of 1910, as amended, all persons or firms in cities of the first class accepting deposits of money for safe-keeping or for transmission abroad must be licensed by the State Comptroller. Bonds ranging from $5,000 to $50,000 are filed by all applicants for a license for the protection of their depositors. Fifty-six individuals or firms are now licensed under this law. In order to cooperate effectively with the other public authorities having jurisdiction, the Bureau has collected during the last three years a list of names and addresses of persons who have carried on or who have been suspected of carrying on a private banking business with the State's immigrant population. Seven hundred such names are listed at the present time. As the State Comptroller has jurisdiction only over those actually licensed and the State Superintendent of Banks only over those incorporated, the investigation of all others has been undertaken by the Bureau. Accordingly 257 inspections were made during the year in the course of which 58 apparent violations were discovered of either the law providing for the licensing of private bankers, or section 302 of the Penal Law making it a misdemeanor to hold oneself out as conducting the business of a "bank" unless incorporated by the State Superintendent of Banks.

The Bureau has had no funds this year with which to make deposits of money, yet evidence was obtained against three persons illegally engaged in the private banking business. One was discharged on account of insufficient evidence, the second was convicted but sentence was suspended, while the third was fined $10. Light sentences of this nature are rather disheartening in view of the amount of laborious work required in obtaining the evidence and preparing the case for trial. In view of the millions of dollars lost by our thrifty immigrant population during the past four or five years, a violation of any of the provisions of these laws should be dealt with severely by judicial authorities. The immigrant who conducts his financial transactions through fellow countrymen speaking his own language requires special protection. Thrifty and saving, he ultimately proves to be the very best material for our future citizenship.

An analysis of the status of the 700 persons listed as being or having been engaged in the private banking business in this State shows some interesting results. About 70, all told, are licensed

or specially exempted by the State Comptroller or State Banking Department; 125 are now authorized agents of steamship companies and 210 are authorized agents of interstate express companies for the transmission of money abroad; 175 have discontinued the banking business honorably and of their own accord; 60 have failed or absconded, while the remaining 60 conduct their business in small cities or villages where the private banking law is not effective or their status is unknown. The large majority of the 700 now conduct or have conducted their business in the large cities of the State. It is difficult to estimate how many persons are so engaged in the many immigrant colonies and industrial centres. The amount lost to immigrant depositors during the past year through unscrupulous private bankers is still more difficult to learn. The sum, however, is much smaller than at any time heretofore. The Bureau's constant inspection work and issuance of orders for compliance with law whenever a violation was discovered is largely responsible for this improved condition of affairs.

The large number of agents of transatlantic steamship and interstate express companies is of but recent growth. In the previous year "express companies" were permitted to transmit money abroad without being required to deposit bonds or obtain licenses. It was then a simple matter for the large number of express companies who were incorporated over night to retain. the hard earned savings of their transmitters, explaining that the money must have disappeared in transit. The law was then amended so as to exempt only those express companies having contracts with railroad companies for the operation of an express service. This succeeded in driving out of business most of the bogus express companies. Particular attention was paid thereafter to these concerns to learn whether or not they were still accepting money for transmission under their old incorporation papers. The result has been that most of them have become legal and legitimate money order agents of the reputable international express and steamship companies, who are now responsible for all orders bearing their names and issued by their agents. The following diagram clearly shows the effectiveness of the Bureau's co-operation in the enforcement of the private banking laws.

Under the provisions of the private banking law persons who file bonds in the sum of $100,000 with the State Comptroller are now exempt from the latter's supervision or examination. A dozen or more bankers in the State have taken advantage of this exemption. With deposits ranging from $500,000 to $2,000,000 it is a simple matter for them to give the security of a $100,000 bond, consisting of their depositors' money. One such banker failed recently with liabilities totalling close to $750,000. Persons entrusted with such large sums of money should not be permitted to conduct a banking business unless properly supervised. A license as now issued is a personal one and therefore does not afford the licensee's depositors the full protection of the law. The banking assets and liabilities of one licensed private banker, who died during the year, became a part of his general residuary His executor has thus far paid a dividend of only 8 per cent. The protection afforded immigrant depositors is very meagre if a licensee is permitted by law to combine his personal and business assets and liabilities.

estate.

Real Estate. At the legislative session in the early part of the year, chapter 590 of the Laws of 1913, was enacted as an amendment to chapter 579 of the Laws of 1911, prohibiting persons or corporations from advertising the sale of real estate by any "puzzle method" whatsoever. All persons engaged in the sale of land through advertisements in the foreign language newspapers were immediately notified thereof and warned that a violation of its provisions would be vigorously prosecuted. Through the remainder of the year only one advertisement containing the offer of a prize for the solution of a puzzle was brought to the Bureau's attention, but on notification it was immediately changed to conform with the law. It is difficult to estimate the great moral effect of this legislation. Our immigrants come chiefly from European peasant districts. Those who come here to stay, immediately begin planning the purchase of land. As most of them are employed in mines and factories throughout the country, their information as to land values is largely dependent on the circulars or advertisements printed in their own language and distributed or circularized among them. A number of persons interviewed at the Bureau office who had entered into con

tracts for the purchase of land stated that they had done so largely on account of the fact that they had been awarded prizes of $100 or $200 for the solution of a simple arithmetical puzzle. They thought that the land was really worth $200 or $300 and since they were asked to pay but $50 or $100, felt that they were being specially favored. The enforcement of this law will undoubtedly greatly reduce the number of complaints filed alleging misrepresentation, fraud, etc. in land transactions.

New York State must take heroic measures if it desires to distribute its immigrant residents from the congested centres to the land. The frauds and misrepresentations practiced on them by those who are now effecting the sale of farm lands have destroyed their faith in even our legitimate land propositions. With almost 30 per cent of its total population foreign born whites, the State has become one of the chief exploiting points for the sale of bogus or misrepresented farm lands throughout the country. According to the 1910 census 72.2 per cent. of the land area of the State is in farms. There are 215,597 farms containing 22,030,367 acres ranging from 3 to 500 acres each. The average value of farm land per acre is $32.13. In the eastern half of the State the major portion of farm land can be purchased at from $10 to $25 per acre. The number of farms operated in this State is constantly decreasing. It is a significant fact that although the population increased 25.4 per cent. between 1900 and 1910 the number of farms decreased 4.9 per cent. The land hungry foreign born residents of this and other states who are desirous of settling here can have their faith restored only through a system of voluntary registration of land for prospective settlers, as outlined in the Bureau's last annual report.

Legal Affairs.

Notaries Public.- Under chapter 471 of the Laws of 1910 all persons not commissioned as notaries public are prohibited from holding themselves out as such. The activities of 123 notaries, dealing principally with aliens, were investigated during the year and 27 violations of law were discovered. Two arrests were made, one was found guilty and fined $50, while the other was acquitted.