New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-02
REVISE BANKING LAW,
URGES SUPT. VAN TUYL
Commission of Experts to Re-.
write Statutes. Now Called
"Crude and PrO|ix."
RESOURCES GREATEST EVER
Those of 900 State Institutions
Aggregate $4,366,697,806-
Savings Deposits Almost
Doubled in IL Years.

,
the banking law Of the state is advocated
by Superintendent George c. Van Tuyl.
jr., in the annual report OF the Banking
Department which was transmitted to the
Legislature to-day.
Although during the last fiscal year ii
has been necessary for this department to
close few institutions as a result of CON
ditons arising from past mismanagement.
| and the work Of the department has been
rendered extremely onerous through the
liquidation Of so many failed institutions,
| the Year has rs Whole heen a pros
porous one for the institutions under su-
pervision, says Superintendent Van Tuyl,
! adding:
Prior 10 the year 1892 general laws had
been passed from time 10 time with ref
erence To various institutions as they
were brought under the supervision of
this department with little reference to
q general scheme OF supervision and
with no idea OF harmonizing the differ
ent statutes
In the year 1892 a compilation OF these
various statutes was made and denomi-
mated the banking law. Only such
changes appear 10 have been made in the
statutes themselves as were necessary
in order to make them constituent parts
Of single act. In succeeding years
amendments were adopted from time to
| time In a desultory manner as occasion
arose or some new need presented Itself.
The amendments were IN some cases
phrased so as to apply TO "a particular
case, and were found To be entirely inap-
plicable 10 other cases OF the same gen
eral character.
The only general and systematic
amendments to the law were adopted as
a result of the panic of 1907. and, while
they greatly improved the statute, and
have rendered a recurrence of some OF
the conditions that led TO that panic i'm
possible. some of them We're more OF less
hastily prepared and passed by the Legis-
lature without very serious consideration
in response e. The public sentiment that
had been created by the panic. The
amendments made as result of The
work OF the Statutory Consolidation
Commission. adopted in the year 1912.
were not intended to do more than cor
rect verbal and grammatical inaccurd-
Cics.
A. result Of the manner in which II
was compiled and amended the banking
law Of the state to-day IS full OF incou-
gruities and antiquities. Ia fact, the
language used Is IN many Instances noth
crude and prO.iN. so many OF Its proNl-
siOns are capable of different ntciprcta-
tons that in order TO know what the
law with reference 10 any particular SUD-
iect is II H. necessary 10 have COM
DrehensiVc knowledge Of the opinions OF
the Attorney General Interpreting IL rath-
81 than to be familiar with tho law itself
Revision by a Commission.
In view OF the great development that
has obtained In the business OF BANKING
I'm recent years and the changed condl-
tons under which that business Is trans
acted II must moreover be evident. even
TO a casual observer Of such conditions
who is only occasionally engaged Ia the
study OF banking problems mat laws tnat
were adapted 10 conditions existing TWEEN
~. thirty or forty years ago are AT the
present time practically obsolete.
While the Superintendent OF Banks VIII
submit certain special recommendat0n
which he believes should have Noui I'M
mediate attention. he thinks the most
important recommendation that he can
make. and the one deserving OF your
most serious consideration. IS that the
entire banking law be rewritten by
commission to be appointed by the GOV
crnOT. consisting Of experts VINO shdu
rot only have q technical knowledge OF
banking law but shall also have prac-
teal knowledge Of present banking meth
DDS and conditions. He believes tnat the
results of such revision would wei re-
pay the EXPENSES involved.
Resources Of the nearly nine hundred
institutions under supervision. aggre-
eating 1896. go 500. again attained high
water mark. the increase over 1911. when
the previous maximum was attained, be-
ing nearly a quarter OF a million dollars
As compared with the figures OF ten
years ago the increase In total resources
has been sl.7o1 .0i6 72i or a gain of nearly
ca per cent.
Savings bank deposits continued 10 ac-
cumuate rapidly during the last year
The deposits in those institutions have
almost doubled in twelve years. The in
creases in the principal items showing
the condition OF these institutions on July
last were about equal TO the large gains
made I'm the previous year There were
$40 savings banks in the State Of New
York at the close OF the fiscal year on
September 30. 1912. and the institutions In
their reports on the morning OF July !,
1912 showed these changes for the year:
Increases