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A HISTORY
OJI'
SAVINGS BANKS
IN THE
UNITED STATES
FROM THEIR INCEPTION IN 1816 DOWN TO 1877;
WITH DISCUSSIONS OF THEIR THEORY,
PRACTICAL WORKINGS AND INCIDENTS, PRESENT CONDfflON AND
PROSPECTIVE DEVELOPMENT.
DY
EMERSON W. KEYES,
I.An: DBPIJT!'
SUPEIUNTENDENT 01' TBE BANXDl'G DmPJJlTIIEN'I'
o• THE STATE o• Nzw YoKJt,
IN TWO VOLUMES.
Vol.
II.
NEW YORK:
PUBLISHED BY BRADFORD RHODF.8.
1878.
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Entered according to act of Congress, in the year eighteen hundred and seventy-eight,
BY BRADFORD RHODES,
In the office of the Librarian of Congress, at Washington.
WUD, PARSONS & COMPANY,
PRINTERS AND STEREOTYPERS,
ALBANY, N, Y.
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CONTENTS OF VOLUME II.
EIGHTH SECTION.
SAVINGS BANKS IN 'fHE STATE OF NEW YORK.
PART II.
GE ERAL COURSE OF LEGISLATION AND OF OFFICIAL DISCUSSION CONCERNING SAVrNGS BANKS-CONTINUED.
Chapter 39 - Amount of deposits, 1 in the aggregate, 2 limitation of
individual deposits; Extract from Special Report Concerning - pp.
1-6; Chap. 40- Compensation of Trustees; Extract from Special
Reportrelatingto; Borrowing funds, Extract concerning-pp. 7-19;
Chap. 41 - Concerning Reports; Act of 1857 relating to; Extract
from Superintendent's report, 1867; Extract from Special Reportpp. 20-29; Chap. 42 - Of supervision; Extract from Superintendent's
report, 1867 ; Extract from Special report- pp. 30-39 ; Chap. 43 Of dormant, inactive (or unclaimed) deposits; Extracts from report
of legislative committee, 1862 ; Surplus Moneys; Extract from
Superintendent's report, 1870- pp. 40-90; Chap. 44- Efforts to
enact· General Law; Special report 1868 advocating; Passages from
Reform Movement- backwards; Final success achieved ; Con·
stitution of 1874 and Act of 1875; Summary of the latter - pp. 91141'.; Chap. 45- Taxation of Savings Banks-pp. 142-154. Chap.
46- Miscellaneous Topics; Banks of Discount as Savings Banks;
Multiplication of Savings Banks; Deposits payable to minors;
Deposits of females; Conclusion -pp. 155-163.
PART III.
STATISTICS OF SAVINGS BANK PROGRESS, NEW YORK.
Chapter 47 - Explanatory of subsequent tables-pp. 164-173; Chap. 4.8 First Series of Tables, statistics from 1819 to 1868, with sketches of
Savings Banks -pp. 174-291; Chap. 49- Second Series of Tables,
statistics from 1868 to 1874-; Summary of preceding tables - 292328- Chap. 50-Third Series of Tables; Table of Investment.a;
Tabular statement of yearly progress; Tabular statements in semidecennial periods - pp. 329-340.
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CONTENTS.
NINTH SECTION.
SAVINGS BANKS IN THE STATE OF NEW JERSEY,
Chapter 51- Inception, character and growth; Mutual Savings Associations; Miscellaneous provisions ; Concerning reports; Table of Investments; Table showing increase of deposits, 1863 to 1874; Postscript - passage of General Law to Govern Savings Banks-pp. 341355.
TENTH SECTION.
SAVINGS BANKS IN THE STATE OF PENNSYLVANIA.
Chapter 52 - Philadelphia Savings Fund Society - pp. 356--362. Chap.
53 - Other Savings Banks, viz., Western Savings Fund Society,
Dollar Savings Bank, Beneficial Savings Fund, Real Estate Savings
Bank, Johnstown Savings Bank; System defective - pp. 363-367.
Chap. 54 - Efforts to reform the system; Movement to escheat
surplus - pp. 368-372.
ELEVENTH SECTION.
SAVINOS BANKS IN THE STAT&! OF DELAWARE, MARYLAND AND
VIRGINIA.
Chapter 55- Savings Banks in Delaware- pp. 373-376; Chap. 56Savings Banks in Maryland-pp. 377-385; Chap. 57-Savings
Banks in Virginia; Savings Banks in West Virginia - pp. 386-392.
TWELFTH SECTION.
SAVINOS BANKS IN THE STATES OF OHIO, MICHIGAN AND INDIANA.
Chapter 58- Savings Banks in Ohio-pp. 393-399; Chap. 59-Savings
Banks in Michigan - pp. 400-405; Chap. 60 - SaviJ}gs Banks in
Indiana -.pp. 406-414.
THIRTEENTH SECTION.
SAVINGS BANKS IN THE STATES OF ILLINOIS A.ND WISCONSIN.
Chapter 61- Savings Banks in Illinois; Chicago Savings Banks; Sydney Myers, Manager; Cheap dwellings and Savings Banks ; Statistics - pp. 415-432 ; Chap.' 62 - Savings Banks in Wisconsin - pp.
433-437.
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CONTENTS.
V
FOURTEENTH SECTION.
SAVINGS BANKS IN THE STATES OF MINNESOTA AND IOWA.
Chapter 63 - Savings Banks in Minnesota; Act of 1867 ; Supervision
and reports ; Investments; Amendments, 1875; Surplus; Statistics,
etc. - pp. 438-445; Chap. 64- Savings Ban ks in Iowa ; Synopsis of
Savings Bank law ; Savings Bank statement; Statistics - pp. 446456.
FIFTEENTH SECTION.
SAVINGS BANKS IN THE STATE OF CALIFORNIA.
Chapter 65 - General legislation; Order of incorporation ; Act of 1862.
pp. 457-464; Chap. 66-Individual history, etc.; Statistics-pp.
465-475.
SIXTEENTH SECTION.
SAVINGS BANKS IN OTHER STATES AND TERRITORIES.
Chapter 67-Savings Banks in North Carolina; Savings Banks in South
Carolina; Savings Banks in Georgia; Savings Banks in Florida ;
Savings Banks in Alabama; Savings Banks in Louisiana; Savings
Banks in Texas ; Savings Banks in Mississippi; Savings Banks in
Arkansas ; Savings Banks in Tennessee; Savings Banks in Kentucky; Savings Banks in Missouri; Savings Banks in Kansas;
Nebraska, Colorado and Nevada; Oregon, none; Savings Banks in
the District of Columbia - pp. 475-494.
SEVENTEENTH SECTION.
MISCELLANEOUS TOPICS .
Chapter 68- Later Legislation in several States, viz., Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut ; Later
statistics in foregoing, also in New York, New Jersey, Penri~ylvania, Maryland, Illinois, Ohio, Michigan and Iowa - pp. 495-518;
Chap. 69- General Review or Summary of previous History - pp.
519-532; CompreheLlsive Table, showing growth and progress of
Savings Banks in the country from 1820 to 1877 - folded sheet
between pp. 532-533; Chap. 70 - Savings Bank Failures; Earlier
Failures ; After 1873; Predictions concerning, fulfilled ; Notable
instances of failure; Freedman's Savings Bank- pp. 533-565; Chap.
71- Character of our Savings Bank Development; Table bet. pp.
568-569-pp. 566-574;Chap. 72-Savings Banks in time of Panicpp. 5T5-586; Chap. 73 - Savings Banks as a Force in our Social
Economy, pp. 587-594. Chap. 74- Savings Banks in the Futurepp. 595-608; Appendix, pp. 609-615.
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HISTORY OF SAVINGS BANKS.
VOLUME II.
EIGHTH SECTION.
PART II.
GENERAL LEGISLATION AND OFFICIAL
DISCUSSION CONCERNING SAVINGS
BANKS IN THE STATE OF NEW
YORK-CONTINUED.
CHAPTER XXXIX.
AMOUNT OP DEPOSITS.
1.
IN THE AGGREGATE.
A limit to the gross amount of deposits which a
Savings Bank might receive is found in a few charters
only, the first being in 1834, when the Schenectady
and Bowery Savings Banks, incorporated in that year,
were each limited to $500,000. It is needless to add,
that the restriction was subsequently removed in the
case of the Bowery, which now holds deposits amounting to $27,169,481, and that the Schenectady will
easily secure a removal of the restriction whenever it
is found embarrassing. Quite a number of charters
subsequently granted, contained similar provisions
concerning the aggregate amount which they were
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IDSTORY OF SAVINGS BANKS.
entitled to receive, but in all cases the restrictive
clause was repealed whenever the limit was reached.
The act of 1853, which is a sort o:f omnium gatherum
o:f Savings Bank legislation, provided that no Savings
Bank thereafter incorporated should "receive a larger
ainount on deposit than three millions 0£ dollars, exclusive of its banking house," as though Savings Banks
were accustomed to receive banking houses on deposit,
in their regular course 0£ business ! But the :frequent
application by Savings Banks "thereafter incorporated," to be relieved from this embarrassing restriction,
led to its total repeal in 1867; so that, for all practical
purposes, there is no longer any limitation to the
amount which any Savings Bank may receive on
deposit.
Whatever it may become in the future, the necessity
of limiting the aggregate amount 0£ deposits has not
as yet reached the conditions 0£ a practical question.
True there are those who quite stoutly maintain that
no Savings Bank ought to receive deposits in excess
o:f $5,000,000, claiming that no more can be safely
managed, invested and supervised. But this bold
assumption stands refuted by the practical working 0£
every Savings Bank in the country whose deposits
exceed the proposed limi
2.
LIMITATION OF INDIVIDUAL DEPOSITS.
From the incorporation o:f the Bank :for Savings in
1819, down to 1835, no limit was prescribed by the
legislature to the amount that might be received on
de-posit from any one de-positor but in the latter year,
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NEW YORK : AMOUNT OF DEPOSITS.
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the Bowery Savings Bank obtained an amendment to
its charter granted the previous year, wherein it was
provided that no more than $3,000 should be received
from any one individual. The following year a similar amendment was made to the charter of the Greenwich Savings Bank; and also to the charter of the
Bank for Savings, except that concerning the · latter
the limit was fixed at $5,000.
I believe no other charters were amended to introduce this limitation, but in the incorporation of Savings
Banks thereafter, a limitation to some fixed amount
became a prevailing, though not strictly unexceptional,
feature. , The more common amount was $5,000, a
very few were less, as $3,000 and even $2,000 ;· a few
were as high as $10,000, and, as intimated above, a
few had no limit in this respect applied to them. The
provisions of each charter; in this particular, as they
existed on th_e 1st of January, 1868, will be found in
the Special Report already cited.
In the act of 1853, which I am tired of quoting, it
was provided that no Savings Bank thereafter to be
incorporated should receive from any individual depositor a larger sum than $1,000. This entire act, as
we have seen, was limited in its application .to Savings
Banks in New York and Kings counties, and the only
effect of this particular provision was to insure . that.
future charters for Savings Banks in those counties
should embrace a provision repugnant to the above, by
specifically authorizing a larger amount to be received,
thus exemplifying what in metaphysics I suppose
would be styled, THE SOVEREIGNTY OF THE LATEST !
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IDSTORY OF S.A.VINGS BANKS.
This subject received consideration in the Special
Report to the Legislature in 1868, as follows:
Extract from, Speoi,al Report, 1868, pp. 116-118.
LIMITATION OF DEPOSITS.
Among the subjects for consideration, suggested by
various provisions in different charters, is that relating
to a limitation of the amount of deposits to be received
by a Savings Bank from any one individual Many
charters, .as will be seen, contain no limitation whatever, w~ile in others it varies from $2,000 to $5,000,
or even, in a few instantms, $10,000. The act of 1853
limited the amount that should be received by any
Savings Bank thereafter to be incorporated, in the
counties of New York and Kings, to $1,000 ; but
with the usual res-qlt in such cases, the general law
being rendered uniformly inoperative by specific
authority, in subsequent charters, to receive a larger
amount.
The questions of policy involved in any limitation
at all, through either specific prohibition of law or the
wise and salutary discretion of trustees, relate first, to
the preservation of the original character and purpose
of these institutions, as the resort exclusively of the
poor, and secondly, to the greater security to the
institution, resulting from holding only comparatively
small deposits as against the larger sums, to meet the
withdrawal of which would require the keeping of a
much larger available fund.
So long as Savings Banks are made accessible to the
poor with their small earnin~s, so long •as these are
made welcome and treated with courtesy and kindly
consideration, Savings Banks do not lose their original
and distinctive character as provident ministers to this
deserving class. They may assume other characteristics
not incompatible with their original purpose, when
they receive the larger deposit or the more fortunate
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NEW YORK : .A.MOUNT OF DEPOSITS.
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clerk, accountant or manager; but they no more lose
their primitive character by .so doing than when they
remove :from the little office where their small beginning was made, to the marble or freestone banking
house, with millions subject to their control.
Besides, who are the poor? We have them "always
with us," but where shall the strict line be drawn
between poverty and competence? One family will be
poorer with $1,000 than another with $100, as where
a widow is le£t with children to support and but
$1,000 or even $5,000 :from which to derive an income
to aid her own efforts. She is certainly poorer than
the mechanic, who can earn his three or £our dollars a
day, though he has in the Savings Bank but $100.
Even a larger sum than $5,000 would not, in this
country, indicate affiuence ; and if it were all that is
left £or the support of a deserving family, it might be
a hardship to refuse to it the secwrity of a Savings
Bank deposit, at least until it could find more profitable investment elsewhere. I cannot think, therefore,
that our Savings Banks are in any danger :from this
source, of losing their distinctive character as beneficiary and provident institutions.
The suggestion of the relative insecurity to a Sav·
ings Bank :from deposits in large sums is entitled to
consideration; but any danger :from this direction
might be averted by a limitation of the rate of dividends on sums above a certain limit, or by requiring
them to be on deposit £or a certain period, long enough
to insure their profitable employment by the institution,
before becoming entitled to dividends, or by an imperative requirement of notice before withdrawal, or by
all of these combined. Under restrictions like these,
Savings Banks would still afford a safe retreat for the
little patrimony awaiting other investment, a purpose
quite within the scope of their provident design, while
they would hardly be attractive to the class of speculative adventurers, whose monopoly of these institutions
we should indeed deprecate as baneful and destructive.
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IDSTORY OF SAVINGS BANKS.
The idea of a limitation of the deposits of any one
individual to a comparatively small amount originated
in England, and grew out of the anomalous fact that
the interest allowed on these deposits was higher than
the prevailing rate in government funds. Of course,
under such conditions, some provision was indispensable to prevent a perversion of these institutions from
their true purpose.
But with us the conditions are such as necessarily to
keep the interest or dividends from Savings Banks
uniformly below the legal rate authorized or received
from other investments. So long as this condition
characterizes our system, I think there is little danger
to be apprehended from an accumulation of large
deposits, and with such limitations as I have suggested,
the whole question might safely be left to the discretion of trustees.
Whether any requirement that Savings Banks shall
receive the smallest amount of deposits that may be
offered, is necessary or desirable, is perhaps an open
question. · That much good has resulted from the
voluntary assumption of this practice, I am fully persuaded, but much of the benefit has arisen from the
cheerful and kindly spirit with which the action has
been performed- a spirit far more likely to accompany
voluntary than compulsory measures. If the suggestion is msufficient to incite to voluntary action, I
should have little hope that any considerable good
would result from such a requirement, made imperative.
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NEW YORK: COMPENSATION OF TRUSTEES.
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CHAPTER XL.
COMPENSATION OF TRUSTEES.
Two restraining clauses in the original charter of
the Bank for Savings are found, with but slight modification, in every charter but one, from that day to the
present. These are :
First. " The trustees or managers of said institution shall not, directly or indirectly1 receive any pay
or emolument for their services ; " and,
Secondly. "No president, vice-president, trustee or
accountant of the corporation shall, directly or indirectly, boITow or use the funds of the corporation
except to pay necessary cUITent expenses."
The first of these has been changed in some later
charters so as to read : " The trustees, etc., shall not,
as. suah, receive," etc., and the same has also been
a:ffected by specific acts of legislation, which will pres•
ently be noted.
The second clause has only been changed to define
even more strictly the terms of exclusion from any
participation in the funds of the institution. Its prevalent form in recent charters is: "No president, vicepresident, trustee, officer or servant of said corporation shall," etc.
In some few institutions the trustees are prohibited
from being depositors even, except as guardian or
trustee for others, and in at least one even this relation
is prohibited.
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IDSTORY OF SAVJNGS BANKS.
The :first speci:fic loosening 0£ the restraints imposed
by the :first provision above cited appears to have
been in 1850, by an amendment to the charter of the
Troy Savings Bank, authorizing the trustees to pay to
the president such compensation as they should deem
reasonable. In 1858 the Savings Banks in New York
and Kings counties and in the city 0£ Buffalo were
authorized to pay a salary ( or " compensation") to
their presidents, but it was further provided that no
person should be elected "such;, president whose professional or other engagements should prevent his
regular and faithful attendance to the duties 0£ his
office. In 1863 the trustees 0£ the Poughkeepsie
Savings Bank were authorized to pay their president
a reasonable compensation out of the surplus earnings.
The :final policy 0£ the Legislature will be seen from
the provisions of the general Savings Bank law 0£
1875, 0£ which an account is subsequently given.
The question 0£ compensation to trustees £or any
services is one upon which opinions differ. The whole
subject as discussed in the Special Report on Savings
Banks is herewith presented.
.&tract frorn Special Report, 1868, pp. 136-143.
COMPENSATION FOR SERVICES OF TRUSTEES.
There are three forms which this question assumes:
1st. The payment 0£ trustees acting in the capacity
of officers 0£ the board and devoting their time wholly
or chiefly to the discharge of their duties.
2d. The payment 0£ trustees for special services, as
in acting upon committees whose duties require the
employment 0£ considerable time.
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NEW YORK : COMPENSATION OF TRUSTEES.
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3d. The payment of trustees for ordinary services,
as for attendance at regular meetings.
Concerning the first, the general principle may be
considered to be settled so far as it can be by legislative recognition. A general law applicable to New
York, Brooklyn and Buffalo authorizes the payment
of a salary to the president of any institution whose
business does not prevent his regular and faithful
attendance to the duties of his office.
The charters of the Troy and Poughkeepsie Savings Bank do the same; possibly some others whose
provisions in this respect escape my. memory just now.
That of the Poughkeepsie Savings Bank requires
the payment of salary to be made out of surplus earnings, but as these can always be controlled by the rate
of dividends, it in effect places the whole discr~tion in
the board of trustees.
There is no absolute standard fixed by the general
law as to what constitutes "regular and faithful
attendance to the duties of the office." Whether
dropping into the institution each morning, on the way
to rregular and faithful attendance t,o otherr business, is a
compliance with the letter or spirit of the law, I need
not stop to discuss !
No means are provided, outside of the action of the
board, whereby the question can be raised and passed
upon by competent and disinterested authority.
It seems to me that it would be well, in order to prevent any opportunity for abuse through favoritism or
through indifference, to require at least somethjng
more than the vote of a bare majority of a quorum to
fix the rate of such compensation, and to provide that
the question of compensation should never be construed as in the nature of a contract, but should
always be subject to rescission by a vote equal to that
by which it may be established.
In regard to the compensation of other officers, as secretary, treasurer and the like, appointed from the members of the board, ·the charters as well as the practices
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HISTORY OF S.A.VIN GS BANKS.
are various. The older institutions are commonly
extremely tenacious of their construction of the spirit
and purpose of the law, and when they wish to make
an officer of one of their own number, require him to
resign as trustee before accepting the office. But the
phraseology of the earlier charters is less open to a
liberal construction than that of most later ones. In
the first sixteen the provision is that "the trustees
shall not, directly or indirectly, receive any pay or
emolument for their services." In the seventeenth,
and many subsequent, it is that they "shall not as
such receive any pay," etc., while a few of the latest
put the whole question at rest by the emphatic language that "the trustees shall receive no pay for their
services, or otherwise, from the corporation." Under
the first form there are at least grave doubts as to the
right of a trustee to hold a salaried office in the institution; under the second there is as little doubt in my
mind that he may; while under the third there is no
doubt at all that he cannot.
But we have chiefly to do with the question of
policy involved in the second form of language, construed as authorizing trustees holding permanent
offices which take their entire time during business
hours, to receive compensation. As whoever devotes
his whole time to any duty is certainly entitled to
compensation, the question rather resolves itself into
whether it is sound policy to elect trustees to salaried
offices. Here, as before stated, opinions di:ffer. The
grounds upon which such practice is opposed may be
stated substantially as follows:
First. Savings Banks being in a measure charitable
institutions, they lose their distinctive character in
this respect if those who conduct and manage them
have any other than perfectly disinterested relations
to their trust.
Second. If a trustee may be at the same time an
officer, enjoying a comfortable salary, the purity of
motive implied in the acceptance of an unpaid posi-
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NEW YORK: COMPENS.ATION OF TRUSTEES.
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tion of care and responsibility, which should be
above possible question, is at once sullied with doubts
and suspicions of selfish and interested designs.
Third. The confidence o:f depositors and of the
public at large in these institutions, founded on the
presumption of the disinterested character of their
management, will be greatly impaired by the knowledge that this presumption is or may be wholly :false.
I admire the firm and resolute adherence to this
principle o:f strictly gratuitous sel'vice by trustees,
which characterizes the management o:f many o:f the
oldest and of the best o:f these institutions. Honor
to the men who have so long and yet so faithfully discharged the responsible, oftentimes arduous, and
always unrequited duties involved in the execution o:f
their trust. Equal honor to those who have more
lately accepted similar responsibilities from the same
disinterested motives, and with the same determined
purpose to 'follow t}ie enterprise to a successful issue.
These are the world's benefactors. Their names may
not brighten the pages o:f history with the record o:f
brilliant achievements in field or forum, but the
unwritten story o:f many a life :from which despair
has been lifted through the agencies which these have
instituted, and which, blessed and brightened in itself,
has blessed and brightened other hves in its turn
through an ever widening circle o:f influences, will one
day bear testimony for them to the good they have
unseliishly wrought, whereby the world has been made
better £or their having lived and labored in it.
But for all this there is another side to the question
under discussion. The services rendered by these
officers are unquestionably justly entitled to compensation. They are not expected to be gratuitously
rendered. Within the limits of fair compensation,
therefore, it is to the institution and to depositors
a matter of indifference whether that service be
rendered by a trustee or by another not connected with
the management. The first objection seems to me to
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HISTORY OF SAVINGS BANKS,
be thus disposed of. To make it valid, the assumption
must be so broad as to cover all possible service
rendered to the institution, and demand that all be
gratuitous. T4is would be charity. But this is, of
course, wholly impracticable and does not enter into
the theories of any. The gratuitous service implied
from the character of these institutions relates only to
the duties performed by the trustees in their capacity
as such, and does not cover the services requiring
regular and constant attendance for their discharge. I
do not see, therefore, how the character of these institutions is affected by the payment to one rather than to
another, so long as it is conceded that payment to some
one must be made.
The other objections are so nearly allied as antecedent and consequent, that the consideration of the
former embraces that of the latter.
The acceptance of. the position of trustee in a Savings Bank, in the hope thereby tQ secure an appointment to a salaried office, seems to me to be based upon
a contingency too remote to have any considerable
weight as a controlling motive. Surely, all cannot be
thus favored, and the chance of any one that he may
be successful, solely upon the ground of his being trustee, is at best but as one to the whole number of trustees. And besides, the contingency is hardly a degree
removed, if he may become a salaried officer upon
resis-ning his position as trustee. So far as a suspicion
of improper motive is concerned, it will attach as
strongly to one who, being a trustee, resigns to accept
the position of emolument, as to one who accepts such
position without resigning. And yet the latter has
been done in more than one instance within my knowledge, and without lessening public confidence in the
personal worth of the officer, or in the character of
the institution in which he labors for his just reward.
And further, to carry out this theory of placing the
office of trustee upon a status superior to any possible
suspicion of impurity or selfishness of motive in
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accepting the trust, the prohibition should extend
further and be made to embrace relatives or near
friends, for the desire to aid one o:f these in obtaining
a good situation, from motives o:f :friendship or o:f personal interest, may be much stronger and far more
selfish than such desire in behalf o:f one's self.
As a rule, the trustees o:f Savings Banks are men to
whom the acceptance o:f any office that would confine
them to a close application to its duties would be a
great sacrifice ; the purity o:f their motives in accepting
such trust would be :far less open to suspicion i:f they
should elect, to the responsible offices in their gift,
members o:f their own board, whose character and :fitness they had learned :from this association, rather
than some relative or :friend in the promotion o:f whose
good fortunes they might have an interest, varying in
intensity from natural affection to one hundred dollars,
more or less !
In short, the confidence o:f the community in the
management o:f these institutions will rest upon the
known character of the persons composing the direction, and upon the conditions o:f security and success
disclosed by their annual statements, rather than upon
any adventitious circumstance o:f the election o:f a trustee, properly qualified for the place, to some office o:f
emolument.
And this character and this success I would insure,
so far as it can be done by legislation, in the manner
already so :fully detailed in the previous pages o:f this
Report.
There is an objection, however, to the holding o:f a
salaried office by a trustee, which, i:f it could not be
met and overcome, would be more serious than those
already considered, i:f indeed it would not be conclusive
against such practice.
That is, that such trustee has .personal interests to
serve adverse to the interest o:f tlie institution whose
guardian he is. His interest lies in the direction of
small dividends or small reserve :for surplus, i:f thereby
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HISTORY OF S.A.VIN GS BANKS,
his salary may be augmented. Even if intending to be
impartial, it is scarcely possible for one so situated
not to have his views and his action affected by considerations of self-interest.
But there is a remedy for this, in prohibiting any
trustee holding a salaried office, or an office to which
there is any pay or emolument incidentally attached,
from voting upon the question of such compensation.
I would include · in this prohibition the ]?resident
as well as any subordinat~ officer; and rn order
that a proper circumspection should be exercised over
the proceedings in such cases, I would require the
minutes of all actions of any board of trustees concerning salaries or payments, for services of any kind, to
trustees, with the yeas and nays upon the question, to
be immediately transmitted to the Superintendent -0f
the Bank Department for his information. Of course,
where a salary was once determined, there would be no
occasion for transmitting further information until
some action should be had effecting a change. With
such restrictions, I believe the whole subject could with
safety be left to the discretion of the trustees.
Though I have confined myself to a consideration of
the objections stated or suggested to the practice, there
are, to my mind, affirmative reasons to be found in the
condition and circumstances of some institutions, why
the discretion should be left with the trustees. But I
need not dwell upon these, as I do not write to favor
the policy of selecting officers from the board, but to
oppose the restriction upon the right to do so ; and for
this, the removal of objections leaves the affirmative
sustained.
The second branch of the inquiry, concerning the payment of trustees, as such, for extra or unusual services,
involves much the same principles as the first, but are
more difficult of application, and tend more easily to
degenerate into abuse. Of the importance of a rigid;
thorough and frequent inspection of the affairs of these
institutions by their trustees, I have elsewhere spoken.
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It is a duty appertaining to the proper management of
the trust which they have accept_ed, and as such, cannot, under any law or charter of which I have any
knowledge, be compensated. At least, such is mv
opinion, although the opinion as well as the practice of
a few Savings Banks is against me on this question.
Upon the assumption that I am right in my view of
the law, or if possibly wrong, in order to remove the
question from all doubt, is it expedient in a general
law to remove the real or supposed restriction upon
the discretion of trustees, and to authorize payment for
special and extra services? The objections to it are
the same as those already considered, with additional
ones derived from the greater liability to abuse and
danger of payment for constructive service, and the
increase of expenses beyond fair and reasonable limits.
It will also be urged that it is quite possible to secure
this service gratuitously, and have it as effectively and
thoroughly performed as if paid for.
If there were no practicable method by which the
liability to abuse in the manner suggested could be
averted, I should regard the question as concluded.
But it seems to me that this tendency may be effectually prevented.
In the first place I would allow no payment for such
service until the institution had accumulated a surplus
of not less than five per cent. This would incite to
prudent management, in, order to reach the required
condition of security and ability. Nor then should it
rest upon the declaration of the trustees that they had
the requisite surplus, l?ut upon an examination by and
the certificate of the Superintendent. Upon the surplus becoming impaired so as to reduce it to an amount
below five per cent., the power of payment should be
suspended until the surplus should be again restored.
In this way, I think, abuses might be prevented, unless
the payment of trustees at all may be res-arded as an
abuse, which in the eyes of some I know 1t is.
But if a more thorough, general and frequent exam-
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IDSTORY OF SAVINGS BANKS.
ination of all the affairs of these institutions, from the
taking in of a dime from a newsboy to the investment
of $100,000 in 5-20's, can be insured by a fair and
moderate compensation for the service, then are all the
objections to it, when restricted in the manner indicated, to my mind, fully met and completely overthrown.
The last branch of our inquiry, relating to the payment of trustees for ordinary services, I shall dismiss
very briefly. The only object of such a provision
would be to stimulate to greater activity in the discharge of their duties, those who from any cause may
have grown indifferent or negli~ent. The facts, as presented in the answers to my inquiries, and in the reported
conditions of these institutions, do not represent them
as languishing from such cause. Of a very few is the
average attendance at meetings less than a quorum,
and I believe these would have their condition, in this
respect, materially improved, if the forfeiture for continued absence from meetings were absolute and not
discretionary.
While I can imagine no harm, but possible good,
resulting froni a provision granting a small payment
in the way of bonus to such trustees as should attend
every regular meeting' during the year, this is the extent
to which I would go in this direction, and I do not find
any conditions earnestly demanding even this concession to indolence or indifference.
Concerning the second prohibition mentioned in the
opening of this chapter, the following comments are
taken from the same source as the foregoing.
Emtraot from Special Report, 1868.
BORROWING FUNDS.
Our legislation, concerning Savings Banks, has been
characterized by no measure more consistent, uniform
or salutary than that which prohibits the trustees of
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these institutions from borrowing or in any manner
using the funds deposited with them.
Amid all the change, innovation, diversity, incongruity, and, at times, absurdity of legislative caprice,
this has most fortunately been adhered to as the one
conservative feature that should redeem our system
from contempt and preserve it from utter chaos. With
salutary restrictions upon receiving pay for services,
and with absolute prohibition against borrowing or
using the funds deposited, the opportunities for financial "lame ducks" and impecunious adventurers have
not been sufficiently alluring to lead them in any considerable numbers to seek to get the control of these
institutions.
The provision is a wise recognition of that salutary
principle in human affairs that the motive to appropriate, and the power to appropriate the property of others
to one's own use, even with honest intent, should never
be united in the same individual, or body. The motive,
of course, exists independently of any possible restraint
of law or otherwise, being found in the condition, circumstances and disposition of the trustees; and the
power would proceed from and exist in the relations
under which the trust is created, if it were not thus
thrust aside by the stern mandate of the law.
I have elsewhere spoken of the incompleteness of
this safeguard, by reason of there being no supervisory
authority necessarily advised of any infractions of the
law to which corrective measures might be at once
applied. Though the authorized power is withheld,
the unauthorized OJ)por&unity, with little risk of detection, still exists, and under such conditions the absolute
security which we should be able to predicate of every
Savings Bank in the State, is wantin~.
I have found in my visitations, two mstances of what
I deemed violations of the spirit of this provision. I
need hardly say that both these violations were under
that mantle of the law, broader than charity, which
authorizes an " available fund" "kept in such form as
2
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HISTORY OF SAVINGS BANKS.
the trustees may direct." In one case, the loan was
made to a trustee as agent of a manufacturing company.
As what one does by an authorized agent he does by
himself, the institution would hold that the company,
and not the agent, was the borrower, and hence there
was no infraction of the law,
I will not undertake to decide the question; I will
only say the transaction, if not in itself a violation of
the law, nor yet of the principle of safety which the
law reeognizes and is founded upon, at least seems to
open a dangerous door to the employment of deception, misrepresentation and fraud, that should be speedily and effectually closed.
The other instance was of a loan to an individual, I
have no doubt, from the inquiries I made, perfectly
good, secured by the indorsement of one of the trustees.
This was justified on the ground that the loan was not
made to the trustee, hence no violation of the prohibition. Under the available clause above cited, they
would be authorized to loan to the individual upon his
own security, and the incident of having the name of
a trustee as ·additional security, certainly could not
make the transaction any less lawful. There is a resistless logic in the argument that I could not withstand ;
neither could I withstand the resistless force of the
conclusions derived from it, that no loans should be
made upon the security of any trustee, nor upon any
.personal securities, as notes, drafts, bills of exchange,
etc., whatever. For if loans may be made, not to a
trustee, but upon the security of a trustee, what is to
prevent trustee A, who wants money, from getting
neighbor B to borrow money from the Savings Bank
upon the name or security of A, whom the money
reaches in dne course ?
I do not believe the transaction referred to is tainted
with the slightest suspicion of such dealing: but that
under such a construction of the law there is a broad
highway opened to just such dangerous practices, to
my mind admits of no question.
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Whenever the time shall come that men, out of
respect to the majesty of the law, will obey its simple
declarations, without reference to any penalty :for its
violation, or to any provision for its enforcement, then
we may dispense with any supervisory authority over
the powers and duties of and the restraints upon the
trustees of Savings Banks: but until that good time
arrives, rigid scrutiny is the only real security.
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HISTORY OF SAVINGS BANKS.
CHAPTER XLI.
CONCERNING REPORTS.
Nearly all charters of Savings Banks, prior to 1858,
required the trustees to report annually to the legislature the condition of their funds, etc. One or more
charters required such report to be made once in three
years, and at least two charters contained no requirement to report at all. Besides reporting to the legislature, a number of charters required reports to be made
annually to the common council of the city in which
the bank was located, but the charters were by no
means uniform in making this requirement.
Concerning the reports formerly required to be made
to the legislature, it would seem that they were made
accordingly, and for a number of years, or until 1830,
were commonly printed in the journals of the respective houses to which they were presented. They were
sometimes presented to both houses, and appear on
the journals of each. From 1830, the documents of
each house, including the reports made to it, were published in volumes separate from the journals.
The absence of any report from the journal of either
house, or from the volumes of documents, may be
explained, by supposing that from some cause no report
was made, that it was lost in transmission, that it was
an institution not required to report annually, that it
was laid on the table without the usual order to be
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printed, or that, by the negligence of subordinates, it
was mislaid or lost and failed to reach the printer's
hands. As will be seen from the results hereafter
detailed, reports were made with more or less uniformity and published with less uniformity down to 1848.
From this time to 1855, I find no reports printed. In
this latter year, the attention of the legislature seems
to have been directed to these institutions, and a reso-.
lution was adopted calling for reports from the Savings
Banks in New York and Brooklyn, which was responded to by them. In 1856 and 185'7, by similar
resolutions, reports were obtained from all Savings
Banks in the State. These reports were compiled by
the Committee on Banks, and would have been of
essential service to me in the preparation of this work,
were it not that there is so considerable variance
between their statements and those furnished me by
some of the Savings Banks themselves for the corresponding years. The endeavor to reconcile these differences has cost me a great deal of labor, without always
being attended by any considerable success.
Such is the history of these institutions in regard to
their earlier reports. It should be remarked, however,
that the charter requirements to report were always
expressed in very general terms, so that there is very
little uniformity in the character of the reports made
by the different institutions, nor by the same institution in different years. The form of report adopted
by the Bank for Savings, and continued by it to this
day, was very full and minute in its details, both financial and statistical, and was copied by several othe1
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HISTORY OF SAVINGS BANKS.
institutions, in making their reports. But some others
seemed to content themselves with the meagerest statement that would answer the requirement to report at
all. · So that with the difficulty at times in :finding any
reports on record or on file, and with the small amount
of information to be gathered from some of them when
found, it is not strange that the compilation of :fifty
years' statistics should be somewhat broken and disjointed, and often meager and unsatisfacto1j. As I
did not create the conditions out of which these results
proceed, I trust I may not be held wholly responsible
for the results themselves.
In 1856, the assembly, by resolution, called on the
Secretary of State for information concerning Savings
Banks, the date of their incorporation, and the requirements of their respective charters concerning reports.
His reply to the resolution will be found in the assembly documents for that year, and this probably had
its influence upon the legislation of the subsequent
year requiring reports thereafter to be made to the
Superintendent.
By this general act of 1857, all Savings banks were
required to report semi-annually, on the :first days of
January and Julyr to the Superintendent of the Banking Department, such matters as were in the act prescribed. This act was applicable, of course, to Savings
Banks thereafter, as well as to those then incorporated,
besides which, most charters granted since the passage
of the act, have contained a clause specially requiring
the trustees to report to the Superintendent in compliance with the provision of the general law.
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This general act defines what items of information
the several Savings Banks shall report, hence, the
Superintendent has no authority to call :for other or
:further information than is defined or prescribed in the
law; though quite uniformly the officers of Savings
Banks have with great readiness and courtesy responded to any inquiries which the Superintendent has
made outside of the limits of his authority thus conferred.
As this act marks the inception of a system of uniform .reports and central supervision, we will give it
place herein. It is as follows :
AN .A.CT IN RELATION TO SAVINGS BANKS.
Passed March 20, 1857
The People qf the State of New York, represented in
Senate and A8semb"ly, do enact as fallows :
§ 1. The several Savings Banks or institutions for
savings now incorporated, or which may hereafter be
incorporated, shall, on or before the twenty-fifth day
of January, and on or before the twenty-fifth day of
July in each year, make a report in writing to the
Superintendent of the Bank Department, of the condition of such Savings Bank, or institutions for savings,
on the first days of January and July; which report
shall be verified by the oath of the two principal officers thereof ; and shall state therein the total amount
due to depositors ; the total amount of assets of every
kind ; the principal sum of each and every bond and
mortgage, with the estimated value of the property on
which it is based; the amount invested in stock, designating each particular kind of stock, and the estimated
market value of the same ; the amount loaned upon
the security of stock, with a description of all stocks
so held ; the amount, if any, loaned on personal securi-
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HISTORY OF SAVINGS BANKS.
ties ; the amount vested in real estate ; the amount of
cash on hand or on deposit in bank, with the names of
the banks where deposited, and the amount placed in
each ; and the amount loaned or deposited in any other
manner than herein described. The report of January
of each year, shall, in addition, also state the number
of open accounts; the amount deposited and the
amount withdrawn ; also, the amount of interest
received, and the amount placed to the credit of depositors during the year preceding the date of snch report.
Any willful, false swearing, in respect to such reports,
shall be deemed perjury, and subject to the punishment prescribed by law for that offense. And, if any
Savings Bank or institution for savings shall fail to
furnish to the Snperintendent of the Banking Department, its report at the times herein stated, it shall forfeit the sum of one hundred dollars per day for eve;ry
day such report shall be delayed ; and the said Superintendent may maintain an action in his name of office
to recover such penalty, and when collected, the same
shall be paid into the treasury of the State.
§ 2. It shall be the duty of the Superintendent of
the Bank Department, on or before the twentieth day
of February in each year, to communicate to the Legislature a statement of the condition of every Savings
Bank and institution for savings from which reports
have been received for the preceding year; and to
suggest any amendments in the laws relative to Savings Banks or institutions £or savings, which in his
judgment may be necessary or proper to increase the
security of depositors.
§ 3. Whenever any Savings Bank or institution for
savings shall fail to make a report in compliance with
this act, or whenever the Superintendent of the Banking Department shall have reason to believe that any
Savings Bank or institution for savings is loaning or
investing money in violation of its charter or of law,
or conducting business in an unsafe ·manner, it shall be
his duty, either in person, or by one or more competent
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persons by him appointed, to examine their affairs; and
whenever it shall appear to the Superintendent, from
such examination, that any Savings Bank or institution
for savings has been guilty of a violation of its charter
or of law, he shall communicate the £act to the Attorney-General, whose duty it shall then become to institute such proceedings against said Savings Bank or
institution £or savings, as are now authorized in the case
of insolvent corporations. The expense of any such
examinations shall be paid by the Savings Bank or
institutions £or savings so examined, in such amount as
the Superintendent of the Banking Department shalJ
certify to be just and reasonable.
.
§ 4. No Savings Bank shall hereafter be required to
make an annual report to the Legislature, any provisions of its charter to the contrary notwithstanding.
§ 5. The Superintendent of the Banking Department is hereby authorized to employ from time to time
so many clerks as may be necessary to discharge the
duties hereby imposed; the salary of said clerks shall
be paid to them monthly, on his certificate, and upon the
warrant of the Comptroller, out of the treasury ; and
it ·shall be the duty of the said Superintendent, in his
annual report to the Legislature, to state the names of
the clerks so employed, and the compensation allowed
to them severally.
§ 6. * Each Savings Bank, or institution for savings,
shall pay five dollars toward defraying the expenses
incurred in the performance of the duty hereby imposed, and the residue of such expenses shall be paid
by them in proportion to the amount of deposits held
by them severally, and the sums thus contributed shall
be paid into the treasury of the State ; but when the
deposits of any such Savings Bank or institution for
savings are less than five hundred dollars, it shall be
exempt from such contribution. I£ any Savings Bank
or institution for savings shall, after due notice, refuse
or neglect to pay its proper share of charges so allotted,
• As amended by sec. x, chap. 32, Laws of x867.
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IDSTORY OF SAVINOS BANKS.
then the said Superintendent may maintain an action
against such Savings Bank or institution for savings,
for the recovery of such charge.
In the report of the Hon. G. W. Schuyler, Superintendent of ihe Bank Department, made to the .legislature in 1867, is the following language concerning the
imperfection in the reports made under the above act:
.&tract from Superintendent's Report, 1867.
" The requirements of the statute in regard to the
items to be. reported, fail to demand a statement of
many things which are essential to a true understanding of the financial condition and management of these
institutions.
Thus, in the schedule of investments, we have only
their value as estimated by the officers, and. rarely are
city or county bonds, or the securities of other States,
even of the late rebel States, estimated below par,
although it is morally or financially certain, that if
thrown upon the market they would reach no such :flattering figure. A somewhat better judgment of their
value as investments could be formed, if the officers
were required to set forth in a schedule by themselves
all the securities held by them which yield no interest.
Again, the item of cash on hand, or on deposit,
though doubtless agreeing with the books on the day
the report is made, and therefore literally correct, conveys a false impression, in that it is not offset by a
statement of the interest then accrued to depositors,
but not entered to their credit until ten or fifteen days
afterward.
We have no exhibit of the investments made dur•
ing the year, of the ·rate at which public securities
were purchased, whether any securities have been sold,
or if sold, whether at a premium or discount from the
purchasing price; whether any mortgages have been
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foreclosed at a loss or otherwise; or whether any
losses from loans have been sustained; in short, we have
nothing that shows the profit or loss in the :financial
management of these institutions, and hence the integrity and sagacity with which their affairs are conducted. Neither have we any statement, even in gross, of
their expenditures from which the economy or prodigality of their management may be inferred.
These and other items of information that might be
suggested should either be specifically required by
statute, or the superintendent should be vested with a
reasonable discretion in determining what shall be the
matter and form of the returns made to him."
And in the Special Report, made the following
year, the same subject is thus considered:
Ex&ract from Speoi,al Report, 1868.
REPORTS OF SAVINGS BANKS.
Concerning corporations employing their own capital in business enterprises, in which the only interest
0£ the public relates to their :financial stability, it is
perhaps sufficient to require them, at stated periods, to
report their actual condition. With the processes by
which that condition was reached, the general public
has little or no concern.
But concerning a sacred trust, held for the benefit
of hall a million of our people, it is the prerogative
and the duty of the State, under whose authority the
trust is vested, to demand, not only a statement from
time to time of the condition of that trust, whereby its
safety may be assured, but of the processes through
which that condition was reached, in order that it may
be seen if the trust has been wisely and prudently
administered, in the exclusive interest of the beneficiaries. In other words, the guardians, the administra·
tors of such a trust, should be required to account, not
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IDSTORY OF SAVINGS BANKS.
only for what they have in hand or subject to their
control on a given day, but for all that they have
received, from whatever source, on account of their
trust, and of the manner in which it has been expended or invested . for the same account. Only in this
way, indeed, can any thing be known with certainty
concerning the true condition of the trust; for summariQS can easily be compiled that will present a very
flattering statement of the mutual relations of liabilities and assets, that a little insight into the processes
would reveal to be illusory, deceptive, false:
The reports from Savings Banks are liable to the
double objection, that they neither exhibit results,
reduced to any common standard by which comparisons
can be instituted, or aggregates be truthfully prepared; nor processes, that is, operations by which these
reported conditions or results can be proved to be correct, by comparison with each other from year to year.
Thus, concerning the assets, some report them at
cost, others at par value, and others at market value,
which wholly deprives them of all value as affording
any basis of comparison or aggregate. Some include
in the liabilities the dividend due depositors on: the
day of the report, and . others do not, from which it is
impossible to know their true condition either absolutely or relatively.
It is but just to the trustees of these institutions to
say, that these defects are in no way chargeable to
them, for they commonly report what is required by
law, and in the form required, and it is themselves
that demand a reformation in the matter and form of
these reports, as will be seen by reference to the opinions volunteered upon "points not enumerated."
The lesser faults may, perhaps, be corrected by
changes in the form of the blank furnished, but no
essential, radical improvement, that shall reveal the
processes by which the reported results are reached can
be effected, without a change in the law directing
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what shall be reported, or enlarging the discretion of
the Superintendent as to what he may require.
Both are needful, for the law should be so full and
explicit in its requirements, that there shall be no
opportunity to escape a full exposition of affairs, by
reason of negligence or indifference on the part of the
official supervisory head; and at the same time there
should be ample authority to supplement the specific
requirements of the law, by such other requirements
as his experience and observation may suggest as
necessary for a more perfect revelation of the condition and working of these institutions.
Some of the deficiencies noted in the foregoing were
subsequently corrected by changing the form of the
blank, so as to express the par and market value of securities as also their cost, also to exhibit as part of the
liabilities the dividend declared to depositors, but not
credited to their accounts at the time of making the
report, and in other minor respects the form of reports
was improved.
But the suggestions concerning a detailed report of
the financial transactions of every Savings Bank, substantially a balance sheet, never met with favor on
part of the officers of Savings Banks, nor seemed to
impress itself with any considerable force upon the
legislature. What lessons may be in store for us in
the near or distant future that shall serve to give
emphasis to those repudiated recommendations, we
have no alternative but to leave to that future to disclose.
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HISTORY OF S.A.VINGS BANKS.
CHAPTER XLII.
OF SUPERVISION.
Prior to the act 0£ 1857 requiring Savings Banks to
report to the Bank Department, and in not a £ew cases
subsequently, every act 0£ incorporation, I believe,
contained a provision, to the effect that the books 0£
the institution. should at all times, during the hours of
business, be open for inspection and examination, to
the Comptroller 0£ the State, and such other persons
as the legislature ( or the Comptroller) should designate
or appoint.
As no duty was imposed upon the Comptroller in
this connection, this provision, in so far as regards
securing any supervision or examination of these institutions, was a practical nullity.
In 1839 the Bank Commissioners, of whom there
were three, were authorized to visit and inspect Savings Banks whenever they deemed proper, or when
required by the Comptroller ; and also to report to the
legislature the general condition 0£ said banks, not less
than once in every three years. I do not :find any evidence that the bank commissioners, or any of them,
ever discharged the duty imposed by this section, and
the office was abolished in 1843.
Thereafter, there remained only the authorized but
never exercised power 0£ visitation vested in the Comptroller as above stated, until the act 0£ 1857 which
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NEW YORK: OF SUPERVISION.
transferred this power to the Superintendent 0£ the
Banking Department, but under restrictions that rendered its exercise alike obnoxious and valueless. The
charters 0£ later institutions subject them to visitation by the Superintendent, but impose no duty upon
him in relation thereto.
The need 0£ a more direct, thorough and responsible supervision is discussed in the annual report made
in 1867, also in the Special Report on Savings Banks,
1868.
From these we make the following extracts:
&tract from the Report on Savings B(Jll1,ks, 1867.
The supervisory power over these Savings Institutions is extremely defective.
The Superintendent 0£ the Banking Department
receives the semi-annual reports 0£ Savings Banks, and
compiles the January reports £or the information 0£
the Legislature, with such suggestions as to him appear pertinent or important. He has power also to
require a report from any bank neglecting the duty,
and to enforce the requirement by suit £or the recovery 0£ an adequate penalty.
It is obvious that the degree 0£ security inhering in
this obligation to report, will depend entirely upon
the thoroughness with which the actual condition and
workings 0£ the institution are thereby revealed. I
need not here dwell longer upon this point, as the suggestions upon the first pages 0£ this report sufficiently
disclose the particulars in which this essential feature
0£ security is defective.
Again, in order that these reports should possess a
real and positive value of a high order, it is im:portant
that the articles defining the powers and limitrng the
discretion of the trustees of these institutions should
be clear, uniform and consistent, as well as stringent
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HISTORY OF SAVINGS BANKS.
in their provisions, whereby any transactions of even
doubtful financial expediency, would at once be
clearly exposed as in conflict with the powers conferred by law, and be subject to summary and effective
correction.
But this is far from being the real state of the case.
So large and varied are the powers of some of these
institutions in regard to investments and other details
of management, that reported operations of very doubtful financial expediency are found not to transcend the
discretion vested in them by law, and are hence beyond the reach of any remedial control less sovereign
than the Legislature itself. By way of enforcing this
suggestion, I would direct attention to the statement
of the aggregate resources, item, amount loaned on personal securities, $491,120.
The value of these reports as a source of information concerning the exercise of unlawful powers, is
likewise diminished by the fact, that to determine
what transactions are unlawful, would require a
familiar acquaintance with the original charter of each
of these eighty-six Savings Banks, and with all the
amendments thereto, as well as of the general laws
pertaining to Sa"\jngs Institutions; in the light of
which knowledge these reports would have to be examined and compared, and the question of the legitimacy of the reported transactions passed upon. In
the present diffuse state of legislation concerning Savings Banks, it would require a bureau of lawyers to
keep trace of irregularities in the management of these
institutions, even though ever so faithfully reported.
Besides his duty in receiving and compiling these
reports, and submitting the same with his comments
and recommendations to the Legislature, the Superintendent has power, whenever any bank shall fail to
report, or whenever he shall have reason to believe
that any bank is loaning or investing money in violation of its charter or of law, or is conducting business
in an unsafe manner, to examine the affairs of such
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institution, and if he finds from such examination that
any bank has been guilty of a violation of its charter
or of law, he is to report the fact to the Attorney-General, whose 'duty it then is to irn~titute proceedings to
wind up such institution under section 430 of the Code.
It is unfortunate that the statute does not provide
some less severe but equally efficacious remedy for the
correction of minor abuses in the conduct of these institutions. An institution for savings may be financially
sound, although there may have been gross departures
from the strict letter of legal authority in the manage•
ment of its affairs. It is highly desirable to correct
the irregularities, but to do this by dissolving the corporation might, in some crises, be the very worst thing
that could be done. Power vested in the Superintendent or other person, to su~pend the functions of trustees, and in certain cases to remove them from their
office, would be more effective, because a remedy more
easily applied, and more certain to be employed, and
would be less harsh in its operation, by still preserving
the organization intact, and with it, in control of its
affairs, such of its officers as had been faithful amid
the faithless to their trust.
The right of visitation and examination ought not to
be predicated upon a belief in some existing misconduct, but should inhere in the very nature of supervisory functions. By the time the Superintendent
" has r6ason to believe" there is mismanagement, the
evil wrought may be past cure. He should be authorized at all times and upon his own motion to visit and
examine, or to appoint suitable persons to visit and
examine these institutions, and it should be his duty to
make such examination as often as once in each year,
and such visitation should, in all cases, be without previous notice.
The effect of such a system of supervision in preventins- abuses, would be far more salutary than the
visitation of the severest penalties after the abuses had
been committed.
3
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HISTORY OF S.A.VINGS B.A.NKS•
.&&raot from Special Report, 1868.
OF SUPERVISION.
The course 0£ the discussion in the preceding pages
of this report has assumed a more direct and responsible supervision of Savings Banks than is provided £or
under the present law. The necessity for this must be
apparent, or I have written in vain. The Superintendent should have power, and it should be his duty to
visit and examine these institutions from time to time,
for the P1!:I?ose of verifying the reported statements of
their condit10n and workings. Such visitation should
always be made without previous notice, and should
not, as now, be based upon the presumption of improprieties in the management, but should be a regular
proceedin~ in the interest of these institutions, as well
as of their depositors, verifying to them and to the
public at large, by certificate of the Superintendent,
the solvency and security of each Savings Bank so
examined and found worthy of confidence.
With such examinations and such changes in the
form and matter of reports as I have recommended,
and more consistent and guarded provisions of law
relative to investments, I believe our Savings Banks
would be placed upon a basis of security absolutely
impregnable.
It was not until after the original design and purpose of the Banking Department had ceased to be a
distinctive feature of the :financial policy of the State,
owing to the supercession of the Free Banking System of the States by the National System, that Savings
Banks received more than · incidental consideration
under the provisions of the law of 1857. True, returns
were made as required and these were compiled and
summarized and presented to the Legislature in the
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NEW YORK: OF SUPERVISION.
form 0£ a report £or the information of that body. The
observations and recommendations made in these reports were frequently valuable, and in some instances
affected the character of legislation concerning this
interest. But the £act remains that the supervision
of this interest was but a subordinate duty, and in the
nature of things, it did not and could not receive the
consideration which its growing importance demanded.
The defects in the form of the returns made have
already been commented upon, and any one who will
contrast the returns made in the earlier years of this
supervision, with those found in the later reports of
the Superintendent, will see how great, even without
the intervention of the law, the improvement became.
Some further evidences of the imperfection of these
earlier reports will be presented hereafter, when we
come to explain the statistical tables of progress under
part third of this section.
It will be understood that no disparaging comparisons ar~ sought to be instituted between the Superintendents of the earlier and those of the later periods,
in respect to their attention to the duties devolved upon
them. Their ordinary and regular duties in connection
with the supervision of the Free Banking System were
sufficiently engrossing, and of a character not to be
slighted or postponed to other duties which the law
made only subordinate. Superintendents James M.
Cook and H. H. Van Dyck did not neglect the duties
which the law of 185'7 imposed upon them; but they
did fail, not through fault of theirs, but naturally and
necessarily from the double allegiance and double duty
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HISTORY OF S.A.VINGS B.A.NKS,
imposed by the law, to seek out and investigate means
and devices :for making the system o:£ Savings Bank
supervision more effective and salutary.
This, which was not possible, or at least not practicable to them, became practicable after a large part
of the State Banks had attached themselves to the
National System, retiring their circulation and withdrawing their securities, and especially after the
National Government had administered its final blow
to State Bank circulation, by practically interdicting
its issue.
Relieved from what had been the chie:£ occupation
o:£ his predecessors, the Superintendent was left free
to explore the possibilities of that other department of
duty assigned to his care, and to see wherein the conditions of that interest could be improved by a more
careful study of its needs, and a more full and clear
exposition of its nature, purpose and condition.
Under the administration o:£ G. W. Schuyler, a new
departure was effected in the direction of a more
thorough exposition of this interest, the movement
being initiated, so to speak, in his report to the Legislature in 1867, from which we have already quoted.
The importance of a system o:£ supervision that
should embrace a regular examination of these institutions, by or under the direction of the Superintendent,
was urged in successive reports o:£ Superintendent
Schuyler without receiving favorable consideration
from the Legislature. At the Session of 1870, the subject of such examinations was called to the attention
of the Legislature by Governor Hoffman in his annual
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message. Incited by this, a bill was prepared under
the direction of Superintendent D. C. Howell, who
had succeeded Mr. Schuyler, and pasMd the Assembly
and seemed certain of passage in the Senate. But
delays, unaccountable at the time, supervened. Objections begun to be urged in a certain quarter. Finally,
upon its third reading, the bill was defeated.
It was subsequently revealed that its defeat was compassed by a Savings Bank officer who had the best of
reasons for desiring that the affairs of his institution
should not .be subjected to the rigors of any examination, the character of which he could not control. He
accomplished his purpose through the co,operation of
a Senator, whose position, more than his character and
influence, enabled him to defeat the bill. It is some
gratification to be able to record that one of these conspirators is now a fugitive from justice, and the other is
doing the State more acce;rtable service, as an inmate of
the penitentiary, than, it is to be presumed, he ever did
as a legislator.
In the following year, however, substantially the
same bill was again introduced into the Legislature
and became a law.
This made it the duty of the Superintendent in person, or by others whom he should appoint, to visit and
examine every Savings Bank in the State once in two
years and to present the results of such examination
in his annual report to the Legislature.
Superintendent Howell, upon whom this duty was
first devolved, entered upon its discharge with an eye
single to the objects and purposes contemplated by the
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IDSTORY OF SAVINOS BANKS.
act. As may be presumed, no inconsiderable pressure
was brought to bear upon him in the appointment of
a corps of examiners, to induce him to regard the
claims of political partisanship as entitled to the first
consideration. To all such suggestions the Superintendent was stolidly indilferent, and it is remarkable,
as illustrating what he regarded as entitled to the first
consideration, that without designing it, every one of
the first corps of examiners appointed by him was at
the time of opposite politics from himself. He simply
made no inquiry upon that point, but made his selection upon other grounds. Of the wisdom with which
that selection was made, it does not become the writer,
who was so conspicuously favored by it, to express an
opinion. That the motive animating the Superintendent and the character of the tests applied 'by him in
making his selection, were in the highest degree creditable to him as a public officer, called to the discharge
of a delicate and responsible duty, will be conceded by
all who are not blinded by the most rancorous and
offensive partisanship.
Under the administration of Superintendent Howell,
the first series of examinations was nearly completed,
when he retired upon the expiration of his official term.
