The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-29
PRICE TWO CENTS.
SAVINGS BANKS CONFER.
APPLICATION OF THE 80-Dzr AND
6O-DAY RULES ADVISED,

Advised Against It-Grent Picking Up a
bargains in Wall Street Yesterday-A
Tremendous bear Raid on General Flee.
tric Followed by Recovery-The Company
to Pay Its Dividend and Its Floating Debt
In Cnsh-se, 100, 900 More OF Loa. Certin.
Gates Taken Out for tho Benent OF che
Mercantile Community by Strong BsnksA
During the last few days tho withdrawal Of
deposits from the savings banks Of this city
and Brooklyn has been so large that the Of.
fcers OF those institutions have been dis.
turbed. Evidence is not wanting that a large
part of the money withdrawn from the savings
hanks has been attracted to Wall street BY the
extraordinarily low prices for securities.
1t 10 possible. OF course. that some of the
money has been taken out because OF tho gen.
eral reduction in wages and shutting down Of
mills factories and other industrial establish-
ments on account OF the widespread contrao.
tion Of business Laborers whose incomes
have been reduced have doubtless been DOM.
PEELED to some extent to fall back on theit
| savings.
Whatever tho causes may be the withdrawal
OF deposits has been upon scale that brought
the active managers Of the savings banks to-
gether yesterday afternoon to discuss tho
situation.
Before the meeting was held sufficient infor.
NAL discussion had taken place between tho
Presidents Of certain savings banks and tho
officers Of some OF the Clearing House banks
to bring out the fact that the first named wore
in favor Of taking advantage OF the provisions
in their charters authorizing them to require
depositors to give thirty and sixty days notice
OF the withdrawal Of their deposits.
1t Is to the credit OF the Presidents OF the
Clearing House banks who were consulted
that they unanimously advised the savings
bank Presidents against taking such step.
They argued that the financial situation ID
gradually improving. and that one Of the evil
dences was the appearance Of a large number
OF small investment orders on the Stock Ex-
change.
1t appears. however. that this advice was
disregarded. and that at meeting OF the ma
! jority OF representatives Of the various sav-
| inEs banks held yesterday afternoon 1t was de-
cded to recommend to the various Boards Of
| Trustees that they should take advantage OF
! the time limit regarding the withdrawal Of do.
| posits.
This was the most important financial news
| OF the day. and it is evident from the manner
| in which officers OF savings banks responded
| to inquiries about the matter last evening
| that they had intended to keep their action
| secret until each institution could act upon the
recommendation Of the Meeting.
The meeting was held in the Emigrant Saw
| ines Bank building at 2 o'clock yesterdnv
afternoon. It was a meetinp Of the presI.
| dents of the savings banks OF this
county and Of Kings. President j. Har-
| sen Rhoades OF the Greenwich SayinRa
Bank presided. The officials present after
long and full discussion Of the financial attn.
| ation. decided unanimously to recommend To
the trustees of the several banks that the
banks should avail themselves of the pro.
| vision in their bylaws which allows
them to require notice from depositors OF
an intention to withdraw their deposits.
It was recommended, 40 It Is understood.
that thirty days notice should be required
on sums OF $500 and under and sixty days ON
sums over that amount This applies to ap-
plications to withdraw the total amount ON
deposit, and it is und erstood that tho bank Of.
hicals will exercise their discretion In max.
ing payments on account in individual In.
stapcas The recom mend alton poea 10 th>