New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-05-17
NEWS FROM ALBANY.
THE PAGE SAVINGS BANK BILL.

THE HEARING BEFORE THE GOvFRNoR-sTRoNG
| OPPOSITION TO THE MEASURE.
| IRON THE REGULAR CORRESPONDENT OF THE TRIBrSEI
| ALBANY, May, 16.-Eighty-six of the savings
banks the State protest against tie Governor signing
| the Page bill authorizing these banks to invest their
money railroad securities Only savingshanks
favort This statement was made TO the Governor to-
day by Superintendent Paine the Bank Department.
The Governor III the afternoon hearing on the
bill There were present Elliott f. Shepard, who
favored tho bill; and President Hoguet of the Emicrant
Industrial Savings Bank; President Rhoades, OF the
Greenwich Savings Bank. and Others who opposedit.
The first speaker Mr.. shepard who said that the
bill had been misunderstood state officers would say
what bonds should be purchased. TIL state officers
could be trusted securities could be put on the
except with their Nothing would be done in
secret There could be certain provisions TO secure this
Thus could be agreed that securities should be put
the list except when all the members OF 1.-THE State
Board were present. or upon the application Of some
sayngs-bank after twenty days notice There were
limitations the bill also which would protect the
inSS-bank depositors. AT the present time United
States bon s were selling at preniu and wher bought
they gave only small amount of interest At the same
time the sayings-bank deposits had swollen to
$iJ0.000.O00 The banks were competing with each
other for the United States thus running UP their
price The Page bill intended n safety valve for
all this money There would I've difficulty about the
investment OF savings bank money If the bill became
law
Mr. Hoguet opposed the bill on the ground that Il
would set in motion a system which might become
pcrncous lie also referred to the fact that the three
State officers would probably be changed every few
years.
Mr.. RhOadts, said inoppositon TO the bill:
Our depostors do not complain of our rate Of inter
est Many of them have expressed their surprise that
can pay SO high rate. They also that they are
satisfied as long a. their principal safe are per
United TO invest IN all kinds shall make
mistakes he bill Is too broad in IT, provisions YOur
Board Will be asked 10 decide upon 900 securi-
Ties II you make any mistake the officers
Will shield themselves behind IT, The bill will tend 10
increase the number of savings banks and induce spccu
latiOn among IN O..
II. q. Mclaughlin. OF New-York appealed as q de.
positor to the Governor sign The bill ;order to in
crease the income OF the banks.
L. Il. TuTnurc. trustee ofhe seamcn's Savings Bank
OF Sew YoIk SAID:
We believe IN security rather than profit. II Is not
my cNlcilnfc mat depoSorS ask for more interest
my opinion Inc savings banks pay per cent inter
est on then money Tor the next twenty -tve years
L. Is. Miller OF the Utica Savings Bank opposed the
bill There Is no necessity for the measure" lie said
Nou tempt the trustees OF savings 10 speculate
with the funds cobldcd 10 their care" T. Wood.
president Of the OuOudaga County savings Bank also
opposed tie bill. MI Shepard closed the hearing with
AL argument III favOrOl the bill.