The sun., 1908-08-02
LESS DRAIN ON SAYINGS
BANKS REPORT FEWER WITH.
DRAWALS IN JULY.

BANKS REPORT FEWER WITH
DRAWALS IN JULY.
Interest nay Passes Without the Locked
Per Demend-Mere Men Employed,
Gay the Presidents-JanuaFy Saw the
Need Of the Workers Most Pressing.
July 20 was the third Monday In July and
the day when the savings banks pay the
semi-annual interest. Then It 10 expected
that there will be Withdrawals from ao-
counts. One reason for this is the sus-
pacion existing in the minds Of many de-
positors in savings banks that In order to
get their interest beyond any risk Of loss
It is necessary to draw It out on the spot.
Then depositors who have wanted money
Tor one purpose or another. but delayed
drawing 1t on account OF the date for COL
leoting interest. take out on that day what
they want.
Presidents Of savings banks had this
year expected large draft on July 10.
Many deposltors had drawn out In January
for their living expenses. The October
panic want by and left them out Of work,
socas Of them had even lost their plaoes
before that time. 90 every indication was
for heavy draft on tbs savings banks at the
sime named. IL did not como. however.
and the presidents who had made provision
for this drawing out Of savings take this
action Of their dspositors az an indication
that their business h to be normal IN the
future. That means that the mon deprived
OF work BY tho hard times OF last summer
and autumn are at work again and are liv-
ing from their wages.
~Wc feel that our business now Il about
normal said Henry A. Sohenok Of the
Bowery Savings Bank. sas the result Of the
action taken BY our depositogs on July %.
There are the regular drafts to be expected
On that day from the two customary oausss,
the fear that thsy may not get the interest
and the hurry Of those who have been de-
laying until tho interest was paid. This
year ne paid out $4,000. as against 500 200
the third Monday OF last July. We had
i.eoo accounts this year that came under
my observation. Seven hundred deposited
and LOO drew out. yet what was Withdrawn
amounted to 90. 900 lces than On ths same
day last year.
'Of course we never ask or know for
what purpose our dspositogs withdraw their
h.. -. - =. -, - go ou W ous'uess -.
-. Ss. - ~ 'e o'r 'nno pssw eno tnss
ouI oepoeiton are no longer drawing from
thetr savings the money to live on
Presidsnt c. Z. 6prasus of the Union
Dime Savings Bank had made prepara-
tions to have his depositors draw out q
large amount. 1T wss In expectation
of that said Mr.. Spragus to TEE Sun
reporter. that We laid in q largo supply of
-. .s-.. - 80 ~ oA Npo...ots in4ens
- seH nonoy IN any ioffn tney wanted
". But the demand Tor 1t did not arrive.
The amount drawn out was much smaller
rnont tbs r.s,It ~ ths nc,ns.s- ,srs. a.
49,. @,. ~ .uo Oosooer panio' An-
otner esioence o. improved conditions that
notacsu was In tho bank book hypothecas
tion. When people Are fssItns the sting of
hard times they WIN take thsir boots q !
ss Dn- ~ nAns: nypo.neoA1s tnem mere ana
pas = Msn interest TOT snort time rather
than lose their interest for long period
have b,en AHA n ol,aervc ,b.t has not -,
done r.oently - ~ '''-' ''''-' NV '''"
sT,
Inc pest indicaeon OF tine times 10 to be
seen hare ON Mondays. Then we keep open
until late to receiye deposits. IL takes two
raoaivin0 taIlera IN look aStar IN. ,,,o,,.,r
brou aht here bv tba yvorhrnen Yr,nw II
them in oyereIls i,,st as tbay have l.St Shsir
smnIoyment T Snn.t ,naan that a. .;t,,a, s,u.,
tion n lie that now hut man az s,s s''uo na,
drawing ont their savings To live IN NV
sIt must NOT be foreotten that the WAS,
who have hank acconnfs IA ne . r,,ie AZ
last to loee their empjovment The sane
ouaIItiea that make them savinG male fhsr,,
food worhman. so thex are tb. ~ae Isst -, onel' on
fshe clients We like ara the Kind wbo h by-knc k~
their money avery week snd denosit n
sTbe reei,H al the third Monday IN .n,x
bas seryed 70 convinoe me that o,,y hanIiny
will be hereafter on q normal basis Thsf
means. Of oourse. that our denositor. .rs
once more in a situation 10 i've on thar
earninrs and not touch their sayings
James Ouinlan. PRESIDENT of the Green-
vich aayines Bank. had a strikin9 iliustra.
ton Of the Improved condition. Of sffsir.
when he consulted with his bookkeeper "A
30 the amount 90 far paid out in JiIlv in
,ornn. r;.r,, ,r;th -h.t n. anns.;s.-