The New York herald., 1873-09-23
MEETING OF PRESIDENTS OF
SAVINGS BANKS.

Another Night Session at the Firth Ave-
nue. Hotel-The "Time Notice Kule' To
BE Adopted T0-Day--rmportnnt fiesoiu-
tiOns-Smail sums To BE D0ied Out 90
Dcpositors.
second gathering Of the pre- esdents OF the va
riOus savings banks institutions OF this city for
the purpose oi perecting system to allay the
existing anxiety among their deposit0rs was held
last night at the Fifth Avenue HOTEL The meeting
was called to order at eight O'Clock. with Mr. Isaac
T. Smith, the President of the Metropolitan Bank
in the chair. Upwards OF 100 representatives from
the various banks were there. the following being
the institutions represented:- snilH
Metropolitan, No. third avenue.
Orienta1, corner Bowery aud Grand street. l3gu q
Central Park, No. 724 1hird avenue. eal
Sixpenny, Clinton hail. Astor place.
German, Fourteenth street and Fourth avenue.
Eleventh Ward, No. 1O6 avenue Z. .--tg-
Abingdon, No. % abingdon square.
Equitable, No. ITO Sixth avenue. J3Ele
TeutOnia, No. rs avenue y.
New Amsterdam, No. 215 B0wery.
Peoples, No. 301 Third avenue.
Mechanics and Traders, No. 283 B0wery,
Third Avenue, No. 354 Third avenue.
Citizens. No. So BOwery.
Irving, No. 90 Warren street.
Union Dime No. 396 Canal street.
Security, Third avenue and Thirtyfou street.
Emgrant Industrial, No. 81 Chambers street.
Franklin No, 65S Eighth avenue.
Bowery, No. 13O Bowerv.
North River, No. a. Eighth avenus.
Manhattan, NO. ga BROADWAY.
Seamans, No. "A Wall street.
The meeting opened by many Of those present
stating what had taken place at their banks dur
ing the day, and which among them had adopted
the rule OF compelling their depositors to give
notice OF their intention 10 remove funds either at
thirty or sixty days, according to the bylaws Of the
bank.
somewhat warm discussion ensued on the
subject OF appointing committee to wait upon
the presidents OF the various banks which had
foi aan AMI Ua0 RI ornnn md
which were understood to be the following At
lantic, Bank 1or Savings In City Of New York,
River, East Side, Excelsior, Freedmen's Saving
and Trust company, Harlem Institute ior Savings
OF Mercnants' Clerks, Mutual, New York, Trades,
and YOrkvile. The opposition consisted IN several
gentlemen stating that to send deputation would
be ridiculous, II the absent banks did not realize
the immense issues at stake. both to themselves
and the community. 1t was therefore agreed that
no deputation should be sent.
ADOPTION OF RESOLCTIONs.
After some discussion the following resolutions
were proposed and unanimously adopted:-
Whereas it has been ascertaned by rcports from the
saonfon @ mere ths evening
Of the Of last evening that notice 1e
%
ent at the institutions which have adopted 1t; there
Resolved, That this meeting do recommend that the
savings banks o. this city and, be II iurther
e hsle
BANKS WHICH DID NUT ADOPT THE RULE YESTERDAY,
The following banks did not adopt the notice law
yesterday, but made payments during business
hours as in ordinary times. viz :-Union Dime Ctl-
zens', Merchants and Traders, Bowery, Emigrant
Industrial, German (Fourteenth street) aud Me-
chanics. Some paid only small sums, while oihei 8
paid checks In full and Others paid checks and yet
demanded time notices for larger sums.
WHAT WILL TAKE PLACE TO-DAY
tits expected that the last mentioned banks. and
indeed, all the savings banks will demand ''time
notices" to-day, that cash payments may be
looked upon as virtually at an end, at least or the
present
The writer asked the president OF well known
institution II this was not sufficient to bring about
o riot; to which he replied, sunless we do so there
enough in the city OF New York to pay OF in green.
backs all the depositors in savings banks.n
Several OF the bank presidents remarked that
cash payments must now be at the discretion of
the officers OF the banks. One OF them said, for
instance, "lf man wants to pay for q ton OF coal,
or his rent. or $50 for his passage to Europe, we
will let him have 1T but till matters are in better
chequer, not only Tor our own good, but for
the sake OF all concerned. People who have
nothing to do with finances think that
we lock 1t up in parcels IN our bank vaults, and
quite ignore that as soon as we get 1t invest in
securities, either bonds mortgages, which ay
the shareholders their interest and that to 'saug
ter" our securities by forcing them on the market
at the present time would be simple madness. We
must do our duty, not only TO our institutions, but
to our depOsitOrs and we are all oi opinion that
the time notice system Is the only thing we can
do to stralghten out matters. 1t will undoubtedly
be q great hardship to many who believe, after the
Wall street crash, that all financial institutions are
to their customers sums In greenbacks varying
from 800 to 500.