The evening world., 1893-07-29

Although II was the general concen-
sus Of opinion among the presidents
ut yesterdays meeting that such n
step would be advisable. In view Of the
present condition Of the money mar
ket and the heavy drain which had been
made by depositors during the last few
weeks, there is to be no compulston
about It: and the only action thn o,,,nsrn taken
Of each bank with the recommendation
that the notices be posted.
According to Comptroller David. Led
with, of the Emigrant Savings Bank, this
Is not a confession OF weakness on the
part Of any OF the institutions In the
cities named. but is. on the contrary.
we'll As the banks themselves. from In
convenience.
The rule exists in nearly all savings
TO. withdraw his account ne must give
thirty days notice. II the amount is UNI
der $500. and sixty, days notice II the
amount exceeds that figure. Usually.
however, the rule IL not enforced.
ut is not generally known, perhaps"
said Mr.. Ledwith, that the drain upon
the savings banks In this city has been
since July 1 more than slO,OOo.OOO has
been drawn out by depositors.
This loss of ready cash may incon-
they have an abundance Of assets in
the form Of United States bonds and
other equally good securities they
could not even sell these to get cur
rency IN the present state Of the money
I'm fact. it Is a physical impossible
ity, to get the. notes and currency
es OF depositors who are drawing out
their money. One OF those consists Of
the people who are affected by the pre-
yailing distrust and lack OF confidence
While they are not really alarmed about
the situation or believe that their bank
Y In any danger, they like to have their
SThey haven @ nerve e"' or aee' bacRSone "a ihere
enough to put 1t into any thing else, and
20 the money Is actua ly withdrawn from
circulation. This has done much to AK
gravate the situation and create an art-
ncial scarcity OF money. for l think the
people Of this class are in the great ma
'.The other class" continued Mr., Led
with. consists Of those who have laid
up snug little sum. and now, when
they see & q chance Of inyesting It at a
bargains. have drawn 1t out. gone down
into the street. made their purchases
and taken their securities away with
This money. of course, goes right
into circulation. but there are com
paratiyely few who have the nerve to
90 this. The stories that the savings
banks are boarding money are untrue
as general rule. We send all the sur
pius cash to our discount bank, where
is paid out over the counter, and
thus keep it in circulation as much as
81 do not think the posting OF notices
by the savings banks will have the ef-
rect OF frightening depositors. On the
contrary, II ought to make them more
confident. and 1t should certainly result
IN checking the unnecessary drain or
more difficult for the people to With
draw their funds"
How many OF the savings banks would
notice Mr.. Ledwith could not say. He
stated very positively, however, thai
none Of the banks would take any 'c ac
tion In the matter till next week.
There was long line OF depositors +,
front or the paying teller's desk at tn,
Immigrant Savings Bank this mornint
wshharsTlng ,nnh,ng %dnssi their money. \ few wert
~ =" This IS only the usual sight" saIt
Mr.. Ledwith, and, in fact the numbe
Is smaller than II has. been in som,
as usual, and every depositor who come,
nere can get all his money II he want
We shall continue to do th,s ,,n,,
our Board of Directors has met and de
ciuea what action shall he taken in re
gSrd ,baa ts to oor oIreqnirinS notice. With NOR
A. the East River Savings Institution
Senna,,s nnsm6ers street, there were very fey
than pnan the usual number. it wa was t said
nIresident Slocum told an "Eyenin
World reporter that he had heen or
oi town and had not heard Of the meet
ne had seen In tho newspapers VIVA
Ihe action taken. | must confess (
surprise to me for do not see tha,
necessary; II certainly is not in tn
However, ] shall talk with the oni
S Sers OF some Of the other saving
4Say.s. ana ascertain what the genera
er.1t OF opinion is, and our action Wi
be determined In a large measIire " h. !,
what the other banks do y
ri all the banks should decide to fol
low out the recommended tions Of IN
presidents ] think It would result In
treat many depositors giving notice q
their intention to withdraw their aC
what change might take place in th
monstary situation which would restor