The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-08-17
THE Long ISLAND SiyINGS BiNk.
Uneasy Dcpositors Met with the Rigid En-
forcement of the si~ty-pay R"ie.

Any run on the Long Island Savings
Bank. in Brooklyn. owing to the publication Of
the Bank Examiners statement. showing an
unsafe condition Of its finances. was cffcctuaily
blocked yesterday bv the rigid enforcement Of
the siXty-day rule. The banks officers explain
ed To- depostors that they considered their in r.
stitution wholly solvent but that they were
obliged. for the protection Of the dcpositors
themselves. to refuse payment. This they said
IN an ofl-hand way In cases where persons
expressed n keen need for their money they
were allowed To- draw $40. or II they had dcros-
tied their funds inside of thirty days they were
permitted. according to law. e. take cut fifteen
per cent. Of their account. Nearly all the de-
positorS who called took their so and signed "A
funds % IN" md of sixty DAYS There are about
2o 1gn"sers. AL 81 tn"m po9r peon. Ihrr"
called 10 leave deposits on the representation II
tn officers that cvcryihlng. WIS all right
Tn" Secretary. Gen. f.. Il. Fowler. has COM
nunlcurd with the Bank Superintendent
Office requesting an alteration OF the damaging
report l.. conform e. IA" true condition Of the
tank. The banks officers drnuunce the re-
port as u gross hlnndcr. working great harm
and injustice. They say that any hank unless
u has an extraordinary good showing might bc
vi'timi1cd in the same way. and hurt almost
bcyond cal rulaton. II was rumored that the
hnnk desired To keep its July statement Sc
We have not had any statement for July print
ed. hut W. forwarded II TO Albany promptly. 1t
SHOWS us 10 i"f IN u btttrr condition than We
wer" on Jan. l. when We had surplus Of
$50. i02 %"
VIII you take advantage o, the sixty-day
rule until the end Of that time?"
No. II there II II railroad accident or my
thing exciting next week to divert public atf..n-
ton. W" Will probably begin Ia pay out IA much
ns il demanded 81 us. All that We az contend
ing against Is the excited temper Of the COM
munlty.'
Mr. John c. Perry. counsel for tho bank. in a
card Tor the public. explains some Of the dis
crrpanci les in the Bank Supcrntrndcnt's re-
port. The examiner in May 1876. found the
real esiat" Of the bank 10 be worth it, cost
value. ss,u36. In the six months which followed
n" bank Inquired other real estate. which cost
;i.G2l 20. which, taken with the other sum
makes w the sl2.6jI2l which is given IL the
value Of their estate. The bank examiner in
max ing M his report for Jan. |. 1871 assumed
that tho bank had acquired NJ other real estate
bcvond that held in May. 1876 The bank re-
port shows that in January. 1876 there WIS
s45.544 cu-l on hand while the examiner in the
following May found only 1884 In January
AN additional amount was KEPT on hand 10 pay
interest due d"postuts AT that time. By the
following May IN" cash was reduced 10y invest
m"nt- II being the banks practice Ia keep all
money invested not required for It's ordinary
Transactions. The card concludes: The in
veStments and securities Of the bank are uneN-
ccptiOnHble. thu only ground Of criticism being
the investment in the bank building, which
shows for itself. and in regard TO which our
situation is not unlike that OF most savings
banks Of modern creation who have made
similar Investments"