The New York herald., 1878-03-13
UNION DIME SAVINGS BANK.
PRESIDENT DRIrToN EXPLAINS WHY THE MORT
GAGE LOANS HAVE BEEN REDUCED sP ECIAL
IYAMINER RERTA OpINIQN

PRESIDENT DRrrToN EXPLAINS WHY THE MORT
GAGE LOANS HAVE BEEN REDUCED SPECIAL
EXAMINER BEsT's OPINION.
For an hour aitor the doors OF tho Union Dino Saw
ings Bank openod yesterday mornng, that IL to
say, between ton aud eleven O'Clock, thore were nu-
merous demands Tor money by dcpostors and several
OF the clerks had about US much business their
hands as they could we'll dispose Of. From eleven
O'Clock until three O'Clock, tho closing hour there
comparatively few callers vt tho pay Ing
telier's window at any ono time, while, on the
contrary, many wero present making deposits Tho
amount Withdrawn from the bank during the day
was less than one-nalf OF tho sum paid over
the counter ON Monday. "As compared to that OF
yesterday" (Mondayl said Mr.. John W. Britton tho
president, ",he number OF drafts drawn upon us
to-day (ruesday) is sixty per cent less, and tho
amount drawn little over nity por cent less Tho
president felt that there tho slightest cause Tor
alarm regarding tho solvency OF tho bank, Wow its
affairs in any shape tho public choose to. 'rhc bank
s all right," ho said cmphaticay, "and 30 soon as
tho nervousness Of some OF IT'S depostors away
there Will DO no iurther trouble Whatsoever or,
REDUCING THE MORTGAGE LOANS
When President Britton was asked TO explain tho
reasons oi the bank officials in reaucng It's loans
that gentleman handed the HERALD reporter the iol.
loving communication, with the remark, .'rhs vii
explain everything":-
UNION DixK SAVINGS RANK
TO THE EDITOR uknALp:-
The assignment of several by this
during The Two mouths has boen upon uy
sacrificed the intcreat otits dcpotors la ordor
this wrong Impression bo eorrectoa permit
that Tor nll mortgages assigned by TINS bank IL has
ceived full payment OF tho sums actually upon them
wih ntorost 10 the DAY VI payment ana freo
Where appears certain eases that mortgages haye
the Loan is because part payment OF tho principal
been made by the oragor and not Ia the ar
Gle OF assignment .-.. ......
In order comply with the law governing the savings
banks OF this state tho OF this bank
early January to mortgage loans
by assignment believing this etod would
demanding payment. when IN
would cnuse serious loss to those holding
loans
Permit add that tho trustees In assuming control
OF had positive persons knowledge o It's entire
scvency, derived from careful Its assots
and general affairs aud the principal officers selected
out the economical policy adopted by the Board
reduction of he salary list more than fifty cent,
dcvotng their tine aud cnervtcs without pay reward
to the best incrsts OF insttuton which
worthy OF public confidence which they believe Will In
good limo It's old place among tho best savings
banks V tho country and 30 this end they support
JOHN W. BkTTrON. President
SPECIAL EXAMINER Bgsr's OPINION.
Special Examiner Best WAS subsequently, called
upon und his opinion requested relative
ton VI the banks loans on mortgages. Mr.. Bost
promptly said :"rhc management OF tho bank la ro-
spcct 10 those mortgages IL u wso thing, aud not
only heartily approve of II good business policy
but recommended II, and, continued Mr.. Best II
have worry hign opiniou OF tho at the head
OF affairs Ia tho Union Dime, as they have bocn ana
are making an honest inJciigen aud cousc ,ous
effort 10 undo the mistakes OF tnor predecessors."