New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-09
A BILL. APPROVED By MANY SAVING BANKS,
TO ENLARGE THE FIELD FOR THEIR INVEST:


Albany, April (specian.-The Committee on Banks
listened to a series Of impressive arguments this az
ternoon from a committee representing nearly all ue
savings banks Of the in favor OF enlargng TIC
field FOR tie investments OF the savings banks as pro-
posed In Assemblyman Rhodes's bill. The chief ar
gumcnt was made by John Harsen Rhoades president
Of the Greenwich savings Bank. New-fork. fre-
yiousy there had been presented by the committee
circular favoring the bill, signed by Mr. Rhoades, BY
Merritt Trmble president Of the Bank for savings by
Edward Wood. president Of the Bowery savings BANK
by E. 4 Quintad, president Of the Citizens savings
Bank; by William G. slursess president OF the sea-
mems Bank for savings, and by II. p. Morgan presi'
dent OF the Brooklyn savings Bank. In ths crcuar
the presidents of the banks said:
This Dill has Endorsement Of Charles NJ Preston,
pcrnterdent Of ali the savings banks IN the state
The when with the rapid diminution OF
the public deb u the United States and the States Of the
Union maturing er existing loans and the steady in'
deposits the savings banks are no longer able 70
moneys prUdenty within the scope OF the pFes'
IL Is estimated that within The coming 'e'eh'
teen years they viii called upon To invest and reinNess
5000 600 600 and this necessity OF ct WI" ABSORB nov
only all the available city town. county and village bones
of municipalities within th, STATE but many more In add
ton and that without uniayoaby affecting the rate OF In
tor,t on such bonds object in iayoring this bill Is
not 70 enable raise the rate o Interest 70 er
dcposors lnd and safe opportunities Tor H.
ycstncnt. which are greatly needed
This argument substantially repeated oy Mr..
Rhoade, and the other bank president, who accom-
panied him. The bill authorizes the savings banks 10
invest their money I'm the stocks or bonds OF any cry
Incorporated under the law, OF Maine. Ncw-iamp'
shire Vermont, Massachusetts, Rhode Island, con-
nccticut New-Jersey, Pennsylvania. Ohio, Illinois,
Wisconsin, Michigan, Missouri or Colorado. respec-
lively which city has at the time Of such investment
nor, than 10000 Inhabitants and whose total IN
dcbtcdnes, including the issue Of stocks ana oohds
IN which such investment i made. does not exceed
10 per ccntum Of the valuation 81 the taxable prop
cr;y therein. and which city has not. nor has mo
State in which such city Is situatcd defauted IN INC
paymcnt OF any part Of either principal or interest
Of any IL its stocks bonds within ten years next
preceding such investment; provided however, 'lae
ID shall not be lawful for any savings bank to
invest more than - per centmn OF
its assets in the stocks bonds OF cities situated o"'
Of th, state or to invest more than IL per cenum
NJ IFS asset, in the stocks or bonds Of any one OF such
citc, or 10 invest in more than per centum Oh al
the stocks and bonds issued by any one o. su'h
cities or 10 make any invest mcnt in the stocks OF
bonds az any city situated out OF TINS Stasc VIM
have been or shall be issued 10 aid the CONSTRUCTION
Of any railroad . . Ga. bui
f,VurAlly tomorrow.