New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-02

wanted we would not adopt methods when we
thought proper and right the new p , as ant
the saving banks in that , VIII II e ron,n US the
ger under the old law that the strain upon me
banks to invest or was OF br assets on bonds and
mortgage-a security which while IN the man 900 n
II, into MONEY The other danger was In the
fact Of banks carving so large proportion o OF re
municipal debt Of the state especially ,own cou mesa
village school district bonds as 10 max MS
practically unavailable IN times OF ~. ,pei,
Of the smaller municipalities. II these Dol.aa1
we're forced upon NAM , instances the savings banks
are carrying the entire dcDt OF soiie "a 80 arc
ana over 50 per cent Of the entire municipal
debt OF the State The average Increase OF me ue
ptwslVa Years we will have s24OOooooo Increase
t, 200 ooo Tinted States per cents are due in 1872,
sUS aSou, C56 state and municipal securities
mature by that time: therefore WITHIN me coming nm,
swslys ySars ws ha Of 80 So men while
the demand for United states ma 49,
ivn now exemp: from local taxation is c3n Sc
quently increasing. which added 70 ,nc com
NAMES has lessened by one-han the amount ava,,
able few years ago for savings PAM rrn1inr for
years This has brought about for the sav.Hss
Of low interest on Tha eject Of the new
law will be- in a limited degree. TO ehanie US -
sn rates Of dividends TO depositors The prosperity
of the savings banks means the Prosprr % mower
county c am ranks Association for by calling
for sixty days notice. thus giving other insttuos
and prevented a panic. AS far as the southern
States are concerned look at i this way az ne ne
yore tho war their credit OF the best. alte tHe
war they were upon their backs and saddiei WIN a
capetbag debt Now do not See why ' ars lang
principal and nteres: should not be sale risAI "a
large number Of what we call foreign cues 1 INV
the Indebtedness OF any one OF these eNc.eas r.
cent of its assessed valuation We cannot '""e Us
I'VE have no wish to do away with any necessary
restrictions II there was any rso,n apnroach
ing the danger line We would 2ppo, Si we ihourhi
gave too much iatitnde this bin been
passed the savings banks would have IN a lev, lew
years found the creates difficulty in fndins paying
and safe investments 10Y their none thnk tha
there the slightest danger 20 be npprehehuei
| from the scope given by the new Dill
JOHN p. TowNsEND's VIEWS
| Prominent among those who see no necessity for
enlareing the present scope for savings bank In
| yestments is John F. Townsend. the president OF
| the Bowery Savings Bank. When The Tribune re-
porter yesterday asked Mr.. Townsend for his views
on the subject reading the balance sheet for
| the month of May and the monthly statement was
| about to be sent to the printer The statement
| AIRY !. and 4o2 since May J. The amount on deposit
is 81 AZ ScS 30 and The surplus Is So,5ls9 d. ..
| said Mr. Townsend in reply TO the reporters ques-
ton, but the good things have gone up; As iar
as the fields opened up concerned. don I
| think want any OF them" When asked If he
| Townsend replied They are not undoub,ed' He
was inclined TO believe that where default had oc-
| that the smaller Institutions which looking
for larger interest bearing risks might take advan-
| tage of the law but he doubted II the older
| and more conservative ones would DO So In fact.
ne said. little investment comparatively had been
made by savings banks outside the State in terri
| tory IN which they already allowed 10 enter.
AS far some of the foreign cities are concerned
| heresy-s.lver"