New-York tribune., 1897-01-07
A RUSH TO DEPOSIT MONEY
BUSY SCENES AT ALL THE SAVINGS
BANKS SINCE JANUARY 1.

BANKS SINCE JANUARY l.
ANNUAL STATEMENTS SHOW LARGE INCREASE
IN THE NUMBER OF DEposTToRs-THE
QUESTION OF INTEREST.
"Tbe savings banks Of this city were never so
strong as they are to-day" said William H. socun'.
president OF the East River Savings institution a'
No 3 Chambers-st.. yesterday, and the same state
ment was repeated by number OF other onc'a's VI
savings banks who were consulted by Tribune re-
porter
Busy scenes have been witnessed at all OF the saw
ings banks in this city since January j. ana 'ner.
has been rush of depostOrs to take advantage oi
the offers to allow interest from January on oe-
posts made before to-day. Inquiries ~ t"e o"'"'
drew out the information that many wageFar"ei'
in the city able TO open accounts OF aou ~
their deposits. but that larger number OF perso"'
opened accounts in the savings banks IN order "
invest their money at higher rate OF interest than
they could make II earn In other investments ~
number Of the savings banks paid interest y" ue
posts at the rate of per cent per annum last year
and nearly all the others paid Interest NJ '"e '"'e
Of 3,a per cent. At the same time nearly every '.
irgs bank increased its surplus. even whe" '' ''"'
OF deposits was decreased
The withdrawal of many deposits from tne saw
ings banks a few months ago. wneh theie ""'
fear that Bryan would be elected ana 'ha' ."o
country would be placed on free-siiver oas'S' ue
people who drew out their money LOST 'he i"'e'.S'
which thew would have received at the end OF the
wear and the banks gained by the withdra~ais ior
most of the money came back again aiter '"e e.ee
tion Some of the depositors were wiser. even "neh
they needed money. and refrained from drawing
out money until after the beginning OF 'he year.
when the interest had accrued Mr.. Siocum sa'o
Yesterday that the East River Savings Institution
had gained about 100000 last year. The interest
credited to deposors at the rate OF per cent per
annum on January / amounted to *3lZ'S ~ ana the
amount of deposits at the same date was *iIS"'-
bs7 TO- The banks surplus fund amounts 10 NS4o'-
23G.
Ion,os NcMahon. president Of the Emigrant In
dustr,al Savings Bank at No. 81 Chambers-st..
said that the bank had gained nearly HCco.ooo IN
deposits In 1896 and had increased Its surplus iund
by nearly 100000 Its deposits on January l. lsSo'
amounted to 1868 7u SS. and Its surplus iuno was
A7&.975&.
The making up Of the accounts OF the Bowery
Savings Bank No. 1So Bowery. for the last year is
nearly complete and prosperous showing Is mace.
The total deposits January ]. 1886. were $o4,-
$3.50 g. while upon the first day OF the present
year the deposits had grown to S7b06Ieo b. In
spite Of the unsettled state OF things that preVaieo
for the greater part OF last year. the banks sur
plus has suffered comparatively little FROM
ss 0se 17s 81 In 1885, there is slight decrease 10
& s4S45OS7 In commenting on these ngures' w.
CoggeshalI. the assistant secretary. sad ihis
showing is a particularly good one. especially
when II is remembered that. while the law allows
us to receive deposits up to $3OOo. We limit our
depositors to 500 a year. Since 1881 we have paid
n 4 per cent dividend and we shall declare siml-
lar dividend this year. The increase In deposits
in such period OF uncertainty as existed last year
Is significant also in showing that the class Oh
people who bank with US readily adapt themselves
to unusual conditions. and. BY living economically
and by being provdent In other ways. continue 10
add to their savings.
Andrew Mills. the president OF the Dry DocA
Savings Bank, No 343 Bowery. said that ne was
unable for a little while to state precisely what
the total deposits would be for the last year.
Speaking approximately, however. he said that the
total would be about the same as for the previous
wear On January !, 1896. the deposits IN round
numbers. reached the sum Of $lS5Oo.0Oo. The sur
plus however, shows an Increase this year, anu
amounts to $4,000. The Dry DOCK BANK mas
g. 900 open accounts upon which interest Is paio
Mr. Mills added that the dividend OF per cent
upon deposits up to $500 which had been pa'o 'or
ten years would be maintained this year.
The Manhattan Savings Institution. No. GA Broad
way, has to record small shrinkage IN oeposits'
On January /. 1886. the figures we're S2S'Sis oi.
while January Of this year the account pad
dividends Of per cent on all amounts. up 10 . ~"
and 81 per Senl on Se directors Propose to pay
3ls per cent all accounts Frank q: Sdes t INC 10
secretary in h ali in.s savings Banks would be
Compelled to face and was a step which he thought
tude that was allowed savings banks In the nature
of their investments was. he sald 50 iinlteu as
impress upon the directors OF savrgS ~ III"
The Citizens Savings Bank No 6s Bowery IS
also enabled to report @ IN as ue
sssoOOo while on the frst day OF a me presTh. yeas
suTss sas N oSsr sS IN Ss ss %
compared with the previous year. ,.., !.
The Seamens Bank for Savings has lately ue-
ho1f dividend
counts of less than g o and OF 2ls per cent on ac
counts larger than 500 prior to the lin Limitation on OF
Senuary T. 1851 We're ss and the deposits
at at iaat Sa.s M The deposits aggregated M 4
on January l. and sss 73 4 on July Of last ysaE
at those dates respectively. 1t will De noticed that
while the deposits have decreased since last July.
| the assets OF the bank have Increased more than
| enough to make up for this deficiency oao
surplus Of the Bank ar <. for savngs at IS S9 , 2
n%estments Of the bank being valued at par.
due the odd dePosprs Sss nn ss,ed
sasea Statement en- since then. our are working
Cn n books in sess
out figures for this year yet There VIII probably
lately and what gained about a year previous" "
The German savings Bank has M its %, statement e in
nrepara The surplus was S2i?,0So 80 on Janu-
ary /. 1896 while the deposits aggregated Si;l5.;
J d las: the hs srns OF bad deposits
ssssi sss $5 G.. F. Amthor the treasurer said yes
erday the bank had a Just rd deGlared liar h half
inc statement was expected to show further In
rrease both in surplus and In the deposits.
Although the Greenwich Savings Bank has its
Ma IN abe pa re a"e
its present financial status YESTERDAY. The AMOUNT
| JANUARY l. A half-yearly dividend OF 81 per cent
has been declared and the interest will bring the
annount TO about $33 10000 at moderate estimate.
The deposits amounted to about SCI 10000 last JAM
| nary exclusive OF interest.
| WIDOW OF THE FAKTRS' KING DEAD.