The detailed character of this work performed under
the direction of the writer, as examiner-in-chief, can
best be ascertained from an examination of the results
of that work as embodied in the reports of the Superintendent, made in 1872-1873. In the latter year a
full statement of the methods employed in conducting
examinations was made in the form of a general report
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NEW YORK: OF SUPERVISION.
to the Superintendent, and this, not only because of the
light thrown upon the methods of examination, but
bec;mse of the suggestions therein o:f value to Savings
Banks officers in regard to various matters o:f business
detail affecting the security and welfare o:f their depositors, I have given a place in the appendix to this
History.
The writer can see wherein some changes in the
methods of procedure, and in the form of setting forth
results, could advantageously be made ; but it is not
the less complimentary as it is gratifying to him to
learn from the reports o:f his successor, that no modification o:f the general course o:f procedure instituted by
him has been :found expedient or practicable.*
* It was found impracticable to include this report in the Appendix, as
proposed. It can be found in the Savings Bank Report referred to on the
preceding page. The same comment may here be made, as to the omission
:from the Appendix, of matters referred to on pp. 52, 57, 59, 60, poBt.
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IDSTORY OF SAVINGS BAN.KS,
CHAPTER XLIII.
OF DORMANT, INACTIVE (OR UNCLAIMED) DEPOSITS.
Whenever a deposit is made in a Savings Bank, it
is unclaimed till called £or. I£ a portion only is called
£or, the balance is still unclaimed. When tbe entire
amount is claimed and withdrawn, that deposit is no
longer there, it is no longer a deposit at all, but those
remaining there are still unclaimed, awaiting the call
or demand of their proper owners; so that literally aU
the deposits in any Savings Bank, whether deposited
to-day or :fifty years ago, are wnolaimed. I say literally, £or legally, the deposit in the name of any party
under the law incorporating and the rules regulating
the institution, to which .the depositor becomes a
party, is in itself a claim which, on his own behalf, or
that of his legal representatives, never becomes extinguished.
This claim, which the law makes for him, is not
weakened by the lapse of time, it is not strengthened
by frequent or infrequent additions to or withdrawals
from the original deposit. The only effect which
the incident of frequent or infrequent transactions
concerning any deposit can have, is to render the evidence in support of the depositor's claim to the deposit,
or that of his legal representative, either less or more
difficult to establish.
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If a depositor, every week or every month, or at any
stated and frequent intervals during the period 0£
fi.£ty years, presents himsel£ at the bank, and either
adds to or takes from the deposit originally made, his
pres@ce will be all the evidence that is required to
establish his identity, and hence, of course, to establish the validity of his claim to the deposit made by him
fifty years before, together with its increase, or to the
balance due upon the account if it has been diminished
by the withdrawal of any portion in the mean time.
But if the fifty years have elapsed since the deposit
was made, with no transactions relating to it since that
time, .except the credits of interest to the account
made by the institution itself, some further evidence
of identity than the presence of the depositor with the
pass-book in his possession may be required when the
depositor makes his claim. Especially, as we very
well know, must satisfactory evidence be furnished in
support of the claim, when this is made, not by the
depositor himsel£, but by his legal representative, as
heir, executor, administrator or devisee. In general,
we may affirm, that the longer the period which has
elapsed since the last transaction in relation to any
deposit, the more difficult it may be to furnish conclusive evidence of the validity of the claim made to the
deposit by the depositor himself or by his proper representative.
I say may be, for it is often the case that evidence,
even a£ter the lapse of many long years, is easily made
as direct, clear and indisputable, as though the depositor had presented himself and had transactions con-
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HISTORY OF SA. VINGS BA.NKS.
cerning the deposit regularly every week since it was
made. I only affirm that there may be a greater difficulty in establishing the claim to a long dormant
deposit, than there can be or than is likely to arise
concerning a deposit which is frequently increased or
diminished by additions to it or withdrawals from it.
In short, it is at all times a question of identity, and
this simply becomes more difficult with the lapse of time.
But concerning the dormant or the active deposit,
both are alike unclaimed until called for, both are liable to be called for at the will of the depositor, and
the only question that can arise concerning either is
that relating to the amount, due upon the account, and that of the evidence establishing the
validity of the claim made by the party making
the same. The long dormant and recent active
deposit are both alike unclaimed, in the sense that
whatever is due and unpaid upon either has never
been called for, so that the term "unclaimed,'' as
applied to the former, whereby to distinguish it from
the latter, has neither propriety, reason nor significance to justify it. What distinguishes them, therefore,
is not the claim to withdraw them, when preferred 1>y
the rightful owner, which, as we have seen, is of precisely the same nature concerning either, but the incident merely in the one case of infrequent or far distant,
and in the other of comparativdy :frequent or compara•
tively recent, transactions; and out of this distinction,
as we have also seen, there can arise no question but
that relating to evidence in support of the demand
made by a party claiming to be entitled to the deposit,
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and even this question may not arise. At most, this
is but an incident o:f proof, liable to arise concerning
any deposit, recent or remote, active or dormant, and
o:f itself constitutes no ground upon which to predicate special, still less unfriendly, legislation in regard
to Savings Banks. The rules o:f evidence are well
known and well defined, and are applicable, with
strict impartiality, to all deposits whether o:f long or
o:f recent standing.
Having characterized the term" unclaimed," applied
to these deposits, as illogical and destitute o:f significance, :for the reason that all deposits are both in fact
and in law equally claimed or unclaimed, according as
they are called for and withdrawn, or uncalled :for and
suffered to remain, without any distinction as to the
time that has elapsed since the last transaction in
regard to them, we may properly seek :for some term
that will significantly express the characteristics that
distinguish these from the deposit to which the term
"unclaimed " has not been applied.
In seeking for a term that should properly characterize deposits that remain unchanged by any act o:f
the depositor, and to distinguish these from the deposits
which are thus increased or diminished, or both, the
terms "inactive " and " dormant" both naturally suggest themselves.
In making choice between these two, or rather in
the use o:f both, I am aided by a regulation quite common, i:f not universal, with Savings Banks, concerning
the allowance o:f interest upon deposits. That regulation is, that a deposit shall cease to draw interest when
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HISTORY OF SAVINGS BANKS.
it has remained for twenty years unchanged by any
transaction on the part of the depositor. It is a part of
the agreement into which the depositor enters with the
institution, and is fair and just in its operation toward
both parties; though for reasons which will be made
apparent hereafter, I should suggest a period of twentyone instead of twenty years.
These neglected deposits naturally divide themselves,
therefore, into two classes, to wit, those of less than
twenty years standing and those of twenty or more
years, the former being entitled to regular, usually
semi-annual dividend credits, and the latter entitled to
no further participa~ion in the profits. Both are inactive, in so far as regards changes wrought in them by
any agency of the depositor in adding to or taking
from them, but the one possesses an element of vitality
not possessed by the other, by virtue of which it still
attracts to itself its proportion of the gains or profits
upon the whole sum of deposits. Though inactive it is
not dormant, while the older, neglected deposit is both
inactive and dormant. Let us, then, distinguish these
two classes of neglected deposits by the application to
them, respectively, of the significant, if not strictly logical adjuncts, "inactive " and " dormant," meaning by
the former, unchanged or neglected deposits of less
than twenty years standing, and by the latter, similar
deposits of more than twenty_years standing, and upon
which accumulations of interest have ceased.
But upon the very threshold of this discussion we
meet with a difficulty in marking the limitations which
shall strictly define an inactive deposit. When it
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ceases to be inactive and becomes dormant is clearly
defined, but where shall we fix the boundary between
an active and an inactive deposit ? What period of time
must elapse during which the deposit has been neither
increased nor diminished by any action of the depositor,
in order to justify its classification with the inactive
deposits? It is evident that any rule which we shall
establish, whereby to determine this question, must be
purely arbitrary, or be based upon probabilities or
presumptions that will, in their application to individual cases, as often prove false as true.
But this is so concerning nearly all questions that
must be brought to some,fixed and arbitrary standard
of measurement. Thus, the line that bounds and
defines infancy and maturity is in nature, variable, but
in the regulations of the social state it must be uniform, fixed. An arbitrary standard must be employed,
based upon an assumed hypothesis covering the greatest number of presumptions or probabilities. Individual instances will fall short of or exceed the standard
in the · degree of maturity actually attained at the
period fixed upon ; perhaps not one will perfectly coincide with it, for the boundary itself "is an imaginMy
line." But the period, twenty-one years, actually
established, though purely arbitrary, probably meets
the requirements of the case as well as any other, and
is better than any flexible or variable standard. It
does not, to be sure, absolutely exclude immaturity of
mind from impressing itself upon public affairs ; it does
exclude from participating in these, many of riper and
sounder judgment, and more firmly established virtue
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HIBTff&.Y Q"E' S.A..Vt:N:GS. llA.."Nlffi..
than others who have passed the prescribed boundary
of years. But it doubtless serves the needs of society
with the least injustice to individuals, better than any
other standard would do.
So, in defining the limits between an active and an
inactive deposit, we can fix upon none to which individual cases may not prove exceptional
But, fortunately, no moral elements enter into the
determination 0£ the question, nor, £or that matter, is
justice or injustice, fay-or or hardship toward individuals affected by its determination one way or another. The distinction is one of convenience alonea definition to enable us the better to understand and
the more clearly to discuss the subject-matter in its practical relations to other topics presently to be considered. Let us reach rational conclusions upon this subject by a series of inductions.
Surely that is an active deposit whose owner, every
week or every month or e,,ery quarter, adds to his little store the small savings accumulated during those
intervals. Equally so if he sometimes adds to and at
others takes from the deposit within these frequent
intervals. But where two, three or five years elapse
during which no transactions occur,except the regular
credit 0£ interest which the deposit earns, itnd especially where the depositor does not present his book for
the purpose 0£ having these credits of interest entered
upon it, may the deposit be said to be an inactive one?
The term at best is but relative, and what, viewed
under one aspect or in relation to one purpose, or
class of purposes, would justly be regarded as inact-
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ive, viewed under another aspect, or in relation to other
objects and purposes, might with equal propriety and
justice be regarded as indicative o:f a high degree o:f
activity.
Thus the deposits o:f business men in banks o:f discount, :for business purposes, are expected to be augmented and diminished by corresponding transactions
every day. Should such a deposit remain unchanged
:for a week or a month it would be noted as an especially inactive deposit. The lapse o:f a year or more,
with no transactions to augment or diminish the deposit, would be still more noticeable, and, unless the
circumstances concerning it were known, might justify
a presumption that the depositor was no longer living,
and that the deposit had been overlooked hy his executor or administrator. But the presumption might
nevertheless be :false.
Nor would such a presumption arise concerning all
deposits even in banks o:f discount. The depositors
in these are not all business men, or men whose business requires :frequent changes in the amount o:f their
disposable funds. By many, these deposits are made
merely :for safe-keeping while awaiting satisfactory investment, which may require weeks or months to
effect. Especially are banks made the resort :for inactive
deposits since it has become popular to pay interest upon
balances, and the practice o:f paying a higher rate o:f
interest upon deposits of long standing has operated still
:further to increase the proportion of inactive deposits.
But we shall see hereafter, that so long as thirtyfive years ago, when tc deposit in banks of discount
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HISTORY OF SAVINGS BANKS.
for other than business purposes was far more rare
than now, the law raised no presumption 0£ any kind
concerning deposits that had lain thus inactive £or less
than two years. I£ that was a £air rule or measure 0£
inactivity £or a deposit in a bank 0£ discount, thirtyfive years ago, five years would not be too great a
measure to apply to deposits in banks 0£ discount today, as marking any presumption founded upon the £act
0£ such inactivity.
But, whatever may be the proper measure 0£ time
by which to distinguish active from inactive deposits
in banks 0£ discount, it would be very inappropriate
to apply the same measure to deposits in Savings
Banks. That is, the same absolute degree 0£ inactivity
between a given number or a given proportion 0£ deposits in a Savings Bank and in a bank 0£ discount respectively, marks a very different relative degree 0£ activity
between them. A deposit that in a bank 0£ discount
would, by the infrequency 0£ transactions concerning
it, be denominated inactive, would, i£ it were in a Savings Bank, and subject to precisely the same frequency
or infrequency of transactions, prove itself to be exceptionally active.
The very name 0£ the institution, "Savings Bank,"
is indicative 0£ the character and purpose 0£ the deposits made therein. Not only are they the depositories of savings, 0£ "small sums," as the first act 0£
incorporation expresses it, but they are depositories
for saving. They are put there to be saved, not spent;
to be kept, not employed in business, in speculation or
in trade. A degree of permanerwe is presumed con•
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cerning them. The regulations of nearly all Savings
Banks, and the charters of many, recognize this feature of. relative permanence as fundamental. Some
degree of permanence is, with rare exceptions, a measure and test of the genuineness of a savings as distinguished from a business deposit. A depositor in a
Savings Bank who daily deposits and withdraws, using
the moneys so deposited and withdrawn in his regular business, is not a legitimate dealer with such an
institution, and the ~avings Bank that affords facilities for such dealing by allowing its depositors
to draw checks upon it like an ordinary bank of
discount, acts unwisely, and usurps functions not
pertaining properly to such an institution. The temptation to attract business in this way may be very
strong, and so it may be to discount notes, but it is
not, and no seeming necessity can make it, a legitimate
practice for a Savings Bank. It being the object of a
Savings Bank to save, and the presumed purpose of
depositors therein being to leave their deposits undisturbed until compelled by necessity to withdraw them,
or until they have reached a sum sufficiently large to
serve some other purpose long cherished, it follows
that the measure or estimate of their activity must, as
we have already indic~ted, be a very different one
from that applied to deposits in banks of discount,
which are presumed to be made to afford facilities for
frequent and expeditious transfers.
It is true, the general purpose we have stated as
characterizing the Savings Bank deposit, is not inconsistent with comparatively frequent changes in the
amount o:f the deposit, by augmentation from the future
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HISTORY OF SAVINGS BANKS.
savings of the depositor. And it is in this way that a
gr.eat proportion of the changes come, as will be seen by
examination of the reports of Savings Banks from year
to year, showing an almost constant excess of deposits
over withdrawals. But, while the purpose of many,
doubtless of most, is to augment their deposits from
time to time, from future savings, and to reduce them
only under the pressure of a very sharp necessity, it is
not the less true that very many, upon some occasion,
deposit a fixed sum with the purpose of leaving it for
an indefinite or for a definite period, to accumulate
only from its own natural increase. Not unfrequently
it takes the form of deposit in trust for an infant heir
or ward, the purpose being that it shall remain unmolested until such heir or ward becomes of age. Parties
have been known to go directly from the marriage
altar to the Savings Bank, and there make a deposit
which they hoped to leave undisturbed, to provide
some needed comforts for a possibly hopeless and otherwise helpless old age. It may be a deposit designed
to preserve the depositor from burial at public charge
and in a nameless grave. The purposes of depositors,.
by which the permanence of their deposits will be controlled, are too many for enumeration, but the foregoing are sufficient to illustrate their character; our purpose, however, is accomplished if we have established
that a Savings Bank deposit is, as such, really an active
deposit where transactions are had with the depositor
concerning it as often as once in two or three years ;
that, indeed, it can hardly be regarded as an inactive
Savings Bank deposit where it remains unchanged for
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a period of ten years, unless we discard altogether
the suggestion of relative activities, and consider the
question in its absolute form, and thereon simply maintain that inactivivy is the one feature of Savings Bank
deposits, that gives them their significance and value,
and that any legislation which ignores this fundamental fact is untimely and unwise, and hostile to the best
interests of Savings Banks.
I have thus discussed this subject of inactive and
dormant, commonly styled "unclaimed," deposits, in
order the more intelligently to discuss the purpose and
bearings of legislation concerning them in the past, as
well as of that now under consideration in the Legislature.*
It is worthy of notice that the first act of general
legislation concerning Savings Banks had reference to
these very inactive deposits whose characteristics we
have been discussing. This act ( chapter 262, Laws of
1835) provided, first, for the publication annually, by
all the banks in the State, of a statement of all deposits
made and dividends declared, which had been unclaimed for two years preceding such publication.
It then provided that each of the Savings Banks in
the State should, within the same time, and annually
thereafter, publish a similar statement of the names of
all persons who had made deposits in such bank, and
who had not, within two years next preceding the
date of such statement, d!rawn out any part of the
money so deposited, or of the interest accruing upon it.
The utility of the foregoing provisions of law, in so
* Referring to a bill introduced in the Legislature of 1870, providing for turning these
Inactive deposits over to the State Treasury.
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HISTORY OF SAVIN GS BANKS.
far as they apply to banks of discount, we have no
occasion to consider, but we are concerned with their
effect upon the institutions which are directly the subject of the present writing.
We must presume that the object of the foregoing
requirement, to publish statements of the deposits and
dividends remaining unclaimed for two years, was to
give notice to the heirs or legal representatives of
deceased depositors, whose claim to, or interest in such
deposits had been concealed, or was, from any cause,
unknown.
Whatever presumption concerning the decease of a
depositor or stockholder in a bank of discount, might
be predicated upon the fact of his neglecting for two
years to claim his deposit or dividend, I think we have
successfully demonstrated that no such presumption
could possibly arise upon a similar state o:f facts concerning a depositor in a Savings Bank. As a means o:f
enlightenment to supposable heirs, therefo~e, this measure, in so far as it applied to Savings Banks, was
wholly uncalled for.
But the requirement was not only needless, it was
mischievous. The evil consequences likely to result
from it were very fully set forth in a memorial addressed
to the Legislature the following year by the Bank for
Savings, in New York, and which will be found in full
in the appendix. Governor Marcy, in his message to
the Legislature in the following year, thus alludes to
the subject and to the memorial in relation thereto :
"The law passed at the last session of the Legislature, relative to unclaimed dividends and deposits,
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operates unfavorably, it is believed, on Savings Banks.
The inconveniences and hazards to which the publications required by that law will expose these institutions have induced some of them to defer a compliance with it until the subject could be again brought
before the legislature, with a view to procure some
modification of that part of it which relates to them.
I have received a communication from the trustees of
the Bank for Savings, in the city of New York ( which
I herewith transmit to you), showing what they apprehend would be the consequences to that institution, of making the publication required of them.
The views therein presented appear to be well worthy
of your consideration; and I recommend a revision of
this law, and such modification of it, ill relation to
Savings Banks, as will remove the injurious effects resulting from its present provisions.''
The effect of the memorial was to secure a change
in the provisions of the law, in so far as the Bank £or
Savings was concerned, leaving it operative and unchanged as to other institutions. The modification in
behalf of the Bank £or Savings was by an amendment of its charter, and was to the following
effect: that, instead of the publication of the statement required by the act of 1835, the same should
be made by said bank to the comptroller, once in
five years, the first to be made in 1838, except that
the residence and occupation of the depositor need not
be given in such statement.
The inconsistencies of legislation were never more
strikingly exemplified than in this amendment to the
charter of the Bank for Savings. Upon any theory
which would justify or demand the publication required by the act of 1835, the Bank £or Savings was
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HISTORY OF SAVIN GS B.ANKS.
the very institution against which the requirement
should have been most rigorously enforced. Having
been in operation longer than any other, and having a
larger number of depositors than any other, or than all
others, the presumption that some of these that had
transacted no business with it for two years and upwards were deceased, was stronger than in the case of
any other Savings Bank. If it was important or even
desirable, in any case, to put possible heirs upon the
scent of possible fortunes in this way, the Bank for
Savings certainly presented the most promising hunt:
ing ground.• By this amendment, the act is deprived
of all practical force in respect to the bank whose experience would bes~ exemplify, and most completely
justify, its policy and purpose, while, with a blindness
and perversity most inexplicable, the legislature reasserts its faith in the wisdom of that policy, and the
beneficence of that purpose, by continuing the act still
operative against institutions the least likely and the
least able, by reason of their shorter period of operations and the smaller number of their depositors, to
furnish a practical test of its virtues.
Every objection to the publication of the statements
as iequired by the act of 1835, so cogently and so successfully urged by the Bank for Savings, in the memorial referred to, applied with equal force to every Savings Bank in the State, and was in effect an argument,
not for the exemption of that bank from its operation,
but for its modification or repeal altogether.
One feature of the act to which attention has not
been specially directed, is worthy of notiee in passing,
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as demonstrating the fallacy of the presumption upon
which this legislation was supposed to be predicated,
that the representatives of these "unclaimed" deposits
of two years' standing might be heirs of deceased depositors. By the terms of the act, the statement was
to include the names of all depositors who had not,
within two years previous to the date of such statement, '' drawn out " any part of the money deposited,
or of the interest thereon. Hence, though the depositor had, on every Saturday night, during those two
years or more, presented himself in person at the bank
and added some little trifle to his store, though he had
thus augmented his deposit but the very day before
such statement was made, his name must nevertheless
appear in the list as presumptively dead, not having,
within two years previous, withdrawn any of the
moneys, which it was the desire of his heart and the
purpose of his life not to withdraw if he could possibly avoid it! Would it not seem that inconsiderate,
crude and incongruous legislation was not altogether
confined to these latter days~
In 1839, the act of 1835, in so far as the same was
applicable to Savings Banks, was amended, by extending the time within which no part of the deposit or interest should be withdrawn, to three years, before the
name of the depositor should be included in the statement to be published, etc. This action has no marked
significance, and requires no comment. Ten years
later, 1849, an act was passed, which may or may not
be regarded as embracing Savings Banks within its
provisions, according to the construction given to its
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HISTORY OF SA VINOS BANKS.
terms. I£ it does apply to Savings Banks, the effect
was simply to restore the original period of two
years after which an "unclaimed" deposit should be
advertised. I£ it does not apply to them, the amendment of 1839, making the period three years, continued
in force.
Without entering into any <fis01.1,ssion of the question
(which, after all, only concerns a year more or less),
whether this act of 1849 applies to Savings Banks at
all, I simply record my conviction, founded upon a
somewhat careful examination of the statute, that the
act does not apply1 and was never intended to apply, to
Savings Banks. It was obviously designed to reach
and affect banking associations and individual bankers,
who doubtless held themselves to be technically excluded from the terms of the act of 1835.
'l'he act of 1857, requiring Savings Banks to report
to the Superintendent of the Bank Department, and
specifying what they should report, has already been
commented upon elsewhere. I only refer to it again,
in this connection, to remark that, while this act did
not repeal that of 1839, it has been held and regarded,
and I believe with a fair show of reason, as superseding all previous requirements of any general act, concerning reports or statements for publication or otherwise. It has been assumed that in this act the legislature specifically defined all the items concerning which
it desired information, and made the Superintendent
the medium through whom this information should be
communicated to the public and to the legislature, in
lieu of any or of all methods previously provided.
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The assumption is a reasonable one, though whether
it will bear rigid judicial scrutiny is open to question.
But I do not regard the question as having any considerable practical importance, inasmuch as the legislature has, since 1857, virtually conceded the construction assumed.
The legislation concerning inactive deposits, which
we have thus far considered, has had reference only to
their disclosure fur the presumed object of information
to the heirs and legal representatives of the deceased
owners of such deposits, who might otherwise remain
ignorant of their existence. The tenor of our argument upon this branch of our subject has been to the
effect, that the term £or which deposits were required
to be reported as unclaimed was altogether too short
to justify the presumption of the depositor's decease,
and hence the publication was not called £or in the
interest of heirs, upon any rational hypothesis or theory of probabilities.
Besides this, we have introduced in the Appendix,
the memorial of the Bank for Savings, which presents
strong practical objections to such publication, as injurious to the interests of depositors, and calculated to
embarrass and complicate the business of these institutions to an extent that must greatly interfere with, if it
did not wholly defeat, the beneficent purposes which
they were instituted to serve.
Whether there may not be some practicable limit to
the duration of an inactive deposit, after which the
decease of the depositor may fairly and justly be presumed, and the £act. of the deposit with the name of
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HISTORY OF SAVINGS BANKS.
the depositor be made public for the benefit of heirs, is
a question that we may consider hereafter, in connection with the topic that is now more directly to engage
our attention.
We pass now, therefore, to another aspect of legislative discussion and action concerning these so-called
"unclaimed " deposits.
So far as appears, legislative action concerning these,
having for its object their transfer to the custody of
the State for its benefit, was first instituted in 1853, by
the introduction of a bill which required Savings Banks
to pay over to the boards of supervisors of the counties
in which they were respectively located, the moneys of
all depositors not known to the officers of the Savings
Bank, whose accounts with the bank had not been
changed by drafts or new deposits within twenty years.
A previous section of the bill provided for a similar
payment of the surplus in excess of five per cent, exclusive of the banking-house owned by the institution.
In the legislation, or action looking to legislation, concerning " unclaimed " deposits, we shall find these from
time to time commonly associated with like provisions
concerning the surplus, so that these in their relation
to the claim of the State for their appropriation must
be considered together.
The bill in question provided for the investment of
these moneys by the supervisors, and for applying the
interest derived from such investment to the support
of the poor; and whenever any of these surplus or
" unclaimed" moneys should be required by any bank
that had paid over the same, to meet the demands of
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rresurrected depositors, such moneys, or so much thereof
as should be necessary, were to be repaid to the bank
for that purpose.
I am fortunately relieved from entering myself upon
any discussion 0£ the principles involved in the legislation proposed by this bill.
The propriety and expediency 0£ the measure, upon
the assumption that it was altogether within the scope
of constitu_tional legislation, is very ably and thoroughly
discussed in a memorial 0£ the Bank £or Savings, inserted in the Appendix, while the unconstitutionality
of such legislation, as was therein contemplated, is to
my mind clearly and conclusively established by the
opinions respectively 0£ Hon. H. Denio and Charles
O'Conor, and these are also 0£ such importance as to
be worthy 0£ insertion in the Appendix. The importance 0£ carefully considered opinions upon this question amply justifies the introduction 0£ those opinions
in full.
These wise counsels, fortunately £or Savings Banks,
and fortunately £or the credit 0£ the legislature 0£ the
Empire State, prevailed, and the bill £ailed to become
a law.
In 1859 the legislature was again agitated by the
discussion of these "unclaimed" deposits and by a
restless desire to gain popularity by augmenting the
funds in the State Treasury without resort to taxation.
The idea seems to have been very generally enter•
tained that the amount 0£ these deposits, undisturbed
£or a series 0£ years, was a vast sum, and the right of
the State to demand and receive them, and to employ
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HISTORY OF SAVIN GS BANKS.
them for its own benefit, seems also to have been assumed without question. As six years had elapsed
since the abortive effort to confiscate these deposits,
already detailed, of course the wisdom derived from
that experience was wholly lost upon the legislature of 1859. But the legislature did propose to
itself to act intelligently upon the question, and, to this
end, appointed a committee to visit and examine Savings Banks for the purpose of ascertaining what was
the amount of these unclaimed deposits. The report
of this committee will be found in the Appendix, and
would appear to have led to the abandonment of the
proposed act.
But three years later, in 1862, a bill was again introduced in the Assembly to appropriate these so-called
" unclaimed " deposits. While this bill was pending,
the following resolution was adopted :
"WHEREAS, Bills have heretofore frequently been
introduced into the legislature, and a bill is again
before this house, providing for the disposition of certain sums of unclaimed dividends and deposits, said to
be lying in the several Savings Banks and other
moneyed institutions in the State, and represented as
being used for the benefit of the individuals having
the control thereof ; and,
W HEREAs, All such unclaimed dividends and deposits, if there be any, ought rightfully to be appropriated to the use and benefit of the people of this
State, under a proper and efficient law regulating the
distribution thereof; therefore,
Resolved, That a committee of three be appointed,
with full power to send for persons and papers, to
examine any of the courts of record, Savings Banks,
or other moneyed institutions in the State, having, or
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supposed to have, under their control, or in their custody, any of the said unclaimed funds, and that said
committee report the result of such examination to the
next legislature."
The coolness with which it is assumed, in the preamble, that these unclaimed deposits, etc., "if there be
any, ought rightfully to be appropriated to the use and
benefit of the people of this State," is only exceeded
by the vagueness of the claim thus set up as to the
amount that should be embraced in ii. Whether all
deposits that had been unclaime9- for two days or £or
some longer or shorter period were, by the terms of
the resolution, to be swept into the treasury of the
State, we can only conjecture,· nor, so far as concerns
the principle involved, is it of material consequence.
If I chot>se to place a sum of money in a Savings Bank
and leave it to accumulate for the support or assistance
of my old age, it makes very little difference to me
whether the State takes possession of it at once, or
after it has increased by credits of int~rest during fi.f•
teen or twenty years ; and the State has as good right
to it at one time as at another. But the quality of
mind, the kind of reasoning faculty by which the conclusion is so readily and so audaciously reached, that
the State has any business with it whatever, after either
the longer or shorter period, unless it has ;first established my decease, without heirs or legal representatives, presents a curious psychological study. But,
without further criticism on the resolution, we pass to
a consideration of the report of the committee, made
to the legislature of 1863.
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HISTORY OF SAVINGS BANKS,
This was by far the most elaborate, comprehensive and
valuable contribution on the subject of Savings Banks
that had yet appeared in this State. It contained much
valuable historical information concerning the origin of
these institutions, derived chiefly from sources to which
I have had access in the preparation of this work.
The committee traveled considerably outside the line
of inquiry defined by the resolution directing their
appointment, but may be freely pardoned for this, in
view of the valuable and interesting information and
suggestions presented for the consideration of the legislature. I should be glad to insert this report entire
as part of the record concerning this interest which it
would be desirable to· place in more accessible form
than burial among the published volumes of legislative
documents will afford to it, but its length precludes
this, if I am to have any regard to the dimensions of
this volume. As the best substitute for that, however,
I propose to insert here in the body of this work such
extracts as are most pertinent to the topic now under
consideration.
The committee proceed to say :
" The subject of unclaimed moneys, supposed to be
lying in the several Savings Banks in the State, has
been for many years, inside and outside of the legislature, a fruitful source of discussion. The public press
has, periodically, teemed with articles on the subject,
and year after year, bills and propositions have been
introduced into the legislature proposing to transfer
these unclaimed moneys to the custody of the State,
supposing them to amount to millions. The result of
the present investigation, however, fully demonstrates
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that the public mind has been greatly misled as to the
amount of these moneys. Whatever may be the power
of the legislature as to the disposition of the money
itself, the amount is clearly not as large as it has generally been supposed to be, judging from the tone of
the discussions of the question in the public press and
in both branches of the legislature. No doubt many
have confounded the surplus moneys of our Savings
Banks with the unclaimed, and to this fact, probably,
may justly be attributed the extravagant ideas that
have been so prevalent in the public mind upon the
subject of the latter."
Drfinition of Uncla,imed Moneys.
" On entering upon the investigation, the committee
found it necessary to give some specific definition to
unclaimed moneys. Although the question, growing
out of the proposition to place these moneys in the
custody of the State, has been repeatedly and elaborately discussed in the legislature, this point had never
been satisfactorily determined, as, in the act of 1835,
the legislature has simply determined the length of
time for which moneys should be unclaimed before
action should be had upon them, without defining of
what unclaimed moneys should consist. In 1839
another act was passed, extending the time for which
moneys should be unclaimed before being acted upon,
from two to three years, but the point in question was
still left undecided. In 1859 a special committee of
the Assembly was authorized to visit the city of New
York, and ascertain the amount of unclaimed moneys
in the Savings Institutions; but they committed the
error of leaving the question as to what should constitute unclaimed moneys to the decision of those in
charge of these Savings Banks. The result was, that
the committee returned in a very few days, reporting
but comparatively a small amount of unclaimed
money. This., however, was to be expected, because
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IDSTORY OF SAVINGS BANKS.
those in charge of these institutions regard all their
deposits as claimed, no matter what may be the length
of time during which there has been no business intercourse between them and any of their depositors.*
The fact that a deposit, or the interest accruing upon
it, has not been called for, is no evidence, as they maintain, that it is unclaimed. Under these circumstances,
therefore, the committee at once saw the necessity of
defining unclaimed moneys-of establishing some uni•
form rule of action in this, as well as every other particular, which would operate equally and justly upon
all, in the conduct of the inquiry. All moneys, conse•
quently, were defined as unclaimed which were embraced in accounts upon which there had been no deposit or draft, or the interest upon which had not been
entered upqn the pass.book, within a certain specified
period. Unless one of these three transactions had
taken place upon the account within thel.eriod speci•
fled, the money was reported as unclaime . This rule
was uniformly applied by the committee in the prosecution of their labors, and nothing was left to the uncertainty of what might be deemed an unclaimed deposit by interest~d parties.
Another question, however, at once presented itself
to the committee for their decision. It was as to how
long an account should remain unacted upon, in the
manner required, before the money remaining therein
should be reported as unclaimed. By the act of 1835,
which was the first legislation on the subject, it was
two years; by that of 1839, it'was three years, and
according to the recommendation of the special committee of the Assembly, in 1859, it was twenty years.
The various propositions introduced into the legislature, from year to year, to transfer unclaimed moneys
to the custody of the State, specified various different
periods, rangmg from two to ten years and upward.
Under these circumstances it was determined to report
*And herein I think they are right. E. W. K.
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all moneys unclaimed for five years as the mmrmum
period, with the amount embraced in the sum reported
for that period, which had been unclaimed successively
for ten, :fifteen, twenty, twenty-five and thirty years,
and so on, as long as the institution may have been in
existence. By this arrangement the precise amount
unclaimed for each successive period of five years was
ascertained, making five years the minimum, and the
length of time the institution may have been in existence over five years the maximum period."
The result of their examination, upon the basis
above proposed, which, in view of the vague and indefinite language of the resolution, was at once rational
and practical, may be stated as follows :
.Aggregate amount of unclaimed deposits in the Savings
Banks of this State.
For
''
''
"
"
"
"
"
five years.......................... .. . $779,542 87
ten years ........................... .. . 257,363 71
fifteen years .......................... . 129,847 46
twenty years ......................... .
89,227 04
twenty-five years...................... .
61,633 46
thirty years .......................... .
32,329 44
thirty-five years .................... ·... .
13,843 97
forty years . . . . . . . . . . . . . . . . . . . . . . . . . .. .
3,475 08
It will be understood that each 0£ the shorter
periods embraces all 0£ the longer, that is, the aggregate, $779,542.87, given above as unclaimed for five
years, includes, of course, the several amounts unclaimed for ten, fifteen, twenty and more years.
The general conclusions of the committee upon the
subject of these "unclaimed" deposits are as follows :
5
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HISTORY OF SAVINGS BANKS.
"The aggregate amount of $779,542.87, thus reported £or five years, is the entire sum discovered in the
several Savings Banks in the State, which on the 1st
of July, 1862, had been in operation more than five
years, and which had on deposit an aggregate amount
of not less than $100,000. Of that amount, the various sums reported for each succeeding period of years
is simply that portion of the $779,542.87, which had
been unclaimed £or each of those periods.
It is proper, however, to say that quite a large proportion of the sum reported here as unclaimed, is
really as much claimed as any other deposits in these
institutions. One of the chief objects of a Savings
Bank is to take proper care of the moneys intrusted
to its keeping, and very large amounts are deposited
with them in small sums, simply because the depositors have confidence in them as safe custodians of their
moneys. Thus it is with guardians and parents who
make deposits to the credit of their wards and children £or the very purpose of having their money in a
place of safety until the latter shall have become of
age. Indeed, unless a depositor wishes to make a deposit or draft, there is no reason why he should visit
the bank at all, in order that he may be safe in his interest as a depositor. There i~ no inducement whatever £or any active intercourse with the institution.
Interest in all Savin~s Banks in this State is declared
semi-annually ; and 1t matters not whether a depositor
presents himself or not, his proportion of interest is
entered regularly to his credit upon the books 0£ the
institution, and at once becomes a part 0£ the principal. When pass-books are presented after. interest
bas been declared, it is entered regularly upon them,
but it is simply a matter of convenience to depositors
as to when they will present their pass-books for any
entry 0£ interest upon them. Instances, therefore, were
frequently found where deposits were reported as unclaimed, which belonged to individuals who were personally known to the officers of the institution. Such cases,
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however, were unavoidable. The committee were unwilling to act upon the personal knowledge 0£ those
in charge of the very moneys of which they were in
pursuit, and hence were obliged to adopt some uniform rules for their guidance in the prosecution of their
inquiry. These rules were carefully consulted and
adopted, with a view of as successfully as possible
attaining the object for which the investigation was
instituted, and, so far as practicable, were uniformly
applied in the examination of every institution visited
in the State by the committee.
The discussions in the legislature, during the past
£our years, in regard to unclaimed moneys lying in
these institutions, have exhibited quite a diversity of
opinion as to how long they should remain unclaimed
before being taken into the custody of the State. Propositions have been introduced into that body specifying various different periods for which such moneys
should be unclaimed before being so acted upon.
Some have proposed three years, some five, others ten,
and some as high as twenty, years. The thorough investigation given the whole subject, however, by the
committee, leads them irresistibly to the conclusion
that the legislature should not interfere with moneys
of this kind, unless unclaimed, according to the definition of the committee, for at least twenty years. Many
wise and good men throughout the State regard any
interference at all by the legislature with the subject
as calculated to result injuriously to institutions for
savings throughout the country, by unnecessarily
alarming depositors and destroying public confidence
in institutions of this character; but whatever action
may transpire in reference to the matter, the shortest
period for which a deposit should remain unclaimed,
before being acted upon, ought not to be less than
twenty years. It is almost a universal rule with the
Savings Banks throughout the State, to cease paying
interest on accounts after they have not been acted on
for twenty years, and hence, if a depositor neglects his
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HISTORY OF SAVINGS BANKS.
account beyond that period, it is reasonable to suppose that the amount is actually unclaimed.
0£ the aggregate amount discovered by the committee, $113,406.25 is the sum total unclaimed for twenty
years, on the 1st of July, 1862, a very large amount
of which "there is every reason to believe will never be
claimed by its lawful owners.
As to the right of the legislature to appropriate to
itself the custody of these moneys, the committee
have nothing to say. That question they nave not
been asked by the legislature to determine, it being
simply their province to ascertain the amount ·of
such unclaimed moneys. Able legal men have been
found on both sides of this question, and the probability is that it would become a matter of judicial
decision, should the legislature pass a law on the subject."
It was perhaps proper £or the committee to decline
to enter upon a discussion of the authority of the legislature to appropriate these deposits, even after a
lapse of twenty years, though, in view of the range of
discussion in which they did indulge, we cannot resist
the conviction that this aspect of the subject might
have been considered by them without any serious
breach of propriety. But their conclusions are in the
main practical and judicious, always excepting that
which justifies or tolerates the appropriation of a
single dollar of these deposits, not proved to have
escheated to the State through the decease of the
depositor without representatives.
Concerning the surplus moneys held by the Savings
Banks, the committee, after giving the aggregate
amount on the 1st of July, 1862, as $3,846,102, proceed to discuss the same as follows :
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Surplus Moneys.
"The large amount of surplus money accumulated
in these institutions has, likewise, been a fruitful
source of controversy in every legislature. Most of
the propositions introduced into that body to transfer
the unclaimed moneys to the care of the State have included with them these surplus moneys. This, doubtless, arose from the fact that the question to whom
these surplus funds belonged has never been satisfactorily settled. The committee have sought the opinions of those in charge of institutions of this character,
with a view of determining this question for themselves, but, owing to a diversity of opinion among
them, entirely without any satisfactory result. As
long as a Savings Bank is m successful operation, its
surplus is very wisely within the control of its trustees
for the security of its depositors against any loss arising from a depreciation in the value of the securities
of the institution below the par value thereof; but, if
the bank shall close up its business, by disposing of
its investments, and paying all its depositors the
amount due them upon its books, and :find itself in the
possession of a surplus, it would be difficult to determine what disposition should be made of such surplus.
By a clause uniformly in the charters of Savin~s
Banks, the trustees would have no legal right to 1t,
neither would the depositors be legally entitled to it;
and, although, perhaps, equitably, such would be the
case, it would clearly be an act of great injustice to
old depositors, who had previously drawn their money
from the bank, to divide it amon~ the present depositors in the form of an extra dividend- an objection
equally valid against all extra dividends in institutions of this kind. This being the case, it is clearly
the duty of the legislature, in the opinion of the committee, to take some action for the better security and
:final disposition of all moneys of this description.
Beyond this, they would regard any legislation on
this subject as wholly dangerous and unwise. Al-
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HISTORY OF SAVINGS BANKS.
though the surplus moneys of these banks have been
gradually increasing, without scarcely any draft upon
tbem, to make good to depositors any losses consequent
upon a depreciation in the par value of their investments, the condition of the country is such, at present,
that the necessity is liable to arise any moment, for
them to consume their entire surplus, in order to carry
themselves safely through the trying ordeal to which
all financial institutions in the country must, sooner or
later, be subjected, in consequence of the unsettled
condition of our present currency. Under no circumstances, however, should this fund be allowed to accumulate too rapidly, and all banks should be required
to regulate their rate of interest with a view of preventing such a result. The amount of ten per cent,
now allowed by law as a surplus, is quite large enough,
and upon the restoration of peace to the country may
be very wisely reduced. A small amount of surplus,
in a well-regulated Savings Bank, shows a fair rate of
interest to the depositors, and discourages unprofitable
investments. On the other hand1 a large surplus in the
hands of bad men encourages dangerous investments,
and jeopardizes the interests of depositors. Every
poBs:ibJe smegun-rd, therefore, should be tbrown around
the funds by the legislature. It is becoming a vast
interest, and has its only security, now, in the mtegrity
of human nature."
I cannot agree with the committee, however, in their
conclusions concerning the tendency of a large surplus
to encourage hazardous investments. On the contrary,
the result of my observation has been, that it is the
small surplus, or the conditions to which a small surplus gives rise, that expose to the danger of temptation
from doubtful investments. An institution with a
large surplus has no need to incur any hazards in order
to pay expenses and reasonable dividends to depositors.
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The interest upon its surplus enables it to do this with
ease, while a bank with a small or with no surplus, in
order to compete with the former in paying the same
or even a higher rate of interest to attract depositors,
is continually beset by temptations to venture upon
investments of larger promise, but of less reliable security.
Many other topics are ably, and, in the main, judiciously discussed by the committee, the consideration
of which we must forbear.
In concluding our discussion of the subject of dor.
mant deposits and surplus moneys held by Savings
Banks, I propose to call attention to one or two points
concerning them, not brought to view in the foregoing,
nor in the opinions, arguments or memorials inserted
in the appendix.
And, first, concerning inactive and dormant deposits,
I maintain that no lapse of time during which the
depositor fails or neglects to presljnt himself or his
book at the bank can create any claim on behalf of the
State to the money thus deposited. The daily experience of the older Savings Banks is a perpetually
recurring refutation of the hypothesis that after the
lapse of ten, or even of twenty or more years, without
intercourse with the institution, the death of the depositor is to be presumed. But granted, that after some
period, say filty years, this presumption might safely
and justly be made, we arf? still as far as ever from
finding title, or claim of title, upon any known legal or
equitable hypothesis or theory, in the State, to the
money of such presumably deceased depositor, for it is
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HISTORY OF SAVINOS BANKS.
impossible, upon any basis of reason, or upon any
rational theory of probabilities, to create a presumption
that he died intestate and without heirs. And until
both the decease and the failure of heirs can be established, either conclusively or presumptively, the State
can have and can make no claim, not directly opposed
to those rights of personal property conserved by the
fundamental law of the State, which is higher than any
legislature; while, with both these incidents conclusively established, the claim of the State may be sue.
cessfully preferred, though the deposit is but two hours
old.
But the discussion herein discloses a possible duty on
the part of the State toward the heirs of such deceased
depositor, to acquaint them, or to provide some means
whereby they may be informed, of an inheritance to
them otherwise unknown. While no presumption of
decease can be strong enough to justify any claim of
the State to the effects of the deceased, it may easily
be strong enough to justify a notice to supposed heirs
to come forward and confirm the presumption and
establish their right to the property of the deceased.
These suggestions open up t"'.'o distinct branches of
inquiry. First, how long must a deposit remain inactive before the presumption of a depositor's decease
will be so strong as in justice to demand notice, in some
form, to his heirs, that they may prove their claim to
that portion of .his estate held by the bank 1 And
secondly, in what form, or by what method, shall such
notice be given 1
We have already considered and characterized as
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unreasonable and ill-judged, both the time, and the
form or mode of notice, recognized by the acts of 1835,
1839 and 1849. Considering the very common purpose
of depositors to leave their deposits to accumulate for
an indefinite period, as is shown by the memorials
heretofore cited, and as could be established by many
illustrative incidents and examples, we may safely say
that no presumption whatever is afforded of the death
of a depositor, by reason of his neglecting for two
years to augment or diminish his deposit.
Of his decease, there is, of course, a possibility, and
we may say the same of the depositor of last week.
To require the publication of the names of depositors
from whom nothing has been heard, or of w horn nothing has been known for two years, in order to apprise
their heirs of m,oneys possibly awaiting their demand,
is, therefore, wholly uncalled for by any rational presumptions in the case. Nor is the presumption of
decease sufficiently strong to require special e~orts to
confirm or refute it, even after the lapse of ten or fif.
teen years. I have myself four small deposits in trust
for infant children, set apart for special purposes, which
I hope may not be disturbed in less than twenty years,
and if I could know that they would remain there fifty
years without being drawn upon, I should be all the
better satisfied. But, if the State were to enact a law
confiscating those deposits after ten years of non-intercourse relating to them, or appropriating the surplus,
or any considerable portion of it, to which I look as
the ultimate security of those deposits against loss, and
as promising Iarger interest upon them while they
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HISTORY OF SAVINGS BANKS.
remain, I would withdraw those deposits to-morrow,
and, I have reason to believe, this feeling is shared by
thousands of depositors in this State.
Such being the purpose and desire concerning so
large a number of deposits, the lapse of even twenty
years, during which a deposit remains inactive, would
afford no very strong presumption of the depositor's
decease, but for the fact already noted, that by a regulation of all or nearly all Savings Banks, interest ceases
upon deposits after twenty years. It is rational to
presume that a living depositor, cognizant of the fact
that his deposit had ceased to draw interest, would
present himself for the purpose of withdrawing his
deposit, or of having some transaction concerning it
whereby interest upon it would be renewed. If any
considerable time should elapse after interest thus
ceases, without any transaction, the presumption of the
decease of the depositor is not unreasonable. It is also
fair to presume that his heirs have no knowledge of
the deposit, or they would have made their claim.
The result may prove that the depositor is living, but
for some reason has forgotten this deposit, or has neglected to note the lapse of time regarding it, or has
overlooked the fact that it has ceased to draw interest.
But under either of these presumed conditions, it is
but fair that notice should be given at about this time,
so that the party in interest, whether depositor or heir,
may claim, and upon proper proofs receive his own.
In view of the fact that not a few deposits are made
upon the birth of an heir, with the purpose of letting
them remain undisturbed for a full period of twenty-
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one years, which £act diminishes the presumption of
decease in so many cases, and further, to give ample
opportunity £or such as may not desire publicity, to
avoid it by making claim in some form to their deposits,
I would make the term for inactive deposits, before
notice 0£ the same should be given by publication of
any sort, full twenty-one years.
The objections to publicity, which with so much rea·
son and justice are urged in reference to short-term
inactive deposits, lose much 0£ their significance and
force when applied to inactive deposits 0£ twenty-one
years' standing. The circumstances, which, during the
early years 0£ a deposit, may render its publicity inexpedient, as in the case 0£ wife or children thus secreting their scanty savings from a dissipated husband and
father, can hardly fail, after the lapse 0£ twenty-one
years, to become materially changed, in so far at least
that publicity can no longer be injurious. Besides, so
£ar as present active, and all future deposits, are concerned, all objections upon this ground might be effectually removed, by requiring the regulation concerning
the publicity to be made after twenty-one years, to be
printed with other rules in the pass-books 0£ depositors.
They would then have notice to the effect that, i£ they
wished to avoid the publication 0£ their names, with
the amount of their deposits, they must, before the
deposit became dormant, or some time before the lapse
of twenty-one years from any transaction, revive the
deposit by some transaction either increasing or diminishing the same. It would thus be in the power of
any depositor to control the matter of publicity by the
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msTORY OF SAVINGS BANKS.
trifling sacrifice of holding intercourse with the institution at least once in a little more than twenty years.
The advantages resulting from notice to unknown
depositors or their heirs, of deposits of such long standing, would, in my opinion, far exceed the slight inconvenience which might thus be occasioned to the few
who would at all hazard shun such publicity.
But even conce~ing these long standing inactive
deposits, I would guard against the opportunity for
fraudulent personation of deceased depositors, by persons who had, by theft or otherwise, possessed themselves of the pass-book of any depositor, by the mode
in which the notice of such deposits should be given.
Had the requirements · of the acts of 1835-'49 been
rigorously enforced, it could hardly have failed to prove
a prolific source of deception, fraud, and consequent
injustice, through loss to the depositors thus fraudulently personated. The publication, in the form
required, was a legalized incentive to perjury and crime.
Though the facilities for such frauds would be somewhat diminished by the greater lapse of time, if the
same information were to be made public in the same
manner concerning deposits of twenty-one years standing' only, still, the opportunities for fraudulent impersonations would not be infrequent, and the difficulty
of preventing their consummation, when attempted,
would doubtless be increased. Under any aspect of
the case, the publicatio:u or notices of these inactive
deposits, in the manner prescribed in the acts cited, is
decidedly objectionable. How, then, may the State
provide for doing ample justice to parties having a
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claim to dormant deposits .of which they have no
knowledge, without, at the same time, exposing these
deposits to the chance of surrender to plausible but
fraudulent claimants?
To my mind, it is perfectly feasible to provide for
the one without incurring the risk 0£ the other, by
directing the notices concerning dormant deposits to be
made only in the manner hereinafter set forth, through
the department to which is intrusted the supervision
of Savings Banks. To this end I would require all
Savings Banks, in some specified annual report, to
make a return of all inactive deposits of twenty-one
years' standing or upwards, giving the name, residence
and occupation, if known, 0£ the depositor, the date 0£
the deposit, and such other fac~s as would enable the
Department to make a full and perfect record of the
same. Each subsequent annual report should contain
a similar return of all such deposits not previously
reported, which, of course, would embrace only those
that had, as it were, matured during the year since the
previous report was made. These would then be
entered upon the record 0£ the Department. The
banks should also give information concerning any of
the deposits previously reported, that had been withdrawn, wholly or in part, or transferred or otherwise
affected by transactions with the depositor or his legal
representatives, so as to take them out of the class of
dormant deposits, and set the term of twenty-one years
running against them again. The proper entry could
then be made upon the record of the Department, to
show that these no longer belonged to the class of
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HISTORY OF SAVINGS BANKS.
dormant deposits. Practically they would be expunged
from the record.
The amount of these deposits, with the time during
which they had remained dormant, should be reported
to the legislature as furnishing valuable statistical
information.
The records themselves should be kept for the use
and information of the Department in the manner indicated, and should not be accessible to the public, any
more than are the books of any Savings Bank.
And now for the mode of giving notice to claimants,
without, at the same time, creating opportunities for
fraudulent claimants and personations. Let the Superintendent of the Department publish, for some brief
period, at a certain time in each year, in the State
paper, and perhaps, also, in some paper in each county,
the names of all depositors reported to him, with a
heading to the effect that such were the names of
depositors of inactive deposits in Savings Banks of
twenty-one years' standing. Nothing but the names
of the depositors should be given, not even the name
of the bank in which the deposit was made. True, the
name " John Smith " might be rather an indefinite clew
by which an heir should trace out and establish his
claim to a deposit. But if any of the numerous family
of Smiths had any substantial reasons for supposing
that a progenitor of theirs had left behind him a
deposit in bank, they could address the Department,
setting forth the facts upon which their convictions
were founded, and give such information concerning
the age, residence, occupation, habits and other charac-
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teristics of the departed, as, when compared with the
record of the John Smiths in the Department, would
enable the Superintendent to judge at once whether
there was or was not sufficient evidence of a claim to
justify him in directing the party to the Savings Bank
for further information. If none of the facts stated
should coincide with those given of any of the John
Smiths upon the record, he could advise the heir expectant, that it was usel~ss to pursue his investigations further. But, numerous as are the John Smiths in every
day life, the proportion of them likely to appear as
depositors of twenty-one years' standing, in Savings
Banks, would not, I believe, be so . great as to prove
seriously embarrassing.
The practical results of such a system of advertising
for " lost heirs " may be illustrated by a hypothetical
case.
A woman would write to the Superintendent that
she had seen, in the list of depositors, the name of her
husband, lost at sea in 1845. That, for several years
prior to his last voyage, he had had a deposit in
some Savings Bank in New York city. That he had
a book from the bank, but shortly after he left on his
last voyage, the house in which she was living was
destroyed by :fire, and most of her effects, including the
bank book, were lost, and she had forgotten the name
of the bank, never, indeed, having charged her mind
with it, and she writes to inquire for the name of the
bank, that she may try and prove her claim to the
deposit. If, upon examination of the record, the name
given is found to be that of a depositor who opened
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HISTORY OF SAVINGS BANKS.
an account in a certain bank, in 1835, and made additions to it at quite regular though infrequent intervals,
that he was by occupation a sailor, and that the last
deposit was made in 1845, there would be sufficient
concurrence between the statements made and the facts
discfosed, to justify further inquiry concerning the
residence of the parties in 1835, concerning the length
of voyages made by the husband, to see if these would
correspond with the intervals between the deposits,
and concerning any other facts which might serve to
identify her as the natural and proper claimant of the
deposit. If her answers should correspond in the main
with the facts in the record, the Superintendent could
then give her the name of the bank, with instructions
as to the course to pursue in order to establish her
claim. The Department might, in this way, not only
render service to heirs and legal representatives of
deceased depositors, in bringing them to a knowledge
of some small sum thus lying in store for· them, but
might save them the expense of consulting a lawyer as
to the proper legal steps to be taken to establish their
claims.
The hypothetical cases that might be made to illustrate the practical operation of such a system are, of
course, numberless, but the above will suffice to show
how the interests of genuine claimants could be promoted, and at the same time, the security of the bank
against imposition and fraud be assured.
If I have dwelt upon this topic at length, and in an
argumentative form, seemingly incompatible with the
character of this work as a historical compilation, it is
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because of its present importance, as revealed by the
periodic agitation of the subject of " unclaimed" deposits in the legislature, and because of the far greater
importance which these are certain to assume in the
not distant future. If such a return as I have sketched
were to be required on the first of January next, 18 70, -xbut seventeen Savings Banks would have been in
operation long enough to respond to it. But, dming
the next two years, fourteen Savings Banks would be
added to the number, and within ten years, fifty-six
Savings Banks would have been organized long enough
to possibly report inactive deposits of twenty-one years'
standing, and with the revolving years, the number
and amount of deposits of this class would increase in
a geometrical ratio that baffles computation. If any
one conceives it possible that under such conditions as
these, the legislature will cease to be agitated by
schemes and devices touching the disposition of these
deposits, let them look to the history of legislation in
the past and be undeceived. Not once in three or five
years, but in every successive legislature, we shall soon
see wild and irrational propositions concerning the
custody and disposition of these deposits, which, in
some unwitting hour of desperate resolve to do something, will receive the solemn sanction of enactment
into L.A.W.
My purpose, in the discussion of this topic, has been,
by clearly defining the character of these deposits and
the causes of their inactivity, and the relations to them
of the depositors who have placed them in the custody
• It will be remembered that these passages were written in 1869.
fl
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IDSTORY OF SAVINGS BANKS.
of Savings Banks, to free the subject from much 0£
the glamour that invariably obscures its discussion in
the legislative chambers. In considering the proper
and legitimate sphere of legislative action concerning
these deposits, I have sought to distinguish clearly
between the claim preferred on behalf of the State, to
the ownership or proprietorship of these deposits, and
the duty the State may owe to depositors as the rightful guardian and protector of their interests, to give to
them, or their representatives, a fair opportunity, by
means of reasonable notice, to claim and receive their
own.
If the policy of legislation can once become settled upon a rational basis, wherein this distinction
shall be recognized and accepted, in the .form 0£ an
enactment based upon the true theory of its relations
and duties, we may then reasonably hope that the agitations, and crude propositions which now, from time
to time, threaten the security of Savings Banks by
alarming their depositors for the safety of their moneys,
will forever "cease from troubling." To promote a
consummation so desirable, I have written, with what
~:ffect I leave the future to disclose.
The foregoing forms part of the text of the History
of Savings Banks in the State of New York, issued in
connection with the Superintendent's report in 1870.
Nothing has occurred to change the views therein
expressed concerning the character of these dormant
deposits, the futility of legislation looking to their
confiscation by the State, nor concerning the impolicy
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of such legislation or of any legislation whose effect
must be to fill the minds of depositors with distrust
and apprehension. Nor have the_ views therein expressed concerning the propriety and duty of the State
to provide some means of giving notice of dormant
deposits of twenty-one years' standing been changed ,
nor has the writer met with any suggestion of a plan
for giving such notice, at once so effective and so free
from objections as that proposed in the foregoing.
Under the head of Surplus Moneys, the movement
made in the legislature of 1870 to take possession of
these moneys was referred to. This movement embraced also the confiscation of the unclaimed deposits,
and both were fortunately defeated.
The degree of influence in producing this result,
wrought by the following discussion of the proposed
measures, in the report of Superintendent Howell £or
that year, we have no means of determining. The
views there pfesented are a part of the history concerning this interest, and as such are given a place in this
chapter.
Extract from the Superintendent's Report, 1870.
UNCLA.IMED DEPOSITS.
