New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-02-08
UNIFORM RULES FOR SAVINGS BANKS.

UNIFORM RULES FOR SAVINGS BANKS.
RE- 8cSENTATNEs OF sAYINGS BANKS IN CONSUiIA-
TON ABOUT PuoPOsTD LEGISLATION-THE Pro
VISIONS or THE BILL AGREED UPON.
The adoption of the Constitutional amend
mems has made 1t necessary for the Legislature 10
enact a general law relating 10 savings banks 10 make
uniform their powers, privilege duties, and Liabilities
The dra OF an act recommended by the Bank Depart
ment 10 1865 with few notifications, was introduced
INTO the legislature early the session, and the Joint
Committees Of the senate aud Assembly to whom
IL was referred requested tie advice anu cOJnsc Of the
officers ana directors OF many OF the savings banks Of
this city ana other cities 10 the STATE Daring The past
few weeks frequent meetings OF the representatives Of
the leading institutions for savings in this city and
Brooklyn have been held for tue preparation O! BILL
which shall possible protect al the Important
Interests acquired under the charters already granted
aud at time eliminate the Objectionable pro
visions which experience has proven TO be Ludui 10 the
Nise conduct OF savings bank affairs.
Among other officers Of savings banks who have a.
tcLGcd these meetings have been W. IL. Macy Of the
Scamen's Savings Bank; +. B.oseascr OF the German
Savings Bauk: samuel L. Brown o. the BJwevy; Hr.
Swan OF the Blocker strcc!Blnk B. Whcel"Iish;,
Greenwich; Edward Scnel, Manhattan; Seymour A.
Bunoe. Citizens; II. Houget, lr,n Emgrarts aud
Charles Lowery, Dune savings Bank OF brooklyn TIE
proposed law agreed upon at these meetings was form
ally approved on Saturday, and viii be presented IN
the Assembly this evening by Assemolym1n L Brad
All bauks and institutions Tor savings are declared to
The 5geuc,s shall be managed by board OF trustees
nj not les han uiir1l ucm1crs who Shall meet req
ry once iu month. and j. Of %t9,l 81 40 consul
tutc quorum. No trustee sh" have any interest ~ no
3 ms Il profits OF tue bank NQt bore" any O. IT. tunHS
Girecy or indirectly. NtEectug tOaucrd iiG cO1ocou-
tive regular ejus u the trustees shall vacdte Oice
ne faithful PERFORMANCE OF tier dnues Investments
o. TIE moneys o. dcpJtOTs are res Uccd TO the follow
named sccmitlc~; stocks 3on's ornttfe3t DedrAx
notes Obj saOus OF ne Unit states; stocks, bonds
or evidences OF dent bearing interest OF THIS State;
SOCKS OF ionds OF any S'd'e IN INC O"u utd mas h'
within ten years dafIued IL The payment oi PRINCIPAL
OF interest OF dcut authorized BY the Legislature;
stocks or bonds OF any Guy, c"dbtS OF 'hdge OF IHs
State; and bonds ana mortgages Oh uulncambercd lta
estate situate IA TINS state worth at io"et t"ce the
Tie trustee may regulate the payment Of principal
udiN idual deposits, aud may refuse to receive de-
posts, and may return them u. posts ~ aieu- nj
DOrs females marTed or unmarried shall be held for
The exclusive night aud benefit OF sueh depOsiors,
ainst al! person, except tAor creditors
Trust accounts III ;he event o. tue death OF the trus
hts "i me my Deposlis c,aIucc by mn executor or
Hduustrator appointed by proper authority Ia another
may tcstity IN any SUIT begun by husband to recover
MONEYS deposited by her III nor own name. Claimants
30 moneys shall bc made parCes-ieiendant In suits
begun by other parues, on short notice. Disputed
posts may remain IN the bank, may be paid iuto
court ana the bank released from fur, her habiIty.
BgvHgs banks may mold real estate for clearinghouse
md such SHAH have been purchased by them at sales
nrOn the foreclosure OF mortgages owned 6y them,
rendered IN settlements to secure dtDts.
Trustees acting DIS officers may receive salary for
ihtr services Loans real estate eud be secured by
A bond or other personal security, and the borrower
shall Day legal expenses. Buildings on whach loans
have been made snail insured IN such Companies
the bank may direct and the loss may be made payable
90 Renewals and changes Ia Insurance may De made
BY tie bank at the expense OF tue borrower II shah be
unlawful for savings banks ~ deal III real estate mer-
ehaDdise, &c.
For the purpose OF meeting current payments and ex
penses there NAV be kept uuuVested an available fund
not exceeding 10 per cent OF the whole amount OF de-
pOsits With the Dank-aud the may DO kept on
hand or Oh deposit IN any banking association, bot the
suD so deposited in any one bauk 0 trust company
shall not exceed Is per cent OF paid NJ cap ta OF
Buc bank Or company and call loans the and
bonds above mentioned as collateral security may De
made out OF the available fund, provided thai the
amount Loaned shall At no time exceed per
market value Of the securities pledge for The same
Temporary deposits IN banks or trust COMPANIES NAV be
made OF tho excess Of cuTrtut daily recclns
over the pay mcnts until the moneys he JUDI
Invested Rate OF interest DC allowed dep.sitors
shall DO regulated IN such manner that they stan re.
reiYe all tie profits Of the bank the expenses ana
reserve or surplus iuud. Tho surplus fund shall not
exceed the amount OF 20 per cent OF The deposits Tr
ices shall be liable for dividends declared IN excess OF
profits earned The annual report shan be made 70
bupe1u eDdent OF the banking Department OH o. pc
fore Fen. iD each year, aud shall contain fuI de
tais OF every item OF business. Banks shan not
be required hereafter TO report 10 tue Legislature,
nor " any LOCAL Board and shall not be subject " tue