The sun. [volume] (New York [N.Y.]) 1833-1916, 1894-09-22
SAYINGS BANKS BUILDINGS.
How New York Institutions Arc Able 70
Put Up Structures So Fine.

The most Improbable and unproductivo build
ings in New York devoted to business uses are
the structures raised by the big savings banks,
but the reason OF this Is not generally known.
Any obServant student Of New York streets
must at some time have found occasion TO re-
mark that, whereas all other buildings seem tc
be constructed with n view to favorable letting
and the acquisition OF the largest yearly rental
possible, savings bank buildings are built on the
reverse plan-for architectural effect rather
than revenue.
Thus the new white marble building of the
Bank for Savings-the bank formerly In Blocker
street-at the corner of Twenty-second street
and Fourth avenue. covers one of the most val
liable sites in New York, yet has been con-
structed without reference to any revenue. II Is
SO with the Dry Dock Bank building on the
Bowery. the Greenwich Bank building on Sixth
avenue and sixteenth street. and with the new
savings bank buildings generally.
The national banks, insurance companies, and
the trust companies put up mammoth buildings
serve therefore As desirable investments OF the
funds OF such concerns.
among savings banks is this: There are no
stockholders In savings banks, All that re-
mains over after she payment Of the customary
the surplus fund. 1t is not divided among those
who conduct the bank: There is no outlet for H.
The accumulations of years become finally a
sort OF guarantee iund for the depositors, but as
they are never SO divided the practice has be-
come general among the older banks TO put the
money into a new building, with no reference 10
increasing the surplus"
This seems almost paradoxical. but IL Is true,
and IL Is the fear of enlarging the surplus which
causes these banks TO establish what. from a
real estate point OF view, is a losing investment.
How great these surplus funds are, recent hg-
ures show.
AT the beginning OF the present year the Bow
cry Savings Bank had an unused surplus of
$500, 900, the Bank for savings, or italian
Bank, - as IL has come TO be called. had 81, 5OO,-
900; the SeRmen's Bank had s 1000, 900, the
New York Savings Bank, at Eighth avenue and
Fourteenth street. 81, 909, 900; the Manhattan
Bank. 81, 900 900; the Citizens Saving Bank,
81, 300. 600; the Dry Dock Bank. 81. 700, 900; the
German savings Bank $4,000. 900, and the
Emigrant Savings Bank s. 900. 900.
IL is a fact not everywhere known that New
York savings banks do not invite deposits of
large amounts of money, and they pay a smaller
rate Of interest for sums In excess OF 81, 900 than
on amounts Of less than that figure. They keep
a special record Of depositors having more than
$4,000 10 their credit.
This Is the record OF such fortunate persons in
each bank; Fifth Avenue Savings Bank, q;
Bank for savings, 40; Bowery Bank, y: Broad
way Savings Bank. 20; Citizens Savings Bank,
/; Dry Dock Bank, n: East River Bank, 10; Ex-
celslor Bank, Is; Franklin Savings Bank, "a;
German Savings Bank, u: Harlem Savings
Bank, 81; Manhattan savings Bank. /; Metro
politan Savings Bank, /; New York Savings
Bank. /; Seamen's Savings Bank, 10, and West
Side savings Bank, 10. Tim Greenwich Savings
Bank has $50.