These are commonly understood to be deposits that
have remained a given length of time without any
transaction concerning them. What the period must
be during which there shall have been no transactions
relating to a deposit, in order to entitle it to rank as
unclaimed, has never been defined. Taking as a basis
the provisions of a bill now under consideration before
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HISTORY OF SAVINGS BANKS,
your honorable body, the term will be limited at ten
years. In the nature of things, there is no significance in this distinction between these unclaimed and
any other deposits, that should justify their separation
into distinct classes. Their importance or significance,
as a special topic of discussion, is derived wholly from
the aciion or proposed action of the legislature concerning them. To a rational apprehension, the difference between a deposit of ten years' and one of two
years' standing is one of time only; in their essential
nature and characteristics, in their rights, claims and
relationships, they are altogether identical. Each is a
liability against the institution, to meet which it is
bound, iri good faith and by its contract, to hold assets
of corresponding value; for, whenever repayment of
the deposit is demanded by the rightful owner, whether
within one, or not until one hundred years after it is
made, the bank must respond. The lapse of one hundred years may increase ~omewhat the difficulties of
proving ownership ( which is a mere incident not in
the least affecting the substantial right involved in the
claim), but, the title of the claimant once established,
the liability of the bank becomes fixed, and its duty
and obligation in reference to that deposit are as
clearly defined by the law as in the case of a deposit
but just made. By what fallacies in reasoning successive legislatures have concerned themselves with the
question of substituting the State, in place of the
de:eositor or legal owner, as the proper or authorized
claimant for a deposit which the depositor has not seen
fit to demand for a given period, it is needless, perhaps,
to conjecture. But that the whole theory of the
appropriation of these deposits by the State does rest
upon a fallacy, as monstrous as it is popular, seems
to me to be clearly revealed by the simple statement,
as detailed above, of the nature of these deposits, and
the relations thereto and obligations thereon of the
institutions to whose charge and custody, under specific
contracts, they have been committed. I do not see
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how argument can add aught to the force of the proposition, that what is another's is not, and cannot by
act of law be made, the property of the State; that
where, in pursuance of law, common or statutory, I
have committed to another my property, in trust, under
a contract binding upon him to account £or and return
the same upon demand, with or withqut notice, the
itate cannot, at will, and without my consent, substitute itself as such trustee, or do aught that shall
release the custodian of my property from the obligation assumed by him in relation thereto. These propositions seem to me to be axiomatic, and proof in their
confirmation is as irrelevant as it would be to establish
that two bodies cannot both occupy the same space at
the same time.
In my judgment, the minds of legislators have been
confused upon this question by a misconception or
misapplication of terms. What are called "unclaimed
deposits" have been mistaken for, or conceived to be,
what might with some measure of propriety be denominated "unclaimable deposits," and these would be the
deposits of persons who had died intestate, leaving no
heirs or other legal representatives qualified to claim
the administration of the estate of the deceased. Concerning these, it is evident that they are in no respect
affected by the lapse of time since they were made, the
deposit of one day's standing, thus cut off from human
relationship, occupying precisely the same position before the law that does the deposit of ten or twenty or
fifty years' standing. In short, the claim of the State,
in the person of its public administrator, becomes fixed,
valid, authoritative, whenever, according to the forms
of law, the claim of all other persons is negatived,
which can only be by proof of the decease of the depositor, intestate, and without heirs or legal representatives.
The proposed sequestration of these unclaimed deposits by the State, to its use, is commonly coupled
with provisions for the like appropriation of the whole,
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HISTORY OF S.A.VINGS BANKS.
or of some portion of the surplus of these institutions,
the nature and purposes of which we have previously
discussed. But the constitutional authority for such
appropriation is even more difficult to find than in case
of unclaimed deposits, to some of which it may be possible for the State to make its claim good before the
law. For this surplus is the (;:Ommon property of all
the depositors, held for their joint and mutual bene:fit
and protection; it adds to the security and enhances
the profits of each; it is their property, the product of
their moneys, and consecrated by law to thevr use. The
right of the State to these surplus moneys, or to any
part of them, is the right of the highwayman to take
my watch upon proposing to leave with me my purse.
The measure in question graciously forbears to take all
these deposits; but why should it forbear when the
right to the whole is as valid as the right to a part, in
the form proposed! There are certainly grander reasons for taking all than for taking only a portion.
With the whole, the State could pay its entire funded
debt, build a new capitol, enlarge and make forever free
the Erie cantll, and carry on the government without a
dime of taxation henceforth.
If I seem to present this subject strongly, it is because the impolicy, the injustice, the unlawfulness, indeed, of the action proposed, impress me strongly.
With the views which I entertain, and of which it is
impossible to dispossess my mind, concerning the nature
and effect of such measures of legislation as the one
now under discussion, I should fail to discharge the
duties which I have sworn faithfully to perform, if I
should not protest earnestly against their consummation. To the distinguished gentlemen who have brought
forward, and who advocate this measure, I impute no
other motive than that arising from a patriotic desire
to diminish the burdens of taxation ; and seeing the
question, as they have done, only in that light, as a
possible means to a most desirable end, the end being the
chief object in view, it is perhaps not strange that they
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should give to the means proposed less care and consideration than, as affecting an interest so vast, so delicate
and so sacred, these were entitled to receive. Hence I
would seek to impress upon your minds what is so
clear to my owi;i., that the measure proposed is fraught
with evil consequences, not only to the depositors in
Savings Banks, whose rights and interests are invaded
and sacrificed by it; not only to the Savings Bank System, whose safety and integrity are imperiled by it;
but to the State itself, meaning of course the people of
the State, whose interests are closely and inseparably
identified with the prosperity of these institutions.
The effect upon depositors is seen already in the action
0£ some who, upon the very introduction 0£ this measure, are withdrawing their deposits in order to place
them beyond the reach 0£ legislative control. · Doubtless, certainly indeed, we may say, they are premature,
incautious, unwise. Doubtless they will become the
prey of financial adventurers, and through them, or in
other ways, win lose their little possessions. But it is
just such results as these that we would seek to avert.
The very mission of Savings Banks is to afford a secure
and attractive place 0£ deposit £or the savings 0£ these
people, where they may rely with perfect confidence
upon finding their own, whenever it shall be their
pleasure to call £or it. The disturbance, the unsettling,
the breaking down 0£ this trustful confidence, is the
very evil, wrought by the introduction of such measures, which we deplore. Such £acts are not met and
answered by the averment that no loss need fall on the
depositor, that the State is pledged to protect his interests and to return to him his own. This is what the depositor, in his weakness and ignorance, does not understand, and cann.<".>t be made to believe; he knows his
Savings Bank is safe and accessible, and he seeks to
know no more ; shake his confidence in that, and he
falls back upon himself. The effect, therefore, is the
same, to him and upon him, as the menace of a real and
present peril. But, if the introduction of such a meas-
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HISTORY OF SAVINGS BANKS,
ure, the mere declaration of hostile intent, causes depositors to withdraw their moneys for safer keeping under
their own hearth-stones, what is likely to be the effect
upon a still larger number if the measure shall be consummated? !believe nothing could prevent a most
serious and alarming run upon these institutions if such
a measure should be enacted into a law. The consequences of a panic among the depositors of these institutions it is needless to dwell upon. The institutions,
and the only ones, that could bear' up against such a
crisis as this measure is calculated to precipitate are
those that have this surplus and these inactive deposits
of which it is proposed to deprive them. I apprehend,
too, that the measure would defeat its own execution,
that a large portion of these inactive deposits would
be withdrawn, some possibly renewed to keep them for
ten years more out of the grasp of the State, and the
surplus would be absorbed by the conversion, to meet
the demands of depositors, of securities at the depreciated rates which a market overstocked from these very
causes would create.
But even if this danger were possibly averted, and
only a gradual reduction of the deposits was to follow
as the natural result of diminished, but not hopelessly
destroyed confidence, still the usefulness of these institutions would be greatly impaired. Deprived of the
resources which had inspired confidence and helped to
pay dividends, they become shorn of the attractions
which have for so many years been the stimulus to labor
and an incentive to economy with thousands. Instead
of growth and progress, such as we have seen in the
past, we should witness gradual disintegration and
decay.
But, putting aside all considerations of justice, humanity and legality which we have discussed, let us
inquire whether the State, in the interest of its people,
can ajford to strike this blow at a monetary system of
such dimensions, which in so many forms and in so
many directions identifies itself with their prosperity
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and welfare. Can it afford to alienate and disaffect, by
special adverse legislation affecting their interests,
more than 650,000* of its people '? more than one-sixth
of its entire population ? Can the State afford to impair the integrity or power of a monetary system that
sustains the credit of the State by holding more than
one-fourth of its bonded debt, and which, by standing
ready to take all at a price that will net six per cent,
sustains the market at higher rates?
The amount invested by Savings Banks in bond and
mortgage, besides a very considerable amount loaned
on these as collateral, is very nearly $65,000,000.* Is
it for the interest of the people of this State that their
facilities ~or easily and inexpensively procuring these
loans shall be impaired ?
More than $41,000,000* of the funds of Savings
Banks are invested in the bonds of cities and counties
of this State, and nearly $2,000,000* in the bonded
debt of towns. This is more than half of their entire
bonded debt, as given in the Comptroller's report for
1869. That these bonds have been negotiated at hjgber
rates to these institutions than they could command
in open market, or that their value in open market has
been enhanced by the fact that Savings Banks stood
ready to take the whole of any issue at par or a little
above, is well known to those familiar with the operations of Savings Banks and the negotiation of these
local securities. Is it good policy to destroy or even
to impair a system that thus strengthens the credit of
municipalities, and enables them to induct and prosecute public enterprises and improvements, which, but
for the readiness with which they can procure the means
from Savings Banks, could not be entertained, or would
have to be prosecuted at a much greater expense?
• The corresponding figures at the close of 1874 were as follows: Depositors, 872,498;
bond and mortgage investments, $116,639,852; bonds of cities and counties, $82,222,083;
bonds of towns, $4,684,037, all the above being in the State of New York. Whatever
force was given to the argument in 1870, by the magnitude of vested interests that
it was unwise to disturb by adverse legislation, is intensified in 1874, as shown by the
increase in the magnitude of those interests.
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HISTORY OF SAVINOS BANKS.
Many other considerations suggest themselves in this
connection concerning the extreme impolicy of the proposed legislation in its effect alone upon the interests
and welfare of the general public, but I forbear to
press them upon your attention.
The latest hostile movement against Savings Banks
in connection with these "unclaimed deposits" was in
1875, and took the mild. and comparatively harmless
form of a resolution by the senate callingupon the Superintendent for a statement of the amount of deposits
in the several Smngs Banks of the State, "unclaimed "
for periods of ten and twenty years, respectively. The
Superintendent, in compliance with the resolution,
reported in detail the amount in each Savings Bank
holding balances unclaimed for the respective periods
mentioned, the aggregate of which was as follows:
Amount "unclaimed" for 20 years and upwards $316,656 60
Amount "unclaimed" for 10 years and upwards
and less than 20 years. . . . . . . . . . . . . . . . . . . 538,188 12
Total "unclaimed" for 10 and 20 years.. . . . . . . $854,844 72
No action looking to a fmal and rational settlement
of this vexed question has ever been taken or proposed in the legislature.
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CHAPTER XLIV.
EFFORTS TO ENACT A GENERAL LAW FOR THE INCORPORATION
OF SAVINGS BANKS.
So :far as appears, except in the report of the bank
committee in 1846, before referred to, the subject of a
general law £or the incorporation of Savings Banks
was first considered in the legislature in 1848, when a
bill was introduced in the assembly, and passed that
body, having this object in view. In the senate the
bill was referred to the committee on banks and
insurance, who reported adversely upon it, and the bill
failed to become a law.
The question evidently arose under the provisions
o:f the new constitution, then recently adopted, concerning the creation of corporations by special laws.
The argument of the committee ~eems, however, to
be directed more particularly'to the expediency of a
general law :for the incorporation o:f these institutions,
than to the constitutional view o:f the question.
The effect of a general law that should permit
any number o:f persons to organize and establish a
Savings Bank, without any conditions or limitations,
is very justly deprecated by the committee in their
report, and i£ such were. the effect of the bill before
them, their adverse report was timely arid judicious.
But, to my mind, it does not appear to be a necessary feature of a general act upon this subject, that it
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shall impose no restraints either upon the facility with
which such organization should be effected, nor concerning the character of the corporators, nor the powers with which they shall be invested.
However it may have been in 1848, and prior
thereto, experience and observation alike demonstrate
clearly to my mind, that in these days it is simply
impossible for the legislature to exercise the scrupulous care in the incorporation of .these institutions
which is dwelt upon by the committee as the chief
feature of value in retaining legislative control over
the subject. A general act that should diminish
rather than increase t.he facility with which Savings
Banks are organized, and that should impart uniformity and consistency to their provisions, is, in my conviction, the one particular need of this great interest.*
In 1850 the opinion of the Attorney-General was
solicited concerning the constitutionality of special
acts of incorporation for Savings Banks. His reply
was to the effect ,that, as these were not corporations
for banking purposes 'within the meaning. of that term
as used in the constitution, their incorporation by special acts was not obnoxious to the provisions of section four of article eight of that instrument. Whether
their objects could be attained under general laws as
defined by section one, was wholly within the province
of the legislature to determine.
In 1851 a bill was again introduced to provide for
the organization of Savings Banks under a general
• These passages were written in 1869, and are historically related to the effort in 1888,
subsequently detailed in this chapter, to enact a general Savings Bank law.
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law, and a committee in the assembly presented an
elaborate report upon the subject, advocating the passage of the bill upon constitutional grounds, as also
upop. the ground of expediency. A minority of the
committee also reported adversely to the passage of
the bill, claiming that special acts of incorporation of
Savings Banks were not opposed to the provisions of the
constitution, and opposing the passage of the bill upon
grounds of expediency.
The views of the minority prevailed with the legislature, and the bill failed to become a law. These reports will be found Nos. 39, 40, Assembly Documents,
vol. 2, 1851.
The agitation of the question of a general law for
the incorporation of Savings Banks had.thus far arisen
\mder the. following provisions of the constitution of
the State, adopted in 1846, and taking effect January
1, 1847.
"Art. 8, Section 1. Corporations may be formed
under general laws, but shall not be created by special
act, except for municipal purposes, and in cases where,
in the judgment of the legislature, the objects of the
corporation cannot be attained under general laws.
"Section 4. The legislature shall have no power to
pass any act granting any special charter £or banking
purposes ; but corporations or associations may be
formed for such purposes under general laws."
Th.e correctness of the position taken by the Attorney-General, as above stated, that tha incorporation of
Savings Banks, by a general law providing therefor,
was, under the foregoing provisions of the constitution,
a matter wholly within the discretion of the legislature,
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is hardly open to question. No one doubted the power
of the legislature thus to provide for the incorporation of these institutions. The only doubt had related
to the power to incorporate them otherwise - tha_t is,
by special charter, as hitherto. This doubt was removed by the opinion of the Attorney-General cited
above, and the matter remitted to the discretion of the
legislature. It is sufficiently obvious that the successive legislatures that considered the question, did not
regard the objects of Savings Banks as attainable
under a general law. That conclusion was reached
logically, after incorporating into the general argument
in support of it a fallacy and an error. The fallacy
consisted in the assumption that a general law for the
incorporation of Savings Banks must needs open the
way :for any persons to organize a Savings Bank, regardless of character or fitness, or of any needs in the
community, to be served by such an institution. The
error of/act consisted in taking it :for granted that any
legislature, in passing special acts of incorporation,
always had exercised, and always would exercise, an
amount of caution in the selection of the corporators,
and of wisdom in the restraints which they would
impose upon the corporation, such as should assure to
every institution integrity and conservatism in its management.
The legislature of : 863, by resolution, directed the
Superintendent of the Bank Department to cause an
examination to be made, under his supervision, of the
Savings Banks in the cities of New York and Brooklyn, and to report the results of the same to the next
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legislature. In pursuance of this resolution Elliott F.
Shepard and William H. Thompson· were· appointed
commissioners, to make such examination, and the duty
assigned was thoroughly and intelligently performed,
as appears from their report of the same.
In addition to the specific duty assigned to them,
they submitted to the Superintendent the draft of a general law for the incorporation and government of these
institutions, and the same was transmitted to the legis11:1,ture by Superintendent Van Dyck, under whose auspices the commission had conducted its operations:
The following extract from the Superintendent's report,
transmitting the results of the examinations instituted
by him, will give an idea of the purpose and scope of
the proposed act. He says :
"The commissioners have also accompanied their
report with the draft of a bill ( the result or consultation with the officers of the most successful banks),
condensing into one act the most essential legislative
provisions now found scattered through the session
laws ; and suggesting various amendments which it is
believed will render the Savings Banks more homogeneous in their operations, break down the spirit of
competition which threatens an undue multiplicatio:µ
of these institutions, and correct some of the abuses
springing up under the utter absence of penalties incident to violations of the diverse provisions of existing
charters."
Whilst the proposed act was marked by many excellent features, I am fully persuaded that it contained
not a few provisions to which the " officers of the most
successful Savings Banks" never gave their sanction,
in "consultation," or otherwise. Besides, a satisfac-
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HISTORY OF SAVINGS BANKS.
tory general law could hardly be prevised from observations of the workings of the system in two cities of
the State only.
It does not appear from any thing that I can find in
the record, that the legislature ever gave any consideration whatever to the proposed act. It had this merit
amongst others, that its practical operation would have
checked the rapid increase in the number of Savings
Banks, which was at that time being promoted by the
"cautious discrimination" of the legislature in chartering these institutions, the breaking down of whose
wholesome and restraining influence upon the system,
by the enactment of a "general law," had been so
anxiously deprecated !
We are thus in the progress of events brought to the
consideration of a series of efforts £or the enactment
of a general law for the organization and government
of Savings Banks with which the writer, by virtue of
his official relation to this interest, was somewhat actively, not to say conspicuously, identified.
The relation referred to w~s that of Deputy Bank
Superintendent, under Superintendents Edward Hand
and G. W. Schuyler during the periods of their incumbency, and under Superintendent D. C. Howell during
the first three months of his term, and in the relation
to the latter of Chief Examiner of Savings Banks after
the enactment of the law providing for such examinations as part of the duties of the office, and in the relation of intimate personal friendship and close confidence during the whole period of his administration. Besides, upon the decease of Superintendent
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Hand, which occurred within a few months after his
accession to the office, the writer occupied the position
of Acting Superintendent, until the appointment of
Mr. Schuyler in January following, with whom he
remained in the ·position of Deputy, as above stated,
during his term. Hence, in the narrative that follows,
concerning this topic, the writer may be said to present
a phase of history-" all of which he saw, and part of
which he was."
Pressure of public duties connected with the transition
state of Free Banks passing over to the national system,
and a season of impaired health, induced by close and
intense application to those duties in the relation of Acting Superintendent, served effectually to keep the Savings Banks in their position as•a subordinate interest
during the first year of the writer's connection with that
department.
But in 1867 after the transfer of State Banks to the
national system had become so far effected as greatly
to• lighten the labor of their supervision, and after time
and experience had worn off the strangeness and irksomeness of his new position, it occurred to the writer,
the same having been assigned to him as his more immediate care by the Superintendent, that the compilation and arrangement of the annual statements of
Savings Banks ought to be something more than a
mere form which any clerk was competent to perform.
The idea was entertained that at least one object
which the legislature had in view in requiring these
statements was to disclose whether there were any violations of law in making investments. With more zeal
than wisdom, the writer entered upon the work of exam7
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HISTORY OF SAVINGS BANKS.
ining the schedules of assets of the eighty-six Savings
Banks at that time organized and reporting to the Superintendent. With a volume of the session laws, containing the charter of a Savings Bank, in one hand, and
the voluminous papers containing the schedules of assets
of said Savings Bank in the other, he read, noted, and
compared, with a lynx-eyed vigilance, to detect in the
list of investments any departure from the authority
found in the charter concerning the same. He soon
discovered that it required nothing more than the possession of a pair of· very common and not over-keen
human eyes to discover wide differences between the
items of investment reported, and those authorized by
the charter which he was consulting. It did not take
long to reach the con;lusion that this original charter
had, in all probability, at some period, been subject to
amendment, and that the same was, very possibly- or
rather, quite probably-true of each one of the eightysix charters which he would have occasion to consult.
It was further "borne in upon him," that there was
also scattered through the volumes of the session laws,
from 1819 to 1867, a series or collection of general
laws, whose force and effect would be more or less to
modify the provisions of the several charters, original
and am~nded. The opportunity for the "study of the
law," thus opened up, was more free and unrestricted
than it was inviting. It was not a thing to ''hanker"
after. It involved the going over all the volumes of
the ·session laws, from the pei5od of the incorporation
of each Savings Bank, in search of amendments to its
charter. This, for the Bank for Savings, would require
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the examination of 48 volumes of statutes, for the
Albany Savings Bank, 47 volumes, and so on for the
rest, the number of volumes to be consulted for each
Savings Bank corresponding with the number of years
that had elapsed since its incorporation. The state of
the law concerning each institution must then be made
out from its original charter and subsequent amendments, and the modification of the status thus formed,
by the operation thereon of the general laws affecting
all institutions, had then to be considered, in arriving
at a conclusion concerning what was permitted or forbidden. It was this aspect of the inutility of Savings
Bank reports, in disclosing conformity, or want of conformity, with the law, that led the Superintendent to
embody in his report for that year the following suggestions:
"The value of these reports as a source of information concerning the exercise of unlawful powers, is likewise diminished by the fact, that to determine what
transactions are unlawful, would require a familiar
acquaintance with the original charter of each of these
eighty-six Savings Banks, and with all the amendments
thereto, as well as of the general laws pertaining to
Savings Institutions; in the light of which knowledge
these reports would have to be examined and compared,
and the question of the legitimacy of the reported
transactions passed upon. In the present diffuse state
of legislation concerning Savings Banks, it would require a bureau of lawyers to keep trace of irregularities in the management of these institutions, even
though ever so faithfully reported."
But, besides the great labor involved in acquiring a
knowledge of the various statutory provisions concern-
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HISTORY OF SAVINGS BANKS.
ing Savings Banks, there was the further fact that the
body of the law, as thus disclosed, was disjointed,
diverse, inconsistent, contradictory, and uncertain.
Hereon the report of the Superintendent discourses as
follows:
"In these acts of incorporation, the objects and
purposes of the institution are commonly defined, and
oftentimes general and elaborate, sometimes simple and
specific, and not unfrequently vague and incongruous
provisions are introduced, relating to and designed to
restrict the investments of the deposits ; and there is at
least one instance on record in which the act comprised
but a single section, naming the trustees, with no limitation of their discretion in the management of their
trust!
The powers of trustees under these various charters
are as diverse as the charters themselves, and in the
same institution they vary from time to time, through
divers amendments, that uniformly enlarge, never more
rigidly control, the power and discretion of the trustees.
Besides, we have a number of general statutes relating
to Savings Banks, designed to impart greater uniformity
to their management; but what with the doubts as
to their repealing force in regard to specific chartered
provisions, the various amendments to these general
laws, the subsequent amendments of acts of incorporation designed to release them from the more rigid
requirements of the general law, and ·the later acts of
incorporation with provisions in direct conflict with
the general law, the result has been a greater diversity
of powers, and a more incongruous medley of provisions
than before."
The remedy for this condition of things which must
naturally present itself, was the enactment of a general law for the government of these institutions. Of
this the Superintendent says :
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"I shall have failed in a part of my purpose if I have
not, through the suggestions presented, impressed upon
your minds that the great need of the Savings Bank
mterest at the present time is a single Savings Bank
act, sufficiently comprehensive and flexible to meet the
requirements of every institution in the State, which
will impart uniformity, directness, precision, safety and
efficiency to their management."
This exposition of the state of the law concerning
Savings Banks, and of the need of intelligent and well
considered action to avert the perils which such a condition harbored, resulted in the passage by the legislature of the following resolution which originated in
the senate:
" WHEREAS, The large and rapidly increasing sums on
deposit in the Savings Banks of this State render
it an object of special importance that these investments should be properly secured, and the control and
management of the institutions holding this trust
should be carefully guarded by clear, consistent and
uniform provisions of law; and whereas, the report of
the Superintendent of the Banking Department, relative to Savings Banks, discloses many detects and many
conflicting and incongruous provisions in existing laws
relating to these institutions ; therefore,
" Resolved (if the Assembly concur), That the Superintendent of the Banking Department be, and he is
hereby authorized and directed to revise and consolidate the laws relating to Savings Banks and institutions for savings in this State, with such amendments
thereto as he may deem important, and report the
same in• the form of one complete and general act,
together with such facts and suggestions in relation
thereto as he may find it desirable and expedient to
communicate to the legislature, at the commencement
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IDSTORY OF SAVIN GS BANKS.
of its annual session in 1868. And, for the purpose of
enabling him more thoroughly and intelligently to
perform the duty hereby imposed, he is further authorized and empowered, and it shall be his duty, to
make himself, or cause to be made by his deputy, an
examination of such and so many of the Savings Banks
and institutions for savings in this State, as he shall
find it necessary or expedient to visit and examine, and
he shall possess all the authority, in relation to such
examination of Savings Banks and institutions for savings, as is now conferred upon him in regard to banks
of issue and deposit by chapter two hundred and fortytwo of the Laws of eighteen hundred and fifty-four."
*
*
*
*
*
*
*
*
In pursuance of the authority thus conferred upon
the Superintendent, the writer was commissioned to
visit the various Savings Banks in the State at his discretion as regarded time, and to pursue such line of
investigation as in his judgment would enable him to
give effect to the objects and purposes of the resolution.
The result of his labors in the discharge of the duty
assigned was embodied in a voluminous report of nearly
six hundred printed pages, made to the Superintendent
and by him transmitted to the legislature. This is
what is known as the Special Report on Savings Banks
which has attained prominence as an authority upon
the subjects discussed, and from which we have had
occasion, and shall have further occasion, to make iiberal extracts in these pages.
The terms in which the report was subm,itted to
the legislature by Superintendent Schuyler, and by him
commended to the consideration of that body, are
herewith presented as affording the best view of the
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object and scope of the work undertaken and performed. The Superintendent says :
" In pursuance of the requirement and authority of
the foregoing-resolution, I directed the deputy superintendent to visit all the Savings Banks in this State
organized and doing business on the 1st day of January, 1867, and to obtain from them such facts concerning their condition and workings, as, wben reported to the legislature, would enable your honorable body to take intelligent action in providing by
law for a more consistent, uniform and stringent administration of this important trust.
"The report of the deputy superintendent upon the
execution of the duty assigned to him, is herewith submitted as the best exposition of the theory, practices,
law and needs of Savings Banks, that I could present
in obedience to the requirements of the legislature.
'' The insufficiency of the law, or laws, in their
present form, to a:fford all the information essential to
a perfect knowledge of the workings of Savings Banks
is clearly revealed in this report; as well as their conflict, inconsistency, incongruity, too prevalent laxity,
and general want of uniformity.
"The magnitude of this great and ever-increasing
interest, whether considered as a provident means for
the benefit of the working classes, as a power in our
social economy through the stimulus which it gives to
production, and through the public order and public
virtue which it promotes, or as centers of accumulated
capital, supplying the mearis to carry forward public
improvements and works of private enterprise, is set
forth in the text and accompanying exhibits with
clearness and force.
" It is not to be presumed that the conclusions
reached by the deputy superintendent, upon the
various questions discussed by him, will be uniformly
concurred in, either by the managers of savings institutions, by the general public, or perhaps by your
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HISTORY OF SAVINGS BANKS.
honorable body; but I believe their leadin'g features
will meet with general and cordial approval.
"The superior opportunities for observation which
he has enjoyed, the thoroughness with which these
have been improved, and the research, study and care
which he has devoted to the subject, impart great
value to his opinions, and entitle them to mature and
careful consideration. For myself I find pleasure in
giving them m;y cordial approval and indorsement.
"The practical action of the legislature will be
upon the act herewith submitted as a part of the
accompanying report. Believing that it will serve to
render uniform and equal the restraints of law upon
these institutions, and will work salutary and needed
reforms in their administration, I trust it may receive
your early and favorable action.
" It is a source of especial gratification, in view of
the embarrassments to which these institutions have
been exposed, to note the wonderful prosperity and
the substantial character of their development.
" If any justification, other than the exceeding importance of the subject considered, is required £or the
unusual length of the deputy superintendent's report,
it will be found in the objects and purposes for which
the report is made, as set forth in the resolution directing it.
" It is evident that much of the crude and incongruous legislation of the past, concerning Savings
Banks, has proceeded from vague, indistinct and gen•
eral ideas of their nature and requirements ; founded
upon partial views, slight examination, and hastilyformed conclusions. No full exposition of their theory,
operations and results in this State has ever before
been made, and hence no basis furnished from which
intelligent and consistent legislation could be expected.
"It was very desirable, if only as a part of the history of our social and material ptogress and development, that such an exposition should be prepared ; and
its preparation was especially demanded at this time,
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when it is proposed to embody the experience and
results 0£ the past, into a general provision 0£ law, that
shall insure in the future a broader and more harmonious development 0£ this important interest.
"I submit the report and accompanying exhibits as
the best compliance I could make with the resolution
0£ the legislature, and in the hope that it will receive
at your hands the careful attention to which the subject 0£ it is entitled, and that your final action, in the
enactment 0£ a general law £or Savings Banks, may mark
the beginning 0£ a new and still more prosperous era
in the history 0£ these institutions in our State.
"Respectfully submitted,
"G. W. SCHUYLER, Sup't."
It will be seen, from the foregoing, that the point
toward which the entire labor and effort involved in
the report was directed, was the enactment 0£ a general law for the organization and government 0£ the
Savings Banks in this State, thus making the system
homogeneous, compact, symmetrical, where it was
disintegrated and incongruous.
I do not esteem it a departure from the plan and pur.
pose of this volume to introduce such extracts from
that report as will serve to reveal the spirit which animated the work of which that was the record, the
character of the work itself as planned and prosecuted
by the agent to whom it was committed, and some 0£ the
considerations addressed to the legislature, designed to
impress upon the members 0£ that body a realizing sense
0£ the responsibility resting upon them in legislating
upon so important an interest, and to possess them with
such a knowledge 0£ the nature 0£ that interest and 0£ the
conditions 0£ its existing development and 0£ its needs
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in the future, that there should be left no excuse £or
action concerning it, not based upon an intelligent apprehension of the requirements of the occasion.
Emtracts from tlie Special Report, 1868 :
"The ultimate object of the examination- the results of which are embodied in this report- is expressed in the resolution of the legislature authorizing
and directing the same, and is, the submission to the
legislature about to convene, for its 'consideration and
approval, of a general law, clear, consistent and uniform in its provisions, for the organization of Savings
Banks, and the administration of their affairs.
"The preparation of such a law on your* part, and its
intelligent consideration on the part of the legislature,
requires certain precedent knowledge:
'' 1. Concerning the objects and purposes of Savings
Banks, as these stand revealed in the theory 0£ their
primary institution and in the history 0£ their practical development.
" 2. Concerning their character and condition at the
present time - their embodied results - both in detail
as independent individual corporations, and in the aggregate as a system, having a beneficent purpose in
common, and in common, affected by the weakness,
errors or misfortunes 0£ any member.
" 3. Concerning the business management, operations,
methods, plans, schemes, devices, the interior processes
in short, by which these external and revealed conditions, these embodied results, are wrought out.
"4. Concerning the external influences of our political system, our social organization, our material resources and the means of their development, 0£ our
industrial problem, embracing the condition 0£ the
working classes, 0£ our financial system and the competitions of .financial institutions, to promote or retard
the prosperity 0£ Savings Banks.
*The report was made and addressed to the Superintendent.
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" 5. Concerning the laws under which our Savings
Banks have been instituted, and under which they have
expanded to their present proportions, in order that
the extent to which these have contributed to the favorable or adverse conditions disclosed may be duly noted
and considered.
"It would be alike presumptuous and false in me to
assume that I have b1·ought, as the result of my labors,
a fund of information so elaborate and exhaustive as I
have sketched in the foregoing outline. I can only
say that such bas been my ideal ; in that direction I
have labored in the collection and compilation of £acts,
in observing operations, in making inquiries, in receiving suggestions, in discussing questions of theory and
questions of practice, and in the reflection, reading and
study with which my mind has been busily engaged
since I received vour instructions." * * *
"Keeping stea'dily in view the ultimate object of this
investigation, as set forth in the resolution directing it,
and my ideal of the precedent conditions to its perfect
realization, I have not been content to enact the role of
an 'original discoverer ' exclusively, but have availed
myself of all the sources of information that I could
command. I have consulted reports of Savings Banks
in previous years, and have made analyses and comparisons illustrative of their workings, or exemplifying
principles or practices under discussion. I have examined with care the reports of committees of the legislature charged with the performance of specific or general duties m relation to these institutions, and the report of examiners appointed by one of your predecessors, and have made free with the results of their labors.
I have studied the reports and laws relating to these
institutions in other States, and their history in Great
Britain, for a broader and more practical knowledge
of their capabilities and of the conditions under
which they attain the highest and most assured
success. I have read legal opinions upon their nature
and powers and the limitations of legislative authority
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HISTORY OF SAVINGS BANKS.
over their affairs ; I have examined whole volumes of
their by-laws, and pages of newspaper correspondence
and controversy concerning their theory and practices;
I have ransacked the volumes of laws from 1819 to
1867 for charters, amendments and general laws, which
I have read, examined and compared, until a sight of a
volume of the Session Laws has much the same effect
upon me as upon the traditional 'rogue' in the couplet,
though I hope not for the same reason I
"I have even consulted the columns of newspaper
advertisements for information concerning the workings
of these institutions, not elsewhere disclosed; and
:finally, I have made my own observations in the course
of an extended but hasty visitation ; have gathered
some facts that seemed to me important, and that had
never been gathered before ; have solicited suggestions from all quarters and got them from a good many;
and the substance of all, after passing through the
crucible of my own mind, is herewith presented in
this report, and is reduced to practical form in the act
hereto appended for your consideration, and £or submission, with such modifications or amendments as you
choose to suggest, to the legislature £or :final action.
"I am conscious that such a _treatment of the subject
will make this report more elaborate and voluminous
than was contemplated by the legislature, or perhaps
by yourself, in giving effect to their resolution; but I
:find in my own mind ample justification for this, in the
importance of the subject itself, in the character and
mae;nitude of the interests involved in it already, and
their daily increasing magnitude and importance, and
in the £act of the prevalent ignorance upon the subject over the greater portion of our State." * *
" It is well known that Savings Banks had their
origin exclusively in a desire to ameliorate the condition of the poor, and hence the popular idea of Savings
Banks is, that they are a part of the charitable machinery of society, like asylums and homes for the
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indigent, whereby the poor, the weak and the defenseless are provided and cared for; and that, as such,
these enterprises are to be cherished and promoted.
"Whatever in the purposes of the founders of Savings
Banks, and in the early character of these institutions,
may have justified this conception of them, in their results as a practical fact to-day, they have out-grown
their early distinctive character as charitable institutions, and take tl}.eir place proudly in the front rank
among the great powers of the social state.
"And this, without losing the provident and beneficent features which characterized their humble origin.
Still to them may go the humblest toiler with her hardlyearned, carefully-saved pence; still to them the strong
man, who would drive away the temptations to vicious
indulgence by putting safely aside the means by which
that indulgence may be procured.
"Justice to the 500,000* depositors in the Savings
Banks of this State demands that the institutions
which do not support tliem, but which they so munificently endow, should be clearly distinguished from
those of a charitable or eleemosynary character.
"The latter maintain or aid, at the public expense,
those whose claims are urged in the name of humanity
alone, whom misfortune has bereft of the power of protecting themselves.
"But Savings Banks are in no r.espect a charge upon
the State, nor upon society in any of its municipal or
corporate forms of embodiment. The only bene:ficiary
aid they receive is the gratuitous service of the gentlemen composing the boards of trustees, which is less than
that often given by interested partisans to promote the
success of the party to which they are allied.
"The moneys deposited in Savings Banks are the fruits
of toil, the evidence of power, of industry, of thrift, of
independence. The depositors are not objects of
charity, but sturdy contributors to the accumulations
• Since become nearly 900,000,
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to which we so proudly point as evidence of our
material growth and prosperity. They are the producers of wealth through labor effectively applied;
they consume so much as they require, and the surplus
they put aside as an accumulating fund for future investment-in more extended business, in a home secure
from landlord's caprice or rapacity, or for the day when
sickness or misfortune shall compel recourse to the surplus earnings of more prosperous years. They ask £or
no charity ; they receive none.
"I would not disguise nor undervalue the ejfect of
these institutions upon the welfare and prosperity of
the depositors. H they had no other significance than
this, they would be proud monuments of the success
of a noble idea, and worthy of the :fostering care 0£
the State.
"But, like most enterprises having their inception in
the natural wants of society at a given time, they have
far outgrown in significance, usefulness and power, the
comparatively narrow scope and purpose of their
origmal design, and that without any sacrifice of that
purpose to new and grander objects of attainment.
"They have become an important feature of our
political economy. Not only are they a magnificent
£act of $140,000,000* of accumulations in our State,
to-day, but they are promoters of social order, a stimulus t6 productive industry, creditors of the government, reservoirs of capital :flowing out into myriad
channels of public and private enterprise. They are
no more charities than the corporate organizations
fostered by legislation, by which capitalists gridiron
the country with railroads, girdle it with telegraph
wires, or fill the valleys with the hum of machinery,
are charities. Nor yet so much, £or these have granted
to them special rights and privileges, which the public
and individuals must surrender, and which are demanded out of consideration for the greater good
* Since become $328,000,000.
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which the public and individuals are presumed to
derive from these enterprises.
"But Savings Banks, though equally a public good,
ask no favors from the public in return; they acquire
no right of way, no easements, no water _power, no
monopoly. They are, by virtue of their bemg, under
the laws of the State, an incentive, an encouragement
to honest labor to do its best, that it may reap its own
just rewards. They suggest .the opportunity ; the
destiny is wrought out through toil, in patience and in
hope thus inspired.
"They appeal less than almost any organization of
corresponding benefit to humanity, to man's cupidity
and avarice. Their motives are addressed to his better
nature~ He who saves his earnings by depositing them
in a Savings Bank, has almost invariably a worthy
future
object in view. He saves not for greed, but
need.
"The desire to acquire is an instinctive principle
wisely implanted in the human breast, and nothing
stimulates its exercise so actively as aoquisition. The
experience of almost every one will confirm this proposition. The history of Savings Banks, if-fully written,
would be full of illustrations of this truth.
"While a man has nothing, he is reckless, improvident ; but, the moment he has consecrated a portion of
his earnings, however small, to a fixed and worthy
purpose, invested them in permanent and remunerative
form, the desire to increase the amount takes full possession of him. To this end he practises self-denial,
diligently employs otherwise unoccupied hours, and
abandons habits of prodigality or self-indulgence. In
the course of my visitations I have heard many a story
illustrative of the power of this principle, long dormant, aroused and made active through, the instrumentality of Savings Banks. It is, of course, impossible
to estimate how much has thus been saved to individuals and to the world through this agency. We
can but generalize-but the generalization, crude as it
for
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may be, contains the germ of a most valuable, economic
truth, which legislators and statesmen may well turn
aside to ponder.
"The interest society has in the promotion of habits
of industry, sobriety and thrift among its individual
members, for their own advantage, would of itself
justify and demand the most careful guardianship of
all the means and institutions having this object in
view. The whole case might be submitted and rest
upon this proposition.
"But, to my view, the most hopeful as well as the most
cheering aspect of this question, is that derived from a
consideration of the benefits conferred, through the
agency of Savings Banks, upon society itself.
"Contrast the productive value to society of the man
who saves with that of the man who has no such ambition. The :former has a motive that impels him to
lose no time, indeed to make overtime. He is therefore a more effective producer, for the stimulus of this
impelling motive. He adds more to the aggregate of
material that is to be distributed among the sons and
daughters of earth. Here, too, is the germ of a principle in political economy that should engage the profound consideration of wise statesmanship. What
would be the effect if this incentive to industry could
be made universally operative among mechanics and
laborers? Who has not been the victim of disappointment in the fulfillment of some promised labor, and
been met with the plea of the master that the workman. upon whom he depended had been indulging in
his periodical spree, and been off work for a few days,
or perchance weeks, as the case mig4t be ? Your disappointment, perhaps loss, would have been prevented,
had that workman acquired a habit of self-denial
through the de~ire to add to his small accumula,tions in
the Savings Bank. And not only is your loss or
inconvenience to be borne as best it may, but the work
must now be done by him from time which he might
otherwise devote to productiveness in another direc-
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tion, or by another who would else be otherwise employed. The world then, as well as you and he, is the
worse for his indulgence. The little deposit in the
Savings Bank is the talisman that charms many a man
from uidulgence in reckless folly. It is thus, as promoters of public virtue, as conservators of public
wealth, as stimulators of public industry, that these
institutions are to be regarded with favor and cherished with peculiar care.
"Again, they serve to promote public order, through
the interest in its preservation, which the possession
0£ property always inspires. The depositor has something at stake in society - something sacred, which
the disruption of social ·order would imperil. They
were not the depositors in Savings Banks that went
surging through the streets of New York in 1863,
threatening, burning, destroying, murdering.
"The Savings Bank depositor is, therefore, a better
citizen, neighbor, friend, for the restraint upon him imposed by the possession of property. His earnings are
not only deposited, but they are invested on his behalf
- in the bonds of the nation, the State, the city, the
county, the town - or on the mortgage of stores on
Broadway or the residence on Fifth avenue; and how
jealous is he now 0£ the honor and financial integrity
of those communities whose creditor he is.
"Forty-nine million dollars* of the bonds of the
United StatAs Government are held by the Savings
Banks of this State. In the maintenance of the faith
that is to redeem these bonds at maturity, five hundred
thousand men and women are interested, and woe to
the political aspirations of that man, and burial, without hope of resurrection, for that party, whose watchword shall be to break faith with these creditors.
Suppose some ambitious legislator had proposed, at
the height of the success of our free banking system,
to destroy the security of the circulating notes which
*Since become $55,000.000,
8
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constitutes its best and most popular feature. We may
well believe that he and his project together would
have been buried forever under the wave of righteous
indignation which he would have aroused. But the
public interest of our citizens i,n these government securities, exceeds by $6,000,000 that ever held in the circulating notes of this State !
"It is by influences like these that the depositor in our
Savings Banks becomes a more thoughtful, intelligent,
and conservative citizen.
.
"But this discussion discloses another feature of interest in connecti~n wit~ Savings Ba~ks, qui~e distinct
from the "chanty" view of them with which we set
out. One of the staple elements in all systems of
political economy is capital -wealth aggregated. It
builds railroads, constructs and operates manufactories ;
it develops mines; it diffuses the products of industry, bringing to every man's door the commodities which
he cannot produce, and taking from his hands the fruits
of his labor, and conveying them to others in exchange.
In the hands of the State it constructs canals, carries
on war, endows charities, supports free schools £or the
education of the people, erects public edifices, and aids
in the development of material resources.
"In theoldsystems of public economy mankind were.
divided into two classes - the capitalist and the laborer
-but through the agency of Savings Banks, in these
later years, our political economy must be written anew,
for behold, the laborers have become the capitalists in
this new world ! Thirty-one millions* of the earnings
of the poor are loaned to the rich on bond and mortgage in this State ! Is any loca1 improvement projected ?
the Savings Bank is the capitalist which advances the
money to the corporation. How many public or corporate enterprises have been carried to successful completion through the agency of Savings Banks we may
never know, but the names of the ·securities in which
* Since become $116,000,000.
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the moneys of Savings Banks are invested, will be a
suggestive indication of the power of these institutions
in promoting public improvements, or aiding in the
discharge of public obligations. We have Water
Company bonds in probably not less than a dozen
cities and villages of our State ; Sewerage bonds, Street
Improvement bonds, Court House bonds, Riot Damage
bonds, Harlem River Improvement, Central Park, Public Park, Prospect Park, Washington Park, Fire Indemnity, New Aqueduct, Gowanus canal, Union Free
School, and many other bonds of similar ch[J,racter. The
name of local securities issued to aid, in some form, in
the prosecution of the late war, is legion, but some of
the most suggestive are Soldiers' Aid, Family Aid, Substitute Relief, and the like. Pages of this report could
be filled with merely the names of securities as significant as the above, making an aggregate of $23,000,000*
invested in local securities alone.
."Norshould welose sight of the character in which
Savings Banks are thus revealed as a sort of a co-operative union of the industrial classes. Their savings
aggregated as capital, minister to these public enterprises; but these public enterprises demand laborers
for their prosecution, and thus return to labor in the
form of wages what they have borrowed from it in the
form of capital. The 'laborers get better wages for
the faoility with which, through Savings Banks, the
requisite capital can be procured, which is equivalent
to havin~ their capital returned to them in full, with
extra dividends, by installments called wages, while, at
the same time, they hold in their pass-book the original
certificate which entitles them to have it again returned to them with ordinary dividends called interest !
What other capitalist is able to make so safe, and at
the same time so profitable an investment of his money~
Other " unions" are formed as combinations of labor
against capital, but here is a co:rr binaf on of labor and
• Since become over $87,(1()(),000.
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capital. The former seeks to control the price of labor
by arbitrary dicta; the latter affects the price o~ labor
favorably to the laborer through the operat10n of
natural laws. The former has a fund which offers a
premium to idleness, by contributing to the support
of a laborer while on a strike; the fund of the latter
incites to industry by flowing into the channels of
enterprise which demand labor £or their prosecution.
I do not make these comparisons invidiously, but
because the scope and power 0£ Savings Banks, as
organized to-day, can best be seen, when these are
exhibited in their relation to other institutions of
beneficent purpose, that accomplish the very objects
for which they are organized, less perfectly than these
whose J>rimary :purpose is wholly different.
"This discuss10nconcerningthenature and purposes
0£ Savings Banks, appears to me now to have reached
this conclusion : that whatever they may have been in
the eyes 0£ their founders-looking as philanthropistsseeking only some simple means of ameliorating the condition of the poor by helping them to help themselves;
the system in its present practical development, whifo
successful beyond the wildest dreams of its projectors,
in the direction in which they looked £or success, has,
without growing away from its original design, which
it still holds as the germ 0£ its organic life, expanded
beyond the limited scope assigned to its early: being,
and become to-day a power in the State, an element
in its public economy, an educator, a reformer, an
instrument in the promotion of public order, an efficient ally of the government, a public benefactor; and
in these relations it should command not only the
sympathy which its primitive purpose would naturally enlist, but the broader comprehension, the more
respectful consideration, the more carefully matured
action which statesmanship gives to questions of the
first magnitude in the affairs of State."
Having, by this opening statement concerning the
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inceptive idea and the practical development of Savings
Banks, from which the foregoing passages are extracts,
endeavored to invest the subject-matter with a degree
0£ consequence and dignity that should enlist £or it the
grave and thoughtful o1consideration to which it was
justly entitled, the report proceeded to discuss, in detail, the various topics which would serve to reveal the
actual condition and practical needs 0£ this interest in
the State. The mere recital 0£ these topics will serve
to give a sufficiently clear idea 0£ the plan and scope
0£ the report : " Condition and Working 0£ Savings
Banks," embracing £acts 0£ organization, expenditures,
receipts and payments, conduct 0£ business, and opinions
0£ Savings Bank officers, given in answer to a series 0£
questions ; "Prevention 0£ Frauds;" "Faithful Administration;" "Increase 0£ Deposits;" "Surplus Held;"
"Surplus considered as an Element 0£ Safety;" "Withdrawal 0£ Deposits;" "Investments," considered under
the threefold aspect 0£ 'Security,' 'Profit' and 'Convertipility,' and embracing 'Public, or Government
Stocks ' 'Municipal Securities ; ' 'Bonds and Mortgages and Real Estate ;' " "Payment 0£ Depositors on
Demand ·" " Available Fund ·" "Deposits in Bank ·"
' ·" "Panics ·" " Increase
'
'
"Call Loans
in number 0£ Savings Banks;'' ' "Localities' where Practicable;" "English
Post-office Savings Banks;" "Relation 0£ Savings
Banks to Banks 0£ Discount;" "Failure 0£ Savings
Banks ·" " Deposits limitation 0£ ·" " Dividends ·"
' of Savings' Bank Deposits;"' "Trustees," em-'
"Taxation
bracing 'Safe-guards in the Organization of Savings
Banks;'" "Compensation 0£ Trustees;" "Borrowing
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Funds ;" "Unclaimed Deposits;" ,; Savings Bank Reports;" " Supervision," etc., etc.
Some of these discussions have already been transferred to these pages in connection with the topics to
·which they immediately relate, .and we may have occasion to make further extracts from the same source. It
will be seen that they cover nearly every phase of the
Savings Bank question, and, if intelligently and forcibly
presented, it would seem, could not fail to be of service
to legislators, in reaching just conclusions, both as to
the necessity of something being done, and concerning
the general character of the action required. The result, which will be considered presently, would indicate,
upon the basis of the above hypothesis, that the treatment of the subject was not remarkable for either
intelligence or force!
The occasion for a general Savings Bank law had
been found in the diversity, incongruity and uncertainty
of the law pertaining to the system under existing
methods and practices; and the purpose of such a law
was to impart uniformity, consistency and certainty to
the administration of these institutions.
But the enactment of a general law by any legislature that should merely reduce to uniformity the
powers, privileges and duties of Savings Bank officers,
would not serve the purpose in view, except temporarily, for successive legislatures, by the incorporation of
new institutions, with greater or more restricted powers
than those of the general law, or by amendments to
existing charters, producing the same results, would, in
a very short time, introduce into the administration of
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Savings Banks, the same diversity, incongruity and uncertainty which it was sought by the enactment of
such a law to remove.
To meet and overcome this difficulty became a subject of careful study and consideration in the draft of
a law to be submitted with the report, in compliance
with the resolution requiring the same. Whilst it was
impossible, under the cons.titution, to impose restraints
upon the action of future legislatures, it was thought,
that by the enactment of a general law, which should
provide, under careful restrictions and safeguards, for
the organization of Savings Banks altogether outside
of the legislature, whereby its power would never have
to be invoked upon the question of incorporation, the
precedent thus established would be respected and followed, and thus the danger to the integrity and unity
of the system, from varying and conflicting provisions in new charters, would be removed. It would
then be comparatively easy to prevent assaults upon
the system by the introduction and passage of amendments to existing charters, as this branch of legislation
would be unusual, and it could be easily shown that
any changes desirable to be made could be effected
best by amendment to the general law.
Another consideration of great weight in favor of
removing the incorporation of Savings Banks from the
halls of legislation was, that in this way the indiscriminate increase of Savings Banks, without regard to the
needs of the public to be served, and too often without
regard to the character of the corporators, to whom
powers and trusts so delicate and responsible were
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IDSTORY OF SAVINGS BANKS.
committed, wolilld 1 it was believed, be effectually
checked.
These considerations were urged upon the attention
of the legislature, in the text of the report, with what
force of reasoning the writer could command, but are
not deemed of such general interest or importance as to
justify their insertion here.
The act submitted for the consideration of the legislature, in compliance with the resolution directing it,
consisted of 103 sections embraced in ten articles, entitled as follows : Article 1, Of Incorporation; Article
2, Of Organization and Corporate Powers; Article 3,
Of Deposits and Depositors; Article 4, Of Investments; Article 5, Of Surplus ; Article 6, Of Dividends; Article 7, Of Removal of Trustees; Article 8,
Of the Dissolution of Savings Bank Corporations ;
Article 9, Of Reports and Supervision; Article 10, Miscellaneous Provisions.
The first Article provided for the incorporation of
Savings Banks outside of any action on part of the leg•
islature, by advertising intention, executing under
proper forms a certificate of association for that purpose, and submitting the same to the Superintendent
for his approval and authorization, which he was em·
powered to grant or withhold in his discretion, and in
this way the difficulties of an ill-considered multiplica•
tion of Savings Banks and of conflicting and incongru•
ous legislation ·were sought to be overcome.
The Act, in the form of a bill, was introduced in the
senate, and refeITed to the Committee on Banks, of
which Hon. A. W. Palmer was chairman, who was
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throughout its firm and consistent champion. But the
sentiment 0£ the committee was not favorable to it, and
the first article, which provided for incorporation outside the legislature, and thus cut off certain small patronage 0£ small politicians who, through some inscrutable providence, have legislative honors thrust upon
them, was incontinently struck out.
A delegation 0£ Savings Bank officers opposed certain other features 0£ the bill, some of which were con·
ceded by the author 0£ the Act to be objectionable,
but a basis fairly -acceptable to the leading Savings
Banks' interests in the State, was finally agreed upon.
But, shorn 0£ the article which, in the mind 0£ its
author, was essential to the purpose 0£ any general act,
he quite lost interest in the fate 0£ the bill; it never,
even in its modified form, was warmly supported by
the Savings Bank interest at large, though individual
officers mani£ested much interest in it. There was no
earnest support 0£ it in the senate, and the bill never
came to a vote - dying 0£ inanition. Thus, for the
time, was defeated this effort, inaugurated with so much
promise, to enact a general law for the control and management 0£ Savings Banks.
At the next session 0£ the legislature the effort was
renewed at the instance of Senator Palmer, to enact the
rejected article 0£ the rejected act 0£ the previous year
in a modified form that should tend to restrict the indiscriminate incorporation 0£ Savings Banks. It provided £or publishing notice of intention, for the execution 0£ a certificate 0£ association, and for the transmission 0£ the latter, together with a copy 0£ the
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HISTORY OF SAVINGS BANKS;
charter proposed, to the Superintendent of the Bank
Department, whose duty it was made to submit these
to the subsequent legislature, with his views of the expediency, propriety and necessity of incorporating the
same, or with his objections thereto.
These acts thus submitted or introduced were to be
referred to the appropriate committee in either house,
and the Act imposed upon such eommittee the duty of
reporting adversely upon any charter of a Savihgs
Bank not intro<}uced in the manner provided by this
Act. This bill became a law, but so far as practical
results were concerned, might as well never have been
passed, for the committees paid not the slightest heed
to the prohibition against reporting bills introduced
otherwise than as provided in the Act, but reported
bills introduced in the usual way, and the legislature
passed them as though no other form of proceeding
was ever dreamed of. For the first year or two after
the passage of the Act quite a number of charters were
submitted to the Superintendent, in accordance with
its provisions, and by him transmitted to the legislature ; but it soon came to be understood that the favor
and influence of a member in support of a bill which
he had introduced were more effective than any recommendation by the Superintendent, and the formality of
going through with so much to · achieve so littl~, or
rather to achieve nothing, speedily fell into disuse.
One or two efforts were made to repeal an Act which
was only a blot and an incumbrance upon the statute
book, and the Superintendent recommended that this
be done ; but with a perversity which nothing but an
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average legislature can parallel, the Act was allowed to
remain unchanged and unrepealed. And this abortive
result was the outcome of this well-meant effort to se·
cure conservative legislation in respect to the incorporation of Savings Banks.
It seems to be the mission of the State of New York
to initiate measures of improvement and reform which
it leaves to others to consummate. The Code, which
under varied auspices has been in progress for the last
twenty years or more, has furnished, we know not
how many States, with a valuable, practical body of
civil, criminal and political procedure, yet seems to be
as far as ever from becoming the law of our own State.
Commissioners were appointed under the authority of
the State to examine and report upon a system of
taxation, than which none more vicious than that in
New York can be found outside the Barbary States.
They did their work thoroughly and well, made ·an
elaborate report, full of exposures of the prevailing
system, and· of intelligent research and valuable suggestions, - and that was the end. It is embalmed in the
v'olumes of legislative documents for some enterprising
State to get hold of and appropriate to its own benefit
while we keep up the farce of a State Board of Equalization to rectify lying assessments in the different
counties, not by attempts at reaching correct valuations,
but by averaging the lies more equally over the State!
Still later, a legislative commission was appointed to
examine and report upon the subject, which made a
report to· the last legislature and accompanied the same
by a bill which was never heard from afterward;
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illSTORY OF S.AVINGS B.ANKS.
A £ew years ago, there was held in this State a constitutional convention, at which were gathered some 0£
the best minds 0£ the commonwealth. It was in session the greater part 0£ the year, cost, we know not how
many hundreds 0£ thousands 0£ dollars, and its deliberations, reports, discussions and conclusions were published in eight or ten ponderous volumes, which furnished forth material £or several State constitutions,
while the bulk 0£ the work 0£ the convention submitted
to our people was quietly voted down. And still another
convention, assembled under the auspices 0£ the legislature, to do what it was simply impossible £or a legislature to do, carefully consider the needed amendments
to our fundamental law, performed its £unctions with
rare ability and judgment, only to have its work "revised" and tinkered and emasculated by two successive
legislatures before it was considered safe to submit
to the people £or their approval or rejection.
Such a facility £or finding and pointing the way
toward reform and improvement, without' ever a step
in the given direction, we believe, we may sa£ely challenge any commonwealth outside of New York to
exhibit!
But this is digression.
A £ew years after the failure of the act in the New
York legislature, an account of which we have given,
and some time after the more intimate connection of
the writer with the Bank Department had ceased, a new
and unusual interest concerning Savings Banks was
awakened by the failure of two or three institutions
which had been incorporated and controlled by certain
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political circles. A virtuous assemblage, known as a
Reform Legislature, was in session that year in Albany,
and it was confidently expected that there would be
some legislation that would put Savings Banks beyond
the reach of the malign influences that had brought
discredit upon their previous fair fame. There was
quite a clamor now for a "general law"-now that the
very evils .predicted by the writer, and which he had
urged as the reason for a general and stringent law, had
befallen the system. The press caught up the cry,
and urged some legislation that would prevent a
recurrence of such scandals in the future.
For some time nothing was heard from the Reformatory law makers. The chairman of the bank committee, in one house of the legislature, was one who
had made himself most conspicuous by his zeal for
Reform, on which hobby he had successfully ridden
into the legislature. He was the very embodiment of
.Reform. In him Reform lived and moved and had its
being. Without him Reform would die-with him it
was a live, active, potent thing.
This redoubtable champion of Reform and chairman
of the bank committee having occasion to make some
inquiries of the Superintendent of the Bank Department, quite naturally the conversation reverted to proposed legislation concerning Savings Banks. The Hon.
Chairman was quite full and swollen ~th the subject,
and had the matter under consideration, and did not
doubt that very material and valuable changes would
be made in the law. The Superintendent found, or
took occasion, to suggest the propriety of taking coun-
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HISTORY OF SAVINGS BANKS.
sel and advice of some one who had made the subject
a matter of careful study and thought, and who was
well informed concerning what had been done in the
past, what was the present status of a very complex
and incongruous law, and what we::e the condition and
needs of Savings Banks, individually and as a system.
