43
THE CHICAGO BANKER
September 18, içoç]
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Bank of
Rockville Centre
Rockville Centre, New York
ORGANIZED 1891
$25,000.00
90,000.00
1,200,000.00
Capital,
Surplus,
Deposits,
Special attention given to Long Island, New York, collections
HIRAM R. SMITH, President
THOMAS G. KNIGHT, First Vice-President
JOHN T. DAVISON, Second Vice-President BERGEN T. RAYNORK, Cashier
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Capital and Surplus	Deposits
*200,000.00	*2,854,227.01
mLSBIHRRY MÄRTIW
Cashier
CHAULES TESTAMD
Ass’t Cashier
En HL MASTEEMAM
Vice President
J□ 1. ®EEEYMAM
2d Vice President
No loans to officers No officer allowed to overdraw his account ^ No excess loans Overdrafts kept down to a minimum '?׳ 'sf7
c In addition to the semi-annual examination made by the National Bank Examiner, quarterly examinations are made by a committee from our directory. This with the large experience of the management assures a well conducted business.
We Solicit Your Patronage
Commission, and fully believe that in the final report of that commission will come promises for a future development of American banking that will assure all the people that legislators and bankers, working together, can take care of the banking needs of the American people.
Your committee is of the opinion that so long as this question is in the public mind you should have a committee on the subject. We suggest that you see to it that a committee be kept in charge of this work.
Your committee has recognized the importance of working in harmony with the savings bank law committee, realizing that the result of such work as we do must be closely followed up by the work of that committee.
In closing this report our committee wishes especially to thank our secretary, William Hanhart, for his faithful services during the past year in connection with the enormous volume of correspondence and other exacting duties connected with our committee’s work—the volume of correspondence at times reached most unexpected proportions. It is our desire thus to express appreciation for work of the very highest order most loyally done.
R. M. Welch on Real Estate Loans
From the very inception of saving banks, loans on the security of real estate have been regarded as pre-eminently a legitimate and desirable form of investment for the funds of such institutions. In volume they are virtually inexhaustible, and they afford the most remunerative employment that can be found for funds where security is the first essential. Their immobility in time of stress and panic is the only objection that can be advanced against them, and is the reason why a savings bank is forced to limit them to a certain proportion of its assets. It is an interesting incident in the history of one of the oldest, and what
HIRAM R. SMITH President Bank of Rockville Centre, New York
throughout the country in reference to the advisability of passing postal savings bank legislation. In other words, the campaign of education which we started has to a considerable extent had the desired effect in that it has caused multitudes of people to study carefully a question to which they had heretofore given only a superficial attention.
The question of postal savings bank legislation, of course, was not discussed at the recent special session of congress. We are hoping that the question will be turned over to the Monetary
Sessions of theJSavings Bank Section■
(Continued from page 23) pass books with all ledger accounts, yet it provides for a fair amount of careful comparisons and appears to have so far proved effective. A complete comparison of all pass book accounts with their respective books is the only known method of absolute proof of the liability of the bank to its depositors.
Massachusetts savings banks are required by law to call in depositors’ books for verification once in three years. The time occupied in such verification must be at least one full month, and the method must be approved by the commissioner. Many banks made it a practice at such times of employing an outside, disinterested, person to receive and compare the books. There are some large banks where the pass books are verified every time they are brought in, and where all the clerks are tellers, and receive deposits, make paymnts or verify pass books, as occasion may require. Such an arrangement would seem to be an excellent safeguard, for there is no certainty that the pass book will fall into the hands of the same clerk twice in succession, although it is certain that it will be verified by some one each time it is presented. Under this system nothing short of al collusion among all the clerks would prevent the discovery of an error on a depositor’s book when presented.
The report from which the above extract is taken was presented by Chairman John C. Griswold.
Lucius Teter on Postal Banks
After detailing the vast amount of work done by the committee, Chairman Teter concluded as follows:
The members of your committee are inclined to think that at this date we can say that there has apparently been a great change in sentiment