Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1910-02-08
SUMMARIZE LAWS
National Monetary Commission
Condenses Acts of Differ
ent States.
RESULT OF INVESTIGATION
Calculated for the General Informa-
ton of Public to Aid In Our
rency Reform.

Washington, Feb. s.-The banking
laws of all the states and territories of
this country have been summarized
and compared in a remarkably clear
and useful digest just issued under
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 d.
gest, practically unique In scope, is the
work of Samuel 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.
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 juris-
dictions that it will prove invaluable
to all students Of banking and of bank
legislation and will no doubt be in
great demand.
Only Substance Given.
1t has not been attempted to present
anything but the substance of the stat
utes, for the reason that digest deal
ing with their application or interpre-
tation 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 (as distinguished from the bank
ing laws) only where they were pecu-
liarly accessible or the bank statutes
left blanks which needed to be sup
piled. 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 general
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
IL subheads appear:
l. Terms of incorporation. includ- |
ing capital. dividends, surplus, etc.
2. Liabilities and duties of stock |
holders and directors.
g. Supervision, including reports |
and examinations.
4. Reserve requirements
5. Discount, loan, and sometimes |
deposit restrictions.
6. Investments.
Z. Overdrafts.
s. Branches.
g. Occupation of the same building. |
10. Unauthorized banking, savings |
banking, or trust company business.
IL. Penalties.
IL. Depositors' guaranty system.
References Aid Student.
While it has not been possible, where
he statutes went into elaborate detail,
20 give all their provisions in regard to
minor matters, such as the duties of
state officials. legal processes, form Of |
pass books, and legal proceedings for
assessing stockholders, references are
given which enable a competent attor-
ley to turn quickly to anything desired
1n these subjects.
One of the most valuable features
Of the report, from the standpoint of
general research, is the summaries of
he legislation in each state governing
he principal subjects of banking law,
arranged in tabular form. There is a
able for commercial banks, one for
savings banks, and one for trust COM
oanies These tables set forth in a
striking and comprehensive way 33
TENS in the banking statutes of 10
states, territories, and the District
If Columbia. Thus, it is possible at
1 glance to determine in general way
he leading features of the law of each
state and their comparative relation
20 the laws of other states. Among
he items dealt with in regard to state
banks are the minimum capital re-
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