Utah. - Corporations to conduct commercial and savings banks, or banks having departments for both classes, may be formed by not less than five persons, with a capital of not less than $25,000. Private bankers must have a capital of at least $10,000. The reserve must be 15 per cent. of the bank's commercial deposits and liabilities, or in cities of 25,000 population or more, 20 per cent. The reserve of the savings deposits must be at least 10 per cent. No loan shall be made to any person for more that 15 per cent. of the capital stock paid in. Every bank, corporate or private, shall make a report at least four times a year to the secretary of state, which reports are published.

Vermont. - Banks of circulation, discount, and deposit may be formed by voluntary association under the general law, but there are no such banks in existence. Savings banks, savings institutions, and trust companies are organized under special charters, but are regu lated largely by the general law. Savings banks have no capital stock, while the trust companies, though receiving savings deposits and usually denominated savings banks and trust companies, have a fixed capital, and the stockholders are liable additionally to the amount of the par value of their stock. The treasurer of every savings institution and trust company is required on or before the 10th of July of each year to report to the inspector of finance showing accurately its condition at the close of business on the 30th of June.

Virginia. - Banks of circulation may be chartered by the legislature; other banks by the circuit and corporation courts. Banks of circulation must deposit with the state treasurer Virginia state bonds equal to the amount of their capital stock, and will be entitled to receive from the treasurer notes equal to 75 per cent. of the bonds so deposited. Statements of financial condition are to be rendered to the auditor of public accounts at such times identically as the national banks are required to make their statements to the comptroller of the currency, and to publish such statements in a newspaper printed in the city where the business is carried on. Savings banks are under no restriction as to the class of bonds and securities in which they may invest their funds.

Washington. - Banks may be organized under the general corporation law by not less than two persons, with a minimum capital of $25,000, three-fifths paid in before commencing business. Banks shall file yearly on the first Monday in June, with the state auditor, a verified report of their financial condition.

West Virginia.–Banks may be organized by not less than five persons, with a capital of not less than $25,000 nor more than $500,000. A state bank examiner is appointed and required to examine the affairs of each bank 'between March and October in each year, and to publish a statement thereof in the county where the bank is located.

Savings banks are not joint-stock companies. They are managed by a board of not less than thirteen trustees, whose responsibility and fitness is certified to by the judge of the circuit court of the county where the bank is located. A reserve of 10 per cent. of the deposits is required.

Wisconsin. - Banks may be organized under general laws with a capital stock of not less than $25,000. Banks are under the superVision of the state bank examiner. There is no state control over private banks. Savings banks, on what is known as the "Massachusetts' plan, being strictly mutual corporations, may be organized by twenty or more persons. Deposits in one year by any one person are limited to $1,000. An annual report of the financial condition must be filed by every such bank in the office of the secretary of state.

Wyoming. – Banks may be incorporated under general laws by not less than five persons, with a minimum capital of $10,000. Quarterly statements are required, which must be published in the nearest newspaper, and filed with the county clerk of the proper county and with the state auditor. The state examiner must examine and report upon all banks incorporated under state laws, including savings banks and loan and trust companies, at least once a year.

PROVINCES OF THE DOMINION OF CANADA

The subject of banks and banking is one which, by the Canadian constitution, is committed to the parliament of Canada. Banks are incorporated by special charter. Not less than $500,000 capital must be first subscribed, and $250,000 paid up. Each bank has its head office in one of the chief cities in the dominion, and has numerous agencies elsewhere. Banks may issue their own notes of a denomination not lower than $5, but must deposit with the minister of finance a sum equal to 5 per cent. of their circulation. Reports as to financial condition must be made to the minister of finance at certain intervals.

CHATTEL MORTGAGES

Alabama. -The mortgage must be recorded in the county in which the mortgagor resides and also in the county where the property is located. If before the lien is satisfied the property be removed to another county, the mortgage must be again recorded within 6 months from such removal in the county to which it is removed. Whenever any chattels are subject to a mortgage at the time of their removal to this state, the writing evidencing the lien or the mortgage must be recorded in the county into which they are brought and remain, within 4 months of the arrival of such property. The penalty for removal or sale of mortgaged chattels is a fine of not more than $500, or imprisonment for not more than 6 months.

Arizona.-The residence of the parties, the sum to be secured, the rate of interest, and when and where payable, must be set out in the mortgage. The mortgage must be recorded in the county where the mortgagor resides and also in the county where the property is located. If the property be removed to another county the mortgage must be recorded there also within 1 month. The mortgagee shall be entitled to the possession of the property, and to have it then sold for the payment of his debt, whether the same have become due or not.

Arkansas.-A mortgage is to be filed only, not necessarily recorded. A mortgage indorsed "This instrument is to be filed but not recorded," by the mortgagee, and filed with recorder, shall create a lien upon the property therein described. But it is good only for 1 year, unless within 30 days next preceding the expiration of 1 year from such filing the mortgagee shall file an affidavit stating his interest and the amount still due. The penalty for removal or sale of mortgaged chattels with intent to defraud is imprisonment for not less than 1 year nor more than 2 years. The mortgage is foreclosed by a complaint in the nature of a proceeding in equity.

