The evening world. [volume] (New York, N.Y.) 1887-1931, 1914-03-17

Pollock's bill for private bank SUPER
vision.
A similar bill was reported In tho
Assembly yesterday. Some slight
technical changes were made by the
Senate Committee to-day, but In gen.
eral the proposed legislation provides
supervision by tho State Banking
Department over private banks in
cities Of first. second and third
classes.
Country town banks were exempted
on demands Of rural legislator who
refused to support the supervision
demanded by cities. New York City
private banks will be required TO keep
. Is per cent. reserve and also 10
per cent. with the State Comptroller.
To exempt tho largo Wall street
firms that arc not primarily banks
Of deposit. although doing some bank
Ing business. full provisions Of the
Law will not apply 10 those whose
average deposits are more than
100000 and who do not pay interest
on lees than $1,000.
THE WALKER OANkiNo BILL
VIGOROUSLY ATTACKED.
Another banking bill before the
Legislature Ia called the Walker bill.
II 10 full Of jokers and 10 being
pushed by certain private banking
interests. Charles L. Bernhsimer Of
Now York. who a. . citizen 10 &C.
lively sndeavoring TO bring about
regulation Of private banking. sent
this message to the Legislative CON-
unittee to-day:
Under the nrst Walker bill.
the siegel and Bischoff private
banking houses would have been
entitled to exemption. In fact
there In hardly q private banker
Of the group that the committee
has strongly felt should b regu-
lated that would not b exempted
under this BILL"
Attorney General Carmody to-day
began looking into the Siegel failures.
"1f there In any condition." he said.
"that calls for state interference In
behalf Of these poor depositors the
Attorney General will move promptly
and vigorously"
When Senator Pollock this after
noon reported the committees bill
third reading objection was made by
Senator Argetsinger Of Rochester
and senator Coats Of Saranao Lake
In response 10 many exclamation
of surprise and protest Argetsinger
withdrew his objection, saying he
had made Il on behalf Of ''somebody
on the other SIDE"
who II was and what was the
agreement he refused to tell. Lead.
ors OF the Senate tried to get Coats
to withdraw but he maintained op.
position. To = Newspaper corre.
0pondsut who asked his reason and
who he represented Coats said: 81
don't care TO discuss II for publica'
tion.'
This mysterious opposition set III,
bill back TO regular order and thu
lobby Wiil endsavor - kin II b
delays.
Psrniciousiy active lobbyists ar,
working to defeat isgisjstioa TO plac
private bankers under the control o
the state Ranking Department.
score or more Of workers arrived Il
Albany to-day 70 reinforce the lobb!
leaders who have haunted the legis
lativO halls every day for tho pas
two weeks. Ono representative Of tn
private bankers boldly made his head
quarters In the once Of the Clerk o
the Assembly.
Private detectives have been en-
sased by supporters Of the reform 4
shadow the lobbyists and to get som
dsnnits information about . larg
''slush fund" that 10 talked about Il
the Capitol. These Detectives hav
one junior member OF prominsn
law Arm and the other the represent
ativs Of . Arm Of private banker
and note brokers.
sieoEL CASE SHOWS NEED oI
LAW, SAWS olvNN.
Gov. Glynn's message was com
mented upon a. not containing an
specific Recommendation. He simpl
called attention to the scandalou
conditions existing and left II to til
He said:
"Gvsry new development In the In
vestioatisn 81 the sWalrs 81 the isro
private bank In New York Gu
which failed several months %
brlNus TO light . new reason WI
immediate aetlen shouid b taken /
protect depeslters In private ban,
from the dlssstsr which bsfeli the d:
pssiters Of that bank.
1T must DO clear TO every one no
! that the present law In relation
private banks gives no real protss
ton 70 doposit0rs. that while thci
banks use the fact that they a
licensed by the State ~ an Induce
ment for making deposits with Their