Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-02-08
LAWYER COMPLIES
BANKING LAWS OF
WHOLE COUNTRY
Stupendous Work of New York
Attorney to Prove fnyalu=
able to Financiers.

AOAeNNi &OliliAloEiOlI Do dLilQtAith p0N
put of its exhaustive investigation of
banking ana financial operations and
conditions in this and other countries. !
This digest, practically unique in scope,
Is the work of Samuel A. Weldon, OF
the New York bar, and in its prepara-
tion the compiler has bad the assistance
of the banking officials Of most OF the
states. Although for practical reasons
the compilation has been sharply con-
densed. it makes a volume of $50 pages
SO comprehensive in its treatment of the
varying laws of the several jurisdictions
that it will prove invaluable to all stu
dents of banking and of bank legisla-
ton and will no doubt be in great de-
mand.
The statutes are systematized as far
as possible under the head of each State
by division into three general captions
banks. savings banks and trust compa-
ies-bu in some cases material which
applies to one OF more classes is pres
ented under one head. Under each of
the three captions the following twelve
subheads appear;
!. Terms of Observation-Disclosures
capital, dividends, surplus, etc.
II. Liabilities and duties of s~toekhold-
ers and directors.
l. l9uDti Nl1AOllY iiiAAbNAh5 CPChN 49,
examinations.
~. Reserve requirements. b
V. Discount, loan, and sometimes de-
post restrictions
vi. Investments.
VII. Overdrafts.
VIII. Branches.
TX. Occupation of the same building,
X. Unauthorized banking, savings
banking, or trust-company business.
XI. Penalties.
XII. Depositors' guaranty system.
Table shows state Laws.
one of the most valuable features of
the report, from the standpoint of gen
eral research, is the summaries of the
legislation in each State governing the
principal subjects of banking law, ar
ranged in tabular form. There is a
table for commercial banks, one for
savings banks, and one for trust COM
panies. These tables set forth thirty
three items in the banking statutes OF
forty-five States, two Territories and
the District of Columbia. Thus. 1T is
possible at a glance to determine in a
general way the leading features of the
laws of each State and their comparative
relation to the laws of other States.
Among the items dealt with in regard
to State banks are the minimum capt.
tai required; percentage of capital re-
CURED to be paid in to begin business;
when the remainder must be. paid; re-
q%uirements as to surplus; liability of
stockholders; lumber of directors and
their qualifications; lumber of eXamin-
atoms by directors required; special
banking supervisor, if any. with ms
term Of office: cases where supervision
of banks is assigned to other officials;
bank reports required; publication OF
unclaimed deposits; official examina-
tons; minimum reserve requirements,
and what proportion must be in cash;
limitations on loans, including real es-
tate, 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 $25,
Oan. Among the cases where the mimi
mum is comparatively low are: Ala
lama, SIS. 1000: Colorado, $4,000; Florida
el5.G00; Kansas, $40, 1000: Kentucky, $15,-
,AR,: louisiana, $4,000; Minnesota, $10,-
COO: Mississippi, $4,000; Missouri, $40,
ESQ: Nebraska, $4,000; Nevada, $4,000;
North Carolina, $4,000; North Dakota
10000; Oklahoma, $4,000; Oregon, $40,
Go0: South Dakota, SO. 900; Texas, $40,
600; Utah, $4,000; Virginia, $4,000;
Wisconsin, SO, 00o;\ Wyoming, $4,000
These are in each case the minimum
for the smallest communities, and q
higher minimum is required in some
States in towns above a certain pop
lation.
whe ummary in regard to State SUI
peryision shows about half, the States
- ,ai,, ,,,,on con1a other official thar
a superintendent or commissions OF
banking. although in some of these
cases examiners ere appointed. Thus
in Alabama, the duty of supervisor
falls upon the State treasurer; II
Arizona, upon the auditor of the Ter
ritorv: in Delaware, upon the insurance
commissioner; in Florida, upon thf
comptroller; in Georgia, upon the
state treasurer; in Illinois, indiana
and Iowa, upon the State AUDITOR II
Kentucky, upon the secretary OF state.
in Nebraska, upon the State BANKING
Board. consisting of the Governor. au'
ditor and attorney-general; IN Nortl
Dakota and Oregon, upon a slmlla
board: in North Carolina and Virginia
upon the corporation commission
summary Tells Rules.
The tabular summary in regard to
savings banks deals with sucn ques-
lions as whether mutual or stock com
panies are provided for; qualifications
Of directors and their duties; processes
in insolvency; restrictions on real es-
tate loans; limitations on other invest
ments; and the maximum deposit al
lowed to an individual. The tabular
summary ia regard to trust companies
shows gaps in legislation in certain
states. but in those where a trust com
many law has been fully worked out
many. if not most of the questions
GeaIt with under banks are discussed.
Tho National Monetary Commission
consists of the following; Nelson w.
A1drich. Rhode Island, chairman; Ed
ward B.. Vrecland, New York, vice
chairman; Julius G. Burrows. Michi-
gan: Eugene Hale, Maine; Philander
c. Knox, Pennsylvania; Theodore L,
Burton. Ohio; John w. Daniel, Vir-
efnia; Henry M. Teller, Colorado; Her
nando ID. Money, Mississippi; Joseph
w. Bailey, Texas; Jesse Overstreet, Int
diana; John w. Weeks, Massachusetts;
Robert w. Bonynge, Colorado; Sylves-
e.--l4l 1otsf1rNto F.. I a,,1,,a1 ID