The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1913-02-26
State Banks Oppose
Special Privileges

Hartford, Feb. 26-The Connecticut
Bankers Association, at special
meeting held yesterday voted it's I'M
animous approval of a bill pending
before the Legislature, which provides
for a particular form of charter for
every State Bank and Trust company
that applies for Incorporation, and
does away with the granting of spe-
ciaI charters. Among the reasons
given for their approval was that the
proposed law would prevent any
banks having any, special privileges
not shared by2stheN 70 tAersSiand that it
would prevent the legal evasions tina
are practiced. The association also
passed a resolution declining a recent
proposition made by the New York.
Clearing House Association as to col
lection charges on checks. The reso-
luton advocated the adoption by the
New York association of some method
similar in principle to that used by
the, Boston Clearing House Associa-
ton
The discussion on the. state bank in
corporation bill was introduced by
Aeigs H Whaples, president of the
Connecticut Trust & Safe Deposit Co,
VINO read the bill and explained that
e contained provisions as follows:
Eliminating the granting of special
charters and establishing uniform
conditions on which all certificates of
Incorporation shall be issued that the
capital stock of the applying com
pany must be stated definitely and
must be actually paid in, in cash be-
fore any business can be transacted;
the capital stock must be not less
than 5000, 600, except for banks estab-
Hshea in towns having a. population
of less than $4,000 people in which
case the capital stock must be CAPT
10 hawking
mIrsion must approve the bylaws of
the banking Institution as wei as see
that the capital stock is paid in full
before the papers are issued; not more
than % per cent of the capital sur
plus and the undivided profits of the
concern may be invested in real estate
for banking purposes and not more
than 25 per cent may be held as Sc
curity for loans.
The morning session was devoted
wholly to consideration of the pro
position made by the New York
committee of the association report
ed. that a majority of the members
had expressed the desire that checks
of Connecticut banks might be receiV-
ed in New York at~par, and that near
mss which had been held with the
bankers associations of Massachu-
sets New Jersey and New YORK
showed that New Jersey is agreed
with the members of the Connecticut
association on the question, while
Massachusetts is opposed and New
York divided
Mr.. WhapIes said that the original
reason that the New York Clearing
House had put a collection tax on
Connecticut checks was to draw the
accounts of large Connecticut corpora
lions into that city He suggested
that the only way of retaHat1ng was
to charge a collection tax on checks
from New York. He thought that
the recent proposal made by New
York had been brought forth by the
knowledge that Attorney General
WIckersham intended to indict the
clearing house on a charge of re-
straint of trade -
After further discussion, in which
President w. H. Douglass of the Me-
chArics Bank. New Haven, President
w E. Atwood of the New Britain
Trust Co., President James H. Knight
of the First National Bank, this city,
President Alfred Spencer, Jr., of the
Aetna National Bank, this city, and
treasurer r. La NOTES RusseH of the
Manchester Trust & Safe Deposit Co..
took part, the following resolutions
were adopted, with only two dissent
ing votes:-
'+voted, That the proposition made
by the New York Clearing House As
composing this association to pay at
par in New York exchange any and
all checks upon them presented by a
New York bank while leaving it dis
cretiouary as to their charging a per
cent charge, is unsatisfactory and in
equitable
Voted. That as an association, we
decline the proposition aforesaid, and
believe that the only satisfactory So
luton of this question to members Of
this association will be the absolute
promise by New York banks to place
on the par list such Connecticut
banks a will agree to redeem checks
upon themselves in New York par
funds Immediately upon receipt, and
that the New York banks shall con-
duct such transaction through the
New York Clearing House or by some
method similar in principle to that
now in effect by the Boston Clearing
House Association
Wilmington, Del.-Pronounced dead,
Cecil Williams suddenly awoke when
an undertaken started to enbalm him,
knocked the undertaken down and ran
three miles Later he took the pledge.