The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1910-02-08
BY Associated Press.

Dy ASSOCldttu IIcSb.
Washington, Feb. S.-rhe banking
laws of all the states and territorie;
of this country have been summariz
ed and compared in a remarkably
clear and useful digest, issued Mon
day under the auspices of the Ma
tional Monetary Commission as anoth
er output of it's exhaustive investiga
tion of banking and financial opera
tions and conditions in this and 9th
er countries, This digest, practically
unique in scope, is the work Of Sam
uel A. Weldon, of the New York bar
and in its preparation the compiler
has had the assistance Of the banking
officials of most of the states. AL
thought for practical reasons the com
pilation has been sharply condensed
1t makes volume of 77O pages, SO
comprehensive in its treatment of the
varying laws of the several jurisdic.
tions that it will prove Invaluable to
all students Of banking and Of bank
legislation and will no doubt be in
great demand.
1t has not been attempted to present
anything but the substance Of the
statutes, for the reason that digest
dealing with their application or in
depreciation 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 corporation
laws Of the states Gas distinguished
from the banking laws) only where
they were peculiarly accessible or the
bank statutes left blanks which need
ed to be supplied. Provisions 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.
The statutes are systematized as
far as possible under the head of
each state by division into three gen
eral captions--banks, savings banks,
and trust companies-but in some
cases material which applies to one
or more classes is presented under
one head. Under each of the three
captions the following twelve sub
heads appear:
/. Terms of Incorporation
ing capital, dividends, surplus, etc.
H. Liabilities and duties of stock
holders and directors.
H. Supervision, including reports
and examinations.
w. Reserve requirements.
v. Discount, loan, and some times
deposit restrictions.
vi. Investments.
VII. Overdrafts.
VIII. Branches.
TX. Occupation of the same buiid-
ing.
X. Unauthorized banking, savings
banking, or trust company business.
XII. Penalties.
XII. Depositors' guaranty system.
While it has not been possible,
where the statutes went into elaborate
detail, to give all their provisions in
regard to minor matters, such as the
duties of state officials, legal processes
form of pass books, and legal pro-
ceedings for assessing stockholders,
references are given which enable a
competent attorney to turn quickly
to anything desired on these subjects.
One of the most valuable features
OF the report, from the standpoint of
general research, is the summaries
Of the legislation In each state gov
erning the principal subjects of bank
ing law, arranged in tabular form.
There is table for commercial banks
one for saving banks, and one for
trust companies. These tables set
forth in striking and comprehensive
way 3S items in the banking statutes
of 45 states territories. and the
District of Columbia Thus, it is
possible at glance to determine in
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 min
imum capital required; percentage of