The sun., 1895-03-12
NEW YORK SAYINGS BANKS.
Deposits Increase SEQ, 81 900 In spite OF
tho Business Depression.

ALBANY, March 1l.-Superintendent Preston
of the State Banking Department in his annual
report on the savings banks, trust companies,
and safe deposit companies in tho State says:
"On Jan. /. 1895. there were in this State,
authorized to transact business. and under the
supervision of this department, 1876 savings
banks. 3S trust companies, and lS safe deposit
companies. with combined resources of Sl,301.-
297, ,64S.36 as shown by their reports for the
commencement of business of that day. This
shows an increase OF sos. 773, ,927.59 over the
same date for 1894. when there 125
savings banks, SO trust companies. and II safe
deposit companies.
1.-The deposits in the 125 savings banks Of the
State, as shown by their January reports. was
S643. s73574.44. an increase for the year OF S26,-
T54. .OOO.40. in spite of the prevalent and con-
tinued uncertainty in financial circles and the
business depression which has compelled larger
Withdrawals OF savings than would have been
made il the general business situation had been
more prosperous.
year. and none closed. though since Jan. l, be-
cause Of the embellishments in the Chenango
Valley Savings Bank of Bnshamton. have had
to close its doors until such time as the full re-
port as to the amount of the dGfaicatinn and
the present condition Of the bank could be
ascertained by the examiners in charge. II Is
hoped that following the procedure inaugurated
In the case OF the Ulster County Savings insti-
tuition, an arrangement may be made possible
under which the bank can resume under differ
ent management. aud the necessity of winding
up at the hands Of a receiver be avoided.
1T is a pleasure to be able to report such suo-
cessful and prosperous management as obtains
with the savings banks of the State as a whole;
perhaps in no other State and in no other year
in the history Of this State has such an enor-
nous total of resources been handled with so
little loss and at small rate per. cent. of
pense.
= most cordially concur In the recommenda-
tion in the first message of Gov. Morton to the
Legislature that savings banks be made entirely
independent of banks OF discount and deposit,
whether State or national, and trust companies.
The tendency to merge the management of u
savings bank and an institution Of deposit and
room or suite OF rooms, leads to confusion OF in
terests and gives great occasion and opportunity
for unbusinesslike proceedings and Irregular
methods. The failure or embarrassment OF one
generally involves the SUI pension OF collapse oil
the other They should have separate manage
ment and location under statutory regulation.
! heartily approve the general purpose Of the
burn, to practically enforce the Governors rec
ommendation.
AS an additional safeguard to the interests
of depositors in savings banks, have to suggest
and recommend that II be made compulsory on
the part of depOsitors to present pass books at
stated periods-say once each year to be COM
pared with the bank iedgers and Ds written up
to date. To enforce this requirement, the peIl-
atty of loss Of small percentage OF interest or
this policy would be u considerable step toward
making impossible such delalCatims rs have
been discovered by the Banking Department in
the past; and perhaps render unnecessary tho
plan suggested by some Tor examination Of saw
ings hanks more than once in two years"