The Monmouth inquirer., 1925-02-19
HUDSON BRIDGE
BILL PASSED
Hudson County's II. Votes Help
Majority Leader Chandless Get
Measure Through Assembly.
REPORT BRANCH BANK BILL
Small Institutions Fear Measure Will
Operate to Give Monopoly to Large
lnstitutions-s iIzer Signs Bill to
Look Into Banking Department.

Trenton With passage by the AS
sembly of the Mackay bill to provide
S150,000 for preliminary surveys for
the proposed bridge from Fort Lee
to Washington Heights across the
Hudson the measure was sent Gov
ernor Silzer for favorable action by
him.
Majority Leader Chandless proved
that he knew what he was talking
about when. after protests in a
caucus he said he had the votes ato
pass the bill.
Opponents wanted to have caucus
on the bill, but in view of the pledges
for the bill, conference was not
necessary.
Gets Al Votes for Bill
Mr.. Chandless secured Al. votes for
the bill, while Is members voted in
opposition. The latter included elev-
en- members of the Essex delegation
and three from Mercer county.
The Mercer people, who had sought
the caucus, instead had to make their
fight on the floor. Assemblyman
Reeves and Miss Thropp, each Of
fered motions for delay, but each was
beaten and their motions laid on the
table, after which Mr. Chandless
moved the bill.
Credit has been given to the eleven
Hudson County Democratic members,
for without them Mr. Chandless
would have had only 30 votes for the
BILL one short of the number required
Mr.. Reeves started the fight when
the bill was called up. He sought to
have the opinion of the Attorney Gen
eral obtained to ascertain the pos
sible liability of the State. When
he was beaten, Miss Thropp moved to
have the bill sent to either a special
or regular committee to have a
hearing.
Mr. Chandless said, when the i'm
pedimental motions were beaten,
that there was no need for the hear
ing because the bill had been thor
oughly threshed out both in the Sem
ate and in the House conference.
Branch Bank Measure
While one party of bankers favored
enactment of the branch banking bill
another called 1t a plan to create n
monopoly to the detriment of smaller
| financial institutions at hearing be-
| fore the House Committee on Bank
Ing and Insurance. Members of the
State Bankers Association said the
bill is necessary to permit New Jersey
! financial institutions to take advan-
tage of the McFadden bill now pend
ing in Congress permitting National
and Federal reserve banks to estab-
fish municipal branches.
The State law must be in force be-
fore the Washington measure can be
availed of here.
Among those opposing the bill at
| the hearing was former Assemblyman
John Heck, of the First National Bank,
Westwood, Bergen County. They con-
tended the small community and
neighborhood banks would be hurt by
the large banks if allowed to establish
smaller branches in the cities. Coun-
ty, and then statewide branch bank
ing legislation, it was said, would fol
low.
T. Morse Archer said sentiment had
teen "veering toward" the idea for
some years in New Jersey becau e big
Institutions must give relief to their
customers in the remote districts
through putting branches in those Sec
| tons.
"We are not trying to crowd out the
smaller banks" he declared, and add
ed I'VE are just as unalterably OPP
Iosed to statewide branch banking as
we ever were, and through this bill we
ask for help before 1t is too late, be-
cause the Congressional bill will
cause much damage to national banks
in New Jersey and the state institu-
tions which are members of the Fed
eral Reserve System"
At the night session the bill was re-
ported out by Chairman Anderson OF
the committee and was advanced to
second reading.
Jersey Bureaus inquiry
Governor George S. Silzer signed
the Mackay joint resolution. recently
passed by the Legislature, which Gre
ateS cOmInlIt66 Ol LuH00 <ASSOAADAJ
men and three Senators to investigate
the State Banking Department.
In signing the resolution Governor
6ilzer explained that he would have
,-etoed it except for the explicit re-
quest from Edward Maxson, head OF
the State Banking Department, that it
be approved. The recent discovery OF
a shortage OF several thousand dollars
IN the accr ints of the Bergen County
Industrial Building and Loan Associa-
ton was responsible for the introduc-
ton of the resolution.
Eastmead to Succeed Mccauley
Former Assemblyman Lewis 7.
Tastmead of West Hoboken was ap-
pointed Judge Of the North Hudson
District Court.
This appointment by Governor Sill
ger was made soon after the Governor
received a letter from Judge Nc
Cauley requesting the withdrawal.
| Tudpo McCaulev's name had been sent