaecate securities under supervision
of the Banking Superintendent. thus delaying II
FOR a week.
n.rno4r-ass TO these bills was furnished. Senator
Grady denounced the Banking Department. aTlo oe
cared that the hills were N the interest OF " "e'
Street. while Mcta-ren Illuminated aeains' fresi
dent Roosevelt and policies toward business in
s--es-s GRADY reiterated his belief that Superih-
tenoert Williams Of the Banking Department "ouio
re.;g, as soon as the reform legislation was
paxsed This immediately den'ed oe MI
Williams Mr. Grady said;
We are undertaking to work out reform from
ere ~roaS erd. This hill invites trustees 10 'p-
vest in securities that they can't dispose Of, eut
rs, borrow rroney- All this bill does is 10 pro-
.ec, the market in Wall Street from the sudden
appearance OF savings hank securities hou are
addressing yourself 20 scheme that IS As closS 70
Wall Street as the firm Of Drexei. Morgan & Co.
Senator NcCarreri said nothing had arisen IN
.se last few months Justify the passage Of the
e;I Ieposirors. as well the savings banks. were
protected by the thirty and siNty DAY RUE.
We're II moi for this n;e," he continued, mill
.,-s of dollars would have been withdrawn and
-naoea in strong boxes and We would have hed
~. worst manic in our history. If the other hanks
pu5 such a clause there would have been no panA
failures .,.
He said the knckerbocker Trust COMPANY, pI7
u.r,.l+on Bank and the Brooklyn banks would nor
rave failed If they could have realized Oh 'hs'i
assets. . ..
The value Of those assets Vas reduced -
-,,,inirnIrn tz- the acts Of the federal aonnist[a
-i,n he continued. There is no necessity TOT
this bin. The savings banks are si' F'sh' M.
4. no more necessity for this bill than there Is TOT
g cat 10 have TWO tails. This legislation ee7in'
10 be predicated upon the theory that sohlethii7
must he done all the time Ire 1hlrs 10 o' - "
let the savings banks alone
The bill 1ss ADVOCATED b. Senator's Hooker
white and Raines bHt finally sn1enoen'
In the Assemble This bill Was passed as drafted
without much discussior- The vote va = I" %,
There the main opposition Tas aroused pH lhS o
10 re-n1- SAVINGS banks 70 report their securities
81 smor:ized valuation. u. {. ROBINSON OF me
nnuns maintained that this scheme OF in'Cs'iie-
value plain lie.
.sseublynasn Francis and Wainwright OF Inc
,o-,r,,.t1e. on Banks. answered the arguments
asseuf, man Merritt said that the nlaJ"f'tN parry
would have 10 be responsible for this esis!a'ioh'
end If il proved fsuI:y Houid stand t!ie nalns-
This bill PASSED 40 90 .
--po measures making more stringent the duaIl-
cations for service Of directors of banks ana rusl
oornpanes and compelling them 10 take oa'h VI
Office nassed without objection TIE OH sllIIehinS
-r,;st -ol1Tsny reserves passed. with u g f'obln-
scr voting in negative. Nr. alnNrght deciaren
-hsr7hc reform lla dH far enough in his juds-
rnent. 49,.
The Sc1sie and Assembly committees on oahks 'his
afternoon listened opposition against the oiII fe
osyris7.g .anks trust companies TO have 4 cap
.tal of sleh.1 fer each branch maintained II addl-
ton original cepta Of the parent institution
sylvan Bier. representing The North Soe BANK O.
Rrooki1sl. and James l.. Wells. of the Twenty -tlrd
Ward Rank. @ The Bronx opposed this feature
NJ. fier declared that branch did not increase
the responsibility Of the bank. but simply afforded
r1srrors accor:l;rodai ics nearer their pid"cs OF
business II VAS shown that most branches do
nothing but receiNe and pay deposits and 90
not any loans investments
Seymour Nan Ssntvoord. Representing the trust
companies OF the state also opposed this PROPOSE
,iou