The New York herald., 1875-11-28
a SURPLUS SHOWN ON PAPER
Something About the Other Insol-
vent Institutions.
CAUTION TO DEPOsITORS.

=
reached Yesterday the Mutual Benefit Savings Bank,
having Offices in the Siaass Zetsuno building ncor.
porated ia 1868 was compelled succumb That
others viii have to follow the course within the
next thirty days there unfortunately, is little
for doubt: but that healthier win then prevail
equally certain Many savings banks In this city have
for years been dragging out precarous existence with
line or deposits totally inadequate TO allow Of hon
esl dividend be declared the deposors
such has been paid say nothing Of the ordinary
expenses which have to be provided for In the
sary working Of moneyed institution or banking bGs
ness In Sact there appears TO exist determination
20 the part OF the Bank Department OF the State
fully perform the duties assigned IT. which ought TO
have been carried diligently and strictly than
has heretofore been the The number OF savings
banks other than those which have already suspended
which In condition TO continue busi-
paying basis, is sufficiently
large immediate action, in order
that people may be protected and prevented
from investing their hard earned savings in
which are insolvent beyond redemption. There
or these institutions scattered the city,
the amount or whose business positively precludes
their carrying banking business with the slight
est possible prospect OF either making profit
or paying running expenses, while their last yearly
statements show condition of affairs that should have
received
PERKAPToRY ACTION
the part OF the Bank superintendent and their i'm
mediate suspension, unless the doubtful items set up
as bona 6de assets we're made good. Some OF these
banks have $50, 900 worth of deposits the major
ty not $500 900 worth Of deposits which is
sldered the only basis which savings bank can
proitably carry its business But there some
that have much more than this sum, when from The
very nature of the put their
indicates that instead Of tho surplus claimed
in excess OF Indebtedness there exists
actual deficiency. The Bank superintendent has,
it s understood lately instituted series Of
inquiries, which will result in the closing up
Of at least from eight TO ten Of the savings banks in
New York The present condition Of business affairs,
is well known does not warrant the existence OF
the number or banks for savings in operation;
and the opinion Of leading bankers throughout the
city appears be that the the small fry which
are simply drain the industry Of the people,
weeded the better it win be for the community
generally.
SECURE YEELING,
they say win then be established, and business will
assume a healthier tone The closing OF these
Institutions may is said result temporarily in
loss the few but viii eventually result in general
gain for should they be allowed TO continue the de-
probation arising from actual working expenses and
ordinary contingencies will augmenting until the
chances Of anything like fair settlement with creditors
becomes very remote.
Better let the worst at once, /" said all with
whom the HERALD reporter conversed yesterday,
than have a succession OF failures which must occur
beyond peradventure; for from the present outlook
there exists possibility, even probability, Of
Improvement in business conditions"
THE MUTUAL SAVINGS BANK,
already stated has It's Offices Tryon row, In the
Stats Zeitua0 building, and the nrs ntimaon given
the public that II in difficulties made yester
day morning at the usual opening hour by the posting
Of the following notice in front Of the teers desk:
( In accordance with section 6 article IL OF the
soyaws OF this bank sixty days notice will be re
squred for the withdrawal Of deposits
g. IL BENEDICT, Secretary.
This action the part OF the officers OF
the bank although unlocked Tor by the deposors was
NO surprise to financial people for has been long
sldered mystery among bankers and others how the
concern had managed 70 float so long In 1873 during
the panic 1t sustained somewhat Of run, out put
stop TO II by adopting tho sixtyday rule, the
spresent with the exception that then II did not
refuse 10 receive deposits, as has been done
An examinationiensued by the Bank Department which
resulted in the discovery Of deficiency in the OF
50 l5Z q, which made good BY the trustees giving
their bonds for the amount The bank then al
lowed to business and this year removed rom
No l66 Nassau street 70 its present location. From
The time Of its removal there appears TO have been a
slight increase In the number Of depositors but with
out corresponding increase Of prosperity ior the de-
hcency gradually Increased until is now said 70 be
over $4,000 The statement 10 the Bank Super
intendent on January !, 1876, WAS az follows
Assets.
Bonds and mortgages Sl65 l3s SO
Stock investments, viz
EsH
mated
Stocks and Bonds cost TaIas value
Cities In this State. 7,162 5000 gs075
Towns IN this State. s297l 3,sOo 4soA
villages in this State s92 400 400
Totai.......... sl2o5 ne7oO III 77S 100 $40 90
Amount loaned public stocks. ........... 3Tl0 90
Amount loaned on the following securities,
viz Wyoming Company, New JersAy
oenra s,qa1 bsn9 Conn s
pany, stock and savings bank pass
Real estate cost SIS 2ss74..........~.... ss,s74 q
panies 45s2 50
Cash on hand 2o,774 Il
Amount Of assets not included IN above,
Interest accrued. d...........-.. S14,o14 81
Furniture and fixtures. ........ 1000 90
Estimated value Of stocks over
cost st+.....s................. 1,Z3S W
Trustees obligation 70 make
W dehClency y............... ,boz ll-- So,olo 10
$4so, $50 IS
Amount due 70 depostors. W -
Interest credited January J.
The number depositors Al this time was said to be
The Bank Superintendent some fourteen davs ago
rent his examiner Mt g. w Reid TO the bapk who
made a thorough Investigation into the condition of
aGalrs Inc result Of his inquiries could not be
automatically asccrtained yesterday bat rrom the ad
missions made by Of the trustees az given below IL
would seem that there exists at the present time deh
ciency OF over tZ2OOO 70 cay nothing Of the items
charged assets such furniture and dxtures
50 600 and estimated value OF stocks over cost Al go
The item of 50 l52 n charged In the last statement az
trustees obligations to make up deficiency is sup
posed 70 be included IN the present deficiency charge
wHAT TRUSTEE SAYS
On application al the bank Offices for Information
Mr. Willard Billiard made statement in answer TO in
qniries substantially follows.--"The number or
depostors about 500, and the amount de-
posted about 4430 900 As sandon against this sum
have securities, consisting of marketable bonds and
mortgages 10 the extent u $3.50, 600 and call loans
probably sggregatng <29 900 Or $50 600 The trustees
bond mentioned in our last annual report Is also
counted as an asset, and forms part Of the de.
Icency which the Bank Examiner has said exists OF
about t22 900 or $4,000 We have also real estate
worth say $50 900, situated IN New York city and
other places The bonds consist Of New York city,
Long Island City and other city bonds ~ the state
well a. SO 900 0f Texas bonds bought AZ par, and
winch are now worth the same We attribute The de.
A. or ~ INN "A