New-York tribune., 1880-02-17
AFFAIRS AT ALBANY,
SAVINGS RANK INVESTMENTS.


SENATOR wooprN rNTRoDroEs BILL TO MAKE
FURTHER INVESTMENTS IN UNITED STATES
BoNps OBIIGAToRY-THK SAVINGS BANKS Up
POSED TO IT.
fFRoM THE REGULAR CORRESPONDENT OF THE TREBuNEl
ALBANY, Feb. 16.-Senator Woodin has just
introduced "by request" bill OF vast intefes.
10 savings banks and TO the thousands Oh
depositOrs In them. II directs the saNi"Ee
banks 10 invest at least onehaf the anoun'
of their deposits United states bonds AZ present INC
banks have about one-tbird of the money deposited WIN
them invested In this class OF bonds II the bill shouu
become law. the banks would oe eompeleu
70 enter the New-YOrk Stock Exchange al
once and buy S5OOO0000 OF the Government
bonds II Is presumed that the cher argument
Of the friends OF the bill will be that additional security
and protection from loss will be given by it's becoming
law to depOstors IN the banks.
The officers of savings banks It is already evident.
will earnestly oppose the passage OF the bill. They
always have advocated and been granted per-
feet freedom IN regard the proportion oil In
yestment they would make In the different classes
of stocks in which, by law, they have been permitted 10
the money of depositors. In 1868 all the man
ayers OF the savings banks answered" No to propo-
sltiou Of Bank Department that certain liked pro-
portion OF their deposits should be invested In United
States bJnds 1874 the officers OF the savings banks
framed bill for Submission 20 the Legislature In
which were embodied all their ideas in regard TO the
proper government OF these banks There was no sug-
geston in the bill such character that expressed
In Senator woodns present Their proposals. IN the
bill OF 1874 were subsequently embodied In the
General Savings Bank which has been IN force for
several years past.
Last year Mr. II. l.. Lamb the superintendent
OF the Bank Department, issued a circular TO
the BANKS asking them If they desired any
changes In the law. Three-fourths OF them
replied that they were opposed to any amendnfnt
whatever. Among the amendments proposed there
was none which proposed that fixed proportion OF the
depoits should be put United States bonds. Under
the present law OF freedom In this respect the banks
have steadily become more and more prospernn-. On
January /, 1868. they had a surplus OF S7o9O,OOO
m 1870, of Sl4O23OO0; ~ 1878, OF $24.3lO.O0O; on
Jauu Try l. 1879, OF S34,553.000; on July l. 1879 OF
S36, 800, 900. .
Al present Mr.. Lamb letters from the
savings bank officials approving Senator Woodins bil
but the contrary, many strongly dsapproving OF IT,
The bank officers assert that II tie hi ] become
they will not be able TO pay moro than per cent
interest 10 their depostos IL will compel them, they
saw to invest their money in long term United States
bonds bearing low rate OF interest And they
will have buy the bonds at high premium,
as United States per cent bonds are now sell
ing at 106l2 II Senator WOodlu's bill should
became law the savings banks would be compelled IN
nav this premium. 1t is estimated IL would cost them
over SO 600 600 to do amount which would have
to be deducted Omthe interest account or the 100000
depositors in the banks The bill In the possession OF
the Bank Committee Of the Senate, and Will unques
tonaby give rise TO much discussion II IL escapes from
thai