New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-05-14
LOCAL MISCELLANY.
SAVINGS BANK MANAGEMENT DEFENDED.
LETTER FROM ACTISG-sUPERINTESDENT LAMB IN

SAVINGS BANK MANAGEMENT DEFENDED.
LETTER FROM ACTISG-sUPERINTESDENT LAMB IN
REPLY To THE RESOLUTION OF THE DEPosIToRs'
MEETING OF THE sIxPESNY SAVINGS BANK.
Acting Bank Superintendent Lamb has writ
ten a letter william II. Macy, president OF the sea-
mans Bank for Savings replying to resolution OF DC
postors meeting OF the SixpeDny Savings BANK, ana
yindlcating the savings bank system in SewYOrk Mr.
Lamp saws that 1.-THE only effect Of this declaration VIII
be to unsettle the confidence OF deposors In other saw
ngs banks and TO anxiety and distress OF mhu III
many cares needcssy. The resolution Is Obviously I'M
fair assertion and unjust In Its anmadVersoh on inc
Savings bank system in New-York." He adds that
lit was also claimed the same meeting that al the
failed savings banks EewYork City held 81 0l972s
for depositors when they failed. The truth L.
they held the sum OF $12,lsS771 II. 1t was
asserted they have paid and can pay only
81, 709 .466, that the total loss Is S',i2o'ZoZ
Now these failed institutions have paid already the sum
Of 81 s6s 7G7 81 and the assets of the sxpenny ana
Teutonia Savings Institutions not included Mt all III
making the balance sheet Of the failed Institutions
The best attainablo information today from
Trustworthy official indicates that the twenty
two failed savings banks in NewYork will have paid 10
depostOrs within from July !, 1873, the asSre
gate sum S7sS5155 SO. including therein the pay
mcnts already made. The net loss would then DC "a
3O3GlG Al. ..
These failures began in November 1s1 let slook at
the matter in general way January l. 1877 me say
ngs banks NewYolk city reported Their tGa assets
Sl7O,737,OOO III those ueIoSis
invested in United States bonds Of the various Kinds AZ
The current market prices the loss by srnkage To-Day
on the investment would he T7l13l TAKING lur
mutation the average per shrlnkage on HoNerhht
bonds That sum exceeds the most PiVp"uo ,i NE
actually incurred by the failure OF tne silNihgs
hanks I'm the CITY of New-YOrk by the SUN "i
90 500 s5S And United States bonds were low III price
an January l. 1872 Had the deposits III inc shNlngH
banks in NewYOrk city all been invested w ,'',yI
men bonds OF tie different classes on January ls'n,
when bonds were high, the shrnkage and los today
oud he over 500 100000 II these deposits hnd bcch
invested in good bank stocks January, lS12' the
90 per cent, or $3I 159.4OO; or, II they had been
invested i'm stocks Of the best Eastern rallroauS,
then and now paying dividends, the shrIhhage
would have becu near the same sum, or oNtl
raj estate in New-York city and lis vicinity,
i'm 1879 the slniukacc would be nearer 80 per cent tha
30 even in the Investments had been made fortunately
aud the loss through shIinkase WOWd nave oech
Mr. Lamb saws that since November 1871, TWENTY-FIVE
savings banks in this city have been closed. Incy
held over twelve millions Of dollars OF deposlt~'
They have paid almost five millions OF dollars
dollars of assets hand Mr. Lamb says the most
authentic information warrants the bcet thar the toil
loss by such Isl ufcs will not exceed FOUR MI
lions and one third dollars in all these banks
should have been created, and were established TO
make money for other people than dcp"sl'olr.
In January, 1872, the surplus OF the saNln-s
l9nKs i'm Ncw-YOrk City S9.5uOOOO. II Is now more
an shrnkage in values. In SIX years, from ls72 to
1873, the savings banks in NcW-IOrk CITY nave
paid their dCpOstuTs SJJ,15O,OUO OF interest, WbIcn
"A almost $l2.OOO,OOO more Than the proposed
same tune Mr. Lamb concludes that the savings banks
i'm fbe lty have done very well In view OF the shnkagc
I'm values, ana the number Of spurious savings banks
created between 1866 and 1871.