New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-28
BANKS LIKE 1T NOT
THE DIRECTIONS TO THE MYERS BILL.

The XVIII District in this city mas introduced Dill
as 20 unclaimed savings bank deposits. Myers Is
seryins his second term. Last year he MADE a poor
record He IL a typical Tammany Statesman.
with no business politics Formerly he was a
contractor. His entrance on political HE was que
TO the friendship and support OF ex-senator george
W Plunkitt. In its title the bill shows the care
lessness with which legislative business Is OFTEN
carried on In the printed official copies the ute
roads thus: IAN act requiring all savings banks
and savings institutions organized ana dohs DUST
ness under the laws Of the State OF New-forK' 10
notify annually each department thereon by man
q all balances standing 10 the credit Of such de-
posator" etc. OF course. the word departnleh'
should be 'depcsitor.'
The bill provides that all the institutions named
shall annually by March Is send by mail to each
depositor full statement OF all balances 10 inc
credit OF such deposition The notice must be IN
closed in sealed envelope and directed 10 the iasl
known place of abode of such depositor." The Sec
ond section says that when any money remains TO
the credit Of any depositor, without being with
drawn or disturbed for fifteen years or more the
bank must publish once in every year Tor TWO sue
cessve weeks In two daily newspapers published IN
the town or city in which the bank Is located a
complete list OF such depostors and'the amount OF
deposi,s 10 their credit" There Is further pro-
vision that every bank failing 70 comply with the
provisions Of the bill shall also be liable 10 for
fixture 500 each deposior or. In the event OF
his or her DEATH to his or her heirs executors or
administrators. Just what TINS means IL "Vuiu
take Tammany Statesman TO explain parueu-
AIRY the force OF the also.
VIEWS OF JOHN HARSEN RHOADES.
Interviews were had yesterday by Tribune men
with the presidents OF several of the largest savings
banks in the city They condemned the bill. and
raid that II would never become a law John Har-
sen Rhoades president OF the Greenwich Savings
Bank at Sixth-ave. and Sxteenth-st. spoke as fol-
lows:
s.r11o op'a hO hell
NOUS sums Of money have accumulated in the saw
ings banks through the failure Of depositors to
close out their accounts. and every now and thch
some plan is brought forward OF having the facts
made public in some way or other. do not Know
the exact purpose Of the bill introduced by Mr..
Myers n copy OF which has been sent TO me- but |
do know that there are lawyers of a certain class
who are anxious find out all they can about the
so-calied dormant accounts. with the idea OF pre-
sentng false claims and getting the money. II pos
sibe. When some one comes 10 us In reference TO
one Of these old accounts. the Identification OF the
person depends the test questions. such as the
maiden name Of the depositor's mother and other
things that recorded on our books. We have 10
be very careful in making inquiries in such cases,
SO a TO be sure that there is mistake when the
money is paid
Now, as for the idea that there is immense
sum in the savings banks that has been lying idle
for twenty years or more the subject was investi-
gated by the Constitutional Convention In 1894 and
everybody surprised TO learn that the total
amount Of such deposits was only about N0p""
while the entire deposits in banks Of this kind in
the State s7ooDo"n. OF the $4,000 about
one-half is in Institution in this city. and the
large amount there is due to the fact that ihat
bank allowed interest 10 accumulate on deposits
longer than the twenty-five years prescribed by
law In this bank have some $500, depositors,
the deposits amounting more than 100000 and
the dormant accounts are not more than 5000 or
en- M hofyr md
ITO comply with the proposed law would require
many months OF labor and the employment OF addi-
tonal clerical force TO make transcripts from the
books of the account OF each of the 10000 deposit
tors in the State The postage alone for sending
out notices would amount $4,000 Then the
notoriety Of the matter would be annoying TO de-
positors generally. and undoubtedly two-thirds OF
the letters would never reach those 10 whom they
addressed. As a matter of fact. the names OF
persons whose accounts have become dormant are
sent every year TO the Superintendent OF the
Banking Department. at Albany. and Information
on the subject can be obtained there by any ono
interested The sending Of these names IL required
by law but the amounts OF the deposits o are not
Por. pos "a The slieS,est DANGER Of it's being
passed by the Legislature. and II passed 1t would
surely be vetoed. AS for the requirement that the
from the banks be printed in the newspapers after
fifteen years. that would simply open the way Tor
would / believe hundreds OF thousands OF
dollars and have heard 1t intmated that this bill
was drawn in the interest of certain portion of
the press. that would be glad 10 proht by H.
THE PROPOSED LAW IMPRACTICABLE
The Bank for Savings. better known the
Blocker Street Savings Bank although for two
years IL has occupied its new building at Fourth
ave and Twenty -second-st. has more than l2.Vp
depoeitors to whom It owes the enormous sum OF
nearly $50 10000 The dormant accounts In this
bank are far larger than In any other bank OF tho
State-for reason because il IS the Oldest saw,
t,C. tttftfn hat ing n "A
amount TO upward Of s7o0co The president Of the
bank is Merritt Trfmble. In speaking of the Myers
bin yesterday, he said
IN the first place. it would be wholly imprac-
ticable to carry out such law II II Were enacted
dresses Of a large number OF our depositors, some
they have moved from place to place and !, is
utterly impossible 10 trace them The notices
wrong hands and might be used as the basis for
false claims Then. too there would be great an
II sacS notices gave the hint 10 members of their
families that they had been saving money. Many
times by those who wish to have enough money
gnd keep them 10 nuIy from bens SENT to c
Field. All bills Ike this one are objectionable
slS by Sat the no bank officials to
becoming a law"
TO OPPOSE THE BILL At ALBANY.
William C. sturges president Of the seamens
Savings Bank. at No "a Wal-st. is chairman OF
The Executive Committee OF the Savings Bank
Association Of the State. When asked what steps
would be taken by that committee in reference 10
the Myers bill. he answered with the air Of one
who had grown weary OF resisting attacks on the
interests represented by the association:
IL suppose half dozen bank presidents VIII
have 10 trot up TO Albany when the matter comes
up In committee. and set forth the facts as they
appear TO us" said MI Sturges Ihere is no'
the slightest occasion Cor such bill 1t GER
tainly would be impracticable 20 reach a large
number Of depositors. who have changed their
residences many times. perhaps. since their ac-
.ounfs were opened. Many OF the letters would he
lure 10 And their way the Dead Letter Office and
others would fall into the wrong hands and cause
rreat trouble Many deposits are made In savings
banks with the avowed purpose OF being Kept
secret and many times women have come TO me
and pleaded that If their husbands or children
should come and ask II they had money In the
bank / would not give them any information one
Of the essential things in such bank is the ele.
meat OF confidence and such publicity as this bill
provides for, in the advertising o. all accounts
move than fifteen years old. would disturb the
ix.atI LAM sliex no