New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-12-02
THE SAVINGS BANKS.

,oLvENCY OF The MECHANICS AND TRADERS saw
ING, INSTITUTION A CLEAR SURPLUS OF
SjO.OO0-OTHER BANKS.
A number OF the depO,itOrs of the Mechan-
ics and Traders Savings institution at No. 2s3 Bowery
applied for their yesterday. Tie banking
rooms were crowded and the payments were made
slowly. and after a careful examination and
comparison OF the pass-books with the ledger
accounts Of the bank Some Of The trustees were
present eudoayorng TO with the frightened depos
Ors ana 90 convince them u the sovency of the ins
tuition. To reporter OF THE TRIBUNE were shown the
books and Of the bank with statement of the
market value of the assets a. T. Conkn the President
and Henry G. Fisher, the Secretary, declared that the
hank was perfectly safe and could pay dollar for dollar
OF liabilities without any difficulty. MI. Conkln stated
that the bank was examined April 1874 by the State
bank examiners who reported surplus of SS2333 Is
The bank property appraised by appraisers en-
ployed by the Bank Department, and was put
down 10 its lowest market value. The market
value Of the stocks bonds and other securities was OBJ
tanned by the examiners after consultation with leading
brokers Walst. The annual report Jan 1870 said
Mr.. Conkin. honest and true statement OF the
banks condition. 1t showed large surplus over
liabilities and was in every particular cor
reot As TO the item of suspense account,
bankruptcy claim, worth 100000" that claim was
we'll known by the trustees to be good beyond all
question. and would yield, principal and interest at
least $2j 900 in few months. The lawsuit pending IN
]
rich men was liable to the bank for the fun amount
The total market value OF the stocks and
bonds owned by the bank at the present time
was largely IN excess of the figures reported
BY the bank examiners A profit OF $4,000 had been
made last wear on the sale Of Government securities
few days before the examination, which did not appear
In the figures of the examiners. This sum alone met all
the charges OF salaries, taxes, and incidental eX
penses. Salaries had been reduced $1,000 last
year, aud a considerable reduction made in
advertising stationery, sc. In every way. Mr. CODklm
continued. the bank had economical and sought to merit
the confidence OF its customers and the public. After
deduc:u tins suspense account OF $4,000 and making
due allowance for unexpected shIinhage, the bank
bad clear surplus OF AT least $4,000 The
trustees had decided TO enforce tue 60 days rule In
extTeIno CASES, but would small amounts and press
ing claims without delay This action had been taken III
order to protect depostors in the payment OF interest
due the end OF this month. Mr.. COnkn sand i'll
conclusion that there had been want of harmony III the
OF Direction time and the attack On the
bank might have originated from that cause.
The Mutual Benefit and the Security savings Banks
continued open yesterday, without ransactng any bust
ness The Security II Is understood, VIII resume III two
or three days receiver for the Peoples Savings Bank
had arrived at the bank yesterday afternoon hut II
doubted that al appointment was made yesterday