The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-03-21
SAVINGS BANKS DEPOSITS.
uNFIMsHKD AcCOUNTs-THH ROMANCE or An
GENT DEPoSTTS-THH LAW ON THE sUBJECT.

uNFIMsHKD ACCOUNTABLE ROMANCE or An
For nearly twenty years or more it has been the
almost annual custom OF the Legislature to call
for Information concerning the amount OF money
on deposit with the savings banks OF the State
which has been unclaimed for ton, twenty years
or more. and nearly as often as the inquiry has
been ordered the attempt has been made to pass
law recurring the banks to turn over these So
called ''unclaimed deposits' the custody OF the
State. Bills to effect this object have passed both
houses In turn, but 30 far no such bill has
reached the Governor for his signature,
1t having always persisted by the way In
one or the other House. Meantime
the impression seems to have fingered a ira
aitlon about tho State Capitol tnat there was
millions IN lt'-in short, that the prosperity OF
our savings banks was largely due to the posses
sion OF this money which the owners had Tor
gotten to call for. On Tuesday the superintendent
OF the Bank Department submitted to the Senate,
in answer to a resolution. special report on this
subject from W hich 1t appears that the savings
banks.of the State hold $3l6656 60 OF deposits
which have not been claimed Tor twenty years and
upward, and $5Ss, 1873 which has remained in their
hands Tor more than ten and less than twenty
years. or these sums by far the larger part is, OF
course, held by banks In this CITY, nearly so5o.ooo
OF the grand total being in the hands OF three
banks-vz., the Bank for Savings In the city
OF New York Checker streeD, the Sea.
mans and the Bowery. or these the FIRST
named Is the oldest in the state having been or
ganizea in 1910; the second was establsne in
1929, and the third few years later, ana all OF
them have numbered among their depOsltOrs and
officers many OF the best known and most honored
OF New York's merchants and hnanclers With
view to learn now the proposed sequestration by
Stoto oft fa vi nd hv hon
officers. and what effect such actI0n would be
likely to have on the depostors, reporter
called yesterday at several OF the older instltu-
tons.
The first one visited was, as was natural by
right OF seniority, the Bank for savings in the
city of New York, better known as the "Bleecker
e Of its stable looking bua
ing. Here, in the absence OF both Presi-
dent and Secretary the reporter was referred to
tell you very little ABOUT the matter. | suppose
you have seen the printed ABSTRACT OF the report
these unclaimed deposits as they are liable to
be and are claimed every day. We call them &C.
they are really no different from any other
accounts"
Mr. CRAIG-Certainly; interest is credited semi.
annually on all accounts.
REPoRTER-rhen these accounts are at COM
pound interest, tue interest being compounded
6eml-annuallyY
Mr. CRAIG--Exactly; and these old accounts
are being presented constantly, but for details
you mad ter see Mr. Rock W ood our accountant.
Mr.. Rock wood ON beng appealed to, said in
substance, "These old accounts are constantly
coming in, and some OF them under very curious
circumstances. Persons having deposits he Q
often leave them undsturbed Tor years feeling
perfectly secure about them, and having no need
to draw the money, and tnen under pressure OF
some unexpected need, they Will come IN to draw
Their money or perhaps the original cepositor will
die and his book Will be presented by she admin
n hts 4 IN
In the Of an hour Will give you some cases
in point"
At the appointed time the reporter returned
paid witnin the past Ave years. Mr. Rock = God eX
plaipg that 1T was not at all lul statement--ony
such selection as ne mad been ape to make I'D
hastily in the intervals Of business.