New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-04
UNCLAIMED DEPOSITS IN BANKS.
PRESIDENT STURGES THINKS Mr. shlEhOo
PROPOSED LAW WOULD BE IN
CONSTITUTIONAL.

CONSTITUTIONAL.
bill was introduced by Mr. Shields IN the ASSen''S
on Tuesday requiring saving hanks to turn oVcr ~
the Superintendent OF the Banking DePafUmeEV Wv
uosits which have been unclaimed for ten years. WI
c further provision that thee deposits, II rot caied
for twenty years after being turned over TO the 9u
n,cndent shall be paid into the state treasury
President. OF savings banks in this city, VINO "''c
seen Yesterday did not Show much concern over 'He
bill.
Some such hll is Introduced nearly every year
I'm the legislature" said William {. sturgcs pfe'i-
dent OF the Seamen's Savings Rank, TO lnnuhc
reportcr 1T is due to a mi.tak n notion that IN
these so-calcd unclaimed deposits vast sums are heu
by the savings banks Of the state. Il Is great MS
take The amount IS comparatively small. The last
time the Legislature made eifor to get hold OF thee
moneys they drew the line at twenty year, i"cN
found that the money not called 10! after 'El'
time wa 50 small that II WIS not worth trying to get
20 now they eot the limit at ten years 1t /, rdcooa'
such on account is an active account. Why, we are
payirs Of these Old account, continually; some CAN
ants hunt up, others turn up vonhiaiHy amer
long periods. We have paid of deposits that nave
not been inquired after for more than forty year.
IL is common for father when child Is bor' ~ put
a deposit. 500 In a savings bank, 10 lie le.I
undsturbed until tie child reaches his majority.
That's twenty one years. Yet they talk about turn
ing over these deposits when they rave not Dcch
called for IN ten years: It's absurd
Besides" continued Mr.. SturgeS. such law. II
passad We believe would be declared unconstitutional
Us an interference with private contracts. such a
law would certainly be tested in the courts. NO
nothing will come OF this. Money always finds
claimant other property often loses ito owner bu;
money never
Under the law all savings banks report annually 10
the Banking Department pretty much cNerythirS
about these unclaimed deposits except the amount.
There nrc $500 Of these unclaimed deposits reported
by the banks The report states lie number Of The
acoJinS. name residence occupation, birth pri
nationality OF The depo.or his or her parents names,
date OF the first deposit and date OF last intcrcs:
credit. Interest these old accounts when
rot inquired after for twenty years. 4, the amount,
are reported by The banks the aggregate Of these
unclaimed deposit j. In known. But rcceH; liz
0ureS made al the older and larger savings banks
IN this city showed that IT MUS; reach incoI-
siderable sum. President StuIgs stated The amount
held by the >eamen's Bank AZ 100000; President
held by that institution al $4,000; President Merritt
Trimble, OF the BleecberSt. Bank for savings. the
pioneer savings bank OF the SLATE. refused ,ly how
much the unclaimed deposits in his bank amounted TO-
but said tho larger than tia; held by any
Other similar Institution: President Morgan Of tine
dormant accounts I'm his bank. while Treasurer
Quinan, Of the Greenwich Iank placed the amount
OF the inactive accounts III that institution u;
ESQ., 0C.