The Alaska daily empire., 1915-03-02
BANKING BOARD
 FILES REPORT

The report of the Territorial Bank ing Board, as complied by Treasurer W. s Smith, aecrotary of the board. also was submitted to the Legislature, ss follows:
 To the Honorable Members Of tho Leg
 ls.ature ot tho Territory Of Alaska. Gentlemen:
 Though report from tho Territorial Banking Department is not required under Che provisions of tho Banking Law enacted by the Firat Territorial Legislature. by direction Of Che Bank Ing Board, ! have the honor to sub nit to you herewith the lirst report Of this department.
 The Territorial Banking Act, (Chap- ter fS. Session Laws. l913.l was ap, proved April 2s. 1913. and therefore became effective July 2S, 1913. Tliere being no appropriation availnble for use in enforcement of tho act ;mtil January l. 1874. the Bauking punrd did not formally organize until sub- sequent to that date an January g. 1914, @ meeting Of the Territoslal officials designated In the Act an con- stituting the Territorial Banking Board was called by the Gorernor and permanent organization or such Board was effected. At this meeting li was brought to Che attention of the members of the Board that through recent rulings Of the Attorney Gener. al or the United States it would be contrary Co such ruling for the Unit. cd Stntes Attorneys in Alaska to con duct all actions, suits anG proceed. l ngs under provisions of ihe act as SO made and provided in section 30 Of such oct lt was further brought to the attention of the Board that there was an inclination on the part Of l thcse banks In business at the dime of the passage Of the act lo question the Boards right Go supervision of their affairs until after the expiration of Che twelve months from date the net became effective granted to them ln which Co bring their affairs Into conformity with its provisions. It was thereiipon decided that the Board woul1 not enter into performance of | the duties prescribed to it under pro- visions of the act until July 2S. 1914. on which date all banks In Che Terri tory, excepting National banks. would be without question subject Co lts su. perYision. The Secretary. Of the board was directed to send out notices to that effect to the banks of the Terrl- tory. and to make an preparations for the beginning of the enforcement on that date. On August 2. I9f4, a oec- ond meeting Of the Banking Board was held, at which meeting bylaws for Inc conduct of Board meetings and business were adopted. first "caii" for reports and published statements was mnde and active enforcement of the banking law as enacted by tho First Territorial Legislature was entered into
 Ranko Conform Wslh Law.
 Since the enactment Of the 5ani.ing law to date or the preparation Of this report there have been five banks organized under it's proYlalcas: one or these being new institution. the other four being congratulations of previously existing hanks. There has been one liquidation. but no failures At this time there are twelve banks under supervision of the Banking Board. Five of these are incorpor- ated under the Territorial Banking Art one un6er the general incorpora. tions act of the Territory three un- der the laws of the State of Washing. ton, two under the laws Of the State Of Nevada, and one under the laws of Che State of West Virginia.
 All banks lu the Territory subject to supervision of the Board were ox. amlned prior To the close of the vear