The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-09-29
eRIsWoLo SPEAKS ON
SAVINGS BANKS
BY Associates Press.

! Denver, Sept 2S-J &. GriswoId.
secretary of the Excelsior Savings
| Bank of New York, spoke on the. effect
of the recent panic on the mutual saw
| ings bank of the East Among other
! things he said:
The mutual savings banks of the
East withstoOd well the vigCrs Of he
financial winner from watch The cOun-
try is emerging as was TO be expected
of them The trust placed in them
was faithfully kept Few depositcTs
were in fear as TO the solvency of their
savings bank during the most distress
| full times of the panic period, nor of its
ability to supply funds to all deposi-
tors whose necessity required and
this fear apparently disa ppeared Ell
tirely by January 1, 1908.
Such research as has been pos
sible for me to make shows that i'm the
states Of Name, Maryland, New Hamp-
hire, Pennsylvania, New York. New
Jersey and Delaware there was in
deposit in savings banks on or about
July. 1, 1907 81 .905. 0T4e66.3s and on
or about July 1. 1906. 81 1872 .2O2, 07593.
thus showing a decrease in deposits
No & sav86 1 ~ 59Il~4 IL o,s,eo6T5 per cent
York. Connecticut. Massachusetts. DEF
aware New Jersey, Pennsylvania
New Hampshire, Vermont, Maine and
Maryland, failed to paw depCsiturs
strictly in accordance With their legal
contract In q few la'ger cities and
towns, ceuters Of busting trade + Was
deemed by savings binks managers
that it was for the besIini erests of the
depOsijOTS and the COumuuit- 70 re-
quire 80. 60 or 90 day5 Ias their by
laws read). notice of irteut of deposi-
tors 10 withdraw NOR, than $50 10
500. In instances wher' need of more
was made clear by the iepOsitOrs pay
ment was made Therefore DrOmD,Iv.
~ the banks and Cust companies
o. Jne city of New York. in which
large sum in aggregate was deposited
by the savings banks. we're in no posi-
ton to supply such an aHOrmoGs
amount of currency as might. if per
mitted, be required by savings banks
depositors, whose sole desire was to
put it out of circulatiu by hiding l.
as of old in chimney cGners. etc the
savings banks of the cit of New York
(the then center of eritemenn. ad-
viSed with the clearinghouse aSSOcia-
ton. and 1t was mutuaN decided best
that the savings banks require notice
of withdrawal beyond limited sum
This action which brought content and
satisfaction to all infested and be
yond question opened he way wide
TOT reason 10 travel, VS. followed COR 7
like purposes and withlihe result. b.
savings banks in sevenI other larger /
cities of the country The savings in
titutions of these Othe' parts OF our
country during the peiod treated. IL /
is to be believed. likewise merited the
esteem and trust PLACID in them.
As the years go q, he question /
whether savings banksohaII he mutual /
savings banks or shall 2 stock savings /
banks may be determined IN favor of /
one or in favor of the other. in eth /
or event We are all init. / know. IN /
thinking that the ab0lute safety of /,
such depositors' deposits must be I'D
permost in the mind II chose whose |
guidance the statutes govern are TO |
De prepared
The deposits shout not in any
way pTeventable. be jOp4rdized. All 1
that human mind can-with unseIfSh /
skill. invent which wilHeud toward as /
surance of safety Of rincipaI. togeth- !
er with the best irome thereon /
snouh be a. the dispsaI Of instjtu-
ton caring for saviIts.