Salt Lake Telegram | 1908-01-28 | Page 1 | Amendment for Aldrich Bill

AM AMENDMENT f fOR OR ALDRICH BILL Senator Owen Wants National National Na Na- National BanKs to Enjoy Privilege of Having Deposits Deposits Deposits De De- De- De posits Increased by State WASHINGTON Jan The S.-The The senate senate sen sen- ate ato committee on finance today gave ave a hearing to Senator Owen o en of Oklahoma who is desirous of having the Aldrich bill amended b by the tho insertion of a clause clauso perm permitting national banks to en- en JOY loy the benefit of the laws of any state which provide for tho insurance of the tho deposits of the tho banks of or such states 8 Ho He submitted the following amendment amenti Whenever er the laws of ot state any provide pro pro- vide vido for the insurance of ol the tho deposits in tho banks of such state tato and provide further that tho the national banks of such state may mar be permitted to on toV the benefit ot of such lawt laws any national banking bank bank- bank banking ing association within such state is hereby authorized to avail nil itself of tho the benefit of such law upon a a. vote yote of a majority of the stockholders of such national national na na- na banking baukin a association at a n meeting called for that purpose provi provided ed that the cost of such insurance shall bo be paid out of their undivided profits profit and shall not diminish the capital or surplus of such puch bank There was considerable discussion of the insurance feature offered by J Senator Senator Sena Sena- tor Owen but no positive e sentiment for forit it its incorporation in the tho Aldrich bill de de- de