The largest open account is $4,886.04, of which but $3,000 draws interest; there are 438 accounts in all which exceed $3,000 each, but the depositors cannot be persuaded to withdraw the excess of $3,000, as they prefer no interest in the bank where their accumulations have been earned, rather than to invest elsewhere. The oldest account now drawing interest was opened December 12th, 1842, more than 45 years ago. There are 1,933 accounts now drawing interest under the rules, which have been open 20 years or more. The School Savings Bank, to which allusion was made in the first part of this history, were put into practical operation in several towns in this State, in Vermont, Wisconsin, Nebraska, and at the U. S. Indian Industrial School at Carlisle Barracks, Penn., with marked success. Out of 10,091 scholars 4,647 are depositors, and they had to their credit on the first of January last, $13,135.82. With two exceptions these school banks have been established only three years, but already their moral effect on parents as well as scholars, is most beneficial Mr. J. H. THIRY, ex-School Commissioner of Long Island City, N. Y., is an untiring advocate of these banks, and to his efforts is mainly due their establishment in seven of the nine public schools in that city, and their development in other parts of the country. We earnestly hope that this system will soon be adopted by the public schools of this city, where its influence would tend to form the habit of saving, one of the most essential elements of a true practical education, for it is an axiom that "the masses know how to earn better than they know how to save." Respectfully submitted, JOHN P. TOWNSEND, New York, July, 1888. Committee. INDEX TO SECTIONS OF THE GENERAL SAVINGS BANK LAW. SECTION 235. Savings Banks declared corporations. Powers. 237. Certificate, what to contain. 239. Notice of intention to organize. 240. Indorsement of certificate by superintendent. 241. Defective certificate. 242. Superintendent to ascertain facts. 243. Certificate of authorization. 244. Same to be filed. 245. Refusal of authorization. 246. Persons named in certificate a body corporate. 247. Names of officers, place of business, etc. 248. Business to begin within one year. 249. First trustees. 250. Thirteen trustees; elections; vacancies. 251. By-laws. 252. Meetings of trustees. Quorum. 253. When office of trustee becomes vacant. 254. Security from officers. Salaries. 255. Prohibitions upon trustees. 256. Deposits. 257. Regulations as to deposits. 258. Deposits by minors, etc., and in trust. 259. Actions against savings banks. 260. Investments. 261. Investments, current payments and expenses. 262. Temporary deposits by savings banks. 263. Real estate; change of location. 264. Loans. 265. Mortgaged property; insurance. 266. Restrictions as to business. SECTION 267. Interest; depositors classified; extra dividends. 268. Per cent of surplus, how determined. 269. Compensation of trustees. 270. Reports to superintendent. 271. Contents of reports. 272. Same 273. Reports to be verified. 274. Failure to report; penalty. 275. No other reports or inspection. 276. Superintendent to report to legislature. 277. Examinations. 278. Notice to attorney-general; proceedings; distribution. 279. Examination of vouchers and assets. 280. Clerks and examiners; salaries. 281. Expenses. 282. Debts to savings banks, when preferred. 283. Unauthorized business prohibited. 284. Reduction and increase of trustees. 285. Change of name. 286. Charters to conform; misdemeanors. 287. Evidences of deposit. 288. Misnomer. 289. This act, how construed. 290. Deposit limited to three thousand dollars. 291. Trustee must be resident of State. 292. Receiver's quarterly statement. 294. Unclaimed deposits; dissolution. 295. Receiver's statement, and payment of balances to superintendent. 296. Superintendent to deposit unclaimed moneys, and report to legislature. General Savings Bank Law. Savings banks declared to be corporations. General powers SECTION 235. Every savings bank or institution for savings, now existing, or which may hereafter be organized under and by virtue of any law of this State, is hereby declared to be a corporation possessed of the powers and functions of corporations generally, and as such shall have power : 1. To have perpetual succession by its corporate name. 2. To sue and be sued, to complain and defend, in any court of law or equity. 3. To make and use a common seal, which may be affixed by making an impression directly on the paper, and alter the same at pleasure. 4. To appoint such officers, managers and agents as the business of the corporation may require. 5. To make by-laws not inconsistent with the laws of this State, or of the United States, for the management of its property and the regulation of its affairs. 6. To contract and be contracted with. 7. To receive money on deposit, to invest |