He knew such persons were to be found in the State,
and he thought he could give assurance that one, at
least, could be induced to respond to any invitation of
the committee to appear before them and give the benefit of his experience, observation and study. But this
rational method of treatment was too common-place
for a champion Reformer. Only a Reformer could give
birth to Reform. He gave the Superintendent to understand that he had views on the question, and these
would be elaborated and paraded before a gaping world
in due time. Soon the correspondence of the New
York papers began to contain ominous hints of something going on in the secret chambers of the bank committee. One day they were carefully considering, another, they were maturing, another day they were laboring hard ; again, they were holding midnight sessions,
so devoted were they to the interests they had in
charge; again, it would be stated that the bank committee were investigating the subject thoroughly; and
so the changes were rung on what the committee had
done, were doing, and were about to do, until it seemed,
at last, that we were really to have the rare blessing of
a well-considered, intelligent and intelligible law for
the organization and control of Savings Bank~, and that
for this we would £or once be indebted to the indefati•
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gable labors and intelligent investigations of a legislative committee.
After the iteration and reiteration of these statements concerning the Herculean labors of the committee in studying the subject in all of its aspects, and in
drafting a bill embodying the wisdom gained from their
midnight researches, the public were at last informed
that the labors of the committee were nearly completed,
the bill which they had so long been engaged in preparing being nearly ready, only a few points remaining to be considered. And sure enough, a few days
afterward the full text of this prodigy of labor appeared in the New York Herald, when behold ! it was
nearly verbatim the bill which the writer had prepared and submitted to the legislature in 1868, whose
unfortunate history we have already chronicled.
The committee reported the bill to the house - and
it was never heard from afterwards ! The incident
serves at least to illustrate the wide distinction between
a Reform in name-which succeeds in bringingto the
surface here and there a demagogue.for wholl_l no political party could ever find any use,- and Reform in dead
earnest, which, without any noisy blowing of trumpets,
quietly prepares the way, takes the measure of the
work of reform that is to be done, not merely talked
about, and then accomplishes tangible results in unearthing corruption in exposing and punishing the
guilty and in guarding again.st future abuses.
FIN AL SUCCESS OF THE EFFORT.
Amongst the amendments to the constitution of the
State ratified at the election in 187 4, and going into
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operation on the 1st of January, 1875, was the following to Article Eight:
"§ 4. The legislature shall, by general law, conform
all charters of Savings Banks or Institutions for Sav•
ings, to a uniformity of powers, rights and liabilities,
and all charters hereafter granted £or such corporations
shall be made to conform to such general law, and to
such amendmen_ts as may be ,made thereto. And no
such corporation shall have any capital stock, nor shall
the trustees thereof, or any 0£ them, have any interest
whatever, direct or indirect, in the profits 0£ such corporation ; and no director or trustee of any such Bank
or Institution shall be interested in any loan or use of
any money or property 0£ such Bank or Institution £or
Savings."
It is evident that the discussion 0£ the subject 0£ a
general law for Savings Banks, though so fruitless of
results in the legislature, had not been without effect
upon the public at large. The idea clearly impressed
itself upon the minds of the members of the convention
which prepared the constitution for the consideration
of the su9cessive legislatures which were to manipulate
that instrument, and by these the amendment was permitted to remain among the articles to be submitted to
the people for ratification. We can hardly suppose
that as an original, unheard-of proposition, the measure
would have been favorably considered by either the
convention or the legislature.
Naturally, the trus~es and officers of Savings Banks
throughout the State felt a deep interest in the action
that should be taken by the legislature of 1875, in fulfillment of this constitutional requirement. Ignorance,
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perversity, indifference, or the stimulus 0£ baser motive,
might inflict incalculable evils upon the system. It
was necessary, however, to indulge and to act upon the
presumption 0£ worthy motive and 0£ an earnest purpose on the part 0£ the legislature, in the discharge 0£ the
duty imposed. Fortunately, as the event proved, this
presumption was well £ou~ded. But with the best of
motive, and the most honest and sincere desire to act
wisely, there was still ground for grave apprehension
lest ignorance 0£ the nature and needs 0£ the interest
in question, a stubborn perversity in endeavor to incorporate in the law some pet theory, or some rooted
prejudice, should intensify the evils already existing,
or needlessly obstruct and embarrass the workings 0£
these institutions. A consultation amongst the officers
0£ leading Savings Banks in the cities of New York
and Brooklyn, interested only in promoting a conservative policy, resulted in the preparation of an act to
be submitted to the legislature for its consideration.
This act, in the form 0£ a bill, was introduced in the
assembly by the Hon. L. Bradfor.d Prince, who had distinguished himself in previous legislatures by his con•
spicuous and able advocacy of the constitutional amendments, which had made necessary a large body of
general legislation concerning corporations generally,
and in this legislature, by the preparation and introduction of bills in furtherance of the new constitutional
requirements. This bill was alternately ·designated as
the New York, or the Prince bill, although it is well
known that the only connection therewith which that
gentleman had, or claimed to have, was its introduction
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in the assembly, at the request of a delegation of New
York and Brooklyn Savings Bank officers.
This bill embraced all the better features, and excluded those which a more practical knowledge and a
wider observation pronounced to be the more objec·
tionable ones, of the act of 1868. The form and makeup of the act were, however, essentially different. It
did not embrace the provisions of the first article of
that act, which has been already discussed in these
pages, providing for the incorporation of Savings Banks
outside of the legislature, not from any feeling of hos.
tility to that feature, but for the following reasons:
1. It was not believed, from past experience, that
the legislature would part with its prerogative of designating where Savings Banks might be organized, and
of naming the corporators therein. 2. The conditions
of the constitutional amendment effectually prevented
the incorporation of Savings Banks, with varied and
incongruous powers, privileges and duties, as all the
charters were required to conform to the general law.
Hence, there was not now, as under the unrestrained
powers of the legislature of the subject, any necessity
for incorporation outside of that body, in order to preserve unity, consistency and harmony in the system.
3. It was questionable, at least, whether the phraseology of the amendment concerning the granting of
charters, which should conform to the general law, did
not point to the legislature as the source whence those
charters were to emanate. At all events, it was believed that, if the point were open to question at all,
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the legislature would quickly settle it in favor of the
retention of that power itself.
Meantime, while the consultations and labors of the
officers of Savings Banks in New York city and Brooklyn, in the preparation of this act, were in progress,
there had already been introduced in the senate the
same identical bill of 1868, which twice before had
engaged the attention of the legislature, and which
now made its "positively last appearance" upon the legislative stage. This act, very slightly modified, by the
omission of a few sections which promoted rather than
marred its unity of purpose and design, was introduced
by Hon. D. P. Wood, who, however, upon the floor of
the senate, £rankly gave the proper credit for its
authorship, and claimed £or it the merit 0£ affording a
nucleus about which wise and judicious legislation
could be constructed.
This bill was, 0£ course, referred to the bank committee of the senate, of which Hon. S. S. Lowery was
chairman, and considerable progress had been made in
its consideration before the bill adopted by Mr. Prince
was introduced in the assembly.
For the purpose of facilitating the consideration of
the bill, the bank committees of the two houses met
together, and several joint sessions had been held
upon the senate bill, at one of which, upon notice
given, quite a representation 0£ Savings Bank officers
from various parts of the State were present, and had
a hearing upon the bill.
It was shortly after this hearing that the New York
bill was introduced in the assembly, and, 0£ course,
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illSTORY OF SAVINGS BANKS.
referred to the bank committee, of which Hon. Geo. W.
Schuyler was chairman. This position had been very
properly and worthily conferred upon him in consideration of his connection with the banking interest of the
State for four years as Superintendent of the Bank
Department.
The senate bill, being, with very slight modification,
the original act reported to the legislature in 1868,
of course contained the article providing £or incorporation outside of the legislature. The assembly bill
introduced by Mr Prince, for the reasons already set
forth, contained no such provision. Mr. Schuyler and
his committee generally favored that feature, Mr. S.
very earnestly. Most other features of the assembly
bill were favored by him, though there were provisions
of the senate bill which he thought might be advantageously incorporated in the act, and some contained
in neither, that, in his judgment, should find place
there.
Instead, therefore, of reporting the Prince bill, he
prepared an entirely new bill, taking that as a basis or
ground work, prefixing_ to it the first article of the
senate bill, introducing such other sections or parts of
sections as met his approval, and such new matter as
seemed to him desirable, derived, either from his own
experience . and observation, or from suggestions received· from Savings Bank officers, and -submitting this
new act to his committee, it was cordially approved by
them and reported to the house.
In each house of the legislature there was then
pending a bill, alike in many material respects, unlike
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in many others, and each yet to run the gauntlet
of the committee of the whole, before its final form
and quality should be determined. From the first,
the assembly bill commanded a more general support
from the officers of Savings Banks than the one pending in the senate. This was natural, in view of the
fact that the assembly bill, even in its modified form
as it came from the hands of Mr. Schuyler, was largely
the product of the consultations of Savings Bank
officers as before stated, and hence was more likely to
meet the views and wishes of this class than the bill
prepared from a different standpoint. It does not, by
any means, follow that the bill thus approved was less
conservative and judicious than the other; in some
respects the bill prepared by Savings Bank officers
was more salutary in its restraints than that prepared
by the writer in 1868. Its special advantage was, that
it was drafted especially to meet the exigency of the
constitutional requirement, and the conditions of the
development of the Savings Bank interest in 1875,
while the act of 1868 was prepared to meet a very
different state of affairs, and was predicated upon a
development of this interest that underwent essential
modification afterward.
We might make an entertaining chapter by tracing
the progress of these bills through their respective
houses, and giving a synopsis of the discussions upon
the various questions of interest upon which differences
of,opinion arose. But this chapter has already been
too much extended, and we have yet to record the final
result.
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HISTORY OF SAVINGS BANKS.
It was feared, at times, that the seeming tenacity
with which each house persisted in pushing to final
passage its own bill would result in irreconcilable disagreement and the failure to enact a general law at all.
This danger was happily averted. Upon the passage
of the assembly bill, it was sent to the senate, whose
bill was already awaiting its third reading. Upon
motion, the senate bill was substituted for the assembly bill, as an amendment, and the assembly .bill, thus
amended, returned to the assembly for concurrence.
The assembly refused to concur, and called for a committee of conference, which was ordered. The two
bills were then before the conference committee, and
the real work of legislation was done by that committee,
in harmonizing these two bills, and in forming therefrom a single act, to be reported back as the result of
the conference. Contrary to the predictions of many,
a substantial agreement was effected in committee. A
report, in the form of a bill, was made to the respective
houses of the legislature, and concurred in by them,
and thus, at last, seven years after the first determined
movement to that end, the passage of a general Savings
Bank law was effected, embracing nearly all the better
features of the act of 1868, and the first fifteen sections
of which were in a large degree copied from the first
article of that act which had been so incontinently rejected on its introduction seven years before. The
bill, as passed, was substantially that of the assembly,
modified somewhat by provisions of the senate bill,
some of them valuable, and others of at least questionable expediency.
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To settle definitively the law concerning Savings
Banks, care had b~en taken to repeal by title and
chapter, or section, every general act in the statutes relating to Savings Banks. Of course, such as it was desirable to retain were incorporated in the general act, as
passed. Commonly, a general repealing clause of "acts or
parts of acts inconsistent with this act " is relied upon,
but this always leaves open to judicial interpretation the
question of what in previous acts is inconsistent with the
superseding act ; and, besides, there might be acts not
inconsistent with such act, which it would be undesirable to retain. But by this specific repealing section,
in which every chapter and section was named and set
forth, and declared to be repealed, and further, by declaring all charters to be modified, so as to conform to
the provisions of this act, we have now one simple
specific source of authority for the organization and
management of this great interest in the Empire State.
Any change or modification in the powers conferred,
or duties imposed, upon these institutions, can be made
only by amendment of this fundamental and organic law.
I shall not transfer this act to these pages, as it can
easily be obtained by those wishing to consult it; but
the following article, from the Albamy Express, published upon .the passage of the act, gives a £air synopsis
of its provisions, and fitly :recognizes the labors of those
more prominently identified with its inception, progress
and consummation.
PASSAGE OF THE SAVINGS BANKS GENERAL LAW.
It is with great satisfaction that we announce the
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HISTORY OF SAVINGS BANKS.
passage by both houses of the legislature of the General Savings Bank bill, substantially in the form in
which it passed the assembly.
The bill in its present form provides for the incorporation of Savings Banks hereafter through the intervention of the Superintendent of the Bank Department,
instead of the legislature, as hereto£ore. We believe
the effect of this provision will be salutary. The bill
is more rigid in its exclusion of the trustees from all
possible participation in th'e moneys deposited, either
as borrowers or as sureties or guarantors of borrowers,
than almost any existing charter.
The deposits to the credit of any one individual or
society are hereafter limited to $5,000, exclusive of interest or dividends credited thereto.
Dividends are limited to six per cent per annum,
until a surplus of ten per cent upon the deposits is accumulated and the accumulation beyond ten per cent
must be divided in the form of extra dividends, as often
as once in three years.
The trustees are made personally liable for dividends
in excess of earnings, and are prohibited from paying
dividends upon deposits for a longer period than the
same are deposited, except that ten days of grace are
allowed at the commencement of semi-annual interest
periods, and three days at the beginning or end of any
month; this, of course, is in the discretion of the
trustees.
Deposits of minors and females are protected, that
is, made payable to themselves, as in most charters, and
in the general law since about 1850. Deposits made
in voluntary trust are, in case of the decease of the
trustee, made payable to the person for whom the deposit was made -technically the cestui que trust-and
not to the executor of the trustee.
Savings Banks are, under the provisions of this bill,
prohibited from pleading the statute of limitations in
defense of actions.
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The provisions concerning investments are among
the most important in the bill, and are, we believe,
rational and conservative. They are in brief the following:
1. Stocks issued or guaranteed by the United States.
2. Stocks 0£ this State.
3. Stocks 0£ any State that has not, £or ten years
previous to the investment therein, defaulted in the
payment 0£ principal or interest 0£ any 0£ its debt.
4. Bonds 0£ any city, county, town or village 0£ this
State, issued in pursuance 0£ law.
5. Bonds and mortgages on unincumbered real estate
in this State, at not exceeding half its value, or when
the same is unproductive, at not exceeding forty per
cent 0£ its value, and the total investment in bonds
and mortgages by any institution not to exceed sixty
per cent 0£ its deposits. The investments in bond and
mortgage are still further carefully and judiciously
guarded.
6. In real estate, for banking purposes, but under
careful restrictions as to the amount that may be thus
expended.
Investment in securities not authorized by the act
is made a misdemeanor.
A permanent available fund is authorized to be kept
uninvested, in the form 0£ cash on hand, or on deposit
in banks or trust companies, or loaned on the stocks or
bonds authorized for investment. In addition to this,
where the receipts temporarily exceed the deposits, as
at times 0£ receiving interest from investments, the
amount uninvested may exceed ten per cent 0£ the deposits, thus substituting a flexible £or an arbitrary and
inflexible temporary available fond, and the Superin-
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HISTORY OF SA.VINGS BA.NKS.
tendent of the Banking Department is charged with
the duty of seeing that this discretion is not permitted
to degenerate into abuse.
A change of location, within any city or town, also
a chan~e of name, under carefully guarded restrictions,
is provided for.
The loaning of moneys on notes, drafts and bills of
exchange or personal securities is expressly prohibited.
Reports are to be made to the Bank Department
annually, and not semi-annually, as heretofore, and in
addition to the enumerated items, banks are required
to furnish such other information as the Superintendent
may require. The assets must be verified by a committee of trustees, frqm personal examination of the
same, which is a new feature.
The Superintendent is charged with the duty of
making or directing an examination of Savings Banks
once in two years, and may examine any at other times
if occasion requires. The expenses of the ordinary
examinations are to be paid by assessment upon the
Savings Banks in the State, according to their assets,
the same as ordinary expenses are now paid, instead of
being charged to each Savings Bank examined, in the
discretion of the examiner, as heretofore.
The action of the Attorney-General, heretofore confined to proceedings in insolvency, is by this bill en•
larged, and may be in any form for the correction of
abuses, and without suspending the operations of the
institution proceeded against.
Of course we enumerate only the leading and prom,
inent features of the bill. It will doubtless, after its
passage, be printed and distributed for the use of Savings Bank officers.*
Upon the whole, we congratulate the legislature
upon the passage of a wise, considerate and conservative general law for the Savings Banks of this State.
The committees in the two houses have seemed, from
the first, to be animated by but one desire, to secure
• Copies can be procured at the office of the Safeguard.
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the passage 0£ a good law, one that, without violent
interruption 0£ existing conditions and usages, would
still afford protection in the direction whence abuses
have in late years grown up.
That differences 0£ opinion upon many questions of
policy and of detail should arise was but natural.
But, where an honest purpose and fair intelligence are
united, such differences are easily reconciled. Such
was the case here, and what to the outside world
promised to be a conflict which would defeat the passage of any bill, proved to be differences easily adjusted
upon a candid and fair-minded expression and comparison of views.
The Savings Banks 0£ the State, their depositors and
trustees, will never know the full extent of their obligation to Hon. G. W. Schuyler, chairman of the assembly bank committee, for his untiring efforts in
behalf of wise and salutary legislation relating to this
interest. He prepared the original assembly bill from
the one introduced by Mr. Prince, and from the senate
bill introduced by Senator Wood, supplemented by
provisions originating with himself or suggested by
Savings Bank officers in different parts of the State.
The time, labor and thought expended by him in
preparing and per£ecting the bill were very great, and
such as few legislators would have been able or willing to devote to it. His experience as Bank Superintendent for four years was, of course, invaluable to
him, as also to the interest affected by his action.
Besides, he watched and guided its passage through
the assembly, and preserved it fro~ material modification. In this he had the hearty support· of his committee, of whom the Hon. T. C. Campbell made himself most prominent upon the floor of the house.
In the senate, Mr. Lowery, chairman of the bank
committee, though deeming it proper, in deference to
the consideration already given to the senate bill, to
report it favorably, at no time manifested any partisan
or prejudiced attachment to that bill as agamst the
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HISTORY OF SAVINGS BANKS.
assembly bill, except in so far as its provisions commended themselves to his better judgment. He was
always accessible to suggestions from any quarter, that
offered to improve the general character or the features
in detail of the bill which he had reported.
Hon. Senator Wood, who introduced the senate bill,
might, by factious and prejudiced persistence in support of the measure as one for which he was sponsor,
have made the differences irreconcilable, or possibly
have forced his own, to the exclusion of the other.
But it is only justice to Senator Wood to say, that at
no time has he manifested, by word or act, any factious
preference for the special measure which he introduced.
And in the committee of conference no one evinced
a more ready spirit of concession upon points not
involving important principles, where mere form and
arrangement and the substitution of another for that
of his own were concerned, than Senator Wood. Upon
matters affecting the security and well-being of Savings Banks, he was tenacious, as it became him to be,
but if that could be secured by an assembly provision,
or by some provision submitted for one previously
advocated by him, he gave his ready and cheerful
assent to the change in the interest of concord and
agreement upon some measure that should meet general acceptance, A different spirit would have greatly
increased the complications and hazards which seemed
at one time to invest the Savings Bank general law.
It is but just to say, in conclusion, that the Superintendent of the Bank Department was found at all
times in perfect accord with the best and most conservative Savings Bank sentiment 0£ the State, and
though not ostentatiously parading himself or his views
before the committees or the legislature, he was always
ready with advice or suggestion when called upon, and
his opinions, quietly but emphatically expressed, had
their due influence upon the minds of those to whom
they were communicated.
The conference committee retained nearly all of the
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best features of the assembly bill, and rejected the
more objectionable provisions of the senate bill. As
was to be expected, some features or both were retained
which we would rather have seen excluded, and from
the assembly bill some items struck out which we
believe might better have been retained. Upon the
whole, we regard the bill, as passed, as a very creditable product of legislation, affecting an interest second
to none in importance in our State.
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msTORY OF SAVINGS BANKS.
CHAPTER XLV.
TAXATION OF SAVINGS BANKS.
Amidst all the faults, the follies, and the blunders
of legislation in the State of New York, in relation to
Savings Banks, which we have been obliged to record,
there is one blemish from which it has been kept substantially clear ; that is, a purpose to impair the
integrity and efficiency of this beneficent system of
public and private economy, by imposing upon it the
burdens of taxation. The evil tendency of such a purpose, wrought into practical operation by a scheme of
taxation, would manifest itself conspicuously in one or
the other, or in both, of two results. Either the burden
of taxation so imposed would so reduce the net profits
as to leave a very small and unsatisfactory margin for
diridends to depositors, who would thereby be induced
to withdraw their deposits, in the hope to make them
more profitable elsewhere ; or, the managers of Savings
Banks would be tempted to try and maintain the satisfactory margin of profit, out of which dividends could be
made, by investments in securities of a character that
should promise a rate of interest adequate to maintain
the usual dividends, after paying the taxes imposed.
The only act of the legislature of New York proposing to tax these institutions was one in 1866, which
made the surplus only, liable to assessment £or purposes
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of taxation, in common with other property in the
State. It should be understood, however, that the real
estate of Savings Banks was always subject to taxation,
like that of any other individual or corporation. This
act of 1866 was, however, amended in the following
year, by exempting from taxation, under the act, so
much of the surplus as was invested in United States
bonds. For all practical purposes, the act might as
well have · been repealed, £or any Savings Bank; that
had any surplus at all would be sure to have United
States bonds to a greater amount than such surplus.
But one Savings Bank in the State ever paid a cent of
tax under the law of 1866, as amended in 1867. That
exception was of a small institution, whose officers
were made acquainted, by the assessors, with the act
of 1866, but were not apprised by those vigilant
officials of the amendment in 186? ! and wli.o continued
to pay the small tax levied upon their surplus, in
happy ignorance of their exemption from such liability,
until their attention was called to it in the course of
an examination made by myself, under the law previously mentioned, when this item of expense was
brought to my notice.
In 1868, the chairman of the finance committee of
the senate, Hon. John O'Donnell, entered upon quite
an elaborate examination of the question of taxation,
directed largely, if not principally, to ascertaining the
amount of capital, in corporate forms or enterprises,
which bore its £air share of the burden of taxation, or
escaped altogether. Desirous of making an intelligent report upon the condition of various corporate
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IDSTORY OF SAVINGS BANKS.
interests, and upon the questions of expediency, or of
public policy invo!ved in subjecting them to taxation,
he addressed letters of inquiry to departments of the
State government, sustaining more or less intimate relations to such corporations, designed to call forth, not
only facts but opinions upon the subject which he had
so vigorously taken in hand.
One of these letters of inquiry, calling chiefly, if not
wholly, for the expression of an opinion in the premises
stated, was addressed to the writer, in consideration of
his relation to the Savings Bank interest of the State,
and the answer made is here introduced, not only as
historically related to the discussions of various phases
of the Savings Bank interest, but as embodying the
views upon this question, to which the legislature has,
by its refusal to devise and enforce any scheme of taxation for Savings Banks, given practical sanction. The
labored and well-intended effort of the honorable senator proved as abortive as such efforts quite uniformly
have done in the New York legislature, nothing whatever having come of it.
Oommunication ipon the subject of the -tawation <?/
S(JJ1)ings Banks, addressed to the Chairman of the
Finance Committee of the New York Senate,
answer to hi8 inquiries wpon that subject.
m
BANK DEPARTMENT,
ALBANY,
}
April 2, 1868.
Hon. J. O'DONNELL,
Ohairman Finance Cornrnittee, N. Y. State Senate :
Srn : In compliance with your request, I present
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herewith some views, hastily prepared, concerp.ing the
policy of taxing deposits in Savings Banks.
The elementary principles of taxation Ri'e few and
simple ; it is the practical application of these principles to the multiform objects of taxation, ·and to the
complicated interests of human pursuit, that presents
problems extremely difficult of solution, indeed, impossible of perfect solution ; the nearest approximation is
the highest wisdom.
Of course, the first principle that addresses itself to
sound statesmanship is to keep the expenses of the government within the limits of a just and rational economy, and thus render tlie burden of taxation altogether
the lightest possible; Upon this feature of the subject, I have no occasion, nor is it my province, to
dwell.
But the amount to be raised determined, the problem presented is, to equitably apportion the tax upon
the property of the State. Of course, in speaking of
the property of the State, I mean the property of the
people in the State.
It is to the correction of existing inequalities in the
apportionment of this burden that you are so worthily
and so .earnestly addressing yourself.
It must never be forgotten that labor, intelligently
and effectively applied, is the source and basis of all
wealth, from whose accumulations only can taxes be
raised; hence, in the apportionment of taxes, wisdom
and sound policy, not less than justice, will dictate,
that no undue share of the burden shall be imposed or
shall fall upon the laboring classes of the population.
Any system of taxation that should so operate as to
absorb the surplus profits or earnings, in any important department of labor or enterprise, would ·be not
only unjust to those upon whom the burden should be
imposed, but would be prejudicial to the interests of
the State itself, by discouraging activity in those departments of labor or production which it is the highest interest of the State to promote. To encourage
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HISTORY OF SAVIN GS BANKS.
labor, t:qerefore, by refraining from interference with
its just rewards, is to stimulate the productive force
which ultimates in the ability to pay taxes.
In the nature and constitution of things, the accumulations of labor, that is, what is left after consumption and the wear and waste of time are provided for,
do and probably ever will inure chiefly to the benefit
of the capitalist, and not of the laborer. The conditions out of which this law o.f industrial relations and
rewards issues, it is needless to discuss. It is sufficient
for our present purpose that such is the law, and, as
such, it demands recognition by statesmen in apportioning the burdens of taxation: The practical question
is, whether it is wjse, politic or just, to impose upon
the small accumulations of the laborer, the same proportion of-taxation that is imposed upon the larger
accumulations of capital. Let us illustrate the practical effects of such a policy.
The last census of our State shows that about 1,000,000 of our population are engaged in the various industrial pursuits by which wealth is produced. Let us
suppose that 300 working days are required in which
these laborers may earn sufficient to supply themselves
with the necessaries of life. Allowing but three days
for recreation or other interruptions, and there would
remain ten days whose wages the laborer could sa\l'"e aR
accumulated capital. Now, if the system of taxation is
such that it requires all or a large part of this accumulated surplus to be contributed to the support of government, there is an jnducement to the laborer to remain
idle during that period, for his condition is not thereby
made worse. The State, by such a policy, loses 10,000-,
000 of days' labor, worth, in its productive results, certainly not less than $20,000,000, all of which would be
added to its accumulated capital. Of course, just these
conditions could not arise, but the tendency of taxation upon the small gains of the laboring classes would
be in that direction, whilst, on the other hand, a system
that should relieve these small earnings from taxation,
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at least until, by their magnitude, they had themselves
assumed the character and proportions of capital, would
afford a stimulus, an incentive to labor to do its best
that it might reap its just rewards. <Jan there be a
doubt as to which of these policies would be the more
advantageous to the State?
We may sum up the foregoing suggestions in the following proposition. Whatever will stimulate the productive energies of labor, tends to increase the wealth
of the State, to create the means out of which taxes
are paid, and to render the burden of taxation lighter,
by making it a smaller per cent of the property that
must contribute thereto. All means and appliances
tending in this direction should be encouraged and
fostered.
Savings Banks, though primarily instituted for a
different purpose, have precisely this effect. They keep
secure the surplus gains of labor, and add to the sum
of these, their own inconsiderable earnings for the benefit of the laborer, thus giving to accumulation a purpose, and making it an object to be sober, industrious,
skillful and frugal. Whatever shall serve to render
these institutions less popular with the people, whatever shall make them less attractive to the small earnings of industry, will operate injuriously, not only to
these institutions, but upon the industrial interests
which they so largely promote by their silent but
potent influence and charm. Among the attractive
features which they present to depositors is the gain or
interest which they pay upon these small deposits,
arising from the judicious investment and prudent management of the funds thus accumulated.
The rate of taxation upon the assessed valuation of
property in this State, last year, was $2.80 on the
$100. The interest paid to depositors in Savings
Banks ranged from four to six per cent, the average
would not exceed five and eight-tenths per cent. Had
these deposits been subject to taxation in common
with other property, the net interest received would
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have been but three per cent. Such a reduction would
strike a terrible blow at the efficiency and usefulness,
if not at the integrity of these institutions. Thousands
and tens of thousands of their depositoTs would withdraw their deposits, trusting to invest them in more
.remunerative forms, incited to do _this by swarms of
interested adventurers who are watching for an opportunity to delude the unwary and to get control of
their little wealth. Doubtless they would be deceived
and imposed upon, and lose what they had in toil and
patience saved, but the ruin would be wrought, and
results similar to those which followed the failure of
English Savings Banks would ensue. Disappointed,
disheartened, reckless, they would abandon all hope
of saving their earnings, employ no more time in labor
than should be found indispensable· to procure the
barest subsistence; spend their earnings in dissipation,
or even themselves prey upon society unlawfully, in
revenge for injuries which they would claim society
had visited upon them. Of course, all would not
reason nbr act thus, but that some of the weaker should
be thus tempted beyond the restraints of reason or of
the moral sense is natural to suppose. I am constrained to believe that an indiscriminate taxation of
the deposits in Savings Banks would, in itself, reduce
the days of labor in a year for each of the 500,000
depositors in this State by an average of ten days,
which, at the low rate of $2 per day, would be a loss
to the State in productive force· of $10,000,000 annually, to say nothing of hundreds of thousands that
would be prevented from becoming depositors in the
future by the adoption of such a policy. This assumption is not in disparagement of the moral or industrial
character of this class of our population, but rather in
their praise. In all men are the seeds of good and evil,
and we none of us may know how much of the good
for which the world gives us credit is developed by a
fortunate combinati.on of circumstances. It is heroic
to resist temptation and to be honest, industrious, fru.
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gal for the love of abstract, virtue and goodness, an\f
in spite of adverse conditions and powerful temptations. But it is not the less creditable to infirm human
nature to yield to gentle restraints, to mild persuasions, to pursue the path of honor and rectitude with
only the promise of small reward for the sacrifices of
seif and selfish passions involved in such pursuits.
And this honor belongs to these depositors. The Savings Banks with their offer of perfect security and
small profits are this gentle restraint, this mild persuasion to which these hundreds of thousands yield,
and for which they deny the cravings of appetite and
resist the temptations to selfish, or vicious, or criminal
indulgence. They are thus a moral power in the State,
and statesmen should pause ere they strike even the
feeblest blow that may tend in the remotest degree to
impair their influence.
There is a consideration, to which allusion has
already been made, founded in natural justice, that
may properly be urged as a reason for exempting the
deposits in Savings Banks from taxation.
It is that, under any system or scheme of taxation
which human wisdom may devise, labor must, and will
inevitably, pay more than its due proportion. The
poor-the laboring classes-are commonly- tenants.
Rarely do they own the property that gives . them
shelter. The owner imposes the tax which he pays,
upon the tenant in the form of additional rent. As
the taxes increase so does the rent. So, too, the
farmer adds his taxes to the price of his products.
The professional man adds his to the fees for his services ; the merchant to the price of his goods ; railroad
and other corporations, where not re~trained by statute,
add theirs to the fare or to t4e freight, or to whatever is
the price of the service they render. It is this that renders it SQ hard for labor to accumulate any gains ; and
when stimulated to active and protracted exercise and
rigid self-denial by the small promise which is made
by Savings Banks, labor has accumulated its little
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gains, averaging less than $300 for each depositor, is
there not a peculiar propriety in exempting these
accumulations from any share in the burdens of taxation which more favorably invested capital has already
shifted to the shoulders of labor in the ways already
indicated? It should be remembered that these deposits are not capital in their· individual relations to
each depositor. In the aggregate they are capital, but
inuring as such to the benefit of the State quite as
much as to that of the depositor. But $300 or less in
the hands of a laborer is hardly to be considered as
capital. These little deposits are a prudent provision
against future misfortune or want ; they often serve
the beneficent service to the depositor, and the economical purpose to society, of keeping him from becoming a public charge, or of being buried at the public
expense. Is it just, is it politic, is it Christian, indeed,
to impose public burdens upon these accumulations
that themselves serve the purpose of exalting the independence and dignity of manhood, by raising it superior to the accidents and misfortunes of life, and that
save society from burdens which else it must needs
assume?
If it should be asked, "Why exempt the deposit of
a poor laborer in a Savings Bank, and yet tax the
homestead of a laborer?" I reply: 1st. It is for yourself and the honorable committee, of which you are
the chairman, to determine whether there may not be
a limit below which, property, by whomsoever held,
may not, with propriety and true economy, be exempted
from taxation. The suggestion is outside of the line
of your inquiry, and I will pursue it no further.
But I can conceive of very good reasons why, if it
be not expedient to exempt the small homestead, it
may still be just and wise to exempt the Savings Bank
deposit.
The latter pertains to a provident and economical
B'!JStem or agency in society, promotive of industry,
morality and wealth, and thus confers specific ad-
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vantages upon the State, in return for which, exemption
from taxation is no more than a fair offset. By taxing
the deposit, you impair the efficiency of the system,
and deprive the State of the direct and incidental advantages derived from it.
Again, on the score of equity, as between the depositor and the owner of the homestead, the exemption
of the former may be advocated.
The investment in real property may commonly be
relied upon to produce a larger income than it is possible for the Savings Bank deposit to do.
It is a very common thing :for depositors, even now,
while their deposits are practically exempt from taxation, to withdraw and inv(;st them in real estate, as
soon as the accumulation is large enough to justify it.
The great proportion of these deposits are too small to
invest in any other way than as deposits; the average
being, as I have stated, less than $300, and yielding an
income of less than six per cent. Investments in real
estate, on the contrary, commonly imply the possession
of considerable means, rarely less than $1,000, and is
expected to yield an income of net seven per cent, after
taxes and other expenses are paid. If the owner occupies the property, he realizes this in the saving of rent ;
if otherwise, he gets it as addition to his income. Let
us illustrate the argument by an example.
Two laborers, mechanics, if you please, equally industrious, skillful and provident, have each saved, from
the labor of years, $1,000, which one has on deposit in
a Savings Bank, and the other has invested in the purchase of a house and lot. The depositor receives from
his deposit $60 per year income. The householder has
the use, rent free, of premises, for which he would have
to pay $100 to $110 per year; at the former rate a
clear gain of $40 in his favor over the depositor, if
neither should be required to pay taxes. But suppose
both to be taxed under the present system or practice
of assessments, and at the average rate per cent in this
State last year, $2.80 on the $100. The depositor is
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assessed upon the full amount of his personal property,
and his tax is $28, leaving as the net income from his
investment, $32, or three and two-tenths per cent. The
owner of the homestead, on the contrary, will be
assessed on not exceeding one-half the value of his
property, that is, $500, the tax on which is $14; add
to that, insurance and ordinary repairs, amounting to,
aay $16, and we have the net income from his investment, $70, or seven per cent, which real property is
expected to net, against the three and two-tenths per
cent realized by the depositor; or, in other words, the
owner of the homestead can pay his tax and yet realize
more from his investment than the depositor in the
Savings Bank can .do, if wholly exempted from taxation. Besides, it may be remarked in passing, the owner
of real estate derives an important advantage in the
prospective increase in the value of his property.
If it should be said, then let the depositor withdraw
his $1,000, and invest it in real estate, I answer: We
have seen that the best interests of the State demand that he shall be encouraged not to withdraw his
deposit. If he can be made contented with the security
which the Savings Bank affords, and the moderate
interest of five or six per cent, it is better for the State
that he contribute to the maintenance of a system productive of such salutary results to industrial interests.
It is especially impolitic, by any measures of legislation,
to force him to withdraw his support from that beneficent agency. Besides, he may have plans in view for
the future, which the withdrawal of the deposit would
seriously disarrange, and which its investment otherwise would completely frustrate. Again, it must be
remembered that the depositors of $1,000 are the rare
exception. I have no statistics from which to. make
accurate and reliable calculations, but I should be much
surprised, if the facts were revealed, to find the number
of depositors of $1,000 and upwards exceeding the
number of depositors of $100 and under. Hence, with
regard to the great mass of depositors in Savings Banks,
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their choice is between that form of investment or none,
or loaning it out upon doubtful or no security.
And further, it would be a policy of very doubtful
utility, or rather of very certain inutility, to compel
the depositors of $1,000 or $2,000 to withdraw their
deposits and invest them in other ways. The profits
of a Savings Bank are much greater on a single deposit
of $1,000 than on ten deposits of $100 each. And it
is these larger profits on the larger sums that enable
Savings Banks to pay the liberal interest they do on
the smaller sums.
And we must not forget either, in this connection,
the salutary relation of Savings Banks to public and
corporate enterprises, as reservoirs of capital, furnishing the means for prosecuting great puhlic improvements. The State and municipal corporations can borrow money at a lower rate of interest because of the
large accumulations which Savings Banks hold, seeking investment. Is it not, clearly, unwise to adopt a
policy that will diminish these facilities ? Rather is
it not the highest wisdom to encourage these accumulations that minister so acceptably to the prosperity of
communities and of the State? I speak, therefore, not
only .from considerations of justice and humanity
towards these small depositors, whose burdens, at the
best and lightest, are greatly disproportioned to their
means and ability, but from considerations of sound
public policy.
It must be conceded, that there may be a practical
limit, beyond which the exemption of Savings Bank
deposits should not reach. Just what that limit should
be it is difficult, perhaps, to determine. My ·own judgment, without entering into an elaborate statement of
the reasons upon which it is founded, would be that
$5,000 is, in view of all the considerations that have
been urged, the most expedient and politic. But upon
this branch of the subject I do not propose to enlarge.
In conclusion, permit me to remark that there is a
prevalent misapprehension concerning the character,
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HISTORY OF SAVINGS BANKS.
purJ?ose and relations of Savings Bank corporations.
Their story is told in aggregates of large dimensions.
Lookin~ only at these it is common to regard these
institutions as vast moneyed corporations, like banks
of discount and insurance companies, and like these
abundantly able to contribute largely toward the expenses of the government. There is pictured to the
imagination portly, plethoric boards of trustees, with
more money than they know what to do. with, and from
which they cannot fail to realize fabulous profits.
But how different are the facts. These vast aggregates are the petty savings of more than half a million
of industrious and frugal laborers, and average to each
as we have seen less than $300. The trustees are the
unpaid guardians of this- sacred trust. They have no
right to a dollar of these deposits except as themselves
depositors, but are charged with the delicate and
responsible duty of receiving these moneys in sums
varying from five cents to a dollar and upwards, and
investing them, under the restrictions of law, in such
manner that they shall yield a moderate profit by way
of interest to the depositor, and yet be convertible on
demand into the currency in which the deposit was
made, and repaid to him.
It will be seen, therefore, that it is not in the interest
of these corporations as such, that I plead ; and if
they were to plead before you it would not be in their
own behalf, but in that of more than 500,000 men and
women in our State, who have, by industry and :frugality, accumulated each a little trifle with which they
hope to smooth the roughness of that pathway of
adversity which, in the form of want of employment,
sickness, old age or bereavement, their wearied feet
may, nay, inevitably must, sooner or later, be called to
press.
Very respectfully, yours,
EMERSON W. KEYES,
Deputy Superintendent.
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CHAPTER XLVI.
MISCELLANEOUS TOPICS AND CONCLUSION.
Having directed attention to the leading features of
legislation concerning Savings Banks, it only remains
to note a £ew topics that have at one time or another
engaged the attention of the legislature, and that could
not be appropriately referred to any 0£ those previously
considered.
BANKS OF DISCOUNT WITH FUNCTIONS OF SAVINGS BANKS.
In 1839, the proposition to incorporate the Savings
Bank of Utica led to a report from the committee in
the assembly to whom the bill was referred, in which
the assumption of Savings Bank powers by a banking
association was first considered. It appearing in evidence before the committee, that a banking association
in Utica had opened a Savings Department, this fact
was urged against the incorporation of the Savings
Bank, upon the ground that those for whose benefit it
would be instituted had already ample facilities for
their accommodation through the aforesaid department.
But the committee finally reached sound and conservative ground upon the question, and held that the
safeguards of first-class investments were far superior
to those of a capital already pledged to another purpose, and recommended the incorporation of a Savings
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Bank, and the bill was accordingly passed. Subsequently, in 1858, banks of discount and circulation
were prohibited from assuming the name and character
of Savings Banks. The spirit and purpose of this legislation were salutary, but not wholly effectual, in view
0£ the action of legislatures that had already practically
conferred Savings Bank powers upon banks of_ discount,
as already noted, and of the practice of most private
bankers, and of a large number of national banks, in
paying interest on deposits. Some of the latter advertise themselves openly as Savings Banks, finding immunity in so doing under their charter and powers
derived from the general government.
MULTIPLICATION OF SAVINGS BANKS.
We have already noticed, under a former topic, the
report of a committee of the assembly in 1846.
This committee, it will be seen, reported adversely
upon' a bill to incorporate another Savings Bank in the
city of Rochester, upon the ground that the one then
established afforded sufficient facilities to depositors,
and that another, which should only divide the business, would be a source of weakness rather than of
strength to the system. A minority of .the committee
reported in favor of the bill, but the majority report
prevailed with the assembly, and no further act of
incorporation was passed at that session. I do not
know of another instance in which the legislature was
restrained by such considerations from passing an act
of incorporation. The facility with which acts of
incorporation were secured, with little regard to the
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character 0£ the corporators, and with none to the needs
0£ the community to be served, was the burden 0£ successive reports relating to this interest, by every Superintendent, £rom the time these institutions were placed
in charge 0£ such officer. But arguments and recommendations upon this point passed absolutely unheeded
by the legislatures to which they were addressed.
Since 1857, not less than 160 charters 0£ Savings
Banks have been granted, though fortunately, as our
record shows, many 0£ these £ailed to organize. The
subject is considered elsewhere, in the discussion 0£
topics to which it is nearly related.
The committee also reported a general bill in relation to Savings Banks, designed, as the committee say-,
to , furnish additional sa£eguards £or the security 0£
depositors, but, as the bill did not pass, its provisions,
0£ course, are unknown. I£ they were 0£ the character
incGrporated into the charter reported by them, and
elsewhere discussed, the result would have been to
embarrass the operations 0£ Savings Banks, without, in
my judgment, affording any considerable additional
security to depositors.
I find in this report also, a statement o:f the amount
0£ deposits in the Savings Bants 0£ the State on the
first day 0£ January, 1845, which is interesting as
affording a basis 0£ comparison with the magnitude
which they have since attained, and on this ground
worthy to be inserted in the body 0£ the work.
These, as given by the committee, by them derived
:from the reports made the previous year, are as
:follows:
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Brooklyn....................... .. . $407,718 83
Seamens'. .. ....................... .
471,217 00
Bowery...................... .... . 1,470,179 56
Greenwich ....................... . .
386,800 82
Bank £or Savings. . . . ....... - . . . . . , . 4,635,133 23
Utica....................•.. ......
38,398 26
Troy ......... _................. .
288,506 69
Ontario................. . ....... .
133,208 89
Albany ...................... ... .
433,574 16
Rochester ...................... . .
228,800 99
Schenectady, estimated............. .
110,000 00
$8,603,538 43
The estimate for Schenectady Savings Bank is
probably too low by $50,000, and Poughkeepsie
Savings Bank, with a deposit of some $16,000 at that
time, is omitted. With these additions the total deposits, on the first of January, 1845, would• be
$8,669,538.43, or less than the interest credited in
1869, twenty-five years later!
DEPOSITS PAYABLE TO MINORS.
In 1820, by an amendment to the charter of the
Bank for Savings, authority was given to pay to any
minor, h~ving deposited moneys in his own name, the
amount of such deposits, not exceeding two hundred
and fifty dollars, though no guardian had been appointed for him ; and his receipt should be a valid
discharge to the bank.
This provision was incorporated with a great degree
of uniformity in charters subsequently granted.
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The objects of the provision are sufficiently obvious
without comment, and are fully within · the scope and
purview of the purposes for which Savings Banks were
instituted. The stimulus and encouragement to industry, thrift and economy on the part of the youth
among the humbler classes, cannot have been otherwise
than salutary in its influence upon them, and in their
effect upon society and industrial interests generally.
Akin to this was an act relating to
DEPOSITS OF FEMALES,
Section 1 of chapter 91, Laws of 1850, to the following effect, that
"When any deposit shall be made in any Savings
Bank or institution, by any female, being or thereafter
becoming, a married woman, in her own name, it shall
be lawful for the trustees or officers of such bank or
institution to pay such depositor such sum or sums as
may be due such female, and the receipt or acquittance
of such depositor shall be a sufficient legal discharge
to the said corporation therefor."
Here, too, the object of the provision is manifest
without explanation, and its beneficent character, in
perfect harmony with the theory and purposes of
Savings Banks, suggests itself instinctively to the mind.
This act of general legislation, however, was preceded,
if indeed it was not suggested, by a clause in the charter of the East River Savings Institution, incorporated
in 1848. The provision was inserted at the instance
of one of the proposed corporators, who, in his character as trustee in a large institution, had frequent occa-
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msTORY OF SAVINGS BANKS.
dion to notice the hardships to which the wives of
idle and dissolute husbands were exposed under the
power which the existing law gave to the latter over
the toilfully earned and carefully hoarded savings of
the former.
This, at the time, as elsewhere narrated,Vol. I, p.180,
was supposed to be the first legislation of the kind anywhere recorded; and though this error has been corrected in these pages, it does not detract from the
credit which belongs to this effort to ameliorate the
condition of poor and oppressed wives, as an original
and not a borrowed idea.
CONCLUSION OF PART II.
I have thus reviewed, how hastily and imperfeetly
no one can know or realize so well as myself, the distinctive features· o:f legislation, whether consummated
or only proposed, affecting this interest, during the
first fifty-six years o:f its operation in this State.
Amidst much that is inconsiderate and unwise, it is
gratifying to find so much that is salutary, judicious
and beneficent. And for much of the former there is
a measure o:f excuse, or palliation to be :found, in the
:fact that the system was inaugurated as a doubtful experiment, and had hardly outgrown its character as an
experiment until within the last fifteen or twenty years.
Indeed, not until within the last ten years has it
assumed such proportions as to startle and bewilder
the imagination ; and within that period its growth has
been so wonderful and so rapid, presenting therewith
so many problems o:f difficult solution, that it is far
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NEW YORK: CONCLUSION.
from surprising that the efforts to solve these, under
the disabilities to which modern legislation is inevitably exposed, have been attended by more failures
than successes.
But the system is no longer an experiment. It is an
established fact in our history and experience. More
than three millions of people have been blessed and
aided by its benign and · practical ministry. Nearly
nine hundred thousand persons in this State are to-day
its patrons and beneficiaries. Its aid has been, and will
continue to be, evoked in the solution of the great
problems of industry, with which are intimately
involved so many, indeed, we may say all, other temporal
human interests. To it State and municipal credit
have resorted for support, and have not been denied.
It has furnished, with lavish hand, the means for the
prosecution of public and private enterprises. Invested,
and to invest in these, it holds in its grasp, gathered
from the meagre savings of industrious poverty, a
capital of more than three hundred million dollars.
It receives and disburses hundreds of millions annually.
Its ministry blesses the humble and weak while it
benefits the rich and powerful. Whether we regard it
as a gigantic scheme of beneficent philanthropy, or as the
Colossus of modern financial institutions, we are lost in
wonder as we contemplate the vastness of its proportions. It is a power in the State. Our interests are
all nearly or remotely identified with it. Its prosperity is our prosperity, its misfortunes, if any befall,
must be shared by all of us, in greater or less degree.
You cannot strike a blow that shall be felt by eight
.
11
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HISTORY OF SAVINGS BANKS.
hundred and fifty thousand people and be felt by no
more. The inter-dependency of human interests in a
social state forbids this.
The future stability and prosperity of this system is an
object of solicitude on the part of the people of the State
of New York. In securing these, all are deeply, vitally
concerned. In this view, how blind, how unreasoning,
how wild would be any scheme or policy whose effect,
if consummated, must be to impair the stability, to
diminish the power, to unnerve the energy, to narrow
the :field of usefulness of this great interest ! And yet,
such measures have been seriously proposed and gi:avely
considered in the seat of power.
But now that this system is established, now that
its primal theory is evolved and confirmed by half a
century of triumphantly successful experiences, now
that the scope and manifold directions of its potent
influence are practically revealed and can be rationally
comprehended, now that the measures or policies that
have contributed to its success, or that have exposed
possibilities of failure, can be examined in the light of
this experience, now that there dawns upon our vision
some conception of the glory or the gloom which the
future has in store for this great interest, as its growth
and expansion are made an object of wise solicitude
and judicious restraint, or are left subject to the capricious modeling of selfish impulses or exposed to .the
neglect of indulgent thoughtlessness and ignorance,
the time has come when errors, conceits and incongruities should be eliminated from the law regulating the
conduct of this imperial system, and a code conserving
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the wisdom and rejecting the folly of the past should
be prescribed, clearly defining the direction and character of its future development.
These concluding passages were written before the
enactment of the general law whose history we have
elsewhere recorded, in the light of which ·fortunate
achievement the language employed is less that of
admonition than of prediction.
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HISTORY OF SAVINGS BANKS,
PART III.
STATISTICS OF SAVINGS BANK PROGRESS.
CHAPTER XL VII.
BY WAY
m' EXPLANATION.
Without some explanation of the following tables
of statistics the reader will often be puzzled to account
£or results which appear contradictory and which are
incongruous. Thus, in the following tables one will
naturally expect to find that the sums reported as
deposited during a series of years ( where these include
the interest or dividends credited), diminished by the
sums withdrawn during these years, will leave the
amount reported as due to depositors at the close 0£ the
period in question. The expectation is perfectly
rational, natural and proper, and proceeds from that
peculiar mathematical construction of well-regulated
minds whereby they almost invariably reach the conclusion that 3 - 2 = 1;
But, inasmuch as some of the results in the following series 0£ tables will be found at variance with the
principle of the above proposition, seeming to try to
establish that 3 - 2 = something other than 1, it
becomes necessary to show how the results are obtained
which seem to suggest such startling aiithmetical
anomalies!
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And first, we will notice the sources whence the
following statistics are derived :
When in 1868-9 I sought for statistical material for
a History of Savings Banks in New York, I addressed
a circular to each institution, with a set of blanks,
among which was one which I requested them to fill
out showing the number of accounts opened and closed,
the amounts . deposited and withdrawn and the dividends credited for each year since organization to and
including 1868. · To this some responded with the
information sought in full, others in part, others with
a statement that it was impossible or impracticable to
furnish it, while the greater number made no response.
These returns formed the basis of the tables of statistics found in that very incomplete work. Where
these failed concerning institutions in operation before
1857, from which time the reports of all could be
found in the Bank Department, access was sought to
the journals of the legislature, to which body, with
more or less regularity, especially "less," these institutions reported during the early years of the system.
The difficulties encountered are fully set forth in that
volume and do not need to be recounted here. Concerning institutions incorporated after 1857, of course,
the items, except of accounts opened and closed, could
be found in the reports.
From such a medley of sources it would not be
strange if there were to appear some eITors and incongruities. But the statements received direct from the
institutions themselves were found to be quite as
fruitful of eITors as the compilations made from inde-
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HISTORY OF SAVINGS BANKS.
pendent sources. In one, £or 'instance, the total deposits as given by the institution diminished by the
amount withdrawn as given by the same authority,
did not produce the amount reported by it as remaining due to depositors, by a difference of over $200,000.
In another case, though the difference was but about
$40,000, it ·was upon a much smaller aggregate and
£or a much shorter period ; and I spent four days and
nights in analyzing, comparing and readjusting the
items furnished, in order to derive from them a rational
and consistent result. In this particular instance this
was very nearly accomplished, simply by rearranging
the items furnished, in accordance with what must
have been their original order and sequence, instead
of accepting them as furnished by the institution.
Some of the sources of error may now be indicated.
And first, we may notice possible clerical errors in the
report 0£ any institution as originally transmitted to
the legislature or to the Bank Department, or in transcribing from these for the general report made to the
legislature, or errors in printing from these which
escape the eye of the proof-reader. An error of this
kind gave me a great deal of trouble, until I submitted
the :figures in detail as I had derived them from reports,
to the secretary of the institution, who on referring to
his records detected the error to be in one of the earlier
reports in a transposition of :figures, as 145,000 £or
154,000, a source of error ·quite familiar to accountants.
Another source of variance in results arises from the
difference in practice, in different institutions, in former
years, in reporting the amount deposited - some in-
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NEW YORK: EXPLANATORY OF STATISTICS.
167
eluding therein the interest or dividends credited,
others not. I have sought always to have the deposits
inc!ude the dividend; but, in so doing, have frequently
derived a different result from that given by the institution itself and found in the reports. I have not been
bound by these reports where they were certainly
wrong as shown by other £acts. Hence; I may say
generally, that the following tables are not compiled
from, nor made to conform to, any published reports;
wherein they agree with such, it is because the :figures
in the report are right; where they do not agree, the :figures in the report are certainly wrong - and sometimes the :figures here given are wrong, too - but are
always more nearly right than any others with which
they do .not agree.
Another source 0£ variance between the items in the
following tables and those in the reports, and a source,
also, 0£ confusion and incongruity in the results 0£ dif
£erent years, arises from the varying methods 0£ different institutions, and sometimes in the same institutio11
at different periods, in respect to the crediting 0£ dividends. Thus, an institution commencing business, say
1st May, any year, 0£ course credits no dividend 1st
July; but from that date to 1st January is a full dividend period. Formerly, one institution reporting on 1st
January would report no dividend £or this first year's
operations, because it would not be formally declared
and entered until the 10th 0£ January; or later.
Another institution, regarding it as properly earned
and belonging to the business and transactions 0£ the
departed year, would report it; but, perhaps, the state-
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HISTORY OF SAVIN GS BANKS.
ment of the amount deposited would not include the
dividend thus credited, which would at once occasion
a variance in the statement of the amount due to
depositors. Thus, suppose it to report as follows :
deposited, $106,793; withdrawn, $38,261 ; dividend,
$1,879; due depositors, $70,411. It is seen that the first
two items do not produce the fourth, and, consequently,
the third must be added to the first, in order to produce
a correct result. This is comparatively simple and
easily discerned. In the first case supposed, the dividend is carried forward into the transactions of the
next year. But, it sometimes happens that the policy
of the institution changes,·and they commence at some
point to report the dividend!:! of the year for the year
they have been earned, instead of for the year,credited
upon the books, or vwe versa. This invariably produces confusion in the statistics, putting them out of
joint by the amount of a six months' dividend. Most
of the discrepancies in the following tables may be
traced to some change ·in the form of reporting these
dividends, whereby one six months' dividend has been
duplicated, or one omitted, in the column of amounts
deposited. These changes, from one form to another,
were not very frequent, but they did occur, and produced that confusion in the statistics from which it is
impossible to extricate them, without access to, and a
revision of, the accounts of the institutions themselves,
in order to see and note when these changes occurred.
and what was the amount of the semi-annual dividend,
whose displacement has introduced the confusion. At
the time of my first acquaintance with the form and
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NEW YORK: UPLANATORY OF STATISTICS.
169
matter of the reports of Savings Banks, the prevailing
method was to · report, say on 1st January, 1867, the
dividends credited in January and July, 1866, thus
leaving the earnings of the last six months of the year
unaccounted for.
It was deemed advisable to correct this, and bring
all to a uniformity in reporting the dividend earned
£or the last six months of the year. It took several
years to bring about the change, but it was effected at
last. But mark the bearing 0£ this proceeding upon
this question of discrepancies in reports. It will be
seen that wherever any bank had been accustomed to
report the dividends of January and July-and now
changed so as to report those of July and Januarythey should in the report wherein the change was
made, in order to preserve the congruity between the
amount deposited, including dividends, and the amount
due to depositors, report three dividends as entering
into that year's statement. So far as I remember, but
one institution in the State, when that change 'was
made, made it in such form as to indicate that fact,
and a stranger, compiling a statistical history from the
returns, would be utterly baflled in trying to account
for the incongruities, not to say absurdities into which
his. statistics would become involved. In the following tables, the change thus made in the method of
reporting dividends, which was chie:fly effected after
1868, is indicated by a note to the deposit and dividend
of that year, explaining that the same include three
dividends. This would have been impracticable but
for a form introduced in the reports made in 1870,
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HISTORY OF SAVING~ BANKS.
which called for the expression of each semi-annual
dividend, and when the same was credited, where only
the total dividend for the year had been previously
reported ; and I may as well say here, that this was
done £or the historical purpose now under discussion,
0£ making it possible to separate and apportion these
dividend credits in those years when a change in the
mode 0£ reporting them should make the inclusion 0£
three dividends necessary. It served its purpose perfectly, but unfortunately it could not be made retroaotvve, and cover those years in the past, when these
changes were made by the. institutions themselves,
without any purpose, except to serve a present convemence.
We have, perhaps, indicated with sufficient fullness,
the sources of the unavoidable errors in the following
tables, though two or three others might be mentioned,
and would appear quite obvious upon suggestion. I
will only note one. It not unfrequently happens that
the dividend £or the last half 0£ the year, for which
the report is made up, is afterwards found to vary a
£ew hundred or a few thousand dollars from the
amount as made up and sent to the department, and
published in the report. Of course the result is corrected on the books of the bank, and appears there,
we will say, as $5,000 less dividend, and $5,000 less
due depositors than has been reported and published.
The next year, .the institution reports without errm·
the amount deposited, withdrawn, dividends, amount
due, etc. rrhe last item will be correct, but it cannot
be derived from the transactions of the two years, as
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NEW YORK : STATISTICS OF SAVINGS BANKS.
