The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1901-02-07
UNCLAIMED DEPOSITS.
Opposition to Mr.. Meeker's
Bill to Turn Them
Over to State.

One of the many important measures
which Assemblyman Ellis Meeker. Of
Union, has introduced in the Legislature
this session will meet with considerable
opposition from the savings banks offi-
GERS of the State. The bill provides that
savings banks shall file an annual report
showing depositors not having deposited
or Withdrawn any moneys for seven
years.
The list is to be published in the news
papers and after a year has elapsed the
amounts remaining unclaimed are to be
paid over to the State treasurer, to be
invested am to be paid to any person es-
tablishing a legal claim within fifty
years. At the expiration of that time the
money becomes the property of the State.
There are many hundreds of thousa nds.
of dollars now in the possession Of the
| savings banks of the State that would
have to be turned over to the State treas
urer under Mr.. Meeker's plan. A law al
ready exists requiring the publication, in
connection with the annual report of the
State banking commissioner, Of a list of
all deposits of more than fifty dollars
that have remained without any addition
or withdrawal for period of ten years.
In these large unclaimed deposits alone
|
ious savings banks, but it is deporits for
amounts under fifty dollars that are the
most numerous. These deposits accumu-
late in various ways. and vary IN sums
from 81 upwards While no close estimate
can be given as to the amount that thus
remains in the banks, it is known to De
many times greater than the amount OF
deposits of fifty dollars and upwards.
1t would be an advantage to the general
run of depositors to have these unclaimed
deposits out of the banking institutions
At present all of these deposits are draw
ing interest and as it piles up year after
year it greatly reduces the dividends OF
the live depositors.
In the Provident Institution for Savings
for this city has just so of these unclalla-
ed deposits ranging in amount from $5O 70
$1,000, and aggregating about S3o,VuV.
Among these is a deposit of $ll,39S. A 70
last deposit March 13, 1854. In the same
bank there is a credit of $5, ,306.06 to julius
Dresser, a United State soldier, who
and was probably afterwards killed IN
battle.
Three times different individuals have
begun suit against the bank for the Coyle
deposit, but have been unsuccessful.
The bank always defends these suits in
order to protect the rightful owner If he
should appear. The officials have no de-
sire to keep the rightful owner out Of the
possession of the money, and are always
endeavoring to discover the right person.
One of these unclaimed deposits, which
I
at last been claimed by an Individual who
has established his right to the sum, and
will receive it before long.
Mr. E. w. Kingsland, cashier of the
'tBee Hive" Bank, said this morning that
he was opposed to Mr.. Meeker's bill. and
hoped it would not become law. He
could not see any good reason why the
banks should not retain this money as
well as the State. A large number of
these so-called unclaimed deposits" were
those which had been made by men -yho
knew where they were and were keeping
thir eyes upon them. For reasons best
| known to themselves, they do not want
they have any money, and so they let it
lie secretly in the bank. They. are lively
to come for the money at anytime, and if
the deposit had been paid to the State
the depositor would have to go to the
trouble and expense of travelling to Tren-
| ton to get his money.
Cornelius zabriskie, director of the
bank also said he was opposed to the
bill. and considered it a bad measure