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Show WILL TEST NEW LAW i FOR BANK REGULATION , By Associated Press. NEW YORK. Sept. 10 On behalf of 1 business associates, James Leo, a curb ' broker, has undertaken to test tho constitutionality con-stitutionality of tho new law which wont into effect in Now York state on ; September 1. to rcgulato nil private ' banks or all business which in any wuy 1 accent money for deposit. An order to show causo why tho nt- , tornoy general, district attorney, police po-lice commissioner and the stato comptroller comp-troller should not bo enjoined from cn- ( forcing tho provision of tho law is bo- 1 fore the state supremo court. Counsel ' for Mr. Loo argued that tho law itn- t poses unequal restraints, giving to the groat business houses a freedom denied tho smaller banker, thus, to all intents and purposes, depriving him ot tws business and his property without duo ' process of law. 1 Louis Marshall, who appears for the state attorney general in his argument, argu-ment, rocalls how a commission appointed ap-pointed in 1008 by Governor Hughes found serious abuses in tho small private pri-vate banks throughout thjs city chiofly patronized by poor immigrants. Dur- fl ing tho panic of 1007, those lost $!. 000,000. "It wns casior to run a bank , thnn a saloon," says tho lawyer, "for the privato banker was subject to no regulation, whereas tho saloon had to comply with distinct restrictions. ' ' Justice Bijur accepted the briefs of counsel and reserved decision. |