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ment. In New-York City there are twenty-five 8 ings banks, and on January 1 last they had deposit $340,406,930, placed there by 815,2 depositors. In Kings County there are fourt savings banks, which, on the same date. I $105,947,231 in the names of 270,032 depositor Edward Baker, president of the Bowery Savi Bank, when seen in the bank yesterday morni said: We have not enforced the sixty days' rt It is a good rule in case of a panic, but otherwise. No action will be taken by this ba until the trustees have considered the questi The officers of the bank will wait for a meet of the board of trustees, which will be held ea in the week. The trustees will probably ta such action as may be necessary to empower officers in case of trouble to act at once. We an extra heavy business this morning. but depositors were not at all alarmed. The savi banks are experiencing a great need of bills small denominations." ALL DEPOSITORS ON AN EQUAL FOOTING Andrew Warner, president of the Institut for the Savings of Merchants' Clerks, No. Union Square, said: The Board of Trust have not met yet, but if we think it necess a meeting will probably be called for Mond We have given no notice to our depositors, a we will keep on in our usual way until trustees take action. I consider the action good one, beneficial both to the savings bar and the depositors. It will put all the deposit on the same footing. do not think this acti will have any bad effect on the banks, for telligent depositors will understand it. withdrawals of deposits have been only sligh larger than usual at this time of the ye Confidence will be readily restored when depos ors see that they can easily obtain their mon I look upon all the savings banks in this St: as sound and capable of paying all they owe a having a surplus left. These institutions 80 hedged about by law and their investment are of such a character that it is difficult depositors to be injured. The chief purpose the sixty-day notice would be to stop the imr diate withdrawal of the whole amount on posit. I consider it a wise action. and doubti all the banks will take advantage of it." THE TIME CLAUSE ENFORCED. Colonel Sprague, president of the Union Di Savings Bank, said 'There was a large increa in the withdrawals of deposits from this bank 1 day. We are paying $100 on account. and ha availed ourselves of the sixty-day clause in o charter. The women depositors seem to be 1, frightened than the men. It was remarkab however, that 15 per cent of the money withdray was immediately redeposited after the people sa that we had plenty of cash on hand to pay. large amount of the money paid out was in gold DEPOSITORS WELL PROTECTED. The provisions of the Banking law protect ( positors in savings institutions at every ste Before a savings bank can begin business t Superintendent of the Banking Department mi be satisfied as to whether the responsibility a character of the organizers are such as to eo: mand the confidence of the place in which t savings bank is to be located also as to whetl the opening of a bank, in the place propose will be a public benefit. Thirteen corporators : necessary. of whom a certain number must reside the county where the bank is to be opened. and t thirteen are subject to the obligations and dut imposed by law on trustees of an express tru No savings bank can receive deposits until has sent to the Banking Department the nam residence, and address of each of its officers. is provided that: No trustee of any such corporation shall have a interest, direct or indirect. in the gains or profits there nor as such, directly or indirectly. receive any pay emolument for his services, except as hereinafter provide and no trustee or officer of any such corporation sh directly or indirectly for himself or as an agent or parts of others, borrow any of Its funds or deposits. or In o manner use the same except to make such current 1 necessary payments as are authorized by the Beard Trustees: nor shall any trustee or officer of any such poration become an indorser or surety or become in manner an obliger for moneys loaned by or borrowed such corporation. A trustee who violates this provision, or W becomes connected with any other savings bar forfeits his position ipso facto. Trustees who as officers, or as members of the committee examine vouchers and assets, may receive a CO pensation, whose amount is fixed by the majori of the other members of the Board. HOW THE MONEY MAY BE INVESTED. In this time of general depreciations, the sa guards as to the securities in which deposits m be lawfully invested are specially interestir Those securities are of six classes: (1 Governme and District of Columbia interest-bearing oblig tions, i. e., bonds or notes: (2) interest-bearing ligations of this State: (3) interest-bearing oh gations of any State of the Union which has n defaulted in payment of principal or inter within ten years; (4) city. town, country, villa and school bonds issued pursuant to law in tl State: (5) first mortgages on real estate situat in this State worth twice the amount loan thereon not more than 65 per cent of all t deposits can be loaned in this way. and only per cent of its actual value may be loaned on 11 improved property (6) real property necessa for the transaction of a banking business, a such as is purchased at sales on foreclosure mortgages owned in the bank The trustees are prohibited from loaning ti moneys deposited with them, or any part there upon notes, bills of exchange, drafts. or any oth personal securities whatever." Dealing or tra ing in real property otherwise than as has bes indicated. or in any goods, wares, merchandis or commodities whatever, buying or selling e change. or gold or silver. or collecting promisso notes on time bills, or making or issuing any ee tificates of deposit payable either on demand at a fixed day are also prohibited. CASH ASSETS LIMITED IN AMOUNT. For the purpose of meeting current expenses, per cent of the amount of the deposits may 1 kept in a State or National bank or trust con pany but this amount must not exceed one-quart of the capital stock of such depository. TI
