IMMIGRANT INSTITUTIONS 117 
ATTEMPTS AT REGULATION 
Massachusetts, New Jersey, New York, and Ohio 
have attempted special legislation regulating immi 
grant banks. The entrance into or carrying on of 
the business described is in these States made con 
tingent upon the filing of a bond. The bond is con 
ditioned upon the faithful holding, transmission, or 
repayment of the money received. In Ohio it is fur 
ther conditioned upon the selling of genuine and valid 
steamship or railroad tickets. A most admirable 
feature of the Massachusetts law is the authority 
given the bank commissioner to fix the amount of the 
bond according to the amount of business carried on 
by each individual concern. The law enacted by the 
legislature of New York in 1910 is most compre 
hensive and its vigorous enforcement has proved effec 
tive. In 1912 253 private bank inspections were made 
and numerous violations of the law were promptly cor 
rected and abuses stopt.* It might well serve as a 
model for other States. This law prohibits the 
receipt for deposit of sums less than $500, or the 
receipt of money for transmission in amounts less 
than $500, except by banks or trust companies in 
corporated under the existing banking law; provided, 
however, that incorporation should not be necessary 
where a bond in the penal sum of $100,000 had been 
filed, or securities for a like amount, in lieu thereof, 
been deposited, with the banking department. It pro 
vides further (a) that the banker shall have assets 
amounting to at least $25,000 in excess of liabilities; 
(b) the issuance of a license dependent upon capital, 
character, and reputations; (c) the deposit by the 
* Second Annual Report of the New York Bureau of Industries and Immi 
gration, p, i4 >