The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1915-03-04
NEW BANKING ACT
STRENGTHENED
BY SENATE
Trust Company Section Entire
ly Rewritten Raises Stand
ards Necessary for a Trust
Company Business.
Estate Capital bureau
Evening Herald
fAf nn Varnna Hofaf

- MMNNAN
santa Re. n. NJ. March 3.-Tbe
new banking act passed by the senate
yesterday afternoon has been mater
tally improved. In the opinion Of we'll
Informed bankers, In the amendments
written into Il while In the senate
banking committee. Aside from the
striking out OF the house amendment
which placed the appointment Of the
state bank examiner with the state
auditor; nus restoring the appoint
i've power OF the governor; the most
important amendment Is an entire
new section under the article entitled
Trust Companies The most I'm
portant item Of the new section II
that relating 90 capital stock. The
original bill permitted a trust COM
pany OF any capital issue authorized.
to proceed with business when t5o.-
600 Of It's capital II paid In. The new
section provides that a trust company
before Il may be authorized 20 do
business In New Mexico, must have
q capital stock of 100000 and that
the whole Of such capital stock must
ne psid In. This safeguard a
thought necessary because OF the
various trust capacities with which
the law e8dows such companies and
tho bankers here thoroughly approve
OF the changes made.
The only question now Il whether
or not the house will accept the ac-
ton Of the senate in leaving the app
pointive power with the g%overnor.
Th. house. 80. snr,ng a.
"A surprise on many Of tho majority
members and on the committee of
the state bankers association who
vigorously opposed IL. IL Is believed
now hat the bin a. amended by .he
senate will GO through the house.
since the business men in that body
thoroughly understand the states
need for the banking act.
Vme ON Banking Act Unanimous.
The vote in the senate on the gem
eraI banking ACT Yesterday afternoon
WINS unanimous. the seventeen mem
bers present voting for the bin after
Il had been considered with the com
mittee amendments. In committee OF
the whole. senator Romero. whose
nibuzter has been one of the inter
esting Developments OF the last few
DAYS. insisted on the reading OF the
amendments in full and as the entire
trust section had been re-
written this required considerable
time. He then insisted upon the
reading of the entire bill as amend
cd. so that the process OF passage
after the committed OF the whole had
made its report. occupied ABOUT two
hours.
Il In addition TO the three bills pro-
viding ISSUES of armory bonds for the
construction OF national guard aTmor-
les at Deming. Carlsbad and Gallup,
the senate during the afternoon SEES
sion, passed the following bills;
Senate Bill No. SO. an act To pro-
vide for Hens on horses Passed 10
/ TO !,
Senate Bill No. iO2. an act relative
to escheated estates. Passed 10 to J.
Senate Bill No. 3d. an act huthorlh-
ing the transfer OF court house repair
funds to court n building iuhds'
: and passed at the request OF senator
: Hinkle Ia permit such a tranafer IN
Chaves county. Passed II TO 0.
Senate Bill No. -. an act To pro-
Z. vide for the care disposition anu III
yestment Of derived from
c state lands: amending h law relat-
+ Ing to such funds. Passed il to o.
Senate Bills No. las, lfs and 49,
. measures relating TO judicial proceed
nre' proposed by tue juulclsls eor
= mittee and reported ~uniaVoraolS
were tabled indefinitely. and the sen
: ate ADJOURNED uhth i""'Su"s nv"
+ noon at . o'clock.
Important House Hills deferred.
The following important house
g bills were referred In the senate al
q the close OF the session.
House nm No. sbs. the Rcnehau
Is deaciencv salary bin; TO hnance.
g uouse mn No. ans. 10 provide ad
. Auionai clerks Cor the state land of.
Zoe. ,o annnce.
80, ,,s a.. Mood road