The daily sentinel., 1910-02-09
TODAY An IMPORTANT
REPORT IS MADE
PUBLIC
tBy Associated Press. !


Washington. Feb. 9.-The banking
laws of all the states and territories
of this country have been summarized
and compared in remarkably clear
and useful digest. issued today un-
der the auspices of the National
Monetary Commission as another
output of its exhaustive investigation
of banking and financial operations
and conditions in this and other
countries. This digest, practically
unique in scope, is the work of Sam
uel A. Weldon, of the New York bar
and in its preDaration the comDiler
has had the assistance of the banking
CIisS.ais oI L4ost VI Jne states. Al
though for practical reasons the COM
pilation has been sharply condensed
1t makes a volume of $50 pages. so
comprehensive in it's treatment of the
varying laws of the several jurisdic-
tions that 1t will prove invaluable to
all students of banking and of bank
legislation and will no doubt be in
great demand.
II has not been attempted to pre-
sent anything but the substance of
the statutes. for the reason that
digest dealing with their application
or Interpretation would involve great
labor and fill an amount of space
greater than the commission thought
proper to give to the subject The
digest deals with the general corpor-
alton laws of the states (as disting-
uished from the banking laws) only
where they were peculiarly accessible
or the bank statutes left blanks
which needed to be supplied. Pro-
visions of the state laws dealing with
circulation are omitted as being of
no practical value. In view of the
present control of circulation by the
national banks.
One OF the most valuable features
of the report. from the standpoint of
general research. is the summaries of
the legislation in each state govern
ing the principal subjects of banking
law, arranged in tabular form. There
Is table for commercial banks, one
for savings banks, and one for trust
companies. These tables set forth
in striking and comprehensive way
33 items In the banking statutes Of
10 states, 2 territories. and the Dis
Jict of Columbia. Thus, 1t is posi-
| nile at n glance to determine in a
general way the leading features of
the law of each state and their COM
parative relation to the laws of other
states. Among the items dealt with
In regard to state banks are the
minimum capital required: percent
age of capital required to be paid in
to begin business; when the remand
er must be paid; requirements as to
surplus; liability of stockholders;
| number of directors and their quail
factions; number of examinations by
directors required; special banking
l ut nm ,. l. L. -
office; cases where supervision OF
banks is assigned to other officials;
bank reports required; publication Of
unclaimed deposits; official examina-
tions: minimum reserve requirements
and what proportion must be In cash;
limitations on loans. including real
estate; and provisions regarding
branches.
The table relating to state banks
shows that the minimum capital re-
quirement Is in many cases below
that of the national banking law,
even since that was reduced In 1900
to s25. 700. Among the cases where
the minimum Is comparatively low
are: Alabama. $4,000: Colorado.
10000: Florida, $4,000; Kansas,
10000; Kentucky. $4,000: Louis
lana, s10,000s Minnesota. 10000;
Mississippi, $4,000; Missouri, s1O,-
900; Nebraska, 10000; Nevada,
$4,000; North Carolina. $4,000;
North Dakota, 10000; Oklahoma,
$4,000; Oregon. $4,000: South
Dakota, 10000; Texas, $4,000;
Utah, $4,000: Virginia, 10000:
Wisconsin, 10000; Wyoming. $10,-
900. These are in each case the
minimum for the smallest commune
l n
quired in some states in towns above
a certain pODulation