Eighth Annual Report of the State Examiner of the State of Washington

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Excerpt from Eighth Annual Report of the State Examiner of the State of Washington: December 31, 1914As the Federal Reserve Act has only recently gone into effect, this department has not seen fit to recommend to the legislature any radical changes in the banking laws. We deem it advisable to study the working out of the act and the new laws passed by other states and at the 1917 session of the legis lature have presented a new code of banking laws.Following are a few of the amendments which will be asked for at the coming session of the legislature: Sections 3315, 3316, 3339 and 3340 (rem. Bal. Code) in regard to the use of the words Bank and Trust Company in any form by any one not incorporating under the banking and trust com pany laws of this state, Whether incorporated prior to the passage of the act or not, should be amended so as to prohibit' the use of the words in any way. Section 3324 (rem. Bal. Code) should be amended to allow state banks to subscribe for and carry as an asset on their books stock of the federal reserve banks where they make application and become members of the federal reserve banks. Sections 3343 (rem. Bal. Code) should be amended requiring banks to carry fifteen per cent. Reserve against all deposits in place of twenty per cent. Against de mand deposits. Section 3390 and 3392 (rem. Bal. Code) should be amended to change the title of. The officers of this de partment from State Examiners to State Bank Examiners. Section 3308 (rem. Bal. Code) should be amended to allow this department to exchange information with national and clear ing house examiners.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.