1 71
found in the printed reports, for the error of the first,
in respect to deposits, dividends, etc., has not been corrected. It is not unusual for these errors to be made
by some careless accountant every year, whereby it is
· utterly impossible, from year to year, to derive the
reported amount due to depositors, from the amount
reported as deposit~d and withdrawn. The item
which is most likely to be always right is the reported
amount- due to depositors, and next in order is the
amount withdrawn. The errors are commonly in the
dividends credited, which errors, of course, enter into
and affect the amount deposited. With the amount due
to depositors, and the amount withdrawn, assumed to
be correct, as data to work from, I have worked over
and revised, and re-calculated many of the following
tables, in which glaring discrepancies and absurdities
at first appeared, until I have so far eliminated errors
as to reduce the incongruities to a degree that should
make the result in the aggregate a very close approximation· to the truth. But whoever, in pursuit of
infinitesimal accura~y, shall seek to make the results
prove, by deriving•th~ stated amount due to depositors
from the sum of the amounts deposited, less the sum
of the amounts withdrawn, in every instance, or in the
final aggregates, will have his labor for his pains. It
cannot be done.
In all of the following tables, the cents entered into
and formed a part of the calculations, and having
thereby secured substantial accuracy in the results,
they have been omitted from the columns, only serving
to crowd and incumber the page to no useful purpose.
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HISTORY OF S.AVINGS B.ANKS.
In the statistics of accounts opened and closed, discrepancies between these as given, and the number of
accounts remaining open, will be noticed. These, besides clerical errors and errors in printing, and blundering in keeping accounts, may be accounted for as
follows : Many institutions when they re-open a closed
account do not include it amongst the number of
accounts opened. But it, of course, appears among
those reported as open accounts, the total of which as
reported cannot therefore be derived from the number
opened and closed.
It will be found that the summary or totals of
amounts deposited and amounts withdrawn do not
produce the amount due to depositors by a difference
of some $6,000,000. This very large difference is chiefly
owing to the closing of a number of institutions during
the last five or six years whereby the amounts due to
their depositors respectively, drop out of the general
aggregate. This source of incongruity and its effects
are more fully detailed in connection with the explanations of a subsequent table, where this source of error
is eliminated.
It only remains to explain the principle or plan in
the arrangement of the following tables.
The banks are arranged in the order of the years in
which they commenced business without regard to the
incident of the date of their incorporation. Where
more than one bank commenced in any year, as in late
years was quite commonly the case, the institutions
commencing in the same year are arranged in alphabetical order.
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NEW YORK: STATISTICS 0]' SAVINGS BANKS.
173
It will be seen that the first series of tables ends
with the statistics of 1868-in other words is brought
down to the 1st of January, 1869. This for two reasons. It serves to mark and to distinguish the first
half century of the operation of our Savings Bank
system. The original tables from which these are
compiled, rearranged, readjusted and made over, covered the same period of time, so that a measure of convenience was promoted by adhering to this arrangement.
The second series of tables commences with the
totals of the first series, and carries the statistics forward five years, or to the 1st of January, 187 4. This
arrangement will make it practicable in a future edition to add another series of statistics £or five years, in
similar order, which could not be done so conveniently
if they must be appended to the longer tables of the
.first series.
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17 4
HISTORY OF SAVINGS BANKS.
CHAPTER XLVIII.
FIRST SERIES OF TABLES.
THESE embrace, as has been stated, the statistics of
each Savings Bank organized in the State of New
York from 1819 to the close of 1868. Notice of salient
points in the history of some of these is also given.
THE BANK FOR SAVINGS, IN THE CITY OF NEW YORK.
Incorporated in 1819.
First deposit received July 3, 1819.
The history of this institution is the history of the
origin and inception of Savings Banks in this State,
which has already been quite fully detailed. I give
place here, however, to the following statement which
gives some details of its first organization and business, having a special value of their own.
The first board under the act of incorporation, met
on the 5th April, 1819, and organized with the officers
named in the act, viz.: WM. BBYARD, President; JoHN
MuRRAY, 1st Vice-President; NOAH BROWN, 2d VicePresident; and WM. FEw, 3d Vice-President, and
appointed a committee to devise the mode of operations and a code of by-laws, and on the 16th April the
new by-laws were adopted. On the 26th May, 1819,
Mr. Daniel E. Tyler was elected clerk, he having to
serve gratuitously, and on the 11th August, 1819, it
was resolved to pay him for his services, $125; and on
the 8th September following he was appointed account-
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NEW YORK: FIRST SERIES OF TABLES.
175
ant. He was for some time the only salaried officer,
the tellers, porter, etc., giving their services without
charge. The bank wa,s opened for receiving-deposits on
Saturday evening, 3d July, 1819, from six to nine
o'clock, and on Monday, 5th; from eleven A. M. to two
P. M., and on every Saturday and Monday thereafter at
the same hours. On the 8th July, the committee
reported that $4,256 had been received, and during the
month the receipts amounted to $40,273. The :first
report was made to the legislature in January, 1820,
and from the 3d July to 26th December, $153,378.31
had been received from 1,527 depositors. As the
business of the bank increased, the days and hours
were extended until it became necessary to open the
bank daily from ten to two o'clock, and on two days
in the week in the afternoon from four to six o'clock.
The following are the names of the :first board of
trustees:
Henry Rutgers,
Thomas R. Smith,
Thomas C. Taylor,
De Witt Clinton,
Archibald Gracie,
Cadw;llader D. Colden,
William Few,
John Griscom,
Jeremiah Thompson,
Duncan P. Campbell,
Josiah W. Coggeshall,
James Eastburn,
John Pintard,
Jonas Mapes,
Brockholst Livingston,
William Bayard,
William H. Harrison,
Ren1,selaer Havens,
Richard Varick,
Thomas Eddy,
Peter A. Jay,
John Murray; Jr.,
John Slidell,
Andrew Morris,
Gilbert Aspinwall,
Zachariah Lewis,
Thomas Buckley,
Najah Taylor,
Thomas B. Winthrop,
William Wilson.
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HISTORY OF SAVINGS BANKS.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The
number of accounts closed,· 3, The number of accounts remaining
open: - in each year from organization in 1819, to and including 1868..
YEAR.
Open
Opened. Closed. accounts.
Opened.
YEAR.
Closed.
Open
accounts.
-- --1819 .•••
1820 . . ..
1821 ....
1822 ....
1823 ..••
1824 . ..•
1825 ...•
1826 ....
1827 ....
1828 . ...
1829 ....
1830 ....
1831. ...
1832 ....
1833 ....
1834 ....
1835 ....
1836 . ...
1837 ....
1838 . ...
1839 .. ..
1840 ....
1841. .. .
1842 . . ..
1843 . ...
1844 .. . .
1,527
2,015
1,671
1,539
1,832
2,422
2,195
2,383
3,201
2,752
2,995
3,428
3,769
3,169
5,027
4,190
6,021
5,578
2,646
3,971
4,419
4,007
4,577
3,908
4,727
6,516
46
393
239
272
213
381
1,674
1,446
1,433
1,601
1,708
1,629
1,783
2,240
2,534
3,510
3,320
4,445
5,136
2,689
3,182
2,921
3,567
4,491
3,389
3,3°9
1,481
3,103
4,535
5,802
7,421
9,462
9,983
I0,920
12,688
13,839
15,126
16,925
18,911
19,84<>
22,333
23,013
25,714
26,847
24,357
25,639
26,876
27,962
28,972
28,389
29,727
32,934
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
186o
1861
1862
1863
1864
1865
1866
1867
1868
....
. ...
....
. ...
• . ..
. .. .
....
....
.. ..
....
... .
....
....
....
....
. ...
• ...
. .. .
. .. .
. . ..
....
....
....
....
4,290
5,2o6
2,643
6,286
6,456
6,251
7,523
8,121
7,939
11,510
8,162
6,482
8,375
6,751
5,848
6,208
I0,737
5,921
6,g68
9,383
11,208
9,569
9,518
9,146
35,293
35,938
40,145
41,074
41,656
44,224
45,679
46,961
50,221
47,362
47,830
51,169
51,139
51,837
54, 265
55,704
50,615
53,792
58,681
62,369
61,654
62,315
61,871
62,992
Toi.ais .. 301,0441 238,052
62,992
6,649
5,851
6,850
7,215
7,038
8,819
8,978
9,403
11,199
8,651
8,630
9,821
8,345
7,449
8,276
7,647
5,648
9,098
11,857
13,071
I0,493
10,230
9,074
10,267
l
TABLE showing, 1, The amount deposited, including dividends,
2, The amount withdrawn; 3, The amount remaining due to
depositors; and 4, The amount of dividends: - in each year
from organization in 1819, to and including 1868.
YEAR.
1819
1820
1821
1822
1823
. ... . .......
.... . .......
............
. . .....•....
. • .•...• . ...
Deposited.
$154,801
353,036
359,271
384,619
473,075
Withdrawn.
$6,6o6
87,798
112,858
181,000
251,471
Due depositors.
$148,195
413,433
659,846
863,465
1,095,o69
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$1 ,422
10,951
22,980
33,126
40,988
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NEW YORK: FIRST SERIES OF TABLES.
STATISTICS- (
YEAR.
1824 ..........•.
1825 ............
1826 ..... . . . ....
1827 ............
1828 ..... . ......
1829 . ...........
1830 ... •.... ....
1831 .....•.. ....
1832 ........ ... .
1833 ............
1834 ...• . .......
1835 ............
1836 ........•..•
1837 .... .. ......
1838 . .. .........
1839 ............
1840 . . . .. .....•.
1841 ............
1842 ........ . ...
1843 .......... . .
1844 .. ..... .....
1845 .... .. ......
1846 .. .. . .. . . .. .
1847 ......... ...
1848 .. ..........
1849 .... . .... •.• .
1850 ..... . •.....
1851 ....... . ....
1852 ............
1853 ....... . ....
1854 ............
1855 . ........ . ..
1856 ..........• .
1857 .. . .........
1858 . ...... . .. . .
1859 .. ......... .
186o ... . ....... .
1861 ............
18.62 ......... . ..
1863 ..... . .•... .
1864 ............
1865 ............
1866 ...•...•••.•
1867 ............
1868 ........•.. .
Deposited.
$598,756
635,891
703,786
796,732
684,248
711,988
839,321
999,241
889,284
1,269,739
1,193,594
1,694,398
1,656,698
907,794
1,099,755
1,214,995
1,227,297
1,369,777
1,122,502
1,306,038
1,76o,950
1,938,156
1,705,259
1,970,714
1,987,554
2,016,194
2,469,811
2,681,418
2,875,241
3,185,322
2,657,335
2,765,o62
2,868,215
2,735,585
2,576,175
2,830,258
2,688,755
2,077,o66
2,817,194
4,205,738
5,407,285
5,425,356
4,654,666
4,836,648
4,940,819
Totals ...... $98,723,441
177
Oont-inued ).
Withdrawn.
$282,037
615,oII
513,247
530,051
628,267
573,953
553,747
625,558
861,120
912,472
1,213,634
1,151,084
1,751,761
1,731,153
848,598
1,051,336
9 2 5, 190
1,038,518
1,376,252
950,286
986,732
1,321,102
1,596,014
1,626,762
1,933,594
1,964,854
1,894,234
2,277,599
2,494,057
2,468,180
3,323,140
2,453,064
2,098,397
2,702,859
2,224,798
1,987,702
2,170,618
3,317,933
2,051,832
2,429,580
3,757,905
4,722,870
4,131,330
4,355, 132
4,258,302
Due depositors.
$1,411,788
1,432,668
1,623,207
1,889,888
1,945,869
2,083,904
2,369,478
2,743,351
2,771 ,5 15
3,128,882
3,108,842
3,652,156
3,557,093
2,733,734
2,984,891
3,148,550
3,450,657
3,781,916
3,528,166
3,883,918
4,658,136
5,275,190
5,384,435
5,728,387
5,782,347
5,833,687
6,409,264
6,813,083
7,194,267
7,921,409
7,236.003
7,548,001
8,317,819
8,350,546
8,701,923
9,544,479
IQ,062,616
8,821,750
9,587,n2
II,363,269
13,012,694
13,715,136
14,238,471
14,719,987
15,402,504
Dividends.
$53,268
52,3 19
64,6II
75,390
82,310
87,085
97-737
106,774
108,651
I 14,641
118,772
131,5II
137,230
I 16,551
113,1o6
124,332
131,908
146,858
144,279
148,356
174,297
200,702
214,925
228,076
231,770
233,466
245,304
266,628
413,983
303,276
303,677
590,735
325,569
349,5°2
525,9 10
578,467
416,352
388,027
383,7 13
665,547
5o6,541
1070,270
570,202
II64,745
916,6II
$83,31 I ,619 *$15,402,504 $13,538,473
* The result as derived from the figures in the table 1s $9,318 m excess of this, probably
caused by some change in dividend credits in the early reports.
23
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.178
HISTORY OF SAVINOS BANKS,
2.
ALBANY SAVINGS BANK.
Incorporated in 1820.
First deposit received June 10, 1820.
The statistics of this institution are scattered and
incomplete, but rational estimates are made £or the
years in which no record was found.
STATISTICS.
The number 0£ accounts opened and closed in each
year cannot be given, but the number of open accounts
on the 1st 0£ June in the following years to and
including 1868, is as below:
No. of open accownt8.
1829 . . ...
1830.....
1831 . . . . .
1832.. ...
1833 .....
1834 . ... .
1835 ... ..
1836 .. . ..
433
423
514
674
73°
904
882
l,l 55
1837 .....
1838 .....
1843 .... .
1844 .. ...
1846 ... ..
1847 .....
1848 .... .
1849 .....
1,297
1,o64
1,520
1,685
2,314
2, 580
3,077
3,201
1851 .....
1852 ... ·.
1853 .. . ..
1856 .. ...
1857 .....
1858 .....
1859 ... ..
186o . ... .
3,741
3,969
4,407
4,711
4,832
3,977
4,446
5,042
1861 ......
1862 ... . ..
1863 .. ....
1864 . .. ...
1865 ......
1866 . . . ...
1867 . . ....
1868 ... . ..
5,405
4,668
5,232
6,249
7,129
6,478
6,486
7,295
The whole number of accounts opened to 1868, 41,162; the whole
number of accounts closed, 39,614 ; open accounts at close of 1868,
7,548.
TABLE showing, 1, The amount deposz"ted, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends:- in each year from organization in
1820, to and including 1868.
YEAR.
1820
1821
1822
1823
1824
1825
1826
1827
..........
.........
. .. . .. . ...
..........
.... . . .. . .
...... ....
.... ..... .
..........
Deposited.
$19,957
I 5,333
17,617
19,567
9,698
10,992
12,371
I 1,447
Withdrawn.
$803
8,805
6,562
9,55 2
21,619
8,956
4,511
5,954
Due depositors.
Dividends.
$19, 143
25,691
36,726
46,740
34,819
36,856
44,725
50,209
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$460
1,000
1,46o
1,640
1,509
1,664
1,67 9
1,85 3
179
NEW YORK : FIRST SERIES OF TABLES.
STATISTICS Deposited.
YEAR.
(
Continued).
Withdrawn.
Due depositors.
Dividends.
1828 .....•...•
1829 ....••...•
1830 .....•...•
1831
1832 ...........
1833 . .....
1834 ..........
1835
1836 ........
1837 ..........
1838 .... . . . ...
1839 .. .. ......
1840 ..........
1841 ....... ...
1842 . ...••. . ..
1843 ..........
1844 ..........
1845 ..........
1846 ..........
1847 . , ........
1848 . .... . . ...
1849 .......•.•
1850 . . ...•....
1851
1852 ..........
1853 ........ "
1854 ....... . ..
1855 ..........
1856 ..........
1857 ..........
1858 ... .......
1859 .....•....
1860 ..........
1861
1862 .....•...•
1863 .....•. • ••
1864 .........•
1865 .. ... •..••
1866 .....•....
1867 .........•
1868 ... .. ....•
$26,800
31,161
39,900
81,817
71,779
125,426
9 1, 159
121,313
116,839
65,661
122,478
134,282
129,925
165,549
108,876
I 54,578
*175,000
219,768
241,986
297,886
302,290
*350,000
370,241
364,335
416,819
*485,143
*479,626
462,356
463,219
432,765
452,336
522,040
620,789
494,375
733,758
I,II7,676
1,585,992
1,041,578
1,03!,908
1,145,380
1,212,607
$l l,.258
23,849
19,464
27,955
58,800
61,342
102,165
77,922
I 31,922
t l 5,3IO
72,389
104,630
100,255
I 17,556
I 16,363
112,212
*125,000
I 54,129
177,400
180;841
307,062
*315,000
311,623
327,480
323,552
*350,000
*375,000
494,016
451,778
639,141
35 1,459
356,633
438,126
641,742
439,409
670,130
1,222,271
1,370,3,26
925.534
905,314
1,003,866
$65,751
72,659
86,956
140,958
I 53,973
218,024
207,019
250,4u
235,328
185,679
235,769
265,422
295,092
343,086
335,599
377,965
427,965
493,575
558,162
665,207
660,435
695,435
754,054
791,3o6
884,573
1,019,716
1,124,642
1,092,982
1,104,523
898,047
998,924
1,164,332
1,346,998
1,199,628
1,493,977
1,941,523
2,305,244
1,976,496
2.,082,870
2,323,936
2,532,677
$2,203
2,642
3,238
5,051
6,542
8,373
9,122
10,230
rn,514
9,201
9,384
11,665
12,007
14,022
13,750
l 3,399
14,529
19,669
22,632
26,739
30,301
3o,357
34,548
39, 152
40,689
45,900
48,952
46,537
47,230
44,179
40,337
44,486
52,664
57,574
54,845
64,418
78,lh6
79,7QO
76,174
86,ooo
99,600
....
$16,724,419
$14,177,007
t$2,532,&77
$t,378,656
..........
....
..........
..........
..........
Totals
* Estimated,
t Does not correspond with difference of columns I and 2 by over $14,000.
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HISTORY OF SAVIN GS BANKS.
180
3. TRoY SAVINGs BANK.
Incorporated in 1823.
First deposit received August 13, 1823.
As was said of the Albany Savings Bank, so of this,
the statistics are scattered and incomplete, my only
resources being the journals and published reports of
the senate and assembly, or, where these failed to give
information, the files of legislative papers but recently
rescued from the oblivion of perfect disorder, and
arranged, though not with any considerable accuracy,
in the order of their date. As is natural to suppose,
these papers taken from the heterogeneous accumulations of many years, with no systematic care for their
preservation, are not complete, the reports from Savings Banks £or many years not being preserved. I
have but done the best I could to arrange such £acts
as I could find among the records and papers cited,
and supplement with estimates.
STATISTICS.
The number of accounts remaining open on the first
of January in each year from 1856, was as follows:
No. of open Accounts.
Year.
Year.
1856....
1857....
1858....
1859....
2,626
2,780
2,442
2,641
186o .....
1861 .....
1862 .....
1863 .....
2,864
3,083
2,985
3,891
Year.
Year.
1864 ..... 4,843
1865 ..... 5.678
1866 ..... 5,338
1867 ....•• 5,485
1868 ...... 6,112
1869 ...... 6,324
The whole number of accounts opened from the organization of
the institution to the 1st of January, 1869, was 28,889; closed, 22,565 ;
remaining open, 6,324.
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181
NEW YORK: FIRST SERIES OF TABLES.
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends: - in each y ear from organization
in 1823, to and including 1868.
YEAR.
1823 ..... . . . ..
1824 . . ...... . .
1825 ... . .... ..
1826 ....... . ..
1827 .......••.
1828 . . ........
1829 . .........
1830 ... . . . . .. .
1831 ... . ..... .
1832 ..........
1833 .......•••
1834 .....•....
1835 ..........
1836 . .... • ...•
1837 .... .. . .. .
1838 . . ........
1839 .. . .......
1840 .........•
1841 ..........
1842 ..........
1843 .. . .... .. .
1844 ..........
1845 ..... . ....
1846 ..........
1847 ..........
1848 ......••..
1849 ..... . ....
1850 ....• . ....
1851 . .........
1852 ..... . ....
1853 .... . .. . ..
1854 ...... . ...
1855 ..........
1856 ...... . ...
1857 ... .. .....
1858 ... . ......
1859 . . ... ... • .
1860 ..........
1861 .........•
1862 ......... ,
1863 ..... .. ...
1864 ..........
1865 . . ........
1866 ..... . .. . .
Deposited.
*$12,261
22,504
19,146
20,721
30,380
19,366
22,112
47,107
63,056
50,723
58,945
108,763
80,516
43,494
34,030
55,2 2 5
6o,004
59,782
60,871
38,166
88,186
127,130
17o,979
t190,800
278,024
t273,560
t202,560
t254,560
295,o45
323,002
t277,600
222,355
265,877
253,765
244,564
247,924
282,858
280,454
280,351
531,310
69;,869
1,033,468
941,670
830,148
Withdrawn.
$341
6,949
9,503
12,128
I 5,597
18,165
22,661
17,624
27,789
52,748
48,915
58,265
48,752
66,311
55,333
26,314
67,007
41,797
54,075
63,090
38,565
51,846
82,561
t185,ooo
164,764
t260,ooo
t265,ooo
t 245,ooo
255,010
208,494
t260,ooo
323,430
253,611
218,806
295,051
171,407
188,738
205,447
287,791
240,294
369,715
661,010
1,020,594
693,394
Due depositors.
Dividends.
$1 r,920
27,491
42,558
5 l, I 52
65,935
67,136
66,587
96,070
131,337
129,312
139,341
l89,939
221,604
198,786
177,483
2o6,424
199,421
217,406
224,202
199,278
248,899
324,183
412,601
418,401
531,615
545,175
482,735
492,295
53 2,329
646,838
664,438
563,362
575,628
610,588
558,388
634,904
729,024
804,032
796,268
1,087,286
1,410,440
1,782,888
1,700,899
1,837,653
t$300
720
1,295
1,575
1,740
1,700
1,680
2,940
4,025
3,815
4,600
7,320
7,480
6,120
5,080
6,000
5,480
5,960
5,970
4,760
6,120
8,760
11,800
15,800
19,560
23,5 00
22,560
24,560
28,040
3o,400
32,600
27,48 0
28,992
29,367
3o,751
28,95 9
34,086
38,545
40,842
43,955
58,02 4
74,918
84,492
84,435
* The reports prior to ,855 were from April to April, thereafter, calendar years,
t The dividends prior to
t Estimated.
,855 are estimated on the ba~is of balance due depositors.
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182
HISTORY OF SAVIN GS BANKS.
STATISTICS -(Continued).
YEAR.
1867 ..........
1868 ..........
Deposited.
Withdrawn.
Due depositors.
Dividends.
$987,070
984,374
$750,253
840,119
$2,074,471
2,218,726
$93,585
$11,467,696
$9,249,284
$2,218,726
$1,105,807
I05,050
BROOKLYN SAVINGS BANK.
Incorporated in 1827.
First deposit received June, 1827.
In illustration of the wonderful development of the
Savings Bank system in this State, the following comparison is pertinent.
In 1827 when th~ Brooklyn Savings Bank was incorporated, the assessed valuation of the town of
Brooklyn was: Real, $4,218,528; personal, $1,439,510;
total, $5,658,038; and the assessed valuation of the
whole of Kings ·county at that time, including $650,000
assessed upon incorporated companies, was $7,751,918.
At the close of 1867 the assets of this institution were
reported at $7,307,438, or nearly the amount of the
assessed value of the county forty years previous, while
the resources of the thirteen Savings Banks in the
county at that time, all of which were located in the city
of Brooklyn, were reported at $24,544,718, or more
than three times the assessed valuation of the county
when the first Savings Bank was opened. At the close
of 187 4 the Brooklyn Savings Bank held assets reported
at $13,457,453, nearly twice the valuation of the county
when the bank was organized, and the total resources of
all the Savings Banks in Kings county were $48,999,262, having about doubled in the last seven years, notwithstanding the panic of 1873.
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183
NEW YORK: FIRST SERIES OF TABLES.
STATISTICS.
TABLE showing, I, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open : t'n each year from organization in 1827, to and z'ncludz'ng 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
- - - - --1827 ....
1828 ... •
1829 . ...
1830 .. • .
1831 .. .•
1832 .. . .
1833 ..• .
1834 . ...
1835 . • . .
1836 .. ..
1837 ....
1838 .. . .
1839 ...•
1840 . .. .
1841. . ..
1842 ....
1843 . ,,.
1844 ....
1845 . ...
1846 . ...
1847 .. ..
1848 . . ..
145
II5
92
1o6
154
150
231
264
379
367
221
287
332
336
454
371
521
875
1,033
1,029
1,235
1,26o
13
57
47
45
82
80
94
155
178
2 55
356
179
217
229
418
502
266
326
482
642
710
1,371
132
190
2 35
2¢
368
438
575
684
885
997
862
970
1,085
1,192
1,228
1,097
1,352
1,901
2,452
2,839
3,364
3,253
1,315
1,916
2,130
2,192
2,88o
2,685
2,689
3,53 2
3,826
4,624
4,843
4,881
3,404
5,150
6,190
6,210
5,6o5
5, 586
5,865
5,6o3
885
1,778
1,374
1,699
1,794
2,477
2,242
2,183
3,349
2,476
2,678
3,32 9
4,473
2 ,993
4,068
5,059
5,088
4,942
5,243
5,245
3,683
3,821
4,577
5,070
6,156
6,364
6,8II
8, 16o
8,637
10,785
12,950
14,502
13,433
15,590
17,712
18,865
19,36o
20,004
20,626
20,994
Totals . . , 91,081
70,079
21,002
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
186o
1861
1862
18q3
1864
1865
1866
1867
1868
. .. .
. .. .
....
.. . .
.. . .
....
. .. .
....
....
. ...
. ...
... .
....
... .
....
.. . .
. ...
.. ..
.. ..
....
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors,·
and 4, The amount of di'vidend.J. -- in each year from organization
in 1827, to and z'ncluding 1868.
Deposited.
YEAR.
1827
1828
1829
1830
1831
1832
1833
1834
1835
. ... ..• •....
...... • .....
... . .. . . . . ..
....... • ... .
........ . ...
.. . • .. .... . .
. . • • ..•
. . . . . • ...•..
... . .... •. ..
.. ..
$12,026
16,682
14,985
18,649
27,855
32,791
54,520
52,331
81 ,763
Withdrawn.
$1,914
7,837
8,102
10,345
10,823
I 5,727
26,978
36,187
44,097
Due depositors.
Dividends.
$10,n2
18,957
25,840
34,144
51,176
68,240
95,783
II 1,927
149,592
1,141
1,656
2,461
3, 193
4,164
5,406
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$84
498
900
184
IDSTORY OF SAVINGS BANKS.
STATISTICS YEAR.
Deposited.
(
Oontinued)
Withdrawn.
Due depositors.
Dividends.
$83,285
51,974
61,863
81,504
83,023
104,916
101,788
II9,537
206,032
245,004
267,716
306,521
303,358
418,905
5u,276
645,280
687,333
918,307
847,127
851,056
1,081,118
1,227,547
1,337,672
1,501,938
1,666,936
1,313,908
1,705,018
2,426,443
2,943,732
2,67~, 119
2,865,357
* 3,221,703
3,221,217
$64,699
76,138
48,335
54,334
61,597
65,479
90,438
68,622
94,112
132,993
212,382
21 3,357
370,887
268,874
308,673
439,464
522,950
5g6,787
8u,336
761,190
753,320
1,143,540
871,244
940,194
1,208,323
1,481,997
1,106,673
l,681,IIO
2,331 ,184
2,869,003
2,413,003
2,009,771
2,818,616
$168,179
144,015
I 57,543
184,712
206,138
245,575
256,925
307,839
419,76o
531,770
587,105
680,268
612,739
762,771
g65,374
1,171,190
1,335,572
1,657,093
1,692,883
1,782,748
2,no,547
2,194,554
2,600,981
3,222,726
3,681,339
3,513,250
4,III,595
4,856,928
5,469,475
5,278,592
5,730,887
6,342,819
6,745,420
$6,732
6,462
6,326
7,5II
8, I I 5
9,764
10,378
II,651
14,869
19,819
23, 239
28,747
30,887
32,073
38,901
47,943
54,331
66,779
74,452
75,509
· 94,955
104,35 2
109,029
135,220
163,471
183,967
183,520
191,852
199,617
212,968
258,6o1
* 430,243
380,287
Totals ........ $34,398,137
$27,652,715
$6,745,420
$3,242,096
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
........ . ...
............
. ...........
............
............
............
............
............
...... • .....
............
............
....••......
............
............
............
............
.•..........
............
............
...•........
.........•••
. ....
.. .
............
............
. ...........
..........•.
............
............
............
..... . ......
. .. . ....... .
. . ..........
............
* Includes three dividends.
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185
NEW YORK: FIRST SERIES OF TABLES.
5.
SEAMEN'S BANK ]'OR SAVINGS, NEW YORK:.
First deposit received May 11, 1829.
Incorporated in 1829.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open :-from
organization in 1829, to and includin1; 1868.
YEAR.
1829 ....
1830 ....
1831. ...
1832 ....
1833 •...
1834 ....
1835 ....
1836....
1837 ....
1838 •...
1839 ....
1840 ....
1841. ...
1842 ....
1843 ....
1844 ....
1845 ....
1846 ....
1847 ....
1848 ....
1849 ...•
Open
Opened. Closed. accounts.
88
186
180
154
173
142
205
192
167
262
299
321
394
407
494
852
1 ,547
2,336
3,737
4,497
4,876
- - --From Not
1829 obtainto the ed unclose ti! 1848
of as be1848 . low.
. . .... .......
.. . . . . .......
...... . . . ....
. . . . . . .......
. . . .........
. . ... . .......
. . ... .......
. . ... . .......
.. .... .......
. . .... . ... ...
. . .. . . .......
...... . . ....
. . ... . .......
,
'
7,307
2,440
9,326
11,762
YEAR.
Opened.
I
Closed.
Open
accounts.
2,778
3,933
4,300
4,435
5, 144
4,634
4,383
5,701
4,203
3,974
4,35°
5,863
4,372
4,697
5,823
7,981
5,527
4,589
4,216
I 5, I 30
16,566
18,410
20,053
20,567
22,102
22,727
22,458
23,844
25,825
27,292
25,861
27,764
29,697
3o,534
27,212
25,574
24,719
23,983
Totals.•. 124,633 100,650
23,983
1850 ....
1851 ....
1852 ....
1853 ....
1_854 ..•.
1855 ....
1856 ....
1857 ....
1858 ....
1859 ....
1860 .. • •
1861 ....
1862 ....
1863 ....
1864 ....
1865 ....
1866 ....
1867 .. ..
1868 ....
6,146
5,369
6,144
6,078
5,658
6,169
5,008
5,432
5,589
5,955
5,817
4,432
6,255
6,650
6,660
4,659
3,889
3,734
3,480
24
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186
HISTORY VF SA.VINOS BA.NKS.
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn ; 3, The amount remaining due to depositors;
and 4, The amount of dividends:- in each year jrom organizatz'on in
1829, to and including 1868.
Deposited.
YEAR.
1829 ..........
1830 ..........
1831 ..........
1832 ..........
1833 ....... . ..
1834 ..........
1835 ..........
1836 .. .. ......
1837 .. . .......
1838 . ...... . ..
1839 ..........
1840 ..... .... .
1841 ...... . ...
1842 ...... ..
1843 . . ........
1844 ... .. .. ..
1845 .. . .. . ....
1846 . .........
1847 .........
1848 ... . ... ...
1849 ..........
1850 ..........
1851 .... .... ..
1852 ..........
1853 ..........
1854 ..........
1855 ..........
1856 ....
1857 .. . ..... ..
1858 ..........
1859 ..........
186o .. ....... .
1861 ..........
1862 ..........
1863 ......
1864 ........ . .
1865 ' .........
1866 .........•
1867 ...... . •••
1868 . ...••....
Withdrawn.
Due depositors.
Dividends.
$16,667
47,169
86,960
79,215
77,642
78,780
91,298
I 10,402
103,331
108,428
121,397
136,339
171 ,867
186,637
204,480
293,076
55 1,735
820,6o6
1,443,857
1,848,239
2,508,673
3,470,294
3,191,924
3,571,941
3,587,838
3,352,863
3,<365,2JI
3,072,036
3,188,051
3,172,977
3,355,954
3,588,807
2,694,309
3,121,606
4,100,067
4,647,198
3,491,198
3,038,519
2,762,532
2,816,778
$2,207
24,973
51,472
64,652
70,628
88,595
70,223
I16,683
109,738
69,167
u5,252
105,229
125,845
176,551
108,079
143,356
286,340
422,789
636,478
l,I 16,318
1,459,181
2,118,319
2,940,698
2,955,983
3,195,474
3,254,251
2,972,98o
2,718,088
3,436,586
2,576,256
2,494,501
2,833,399
3,456,774
2,620,628
3,164,980
4,429,661
4,866,464
3,133,310
3,ou,402
2,827,017
$14,46o
36,656
72,144
86,707
93,721
83,906
104,576
98,294
91,887
131,148
137,293
168,403
214,425
224,511
320,912
470,632
736,027
1,133,844
1,941,223
2,673,144
3,722,636
5,074,-61 I
5,325,837
5,941 ,795
6,334,159
6,432,771
6,825,002
7,176,950
6,928,415
7,525,136
8,386,589
9,141,997
8,379,532
8,880,510
9,815,597
10,033,134
8,657,868
8,563,077
8,314,207
8,3o6,372
$1o6
1,01 I
2,o64
3,337
3,353
2,927
3,738
4,023
3,616
4,700
6,209
7,771
9,9 19
10,373
13,246
19,194
27,27r
43,432
72,205
109,058
149,810
202,203
232,073
251,881
280,209
296,829
309,0¢
332,001
338,329
344,205
387,163
430,123
345,663
349,274
374,540
387,512
459,168
422,078
4o6,352
500,425
Totals .... $72,676,918
$64,370,546
$8,3o6,372
$7,146,502
....
...
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NEW YORK: FIRST SERIES OF TABLES.
187
ROCHESTER SAVINGS BANK.
Incorporated 1831.
First deposit received July 2, 1831.
STATISTICS.
TABLE showing, 1, The number of accounts opened; :2, The number
of accounts closed; 3, Tfte number of accounts remai'ning open : - in
each year from organizatz"on in 1831, to and including 1868.
No. of
accounts
opened.
YEAR.
1831 .... ... ... .. . . . . .
....
. . . . ........
1832 .... . .. . .
1833 .. . ................ ····· . .
1834 .... . ... .. . . . .. . .....
1835 .. . . ............. ,... . ...
1836 . . . ....................
1837 .... . ... ... . .... ..... ...
1838 .... ......... ........
1839 .... .... • ·• ..... ..... .. .
1840 . . . . .... .. ........... .. .
1841 .... .... .. . .... .. .. . ...
1842 .... . .................. .
1843 .... .... .... ....
.... ...............
1844
1845 .... ............
....
....
1846 .. .. . .. . .. ....
.............. ......
1847
1848 . ... -• .................
1849 .... . ...................
1850 .. .. .....................
1851 . . . . ................. . ., .
1852 . ... ....................
1853 .... .....................
....
1854 .... .. .. .. ... .
1855 .... ................. , • ··
.... .... • ·•· ·• ....
1856
1857 .... . ............ ·• ......
1858 .... ....................
1859 .... ....................
1860 .... ....................
1861 .... .... .. ..............
1862 . .. .... ................
1863 .... ....................
1864 .... ............ •-••· ....
1865 .... .................. ·• ..
1866
........ ···•• ·••·····
1867 .... .....................
1868 .. .. .. .. .............. ..
·····
...
....
·····
.
.... .. ..
... .
·····
....
. .
..
,
....
..
....
.
....
.. ..
No. of
accounts
closed.
Open
accounts.
35 Whole num- No data for
finding
45 ber of ac118
these prior
counts
118 closed from to 1852, as
261 1831 to and
below.
including
235
1852.
96
223
256
320
378
318
468
739
949
1,205
1,730
1,843
1,944
2,468
3,512
16,120
2,696
3,837
2,456
3,197
4,578
2,623
4,298
2,343
2;166
1,913
4,o45
1,978
1,874
3,941
2,921
3,617
4,637
2,734
5,386
3,483
6,120
2,871
3,6o5
2,918
7,076
3,874
2,871
6,815
3,132
2,662
8,497
4,344
3,266
8,4o6
3,175
8,222
3,558
3,742
3,516
7,798
3,94°
3,56o
7,908
3,45°
3,202
8,297
3,591
4,161
3,316
9,142
72,639
63,497
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188
HISTORY OF SAVINGS BANKS.
STATISTICS -
(Continued.)
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to dejJos.
itors; and 4, The amount of dividends: -in each year from organ•
ization in 1831, to and includz'ng 1868.
YEAR.
1831 ............
1832 ............
1833 ............
1834 ............
1835 ••.•...•...•
1836 ............
1837 ............
1838 ............
1839 ............
1840 ......•...•.
1841 ............
1842 ............
1843 .•••...•....
1844 ............
1845 ..••..•••.••
1846 ..••..••.•••
1847 ............
1848 ............
1849 ............
1850 . ...........
1851 ............
1852 ............
1853 ............
1854 ............
1855 ............
1856 ............
1857 ............
1858 ............
1859 ............
1860 ............
1861 ............
1862 ............
1863 .........•..
1864 . .. .........
1865 ............
1866 .•.•.•.•.•..
1867 ............
1868 ...•........
Deposited.
Withdrawn.
Due tlepositors.
Dividends.
None.
$3,724
I0,406
61,057
59, 0 5°
97, 00 9
II 1,770
46,195
77,506
95,404
101,742
132,840
117,474
232,414
433,677
54°, 239
671,670
937,9 20
546,213
816,020
995,946
1,030,752
1,074,522
1,558,6o9
1,215,172
981,574
890,837
1,304,218
1,553,317
1,691,312
1,873,475
1,211,397
1,628,095,
1,288,953
1,812,409
1,627,394
1,640,593
1,880,422
2,316,572
$224
7,6'/"l,
34,682
58,254
80,053
n8,367
61,787
53,3 24
94.678
70,615
125,150
122,251
180,322
344,087
464,629
594,591
777,922
587,938
775,582
821,382
1,063,371
871,667
1,409,035
1,318,854
1,o60,418
887,059
1,162,846
1,180,961
1,423,601
1,378,381
1,289,614
I,I 12,393
1,435,oo6
1,973,671
1,709,690
1,568,983
1,649,724
1,826,429
$3,499
6,233
32,608
33,403
5°,359
43,763
28,171
52,353
53,078
84,206
91,896
87,120
139,212
228,801
304,4IO
381,488
541,486
499,761
540,199
714,763
682,145
885,000
1,034,574
930,892
852,048
855,827
997,198
1,369,554
1,637,265
2,132,359
2,054,143
2,569,845
2,423,792
2,262,530
2,180,234
2,251,845
2,482,543
2,972,689
$II8
307
1,168
1,846
2,336
1,844
1,113
2,I14
2,392
3,936
4,375
4,048
5,886
8,943
12,526
15,851
21 ,799
20,810
22,270
29,309
30,978
38,214
44,740
42,u4
39,907
37,104
56,220
72,587
rn7,781
II3,950
124,382
117,062
97,732
87,354
90,807
u4,500
144,691
$32,667,915
$29,695,229
$2,972,689
$1,523,131
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NEW YORK: FIRST SERIES OF TABLES.
7.
ONTARIO
SAVINGS
189
BANK.
Incorporated in 1830. Organized and opened for business,
28th April, 1832.
Four reports are found from this institution, dated
respectively January 1, 1834, 1835, January 2, 1837,
and January 1, 1845.
The first sets forth only, that from the organization
of the institution to the date of the report, there had
been received.
From depositors . . . . . . . . . . . . . . . . $118,126 35
And withdrawn............ ....
78,669 13
Leaving due depositors that day,
$39,457 '22
The report of 1835 states that the total deposits
from organization to date of report was $201,284.35,
in 1,713 deposits; and the amount _withdrawn was
$161,213,49; leaving due depositors, $40,070.86.
The report made in 1837 sets forth the whole amount
of deposits received, $489,694.44; withdrawn, $437,123.29 ; leaving due to depositors, $52,571.15.
The report made first January; 1845, is as follows:
Whole amount deposited since
orgamzat10n . . . . . . . . . . . . . . . $1,970,811 36
Amount withdrawn. . . . . . . . . . .
1,837,602 47
Leaving due to depositors ....
$133,208 89
The interest allowed to depositors was $40,647.45.
What were the circumstances attending the close of
this institution, I have no means of knowing. It prob•
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190
HISTORY OF SAVINGS BANKS.
ably did not remain open long after making the above
report. The number of depositors may probably be
safely estimated at 4,000, all of whose 11,ccounts have
been closed.
8.
GREENWICH SAVINGS BANK.
Incorporated in 1833. First deposit received 1st July, 1833.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts open: - in eaclt year
from organization in 1833, to and includt''ng 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR .
Closed.
Opened.
Open
accounts.
-----1833 · · · ·
1834 ....
1835 ....
1836 ....
1837 ....
1838 ....
1839 ....
1840 ..
1841 .. . .
1842 ....
1843 ....
1844 ....
1845 ....
1846 ....
1847 ....
1848 •...
1849 ....
1850 ....
1851 ....
1852 ....
500
400
549
520
·227
306
292
220
276
282
397
726
844
911
1,265
1,281
1,564
2,206
2,594
2,431
34
150
247
382
499
243
2.73
252
227
324
273
296
427
593
708
922
984
1,067
1,423
1,689
466
716
1,018
1,156
884
947
966
934
983
94 1
1,065
1,495
1,912
2,220
2,777
3,136
3,716
4,855
6,036
6,778
1853 ....
1854 ....
1855 ....
1856 ....
1857 ....
1858 ....
1859 ....
186o ....
1861 ....
1862 ....
1863 ....
1864 ....
1865 ....
1866 ... .
1867 ....
1868 ....
3,166
3,651
3,825
4,392
4,410
4,172
4,464
4,307
2,748
3,636
4,744
4,893
4,220
3,929
3,847
4,839
1,821
3,109
2,668
2,512
3,519
3,034
3,227
3,009
4,521
2,934
3,209
4,027
5,095
4,276
3,770
3,766
8,123
8,665
9,822
·11,702
12,593
I 3,731
14,968
15,666
13,893
14,595
16,120
16,996
16,121
15,774
15,851
16,924
Totals ..
83,034
66,110
16,924
The totals above differ so materially from the report made by the
institution for 1868, that I subjoin the latter as the proper basis for
calculations.
Number of accounts opened . . . . . . . . . . . . . . . . .. . . . . . . . . . . .. 86,719
Number of accounts closed .. . .............. . ............ 67,920
Number of open accounts .. . . . . . . . . . . . . . . . . .. .. . . .. . . .. . . 18,799
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NEW YORK : FIRST SERIES OF T.ABLES.
191
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, Tlte amount remaining due to depos#ors; and 4,· The amount of dividends: -in each yedr from organizatt'on z'n 1833, to and including 1868.
Deposited.
YEAR.
Withdrawn.
$78,099
92,2II
129,587
146,421
62,474
83,874
95,820
84,533
97, 299
81,2.36
134,054
219,632
261 ,414
255,490
380,787
368,031
492,048
679,676
919,148
852,738
1,070,153
1,149,086
1,263,590
1,416,270
1,541,181
1,449,605
1,528,624
1,540,724
1,098,160
1,215,056
1,85 2,333
2,270,524
2,079,576
2,221,71 l
2,16o,036
2,503,542
$7,IIl
42,345
72,484
125,922
121,6o1
59,425
78,720
67,570
65,029
102,027
75,768
99,442
155,764
192,666
220,901
298,707
282,46o
337,134
520,884
617,735
718,086
1,042,210
983,520
998,273
1,312,967
1,276,865
1,271,350
1,428,510
1,594,089
1,041,361
Totals •. .. . . . $31,874,758
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
1850
..... .. .. .
. . ..... . ..
..........
.. .. ......
......... .
.. . ..
...........
.........•
. ....... . .
... . . . .. . .
.... .. ....
. . ........
. . ..... . . .
.•........
.... . .....
..... . ... .
.... . •....
.•........
... .
1851 ......... .
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
. .........
.•........
..........
... . ..... .
.. . . . .....
..........
••. . ...•••
.... . .. . ..
........ .,
.... . .....
... .. .....
......••••
..........
•....•••••
1866 . . . .......
1867 ...... . ...
1868 ........
Due depositors.
Dividends.
None.
1,845,815
2,224,007
1,941,534
1,953,466
1,984,035
$70,988
120,754
177,857
198,856
139,729
164,178
181,278
198,241
230,5n
209,720
268,oo6
386,196
493,846
556,670
716,556
785,880
995,468
1,338,oro
1,736,274
1,971 ,277
2,323,344
2,430,220
2,710,290
3,128,287
3,356,II l
3,528,851
3,786,125
3,898,339
3,402,409
3,576,ro5
4,188,262
4,612,973
4,467,942
4,748,119
4,954,694
5,474,185
8,928
8,823
11,196
15,869
19,99 1
23,440
29,140
39,976
50,300
68,351
86,878
95,759
117,639
124,775
139,497
162,594
142,681
156,474
16o,945
162,850
145,954
156,672
178,546
188,128
300,397
239,362
299,038
$26,400,572
$5,474,185
$3,088,945
1,240,175
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4,579
6,452
6,902
5,55°
6,452
7,144
8,216
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192
HISTORY OF SAVINGS BANKS.
9.
THE POUGHKEEPSIE SAVINGS BANK.
Incorporated in 1831. Charter renewed in 1832. Organized 1'7th April, and :first deposit received 4th May, 1833.
The following sketch of its origin and history is
condensed from one furnished by the treasurer, A. Van
Valin, Esq:
"The following incident led to the establishment of
the Poughkeepsie Savings Bank: In the year 1829
or 1830, a colored woman, formerly of New York city,
who came to live as a domestic in the family of William Davies, of this city, had accumulated some few
dollars by her industry and had deposited the same in
the New York Savings Bank, and learning that Mr.
Davies was going to the city, requested him to take
what little balance was due her since she had been in
his service, and deposit the same in the New York
Savings Bank. After Mr. Davies had made the deposit, the treasurer, in conversation, suggested to Mr.
Davies the idea of establishing a Savings Bank in
Poughkeepsie. Upon his return he repotj;ed the conversation he had with the treasurer of the New York
Savings Bank, to some of our prominent citizens, and
after many preliminary meetings and much discouragement, application was made to the Legislature for a
charter, which was granted. The act of incorporation
is dated April 16, 1831.
"At the first meeting of the board, held at the
Poughkeepsie Hotel, June 26, 1831, a committee was
appointed to draft by-laws for the government of the
bank. The committee never reported.
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NEW YORK : FIRST SERIES OF TABLES.
193
"The charter was amended by an act of the Legislature, April 25, 1832, by which the managers were required to organize and put the institution in operation
within one year from the passage of said act. At a
meeting of the board, held April 23, 1833, they resolved to open the bank for the reception of deposits
on Saturday, the 4th of May, 1833.
"The bank was opened on the day named, and two
deposits were received, one of $40 and one of $7."
The following tables will show the growth of the
institution from that time.
ST.ATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The nupiber
of accounts closed; 3, The number of accounts remaining open: z'n each year from organi'zatz"on z'n 1833, to and z'ncluding 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Closed.
Opea
accounts.
- - - - --1833 ....
1834 ....
1835 .•..
1836 ....
1837 ....
1838 ....
1839 ....
1840 ....
1841 ....
1842 ....
1843 ....
1844 ....
1845 ....
1846 ·; ...
1847 ....
1848 ....
1849 ....
1850 ....
1851 ....
50
38
92
57
17
44
57
26
19
13
19
29
31
42
73
70
74
130
190
3
24
20
49
42
32
40
47
28
6
IO
14
25
28
23
45
57
59
89
47
61
133
141
u6
128
145
124
II5
122
131
146
152
166
216
241
258
3 29
430
246
341
225
411
501
515
655
767
667
1218
1120
1852 ....
1853 ....
1854 ....
1855 ....
1856 ....
1857 ....
1858 ....
1859 ....
186o ....
1861. ...
1862 ....
1863 ....
1864 ....
1865 ...
1866 ....
1867 ... ·.
1868 ....
868
1085
2129
1377
1441
129
122
228
270
272
378
246
364
428
438
450
657
8II
1237
785
717
691
547
766
763
904
1,133
1,271
1,680
2,083
2,322
3,102
3,77 2
3,892
3,949
3,797
5,141
5,801
6,551
5,4 15
8,864
* 6,247
777
l
* As reported.
25
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194
HISTORY OF SAVINGS BANKS.
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors; and, 4, The amount of dividends:- in each year from organization in 1833, to and including 1868.
Deposited.
YEAR.
...
..
1833 • .
·••·
1834 .....•...•..
1835 . ...........
1836 . .•••• ...•..
1837 ....••..• . ..
1838 . .•.•.......
1839 . .......... .
1840 ...•...... . .
1841 ..........•.
1842 . .• . • • •• ••. .
1843 •..••..•....
1844 .........•..
1845 . ...........
1846 . ...... .. .. .
1847 .....•......
1848 ...... • .• •..
1849 ... . .......•
1850 ....••...•..
1851 .... .•.... . .
1852 ...•••......
1853 •....••.•...
1854 . .• •••..... .
1855 ....••.•....
1856 . . ...•.. . ...
1857 ....••...•..
1858 .....•..••••
1859 ..••••..••..
186o ............
1861 ..
1862 ....••...•..
1863 . ' . ...•..•. .
1864 ..•..•......
1865 .... .• ...•••
1866 .......•• .. .
1867 . . ..•..•.•..
1868 ..•.••......
..
Withdrawn.
$6,922
5,030
12,149
9,412
2,271
7,621
11,053
4,812
3,584
1,556
1,129
4,482
4,803
8,776
8,493
9,372
9,595
15,968
29,249
41,721
65,554
75,814
75,940
90,692
109,633
122,730
163,282
198,392
178,339
303,892
324,156
609,33°
444,141
431,826
552,123
650,220
$1,088
$4,594,076
Due depositors.
Dividends.
4,316
8,385
2,219
8,127
1,012
11321
3,177
3,641
6,0¢
4,080
6,538
8,000
9,619
1 3,5°5
19,76o
27,172
49,376
57,822
61,919
88,318
80,227
91,6o6
109,6o6
140,307
143,672
187,341
297,381
502,16o
354,953
340,549
432,998
$5,834
5,863
13,487
14,658
10,192
13,497
16,165
18,759
14,216
14,76o
14,568
15,873
17,035
19,715
24,128
26,962
28,557
34,900
50,650
72,611
110,993
' 137,431
155,549
184,322
205,637
248,140
319,816
408,6o2
446,634
6o6,854
743,669
1,055,618
997,599
1,074,472
1,286,046
1,503,268
None .
$149
192
* 366
*254
* 337
*4o3
*470
*355
*368
* 364
*396
*4::16
*493
*6o3
*674
*714
*873
* 1,256
1,981
2,981
4,534
5,472
6,4o6
7,635
8,976
10,929
14,291
18,266
20,751
27,178
34,217
44,644
43,938
55,414
91,999
$3,090,812
$1,503,268
$4o8,311
5,001
4,526
8,241
6,737
• Estimated.
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NEW YORK : FIRST SERIES OF TABLES.
10.
195
BowERY SAVINGS BANK.
Incorporated in 1834.
First deposit received June 2, 1834.
Facts relating to th,e organization of the institution and
its subsequent progress, furnished by the venerable
President of the institutwn, Thomas Jeremiah.
The measure of establishing a savings bank in the
Bowery, to be called the Bowery Savings Bank, origin•
ated with the directors of the Butchers' and Drovers'
Bank, and while the great object for which such institutions was intended may have received a proper
degree of attention, yet the prevailing idea was undoubtedly the prospect of some collateral advantages.
The relation of these two institutions will be apparent
from the fact that nine out of the thirteen directors of
the Butchers' and Drovers' Bank were among the
original incorporators of the Bowery Savings Bank.
The success of this last institution sufficiently illm;trates that no necessary embarrassment or hazard
should be charged upon the business relations which
legitimately exist between banks for discount and
Banks for Savings, and this is still further manifested
by the gratifying fact, that during the existence of
Savings Institutions in this city, only one out of the
number has suffered by its connection with a bank of
discount and deposit.
The want of foresight in the success of this institution was strikingly evinced in its act of incorporation,
where it will be found that the incorporators limited
the- maximum of their deposits to $500,000, and its
early growth seemed to justify the limitation, which
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196
HISTORY OF SAVINGS BANKS.
was not reached until four years after its organization,
when it became necessary, through legislative aid, to
strike out the limitation.
The first impediment to the steady growth of the
institution, arose in 1837, during the commencement
of the reaction which succeeded the general inflation
of values, affecting the two previous years. This
reaction was accompanied by the acts of violence
known as the "Flour Riots," and by clamorous denunciations of all moneyed incorporations.
This institution shared in the run which was made
upon b!3-nks, and as its deposits had only reached
$270,000, it met successfully the storm by the outside
facilities which enabled it to anticipate its securities.
The financial crisis of 1857 found our institution in
a most' gratifying state of preparation, with a large
cash capital in the bank and on deposit, and with a
large amount of United States securities, which then
sold for fifteen per cent above par. The resources on
hand seemed to be adequate for any emergency, but
nothing could stem the torrent of that moment. The
bank filled to overflowing, and the street in front was
nearly impassable from the number of anxious and
terrified depositors. But as all conventionalities are
swept away by a dire necessity, so in this case, the
excess of the malady worked its own cure, and promises
became for a short time the equivalent of gold. The
remedy adopted by our own, as well as other savings
institutions, was to pay a small percentage of the
demands; and the remedy was effectual. Indeed, it
was hailed by the depositors as an evidence that pro-
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NEW YORK : FIRST SERIES OF TABLES.
197
tection was to be extended equally to all, and not
limited to the more importunate who might have the
:first opportunity to press their claims. In the course
of three days a large portion of the money drawn out
in the fury of haste was returned to the bank.
Experience of the kind just alluded to is valuable
in the lessons which it conveys for the future. Among
these · lessons are the prominent ones, that Savings
Banks, in order to pay interest to their depositors,
must place a very large proportion of their deposits
out of their own hands (but this should be upon the
very best securities), that the managers of Savings
Banks shoul~ never feel compelled to make great sacrifices of their securities in order to meet sudden and
unreasonable demands, and that so long as a bank can
exhibit to its legal ·examiners a pure and intelligent
administration of its affairs, it should receive the confidence of the public and suitable legislative recognition
and protection.
In reference to the individual and social benefits
which result from Savings Banks, .much must be left to
conjecture. One class, and a very numerous one, is
that of female domestics, and our experience is that
they are steadfa..c;t depositors; having commenced, they
are very apt to continue.
The wise provision of law which permits minors and
married women to be depositors in their own right
might in this connection furnish abundant matter for
comment.
Two great objects should be secured in the :financial
training of the young ; :first, to make them economists,
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198
HISTORY OF SAVINGS BANKS.
secondly, to guard them from . becoming misers. Our
experience is that both these results are secured by
maJdng them depositors in a Savings Bank, and this
experience is based upon the simple evidence of facts
as they are exemplified in the affairs of life.
The officers of the bank are frequently brought in
contact with persons whose industry was stimulated
by the small deposits which they first made in the
bank, some of them regarding their first bank-book as
a sort of talisman leading to their subsequent success.
Among these are many who have attained a competency, and some who may be considered rich, even in
our present age of colossal fortunes.
It might be remarked generally, that dependence,
indolence and vice can have no existence in the presence of sound views of economy. The first dollar you
teach a man or a child to save is the beginning of self.
respect, self-reliance and virtue, in a higher degree
than they had ever before experienced.
The writer hereof has often enjoyed a luxury in
witnessing the apparent transport of a depositor when
the new idea bursts upon his mind, that his money has
produced money independent of any effort of his own.
Other timely and valuable suggestions of President
Jeremiah are unavoidably excluded, it being the purpose to confine these extracts quite closely to incidents
in the history of particular institutions and in the
experience of their officers.
Since the above extract was written Mr. Jeremiah
has passed away, full of years and of those highest
honors which a life of singular sweetness and purity,
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NEW YORK: FIRST SERIES OF TABLES.
199
a heart full of tenderness and charity, and a character
unsoiled by a suspicion of its integrity, reflect upon
their possessor.
His name will be distinguished as that of the president, for many years, of the largest Savings Ban~ in
the world ; but his personal worth and virtues will, in
the minds and hearts of his friends, give his memory a
higher place than any derived from the factitious incident of the exalted position which he so worthily
:filled.
STATISTICS.
TABLE showz''ng, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaz'nz"ng open:- z"n
eacltyear from organz"zatlon z"n 1834, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
- - --1834 ....
1835 .•..
1836 ....
1837 ....
1838 ....
1839 ....
1840 ....
1841 ....
1842 ....
1843 ....
1844 ...•
1845 ....
184,6 ....
1847 •· ..
1848 ·• ••
1849 ....
1850 ....
1851 .••.
1852 ....
531
1,414
1,413
794
1,002
1,244
1,150
l,489
1,315
1,908
2,959
3,291
3,478
4,093
4,132
4,890
7,387
7,415
6,739
None.
109
1,083
1,114
569
852
666
849
1,075
1,005
1,140
1,630
2,346
2,653
3,3 19
3,546
3,81I
5,581
6,389
531
1,836
2,166
1,846
2,339
2,731
3,215
3,855
4,095
4,998
6,818
8,478
9,610
l 1,050
11,863
13,207
16,783
18,617
18,967
II,440
10,674
10,956
14,080
14,423
17,178
18,193
17,856
12,742
16,967
17,729
21,097
21,482
17,159
15,247
17,184
6,923
I,221
8,6o8
8,46o
14,808
12,305
II,894
I 5,545
17,144
13,092
13,117
17,897
II,570
18,185
I 5,753
15,268
23,484
22,937
25,285
3o,905
30,520
35,393
41,692
44,003
39,601
43,476
48,156
51,356
51,268
50,242
49,736
Totals .. 311,111
259,459
51,652
1853 ..••
1854 ..
