New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-07
NEW BANK LAWS ADOPTED
Superintendent Van Tuyl Calls
Attention to Their Purpose.
CRoNIN BILLS PROVISIONS
Foley Act Enables Trust Com
pany to Open Branch House
in Paris, France.

Besides the Grady bill on money reserve
I'm state banks and trust companies. which
passed the Legislature this year. several
other banking laws were adopted. SUPER
intendent George c. Van Tuyl, r.. % the
State Banking Department has called at
tention to three department bills signed
by Governor Dix which were earnestly
supported by Senator Cronin. chairman OF
the Senate Committee on Banks
The new laws will give strength 70 the
state banking Jaw along lines where de-
hciencies were discovered when the prose-
cution vas attempted OF those concerned
in the Carnegie Trust manipuations ane
the misapplication OF funds in the North
ern Bank and ethe Washington Savings
Bank, Of New York. according 70 Mr.. Van
Tuyl.
one of the Cronn bills provided that IL
An officer. director. clerk or agent Of any
banking corporation owned or controlled
a majority OF stock Of any other corpora
ton. loan TO that corporation should %
considered as a loan 70 such officer, d.
rector. clerk or agent The second meas
ure inserted provision for additional re-
ports 20 be made 10 the state Superin-
tendent OF Banks. and the third new law
made the state banking law require that
statements submitted at meetings OF d.
rectors and trustees OF banking corpora
lions should contain a fist OF discounts
and advances. including overdrafts.
Under the provision OF the new Foley
act Superintendent Van Tuyl has just
granted permission 20 the Equitable Trust
Company OF New York 20 maintain 4
, branch Office in Paris, France The
Equitable Trust Company has A capital
OF 81. GOO. 900 and n surplus Of slO.000.00o.
French investors have been accustomed
| TO bearer certificates representing ceruh-
Gates Of stock and not 10 certificates regis
tered i'm the name Of an individual. ana
applications are therefore frequently made
10 New York trust companies for the de-
post with them Of such registered shares
and the issuance % bearer certificates 70
| French investors By the trust company m
/ France Recently there has been agita-
( ton I'm relation 10 the listing Of shares
OF the United States Steel Company and
| other big American concerns on the Paris
Bourse
The Guaranty Trust Company has had
a branch Office IN London similar 70 the
one established by the Equitable. This
branch has been I'm operation fourteen
wears. subject 70 examination By The State
Banking Department. and is required 20
make reports 10 this department There
had been some question as % whether the
law under which the Guaranty established
I its London branch was sufficient 20 permit
other companies doing the same thing.
Another new law affecting banking op-
| erations provided for licensing by the
State Superintendent OF Banks OF foreign
banking corporations other than national
banks. and a provision affecting banks
designated as repositories Of court FUNDS
was put through the Legislature by Sen
ator Grady 70 require that banks so des-
icnated should give IAN undertaking" in
such form as IRE Attorney General pre-
scr,hed. 10 be secured by deposits OF state
| bonds.
Tho law affecting building and loan as
sociations was amended 10 prohibit such
associations investing savings in real es-
tate mortgage on vacant and
Two laws passed this year applied m
safe deposit companies, the one amending
the banking law to add a new section 70
provide that safe deposit companies should
have a lien on packages left with them
for safekeeping or storage IN vaults. as
do warehousemen, and the second being an
amendment in relation 70 the non payment
Of rent for safes