California. - Mortgages may be made upon the following personal property, and none other: Locomotives, engines, and other rolling stock of a railroad; steamboat machinery; machinery used by machinists, foundrymen, and mechanics; steam engines and boilers; mining machinery; printing presses and material; professional libraries; instruments of surveyors, physicians, and dentists; upholstery, furniture, and household goods; oil paintings, pictures, and works of art; all growing crops, including grapes and fruit; vessels of more

than 5 tons burden; instruments, negatives, furniture, and fixtures of a photograph gallery; machinery, casks, pipes, tubes, and utensils used in the manufacture of wine, fruit brandy, fruit syrups, or sugar; wines, fruit brandy, fruit syrups, or sugar, with the cooperage in which the same are contained; pianos and organs, iron and steel safes, neat cattle, horses, mules, swine, sheep, and goats, and the increase thereof; harvesters, threshing outfits, hay presses, wagons, and farming implements; the equipments of a livery stable, including buggies, carriages, harness, and robes; abstract systems, books, maps, papers, and slips or searches of records; raisins and dried fruits cured, or in the process of being cured; also, all boxes, fruit graders, drying trays, and fruit ladders. The mortgage must be recorded in the county in which the mortgagor resides and also in that in which the property is located. If the mortgaged property be removed into another county, the mortgage must be recorded therein within 30 days. When the mortgaged chattels are removed or sold with intent to defraud, the mortgagee may take possession and dispose of the property as a pledge for the payment of the debt, though the debt be not due. The mortgagor is also held guilty of a misdemeanor. property, after demand of performance and notice to the mortgagor, may be sold by the mortgagee at public sale, like a pledge, or there may be a foreclosure by proceedings under the code of civil procedure.

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Colorado. -The lien is good for a term not exceeding 2 years if the debt do not exceed $2,500, and not exceeding 5 years if the debt be more than $2,500 and less than $20,000, and not exceeding 10 years if the debt exceed $20,000. If the debt exceed $2,500, there must be recorded annually a sworn statement of the mortgagee that the said mortgage was given in good faith, and that said sum is still unpaid, or, if a portion thereof shall have been paid, then how much thereof, if any, remains unpaid. The penalty for fraudulent removal or sale of chattels mortgaged is that the mortgagor is deemed guilty of larceny. Within a reasonable time after default, the mortgagee must take possession of the goods, or the mortgage is regarded as fraudulent per se. The mortgage need be recorded only in the county where the property is located.

Connecticut. – A full statement of all the essential particulars of the debt secured is required. Not more than 25 per cent. per annum interest can be charged, and, if more than 10 per cent. be paid, the excess shall be deducted from the principal. Only a few specified kinds of personal property can be mortgaged without giving the mortgagee actual possession of the property, as follows: Machinery, and the like, situated and used in a manufacturing establishment; the implements, presses, types, plates, and the like, of any printing establishment; brick in kiln or brickyard; household furniture used by the

owner in housekeeping; the fixtures and furniture of any hotel; hay; tobacco in the leaf; any piano, organ, or melodeon, or any musical instrument used by an orchestra or band. The mortgage must be recorded in the county where the property is situated the same as deeds. The penalty for fraudulent removal or concealment is a fine of not more than $500, or imprisonment for not more than 6 months. The penalty for selling or conveying is a fine of not more than $100, or imprisonment for not more than 6 months. When personal property is mortgaged together with real estate, the mortgage may be foreclosed as if wholly real estate; but when otherwise, the mortgagee upon default may bring a complaint claiming the sale of the property, which the court may thereupon order.

Delaware. - The mortgage must be recorded in the county where the property is located, within 10 days from acknowledgment, and will then be a lien for 3 years. The penalty for removal from the county is a fine in a sum equal to the value of the property removed, and imprisonment for a term not exceeding 1 year. If default be made for 60 days, the mortgagee may proceed to collect in the same manner as in the case of mortgages of real estate.

District of Columbia.-—Chattel mortgages, and deeds of trust of personal property, where such personal property has not been delivered to the mortgagee or vendee, must be recorded within 20 days from the execution thereof; otherwise, they are voidable as against third persons.

Florida. - The mortgage must be recorded in the county where the property is located, within 90 days from its execution, or possession of property delivered to mortgagee within 60 days. The penalty for removal or concealment is a fine not exceeding double the value of the property, or imprisonment not exceeding 1 year. The penalty for sale or conveyance is a fine not exceeding $100, and imprisonment not exceeding 1 year. Foreclosure may be had by petition in the circuit court of the county in which the property is situated. There can be no sale under a power in the mortgage.

Georgia. - The mortgage must be executed in the presence of, and be attested by or approved before, a notary public, or justice of any court in the state, or clerk of the superior court. It may cover a stock of goods or other things in bulk, but changing in specifics. Recording must be in the county where the mortgagor resides and also where the property is located, within 30 days from the date. If a mortgage be executed on personalty not at the time within the limits of the state, it must be recorded within 6 months after such property is brought within the state. The penalty for fraudulent removal or concealment is a fine in double the sum of the debt; if the fine be not paid, imprisonment for not more than 12 months.