1855 ....
1856 ....
1857 ....
1858 ....
1859 ....
186o ....
1861
1862 ....
1863 ....
1864 ....
1865 ....
1866 ....
1867 . .
1868 ....
l
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200
HISTORY OF SAVINGS BANKS.
STATISTICS -
(
Oontinued ).
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn,· 3, The amount remaining due to depositors;
and 4, The amount of dividends:- in each year from organization
in 1834, to and including 1868.
Deposited.
YEAR.
Withdrawn.
Due depositors.
Dividends.
$73,378
274,024
3 11 ,595
195,453
271,956
328,540
346,102
439,471
385,837
537,222
818,489
979,411
1,010,616
1,174,527
1,153,9II
1,404,051
2,036,149
2,159,411
2,036,328
3,020,161
3,121,492
3,125,293
3,923,589
4,376,837
5,199,304
5,670,155
5,839,770
4,223,608
5,272,096
6,529,166
10,021,344
10,298,949
8,781,627
7,947,505
8,817,673
$7,631
82,632
213,918
256,259
141,139
272,168
203,317
3o6,862
365,281
324,857
408,016
6or,644
809,66o
864,980
1,095,o68
1,037,010
1,139,748
1,728,434
2,007,235
2,190,957
3,155,472
2,632,552
2,636,601
4,325,009
4,078,554
3,914,898
5,n8,175
5,345,570
4,202,635
4,592,472
7,695,104
9,614,630
8,372,6o4
7,901,526
7,9n,194
$65,747
257,139
354,816
294,010
424,827
481,199
623,984
756,593
777,149
989,514
1,399,987
1,777,754
1,978,710
2,288,257
2,347,100
2,714,141
3,610,542
4,041,519
4,070,612
4,899,816
4,865,836
5,358,577
6,645,565
6,697,393
7,818,143
9,573,400
10,294,995
9,173,033
10,242,494
12,179,187
14,505,427
15,189,746
15,598,77°
15,644,748
16,551,227
$636
5,421
11,035
u,627
13,408
18,179
21,661
27,432
3°,5 19
34,846
48,486
64,641
75,228
86,309
93,083
121,640
152,712
173,344
158,291
175,693
243,149
243,756
293,071
339,831
373,496
360,393
415,773
400,105
403,664
701,8o4
695,783
741,652
7.'2,512
953,864
993,275
Totals .... $112,105,055
$95,553,828
$16,551,227
$9,222,374
1834 ..........
1835 ..........
1836 ..........
1837 ..........
1838 ..........
1839 .........•
1840 ..........
1841 ..........
1842 ..........
1843 ..........
1844 ..........
1845 .....•....
1846 .. ...
1847 .....•....
1848 ..........
1849 ..........
1850 ..........
1851 ..........
1852 ..•... . ...
1853 ..........
1854 .......•..
1855 ......••.•
1856 ..........
1857 ....•.....
1858 ..........
1859 .......•..
186o ..........
1861 .....••...
1862 ......•...
1863 ..••......
1864 ..........
1865 .....
1866 . . ........
1867 ......
1868 ..........
....
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201
NEW YORK : FIRST BERms OF TABLES.
11.
SCHENECTADY SAVIN~S BANK.
Incorporated in 1834.
First deposit received June, 1834.
This institution made no report until 1st January,
1836, and the items are generally £ew and the reports
scattering. The number 0£ accounts opened or closed
since organization is unknown. Below will be found
all the :facts concerning its growth which I have been
able to obtain from the meager and scattering returns
found.
STATISTICS.
TABLE showing , 1, The number of accounts remai'nzitg open at the
end of the year; 2, The amount deposited, includz"ng div z"dends; 3,
The amount wz"thdrawn; 4, The amount ·remaziting on deposit; and
5, The dz"v idends credi ted : - for each y ear for w hz"ch statistz"cs are
f ound, w z"th estz"mates upon data found, for unreported years.
YEAR.
1834}
1835 .. . .
1836 .••...
1837 ... ...
1838 .. . ...
1839 . . . . . .
1840 .. . •..
1841 .... . .
1842 .. . ...
1843 . . · • . ·
1844 ...• ..
1845 •..• ..
1846 ......
1847 ... .. .
~
l~t8 . ...
1853
1854 ... .. .
1855 . . .. ..
1856 .... ..
1857 .. . ...
1858 ...•..
No. of
open accounts at
end of
the year.
Deposited.
W ithdrawn.
Due depositors.
Dividends.
......
$70,401
$25,476
$44,925
* $1 ;500
233
291
364
* 375
*387
405
390
383
*425
488
590
42,538
18,480
23,794
37,7~3
37,1 7
36,664
* 20,286
25,370
* 31 ,263
44,615
5 1,495
80,492
39, 104
33,227
14,568
16,613
28,201
28,277
* 36,450
18,880
* 28,927
25,6o7
21 ,895
30,879
48,359
33,612
42,838
63,978
72,964
81,341
65,177
71 ,667
74,003
93,0II
l22,6II
172,224
1,730
1,798
1,337
2,136
2,396
3,004
2,134
2,224
2, 508
3,617
4,907
6,69 3
*920
* 557,825
* 469,568
26o,481
* 53,204
1,o65
1,132
983
738
786
106,072
109,605
88,341
83,140
93,010
105,346
104,768
105,120
u8,837
85,717
261,207
257,015
240,265
204,593
2u,886
II,66 3
10,957
u ,150
u ,o 99
9, 130
......
26
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202
HISTORY OF SAVIN GS BANKS.
STATISTICS -
YEAR.
1859
186o
1861
1862
1863
1864
1865
1866
1867
1868
No.of
open accounts at
end of
the year.
Deposited,
(Continued).
Withdrawn.
Due depositors.
Dividends.
...•..
......
......
.•••..
......
......
.•.. . .
......
.•.•..
.•
...
1,007
1,074
1,042
1,275
1,144
1,383
1,268
1,169
1,387
1,438
$143,163
123,974
117,650
126,887
132,428
280,025
196,447
164,900
t 198,959
211,941
$79,874
86,179
u4,669
104,826
144,659
156,505
279,187
179,132
139,016
172,385
$275,164
312,959
315,940
338,002
325,771
449,290
366,550
352,317
412,261
451,817
$10,088
12,734
14,374
14,666
13,571
13,138
16,4II
14,934
t 24,248
18,968
Totals ..
1,438
$3,245,720
$2,793,903
$451,817
$296,332
Number of accounts opened, estimated at. . . . . . . . . . . . . . . . .
Number of accounts closed........
.... ... . .... .. ..
7,190
5,752
t Includes three dividends.
* Estimated.
12.
SAVINGS BANK OF UTICA.
Incorporated in 1839.
First deposit received May 18, 1839.
The incompleteness of recorded information concerning the condition and growth of this institution
will be seen from the subjoined table, compiled with
great labor from such scattered returns as could be
procured with diligent search- supplemented as usual,
in such cases -with rational estimates £or unreported
years. The manner in which these estimates were prepared from the data furnished, would, i£ set forth, form
a chapter by itself.
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NEW YORK: FIRST SERIES OF TABLES.
203
STATISTICS.
TABLE showing, 1, The number of accounts remaining open; 2, The
amount deposited, including dividends; 3, The amount withdrawn ;
4, The amount remaining on deposit; and 5, The dividends
credited: - in the .years respectively named.
YEAR.
1839}
1840 ..
1841 ....
.1842 ....
1843 ... .
1844 ..•.
1845 ...•
1846 ....
1847 ....
Open
accounts.
......
······..
....
Deposited.
Withdrawn.
Due depositors.
Dividends.
$46,022
$18,900
$27,u6
682
37,342
* 31,782
*24,567
21,042
*42,320
*79,276
102,241
25,i82
*29,687
* 37,598
10,319
* 19,750
* 30,000
36,76o
38,676
* 40,771
27,740
38,463
*61,033
I 10,310
175,791
* $949
* 1,353
* 1,426
* 1,070
1,380
* 2,320
* 3,276
* 4,197
209
......
......
......
1~~8 } ·.
18;4
1855 ....
1856 ....
1857 ...•
1858 ..•.
1859 .•..
1860 ....
1861 ..••
1862 ....
1863 ....
1864 ..•.
1865 ....
1866 ....
1867 ....
1868 ....
1,76o
*689,875
* 557,000
308,66q
* 61,760
1,781
1,873
1,730
2,041
2,417
2,812
2,86o
3,577
3,830
4,997
5,103
5,267
6,637
6,037
213,152
211,376
216,045
274,313
299,747
382,210
309,451
424,231
588,436
1,144,266
971,170
1,038,412
1,049,566
1,170,085
202,001
219,771
268,166
195,9o9
221,429
260,140
278,983
275,176
399,187
732,427
1,031,998
815,836
857,942
929,774
319,812
311,418
255,838
334,262
412,079
534,19_1
565,435
714,490
903,740
1,315,578
1,254,750
1,475,321
1,666,945
1,907,256
13,468
14,144
13,719
12,344
17,200
22,207
25,313
29,736
35,365
47,872
54,104
61,410
87,234
101 ,676
Totals ..
6,037
$9,366,937
$7,454,550
$1,907,256
$6 13,533
Number of accounts opened, 19,6o3; closed, 13,566.
•Estimated.
13.
ITHACA SAVINGS BANK.
Incorporated in 1841.
This institution appears to have continued in business but a short time, and its transactions were small.
I find but tw.o reports of its condition:
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204
HISTORY OF SAVIN GS BANKS.
1st January, 1843-Number of depositors, 18;
amount deposited to this date, $924.50; amount withdrawn, $254.89; interest credited, $32.91.
1st January, 1846-Deposited in '1845, $192.66
interest credited same year, $39.49; due depositors 1st
January, 1846, including interest, $1,172.05.
In 1867 a new institution was incorporated by the
same name, whose transactions will be found in their
proper place.
The whole amount deposited may be estimated at
$2,500 ; the dividends at, say $100, and the number of
depositors at 100.
14.
BUFFALO SAVINGS BANK.
Incorporated in 1846.
First deposit received July 6, 1846.
STATISTIOS.
Tlte number of accounts opened; z, Tlte number
TABLE showing,
of accounts closed; 3, Tlte number of accounts remaining open:-from
organization z"n 1846, to and including 1868. From 1846 to 1854 tlte
aggregates only are given.
1,
YEAR.
Open
Opened. Closed. accounts.
YEAR,
Opened.
Closed.
--
~ .. 12,015 6,696
to
1846
1854
1855
1856
1857
1858
1859
1860
1861
....
....
....
.. ..
....
....
....
722
1,472
623
1,725
1,589 3,508
1,022 1,o62
328
1,095
1,842
571
1,708
890
5,3 19
6,o69
7,171
5,252
5,212
5,979
7,250
8,068
Open
accounts.
....
....
. ...
....
....
....
.. ..
2,596
1,910
2,644
2,284
2,669
2,729
2,856
891
751
892
1,503
1,800
1,699
2,093
9,773
10,932
12,684
13,465
14,334
15,364
16,127
Totals ..
40,156
24,029
16,127
1862
1863
1864
1865
1866
1867
1868
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NEW YORK: FIRST SERIES OF TABLES.
STATISTICS- (
Continued).
The amount deposited, including dividends; 2,
TABLE showing,
The amount withdrawn; 3, The amount remaining on deposit at the
md of the year; 4, The amount of dividends :-from organization in
The amount deposited and withdrawn
l 846, to and including 1 868.
from 1846 to 1854 estimated from data given.
1,
Due depositors.
YEAR.
Deposited.
Withdrawn.
::t: }· :· ......
$4,678,537
$3,993,395
$685,142
$156,429
l,II2,597
1,170,817
1, 200,345
976,136
947,668
944,o63
905,152
984,403
826,968
1,609,941
1,680,577
2,008,529
2,266,091
2,257,629
1,ou,891
1,012,903
1,251,3II
996,932
830,814
753,842
862,780
781,441
777,542
1,200,018
1,570,032
1,504,534
1,908,270
1,947,075
781,947
93 2,753
887,786
872,681
988,325
1,177,880
1,219,784
1,422,7II
1,469,838
1,880,398
1,989,876
2,495,032
2,856,516
3,166,670
38,615
46,685
50,1o6
45,680
52,593
6o,368
66,468
66,66o
63,597
73,905
91,759
I 19,617
140,579
162,u3
Totals •.••••.. $23,575,458, $20,408,787
$3,166,670
$1,235,180
1855
1856
1857
1858
1859
186o
1861
1862
1863
1864
1865
1866
1867
1868
.........•..
...•........
.•..••••....
.••.....•...
•..•........
.•.•........
•..•........
........... ;
... . ...•....
•.•••.......
..•....•. . ..
... . ....•.. .
.. • •.......•
. . .. . .......
Dividends.
~
15.
DRY DocK SAVINGS
Incorporated in 1848.
BANK,
NEw YoRK.
First deposit received June 10, 1848.
STATISTICS.
TABLE showing, 1, The number of accounts opened; z, The"number
of accounts closed; 3, The number of accounts remaining open:- in
each year from organization t'n 1848, to and including 1868.
YEAR.
1848
1849
1850
1851
1852
1853
Open
Opened. Closed. accounts.
....
390
....
451
....
594
....
883
....
9i7
.... 1,653
28
113
221
362
552
733
362
700
1,073
1,594
1,959
2,879
YEAR.
1854 .. . .
1855 ....
1856 ... .
1857 .. . .
1858 .. ..
1859 . . ..
Opened.
1,446
1,143
1,430
1,358
1,594
2,458
Closed.
1,397
856
814
1,362
1,596
1,091
Hosted by
Open
accounts.
2,928
3,215
3,831
3,827
3,825
5,192
Google
206
HISTORY OF SAVINGS BANKS.
STATISTICS -
YEAR.
Open
Opened. Closed. accounts.
(Continued).
YEAR.
Opened,
Open
accounts.
Closed.
- ---·186o
1861
1862
1863
1864
1865
....
....
....
....
...
....
2,678 1,476 6,394
2,288 1,924 6,758
3,576 1,591 8,743
4,166 2,212 10,697
5,127 3,154 12,670
5,573 4,008 14,235
1866 ....
1867 ....
1868 ....
5,667
5,225
5,203
4, 149
4,359
4,690
15,753
16,619
17,132
Totals.
53,820
36,688
17,132
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends:- in each year from organization in
1848, to and including 1868.
YEAR.
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
..........
..........
..........
..........
.. ........
........•.
.....•....
..........
.......•..
.......•..
.....•.•..
..........
..•..•...•
.. .• .......
..........
..........
..........
..........
..........
..........
. . .......
Deposited.
$22,735
87,895
163,087
271,273
276,799
461,945
483,836
397,032
505,577
495,902
610,591
861,131
1,072,249
890,312
1,264,084
1,885,895
2,796,788
3,034,117
3,516,729
3,227,871
3,112,900
Totals..... $25,438,756
Withdrawn.
Due depositors.
Divl!!ends,
$3,848
20,625
79,287
134,234
198,992
249,040
451,395
328,134
303,655
463,320
425,257
452,435
623,756
755,486
7II,992
1,141,236
1,948,123
2,439,143
2,922,323
3,086,539
3,206,742
$18,887
86,157
169,957
3o6,9¢
384,803
597,708
630,147
699,041
900,¢3
933,542
1,u8,876
1,527,572
1,976,064
2,uo,890
2,662,983
3,407,641
4,256,300
4,851,280
5,445,685
5,587,027
5,493,185
$125
2,567
5,761
10,677
13,920
22,800
31,628
34,211
41,791
47,882
5o,950
60,480
80,489
103,849
n4,971
138,820
178,036
213,76o
243,792
269,828
279,418
$19,945,571
$5,493,185
$1,945,763
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20'7
NEW YORK: FIRST SERIES OF TABLES.
16.
SAVINOS
EAST RIVER
YORK.
INSTITUTION, NEW
Incorporated in 1848. First deposit received May 22, 1848.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open:in each year from organization in 1848, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Open
accounts.
Closed.
- - - - --1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
..•.
....
....
•...
....
....
....
.•••
....
....
152
125
281
466
643
1,7o6
1,274
958
1,830
1,753
1858 .... 1,448
1859 .... 1,515
14
56
104
244
347
636
1,222
844
828
1,301
.954
949
138 186o ....
207 1861 ....
384 1862 ....
6o6 1863 ....
902 1864
1,972 1865 ....
2,024 1866 ....
2,138 1867 ....
3,140 1868 ....
3,592
4,086
4,652 Totals.
...
1,561
1,022
1,225
1,479
1,967
1,931
1,980
2,348
2,319
978
1,182
8II
981
1,444
1,667
1,690
1,509
1,534
5,235
5,075
5,489
5,987
6,510
6,774
7,064
7,903
8,688
27,983
19, 295
8,688
TABLE showing, 1, The amount deposited, including dividends: 2,
The amount withdrawn: 3, The amount remaining due to depositors:
and 4, The amount of dividends: - in each year from organizatlon
in 1848, to and including 1868.
YEAR.
1848
1849
1850
1851
1852
1853
1854
......•..•
..........
•.•••.....
..........
..•.•.••..
•........ .
......•...
1855
1856
1857
1858
1859
186o
1861
..........
..........
..........
..........
..........
..........
..........
Deposited.
$18,051
21,830
67,016
102,000
16o,189
425,846
333,128
243,003
455,280
536,593
501,247
595,388
643,336
462,894
Withdrawn.
$2,478
11 ,905
22,894
62,568
98,545
204,007
374,103
244,156
247,147
469,365
34 1,833
401,719
46r,553
555,884
Due depositors.
$r 5,573
25,498
69,620
109,052
170,696
392,535
351,56o
351,007
559,14.0
526,368
785,782
979,451
1,161,234
1,o68,243
Hosted by
Dividends.
$271
807
1,722
3,411
4,915
10,352
15,078
12,995
22,970
31,102
35,771
46,992
58,207
58,6o8
Google
208
HISTORY OF SAVINGS BANKS.
STATrs·rrcs YEAR.
W ithdrawn.
Due depositors.
Dividends.
$ 562,794
822,026
1,216,726
1,167,238
l , i84,620
1,592,595
1,915,916
$410,784
613,437
940,765
1,116,990
1,000,659
1,190,605
1,530,412
$1,220,253
1,428,843
1,704,804
1,755,o53
1,939, 01 4
2,341 ,003
2,726,508
$61,821
69,658
79,775
85,428
100,093
127,993
I 51 ,816
Totals . ... $ I 3,028,327
$10,301 ,818
$2,726,508
$979,797
1862
1863
1864
1865
1866
1867
1868
17.
Deposited,
(Continued).
. ........ .
. . . . . .... .
... . .. . . . .
. . .. .. . ...
.. . . .. ... .
......... .
. .. . . ... ..
INSTITUTION FOR SAVINGS OF MERCHANTS' CLERKS,
NEW YORK.
The secretary of this institution, Andrew Warner,
Esq., for whose assistance I have elsewhere made
acknowledgment, has furnished me, in ~ddition to full
statistics of its operations, with a brief resume of its
history, which will be found below.
The form of organization of the board of manage•
ment of this institution was noticed under a former
general topic as being exceptional, and we present so
much of the sketch of Mr. Warner as will serve to give
an idea of its distinguishing features.
HISTORICAL SKETCH.
This institution was chartered April 12, 1848. The
application for the charter was made by the Chamber of
Commerce of the State of New York, in conjunction with
the Mercantile Library of the city of New York. An
application had been made the year preceding without
success, the Legislature then contemplating the passage
of a general law to authorize such institution.*
* Ot
this purpose we have elsewhere given account.
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NEW YORK : FIRST SERIES OF TABLES.
209
The institution was organized by the election of
officers May 11, 1848, adopted its first code of by-laws
May 29, 1848, and commenced business July 1, 1848.
Its first location was in a' building then known as
"Clinton Hall," in Beekman, corner of Nassau street.
While there, its business was conducted but three
afternoons each week. It moved, May 9, 1854, to No.
516 Broadway, where it had erected a new banking
building. The bank then opened daily. On the 23d
of March, 1868, it moved to its present place of business, No. 20 Union Place (4th A venue), corner of East
15th street. Shortly after commencing operations, the
trustees advanced the necessary funds, in anticipation
of the earnings of the institution, to meet expenses in
conducting its business. The amount advanced was
refunded after a lapse of about four years:
The trustees by the charter are eighteen in number,
with six ex officw trustees (twenty-four in all). The
eighteen trustees are divided into six classes of three
each, and are elected for three years, two classes expiring annually. Nine trustees are elected by the Chamber of Commerce of the State of New York, and nine
by the board of trustees of the institution. The ex
officio trustees are the president, first vice-president and
treasurer of the Chamber of Commerce, the president,
vice-president and treasurer of the Mercantile Library
Association of the city of New York, whose terms. as
such, expire annually.
The institution having secured an ample surplus,
declared in July, 1865, an ExTRA. DrvrnEND, graduating
the rates to the length of time the money had been on
~'l
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210
HISTORY OF SAVINOS BANKS.
deposit, taking three years as the longest period; thus
deposits of $5 to $1,000, which had remained undis•
turbed for the three years preceding, received three
per cent extra, those for two years undisturbed, two
per cent, and those for one year undisturbed one per
cent ; this mode of distribution of the extra dividend
being deemed an act of justice to those depositors
whose money had contributed most towards earning
the surplus.
Similar extra dividends have been made since, when
the surplus of the institution and the general conditions of external security in financial affairs would
warrant it.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The
number of accounts closed~· 3, The number of accounts remaining
open : - in each year from organization in 1848, to and including 1868.
YEAR,
Open
Opened. Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
- - - -1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
...
. ...
....
....
... .
....
. ...
....
....
. .. .
....
.. ..
257 Whole
513 number
closed
93° prior to
1,272 1854, as
l ,l 55
below.
1,210 2,552
1,264
561
1,291 1,078
1,749
93 2
2,06o 1,564
1,902
994
2,120 1,070
Record
does
not
show
until
1853.
2,785
3,488
3,701
4,518
5,014
5,922
6,972
1860 ....
1861 .. ..
1862 ....
1863 ....
1864 ....
1865 ....
1866 .. ..
1867 ....
1868 ....
2,156
1,442
1,533
1,721
1,355
925
1,241
1,076
1,203
1,280
1,785
1,566
1,761
1,774
1,433
1,009
1,073
989
7,848
7,505
7,472
7,432
7,013
6,505
6,737
6,740
6,954
Totals.
28,375
21,421
6,954
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NEW YORK: FIRST SERIES OF TABLES.
STATISTICS- (
211
Continued).
TABLE showing, r, The amount deposited, including dividends;
2, The amount withdrawn; 3, The amount remaining on deposit and 4, The amount of dividends: - in each year from
organization in 1848, to and including 1868.
J.
Deposited.
YEAR.
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
............
............
............
............
............
............
............
..•..........
............
............
...
............
........... .
............
..........•.
............
............
............
............
............
....•.......
Withdrawn.
$2 5,5 2 5
143,997
308,087
495,041
453,996
499,723
474,IOl
533,536
675,073
832,193
875,034
1,030,841
1,085,735
833,398
855,373
1,108,230
1,079,318
940,503
1,130,269
1,054,300
1,062,800
$4,155
35,399
9 1,I05
245,514
318,888
400,497
460,557
412,06r
494,980
786,966
556,295
713,954
809,226
1,040,437
865,615
1,082,723
1,244,726
1,128,054
873,750
939,6 2 5
950,377
Totals ........ $15,497,086
$13,454,914
........
18.
Due depositors.
$21,370
129,968
346,950
596,477
73'i5
830, I I
844,355
965,830
1, 145,923
1,191,150
1,509,889
1,826,776
2,103,285
1,896,247
1,886,005
1,9u,512o
1,746,104
1,558,496
1,815,073
1,929,747
2,042,171
$2,042,171
Dividends.
$203
3,279
11,509
24,650
31,065
37,433
40,316
47,371
55,906
63,671
7o,399
89,285
105,997
97,540
81,414
81,165
75,852
98,226
I II,834
88,857
129,288
$1,345,269
AUBURN SAVINGS BANK.
Incorporated in 1849.
First deposit received May 18, 1849.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount deposited, including dividends; 3, The amount withdrawn ; 4, The
amount remaining due to depositors; and 5, The dividends credited: in each year from 1854, to and zncluding 1868,wzi'h estimates qf zi'ems
2 and 3 from 1849 to 1854 zn the aggregate.
YEAR.
1849
to ~ .
1854 .
1855 ....
Open
accounts.
190
Deposited.
Withdrawn.
* $256,912
*$228,029
$28,883
$4,312
55,609
50,884
33,083
1,574
Due depositors.
Dividends.
i
262
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212
HISTORY OF SAVIN GS BANKS.
STATISTICS Open
accounts.
YEAR.
1856 .. ..
1857 ....
1858 .•..
1859 ....
186o ....
1861 ....
1862 .. ..
1863 ....
1864 ....
1865 . ...
1866 ...•
1867 ....
1868 ....
Totals ..
Deposited.
(
Contin1ud ).
Withdrawn.
Due depositors.
Dividends.
2,175
2,986
3,5°5
3,454
3,928
4,496
5, 109
$55,213
69,690
107, 132
207,283
266,965
244,331
588,428
957,093
1,376,551
1,104,599
1,138,109
1,191,501
t 1,388,532
$49,221
73,639
72,448
I 59,205
221,109
233,802
31 I ,883
725,187
1,188,295
1,277,240
1,017,449
1,076,440
1,266,48o
$39,397
36,056
71,235
I 19,408
166,189
175,708
452,247
684,153
872,409
699,768
820,428
935,489
1,057,540
22,922
35,947
43,546
39,95°
46,697
t82,26o
5,109
$9,007,954
$7,951,318
$1,057,540
$310,947
327
358
506
734
980
1,158
$1,690
1,848
2,019
4,400
6,385
7,241
10,151
Number of accounts opened . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,914
Number of accounts closed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,805
t Includes three dividends.
• Estimated.
19.
SYRACUSE SAVINGS INSTITUTION.
Incorporated in 1849.
STATISTICS.
TABLE showing, 1, The number ef open accounts at the close of the
year; 2, The.amount deposited, including dividends; 3, The amount
withdrawn; 4, The amount remaining due to depositors; and 5, The
amount of dividends: - from organization in 1849, to and including
1868, with estimates of items 2, 3, 4from 1849 to 1854.
YEAR.
Open
accounts.
1849
to
~ .. .. ....
1854
1855
1856
1857
1858
1859
1860
1861
....
....
....
....
....
. ...
....
778
1, 174
1,142
1,445
1,806
2,101
2,630
Deposited.
Withdrawn.
*$400,000
* $337,947
$62,053
* $6,317
193,624
309,921
412,173
363,337
449,499
523,871
596,554
152,400
257,156
417,884
276,089
370. 122
414,399
470,260
103,277
156,042
l 50,332
237,580
316,956
426,428
552,722
3,142
5,882
8,776
13,887
15,71 l
20,644
26,745
Due depositors.
Hosted by
Dividends,
Goog Ie
213
NEW YORK: FIRST SERIES OF TABLES.
STATISTICS Open
accounts.
YEAR.
Deposited.
(
Continued).
Withdrawn.
Due depositors.
Dividends.
1862 ....
1863 ....
1864 ....
1865 ....
1866 ....
1867 ....
1868 ....
2,873
4,352
4,749
3,792
3,595
3,692
4,291
$812,403
1,121,028
1,772,537
1,384,298
1,383,126
1,742,899
1,612,034
$599,829
904,972
1,678,290
1,581,992
1,356,475
1,519,700
1,357,174
$765,296
981,352
1,075,599
877,905
904,555
1,127,755
1,382,615
$27,864
33,797
36,226
43,610
38,175
57,495
69,580
Totals.'.
4,291
I $13,077,310
$ 11,694,695
$1,382,615
$407,857
Number of accounts opened, probably about......... . ..... 16,864
Number of accounts closed, probably about................ 12,573
* Estimated.
20.
ALBANY CITY SAVINGS
INSTITUTION.
Incorporated in 1850.
STATISTICS.
TABLE showing, 1, The ntfmber of open accounts at the close of the
year; 2, The amount deposited, including dividends; 3, The amount
withdrawn; 4, The amount remaining due to depositors; and 5, The
amount of dz'vidends : -from organization z"n 18 50, to and z"ncluciing
1868: defective and partly estimated.
YEAR.
1850 ....
1851
1852}
1853 ..
1854
1855 ....
1856 ....
1857 ....
1858 ....
1859 ... .
186o ....
1861 ... .
1862 ... .
1863 ....
1864 ....
1865 ....
Open
accounts.
Deposited.
Withdrawn.
.. ....
......
* $20,112
155,979
* $00,000
..... .
* 375,000
* 251,766
I I0,133
122,254
It 1,279
72,214
95,I 17
123,612
94,506
168,876
144,045
28o,968
168,917
134,214
l 14,796
162,558
65,149
74,368
88,837
105,864
105,519
132,559
180,407
241,6II
......
797
845
682
712
798
672
734
886
1,012
901
65,737
Due depositors.
*$20,I12
* 110,354
* I 51,432
* 192,510
233,588
209,507
216,965
165,686
172,751
193,400
228,175
216,817
280,538
292,041
392,6oz
3 19,908
Hosted by
Dividends.
. ........
$4,414
*6,056
*7,870
*9,927
8,948
9,3 24
9,322
7,238
8,157
9,59 1
9,567
10,435
12,234
14,635
13,978
Google
214
HISTORY OF SAVINGS BANKS.
STATISTICS Open
accounts.
YEAR.
1866 ....
1867 ....
1868 ....
911
1,053
Totals.
Deposited.
(Continued.)
Due depositors.
Withdrawn,
Dividends.
I,III
$180,117
256,u6
273,778
$166,633
199,672
214,6o7
$333,392
389,836
448,908
$13,528
I 5,455
18,368
1,11 I
$2,753,030
$2,304,303
$448,908
$189,056
Accounts opened.......................................... 5,626
Accounts closed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4, S15
• Estimated from given data.
21.
EMIGRANT INDUSTRIAL SAVINGS BANK,
Incorporated in 1850.
NEw
YoRK.
First deposit received Sept. 13, 1850.
A strong, well mana)Ied institution, with a large
surplus and a most unexceptionable line of assets. I
make this pointed reference to it only because it was
c:iJ;ed on the floor of the New York Senate last winter
as an illustration of reckless and imprudent management, and its own reports to the Bank Department
formed the basis of the allegation ! Of course the
Honorable Senator was wholly out in his reckoning, a
very casual analysis of the figures in the report serving to show how utterly groundless was bis charge. I
cite the incident only to show the ignorance and perversity that too often display themselves in legislative halls
when the subject of Savings Banks is under consideration. In the light of such facts, it is not strange that
there bas been some queer legislation concerning this
interest.
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215
NEW YORK: FIRST SERIES OF TABLES.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open : in each y ear from organization i'n 1850, to and including 1868.
YEAR .
Open
Opened. Closed. accounts.
YEAR .
Opened.
Open
accounts.
Closed.
--1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
... .
. ...
..• •
....
....
....
....
....
. ...
....
....
289
1,224
1,915
2,738
2,182
2,270
2,717
2,646
2,705
3,689
3,984
24
39 1
830
1,260
2,152
1,670
1,547
2,409
1,717
1,888
2,375
265
1,098
2,183
3,661
3,691
4,291
5,461
5,698
6,686
8,487
I0,096
1861 . . . .
1862 ....
1863 . . . .
1864 ....
1865 ....
1866 ....
1867 ....
1868 ....
2,707
3,975
4,934
6,41 I
6,548
5,797
6,132
5,963
3,5 1 5
2,220
2,766
4,570
5,524
4,96o
4,871
4,892
9,288
II,043
13,21 I
I 5,052
16,076
16,913
18,174
19,245
Totals ..
68,826
49,581
19,245
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends : - in each year from organization
1850, to and including 1868.
YEAR.
1850 ............
1851 .......• . ...
1852 ••••........
1853 ... . ...•.. . .
1854 .... .. ..... .
1855 • • ••........
1856 . ...........
1857 ............
1858 . ... . . . ....
1859 ............
1860 ...... . .. ; ..
1861 ............
1862 ............
1863 . .. ....... ..
1864 ............
1865 ......... .. .
1866 .. . ... . ... .
1867 . .. . . ...... .
1868 ............
Deposited.
Withdrawn.
Due depositors.
Dividends.
$39,665
223,678
463,752
751,692
661,180
703,481
884,703
965,872
1,152,798
1,305,589
1,449,684
1, 152,432
1,414,968
1,924,281
3,186,167
4,038,134
3,543,964
3,706,027
3,793,517
$4,766
72,265
194,755
393,oo6
652,723
548,003
590,270
889,507
872,774
813,839
1,oo6,714
1,290,739
1,012,125
1,326,671
2,358,987
3,413,994
2,992,5o3
3,216,650
3,442,979
$34,899
186,313
455,3 10
813,996
822,453
977,932
1,272,365
1,348,730
1,628,754
2,120,505
2,563,475
2,425,169
2,828,01 I
3,425,621
4,252,801
4,876,941
5,428,402
5,917,778
6,268,316
$35
4,271
14.411
29,896
49,446
44,088
56,522
70,513
76,740
97,178
12 3,099
126,683
I II,878
130,484
189,138
215,729
248,362
272,993
293,498
Totals ...... . . $31,361,596
$25,093,279
$6,268,316
$2,145,974
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216
HISTORY OF SA VINOS BANKS.
22.
HUDSON CITY SAVINGS INSTITUTION.
Incorporated in 1850. First deposit received October 10, 1850.
Items for 1850 included in 1851.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts cl~ed; 3, The number of accounts remaining open: - t'n
each year from organization i'n 1850, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Open
accounts.
Closed.
-1851
1852
1853
1854
1855
1856
1857
1858
1859
186o
....
.. ..
.. ..
....
....
....
....
.. ..
. . ..
....
95
80
97
97
91
80
8o
94
174
201
28
42
66
63
42
50
70
66
61
96
67
105
136
170
209
249
2 59
287
400
5°5
io
1861 ....
1862 ....
1863 ... .
1864 . .. .
1865 . ...
1866 ....
1867 . ...
1868 ....
II2
302
419
616
380
385
464
1,088
120
126
140
370
2 35
297
380
742
497
673
952
1,198
1,343
1,431
Totals.
4,855
2,994
* 1,900
1,515
1,861
• As reported.
TABLE showing, 1, The amount deposzted, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to deposz'tors;
and 4, The amount of dividends:- in each year from organizatz"on in
18 50, to and including 1868.
YEAR.
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
Deposited.
Withdrawn.
Due depositors.
Dividends,
..... . ....
.. . .......
. . ... ....
..........
...... . ...
..
........ . .
..........
..........
.. . .. ... .
..........
..... ' .. .
. ....... . .
..........
.......
. . . .. .....
..... . . ...
..........
$15,764
16,995
21,299
20,748
26,671
18,761
17,693
22,987
42,266
44,798
30,468
60,657
!18,u5
245,647
152,488
158,124
201,625
250,534
$3,213
5,203
18,043
19,801
17,706
17,683
20,o64
13,596
20,737
27,651
33,645
34,761
46,II8
121,328
172,040
143,863
144,615
173,785
$12,551
24,343
27,599
28,546
37,5II
38,589
36,218
45,009
67,138
84,285
81,108
107,004
179,001
303,320
283,768
298,029
355,039
431,788
$322
798
1,169
1,200
1,440
1,633
1,640
1,748
3,o90
3,553
3,86o
4,109
6,323
10,969
12,677
12,160
14,825
15,922
Totals ......
$1,465,649
$ 1,o33,859
$431,788
$97,443
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23.
217
FIRST SERIES OF TABLES.
MONROE COUNTY SAVINGS BANK.
First deposit received June 3, 1850.
Incorporated in 1850.
STATISTICS.
TABLE showing, I, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open :-from
organization in 1850, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Open
accounts.
Closed.
--1850 .. . .
239
1851. ...
706
1852 ....
678
1853 .. :.
700
1854 .... 1,035
1855 .... 1,433
1856 ....
777
488
1857 ... .
1858 ....
654
640
1859 ....
186o ....
695
100
6o4
600
7°5
1,006
767
687
559
559
469
417
139
241
319
314
343
1,009
l,099
1,028
1,123
1,294
1,572
1861
1862
1863
1864
1865
1866
1867
1868
....
....
...
...
....
....
....
..••
Totals.
816
1,414 ·•
l,537
2,162
1,992
2,271
1,942
2,034
22,213
537
664
487
1,473
1,950
1,722
1,082
1,787
1,851
2,601
3,651
4,34°
4,382
4,931
5,79 1
6,038
16,175
6,038
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn ; 3, The amount remaining due to depositors;
and 4, The amount of dividends:-from organization in 1850, to and
including 1868.
YEAR.
Deposited.
1850 ....•.. . .. Estimated
. . to 1853.
1851 ..
1852 ...... . ...
$696,600
1853 ..........
1854 . ..... .. ..
333,596
1855 •. • ·
297,369
286,403
1856 ... . ....•.
330,080
1857 ...••. . ...
1858 ..........
402,569
1859 ...•••....
593,264
1860 ....... . ..
736,955
1861 ...... . ...
786,009
1,220,783
1862 .... . . . •. .
1,285,201
1863 ..........
1864 .... ......
2,196,540
.... ..
.....
Withdrawn.
Estimated
to 1853.
$524,798
312,441
320,302
264,674
361,971
305,753
483,198
613,722
647,212
812,215
1,035,970
2,021,530
Due depositors.
...........
*$43,475
*104,190
171,802
192,958
170,025
191,754
I 59,863
256,679
366,747
489,980
628,777
1,037,345
1,286,576
1,461,586
Dividends.
. ..........
$1,739
4,376
6,917
7,915
9,074
8,599
9,900
14,458
17,632
2 5,995
30,002
44,477
54,65 9
72,29 7
28
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218
HISTORY OF SA VINOS BANKS.
STATISTICS-( Continued).
I
I
Withdrawn.
Due depositors.
$2,057,941
2,378,104
2,6II,844
2,514,658
$1,957,313
1,980,284
2,354,8 15
2,432,417
$1,562,215
1,96o,o35
2,217,064
2, 299,3°5
$71,236
83,792
103,349
l 19,680
Totals ...... $18,727,925
$16,428,621
$2,299,305
$686,097
Deposited.
YEAR.
--1865
1866
1867
1868
..........
...... ....
..........
..... : ....
24.
Dividends.
SOUTH BROOKLYN SAVINGS INSTITUTION.
Incorporated and commenced business in 1850.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number of
accounts closed; 3, The number of accounts remaining open: - z"n
each year from organization in I 8 50 to and inclitding I 868.
YEAR.
Open
Ope~ed. Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
-- - - --1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
....
....
....
....
....
... .
....
....
.. ..
....
. .. .
172
385
487
710
687
641
1,276
1,275
1,435
1,666
1,584
12
217
251
406
59 2
367
560
9 29
434
480
686
16o 1861 ....
428 1862 ....
664 1863 .••.
668 1864 . .. .
1,063 1865 ....
1,337 1866 .. . .
2,053 1867 ....
2,399 1868 ....
3,400
4,586
5,484 Totals . .
1,027
1,419
1,782
1,934
2,175
2,160
2,290
2,276
25,381
1,173
786
887
1,332
1,628
1,415
1,947
5,338
5,971
6,866
7,468
8,015
8,760
9,439
9,768
5,613
9,768
l,6II
I
I
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219
NEW YORK : FIRST SERIES OF TABLES.
STATISTICS -
(
Oontinu,ed ).
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remianing due to depositors;
and 4, The amount of dividends: - in each year from organization
in 1850, to and including 1868.
YEAR.
Deposited.
1850. ..........
1851 ........ ...
1852 ...•••......
1853 ............
1854 .... . .......
1855 ............
1856 ............
1857 ............
1858 ...... ' ... . .
1859 ............
1860 .. ' .... . ....
1861 .............
1862 ... ' ...... '.
1863 . ' ..........
1864 ............
1865 ............
1866 ............
1867 ..•.. ' ......
1868 ............
$18,136
53,885
73,579
139,610
138,668
127,598
27 1,959
336,209
391,927
5o3,758
540,760
451,404
532,528
7 14,492
1,006,656
1,141,369
* 1,266,163
1,644,835
1,931,910
$2,421
23,907
41,084
76,699
121,921
106,015
138,786
302,272
216,21 l
274,289
363,626
459,581
347,114
510,165
858,351
989,565
988,499
1,227,514
1,485,77 l
$15,7 15
45,693
78,188
141,099
l 57,843
179,426
312,699
346,635
522,350
751,819
9 28,953
920,744
1,106,188
1,310,650
1,459,707
1,611,407
1,889,074
2,3o6,394
2,753,124
$167
r,081
2,495
4,797
6,368
7, 2 55
II,182
15,490
18,068
27,171
39,272
47,154
48,765
52,209
54,402
64,407
* 122,750
106,482
152,716
Totals' ........
$1,128,545
$8,533,202
$2,753,124
$782,241
* Includes
25.
Withdrawn.
Due depositors.
Dividends.
three dividends.
BROADWAY SAVINGS INSTITUTION, NEW YORK.
Incorporated in 1851.
First deposit received October 1, 1851.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts cloud; 3, The number of accounts remaining open:-in
each year from organization in 1851, to and including 1868.
YEAR
Open
Opened. Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
--- --1851
1852
1853
1854
1855
....
263
....
927
.... 1,232
.... 1,166
....
945
......
.. ....
733
659
677
263
1,190
1,689
2,196
2,464
1856
1857
1858
1859
1860
....
....
....
....
....
1,301
1,152
1,224
1,132
1,071 I
844
1,122
754
796
765
Hosted by
2,921
2,951
3,421
3,757
4,o63
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220
HISTORY OF SAVINGS BANKS.
STATISTICS -(Continued).
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Open
accounts.
Closed.
--- - 1861 ...•
7°4
1862 . . ..
920
1863 ....
865
1864 . ... 1,o64
1865 ....
770
1,008
693
834
902
997
I
3,759 1866 . . . .
3,986 1867 ... .
4,017 1868 ....
4,1791
Total..
3,952
848
804
629
742
785
699
4,058
4,077
4,007
17,017
13,010
4,007
TABLE showing, l. The amount deposited, including dividends; 2.
The amount withdrawn; 3. The amount remaz"ning due to defosz"tors,
and 4. The amount of dividends :-in each year from org anization in
18 5l, to and including 1 868.
YEAR.
Deposited.
Withdrawn.
Due depositors.
1851 .. . .... . .
1852 ... ... .. ..
1853 . ....•....
1854 . ...... .. .
1855 . ..... . . . .
1856 . . ........
1857 ...•......
1858 ..........
1859 ..........
1860 ........ ..
1861 .
1862 ..........
1863 ...•
1864 .. .. ......
1865 . . . .......
1866 .. .. ......
1867 ..........
1868 ..........
$51,220
242,242
408,309
434,741
328,157
444,977
<'403,367
523,9 20
533,088
552,000
409,766
544,036
555,886
772,735
656,o63
t792,670
757,015
823,650
$5,139
74,365
183,758
329,708
284,359
309,486
463,751
345,020
400,956
422,684
501,834
424,786
513,224
728,179
713,147
622,748
711,052
709,929
$46,081
213,958
438,509
543,542
587:340
722,831
662,446
841,346
973,478
1,102,794
1,010,726
1,129,977
I, 172,639
1,217,195
1,160,III
1,33°,0 33
1,375,996
1,489,716
Totals ......
$9,233,850
$7,744,134
$1,489,716
.... .. ..
....
* But one semi-annual dividend included.
Dividends.
. .... ......
$6,081
l 5,900
26,567
27,2 50
32,927
*18,626
35, 144
43,172
51 ,044
56,015
53,820
52,760
59,868
58,813
t88,994
66,659
74,35°
$767,998
t Three dividends.
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NEW YORK: FIRST SERIES OF TABLES.
26.
221
CENTRAL CITY SAVINGS INSTITUTION, UTICA.
Incorporated and commenced business in 1851.
STATISTICS.
TABLE showing, 1, The number of accounts remaining open at the
end of the year; 2, The amount deposited, including dividends; 3,
The amount withdrawn~- 4, The amount remaining due to depositors, and 5, The amount of dz'vidends :-from organization in 1851,
to and including 1868.
YEAR.
Open
accounts.
.
Deposited.
Withdrawn.
Due
depositors.
Dividends.
1851 ......
1852 ......
1853 ......
1854 ......
1855 ......
1856 ......
1857 ......
1858 ......
1859 ......
1860 ......
1861. .....
1862 ......
1863 . . ....
1864 ......
1865 ......
1866 ......
1867 ......
1868 ......
103
*"171
* 212
*270
33°
353
199
167
150
124
64
159
339
555
433
51 5
637
713
From 1851
From 1851
to 1854,
* $200,500
99,989
72,667
64,000
6,756
13,668
I 1,588
6,958
24,278
84,u2
209,576
123,753
131,114
184,524
182,317
to 1854,
* $130,095
84,504
86,221
96,424
r8,789
21,618
12,329
I 5,881
8,150
37,503
143,084
175,596
90,928
166,652
I 59,642
$25,843
* 42,750
* 53, 000
70,405
86,190
72,637
40,213
28,431
20,481
19,7II
10,788
26,815
73,484
139,976
88,133
128,319
146,191
168,867
*$775
* 1,282
* 1,640
* 2,232
2,809
3,210
4,360
1,602
976
764
599
426
1,513
2,555
4,837
3,665
6,469
8,213
Totals . .
713
$1,415,807
$1,247,422
$168,867
$47,936
Number of accounts opened ................... : ........... 3,901
Number of accounts closed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,188
* Estimated.
The fluctuations in the prosperity 0£ the above institution are unusual and striking. It evinces a rare degree 0£
courage and persistency on the part 0£ the trustees to continue its operations in the midst 0£ such discouragements
as beset them at times. But the burden became at last
too great, and the institution ceased to report after 1871.
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222
HISTORY OF SAVIN GS BANKS.
27.
IRVING SAVINGS INSTITUTION,
Incorporated in 1851.
23, 1851.
NEw
YoRK.
first deposit received December
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number of accounts closed; 3, The number of accounts remaining open:
-in each year from organization in 1851, to and including 1868
YEAR.
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
....
....
....
....
....
....
....
....
....
....
Open
Opened. Closed. accounts.
- - --59 None.
59
893
739
1,159
802
1,014
892
1,054
1,291
1,358
130
284
610
520
497
744
555
666
7 17
822
1,277
1,826
2,108
2,625
2,773
3,272
3,897
4,538
YEAR.
Opened.
Closed.
1861 ... .
1862 ....
1863 ....
1864 ....
1865 ....
1866 ....
1867 ....
1868 ....
924
1,308
1,500
1,522
1,257
1,415
1,321
1,297
Totals.
19,805
Open
accounts.
982
7°4
795
1,323
1,517
1,179
1,327
1,336
4,480
5,084
5,789
5,988
5,728
5,964
5,958
5,9 19
13,886
5,9 19
i
TABLE showing, 1, The amount deposited, including dfvidends; 2,
The amount withdrawn; 3, The amount remaining due to depositors, and 4, The amount of dividends: - in each year from organization in 1851, to and including 1868.
YEAR.
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
............
........ ; ...
............
.... .. .•....
...•.. . .....
..... . ......
............
............
........... .
.... .. ......
. . ...... •. ..
.......•....
............
••••....•••.
. ...........
Deposited.
$35,937
211,080
251,332
355,378
282,985
326,418
307,187
381,826
483,537
511 ,733
398,484
513,308
689,618
773,588
67 1,773
Withdrawn.
$II8
48,792
120,748
243,380
227,165
236,102
3o5,385
250,954
308,137
320,084
420,823
333,425
4 14,775
715,729
808,745
Due depositors.
Dividends.
$35,819
198,107
328,691
440,689
496,509
586,825
588,627
719,498
894,898
1,086,547
1,064,208
1,244,091
1.5 1 8,934
1,576,793
1,439,821
$5,218
1 r,7u
l 5,125
21,530
26,724
29,841
32,199
38,317
48,50 2
58,239
58,630
68,r I 4
80,42 9
79,16 8
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None.
223
NEW YORK : FIRST SERIES OF TABLES.
STATISTICS-( Continued).
YEAR.
Deposited.
Withdrawn.
Due depositors.
Dividends.
1866 ...... . •.. . .
1867 . . ... . ......
1868 ..... . .... ..
$824,033
860,881
1,077,492
$685,318
738,212
835,589
$1,578,536
1,701,205
r,943,108
$75,172
81,017
94,694
Totals .... . . . ..
$8,956,598
$7,013,490
$1,943,108
$824,638
28.
THE KNICKERBOCKER SA VIN GS INSTITUTION.
Incorporated in 1851.
Date of first deposit not known.
There is little of this institution to record, and that
little, unfortunately, is not creditable. It failed in
1854, with deposits amounting to about $472,671, on
which there was- realized from the assets sufficient to
pay about 86½ per cent. A sufficiently detailed statement of the circumstances attending its failure will be
found in a subsequent chapter.
I found but one report from this institution among
the legislative records, from which I obtained the following facts relating to its business in 1851, the year
of its organization :
Number of accounts opened, 4g6; closed, 36; amount
deposited, $67,489; withdrawn, $6,906.25; interest
credited, $730.67.
From the amount on deposit it is reasonable to estimate the number of depositors at the time of the failure at not less than 1,200, and the whole number of
.accounts opened at 1,600; making the number of ac.
counts closed, 400. The total amount deposited in the
three or four years of its business we may safely esti-
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224
HISTORY OF SAVIN GS BANKS.
mate at twice the amount on deposit at the time of
failure, which would be $945,342 ; and the amount
withdrawn, $472,671; the interest I estimate as equal
to that on the deposit at the time of the failure, £or
one year, at five per cent, $231633.55.
These are, of course, arbitrary calculations, but they
are the best the subject admits of.
29.
MANHATTAN SAVINGS INSTITUTION.
Incorporated in 1850.
First deposit received March 26 1 1851.
STATISTICS.
TABLE sl1owing, 1, The number of accounts opened; 2, The number
of accounts closed 3, The number of accounts remaining open:in eaclz year from organization in 1851, to and including 1868.
J.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Closed.
Opened.
Open
accounts.
- -- ---1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
.... 1,980
... 1,724
.... 2,098
.... 2,007
.... 1,591
.... 2,497
.. .. 2,730
.... 3,196
.... 3,834
.... 4,288
216 1,764
635 2,853
984 3,967
1,602 4,372
1,279 4,684
1,398 5,783
2,340 6,173
1,659 7,710
1,990 9,554
2,496 II,346
1861. ...
1862 ....
1863 ... .
1864 ....
1865 . . ..
1866 ....
1867 . ...
1868 ...
2,959
3,705
3,989
4,9 23
4,568
5,007
4,163
3,984
3,157
2,190
3,146
3,976
4,4 19
3,785
3,954
3,748
I I, 148
12,663
13,50614,453
14,602
I 5,824
16,033
16,269
Totals ..
59,243
42,974
16,269
TABLE showing, 1, The amount deposited, including dim'dends; 2,
Tlze amount withdrawn; 3, The amount remaining due to depositors, and 4, The amount of dividends: - in each year from organization in 1851, to and including 1868.
YEAR.
1851 ...... .....
1852 .. . . . .......
Deposited.
$521,897
559,481
Due depositors.
Withdrawn.
$124,676
268,462
Dividends.
$397,221
688,239
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$926
19,240
NEW YORK: FIRST SERIES OF TABLES.
STATISTICS YEAR,
1853 ......... .. •
1854 ............
1855 ............
1856 ........ . ...
1857 ............
1858 ............
1859 ............
1860 ....... . ....
1861 ............
1862 .. ... . ......
1863 ... . ... . ....
1864 ............
1865 ............
1866 ............
1867 ............
1868 ......•.•...
Deposited.
225
(Continued.)
Withdrawn.
Due depositors.
Dividends,
$716,469
725,018
639,522
900,541
1,053,337
1,249,838
1,532,010
1,752,549
1,323,275
1,620,248
1,990,252
2,812,229
2,94°,397
3,365,068
3,408,329
3,366,715
$434,822
654,198
581,229
645,004
1,040,848
840,796
1,035,468
1,236,224
1,441,302
1,121 ,248
1,770,627
2,446,615
2,708,642
2,753,808
3,044,028
2,996,971
$969,887
1,040,707
1,099,000
1,36o,536
1,373,025
r,782,o67
2,278,609
2,794,934
2,676,907
3,175,907
3,395,532
3,761,146
3,992,901
4,604,161
4,968,462
5,338,205
$33,786
49,741
53,641
57,718
71,332
72,558
93,840
120,053
144,187
144,245
135,299
172,622
184,467
200,348
228,937
2 57,517
Totals ..... ... . $30,483,183
$25,144,977
$5,338,205
$2,040,466
30. NIAGARA COUNTY SAVINGS BANK.
Incorporated in 1851. Date of first deposit not known.
This institution failed in 1868 with only some $7,000
of deposits on hand, which the assets were probably
insufficient to pay. It was never considerately managed, the chief marlaging officer being himself a broker,
and keeping the bank in his own office, its interests
were held subservient to his own.
The following statistics are gathered from the reports of the institution, but are very unsatisfactory.
It will be seen that we make the balance due to depositors 1st Jan., 1868, as derived from deposits and
withdrawals, $7,053, but the report for that date gave
them as only $3,768. I estimate the number of accounts opened at about 950:
29
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226
HISTORY OF SAVINGS BANKS.
STATISTICS.
TABLE showing, 1, The number of accounts remaznzng open at
the end of the year; 2, The amount deposited, including dividends;
3, The amount withdrawn; 4, The amount remaining due to
depositors, and 5, The amount of dividends: -from organization
in 1851, to and including 1867.
Open
accounts.
YEAR.
1851 to 1854 ....
1855 ............
1856 ............
1857 ... . .... ... .
1858 ...........
1859 .... . . . .....
1860 ......
1861 ........ ' ...
1862 ............
1863 ............
1864 ........ . ...
1865 .. . .... . . ..
1866 ....•.......
1867 . . ..........
Totals ........ 1
Deposited.
Withdrawn.
52
34
37
31
35
48
44
43
36
35
46
41
* $6,404
18
4,551
6,179
2,745
6,355
8,940
4,433
5,041
7,998
10,254
I 1,302
II ,037
9,760
* $6,079
36
1,790
8,470
1,793
6,113
6,093
5,395
3,830
5,3°4
7,840
14,765
9,277
II,179
......
$95,024
$87,971
.. .. ..
......
Due
depositors.
*$324
306
3,o67
776
1,728
1,971
4,817
3,855
5,067
7,761
10,174
6,711
8,471
7, 0 53
$7,053
Dividends .
*$30
l
67
132
46
90
112
233
145
146
272
416
187
171
$2,054
* Estimated.
31. RoME SAVINGS BANK.
Incorporated in 1851. First deposit received Sept. 16, 1851
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2 , The number
of accounts closed; 3, The number of accounts remaining open: -in
each year from organization in I 8 51, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
Open
accounts.
Opened.
Closed.
1861. . ..
1862 ....
1863 ....
1864 ....
1865 ....
1866 .. . .
1867 . ...
1868 ....
132
333
336
442
457
5°4
647
76o
97
II9
86
175
512
443
436
46o
333
547
797
1,064
1,009
1,070
1.281
1:581
Totals ..
4,526
2,945
1,581
YEAR.
-----1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
... .
....
....
....
....
....
....
....
.. ..
....
43 None.
25
35
56
77
III
95
102
76
81
69
96
94
61
128
80
II8
61
124
43
53
74
go
II6
128
130
197
235
298
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NEW YORK: FIRST SERIES OF TABLES.
22'7
STATISTICS - (Continued).
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The' amount rt!maznzng due to depositors ;
and 4, The amount of dividends :-from organization in 1851, to
and including 1868.
YEAR.
1851
1852
1853
1854
1855
1856
1857
1858
...... ...
Deposited.
To 1854
Withdrawn.
Due depositors.
To 1854
* $1 ,756
* 10,579
* 19,339
$17
317
676
957
949
1,000
1,000
1,038
1,572
2,097
2,736
4,288
7,657
I 2,375
13,408
13,688
20,099
26,532
$6o8,555
$i 10,417
... . ......
..........
* $11,000
. .........
.. . .......
..........
..........
... . . . ....
........ . .
... . .... ..
. . ... . ....
. ......•
. . *$.3/;6i;
14,9¢
16,778
18,070
25,922
25,002
42,220
44,364
73,556
131,015
332,803
242,303
236,852
292,374
404,478
Totals .......
$1,938,354
..........
... . ... . ..
. ...... . ..
•.. ... ....
..........
. . ...... . .
. ... ... ...
1859 . .........
1860
1861
1862
1863
1864
1865
1866
1867
1868
*Estimated.
... . .. ....
18,568
16,802
19,987
14,754
!8,993
24,646
33,532
17,871
39,464
179,5o6
278,o68
2o6,917
201 ,815
248,848
$1,330,777
26,612
23,040
. 23,016
t 22,460
33,621
39,554
t 58,901 _
69,472
t 138,510
t 222,431
t 366,165
t 332,430
362,365
452,924
6o8;555
Dividends.
t As reported.
It will be seen from the above that the amount deposited and the amount withdrawn from year to year which
ought to give the amount remaining due to depositors,
would give a different sum from that'. reported as due.
I have, therefore, inserted:the reported amounts and
not those derived from the other columns. It appears, however, that the totals agree within less than
$1,000.
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228
32.
HISTORY OF SAVINGS BANKS.
ULSTER COUNTY SAVINGS INSTITUTION, KINGSTON.
First deposit received June 19, 1851.
Incorporated in 1851.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open: from 1851, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
Open
accounts.
Opened.
Closed.
1863 ....
1864 ....
1865 ....
1866 ....
1867, ...
1868 ....
448
967
589
583
794
9°4
143
400
497
418
447
493
1,198
1,765
1,867
2,002
2,349
Totals.
