New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-17
NETWORK SAVINGS BANKS.
PAPER ny EMERSON w. KFYEs.

A special meeting of the NewYork HistOr-
Society held last evening at the Library, In
Second-ave. at which paper was read by Emerson W.
Reyes upon "The Savings Banks In New-YOrk.'
on the night OF Nov %, 1876 meeting cOnvoked
by Thomas Idly at the City Hotel for the purpose Of
establishing savings bank. Thomas Eddy was chosen
Chairman and Robert Coggeshall acted as Secretary.
The organization effected, Dewitt Clinton being
among the trustees chosen. memorial setting forth
their purposes sent 10 the Legislature asking for
incorporation under the name of the Savings Bank
OF New-York. The memorial not favorably
received Popular prejudice was against 1t. Under the
Of bank the people seemed u think was concealed
that OF probable monopoly, concentration OF political
merce Instances prove that human nature the time
OF our fathers different from what Is to-day.
They looked with suspicion upon this blnk oil. An
effort was nlue 10 save Ile Dlli w changuE Tue na
Saving Corporation, but II useless. This failure
cnusetis. The purpose Of the move however, not
lost. for in 1877 toe same gentlemen formed
OF Paupersn, and a committee Of the Society reported
in February following, giving especial Prominence 10
Governor Of the State in his first message strongly
favored their Incorporation Ia the Fall of 1872 the So
the Legislature and this time with aud the law
approved March &c. This Law was most stringent
regarding the investment Of deposits received mucn
that amendments were found necessary from time to
The after organized ana ON the even
ing OF July the opened III the basement
OF the building occupied by the Academy OF Fine Arts
on City Hall Park That sulIry summers eve 50 per
made. Thus opened the enterprise which has since
assumed such proportions. Whether the opening
was purpOsely made the sd OF July with the object
OF savng some sums OF money which might have been
wasted the following day is not shown, bu; It LOOKS
IA If it done with the deliberate Intention Of
robbing Independence Day.
In the following savings bank at Albany
Incorporated the report OF the first mouths opera
lions NewYork 10 the Legislature demonstrating the
feasibility Of the plan. In 1922 bank was Incorporated
in Utica but was not organized at the time The Troy
bank incorporated IN 1923 and IN 1877 one in
Brooklyn. Tue 5eamans Bank for Savings was lncor-
porated January 1922 and thus IN II years four banks
were established having deposit at the latter date
$43sOo0 During the next ten years eigat banks were
organized, and eight tue next dec out OF which
three started and one gave up business In the
ten years banks ana from 1859 To
1865 SO. At this time 10 banks were IN opera
tlon, with deposits reaching ABOUT S6SoOO,UD Up
10 this time there had been no stain upon
tbe savings bank system There had been two failures,
the result of improper management not OF fraud Since
sss SOME 60 banks have been incorporated, many Of
which have never organized The number Ia operation
ia 1855 with deposits amounting 10 S2S6O)OOOl
The interest during the past nYe years has Deem
s66 900 600 and is about sl6,O0JOOO annually.
Among the valuable gifts received at the Library
during the past week series Of volumes, 100 in
number IN elegant bindings OF the Proceedings OF the
English House Commons from 1547 TO ls49 from the
President OF the Society and number OF tne Original
papers relating TO the organization or the New YORK
Academy Fine Arts in 1904 from Alexander j. DAVIS