New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-30

rtics with especial force 10 tn" woFh.hS ciass y
whose savings are deposited with the banks f-r
speedy solution OF existing depression hica'l'
to them renewed OF continued employment, and
they should g. far as lies in their power, al to
bring about this result. .----
There is no safer place for the deposits OF
savings during period of financial depression
than the savings banks or this State. They are
carefully regulated in their investments by wi;c
laws frequently examined by the department
ut Albany, purely bcnc, olcnt in their character
and managed by trustees who receive no com
mnsation aud who. rec ognzc the sacrel character
of the trust they have in charge. We believe
that the dcpOsitOrs will recognize these facts
and checrfuly acquiescc in the Judgment OF those
having their savings III charge, AMI agre that
what has been doae is solely in their interests
and for the better protection OF their hari earned
savings
NOTICE GIVEN TO THE COUNTRY BANKS.
The meeting at the Emgrant Industrial Saw
ings Bank was attended by representatives.
of the Emigrant, the Greenwich, the Bank for
Savings the Bowcry, the Citizens, the East
River, the Franklin, the German, the Harlem. the
Seainen's of South Brooklyn, the Dime
of Brooklyn, the Albany of Brooklyn,
the Utica, the Williamsburg and the Sea-
mans of Ncw-York The decision reached was
u
letter was sent out to all savings banks in the
State:
New.Yorx, July %, 1898
Dear Sir: At meeting held this day at the Emigrant
Industrial Savings Bank, numciousy ATTENDED by the
representative Officers OF the savings banks OF this Guy
and Brooklyn. their UNANIMOUS opinion that IN
view developed fcstdtloa OF deposors 70
withdraw their funds learned In to hoari
the same, and also in view OF the exceptional cicuity
Of obtaining we'll the serious loss which
must arise sell securities a; the present
time satisfy demand, the best interests OF the
depostcs require prompt action our part here ana
throughout the State therefore be it
Resolved That II Is the judgment OF this meeting The
time has arrived when, il the interests oil their '"
portant trusts it eXredient that the trustees oil the
savings banks OF New.York, Brooklyn ard elsewhere
throughout the should require from their deposoTs
notice of Withdrawal deposits provided IN their
respective bylaws and in accordance with tAe aseeiIc'
IN which all deposits received.
JOHN HARSEN RHOADES
Chairman Of this meeting and of the Executive Committee
Of the Savings Banks OF the State Of New-Aoik'
WILLIAM q. CONKLIN, Secretary
PROVISIONS OF THE LAW.
Mr.. RhOades said in further explanation of
action taken: The resolution embodied in the
circular letter 10 the banks draws attention
TO the law permitting and authorizing the pre-
vious notice, which is section lib of Banking
Laws relating to management Of savings banks
reading in part as follows"
The sums deposited with any savings bank, together
with any dividends interest credited thereto, snail DC
repaid TO such depostos respectively to their legal
representatives after demand in and at such
times and after such previous notice and under such
regulations as the Board Of Trustees shall provide SUCH
regulations shall be posted in conspicuous place In The
room where Of the corporation shall be trans
acted, shall be printed in the books or other
evidences of deposit furnished by it and shall be evidence
between the corporations and the dispositions holding the
the upon which the deposits therein ackhow
edged shall be made.
Mr. Rhoades explained that his bank had never
had. occasion to enforce the time clause, but
he said, will probably demand under Their
bylaws thirty or sixty days notice This
does not mean that no deposits can he with
drawn, but proper discretion Is to be used and no
one will be allowed to withdraw the whole OF
large deposit OF once.
-Four decision is not binding any one he
continued land i have doubt many Will hot
avail themselves Of the action. But the stronger
ones will and Will do so to introduce the UNIFORM
policy. My bank is in an eXceilently souhu posi-
!ioa but on Monday shall ieSd bank sne w @es under
the management of its president and board OF
directors. They must meet and decide before
their institution can cooperate WIN US
DANGERS TO BE AVOIDED.
President Mcmahon. of the Emgrant Industrial
Savings Bank in Chanlbers-st., said that the
Withdrawals at his bank were very heavy yes'cr-
day, and that while no panic was feared unless
some such expedient for preventing an mus
eliminate run as had been agreed upon by the
banks was put in force Monday would witness
a withdrawal of deposits such rs had seldom been
known in New-YOrk. 10 meet such a run the
bank would be compelled to sacrifice Its securities
IN mortgages and bonds Of all descriptions. 1t
would be impossible to predict the generalization
in values which might follow. Mr.. McNahon
said that he thought that the duty of savings
10, lair Erufp nOIpf of
view it necessary that the banks take advan-
tage u the law which provides that they may
require legal notice from depositors before with
drawing large amounts This did not mean sus-
pension Of payment, but only the exercise OF
reasonable discretion to protect the interests of
all concerned. At the time of Us last published
1905 depositors who had Sal ,309,003 in the
bank. In this city only the Bowery and the
Blocker Street Savings banks have larger amounts
due depostorS. The Eml2rant Banks cash on
hand was $344,533.
A WOMAN WHO WANTED HER MONEY.
At the Seaman's Bank for Savings, No. "a Wall
st., there was heavier withdrawal than usual
by depositors, but there excitement. One
woman, who had four deposit books withdrew
the entire amount of her savings, over $1,000.
with the evident intention. Of the officers said
afterward of secreting the coin. She would not
accept check, which is usual way Of paying
30 large an amount, but demanded the coin. which
she could hide away in stocking. Had he
known Of it at the time. the official said. he would
have enforced the thirty days notice clause against
her. Under the agreement which all dcpositors
have to sign savings bank officers have power TO
enforce the time clause against any individual
depositor at a moments notice. No action by
trustees is ever necessary for the operation Of
this time limit
William G. Sturges the president of the Sea-
mans Bank, said that the institution woud put
the thirty days clause into effect tomorrow morn
ing This was Mr.. Sturges's comment on the
action of the bank presidents. he wrote it
out
HOW A SAVINGS BANK is MANAGED.
savings bank differs from a bank Of dis