5,922
3,145
2,777
YEAR.
- - - - ---
1851}
..
to
678
4°4
274
1857
1858
1859
186o
1861
1862
74
293
213
164
315
51
21
297
469
612
668
893
....
....
....
....
....
70
!IO
91
2,777
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount wz'thdrawn ; 3, The amount remaining due to deposz'tors;
and 4, The amount of dz'vz'dends :-from organz'zatz'on in 1851, to and
z'ncludz'ng 1868.
Deposited.
YEAR.
Withdrawn.
Due depositors,
Dividends.
to 1854 ...
..........
..........
..........
..........
..........
..........
. ....
......•...
. • .• ,
..........
. . ........
..........
..........
..........
$82,973
18,655
25,184
26,891
21,982
63,186
99,980
57,948
95,658
184,553
358,276
247,821
261,364
426,386
646,922
$42,608
17,527
I 5,212
23,688
14,5 l 5
13,318
33,218
56,774
44,265
79,278
238,184
251,220
191,928
226,734
331,492
$40,365
41,493
51,456
54,679
62,435
II2,624
177,722
178,896
230,290
335,565
456,202
452,896
522,150
721,645
1,037,075
$5,509
2,014
1,791
2,940
3,091
4,753
Totals ......
2,617,788
$1,579,969
$1,037,075
$200,o65
1851
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
... .
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9,756
10,888
14,021
18,835
22,439
21,056
3o,765
44,4o6
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229
NEW YORK : FIRST SERIES OF T.ABLES.
For a striking exhibit of growth, observe in the
above the deposits in 1858 and in 1868. And this success was achieved in a town having, in 1858, a population of about 15,000, and in 1868 of about 20,000.
This experience should be full of encouragement to
those in rural districts who are conducting a Savings
Bank, whose beginning seems inauspiciously small.
33. WESTERN 8.AVINGS B.ANK OF BUFF.ALO.
Incorporated in 1851. First deposit received August 25, 1851.
ST.ATISTICS.
TABLE showing, 1, The number of open accounts at the close of each
year,- 2, The amount deposited, including dividends; 3, The
amount withdrawn; 4, The amount remaining due to depositors;
and 5, The amount of dividends :-in each year from organizati'on
in 1851, to and including 1868-partly esti'mated.
YEAR.
Open
accounts.
Deposited.
Withdrawn.
Due depositors.
Dividends.
1851 . ...
1852 . . ..
1853 ... .
1854 ....
1855 ....
1856 ....
1857 .. . .
1858 ...
1859 ....
1860 ....
1861 ....
1862 . ...
1863 ... .
1864 .•..
1865., ..
1866! ...
1867 ....
1868 ....
*94
* 163
* 254
* 287
348
418
423
396
432
552
658
856
983
1,285
1,516
1,630
1,679
1,774
*$13,630
* 28,000
* 40,000
*68,867
207,959
270,875
334,155
244,754
290,455
342,771
332,750
5o6,286
549,746
917,657
1,264,902
1,148,983
1,028,771
997,407
* $3,000
* 10,000
* 18,000
* 50,000
202,779
242,745
365,673
238,996
282,432
297,082
296,658
421,1 I 5
454,687
813,597
1,233,320
1,050,294
964,341
940,990
$10,630
*28,630
* 50,630
69,498
74,678
102,808
71,290
77,048
85,072
130,76o
166,852
252,023
347,082
451,143
482,724
581 ,414
645,843
702,260
.........
Totals ••
1,774
$8,587,975
$7,885,714
$702,26o
$195,644
*$76o
* 2,000
* 2,500
2,773
4,050
5,954
3,640
4,026
5,324
7,300
10,266
12,901
16,905
18,538
24,673
35,232
38,796
Whole number of accounts opened, 5,638; closed, 3,864.
•Estimated.
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230
HISTORY OF S.AVINGS B.ANKS.
34. W ILLI.AMSBURGH 8AVINGS BANK.
Incorporated in 1851. First deposit received June 9, 1851.
The subjoined statement of the origin and progress
of this institution was prepared by the cashier, John
Broach, Esq., £or the History of Savings Banks m
New York:
HISTORIC.AL SKETCH.
"This institution was the first to locate in this place,
and offer banking accommodations of any kind to the
residents of the then city of Williamsburgh, with a
population of from 25,000 to 30,000.
"The neceseity £or some such institution was seen
by a number of public spirited and benevolent individuals to exist, and the ordinary steps were taken, by
holding preliminary meetings, etc., to procure a charter. This being accomplished, the bank was opened
£or business in the basement of a church e9-ifice on the
corner of South Third and Fourth streets, opposite its
present banking-house, on Mondays, Wednesdays and
Saturdays of each week, two hours in the afternoon of
each busineee day ; whicli arrangement continued a bout
two years and five montp.s, after and since which time
it has been opened for business daily (Sundays and
holidays ex.cepted), four hours .on .each htisiness day.
"The business was attended to by the trustees £or
the :first seven months, without any expense to the institution £or clerical services, Mr. G. L. Demarest acting
gratuitously as clerk.
"The necessary expenses of opening, viz. : for furniture, books, stationery, advertising, rent, fuel, and
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NEW YORK: FIRST SERIES OF TABLES.
231
other current expenses, were all earned and liquidated from the profits, at the expiration of the first
eighteen months, over and above the interest regularly
credited to depositors semi-annually, at the rate of six
per cent per annum.
"During the third year the trustees erected the
banking-house which is now, and has been since the
30th of January, 1854, used and occupied for the business of the bank. The cost of the ground and building was earned, over and above the interest credited
to depositors, and the current expenses of the institution, by about the end of the seventh year from the
time of commencing business.
"A distinguishing feature in the policy of this institution has been to make loans in small sums upon bond
and mortgage, thus promoting the growth of the city.
"The growth of this bank has been steady and
almost unceasing, 1861 being the only year in which
the number of accounts closed exceeded the number
opened. That was doubtless owing to the general distrust felt by the community during the first year of the
war, and the removal of many depositors from the
place, but, even in that year, as in every other year, the
amount deposited (including interest credited) has
exceeded the amount withdrawn.
"The bank has suffered no embarrassment at any
time. During the panics and revulsions which have
occurred in business and ·:financial circles, since its
organization, it has always been prepared for any emergency which has arisen, and has never made any pecuniary sacrifice whatever to meet any demands upon it."
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232
IDSTORY OF SAVINGS BANKS.
In the sum.mer of 1875 the institution completed
and removed into one of the finest banking buildings
in the country.
STATISTICS.
TABLE showz'ng, I, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaz'nz'ng open:-z'n
each year from organz'zatz'on z'n 1851, to and z'ncludz'ng 1868.
YEAR.
1851
1852
1853
1854
1855
1856
1857
1858
1859
186o
Open
Opened. Closed. accounts.
....
36o
....
796
... . 1,394
.... 2,203
.... 1,523
.... 2,080
. ... 2,238
.... 2,743
.... 3,537
.... 3,528
---
321
39
2II
906
436 1,864
1,176 2,891
1,082 3,332
9 13 4,499
1,853 4,884
1,199 6,438
1,466 8,509
1,6o4 10,433
Opened.
YEAR.
Closed.
Open
accounts.
1861 ....
1862 ....
1863 .. ..
1864 ....
1865 . .. .
1866 . ...
1867 ....
1868 . ...
2,523
3,8834,465
4,671
4,339
3,987
3,666
3,865
2,659
2,045
2,325
2,998
3,664
3,796
3,607
3,32:!
10,297
12,135
14,275
15,948
16,623
16,814
16,873
17,416
Totals ..
51,801
34,395
17,416
TABLE showlng, I. The amount deposited, z'ncludz'ng dz'v z'dends ; 2 .
The amount withdrawn; 3, The amount remaz'nz'ng due to deposz'tors;
and 4, The amount of dz"vz'dends :-zn each year from organz'zatzon zn
1851, to and zncludz'ng 1868.
YEAR.
Deposited.
Withdrawn.
Due depositors.
Dividends.
$42,155
155,758
297,354
406,150
364,164
482,874
619,550
747,105
1,073,996
1,165,508
935,554
1,373,178
2,085,388
2,738,743
2,915,084
3,078,599
2,979,800
3,158,552
$9,750
66,635
156,200
292,871
295,080
265,639
512,818
429,234
591 ,328
829,297
925,274
742,391
1,139,493
1,822,849
2,371 ,466
2,614,901
2,754,034
2,831 ,408
$32,405
121,528
262,682
375,961
445,095
662,280
769,012
1,086,883
1,569,551
1,905,761
1,916,041
2,546,828
3,492,723
4,408,617
4,952,235
5,415,933
5,641,699
5,968,843
$441
3,286
8,770
I 5,787
20,008
28,166
37,778
48,291
71,889
93,269
101,460
121.280
164:880
214,658
244,941
274,568
286,913
354,109
Totals . .. ..... $24,619,519
$1 8,650,675
$5,968,843
$2,090,501
1851
1852
1853
1854
1855
1856
1857
1858
1859
186o
1861
1862
1863
1864
1865
1866
1867
1868
..... . . .. •..
.. . ..... . .. .
... ... .. ....
.. ..... .....
............
.. . .........
.. . . ... . .. ..
. .. .. ... . . ..
... . ... .. .. .
....... . .. . .
........ . ...
. .. ....... . .
.. .... . . . . . .
.......... ..
........ .. . .
... . ........
. . .. .. .... . .
............
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233
NEW YORK: FIRST SERIES OF TABLES.
34. DUTCHESS COUNTY SAVINGS BANK.
Incorporated in 1851. Organized and first deposit received
in 1852.
Until my researches among the debris of legislative
documents disclosed a report from this institution, it
was supposed never to have been organized, and it is
so stated in the list of chartered institutions in the late
reports from the Bank Department.
It was organized, however, and during its first year
received $511. 93 in deposits. A letter from the attorney
of the institution to the Senate, written in 1856, states
that its deposits never amounted to $1,000, and that
it was closed up without loss to the depositors. It was
located at Washington Hollow, in Dutchess county.
The number of depositors probably never exceeded 50.
36.
MECHANICS' AND TRADERS'
SAVINGS INSTITUTION,
NEW YORK.
Incorporated in 1852. First deposit received May 26, 1852.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open: in each year from organizatzvn in 1852, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
- - ---
1852 . . . .
1853 ... .
1854 .. . .
1855 ....
1856 ....
1857 ....
1858 ....
1859 ....
1860 . ...
1861 . .. .
574
945
685
395
496
515
564
755
957
627
72
187
332
367
401
417
442
605
325
890
502
1,260
1,613
1,641
1,736
1,834
1,956
2,100
2,738
2,475
. ...
....
...
....
....
....
. . ..
851
2,149
2,079
1,811
1,741
1,496
1,440
500
708
1,274
1,558
1,371
1,631
1,154
2,826
4,267
5,072
5,3 2 5
5,695
5,56o
5,846
Totals.
18,080
12,234
5,846
1862
1863
1864
1865
1866
1867
1868
80
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234
HISTORY OF SAVING;S BANKS.
STATISTICS - (Continued.)
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors; and, 4, The amount of dividends:- in each year from organz'zation in 1852, to and including 1868.
Deposited,
YEAR.
1852
1853
1854
1855
1856
1857
1858
1859
186o
1861
1862
1863
1864
1865
1866
1867
1868
..... . ....
..
........ ..
.......•..
..
. .........
..........
.......••.
.....
.....•.•.•
.. ........
..........
..........
. ......
•........ ·.
..........
...•......
Withdrawn.
Due depositors.
Dividends,
$II9,047
239,432
215,538
145,733
158,003
177,077
203,1 I 5
256,641
334, 2 7 1
226,848
326,564
985,277
1,215,725
1,183,853
1,384,224
1,549,120
1,481,827
$14,707
91,798
181,988
142,500
I"'.36,109
176,043
J 53,192
179,777
239,812
307,750
188, 539
330,974
784,522
955,764
999,354
1,288,393
1,343,378
$104,340
251,974
285,525
288,757
310,651
3u,687
361,612
438,474
532,933
452,031
590.047
1,244,360
1,675,562
1,903,651
2,288,521
2,549,248
2,687,697
$1,599
8,958
13,715
13,705
14,985
I 5,950
17,047
20,6o6
25,181
25,221
25,461
53, 02 5
79,470
93,63 2
IIl,427
131,785
140,581
Totals ...... $10,202,303
$7,514,600
$2,687,697
$792,355
37.
BROCKPORT SAVINGS BANK.
Incorporated in 1853. First deposit received September, 1853.
This institution seems never to have flourished, and
after 1861 nothing is found concerning it. It was
closed for want of sufficient business to warrant continuing it in operation. Doubtless the :financial uncertainties at the beginning of the late war hastened its
dissolution, though had it been kept alive another
year, the tide of fortune might have turned in its favor,
as it did with many another institution of the period.
It is presumed to have closed honorably as by its last
report, made for January, 1862, it was solvent.
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NEW YORK: FIRST SERIES OF TABLES.
235
STATISTICS.
TABLE showz'ng, J, The number of open accounts; 2, The amount
depos_z'ted, includz"ng t/z'vz'dends; 3, The amount wz"thdrawn; 41 The
amo1,1nt remafnz'ng due to deposz'tors; and 5, Tfte amount of dz'vz'dends: - z'n each year from organz'zati'on i'n 1853, to and z'ncludz'ng 1861_.
·
Open
accounts.
YEAR.
Deposited.
*:n
18-53 ......
J854 ......
;1855 ......
1856 ......
1857 ......
1858 •.
1859 ......
18-60 .. ,,,,
18-61 ......
* 53
*.45
*37
46
_46
37
50
5~
$9,13~
31,_14
27;940
2 3,393
15,839
9,465
17,191
17,398
5,827
52
$153,428
Due depositors.
Withdrawn.
Dividends.
$2,114
30,584
25,735
25,022
18,819
8,905
17,270
16,567
5,93°
$4,018
4,583
5,887
4,258
1,269
1,829
1,751
2,582
2,479
None.
*$180
372
327
217
148
150
185
194
$15~,9491
$2,479
$1,776
. .
Totals ..
Number of accounts opened, estimated, 150; number closed, 150.
* Estimated.
38.
COHOES SAVINGS INSTITUTION.
Incorporated in 1851.
First deposit received A:ugust 16, 1853.
STATISTICS,
TABLE showz'ng, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaz'nz'ng open :-z'n
each year from organz'zation z'n 18 53., to and z'ncludz'ng 1868.
YEAR.
Open
Opened, Closed. accounts
Open
accounts.
Opened,
Closed,
1862 ... .
1863 ...
1864 ....
1865 ....
1866 ....
1867.
1868 ....
327
356
501
467
486
909
510
160
263
359
469
471
346
366
548
641
783
781
796
1,359
1,503
Totals . .
4,981
3,478
* 1,uo
YEAR.
- ---1853 ....
1854 ....
1855 ....
1856 ....
1857 ....
1858 ....
1859 ....
1860 ....
1861 ....
60
122
87
Il9
159
161
258
300
1 59
9
6o
61
87
156
95
128
237
211
51
Il3
139
171
174
240
370
433
381
* As reported.
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236
HISTORY OF SAVIN GS BANKS.
STA.TISTICs-( Continued).
TABLE showing, 1, The amount deposited, including divide1eds; 2,
The amount withdrawn; 3, The amount remaining due to deposz'tors;
and 4, The amount of dividends:- in each year from organt"zation z'n
1853, to and including 1868.
Deposited.
YEAR.
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
Withdrawn.
Due depositors.
Dividends.
....•.....
..........
..........
..........
..........
...•.•....
..........
..........
..........
......•...
..........
..........
.....
. ........•
........
..........
$5, 152
24,523
21,132
49,029
53,13o
39,231
59,566
86,372
53,032
78,415
136,786
186,232
172,250
211,375
183,332
198,763
$694
17,158
18,913
37,038
55, 298
27,936
33, 190
67,631
67,812
42,618
80,576
142,202
197,050
180,007
127,959
170,373
$4,458
u,823
14,043
26,033
23,948
34,734
61,120
78,951
66,829
)02,700
159,145
203,527
179,332
209,261
263,754
291,865
$42
310
609
918
r,273
1,362
2,118
2,765
2,793
3,190
5,099
7, 109
6,579
6,996
9,014
II,184
Totals ....
$1,558,327
I $1,266,462
$291,865
$61,367
....
p9.
METROPOLITAN SAVINGS BANK, NEw YoRK.
Incorporated 1852.
First deposit received .April 14, 1853.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, Thenumber of
accounts closed; 3, The number of accounts remaining open : - in
each year from organz'zati'on in 1853, to and including 1868.
YEAR.
1853 ....
1854 ....
1855 ....
1856 ....
1857 ....
1858 ....
1859 ....
186◊ ....
1861 ....
Open
Opened. Closed. accounts.
---2 59
76◊
478
926
912
938
1,139
1,326
902
36
314
367
337.
742
445
536
717
940
223
669
580
r,369
1,539
2,032
2,635
3,244
3,206
YEAR.
Opened.
Closed.
Open
accounts.
1862 . ...
1863 ....
1864 ....
1865 ....
1866 ....
1867 ....
1868 ....
1,317
l,744
1,91 l
1,679
2,296
3,878
4,229
807
869
1,318
1,596
1,404
2,031
2,698
3,716
4,591
5,184
5,267
6,159
8,006
9,537
Totals.
24,694
15,157
9,537
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NEW YORK: FIRST SERIES OF TABLES.
STATISTICS- (
237
Continued).
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends :-zn each year from organz'zation
in 1853, to and including 1868.
Deposited.
YEAR.
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
.••........ .
.• •.• ....... '
.....•......
....••......
. . .. ........
......... . ..
...... . .....
.... .....•.•
...........
............
............
.......•... '
........ • ...
............
............
...... • .....
Withdrawn.
Due depositors.
Dividends.
$51,165
I 53,567
105,857
205,681
247,739
295,221
388,667
452,134
307,524
557,444
1,166,793
825,218
818,630
1,466,054
2,718,944
3,823,463
$13,218
71,538
88,762
92,057
202,466
161,134
204,975
276,854
344,789
377,983
870,432
662,367
745,139
877,674
1,507,720
2,645,818
$37,946
I 19,975
137,070
250,694
295,967
430,054
613,746
789,025
751,761
931,221
1,227,582
1,390,433
1,463,924
2,052,303
3,263,528
4,441 ,173
$2,054
2,899
5,994
9,857
14,687
18,619
27,726
37,632
40,744
44,544
57,417
68,289
72,394
92,228
144,916
210,763
Totals ........ $13,584,106
$9,142,933
$4,441,173
$850,770
40.
NEWBURGH S.A.VINGS BANK.
Incorporated in 1852. First deposit received January 1, 1853.
ST.A.TISTIOS.
TABLE showing, 1 , The number of accounts remaining open at the
end of the year, in which the same are reported; 2, The amount
deposited, zncludz'ng dividends; 3, The amount withdrawn; 4, The
amount remaining due to depositors; and 5, The amount of dividends :-zn each year from organz'zati'on in 1853, to and including
1868.
YEAR.
1853 ....
1854 ....
1855 ....
1856 ....
1857 ....
Open
accounts.
... . . .
......
......
..... .
302
Deposited.
$57,993
21,685
10,431
15,545
12,365
Withdrawn.
$8,572
31,741
20,573
13,213
14,915
Due depositors.
~$49,420
39,365
29,223
31,455
28,957
Hosted by
Dividends.
$1,062
1,622
1,308
1,240
1,263
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238
HISTORY OF SAVINGS BANKS.
STATISTICS· · (Continued):
YEAR.
Open
accounts.
Deposited.
Withdrawn.
Due depositors. · Dividends.
·- 1858 .. ..
1859 ....
186o ... .
1861 ....
1862 ....
1863 ....
1864 ....
1865 ....
1866 ... .
1867 ....
1868 ....
742
1,210
1,576
1,602
2,o60
2,866
3,505
3,447
3,488
3,7°5
4,352
$88,034
147,248
174,533
130,432
200,316
368,393
542,093
450,138
416,559
462,251
593,989
$25,178
6o,101
II 2,539
120,156
II 1,273
176,027
335,936
457,o68
372,466
389,228
362,581
$91,888
178,335
240,328
250,6o4
339,646
532,017
738,174
731,244
775,336
848,300
1,079,778
$2,295
5,537
9,108
10,493
12,704
19;146
2_7;676
31,325
31,841
34,844
41,6o1
Totals.
4,352
$3,692,010
$2,6u,5.75
$1,079,778
$233,132
..
Accounts opened, 12,324; closed, 7,972.
41.
PENN
Y .A.N
SAVINGS BANK.
Incorporated in 1853. Date of first deposit unknown.
This institution has been understood never to have
organized, and it is so set forth in the list·prepared by
the Bank Department. I find, however, that it was
organized, and the following record of its transactions
for 1855:
Amount deposited ........... . $2,163 00
134 00
Amount withdrawn .......... .
Accounts opened ............ .
2
Accounts closed •.............
1
2
Whole number of depositors .. .
None.
Interest paid.. . ......... . .. .
Due depositors January _1, 1856, $2,029 00
This is probably all the history the institution
had.
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239
NEW YORK: FIRST SERIES OF TABLES.
42. SIXPENNY SAVINGS BANK, NEW YORK. .
Incorporated in 1853 and commenced business in that year.
STATISTIOS.
TABLE showing, 1, The number of open accounts; 2, The amount
deposited, including dividends; 3, The amount withdrawn ; 4, The
amount remaining due to depost"tors; and 5, The amount of dividends: - in each year from organization in 1853, to and including 1868.
YEAR.
Open ac'ts
,stJan'y.
1853 ....
1854 ....
... . ..
......
Deposited.
Due depositors.
Withdrawn.
1856 ....
1857 ....
1858 ....
1859 ....
1860 ....
1861 ....
1862 ....
1863 ....
1864 ....
1865 ....
1866 ....
1867 ....
1868 .•.•
3,120
3,948
4,762
5,6o6
6,946
8,369
8,764
8,657
9,450
10,580
II,214
n,859
13,749
17;455
$50,139
139,95°
62,740
54,989
67,522
94,648
122,545
142,966
108,989
134,788
226,255
3 15,443
275,295
439,496
923,067
1,189;087
$11,058
93,955
68,466
52;736
62,671
68,109
88,612
n2,947,
117,860
103,679
165,957
275,731
275,365
300,042
587,134
948,361
$39,080
85,076
79,350
81,603
86,455
n2,994
146,928
176,946
168,075
199,184
259,482
299, 194
299,124
438,577
774,511
1,015,237
Totals.
17,455
$4,347,928
$3,332,691
$1,015,237
1855 ....
Dividends.
. ........
$2,437
3,9 13
3,939
4,206
4,243
5,3°3
7,290
8,575
8,387
9,652
12,429
14,766
14,629
22,677
40,643
$163,0¢
Accounts opened, 39,489; closed, 13;918:
43. WESTCHESTER COUNTY SAVINGS BANK, TARRYTOWN.
Incorporated in 1853. First deposit received Sept. 10, 18M.
STATISTIOS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open:- in
each year from organization in 1853, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
1853 ....
1854 ....
133
162
YEAR.
·opened.
Closed.
Open
accounts.
- - --4
35
129
256
1855 ....
1856 ....
104
188
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64
297
421
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240
HISTORY OF S.AVIN GS BANKS.
STATISTICS Open
Opened. Closed. accounts.
YEAR.
(
Oontinued ).
YEAR.
Opened.
Closed.
Open
accounts.
- - --1857
1858
1859
1860
1861
1862
1863
. ...
.. ..
....
... .
....
....
....
169
165
215
256
167
279
229
64
89
52
205
48
58
160
526
602
765
816
935
1,156
1,225
1864 .. ..
1865 . .. .
1866 . . . .
1867 ....
1868 ....
302
245
3 15
352
265
226
310
212
n7
254
Totals ..
3,546
1,961
1,301
1,236
1,339
1,574
1,585
1,585
TABLE showing, 1, The amount deposited, including dividends,· 2, The
amount withdrawn ; 3. The amount remaining due to depositors;
and 4, The amount of dividends:- in each year from organization
in 1853 to and inclutling 1868.
YEAR.
Deposited.
Withdrawn,
IDue depositors.
Dividends.
......... . ..
. .. ..•......
.... • .......
• •..........
... . ........
............
. ....•...••.
... • ...••...
..
. . . .........
. ... ...... . .
. . ...•......
.... • .......
....•..••...
. ...........
.....•......
$928
8,290
17,947
24,410
43,187
47,657
44,938
86,661
107,476
90,974
128,¢o
169,253
66,437
136,201
215,023
209,542
$10,460
36,927
72,429
89,689
78,854
103,734
148,905
196,751
181,779
220,524
241,243
286,498
256,433
363,149
392,182
397,365
None.
........
$n,388
34,756
53,349
41 ,670
32,352
7 2,537
90, 109
134,507
92,5°3
129,719
149,780
214,508
36,372
242,917
244,057
214,725
T<•tals .... . ...
$1,795,256
$1,397,891
$397,365
$138,814
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
Hosted by
$72
1,313
2,146
3,444
4,391
5,991
8,148
9,33 1
10,286
9,483
10,919
15,770
18,283
19,431
19,800
Google
NEW YORK: FIRST SERIES OF TABLES.
44.
241
ERIE COUNTY SAVINGS BANK.
Incorporated in 1854. First deposit received Sept. 1, 1854.
HISTORICAL SKETCH.
In the year 1854, a number of gentlemen of Buffalo
city, largely representing its business and prosperity,
became impressed with the belief that an additional
Savings Bank would prove an important auxiliary to
existing institutions, having the same general object in
view Acting upon this impression, the necessary
steps were taken to procure a charter, which was
obtained on the 10th day of April, 1854, under the
name of the "Erie County Savings Bank." The number of corporators named in the bill was twenty, all
residents and men of business in the city.
The institution was organized June 17th, 1854, by
the election of Wm. A. Bird, president ; Gibson T.
Williams and S. V. R. Watson, vice-presidents, and
E. Carlton Sprague, attorney.
Some delay was occasioned by the difficulty of
selecting a competent person to fill the office of secretary and treasurer, which was finally settled by the
appointment of Mr. Cyrus P. Lee, July 13th, 1854.
The bank commenced business in a very small way,
without capital,. depending upon the character and
reputation of the trustees, and' the business capabilities of the executive officers. In both these respects
the result has proved that their confidence was well
founded. Several of the trustees gave personal obligations guaranteeing the expenses of the institution,
and the repayment of all deposits, and the bank
31
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242
HISTORY OF SA VIN GS BANKS.
opened for business September 1st, 1854. The expenses
consisted of the rent, salary of secretary and treasurer,
$1,500; clerk, $4 per week.
This very small beginning looked unpromising, but
the energy of the officers and trustees gave assurance
of success.
The year closed with 2,459 accounts opened, and a
total amount deposited of $1,055,086.06.
This unexpected success assured the permanency of
the institution.
The net deposits December 31, 1855, were $346,582.19, and at the same date, in 1856, this sum had
increased to $480,305.32.
The season of 1857 will long be remembered as a
year of great reverses in business, and a wide-spread
panic throughout the whole country. The deposits of
the bank were heavily drawn upon, and the board
were compelled, in self-protection, to call in two installments of 12½ per cent each upop. outstanding loans,
the last of which, :fortunately, was not needed.
For a time it threatened the existence of the institution, but scarcely a year elapsed before the storm
had measurably passed away, leaving the bank stronger
than ever. The loss of net deposits was $91,866.51,
nearly all of which was drawn in September and
October. This loss was more than :recovered in 1858.
In 1867 the institution was removed to a large, fine
ap.d commodious building erected for its use, and
upon the occasion an interesting re-union was held at
which the history and career of the bank were
recounted, from which we have selected the foregoing.
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243
NEW YORK : FIRST SERIES OF TA.BLES,
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open:from organization in 1854, to and including 1868.
YEAR
Open
Opened. Closed. accounts.
YEAR.
Closed.
Opened.
Open
accounts.
-----1854
1855
1856
1857
1858
1859
186o
1861
1862
....
....
....
....
....
....
....
....
....
1,354 From Begin'g 1863 ....
1864 ....
1,920 1854 to with
1857.
1865 ....
1,842 1857.
1,631 2,446
4,301 1866 .. . .
1,076 1,046
4,331 1867 ....
1,122
748
4,7°5 1868 .. . .
1,386
5,546
545
1,402
6,557
391
2,821 1,024
8,354
Totals.
3,496
3,663
3,263
3,003
3,162
3,219
1,385
1,817
1,539
635
1,757
1,374
ro,465
2,31 l
l 3,935
16,300
17,705
19,55o
34,360
14,810
19,550
l
TABLE showing, 1, The amount dtposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors, and 4, The amount of dividends:- in each year from organizaHon in 1854, to and including 1868.
YEAR.
Deposited.
Withdrawn.
Dne deppsitors.
Divid<ends.
$291,495
1,074,706
1,480,420
211 I 1,146
1,564,687
1,534,333
1,759,546
1,809,934
2,652,307
3,684,928
5,136,233
4,352,7o8
4,442,664
5,66o,326
6,885,348
$157,830
857,858
1,327,882
2,183,009
1,449,363
1,436,921
1,574,798
1,6o8,294
1,981,228
3,205,566
4,761 ,009
4,277,304
3,939,0 39
5,117,646
5,997,276
$133,664
350,512
503,050
429,504
542,641
641,503
826,251
1,027,891
1,698,968
2,178,374
2,553,598
2,629,003
3,132,627
3,675,307
4,565,759
$1,334
10,677
20,316
23,233
22,634
31,140
37,9°3
46,093
65,258
72,892
94,57 2
113,049
143,502
171 ,274
225,951
Totals ........ $44,440,788
$39,875,029
$4,565,759
$1,079,837
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1854 ............
1855 ......•.....
1856 .....•......
1857 ... . ........
1858 ...
1859 ............
186o ........ . . . .
1861 ............
1862 ............
1863 ............
1864 ............
1865 .......•.•..
1866 ............
1867 ............
1868 ........•...
........
244
HISTORY OF SAVINGS BANKS.
45.
NEW YoRK SAVINGS BANK.
Incorporated in 1854.
First deposit received June 26, 1854.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open: - i'n
each year from organization in 18 54, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
Open
accounts.
Opened.
Closed.
818
962
1,047
1,584
1,801
1,804
572
522
807
702
1,037
1,698
1,616
1,856
2,738
3,502
3,608
Totals., 10,205
6,597
* 3,899
YEAR.
---
1854 ....
1855
1856
1857
1858
1859
1860
1861
1862
....
....
....
....
. . ..
....
....
....
143
89
83
1 57
207
292
297
220
701
50
63
59
138
94
93
119
143
162
275
454
196
234
312
555
II3
541
93°
1863 ....
1864 ....
1865 ....
1866 ....
1867 ....
1868 ....
1,176
* As reported.
·TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn ; 3, The amount remaining due to depositors;
and 4, The amount of dividends: - in each year from organization
z'n 1854, to and including 1868.
YEAR.
1854
1855
1856
1857
1858
1859
1860
1861
1862
1863
1864
1865
1866
1867
1868
Deposited.
Withdrawn.
............
.. . .........
............
............
.....•......
..••.•......
............
............
......•..•..
............
...•...•.•..
............
............
...... . •....
............
$13,948
23,017
21,348
44,4 29
55,360
80,515
71,616
53,841
90,306
188,064
287,825
303,441
499,818
859,o93
972,014
$5,872
7,664
21,389
32,131
19,707
46,331
58,u9
61,575
49,103
90,488
176,024
256,804
295,074
490,421
799,668
Totals ...•....
$3,564,641
$2,410,375
Due depositors.
Dividends.
$8,076
23,3 2 5
23,284
35,583
71,855
105,527
119,019
1n,285
152,488
250,065
361,866
408,503
613,24~
981,919
1,154,265
$1,154,265
Hosted by
$ 143
597
1,072
1,518
2,499
4,448
5,301
6,186
6,903
l 1,339
18,074
21,244
27,237
42,331
58,973
$207,872
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246
NEW YORK : FIRST SERIES OF TABLES.
46. SIXPENNY SAVINOS BANK OF ALBANY.
Incorporated in 1854 and commenced business in that year.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount deposited, including dividends; 3, The amount withdrawn; 4, The amount
remaining due to depositors; and 5, The amount of dividends: in each year from organization in 1854, to and including 1861,
Due
depositors. Dividends.
Open
accounts.
Deposited.
Withdrawn.
1854 ......... . ..
1855 ........... .
1856 ..••........
1857 ............
1858 ............
1859 ........ . ...
1860 ....... . ....
1861 ........ . .. .
649
845
928
59 1
906
977
1,016
1,004
$6,739
6,803
6,216
6,238
5,946
7,234
10,736
3,432
$1,201
4,593
4,243
7,105
3,7°9
3,708
9,473
4,570
$5,538
7,748
9,721
8,854
11,091
14,617
l 5,880
14,742
None.
$26o
394
400
422
486
639
599
Totals ........
1,004
$53,344
$38,602
$14,742
$3,200
YEAR.
Institution since closed.
estimated, 1,500.
47.
•
Whole number of accounts opened,
SIXPENNY SAVINGS BANK OF RooHESTER.
Incorporated in 1854.
First deposit received May 1, 1854.
STATISTICS.
TABLE showing the number of accounts opened and closed, the amount
deposited and withdrawn, the amount remaining due, and the dividends : - in each year from organz"zatt"on in 18 54 · to the date of its
final report in 1856, previous to its failure z'n 1857.
YEAR.
Accounts
opened.
I
Accounts
closed.
Deposited.
Withdrawn.
Due
depositors. Dividends.
1854 ...
1855 ...
1856 ...
946
.975
1,773
. .....
458
6oo
$37,801
73,658
99,011
$14,804
57,516
80,161
$22,997
39, 139
57,989
$329
2,209
3,043
Totals.
3,694
1,058
$210,471
$152,482
$57,989
$5,582
This institution failed in 1857.
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246
HISTORY OF SAVINOS BANKS.
48.
THIRD
A VENUE 8.A.VIN GS BANK,
NEW YORK.
First deposit received Sept. 4, l 854.
Incorporated in 1854.
STATISTICS.
TABLE showing, r, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open:- t"n
each year from organizatz'on z'n 1854, to and including 1868.
YEAR.
Open
Opened. Closed. !tccounts.
Opened.
YEAR.
Open
accounts,
Closed.
--1854
I 855
1856
1857
1858
1859
1860
1861
1862
....
36
....
9
20
....
....
13
.... 3°9
.... 801
.... 1,405
.... 1,127
.. . . 1,498
8
IO
15
17
54
304
667
1,029
229
28
27
32
28
273
770
1,508
1,6o6
2,891
1863 ....
1864 ....
1865 ....
1866 ....
1867 ....
1868 ....
2,219
3,741
4,835
6,367
5,900
5,377
1,584
1,472
2,203
2,981
3,928
5,554
3,526
5,795
8,421
II,8oi
13,779
13,602
Totals.
33,657
20,055
13,602
TABLE showt"ng, 1, The amount depost"ted, z'ncluding divz"dends; 2,
The _amouJt wz"thdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends :-in each year from organization
in 1854, to and including 1868.
YEAR.
Deposited.
Due depositors.
Withdrawn.
$3,834
3,696
3, 0 54
7,657
7o,845
154,363
326,378
301,896
410,41!
7o6,069
1,483,745
2,156,942
3,537,794
4,255,168
3,770,318
$2,301
3.977
1,966
9,330
15,100
85,713
149,367
240,143
200,487
377,851
811 ,084
1,369,664
2,015,355
2,991,274
4,143,695
$ 1 ,533
1,252
2,340
668
56,413
125,062
302,073
363,826
573,750
901,968
1,574,629
2,361,906
3,884,345
5,148,240
4,774,862
Totals ...... $17,192,176
$12,417,314
$4,774,862
1854 . . ........
1855 ..........
1856 ..........
1857 ..........
1858 ..........
1859 . .........
186o ..........
1861 ..........
1862 ..........
1863 ..........
1864 .... . ..
1865 ..........
1866 ..........
1867 ..........
1868 . . ........
Dividends.
. ..........
$47
94
135
688
2,294
7,075
16,014
20,746
32,500
51 ,083
83,074
128,447
207,380
252,161
$801 ,744
The institution closed in September of the present year, 1875. Some
account of its vicissitudes will be found in the chapter devoted to
such topics.
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241
NEW YORK : FIRST SERIES OF TABLES.
49.
YONKERS SAVINGS BANK.
Incorporated in 1854.
First deposit received June 13, 1854.
STATISTICS.
TABLE showz'ng, 1, The number of accounts opened; 2, The number
of account~ closed; 3, The number of accounts remaz'nz'ng open: in each year from organz'zatz'on zn 1854, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
Open
accounts.
Opened.
Closed.
1863 ....
1864 ....
1865 ....
1866 ....
1867 ...
1868 ....
4¢
6II
535
55 2
607
723
229
337
448
387
480
438
1,045
1,319
1,4o6
1,571
1,698
1,983
Totals.
S,350
3,367
* 1,917
YEAR.
-1854
1855
1856
1857
1858
1859
186o
1861
1862
....
....
....
....
....
....
....
....
....
229
II7
142
150
193
264
251
170
310
31
53
65
123
100
144
185
194
153
198
262
339
366
459
579
645
621
778
* As reported.
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount w#ltdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends: - in each year from organizatz'on
z'n I 8 54, to and including 1868.
YEAR.
Deposited.
Withdrawn.
Due depositors.
Dividends.
1854 ..........
1855 ..........
1856 ..........
1857 ...•..••..
1858 ..........
1859 ..........
186o ..........
1861 ..........
1862 ..........
1863 ..........
1864 ..........
1865 ..........
1866 ......... .
1867 ......•...
1868 ......•.•
$14,421
12, I 55
21,447
24,509
29,241
43,726
47,791
34,595
56,684
l 59,209
233,765
213,957
253,718
315,799
279,260
$5, 0 94
6,851
9,497
17,499
15,426
23,259
33,576
38,360
32,028
80,471
142,295
2!0,957
200,787
240,044
194,523
$9,3 27
14,631
26,581
33,591
47,405
67,872
82,II5
78,342
103,000
181,716
273,186
276,185
328,516
404,871
489,6o8
$124
458
934
1,419
1,585
2,567
3,36o
3,55 1
3,866
6,235
9,768
10,970
12,510
18,029
21,434
Totals ......
$1,740,285
$1,250,677
$489,608
$96,816
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248
HISTORY OF SAVINGS BANKS.
50.
ALBANY
Incorporated in 1854.
DIME
SAVINGS BANK.
Date of first deposit unknown.
So far as appears, this institution transacted business only during part of the year 1855. Its transactions during that period were as follows: Number of
accounts opened, 22; number of accounts closed, 2;
amount deposited, $30.63; amount withdrawn, $1.55 ;
interest credited, .02.
51.
ELMIRA SAVINGS BANK.
Incorporated in 1854. Commenced business in 1855.
Closed in 1866, paying depositors in full, was suc•
ceeded in 1869, by the Southern Tier Savings Bank,
whose statistics will be found in their proper place.
STATISTICS.
TABLE showing, I, The number of open accounts; 2, The amount deposited, including dividends; 3, The amount withdrawn; 4, _The
amount remaining due to depositors; and 5, The amount of dividends:
-in each year from organizatz"on z'n 185~ to and including 1865.
YEAR.
Open
accounts.
Deposited.
Withdrawn.
Due
depositors.
Dividends.
1855 ......••....
1856 ...• . ......•
1857 ..... .. .....
1858 ..........•.
1859 ........... .
186o ......... .. .
1861 .•..........
1862 .......... . .
1863 ............
1864 ..••.•......
1865 .....••.....
......
$2,146
1,377
1,303
33°
77
1.090
1,441
1,254
4,975
31, 199
64,671
$2,623
2,136
1,742
1,973
3,002
3,580
4,569
6,657
29,466
62,632
69,476
$30
143
132
21
27
35
45
126
261
3 15
$4,809
891
642
557
1,105
1,878
2,430
3,343
27,798
64,281
72,843
119
81
180
224
288
1,788
3,197
Totals ........
315
$180,551
$109,866
• $69,476
$6,286
14
13
IO
IOI
Accounts opened, estimated . . . . . . . . . . . . • . . . . . . . . . . . . . . . . . . . . 700
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249
NEW YORK : FIRST SERIES OF TABLES.
52.
ONONDAGA COUNTY SAVINGS BANK.
Incorporated in 1855.
Fir~t deposit received June 12, 1855.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount
deposited, including dividends ; 3, The amount withdrawn J. 4,
The amount remaining due to depositors, and 5, The amount of
dividends : --,- in each year from organization in 1855, to and
including 1868.
Open
accounts.
YEAR.
Deposited.
Withdrawn.
Due depositors.
Dividends.
1855 ..•.
1856 ....
1857 ....
1858 ....
1859 ....
186o ....
1861. ...
1862 ....
1863 ....
1864 ....
1865 ....
1866 ....
1867 ....
1868 ....
233
447
624
9 15
1,281
1,616
1,533
4,039
5,429
6,238
5,7°5
6,118
7,748
9,322
$49,486
125,195
148,153
239,oo6
356,061
485,993
634,166
1,247,384
2,087,001
5,342,367
3,689,640
3,084,870
4,509,781
5,464,416
$18,972
100,761
143,3 55
17°,339
2 98,393
389,410
476,073
888,580
1,667,134
4,986,274
3,968,888
2,837,973
3,751,614
4,847,611
$3o,514
54,948
62,422
129,6o1
186,199
282,782
438,473
794,165
1,219,427
1,575,520
1,296,272
1,543,169
2,301,336
2,918, 141
$489
1,242
3,345
4,483
7,o65
14,055
16. 181
26;946
45,727
56,683
62,909
66,924
104,653
141,438
Totals.
9,322
$27,463,525
$24,545,383
$2,918,141
$552,146
Number of accounts opened, 43,825; number closed, 34,503.
53.
SING SING SAVINGS BANK.
Incorporated in 1854.
Commenced business in 1855.
STATISTICS.
TABLE showing, 1, The number of open accounts J. 2, The amount
deposited, including dividends J. 3, The amount withdrawn; 4,
The amount remaining due to depositors J. and 5, The amount
of dividends :-in each year from organization in 1855, to and
including 1868.
Open
accounts.
YEAR.
1855 .. . .
1856 ....
32
127
147
Deposited.
$9,838
16,31 I
Withdrawn.
$42
7,218
Due depositors,
Dividends,
$8,335
17,427
$126
489
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250
HISTORY. OF SA.VIN GS BANKS,
STATISTICS -
YEAR.
1857 ....
1858 ..••
1859 .•. .
186o ....
1861. ...
1862 ....
1863 ••••
1864 ..••
1865 ....
1866 .. . .
1867 . . . .
1868 ....
Totals.
Open
accounts.
205
249
34°
302
258
349
475
6o3
Deposited.
(Continued,).
Withdrawn.
Due depositors.
Dividends.
722
876
1,o67
$21,644
20,788
35,194
34,646
9,365
26,050
58,243
83,597
66,924
97,213
136,122
157,621
$17,729
10,774
18,o61
26,796
22,897
7,884
25,248
52,192
74,739
39,652
64,036
1o6,743
$21,644
35,410
50,198
53,496
42,358
55,588
91,461
127,049
II9,023
176,584
248,669
299,547
$1,231
1,355
1,635
2,364
2,007
2,359
2,633
4,182
5,833
6,704
9,975
13,882
1,o67
$773,564
$474,016
$299,547
$54,780
009
Number of accounts opened, 2,112; closed, 1,048.
54. A.LB.ANY
ExcH.A.NGE
8.A.VINGS
BANK.
Incorporated and commenced business in 1856.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount
deposited, including dividends,· 3, The amount withdrawn ,- 4, The
amount remaining due to depositors,- and 5, The amount of dividends: - in each year from organizatt"on in 18 56, to and including 1868.
YEAR.
1856 . . ..
1857
1858 ....
1859 ....
1860 ....
1861. . . .
1862 ... .
1863 . . . .
1864 . ...
1865 •. . .
Open
accounts.
· •• ·
..
63
78
122
158
181
142
196
277
320
Deposited.
$11,095
16,161
29,280
34,884
37,044
19,749
48,153
90,382
90,857
72,596
Withdrawn.
Due depositors.
$725
13,26o
14,564
17,9 25
25,972
28,654
25,118
56,408
71,275
91,278
Hosted by
Dividends.
$9,433
13,271
27,987
44,947
56,019
47,114
70,149
104,229
123,81 I
105,129
Goog Ie
$49
458
889
1,462
2,222
2,466
2,119
3,5°9
4,003
4,132
251
NEW YORK: FIRST SERIES OF TABLES.
STATISTICS YEAR.
Open
accounts.
Deposited.
(Continued.)
Withdrawn.
1866 ....
1867 .. . .
1868 ....
301
317
412
$98,196
90,089
101,784
$70,600
106,246
89,686
Totals.
458
$740,277
$6u,717
Due depositors.
Dividends.
$132,726
116,568
128,635
$3,785
4,477
4,743
$128,635 .
$34,321
Number of accounts opened, 1,647; closed, 1,189-
55.
COMMERCIAL SAVINGS BANK, TROY.
Incorporated in 1855.
Commenced business in 1856.
STATISTICS.
TABLE sh0'11Jing, I, The number of open accounts; 2, Tlte amount
deposited, including dividends; 3, The amount withdrawn; 4, The
amount remaining due to depositors; and 5, The amount of dividends:- in each year from organization in 1856, to and including 1862.
YEAR.
Open
accounts.
Deposited.
Withdrawn.
Due depositors.
Dividends.
1856 ....
1857 ....
1858 ....
1859 ....
186o. - ..
1861 ....
1862 . - . -
53
51
451
721
810
799
135
$15,183
5,724
66,294
103,757
117,624
109,543
95,156
$4,822
5,46o
16,887
51,202
58,141
101,214
252,6o1
$10,36o
10,624
60,031
I 12,586
172,o69
180,399
22,954
$292
518
722
3,579
5,95 2
8,123
8,819
Totals.
135
$513,284
$490,330
$22,954
$28,008
Closed; no report made after 1st January, 1863.
Estimated number of accounts opened, 1,500; closed, 1,500.
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252
66.
HISTORY OF SAVINGS BANKS.
ME0HAN10s' AND FARMERS' SAVINGS BANK, ALBANY.
Incorporated in 1855 ; seems to have commenced business in
1856.
STATISTICS.
TABLE sltowing, 1, Tlte number of open accounts; 2, Tlte amount
deposited, including dividends; 3, The amount .witltdrawn ; 4, Tlte
amount remaz'ning due to depositors; and 5, The amount of dividends : - in each year from organization z'n 18 56, to and including 1868;
Open
accounts.
YEAR.
Deposited.
Due depositors.
Withdrawn.
Dividends.
1856 .. . •
1857 ..•
1858 ...•
1859 ....
186o ....
1861. ...
1862 ....
1863 ....
1864 ..•.
1865 ....
1866 ....
1867 ....
1868 ....
......
8
3
776
1,262
1,578
1,553
2,350
2,473
2,507
2,335
2,378
2,692
$1,144
422
307,225
342,253
470,149
405,031
1,227,957
592,439
907,661
667,120
1,222,158
78o,545
840,184
$109
643
134,581
182,324
261,622
424,616
605,768
577,030
864,931
815,056
1,209,017
750,455
686,668
$1,035
866
179,049
338,978
547,505
542,977
874,857
893,149
976,732
834,943
1,022,158
1,097,952
1,251,468
465
1,754
9,655
18,548
14,771
26,687
35,5°5
36,342
35,533
37,024
45,598
51,361
Totals.
2,870
$7,764,294
$6,512,826
$1,251,468
$313,257
$8
Numberofaccounts opened, 10,535; closed, 7,665.
BANK, ALBANY.
This institution will serve to illustrate the minvm;um
that may be accomplished by a savings bank.
It was incorporated in 1855, and organized April 1,
1856, on which day it received, in two deposits, the
sum of fifty cents.
As the report of this transaction was transmitted to
the Legislature the following winter, and as I find no
further record, it is p1·esumed that is all that was ever
done by it.
67.
MEROANTILE SAVINGS
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253
NEW YORK : FIRST SERIES OF TABLES.
58.
FISHKILL SAVINGS INSTITUTE.
Incorporated in 1857.
First deposit received June 13, 1857.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount deposited, including di"vt'tiends; 3, Tlze amount wz'thdrawn; 4, The amount
remaining due to depositors; and S, The amount of dz"vt'dends: in each year from organization z'n 1857, to and t"ncluding 1868.
Open
accounts.
YEAR.
1857 ....
1858 ....
1859 ....
1860 ....
1861. ...
1862 .. ..
1863 ....
1864 . . ;.
1865 ....
1866 ....
1867 .•..
1868 . ...
Totals.
Deposited.
Withdrawn.
Due depositors.
Dividends.
626
589
618
819
862
$5,085
22,285
28,685
32,256
24,577
43,272
73,562
105,807
72,867
65,311
122,935
105,26o
$454
5,170
13,221
16,758
22,490
24,314
24,646
61,475
101,051
48,196
54,994
85,588
$4,587
21,497
36,841
51,223
52,218
70,724
119,635
163,775
135,59 1
152,711
220,669
240,506
$41
342
1,117
1,812
2,241
2,571
3,725
5,976
6,898
6,627
8,307
Il,094
862
$701 ,907
$458,364
$240,5o6
$50,756
45
143
233
280
290
370
511
Number of accounts opened, 1,760; closed, 898.
59.
MANUFACTURERS' SAVINGS BANK, TROY.
Incorporated and commenced business in 1857.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount deposited, zncluclz'ng dz"vitlends; 3, The amount wz'thdrawn; 4, The
amount remaznzng due to deposz'tors; and 5, The amount of dividends:
- in each year from organizatz'on in 1857, to and including 1868.
YEAR.
1857 ... .
1858 ....
Open
accounts .
4
282
Deposited.
$3,912
61,224
Withdrawn.
$2,682
10,466
Due depositors.
$1,230
51,988
Hosted by
Dividends.
$16
959
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254
IDST0RY OF SAVINGS BANKS.
STATISTICs-(Oontinud).
Open
accounts.
YEAR.
1859 ....
186o . .. .
1861. ...
1862 ....
1863 ....
1864 ....
1865, ...
1866 ....
1867 ....
1868 . . . .
541
564
467
489
45°
401
298
128
68
44
Totals.
44
Deposited.
Withdrawn.
Due depositors.
Dividends.
No more
deposits.
$35,397
71,854
153,657
42,182
30,414
57,892
61,944
44,379
8,816
7,53 1
$II0;65}7
129,569
J:22,309
(122,628
100,650
92,766
67,094
22,714
13,898
6,366
.$4,504
6,447
6,828
6,788
6,lII
4,425
3,473
1,370
792
492
$443,587
$437;u1
$6,366
$42,210
$94,106
·90,726
56,456
42,442
14,436
44,008
36,272
Number of accounts opened, 2,121; closed, 2,077.
60.
MUTUAL .SAVINGS
BANK:r,,
TBOY.
Incorporated and commenced business in 1857.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount
deposited, including dividends: 3, The amount withdrawn; 4, The
amount remaining due to depositors; and 5, The amount of dividends: - in each year from organization t"n 1857, to and z'ncludz'ng 1868.
YEAR.
1857 ....
1858 ....
1859 ....
1860 ....
1861. .. .
1862 . . ..
1863 ....
1864 ...
1865 ....
1866 .••.
Open
accounts.
2[
125
203
231
240
33°
3 15
467
424
478
Deposited.
$4,773
24,687
34,138
33,779
26,009
61,032
40,189
114,283
79,786
88,297
Withdrawn.
Due depositors.
$62
$4,7u
5,455
.23,63-7
14,818
27,855
32,318
34,281
43,690
53,¢5
97,456
65,329
Hosted by
Dividends.
··•• -•· ······
42,958
48,882
42,572
69,324
65,721
12 5,935
108,142
131,no
Google
.$2o6
1,269
2,165
2,438
2,4o6
3,363
3,475
5,025
4,724
255
NEW YORK : FffiST SERIES OF TABLES.
STATISTICS YEAR.
Open
accounts.
Deposited.
(Continued).
Due depositors.
Withdrawn,
Dividends.
1867 . .. .
1868 . . ..
$132,132
553 ,
* l02,299.
$103,968
88,867
$159,274
172,706
* 11,962
Totals .
553
$741,409
$568,069
$172,7o6
$43,799
532
$6,763
Number of accounts opened, 2,121; closed, 1,566.
* Includes three dividends.
61.
STATE SAVINGS BANK, TROY.
Incorporated in 1856. Commenced business in 1857.
STATISTICS.
TABLE showing, 1, Tlte number of open accounts; 2, The amount
deposited, including ,dividends,- .3, The amount withdrawn; 4, The
amount remaining due to depositors; and 5, The amount of dividends :-in each year from organtzation in 1857, to and including 1868.
YEAR.
Open
accounts.
.
Deposited.
·withdrawn.
·Due depositors.
Dividends.
1857 ....
1858 .. . .
1859 ....
1860 ••.•
1861. ...
1862 ....
1863 ....
1864 . ...
1865 ....
1866 ....
1867 ....
1868 ...•
43
309
436
500
479
580
726
805
793
792
598
435
$14,714
52,213
63,258
57,478
37,040
71,631
131,048
'213,072
13 1,977
66,360
47,402
34,372
$2,578
16,870
31,810
40,955
49, 130
45,451
64,094
226,836
125,681
74,572
61,917
48,524
$12,136
47,479
78,927
95,449
83,359
109,538
176,482
162,719
169,015
16o,802
146,287
132,145
$109
1,345
3,116
4,833
4,503
4,¢1
6,286
12,orr
8,509
7,139
6,672
6,172
Totals.
435
$920,569
$788,424
$132,145
$65,661
-.-
Number of accounts opened, 2,197; closed, 1,762.
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256
IDSTORY OF SAVIN GS BANKS.
62. UNION SAVINGS BANK, ALBANY.
Incorporated in 1855. Commenced business in 1857.
STATISTICS.
TABLE showz'ng, 1, The number of open accounts; 2, The amount
deposited, z'ncluding dividends; 3, The amount withdrawn ; 4, The
amount remaining due to depositors; and 5, The amount of dividends: - z'n each year from organisa#on in 18571 to and t'ncluding 1863.
YEAR.
Open
accounts.
Deposited.
1857 ....
1858 ....
1859 ....
186o ....
1861 ....
1862 ....
1863 ....
2
69
143
187
II6
97
79
$2
17,7o6
30,86o
46,856
20,951
5,924
4,813
Totals.
79
$127,n4
Due depositors.
Withdrawn.
. . . . . . .. ..
$2
Dividends.
...... ...
$2,752
15,187
15,451
32,961
5o,958
8,II0
4,6o3
30,363
44,257
16,065
14,244
14,445
1,757
761
$II4,837
* $14,445
$5,907
$232
1,028
1,587
539
Number of accounts opened, estimated, 300; closed, 300.
Closed after the above, it is presumed, paying depositors in full.
• So reported.
63. CENTRAL SAVINGS BANK, TROY.
Incorporated in 1857. Commenced business in 1858.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount
deposited, including dividends; 3, The amount withdrawn; 4, The
amount remaining due to depositors; and 5, The amount of dividends :-in each year from organisation in 1858, to and including 1868.
YEAR.
1858 ....
1859 .. ".
1860 ....
1861. ..•
1862 ....
1863 ..•.
1864 .••
1865 ....
Open
accounts.
125
168
215
190
318
290
2 59
220
Deposited.
$33,112
44,591
38,938
23,490
82,975
92,529
57,449
3 1,530
Due depositors.
Withdrawn.
$7,399
24,283
44,596
24,742
27,414
1o6,416
61,215
52,851
Dividends.
$25,712
46,020
40,361
35f,109
94,670
80,783
77,017
55,6¢
Hosted by
Goog Ie
$78
1,056
1,617
1,887
1,978
3,043
2,517
2,365
257
NEW YORK: FIRST SERIES OF TABLES.
STATISTICS Open
accounts.
YEAR.
Deposited.
(Continued).
Withdrawn.
Due depositors.
Dividends.
1866 ....
1867 ....
1868 ....
210
226
140
$34,238
44,139
7,3°7
$33,631
38,637
32,636
$56,303
61,805
36,479
$2,175
2,682
1,784
Totals.
140
$490,303
$453,825
$36,479
$21,187
Number of accounts opened, 1,197; closed, 1,057.
64.
MECHANICS' SA. VIN GS BANK, BUFF ALO.
Incorporated and commenced business in 1858.
STATISTICS.
TABLE showing, 1, The number of open accounts ; 2, The amount
deposited, including dividends; 3, The amount withdrawn; 4, The
amount remaining due to depositors; and 5, The amount of dividends :-in each year from organization in 1858, to and including 1868.
Open
accounts.
YEAR.
Deposited.
Withdrawn.
Due depositors.
Dividends.
1858 ....
1859' ...
1860 ....
1861. ...
1862 ....
1863 ....
1864 ....
1865 ....
1866 ....
1867 ....
1868 ....
60
139
182
218
302
442
578
683
810
892
876
$15,234
48,380
57,814
58,900
96,825
129,417
216,107
244,780
285,6o9
251,406
271,155
$9,743
36,084
56,578
53,719
77,740
93,26o
181,855
242,684
242,387
249,997
27°,795
$5,490
17,786
19,022
24,202
43,287
79,444
113,697
115,793
159,or 5
16o,423
160,784
$IIO
518
871
1,138
1,6o4
2,388
4,184
4,593
6,122
8,043
8,661
Totals.
876
$1,675,631
$1,514,846
$16o,784
$38,238
Number of accounts opened, 2,313; closed, 1,437.
65.
SOUTHOLD SAVINGS BANK.
Incorporated in 1858.
First deposit received July 5, 1858.
