New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-05-21

as il equitable and fair to EACH and. more tnan az
to prevent the possibility OF an undue increase OF
the same, especially In the direction OF the powers
to be given 10 restore Boards Of County super
vsors FOR upon these grave financial issues fests,
for many years to come the future credit OF our
city which heretofore has been of the highest ana
best in It's character. The whole subject IN inns
regard. Is fraught with danger and anxiety, ana
we certainly should take some action thereupon
The speaker referred with feeling to the death OF
John T. Edwards. president of the Board OF Irus-
tees Of the Oswego County Savings Banks
REPORTS AND RESOLUTIONS.
William C. Sturges. chairman OF the Executive
Committee. then reported the success OF enor's 10
XIII various measures at Albany inmical to the in
terests of savings banks The chairman introduced
J. y Kburn superintendent Of the State BanklTE
Department who spoke briefly In praise or the las'
Legislature Andrew Mills. treasurer. submitted
report that the receipts and expenditures OF tie
Association balanced. and no funds remained
4 resolution was then adopted empowering ire
Executive Committee TO consult. from time to time
with the Commission appointed TO frame charter
for the Greater New-York. with a View to restrict
the use OF power now vested In Boards OF County
Supervisors 10 add county Indebtedness ABOVE 'he
constitutional limit Of 10 per cent, for city indebted
ness
4 resolution was adopted empowering the EXecn-
tive Committee to investigate and prosecute the
Cass Realty Corpora ton, which Mr.. Rhoades SAID
had libeled savings banks by statements In Its ad-
vertisements
,,rbD reelection of the following officers of the
association then took place President John Harseh
Rhoades president Greenwich Savings BANK ilrst
v,ce-nresident James Mcmahon, president Emigrant
Industrial Savings Bank; treasurer. Andrew Mis-
president Dry Dock Savings Bank; secretary Will
lam g Conklin secretary Franklin Savings Bank;
members Of the Executive Committee. William {.
snrges president Seamens Savings BANK EDWARD
: Dawson president OnondagA Savings Bank; sam
uel r. Ralney, secretary and treasurer Hudson city
Savings Bank: James NJ Vent, vce-presden;
Nevburc Savings Bank; J. Howard King. president
Albany Savings Bank; Bryan II. Smith, president
RrookIvn Savings Bank John 7. Townsend. presi-
don't Bowery Savings Bank; Robert $. Donaldson.
secretary Erie County Savings BANK. ana AieNahuer
F. Orr president South Brooklyn Savings Bank.
After a recess the following were chosen as mem
beers OF the Committee Nominations for the com
ing wear: Samuel 3. Stiles, of the North River
Savings Bank: Henry Geckler. of the Dime Savings
Rank and Jonathan u. Currey. Of the Metropolitan
Savings Bank.
THE DANGERS OF A PREMIUM ON GOLD.
John p. townsend addressed the meeting as fol-
lows on the currency question.
Tie currency question MAJ not be a burning one
Of NE a no Often ask questions about gold 1t there
fore behooyes trustees anu manasers 10 oe 20 cnn
venons and citizens in favor Of sns snat goa
standard having IN mno n,c m .hn' cause de-
nand for gold that II Is Impossible 70 supply Du'
hay "a
rency that shall always be the equivalent, OF The
best in of the commercial world, , ~ o,,~ dou,
,ransactons is faIiac,ous. when II is well known
the currency we use b has "a bass Ni eI'
deposits in savings banks are bel sea ny Ge
by free coinage law these deposits b wU nre 9y on
gold had advanced very largely.
OPERATIONS OF MIDDLEMEN.
saying in part:
many cases s1s Hq Irresponsible assrs Simply
middemen where middlemen are needed In
Of money each year out Of the banks by forcing
investments than they Otherwise would.
Sac city Of S ac is .Gr @ and vide
be The dealers Immediately get together AMI form
syndicate agree upon ZIP price ang pGa h oa Sa
other hand each for itself bid for such portion OF
opinion OF its officers. Will yield fair return on the
investment. ., , +, ,ho ,,ro., r,o,o,,,, 81,
cases the bonds are awarded to the syndicate. who
| Immediately Ak price from z per cent to 2lz per
banks to buy at the Increased price thereby pocket
Ing 1a Snr PTG ha fCr Tpy on a
BY this system you can readily see how easy 1t IS
TO make m9ney Wn s1 no w rsS "a
or capital 10 go in the busiress' As mater o.
d faof w'f bns i me- s NV yefod u
As a remedy. recommend concerted action On
the part OF the savings banks. | am firmly con-
WINGED that those banks DESTROYS OF bidding any
proposed issue should consult With each other a r.
to seller and buyer, and. whether successful not
wo os not not f for 'aT be as
eating combination for the purpose OF forcing
ACTON on the part OF the banks to obtain fair re-
turn their investments thus enabling them in
A paper by William Hanhart. deputy controller
( OF the Emgrant Industrial Savings Bank, read
in which he replied his critics. who opposed the
deposng of money In savings banks in trust.
THE RATE OF INTEREST
President Rhoades made a few remarks. adyo-
eating the adoption by the banks Of some In
proved system of bookkeeping. He then touched
upon subjec; which excited much discussion
whether not it would be advisable for banks TO
take action regarding the reduction Of interest
deposits from and 3h per cent.
Mr. Mcmahon observed that in a time Of str!n-
sN dspositCrs although his bank did it;
Ar Blshop invited attention to
and $ per cent on deposits of 800 ana nd ; nor
sion on "a and John H. schumann proposal that the
plan OF banks uniting on a hxed rate of Interest be
casion to insist on the gold standard for currency.
and applause greeted his remarks.
ing the limitation OF 5000 for single depos, in a
there should be time INIT permitting deposit.
say. of $50 a month
probation for the courtesies extended to the ssso-
citation by George Wilson, secretary Of the Chamhe-
OF Commerce. who made the arrangements for
/ luncheon In he rooms. the meeting adjourned
Among those present were Daniel H. Bailey. Sam
uel r. Raney W. NJ Kern F. 4. Quintard, Rob
inson Gill Samuel ID. STYLES. Constant A. Andrews.
s A. Brush, Charles Is. Foster, John RI. Schum1nn.
George s Bishop Edward Harris Thomas II Has
W Foster. sylvester L. Storms John Bosom
| s H. French c. w. Grunet, W. ". Meaker,
Charles r. Henderson. c. Il; Fancher: g. Byron
Latiner, Robert Mac.ay William c. Sturges. Jo-
seph b. B!oomingdale. Charles f. Hanaman. William
G. Conkln. Henry w. Newbeck. H. c. Berlin. John
! b. Aliger. J. f. Derrenbecher Charles f. Sprague
Henry Geckler. J. H. Smedley, W. j. burnett; Jo Tn
r Smith, bernhard Green. II. H. Hunting, Thomas
Rushmore. W H soGum VI T T., Dodge e.; THOMAS TS
Il kellogg Byron De W.T., ,, Rufus r. wood r P a.
WEIGH A'Wat1T msanS Iatbron pg s9-