The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-08-10

covered They are:
flc hfosdway
seaman savings
Iattkcr street
imnrani ladu-tral
in'n'uc Tor savings for Merchants CLERKS
Manhattan
last tdt,r
Among the savings banks found to Doe rotten
nnd in broken. collapsed, or collap-ing state
only sustained by -windling transactions. are
%, Mechanic, ami Trader, as3 Bowcry.
,ormanm savings Hams, third avenue and iAsih street
lrl A., nag lh.ri AZ cuue nrd Twenty sAth street
f.nd Street Sa,ius Bank Bond suoct,
''a,ni Rcn.at ico Nassau street
S.'a,H -, YAH, ,lnN ~ i""d avenue.
Lolucr. Bank ~ Nassau street
What has caused all this rotcnness?
The loos" banking law permitting had men
W. no capital to establish savings banks. The
l. me- savings bank haas been used simply as q
n * behind which bad men could stand and
tWlndicthc public To illu-trt The lawo $50
permits any thirteen mon o. st tns thor .uI
ran articles giving name and place 81 in-
HItrd bank. and then with the simple O. tiliis-
sn of the H.nk Suprrnt. lent. tNv ar'
a. nwoi tocomwcuct d. lrn.ukihs operations.
j. nu money r.qu1r' Il 10 s'H't A si'in-- udnN.
Notn cent. Mother money nor charn tor
J, CURED. Ia sunr. lu-t.ur'- ih' ~Wiui'r-
J. v" simply Iu' uu -igu- ami w r'i for 4 'un--
i;urs To fNi IN ia.n'y enough guy N.nh
tNt'-. Ia every ease drl -iiur- Nav lurui~nti
thceut. re capital. Pr~id. mis- lyr uceu pAii
large salaries ou' uf DOOR i.losiors. uul other
ins,r AAN'rN uupth. Substance of % poor
in -nne INSTANCES tN' first deposits h4,c
bought the bank i,'ul g. amt the nest H.-
! -ts have pnid salaries oi ~ Milling oiii l.t.-
Y I.ru whrnu l.w taou@nnd dollars more have.
L. IL wruug from th" Iu~u-. H' tine poor sN-
J. n-ivr hlliius- have hr'n nu, up-lll hy the
d~in- toys. fw@rugt 'nnA % Ol.s huv nOr-
y.a tI' lufHl- NI tln ifa' .ul d ,..rt
thi~s- collateral m thor 81 H. uni tH.
= IfIk .f| I'D
/ 1-.' ''' '.'" "'''"'' '' 10y .''
IA me sui atan'.ss' p ,,.,s..... r..,
i .nNyn. tbs h..te wl, Incorporated in l-lj.
and clda ianaing business 'ortwo y"ar-. 90 tl"
100. ano inc amount tu" ~ ~ u i"-t"it WITH.
OF interest vas 500. -aoW4n- ihut A' 'ai4tu
w required a. r'niu r.sNin-s bank
The Ru+lyn >ayin., Bauk Nnd received de-
potts az IL Jan. L. ISL. s,.Gzas3. and AZ ihpt
tiile bad surplus ON tAeir own showing
And - il has boon with several banks which
I"puty Sup"rint' intent Lamb informed Nh
Jan. for years has winkel ut tlt sw.ullin- unl
+ the insgiy'nt Innn~s suck the lie blood from
on o thc p,o hln.;-. and o. good illustration
Il TraIcs sl,ln-s ~ Wr.t Twenty -tliri
r. ..ci. In Dozen Ter 1873 to- rrI lc- raincl
4 nave ~ surpin~ of asse = ss.21'.
On ne 9Th ct February l.1i. George ". Reid.
inrr. oxamin.d n. 1rair- ana reported H.,
bank ins"lv"m AMI ia tr"nih--iiat Ia" tank
IND only iil.s7 with which To Pay $4,000 du"
IA thi- bankrupt condition Superintendent;
J. allowed the 1rud"- tp 20 on until Nov. y
1-I5 when Mr. Reid again examined the hnne-
Ilit hauk and wrot" a. SIp riIf nIt 30 T. Is
u lher, wus % 'ii 'l'h-y in DOE u4hk Of 600 s.
IA thHt the annual cNiaL-" of the bank "N-
@'eded The ingoHe lY 81 - PR year and that
ing ~ non1,y 10 r. own Pr,s'l at..,,
on ihe 2)t4 o. ID ',mirrr ~. Ei.Is wroir a
AirN. VI. Leslie. ask NJ hlnl o. Axe up all de-