New-York tribune., 1881-03-28
LETTERS FROM THE PEOPLE.
SAFE DEposIr COMPANIES.

SAFE DEPOSlI COMfANiES.
AN ASSEMBLY BILL REGARDING THEM PEoNoUScEp
NEEDLESS AND INJURIOUS 10 THE RIGHTS OF
DEPosIToRs.
70 the Editor Of The TrtbWHG
SIR: bill has just been introduced into
the Assembly regarding safe deposit companies which
contrary to sound public policy. tprovdes that ar
ces which have unclaimed in safe deposit vaults
for three years may be sold at public auction and that
after dedncng charges the balance shall be held tve
years for the owners their heirs but IT, at the exp
ration Of that period rghtfuly claims this sur
plus It is to be paid to the County Treasurer OF the
county where the company is located.
Now in the first place. this bill is utterly needless
There s no demand for such enactment arising from
any exgency thus far encountered In the business Oh
safe deposit companies. The Mercantile Safe Deposit
Company is the largest in the United States And ye IN
than two three have we had deposits
which the his representatives have not finally
claimed But, on the other hand In quite large num-
of instances packages have remained In our keeping
for three years and upward without claim the part oil
the owner payment OF rental by him. No inconVe-
nience however, has been experienced from this source
for with our ample facilities these unclaimed packages
have proved matter OF no appreoiable moment
The measure Is ill-conceved and evidently framed by
some one who is unfamiliar with the methods OF TINS
business The provisions for the registration OF the
and addresses Of depOsors are meagre compared
with those which have long been in use by this company
| including as these do not merely name and address,
but also detailed statement 10 age weight, height
color Of bair whether married sHge, names OF near
| relatives etc.
But this BILL If 1t became law. would be positVey
Injurious the rights OF depostors and subversive o
the duty which safe deposit company is reasonably e1
pected to fulfil toward them Hence feel called upon
to show the real nature OF the measure It's proposeI
that safe deposit companies are D0nno 20
return TO deposlors their identical deposits not the
mere market value thereof This law would neceesltae
breach contract. No such limit Oughtto De put upon
the length OF for which the companies are 10 Keel
safely what is committed TO their charge Savings Oah
continue pay interest for fully twenty years, though
there be no further deposit draft OF presentation
of passbook. Why should not safe deposit companies
| keep properly securely for as long tinel -,
II might perhaps he desirable regulation that az the
end than five years after the cessation OF pay
ments by any depOstOr his safe should be opened IN te
presence OF designated Stats officer, the goods
sealed up and placed In general depository o tne
| company subject In the end TO double charRes u re
claimed and that they should be kept there twenty
wears for the owner his before the nna dpOsl
| tiou thereof which this bill would mako. .
In a word, the measure IA entirely uncaed for and
calculated 10 affect this business iDJur1Ously inc pro
posed law aa drawn IL rather directory than ODgaory
But this company would certainly consider the carryhp
out OF its PROVISIONS dermen tai TO the Interest or ou
patrons On the other hard We should be ready 70 ens
into contracts with all depOsliOrs according TO h
| mod ncati1n Of these provisions that has been sug
gested IN this letter. Very respectfully yours.
| w. II. MILLER, President
The Mercantile SAFE Deposit Company. he'o-forE
| March 2O 1881.