Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-05-01

money invested In this establishment, the uses to
which il Is put, and the general management Of the
Institution having reached US, we have beea at the
trouble Of investigating the routine Of the establish
ment, the books, the management OF the business,
and other matters connected herewith, and are sat
isfed that the Institution is not only valuable one
but that it is well conducted.
The Bank for Savings in this city was established
in the month Of july 1919; since which time it has
opened over 62 900 accounts with depositors, and
received on deposit over Sl5,O00,0O0 The interest
ON this sum has amounted to 81 100000, making
total of SIG. 500 900. Of this $l3,5OO,OOO has
been paid back, leaving $3OOO,OO now invested by
the Trustees in various ways. BY the charter, the
money only be invested in stocks Of the State or
United States, or on bond or mortgage of freehold
property IN this city. Of the SO 1000, 600 deposit,
S2400OOO have been invested in State stocks; about
100000 on bond and mortgage in this city, and
S20oGoO, lying uninvested in the Union Bank. This
sum of S3000,00O is owned by about 25 900 deposit
ors, being an average of $l20 each; and during the
twenty years that the bank has been in operation,
about $1,000 accounts have been closed.
Such is general and correct outline of the bust
transacted by the Bank for Savings in this city
during the 20 years it has been in operation. The
house and furniture in Chambers street, where the
business of the bank is transacted is the property Of
the bank, and is valued at 25, 600. There four
persons employed to transact its business; an ac-
countant, taller, deposite and draft clerk, be-
sides porter; and the expenses of the bank for the
last year amounted to about 81, 800 The whole con-
Germ is under the control of, and regulated by %
trustees, who were originally nominated in the char
ter, and whose places, when vacant, are filled by
ballot from their own body. trustee is nominated
at one meeting, chosen at a second meeting and
takes seat at the third monthly meeting; making
period of three months from the time of nomination.
The bank is open four days for the receipt and
payment Of deposits at certain hours, and each of
the trustees attend in rotation, for week. to
perintend the affairs Of the bank, and to attend per-
sonaliy to the desires or wishes of the dcposiors.
Each depositor hands his money and book to the
accountant, the money is passed to the teller, who
counts it, ard hands the book to the deposit clerk
by whom the entries made; if draft is presented,
the teller pays the money, hands the book to the
draft clerk, who makes the entry. The books
passed to the trustee, by him examined and checked,
and passed to the deposition The accountant, the
teller the draft clerk and the deposite clerk each
keep memorandum of the amounts paid and
ceiyed, and the number of depesitors; these daily
memorandums all handed to the trustee, by him
examined, checked, certified to, and the total
corded in the trustees private book, and signed.
The trustee serves gratuitousy; neither himself
nor any Of the officers of the bank can have
count in the bank principals they make
loans, except the terms and in the way and man
designated in the charter, as we before stated
They can discount no notes, nor uncurrent money,
receive any but specie, or bills current at tho
city banks; they cannot buy, nor sell, nor traffic In
gold, any thing appertainng to connected with
the bank; and but the teller and porter
the money; the former counts the bills the
latter the specie.
Before the suspension of specie payments there
a regular yearly increase Of deposits and de-
positors; since that time they have fallen off on
the lst Of January, 1887, there $3.50 900 in the
bank, at an average Of $l35 to each deposition; on
the LIST Of January, 1889, there but S3,Oo0,OO0
in the bank at average Of less than Sis to each
dcpositor On Saturday last, the following was the
business done, as appears by the trustees book
ArRn 81 1889.
Received from 20 depositors, ss,ssi co
Paid to 90 deposiiors, SS,i20 90
BY the terms Of the charter account can be al
lowed to accumulate ever $4,000; but by the regua-
tons Of the present trustees, the maximum amount
Of individual accounts is limited to 81 0O0 The in
terest all sums under $500, is per cent; above
$500, il is per cent. The interest is calculated
twice year. carried to the total, and interest cacu
lated that at the end Of the next six months and
the compound interest in some has thus been
paid for nineteen years. A book, No 1885, issued in
July, 1919, was presented at the bank few days
since, and settled up the money paid, and the
count closed; and, within the last year, several
books that were issued nineteen years ago, have
been prescated, the monies paid, and the acco UNITS
settled In small book, at the bank we exam
ned no less than 5l pages Of interest upon Is 900
accounts all Of which had been carried TO the prin-
cpal Great pains is also taken by the bank pre-.
vent mistakes, and fraud by persons who may sur
reptitiously obtain the books Of the deposors and
endeavor to draw their money. test book is kept,
various questions asked Of each new depositor,
as to his age, occupation, residence, relations and
various other matters, which check against
fraud; these are all recorded in the test book and
the person drawing money has 10 make answers cor
responding TO those given at the time Of making the
deposite.
These the principal features Of this truly great
institution, to which we shall again refer at an early
opportunity.
Private Correspondence Of the New Yerh HERALD
GUYANA, p. r., April 2, 1889.
J. G.. BENNETT, ESQ.
Dear Sir: The principal article Of news i. the
| Utrastorpo' among our Custom IIousa Of, ocrs