New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-18
SAVINGS BANKS UNSHAKEN.

SAVINGS BANKS UNSHAKEN.
| BUSINESS FLOWING BACK INTO IT'S ORDINARY CHAN
EEIe-PAYMENTs MADE TO DEPOsIToRs IN ALL
CASES or NECEssITY-wITHDRAwAIS MADE FOR
PERMANENT INVESTMENT.
Business with us is easy,r said President
Brown Of the Bowery Savings Bank yesterday. when
questioned In this particular by a TRIBUNE reporter
easy 1t has been" He further said that they
had virtually resumed the payment OF all demands, only
requiring the legal notice, when the proposed Graft
seemed unnecessary TO the deposit0r. Only
few OF these notices now qven an
average ono two daily. Taken altogether
notices had been received covering about s2so.ooo
IL the bank had settled all these book accounts az the
| time the respective notices given, IL would
not have proved much than the usual days
business. More money being paid out than during
the month previous to the panic doubt partly ocea
stoned by the investments real estate. He said the
number OF small draits-of s.. So and S20-was unusu
ally large, which would seem to indicate that large
number Of the aboring class were out Of employment
Deposits. as usually the during the month OF
October, had been small Deposits made after the 1st
did not draw interest until tho fuilowing January.
Compared with tine corresponding month OF last
year, there very marked decrease,
but taken altogether, everything connected with
the banking business seemed most satisfactory at
present Ia the OF his remarks, Mr. Brown spoke
OF the statement made through the press to the effect that
the savings banks were boarding greenbacks-were ac
cumulatng in their vaults unusually large amount OF
bills This" sad ne, " far the Bowery Bank Is
concerned, is untrue. On the Monday OF the run, |
drew 100000 from the subTreasury aud the day
paid S3g9OOJ Anticipating similar run Tuesday,
that day drew another $4,000 from the ubIreasury,
but the then taken preventeda aud this latter
left intact. have in the vaults $4,000
in greenbacks, against liability OF $7o00o00 and with
notices covering $3.50 600, maturing within few days
Irrr Nv la4Gf d
third the cash kept in the bank during
the months Of July and august last" When questioned
TO the probable effect on their business Of the enforce
ment Of the law requiring notice. he said did not APP
pear hurtfu to him. The depositors must in time
acknowledge that they alone benefited by such
course. Especially this the at this bank. The
Bowery Savings Bank in reality charitable insti-
tuition. and # the depOsitOrs could ind more profitable
investment their savings then its only aim was nc
complished. There sinecures in the institution,
none the officers drew salaries except those actually
engaged In the business OF the bank As To depost It
would cause no disappointment II not another d0'ar MAS
received.
Secretary T. 5. Armour reported similar encouraging
condition of affairs at the Union Dune savings Bank
At present they paying Of $500 demand,
and larger amounts when satisfied That they were
required for legitimate business purposes Notices Gov
erIug about $4,000 had been received and scarcely day
passed without many Withdrawals were made. The
drafts were mostly III suall dlhounAs iHS i'oSPtS VI
the month were OF the payments, and, con-
dering the circumstances, compared very favorablY
with the business OF last for the same month, the
difference amounting to about $4,000 At present. busi-
ness vas not quite heavy ordinarily During the
three DAYS run about $4,000 had been paid ou-the
largest amount day beng $l29OoO. This was not
equal the usual payments for January and JAY when
dividends we're declared. At these times as high
$4,000 100000 distributed in eingo day OF
those who had helped 10 the run upon the bank
the majority Of the poorest and most iterate OF
their safe 10 say seven on often could
neither read nor write
AT the Emgrant Industrial Savings Bank the Con
roer said that they held notices OF the withdrawal of
deposits amounting 10 100000. ana IN amounts varying
from $50 to $1,000 He believed that little Of this would
he called for Few notices now coming In, only
two or three day The receipts during the month were
about onethrd Iess than those OF the corresponding
month year; the drafts were somewhat In excess
Much Of the money drawn for more profitable IN
vestnent from any fear as to the security OF
the deposits They stn required the notice from those
having no actual and immediate requirement for their
moneys, but were paying all demands necessary for
business purposes.
AT the Greenwich Savings Bank they have not eN
acted any notice from their deposors meeting all de-
mands promptly. Secretary Royce stated that they
were snI paying out larger amount OF money than
usual but. it seemed chiefly to meet actual neces
sities Few any accounts were being closed, and no
evidences OF alarm could be those making
drafts This rather unusual drain upon the deposits he
believed was occasioncd partly by the large number OF
men out of employment at present, partly by the ugh
ness Of the money and partly by the investment
Of considerable in real estate The drafts OF TINS
month were much larger than for the same period last
year. lie thought that the savings banks that had Gu
forced the rule requiring notice from depostors would
IN the end suffer 1t, and that those that had con
tinued In the payment OF all demands would be cor
respondDgly benefited.
Controller Craig at the Bank for Savings OF the Cy OF
New.York said Money is still coming In and gong out
We s paying out considerable more than our aver
age previous to the panic, but among those drawing
their posts there evidences OF fear as to their
security People to be very generally investing
TO draw deposits from other banks. are necessarily
compelled TO take what they have with us. Many are
idle and must have money TO meet the actual require
ments OF life some OF country deposItors have JUST
heard that there has been some trouble IN New-forK
and are coming in to look after their deposits some
take them leave them. Very few accounts are
being closed indeed "a very fair percentage OF money
drawn during the excitement has been returned To be
brief, business is in a most satisfactory condition.
The secretary OF the East River Savings Bank stated
that the receipts the week ending last "Wednesday
were $4,000 in of the amount for the correspond
ing week last year. The payments we're somewhat
heavier, and had been all along.
Visits 10 numerous other saving, banks-the German.
Merchants Clerks, Freedmans Manhattan Mech snics
and Traders, and the above re-
ports With all, business has resumed it's ordinary
channel, and the future appears most promising
THE DELTA KAPPA EPSILON FRATERNITY
ID, OF II Tho clncing anfprtalQ-