The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-30
SAVINGS BANKS ARE SOLID.
EVERY ONE IN THE STATE ADTIsED TO
APPLY THE TIME RULE

Need tho Money TO Be Accommodates
Some orthe City Savings Banks Required
Notice Ic-terdny-More Did Not-Rather
More Than tho Usual Saturday with
dr"wnis Yesterday, But Nothing Like .
Run-Tbero Can't Be u Hun with an
Agreement to Check II by the 90 Ds.y Rule.
The sixty-day rulo was not generally en-
forced by the New York city savings banks
Yesterday. but 1t was enforced wherever there
appeared to be occasion to use 1t to prevent
tho withdrawal OF money for boarding or to
check senseess fright. 1t may be enforced
more generally on Monday or It may not be,
as occasion arises. When it is enforced there
Is no intention to make It a hardship to any
depositor. and n man with n note to pay. and
the money in bnnk for ii, will not be likely to
have any difficulty in getting the money upon
explaining the situation to the officers Of his
savings bank. Small amounts OF money will
also lie paid out on demand
The publication in the morning papers Of
the fact that tho Executive Committee Of the
savings banks Of the State OF New York had
recommended to the banks the enforcement Of
the sixty-day rule increased the Saturday
business at n number OF the city savings banks,
but whenever in any case there was the slight.
est appearance OF run the sixty-day rule
checked it One or two obstrererous persons
were required to withdraw their entire ac-
counts and invited to keop away from the
banks in future. j. Harson Rhoades. President
OF the Greenwich Savings Bank. President also
OF tho Executive Committee OF the savings
banks OF the State of New York and Chairman
Of the meeting held at the Emigrant Indus
trial Savings Bank on Friday afternoon. made
public yesterday letter which 1t was then
agreed to send to every savings bank in the
State. This is the letter:
New YORK. July % 1893
;, DEAR mat a meeting held this day Mt the
ousiy attended by the Representative Officers
Of the saw ngs banks of this city and brooklyn,
INV was amer nat N yeW o.
tors to withdraw their funds. as learned In
many instances to hoard TIE \, same and also in
currency. as well as the serious loss which
must arise in the effort to sell securities at the
present time to satisfy the demand. the best
interests Of the depositors require prompt ac-
tion on our part here and throughout the
Essolred. That it is tho judgment Of this
meeting that the time has arrived when. In
eNpedient that the e rustees o the svnas
banks Of New York. Brooklyn. and elsewhere
throuEh1ut the state sh9Id require from their
its provided in their respective bylaws and in
accordance with the agreement under which
all deposits are receiY Yeay u.nsrn Rvo,nrs
Chairman Of this meeting and Of the Exeeu-
State Of New York.
WILLIAM G. CoEKLIN. Secretary.
Mr. Rhoades also gave out the following ex.
planatory statement:
=, In order to give an .opportunity to advise
tax en- at the meeting of savings bank officers,
held Yesterday. it Was thought best that the
to OF the pb Monday
but an the main facts have become known and
pS5fhed !, L o perhaps better that the entire
The Executive Committee. representing
the savings banks. after consultation with
when they needed the advice and COOPERATION
OF the officers Of, other leading banks In this
were invited to meet the committee. The
banks represented at this Meeting have on de-
D DSs' a 81 r1S actual surplus
Among them were those which constitute
the In deposits surplns yen and
thorough exchange OF views. it was found that
developed in any direction, there was. never
theless. a steady withdrawal Of moneys which
the banks Throughout the State and making
1t evident that sales OF securities must soon
"These securities consist OF loans upon real
estate. United States Government bonds State
S1d d' villages With within ~ this tate Ali Of thssc
securities are recognized as the most SECURE
and safe in their character OF any class OF IN,
mind that. SO far as State and municipal So
curities are concerned. the only purchasers In
cept at a serious decline in price. are the saw.
inGs banks themselves. and. they being out Of
tity must result in serious decline in price:
and this condition Of affairs applies with al.
bonds. affecting alike the credit of the banks
a we'll AS the municipalities represented In
10 call in past due loans upon real estate
would only tend to demoralize the market for
real property and add greatly to the distress
trust companies would tend to furthss5s p pres.
N r Ss sod wh H the he 81
ae sh Money ssnres aenGered It Serv d
cult. II not impossible. for them to speedily
such as would enable them to meet a constant
and steady drain upon their resources.
' Ssnks TO sn and keep INVESTED
per cent. OF their deposits. SO that the banks
could not. i they would; retain ,, uninyssted
cons ant demands for payment The scarcity
OF currency arises not from q short supply 10
but from the necessity on tho part Of financial
all over the country to increase
ali from a senseloss panic which overtakes the
community at such times and leads to the
th"t II k 81 Wa S%io loss S be aVedo wSsa
this very action tends to increase the danger Of
loss, " go .
ac, on taken by the banks. and we think must
com mend such action to the sober common
sense OF tho public at large and OF the deposi-
tors themselves. In the judgment of the on
GERS the existing conditions cannot long con-
tinue and business must soon resume It's
wont ed channeis but while the trouble lasts
II Will not do for each man TO bury his talent In
d napkin. but one and all must be hell ful to
each other: and this applies with especial force
to the working classes whose savings are de-
posted with tho banks :or speedy solution
Of existing depression means to them renewed
or continued employment. and they should
aid far AS lies In their power. to bring about
There is no safer place for the deposits Of
savings during period Of financial depres-
sion than the savings banks of this Stnta-
They are carefully regulated In their invest
ments ny wise laws. frequently examined by
he department at Albany, purely benevolent
in their character. and managed by trustees
receive no compensation and who recog-
nze the sacred character OF the trust they
have In charge a.,
Section ii3 Of the Banking laws relating
10 he ma ma cement of sayin "a banks reads In