This bank is perhaps the most successful illustration
of a Savings Bank in a purely rural community that we
33
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258
HISTORY OF SAVINGS BANKS.
have in this State. The origin of the Savings Bank is
stated by the attorney, J. H. Goldsmith, Esq., as follows:
"Some time in the fall of 1857, I was in the city of
Brooklyn, when intelligence reached me of the failure
of a certain house in the city of New York, which I
knew had considerable money belonging to the people
of this town. I immediately made a remark something to this effect: 'That I was going home, and intended to get up a Savings Bank in the town of Southold, and see if we could not prevent our money from
coming to the city, and the people from losing their
money in this way.'"
Mr. G. conferred with a· number of bis fellow citizens upon the subject, a charter was procured, and the
result appears in the statistics which follow.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number of
accounts closed; 3, The number of accounts remaining open; 4, The
amount deposited, including dividends; 5, The amount withdrawn;
6, The amount remaining due to depositors; and 7, The amount of
dividends :-in each year from organizaNon in 1858, to and including 1868.
~-cl
""'
""'
•
YEAR.
.,;
"',,,
C:
"0.
<o
Open
ac'nts.
0
G
Amount
Due
Amount
•
deposited. withdr'wn. depositors. Dividends
-$2,400
6,890
22,814
25,602
21,041
52,258
78,861
79,590
72,744
71,687
84,205
$6,970
22,241
37,296
63,483
lII,600
181,222
209,348
212,966
255,252
332,796
414,681
$ 37
581
1,294
2,259
3,453
6,680
8,508
10,916
12,714
16,161
20,652
Totals .... · 2,024 853 *1,298 $932,779 $518,098 $414,681
$83,261
1858 .... . . . ..
1859 ......•..
1860 ..... . ...
1861. ........
1862 .........
1863 .........
1864 .... . ....
1865 .........
1866 .........
1867 .........
1868 .........
77
I
95
131
104
229
275
230
172
198
271
242
9
26
32
36
87
131
169
134
132
96
-- -
76 $9,609
22,545
159
265
37,386
51,654
348
69,215
57 2
76o 121,819
870 107,038
82,865
892
1,082 I 10,322
1,152 I 54,232
1, 171· 166,089
I
• As reported.
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259
NEW YORK: FIRST SERIES OF TABLES.
66.
THE DIME SAVINGS BANK OF BROOKLYN.
Incorporated in 1859.
First deposit received June 1, 1859.
This institution was chartered in 1859. Wm. W.
Edwards first brought the subject before the public,
having received the suggestion from a report of the
great success of the Five Cents Savings Bank of Boston.
Gentlemen of intelligence and influence were consulted,
and the first board of trustees embraced some of the
best and best known names in Brooklyn.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open : - in
each year from organization in 1859, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
-----
1859
186o
1861
1862
1863
1864
. ...
....
....
.. . .
.•••
....
3,344
4,101
2,335
2,269
2,806
4,_036
244 3,100
1,066 6,135
1,565 6,905
1,127 8,047
1,142 9,711
1,671 12,076
1865 .. ..
1866 ....
1867 ....
1868. ! ..
3,707
4,887
5,210
5,443
2,431
2,589
3,078
3,373
13,352
15,650
17,782
19,852
Totals.
38,138
18,286
19,852
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors, and 4, The amount of dividends : - in each year from organiz'ation in 1859, to and including 1868.
YEAR.
1859
1860
1861
1862
1863
1864
1865
1866
..••... ... . .
. . . . .....•..
............
...•........
••...•••• . ..
..•...••... .
. ; ..........
......... .. .
Deposited.
$98,889
330,377
293,926
443,636
613,530
1,229,852
1,262,169
1,890,452
Withdrawn.
$ 18,935
134,637
212,943
263, I 58
308,840
733,678
928,563
1,14.2,894
Due depositors.
$79,954
275,693
356,676
537,154
841,845
1,338,018
1,671,624
2,419,181
Hosted by
Dividends.
$1,048
8,873
I 5,908
22,689
35,020
56,239
76,278
104,505
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260
HISTORY OF SAVINGS BANKS.
STATISTICS -
(
Oontimted).
Deposited,
Withdrawn.
$2,3°5,384
2,568,724
$1,678,694
1,871,954
$3,045,872
3,742,642
$143,451
205,677
Totals ........ $II,036,944
$7,294,301
$3,742,642
$669,692
YEAR.
1867 ... ... .. .. ..
1868 ... . ........
6'7.
Due depositors.
Dividends.
GERMAN SAVINGS BANK, NEw YoRK.
Incorporated in 1859. First deposit received July 1, 1859.
STATISTICS.
TABLE showing, 1, The number of accounJs opened; 2 , The number
of accounts closed; 3, The number of accounts remaining open:-in
each yea .. from organizatz"on in 1859, to and including 1868.
YEAR,
Open
Opened. Closed. accounts.
I
YEAR.
Opened.
Closed.
Open
accounts.
--
1859
1860
1861
1862
1863
1864
.... 1,964
91 1,873
.... 3,697
901 4,679
... 2,081 1,66~ 5,085
.... 3,6z1 1,126 7,580.
.... , 5,035 1,675 10,940
. . . . 6,14914,665 12,424
* As
1865 ....
1866 ....
1867 ... .
1868 ....
7,092
6,094
6,264
5,880
5,621
6,159
5,259
5,330
13,895
13,830
14,835
I 5,385
Totals ..
47,877
32,492
* I 5,867
reported.
TABLE showing, I. The amount deposited, including dividends; 2 .
The qmount withdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends :-in each year from organization in
1859, to and including 1868.
Deposited.
YEAR.
1859
1860
1861
1862
1863
1864
1865
1866
............
.....
.... .. .....
......... . ..
............
............
............
. .... ... ....
......
$279,893
879,789
613,491
1,122,728
1,939,7 56
3,13o,935
3,566,331
2,999,647
Withdrawn.
Due depositors.
$37,392
348,633
479,607
524,632
997,956
1,977,030
2,807,946
3,247,986
$242,501
773,657
907,541
1,5°5,637
2,447,437
3,601,342
4,359,727
4,111,388
Hosted by
Dividends.
$2;588
22,519
35,387
50,871
81,203
I 53, 10 5
162,432
185,585
Goog Ie
261
NEW YORK: FIRST SERIES OF TABLES.
STATISTICS-( Continued.)
Deposited,
Withdrawn.
$2,868,535
2,705,695
$2,645,379
2,684,039
$4,334,544
4,355,689
Totals ... . ... . $20,1o6,803
$ 15,750,004
$4,355,689
YEAR.
1867 ......
1868 ............
68.
Due depositors.
Dividends.
$202,048
203,383
.
$1,099,125
JEFFERSON COUNTY SAVINGS BANK.
Incorporated and commenced business in 1859.
STATISTICS.
TABLE showing, 1, The number of open accounts~· 2, The amount
depos#ed, including dividends; 3, The amount withdrawn; 4, The
amount remaining due to depositors, and 5, The amount of dividends: -in each year from organization in 1859, to and including
1868.
YEAR.
Open
accounts.
1859 ....
1860* .. 1861 .. ..
1862 ... .
1863 ....
1864 ....
1865 . .. .
1866 . •. .
1867 ....
1868 ....
.. ....
211
478
621
812
645
682
692
754
67,467
13,904
l 52,290
212,098
139,46o
73,923
80,229
67,046
$7,4°7
8,766
29,474
82,480
100,634
I 55,495
188,303
97,957
82,040
67,156
Totals.
754
$922,761
$819,717
159
Deposited.
$16,340
. .........
I
Withdrawn.
Due depositors.
Dividends.
$8,933
$83
38,159
69,584
121,239
179,422
128,999
104,964
103,154
103,044
142
1,410
3,440
5,856
5,219
5,198
4,126
4,621
$103,044
$3o,099
.... .. ... . ........
Number of accounts opened, 2,150; clqsed, 1,396.
* Suspended operations this year, resuming in 1861.
Hosted by
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262
HISTORY OF SA VIN GS BANKS.
69.
OSWEGO CITY SAVINGS BANK.
Incorporated in 1859.
First deposit received May 18, 1859.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount
deposited, including dividends ; 3, The amount withdrawn; 4,
The amount remaining due to depositors, and 5, The amount of
dividends: -in each year from organization in 1859, to and
including 1868.
YEAR.
Open
accounts.
Deposited.
1859 ... .
1860 ....
1861 ... .
1862 ....
1863 ...
1864 . . ..
1865 ....
1866 ....
1867 ....
1868 ....
121
246
35°
7°9
1,063
1,521
1,537
1,519
1,549
1,640
$19,807
41,984
80,235
166,950
328,175
779,318
676,197
479,719
445,767
458,127
Totals.
1,640
$3,476,283
Due depositors.
Withdrawn.
Dividends.
$8,833
26,462
65,693
99,734
235, II6
643,508
705,586
494,379
425,234
449,75°
$10,974
26,389
4o,931
166,950
201,206
337,016
307,627
292,967
313,501
321,878
$135
653
1,232
2,632
7,121
II,354
12,554
11,938
12,594
13,809
$3,154,2991
$321,878
$74,026
Number of accounts opened, 8,086; closed, 6,446.
70.
PEEKSKILL
SAVINGS BANK.
Incorporated and commenced business in 1859.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount
deposited, including dividends; 3, The amount withdrawn; 4, The
amount remaining due to depositors, and 5, The amount of dividends :-in each year from organization in 1859, to and including 1868.
YEAR.
1859 ....
186o . ...
1861. .. .
1862 ....
1863 ....
Open
accounts.
123
215
276
511
75 1
Deposited.
$11,956
17,o~
20,31 l
42,856
94,775
Withdrawn.
$1,132
6,623
9,068
14,054
35,366
Due depositors.
Dividends.
$10,824
21,236
32,479
61,281
120,690
Hosted by
Goog Ie
$104
663
1,178
1,742
3,894
NEW YORK : FIRST SERIES OF TABLES.
STATISTICS Open
accounts.
YEAR.
Deposited.
(
263
Continued).
Withdrawn.
Due depositors.
Dividends.
1864 ....
1865 ....
1866 ....
1867 ....
1868 ....
1,147
1,129
1,366
1,520
1,610
$237,589
163,554
185,408
221,117
211,738
$105,856
182,868
135,897
187,019
182,177
$252,423
233,109
282,620
316,718
346, 279
$7,655
10,291
10,696
12,936
13,931
Totals.\
1,610
$1,206,345
$860,o65
$346,279
$63,094
Number of accounts opened, 3,531; closed, 1,921.
71.
QUEENS COUNTY
Incorporated in 1859.
SAVINGS BANK, FLUSHING.
First deposit received July 7, 1859.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open: in each year from organization in 1859, to and includin[ 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR,
Open
accounts.
Opened.
Closed.
152
1,185
III
--1859 ....
186o
1861
1862
1863
1864
....
....
....
....
....
275
254
286
173
205
232
3
44
44
70
83
83
272
1865 ...
482
1866 ....
1867.
239
217
221
1868 ....
197
146
149
1,291
1,366
1,414
Totals ..
2,299
885
1,414
724
827
949
1,098
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount r emaining due to depositors;
and 4, The amount of dh1idends: - in each year from organization
in 1859, to and including 1868.
YEAR.
1859
186o
1861
1862
1863
....... . ....
.... . .......
....... . ...
............
......... . ..
Deposited.
$8,213
17,845
16,365
21,749
49,532
Withdrawn.
I
$315
4,946
7,966
10,943
22,427
Due depositors.
$7,898
20,796
29,196
40,003
67,107
Hosted by
Dividends.
$34
598
1,120
1,423
2,318
Google
264
HISTORY OF SAVINGS BANKS.
STATISTICS YEAR.
1864
1865
1866
1867
1868
(
Continued).
Withdrawn.
Deposited.
Due depositors.
Dividends.
......... . ..
............
..... .. .....
... ' .. . . . ...
.... . ..... . .
$72,633
75,379
87,605
108,998
I 16,901
$37,757
51,322
47,000
75,362
70,508
$101,984
126,040
166,645
200,281
246,670
$3,995
5,336
7,430
9,318
I 1,316
Totals ........
$575,220
$328,550
$246,670
$42,891
72.
UNION DIME SAVINGS INSTITUTION, NEW YORK.
Incorporated in 1859. First deposit received May 18, 1859.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open:in each year from organz'zation in 1859, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Open
accounts.
Closed.
- - - --- - - 1859
1860
1861
1862
1863
1864
....
....
....
....
.•..
....
1,6oo
3,252
2,343
2,51 I
4,012
4,689
522 1,078 I: 1865 ....
1866 ....
1,314 3,016
1867 . . ..
803 4,556
1,259 5,808 i 1868 ...
1,647 8,173
2,572 10,290
Totals ..
I
5,302
7,4 14
10,773
9,498
3,456
4,141
5,55 1
7,129
12,136
15,409
20,631
23,000
51,394
28,394
23,000
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors, and 4, The amount of dividends : - in each year from organization in 1859, to and including 1868.
YEAR.
1859 ............
1860 ..... . . . .. .
Deposited.
$82,154
317,424
'Due depositors.
Withdrawn,
$20,141
125,193
Dividends.
$62,013
254,244
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$1,189
9,281
NEW YORK: FIRST SERIES OF TABLES.
STATISTICS YEAR.
1861
1862
1863
1864
1865
1866
I867
1868
Deposited.
.... ......
.
...... : . ....
.... . ......
............
......•.....
............
............
............
265
(Continued).
Withdrawn.
Due depositors.
Dividends.
$267,263
445,649
816,299
1,2o6,686
1,464,677
2,246,149
4,102,304
4,638,876
$201,500
220,u5
411,523
894,035
1,183,386
1,308,257
2,262,890
3,415,809
$320,006
545,541
95o,317
1,262,968
1,544,26o
2,482,151
4,321,566
5,544,632
$15,341
22,320
39, 2 51
57,186
69,081
104,856
187, l 35
263,973
Totals ........ $15,587,486
$10,042,854
$5,544,632
$890,784
'73.
BOND
STREET (LA'l'E ATLANTIC) SAVINGS BANK,
NEw YoRK.
Incorporated in 1860. First deposit received May 24, 1860.
STATISTICS,
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number if accounts remaining open:- in
each year from organization in 1860, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
- - --1860 .... 820
1861 .... 678
1862 .... 94 2
1863 .... 1,355
1864 ... 1,729
1865 .... 2,061
210
451
399
582
819
1,526
610
837
1,380
2,153
3,o63
3,598
1866 ....
1867 ....
1868 ....
2,366
2,270
2,327
1,529
1,922
2,030
4,435
4,783
5,080
Totals.
14,547
9,468
5,080
TABLE showing, 1, The amount deposited, including dividends; 2, The
amount withdrawn; 3. The amount remaining due to depositors;
and 4, The amount of dividends:- in each year from organization
in 1860, to and including 1868.
YEAR.
/_D_e_p_os-it_e_d·_, _ w_ ifu_d_ra_w_n_·_,._
D_u_ed_e_p_os-it-or_s_.,_D_iv-id
_ e_n_ds_.
·I
186o .......... .
1861 ........ ... .
$100,163
127,452
$80,374
123,216
$ 1 ,375
5,203
34
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266
HISTORY OF SAVINGS BANKS.
STATISTICS -
Withdrawn.
Deposited.
YEAR.
...•........
............
........••..
.......... ..
............
............
..•••...•...
$245,498
450,213
750,249
1,0 57,935
1,216,663
1,487,781
1,504,772
Totals .........
$6,940,728
1862
1863
1864
1865
1866
1867
1868
74.
(Continued).
I
Due depositors.
Dividends.
$107,678
209,831
438,520
833,645
803,124
1,171,686
1,286,806
$261,036
501,418
813,146
1,037,436
1,450,975
1,767,070
1,985,o35
$9,201
20,406
33,273
48,596
65,747
88,296
107,868
$4,955,693
$1,985,035
$379,969
CHENANGO COUNTY SAVINGS BANK, NORWICH.
Incorporated in 1860.
First deposit received April 19, 1860.
STATISTICS.
TABLE showing, 1, The num~erof accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open :-in
each y ear from organization in 1860, to and including 1868.
~ 10,, a
Open
Closed. accounts .
47
1861
1862
1863
1864
1865
···1 17437
....
.. . .
. . ..
....
262
283
167
22
27
173
338
4 19
311
25
32
28
97
202
275
Open
accounts.
Opened.
Closed.
1866 . . ..
1867 .. .
1868 ....
154
162
165
189
240
163
276
198
200
Totals.
1,451
1,251
* 239
YEAR.
·,
* As reported.
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to deposz"tors, and 4, The amount of dividends:- in each year from organz"zation in 1860, to and including r868.
YEAR.
1860 .... . .......
1861 ... . ...... ..
Deposited.
$20,733
13,050
Withdrawn.
Due depositors.
$10,193
15,076
Hosted by
Dividends.
$10,540
8,435
Google
$130
75
267
NEW YORK: FIRST SERIES OF TA:&LES.
STATISTICS-( Continued).
YEAR.
1862
1863
1864
1865
1866
1867
1868
Deposited.
Withdrawn.
Due depositors.
Dividends.
...... •. . ...
.......... ..
.. .. . . ......
.... ... .. .. .
..... , . .. ...
. . .... . .....
.... . . ..... .
$69,958
156,297
208,497
143,002
141,567
164,213
107,192
$30,877
97,936
186,994
184,727
146,453
182,518
108,155
$47,548
165,664
127,128
85,278
80,157
61 ,852
6o,448
$278
2,072
r.,926
1,508
1,275
1,567
96o
Totals ...... . .
$1,024,513
$962,932
$6o,448
$9,794
75.
C1TiiENS' SAVINGS BANK, NEW YORK.
Incorporated in 1860.
First deposit received June 2, 1860.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2 , The number
of accounts closed; 3, The number of accounts remaining open: - in
each year from organization i'n 1860, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
Opened.
Closed.
1866 ....
1867 ....
1868 ... .
6,046
5,708
5,481
3,346
4,042
4,420
Totals
30,213
18,518
YEAR.
Open
accounts.
--186o
1861
1862
1863
1864
1865
....
. ...
.. . .
. .. .
.. . .
....
561
136
7o6
438
868
1,758
2,473
936
3,193 1,779
4,287 2,553
4 25
693
1,583
3,130
4,544
6,278
8,978
10,634
I I ,695
I
11 ,695
TABLE showz'ng, I, The amount deposited, including dividends; 2 ,
The amount withdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends:- in each year from organization
in 186o, to and i7!cluding 1868.
YEAR.
186o ......... ...
1861 .. ........
1862 .. ..........
Deposited.
$45,094
66,416
278,313
Withdrawn.
$17,327
39,017
82,249
Due depositors.
$27,767
55,166
251,229
Hosted by
Dividends.
$512
2,134
6,480
Goog Ie
268
IDSTORY OF SAVINGS BANKS.
STATISTICS-( Continued).
Deposited.
YEAR.
1863
1864
1865
1866
1867
1868
. . .......•..
........ . ...
. ...........
.. ... . ... . ..
. .... . ......
.. . .... . ... .
Withdrawn.
Due depositors.
Dividends.
$813,851
1,275,590
1,696,561
3,143,269
3,656,951
3,793,891
$314,558
831,589
1,151,735
1,693,031
2,594,483
3,040,242
$750,522
1,194,523
1,739,349
3,189,587
4,252,055
5,005,704
$27,068
52,924
73,027
129,051
204,254
247,719
Totals ... . ... . $14,769,940
$9,764,235
$5,005,704
$743,164
76.
CORNING SAVINGS BANK.
Incorporated and commenced business in 1860.
This institution sustains merely a nominal existence
to preserve its charter from forfeiture in the hope sometime to revive the bank into real life.
STATISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount
deposited, including dividends; 3, The amount withdrawn; 4 1 The
amount remaining due to depositors; and 5, The amount of dividends: - in each year from organization in 1860, to and including 1868.
YEAR.
Open
accounts.
Deposited.
1860 . . . . . .
1861. .. .. .
1862 .... . .
1863 ......
1864 .... . .
1865 . . . . ..
1866 .. . ...
1867 ..... .
1868 .. ....
23
27
32
50
50
32
24
24
23
$'i,o65
533
1,4o6
2,956
1,248
27
657
9
Totals . .
23
$7,914
IO
Withdrawn.
Due
depositors.
Dividends.
... ......
29
$472
429
1,341
2,192
1,036
122
2II
221
201
$7,713
$201
$292
$593
576
494
2,105
2,404
941
567
... ····· ...
Number of accounts opened, II6; closed, 93.
Hosted by
Goog Ie
$17
23
130
65
25
9
IO
9
NEW YORK: FIRST SERIES OF TABLES.
77.
269
FRANKLIN S AVINGS BANK.
Incorporated in 1860.
First deposit received December
rn, 1s60.
The President, James F. Chamberlain, Esq., has
favored me with the following :
"The institution originated mainly at my instance.
Long a resident in the part of the city where it is
located, and which has, of late years, been very rapidly
filling up with a population to whom a Savings Bank
should rank next in importance after a church and a
school-house, I resolved upon the effort to · establish
one. I prepared the petition to the Legislature, secured in person the signatures of our most substantial
citizens, and applied for a charter, which was granted
in April, 1860.
"The organization followed immediately, although
the bank did not commence business until December.
The auspices under which we commenced were most
discouraging. The •mutterings of the storm of civil
war which afterward burst upon our country with such
tremendous violence, we:r:e distinctly heard. No human sagacity might be able to avert financial disaster
and ruin, and the censure which, in the event of misfortune, however unavoidable, would be heaped upon
those who had assumed such guardiamihip, was a thing
to make men pause. The responsibility might be
avoided by closing our doors and paying off our depositors in full, which, during the first three or four. years
of our existence, we kept ourselves in a position to do
at any time within twenty-four hours. During three
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270
HISTORY OF SAVINGS BANKS.
years every cent of the expenses of the bank was advanced by the trustees fr om their own means.
" Our progress, though less rapid than that of some
other institutions more favorably located, has been
steady and healthy."
STATISTICS.
TABLE showing, I, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open: in each year from organization in 1860, to and including 1868.
YEAR
Open
Opened. Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
- ---1860
1861
1862
1863
1864
1865
....
....
....
.. . .
....
....
35
152
108
279
379
700
....
74
50
JOO
199
334
35
II3
171
35°
53°
896
1866 ....
1867 ... .
1868 ....
1,086
1,437
1,537
567
848
1,045
1,414
2,004
2,496
Totals.
5,713
3,217
2,496
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn ; 3, The amount remaining due to depositors;
and 4, The amount of dividends:- in eac/1< year from organization in
186o, to and including 1868.
YEAR.
1860
1861
1862
1863
1864
1865
1866
1867
1868
... .... .. ..
Deposited.
.......... ..
........ . ...
............
............
... . ........
..• ·••.......
... .........
$1,005
9,920
16,782
56,976
86,5II
166,626
293,451
420,409
552,628
Totals .... ... .
$1,604,312
............
Withdrawn.
Due depositors.
... . .. ... .
$4,785
8,593
19,983
61,242
I 16,739
176,665
331,025
434,809
$1,005
6,140
14,328
51,321
76,590
126,478
243,264
332,647
450,467
$1,153,845
$450,467
Hosted by
Dividends.
.... .. ...
Goog Ie
$227
418
1,6o5
2,910
4,594
,9,089
14,01 I
18,956
$51,814
271
NEW YORK: FIRST SERIES OF TABLES.
78.
RHINEBECK SAVINGS B.A.NK.
Incorporated and commenced business in 1860.
STA'l'ISTICS.
TABLE showing, 1, The number of open accounts; 2, The amount
deposited, including dividends; 3, The amount withdrawn ; 4,
The amount remaining due to depositors; and 5, The amount
of dividends: -in each year from organization in 1860, to and
including 1868:
YEAR.
Open
accounts.
Deposited.
1860 ....
1861 ....
1862 . . ..
1863 ....
1864 . ...
1865 ....
1866 .. . .
1867 . ...
1868 ....
85
ro9
166
246
318
301
3°5
335
349
$7,367
3,956
12,661
27,183
39,997
19.140
2 3,99 2
25,673
25,710
Totals.
349
$185,683
Withdrawn.
I
Due depositors.
Dividends.
$79
4,191
3,520
5,756
21,245
29,882
14,000
19,814
24,801
$7,288
7,047
16,108
37,018
55,661
44,919
54,91 I
60,770
61,679
. ...... ..
$123,291
$61,679
$12,803
$231
386
1,183
1,637
2,307
2,016
2,429
2,610
Number of accounts opened, 794; closed, 445.
79.
ROCKLAND COUNTY SAVINGS BANK.
Incorporated and organized in 18.60.
During 1860 it received from twenty.three depositors, $54.50; of which $26.50 was withdrawn the fol.
lowing year, and the operations of the institution were
suspended and have never since been resumed.
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272
HISTORY OF SAVINGS BANKS.
80.
SAG HARBOR SAVINGS BANK.
Incorporated in 1860.
First deposit received June 7, 1860.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open: in each year from organization in 1860, to and including 1868.
YEAR.
1860
1861
1862
1863
1864
1865
Open
Opened. Closed. accounts.
....
. ...
....
.. . .
... .
. ... .
207
248
258
211
187
161
3
23
48
84
142
133
204
429
639
766
811
839
I
Opened.
YEAR.
Closed.
Open
accounts.
1866 . . ..
1867 ....
1868 ....
177
199
155
132
117
115
884
966
1,006
Totals.
1,803
797
1,oo6
TABLE showing, 1, The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors; and, 4, The amount of dividends :- in each year from organization in 186o, to and including 1868.
YEAR.
Deposited.
Withdrawn.
Due depositors.
Dividends.
............
. ...........
............
............
............
..••........
......... . ..
............
............
$13, 134
31,709
35,966
22,129
30,837
20,970
42,524
53,263
48,828
$415
3,925
n,158
13,454
2o,557
20,863
25,477
26,954
31,090
$12,719
40,503
65,311
73,986
84,265
84,372
101,419
127,727
145,464
$203
1,521
1,321
2,699
3,575
4,550
5, 177
6,585
7,666
Totals ........
$299,362
$153,897
$f45,464
$32,302
1860
1861
1862
1863
1864
1865
1866
1867
1868
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278
NEW YORK: FIRST SERIES OF T.A.BLES.
81.
EAST BROOKLYN SAVINGS BANK.
Incorporated in 1860.
First deposit received April 13, 1861.
STATISTICS.
TABLE showing, 1, The number of open accounts ; 2, The amount
deposited, t'ncluding dividends; 3, The amount withdrawn; 4, The
amount remat'ning due to depositors; and 5, The amount of dividends :-in each year from organization in 1861, to and t'ncluding 1868.
Open
accounts.
YEAR.
Withdrawn.
Deposited.
Due depositors.
Dividends.
1861. ...
1862 .. . .
1863 ....
1864 ....
1865 ....
1866 ....
1867 .. ..
1868 ....
374
639
948
1,313
1,699
1,950
2,327
2,637
$20,691
48,659
93,949
176,075
205,459
224,473
304,586
338,794
$6,509
17,519
49,976
102,395
167,888
167,826
245,681
314,302
$14,182
45,322
89,296
162,975
200,546
257,192
316,097
34o,589
$25
774
2,435
4,887
7,851
9,914
13,025
15,384
Totals.
2,637
$1,412,690
$1,072,100
$34o,589
$54,298
Number of accounts opened, 4,669; closed, 2,032.
82.
KINGS CouNTY SAVINGS lNsTITUTION.
Incorporated in 1860.
First deposit received January 2, 1861.
STATISTICS.
T A..BLE showing, 1, The number. of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open: -in
each year from organization in 1861, to and including 1868.
Open
Opened. Closed, accounts.
YEAR.
YEAR.
Opened.
Closed.
Open
accounts.
-1861
1862
1863
1864
1865
....
....
. ...
. . ..
.. ..
579
412
547
7°7
702
II8
124
284
269
387
461
737
1,094
1,442
1,769
1866 .. ..
1867 . . ..
1868 ....
786
979
653
390
35°
456
2,101
2,391
* 2,588
Totals.
5,365
2,378
2,588
• As reported.
35
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274
HISTORY OF SAVINGS BANKS.
STATISTICS -
TABLE showing,
(
Oontinuea).
The amount deposited, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors, and 4, The amount of dividends: - in each year from organization in 1861, to and including 1868.
1,
YEAR.
1861
1862
1863
1864
1865
1866
1867
1868
Deposi~.
Withdrawn.
bue depositors.
Dividends.
............
............
............
........ . ...
. ...........
............
............
..... , ......
$76,562
97,248
205,II9
336,669
389,490
618,541
628,377
686,086
$20,864
48,071
83,786
218,594
271J'49
393,¢7
534,634
653,149
$55,698
104,875
226,208
344,283
462,2:24
686,798
780,540
813,478
$1,876
4,054
8,679
15,401
20,249
3o,367
39,95°
42,902
Totals ........
$3,038,096
$2,224,618
$813,478
$163,482
83.
HARLEM SAVINGS BANK.
Incorporated in 1863.
First deposit received April 17, 1863.
STATISTICS.
TABLE showing, 1, The number of accounts opened,· 2, The number
of accounts closed; 3, The number of accounts remaining open:-in
each year from organization in 1863, to and including 1868.
YEAR.
Open
Opened, Closed. accounts.
YEAR·.
- - --1863
1864
1865
1866
....
....
....
...
IIO
229
234
338
22
63
153
138
88
254
l 867 .. ..
1868 ....
l~F-
3351
535 Totals ..
Open
accounts.
620
735
270
3ll
885
1,309
2,266
957
1,309
TABLE showing, 1, The amount depost'ted, including dividends; 2,
The amount withdrawn; 3, The amount remaining due to depositors;
and 4, The amount of dividends :-in each year from organization z'n
1863, to and including 1868.
YEAR.
Deposited.
Withdrawn.
Due depositors.
Dividends.
· --
1863 ............
1864 ............
$9,469
39,696
$2,884
2 5,555
Hosted by
$6,585
20,726
Google
$79
574
275
NEW YORK: FIRST SERIES OF TABLES.
8TATISTIOS .-.
Deposited.
YEAR.
1865
1866
1867
1868
Oontin11,ed ).
Due depositors.
Withdrawn.
Dividends.
$68,845
126,636
219,455
319,593
$47,879
93,o63
172,665
239,944
$41,691
75,264
1:zz,054
201,704
$1,362
2,582
4,533
7,400
$783,697
$58 1,993
$201,704
$ 16,533
............
............
....•..•....
.••.••......
Totals ........ ,
(
84. DIME SAVINGS BANK, WILLIAMSBURG.
Incorporated 1864. First deposit received June 1, 1864.
8TATISTIOS.
TABLE sh:nuing, 11 The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open :- z'n
each year from organizatt"on z"n 1864, to and t'ncluding 1868.
YEAR.
Open
Opened, Closed. accounts.
YEAR.
Opened.
Closed.
Open
accounts.
- - --1864
1865
1866
1867
....
....
....
....
1,079
1,883
2,181
1,945
140
668
1,000
1,245
939
2,164
3,345
4,035
1868 ....
1,930
1,344
4,621
Totals.
9,018
4,397"
4,621
TABLE showing, 1, The am(lunt dej)osz"ted, includz'ng dz'vidends ,· 2,
The amount withdrawn,· 3, The amount remaining due to dej)osz'tors;
and 4, The amount of dz'vidends :- in each yf!ar ft'om organz'zatz'on in
1864, to and includt'ng r'868.
YEAR.
Deposited.
Withdrawn.
Due depositors.
Dividends.
...... . .....
.•.•.... . ...
............
...••.......
..•.........
$97,157
292,249
497,II3
6o2,922
799,745
$29,613
175,108
289,810
4'82,655
6o7,182
$67,544
184,684
391,988
512,255
704,818
$1,075
6,o67
14,982
23,6_52
3o,3:53
Totals ........
$2,289,188
$1,584,369
$704,818
$76,130
1864
1865
1866
1867
1868
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276
HISTORY OF SAVINGS BANKS.
85. THE
EMIGRANT SAVINGS BANK, BROOKLYN.
Incorporated in 1863.
Commenced business in 1864.
STATISTIOS.
TABLE showing, 1, The number of open accounts; 2, The amount
depo3ited, including dividends~· 3, The amount withdrawn; 4, The
amount remaining due to depositors, and 5, The amount of dividends: -in each year from organization in 1864, to and including
1868.
Open
accounts.
YEAR.
Deposited.
Withdrawn.
p)ue depositors.
Dividends.
1864 ....
1865 .. ..
1866 ....
1867 . . ..
1868 . ...
122
275
334
4II
488
$18,419
88,II6
u5,338
l 16,571
163,563
$2,461
34,737
82,813
109,888
125,510
$15,957
69,337
IOl,863
108,545
146,599
$138
1,944
4,084
4,737
5,681
Totals .
488
$502,010
$355,4 10
$146,599
$16,587
-----,·
-
Number of accounts opened, 957; closed, 469.
86.
MARKET SAVINGS BANK, NEW YORK.
Incorporated in 1863.
First deposit received Feb. 1, 1864.
Subsequently failed, as elsewhere narrated.
STATISTIOS.
TABLE showing, 1, The number of accounts opened; 2, The number of accounts closed~· 3, The number of accounts remaining open:
-in each year from organization in 1864, to and including 1868.
YEAR.
Open
Opened. Closed. accounts.
1864 . .. . 934
1865 .. . 835
1866 ... 1,342
1867 . . . . 1,u4
192
437
55°
819
742
1,140
1,932
2,227
Opened.
Closed.
Open
accounts.
1868 ....
g63
817
2,373
Totals.
5,188
2,815
2,373
YEAR.
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2 7'1
NEW YORK : FIRST SERIES OF TABLES.
STATISTICS- (
Continued).
TABLE showing, 1, The amount deposited, including divz'dends; 2,
The amount wi'thdrawn; 3, The amount remaining due to deposz'tors; and 4, The amount of dividends: - z'n each yt!tzr from organz'•
zatz'on in 1864, to and including 1868.
YEAR.
1864
1865
1866
1867
1868
Deposited.
Withdrawn.
Due depositors.
Dividends.
..........•.
.. ' . . . .• .. . .
............
.. • ••• . .....
...•.. . .....
$33 1 ,5 19
404,359
996,183
1,351,843
1,564,573
$124,729
318,562
703,943
1,2o6,236
1,418,727
$2o6,790
292,588
584,828
73o,435
876,281
$5,653
u,980
20,762
32,992
41,741
Totals ..••..•.
$4,648,48o
$3,772,199
$876,281
$II3,129
87.
MUTUAL SAVINGS BANK OF AUBURN.
Incorporated in 1864-.
First deposit received Feb. 1, 1865.
STATISTICS.
TABLE showing, 1, The number of accounts opened; 2, The number
of accounts closed; 3, The number of accounts remaining open:-t"n
each year from organzzatz"on in 1865, to and including 1868.
YEAR.
Open
Opened. Closed. accounts ,
YEAR.
Opened.
Closed.
Open
accounts.
--1865 . ...
1866 ....
1867 ....
345
618
645
52
163
281
293
748
l,II2
1868 ... .
790
3o9
Totals .
2,398
805
1,593
1,593
TABLE showz"ng, 1 1 The amount depq;z"ted, ,including dividends; 2,
The amount withdrawn; 3, The amount remaining due to deposz"tors; and 4, The amount of dzvzaends :-in each year from organizatz'on in 1865, to and including 1868.
YEAR.
Deposited.
Withdrawn.
Oue depositors.
Dividends.
... . .•.. . ..
.•.•. • .. . ...
.....• • . • ...
.....•..•...
$174,668
485,853
544,¢3
759,634
$101,181
316,966
520,704
632,811
$73,487
242,373
266,633
393,456
$1,317
7,9 19
13,5o6
17,621
Totals ........
$1,965,120
$1,571,663
$393,456
$40,365
1865
1866
1867
1868
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278
HISTORY OF SAVIN GS BANKS
In the annual report for the year 1867, the amount
deposited during that year is given as $574,963.35.
On comparing the printed with the original report, I
find that they agree. But the amount given by the
institution in the foregoing table is correct, as I have
verified by careful calculations. The statement in the
report for that year is therefore a clerical error.
This seems to illustrate one of the sources of error
whence arise discrepancies between the amounts deposited and withdrawn and the amount remaining due to
depositors as set forth in the introduction to these statistical tables. Thus, had I been left in this instance,
as in many others I have been, to rely upon the printed
or even the original report, where the error first occurred, there would have been a variance in the amount
due depositors 1st June, 1867, of $30,000, and the same
variance would of course have appeared in the totals,
unless corrected by careful comparisons and calculations. The courtesy of the institution in furnishing
me with the above made such corrections unnecessary,
and the same might be said of other institutions whose
figures as made up for this History, have corrected
errors in the official statements which I should otherwise have been obliged. to revise.
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279
NEW YORK: FIRST SERIES OF TABLES.
88. PoBT CH.ESTER SAVINGS BANK.
Incorpol'8ted in 1865. First deposit received June 17, 1865.
STATISTIOS.
TABLE sltowing I, The number of accounts opened; 2, Tlzenumbero.f
accounts cloud; 3, l'h1 number of am>unts r~ai11ing o_fen .•~in eac.;
year from organization in 1865, to and including 1868.
YEAR.
Opened. Clo~d.
1865 .. ..
1866 ....
1867 ...•
2 54
Open
,w,;OjDIS.
. ..
-19
267
374
76
107
2 35
426
693
Open
Opened.
Clo_sed.
1868 .. ..
346
52
987
Totals.
1,241
254
* 987
YEAR.
a~co~nts .
• Does not agree with the report for that year, but the latter is clearly erroneous if the
above figures, furnished by the ~~tuµpn, are ~orre!)t.
T 4PLE sh,owing, 1, The amount depos{t.ed, z~/uding dividends; 2,
The amount withdrawn ; 3, The amount r8maining due to depositors; and 4, The amount of dividends : ...,... in each year from organization in 1865, to and including 1868.
Withdr'l,WD.
Deposited.
YEA~
1865 ... • . . ......
1866 . . • . •. ... . ..
1867 .. . ..•. . ....
$46,768
96,827
1868 . . . ' ........
lOJ,902
131,875
$10,432
68,840
43,526
90,031
Totals .. . ... ..
$377,374
$212,830
Due depositors.
Divid~nds.
$586
2,445
$36,336
64,323
122,699
164,543
4,446
7,119
$1.64,544
$14,597
89. CHAUTAUQUA COUNTY SAVINGS BANK.
Incorporated in 1866. First deposit received Sept. 17, 1866.
The introductory headings to the tables will hereafter be omitted.
STATISTICS.
Acco'ts Acc.o 'ts Open
YEAR. opened.
closed. acco'ts.
Due
depositors . Dividends.
Deposited.
Withdrawn.
$49,389
155,107
124,298
$24,448
138,934
g6,795
$24,940
41 , u4
68,617
$134
1,399
2,425
$328,795
$260,178
$68,617
$3,959
~
18
1866 ..
1.867 ..
1.868 ..
136
238
276
125
205
JJ8
231
302
Totals
65<;>
348
*312
* As reported.
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280
HISTORY OF SAVINOS BANKS.
90.
CORTLAND SAVINOS BANK.
Incorporated in 1866.
First deposit received Sept. 25, 1866.
STATISTICS.
Acco'ts Acco'ts Open
YEAR. opened.
closed. acco'ts.
Deposited,
Withdrawn.
Due
depositors, Dividends.
- -, _ - $6
92
414
522
16
186
365
76
304
461
$28,482
85,008
121,964
$7,353
66,407
97,686
$21, 128
39,730
64,008
1,699
2,076
Totals 1,028
567
461
$235,455
$171 ,447
$64,008
$3,78l
1866 ..
1867 . .
1868 ..
- - -91.
GERMAN SAVINGS BANK, BROOKLYN.
Incorporated in 1866.
First deposit received June 30, 1866.
STATISTICS.
Acco'ts Acco'ts Open
YEAR. opened.
closed . acco'ts.
Deposited.
Withdrawn.
Due
depositors. Dividends.
-1866 . . 6¢
1867 .. 1,434
1868 .. 1,597
68
628
54 2 1,520
754 2,363
$44,808 $140,259
358,519
349,414
620,631
463,396
$968
9,450
17,694
Totals 3,727 1,364 2,363 $ 1,487,355 $ 1,023,958 $463,3¢
$ 28,113
92.
$185,o67
567,575
734,713
GERMAN UPTOWN SAVINGS BANK, NEW YORK.
Incorporated in 1866. First deposit received July 2, 1866.
STATISTICS.
Acco'ts Open
YEAR. Acco'ts
opened. closed. acco'ts .
Deposited.
Withdrawn.
Due
depositors. Dividends,
- -- -- 1866 . .
1867 ..
1868 . .
533
826
773
74
32 5
471
459
96o
r,262
$230,738
413,238
448,809
$ 116,020 $u4,7r8
211,236
316,719
355,189 304,856
$1,369
7,078
II,539
Totals 2,132
870
r,262 $1 ,092,785
$787,929 $ 304,856
$ 19,988
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281
NEW YORK: FIRST SERIES OF TABLES.
93.
JAMAICA SAVINOS BANK.
Incorporated and commenced business in 1800.
STATISTIOS.
Accot's Open
YEAR. Acco'ts
opened. closed. acco'ts.
Deposited.
Withdrawn.
$35,574
40,642
Due
depositors. Dividends.
- -- -- 1866-7
1868 ..
290
130
7
47
283
366
$88,361
90,222
Totals
420
54
366
$178,584
$52,787
102,366
$2,032
3,646
$76,217 $102,366
$5,678
Thou$:h the institution commenced business in 1866, it did not
report its transactions for that year; hence 1866 and 1867 are
reported together.
94.
LONG ISLAND SAVINOS BANK, BROOKLYN.
Incorporated in 1865.
First deposit received April 12, 1866.
STATISTICS••
Acco'ts Open
VEAR. Acco'ts
opened. closed . acco'ts.
Deposited.
1866 . . 510
1867 . . 1,131
1868 .. 1,108
69
369
494
$153,208
465,901
652,828
$23,907 $129,300
196,666 399,536
698,033
354,331
$1,913
14,376
28,930
Totals 2,749
93 2 *1855 $1 ,272,938
$574,905 $698,033
$45,220
- -- -
441
1,203
1,817
Withdrawn.
Due
depositors. Dividends.
• As reported.
95.
MECHANICS' SAVINOS BANK, FISHKILL.
Incorporated and commenced business in 1866
STATISTICS.
Acco'ts Open
VEAR. Acco'ts
opened. closed. acco'ts.
Deposited.
Withdrawn.
$9,641
36,900
74,118
Due
depositors. Dividends.
-----1866 .. *276
1867 .. *186
1868 .. 389
*43
*82
143
233
337
583
$48,167
71,6o5
130,109
Totals
268
583
$249,882
---851
36
$38,526
73,225
129,216
$262
1,923
3,891
$120,666 $129,216
$6,077
*Estimated.
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282
HISTOB,Y OF SAV!NGS BANKS.
96.
B.A.l'TK,
NATION.A.I,. SAVINGS
Incorporated hi 1865.
UTICA.
First deposit received March 13, 1866.
STATISTICS.
, .
Acco'ts Acco ts Opep
YEAR. opened.
closed. acco'ts.
Deposited.
WitJid1"1!-Wn.
1867 . . 1,557
583
1868 .. 2,251 •1,021
$467,909
865,020
1,6n,659
$148,559 $3 19,349
597,446
586,924
1,212,887
985,696
--- -146- 1,232
1866 .. 1,378
- -- -
2,2o6
3,436
Due
depositor.,, Dividends.
$3,967
24,586
39,145
Totals 5,186 1,750 3,436 $2,944,589 $1,958,893 $985,696 $67,699
·· ·-
Subsequently merged in Peoples' Safe Deposit and Savings Institution and failed in 1872.
97. NEw Roc:e:ELLE SAVINGS BANK.
Incorporated in 1865. First deposit received Jan. 6, 1866.
STATISTICS,
Acco'ts Open
YEAR. Acco'ts
opened, closed. ~o•ts.
--
Deposited.
WitMr•wn.
Due
deposjtors. Dividends.
----
1866 ..
1867 . .
1868 ..
105
Totals
IIO
14
39
58
91
141
193
$14,530
15,953
28,677
$4,891
8,126
15,292
$9,639
17,466
30,852
$309
622
1,31 0
304
Ill
193
$59,162
$28,310
$30,852
$2,242
8g
- ··
-
98. NORTH RIVER 8.A.VINGS Bili:, NEW YORK.
Incorporated and commenced busill.e;8S in 186,6.
STATISTICS.
YEAR.
Open
accounts.
Depositec:1.
1866 . .. .
1867 .. ..
1868 ... .
1,129
1,822
$12,022
315,184
441,594
Totals.
1,822
$768,801
75 .
Withdr@.wn,
Due d,epo~om,.
$395
i24,762
3o6,021
$11,627
:zo2,049
337,622
$431,179 •
$337,622
Dividends.
...... .. .
Number of accounts opened, 2,899; closed, 1,077.
Hosted by
Goog Ie
$816
9,157
89,974
283
NEW YORK: FIRST SERIES OF TABLES.
99. ON~.A SAVINGS BANK.
Incorporated in 1866. First deposit received April 2, 1M6.
STATISTICS•
. ..
I
YEAR Acco'ts Acco'ts Open
· opened. closed. acco'ts.
Deposited,
Withdrawn.
$29,226
II 5,7o6
90,307
Due
depositors. Dividends.
- - - - --1866,.
1867 ..
1868 ..
279
283
430
192
212
228
319
537
$105,225
101,879
151,475
Totals
992
455
*585
$358,580
51
$75,998
62,171
123,339
$649
2,054
3,934
$235,240 t$123,339
$6,638
.. As reported.
t Cannot make this agree with amount reported, which is $,20,440; nor will the figures
in successive reports produce t.b&t result.
100.
SKANEATELES SAVINGB BANK.
Incorporated in 1866. First deposit received May 1, 1866.
STATISTICS:
.
Acco'ts Open
YEAR. Acco'ts
opened. closed. acco'ts.
1866 ..
1867 ..
1868 •.
268"
291
215
Totals
774
W"thd
1
rawn ·
I depositors.
Due
Dividends.
137
219
399
477
$93,045
197,434
157,374
$39,946
151,720
152,841
$52,229
98,812
103,345
$86g
2,968
4,270
297
*5 17
$447,853
$344,508
$ 103,345
$8,107
49
III
---
Deposited.
• As reported.
101.
BINGHAMTON SAVINGS BANK.
Incorporated and commenced business in 1867.
STATISTICS.
Acco'ts Acco'ts Open
YEAR. opened.
closed. acco'ts.
Deposited.
Withdrawn.
Due
depositors, Dividends.
------ --- --1867 .. 584
1868 .. 1,076
....
565
584
1,095
$235,g66
589,573
$105,575 $130,391
487,928
232,035
$1,903
7,587
565
1,095
$825,540
$593,504
$232,035
$9,490
--- - -
Totals 1,66o
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284
IDSTORY OF SAVINGS BANKS.
102.
CARTHAGE SAVINGS BANK.
Incorporated and commenced business in 1867.
This institution encountered embarrassments in its
organization that seem to have suspended its operations. A summary of these is as follows :
Total number of accounts opened to 1st January,
1868, 69; closed, 42 ; total amount deposited, $3,705.49; withdrawn, $2,667.81; interest credited,
$38.47.
103.
CENTRAL PARK SAVINGS BANK, NEW YORK.
Incorporated and commenced business in 1867.
STATISTICS.
Acco'ts Acco'ts Open
YEAR. opened.
closed. acco'ts.
Deposited.
1867 ..
1868 . .
233
373
$246,229
234,282
373
I $480,511
Due
depositors. Dividends.
Withdrawn.
- -, _
340
3 15
107
175
$135,269 $110,¢0
282,921
6:z,320
$672
1,843
Totals
--282
655
104.
CHENANGO VALLEY SAVINGS BANK, BINGHAMTON.
$418,191
$62,320
$2,515
Incorporated and commenced business in 1867.
STATISTICS.
Acco'ts Open
YEAR. Acco'ts
opened. closed. acco'ts .
Deposited.
Withdrawn.
Due
depositors. Dividends.
-- - - - 857
jI8
246
463
611
866
$243,469
419,697
$107,521 $i35,948
220,326
335,320
$2,463
10,037
Totals 1,575
709
866
$663,167
$442,841
'220,326
$12,500
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1867 ..
1868 ..
-- I
285
NEW YORK : FIRST SERIES OF T.ABLES,
105.
GERM.ANIA. 8.AVINGS B.ANK, BROOKLYN.
Incorporated in 1867. First deposit received June 1, 1867.
ST.ATISTICS.
Acco'ts Acco'ts Open
YEAR. opened.
closed. acco'ts.
- --
Deposited,
Withdrawn.
Due
depositors. Dividends,
--
1867 ..
1868 ..
407
548
31
205
376
719
$173,531
283,879
$67,246 $106,284
222,788
167,374
$1,301
5,878
Totals
955
236
719
$457,410
,$ 290,o35 $167,374
$7, 179
106.
li.AMILTON 8.AVINGS B.ANK, BROOKLYN.
Incorporated in 1867. First deposit received June 18, 1867.
ST.ATISTICS.
Acco'ts IAcco'ts Open
YEAR. opened.
· closed. acco'ts.
Deposited,
Withdrawn.
Due
depositors. Dividends.
-- ---1867 ..
1868 ..
388
242
333
379
434
$I 5,908
32,644
$7,618
22,724
$8,290
18,209
$124
6oo
Totals 1,009
575
434
$48,553
$3o,343
$18,209
$724
621
--· - - - -
107.
HoPE S.Avmos BANK, .ALB.ANY.
Incorporated in 1866.
Commenced business in 1867.
ST.ATISTICS.
Acco'ts Open
YEAR. Acco'ts
opened. closed. acco'ts.
Due
depositors. Dividends.
Deposited.
Withdrawn.
$2,158
24,790
$15,975
32,266
$169
1,084
$26,948
$32,266
$1,253
-- - - - - 1867 ..
1868._.
-Totals! 248
68
161
$18,137
41,077
87
161
$59,214
19
96
152
-I
77
I
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286
HISTORY OF SAVINGS BANKS.
108.
MECHANIOS' SAVINGS BANK, ROCHESTER.
Incorporated in 1867. First deposit received June 1, 1867.
This institution distinguished itself by falsifying a
prediction of the writer concerning it in his Special
Report in 1868, wherein deprecating the organization
of another Savings Bank in Rochester as uncalled for,
he said that the new institution would be extremely
fortunate if, in two years, its deposits should equal the
surplus in the two old institutions-about $330,000.
Its deposits considerably exceeded that sum when the
words were_penned-and on the 1st of January, seven
months from the date of the first deposit, they were
over $500,000, as will be seen from the table below.
A prophet is not entitled to honor in his own country
nor elsewhere, if he can't do better than that !
STATISTICS.
Acco'ts Acco'ts Open
YEAR. opened.
closed. acco'ts..
- - - -- 1867 .. 1,324
1868 .. 1,997
186
822
Totals 3,321
1,008
- -- 109.
Due
deposltoJ"s. Dividends
Deposited.
Withdrawn.
$8o6,632
$284,951 $521,681
1,514,702 936,888
$6,326
31,725
2,313 $2;736,541 $1,799,653 $936,888
838,051
-1,138
2,313
1 ,929,909
MUTUAL SAVINGS BANK, BROOKLYN.
Incorporated and commenced business in 1867.
This institution did not succeed, and discontinued
business after September, 1868, continuing, however,
to pay depositors in full, any deficiency in the assets
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287
NEW YORK: FffiST SERIES OF TABLES.
being made good by deposits of the trustees. The
following is a summary of its operations, as derived
from the books of the institution in September, 1869 :
Whole number of accounts opened, 176; amount
deposited to September 30, 1868, $18,328.95. Interest
credited to 1st January, 1869, $423.19; withdrawn to
March 31, 1869, $15,948.70.
SA.vmoo BANK,
110. NATIONAL
Incorporated in 1867.
BUFFALO.
First deposit received May 15, 1867.
8TATI'STlOS.
Acco'ts Open
YEAR. Acco'ts
opened. closed. acco'ts.
- - -·-·
1867 ..
1868 ..
-·-· -
Deposited.
.. .
= - - ··
$180,744 $1,76;328
824,097 363,t>20
804
7
228
497 $357,072
1,073 *1,011,389
Totals 1,308
235
1,073 $1,368,462 $1,004,841
5°4
Due
depositors. Dividends.
Withdrawn.
----
$363,620
. ..
$2,843
*22,870
$25,714
* Includes three dividends.
111.
NATIONAL SAVINGS INSTITO'fiuN, NEW YoRK.
Incorporated in 1867.
First-O.e'{>Os'it rec.:eived June 17, 1867.
STATISTICS.
Acco'ts A,ceo•ts Open
YEAR. opened.
o.osed. acco'ts.
Deposited.
..
·-·-· -~
1867 ..
1868 . .
403
84-0
~
Totals 1,243
51
266
,._.____
317
35 2
926
~
~26
$104,007
2&2,839
.
-·
$386,&j.6
Due
depositors. Dividends.
Withdrawn.
$35,040
188,283
~
--
·- .
- ..
$68,966
163,523
$993
5,707
$223,323 $163,523
$6,701
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288
IDSTORY OF SAVINGS BANKS.
112.
ORLEANS SAVINGS BANK, ALBION.
Incorporated and commenced business in 1867.
STATISTICS.
Acco'ts Open
YEAR. Acco'ts
opened. closed. acco'ts.
Deposited.
Withdrawn,
Due
depositors. Dividends,
---- -1867 ..
1868 ..
92
131
Totals
223
113.
....
92
74
$51,090
34,357
$30,070
42,349
$21,020
13,028
$66
149
149
74
$85,448
$72,420
$13,028
340
274
PEOPLE'S SAVINGS BANK, NEw YoRK.
Incorporated in 1867. First deposit received Sept. 16, 1867.
STATISTICS.
Acco'ts Open
YEAR. Acco'ts
opened. closed. acco'ts.
Deposited.
Withdrawn.
$14,938
II6,372
Due
depositors. Dividends.
-- - - - 1867 ..
1868 ..
Totals
32 5
4o6
267
498
$57,II2
175
731
233
498
$257,886
58
- ---
$42,174
126,575
......
$131,310 $126,575
$1,597
200,773
$1,597
114. PEOPLE'S SAVINGS BANK, YONKERS.
Incorporated in 1867. First deposit received April 27, 1867.
STATISTICS.
Acco'ts Acco'ts Open
YEAR. opened.
closed. acco'ts.
Deposited.
Withdrawn.
Due
depositors. Dividends,
- -- 1867 ..
1868 ..
35°
3II
67
88
283
5o6
$76,583
90,33 1
$38,284
63,238
$38,299
65,392
$720
2,450
Totals
661
155
506
$166,915
$101,523
$65,392
$3,171
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NEW YORK :
115.
289
FIRST SERIES OF TABLES,
SARATOGA SAVINGS BANK.
Incorporated in 1867.
First deposit received Sept. 16, 1867.
STATISTICS.
Acco'ts Acco'ts Open
YEAR. opened.
closed. acco'ts.
1867 ..
1868 ..
Totals
9
50
....
6
- -- -
6
59
116.
Due
depositors. Dividends.
Deposited.
Withdrawn.
9
53
$1,066
8,784
$25
1,177
$1,041
8,648
$1
172
53
$9,851
$1,203
$8,648
$173
I
ST.A.TEN ISLAND SAVIN GS BANK.
Incorporated in 1864.
Commenced business in 1867.
STATISTICS.
Acco'ts Acco'ts Open
YEAR, opened.
closed. acco'ts.
Deposited.
Withdrawn.
Due
depositors. Dividends.
- -- - - 1867 ..
1868 ..
103
178
25
45
78
2II
$29,605
54,920
$ 15,736
37,824
$13,869
3o,965
.......
Totals
281
70
*217
$84,525
·$53,56o
$30,965
$1,002
* As
117.
$1,002
reported,
BOWLING GREEN SAVINGS BANK, NEW YORK.
Incorporated in 1868.
First deposit received Sept. 14, 1868.
Number of accounts opened, 465; number 0£ accounts closed, 16; open accounts, 449; amount deposited, $326,926; amount withdrawn, $150,274; due
depositors $176,652 ; interest credited, $1,040.
118.
CATSKILL SAVINGS BANK.
Incorporated and commenced business in 1868.
Number of accounts opened, 240; number of accounts closed, 11 ; number of open accounts, 229;
37
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290
HISTORY OF SAVINGS BANKS.
amount deposited, $49,300; amount withdrawn, $1,399;
due depositors, $47,901; interest credited, $513.
119.
GERMAN SAVINGS BANK OF MoRRISANIA.
Incorporated in 1868.
First deposit received June 25, 1868.
Number of accounts opened, '785; number of accounts closed, '73; open accounts, 712; amount deposited, $362,457 ; amount withdrawn, $266,393; amount
due to depositors, $96,064; interest credited, $1,159.
120.
GUARDIAN SAVINGS INSTITUTION, NEw YoRK.
First deposit received October 19, 1868.
Incorporated in 1868.
Number of accounts opened, 278; number of accounts closed, 10; open accounts, 268; amount deposited, $81,443; amount withdrawn, $8,945; due depositors, $72,498. No interest credited, the transactions
being for a period of less than three months.
121.
ITHACA SAVINGS BANK.
Incorporated and commenced business in 1868.
Number of accounts opened, 518; number of accounts closed, ·76; number of open accounts, 442 ;
amount deposited, $64,358; amount withdrawn, $11,594; due depositors, $52,764 ; interest credited, $332.
122.
MUTUAL BENEFIT SAVINGS
Incorporated in 1868.
BANK, NEW YORK.
First deposit received Dec. 2, 1868.
Number of accounts opened, 84; number of accounts
closed, 1 ; open accounts, 83; amount deposited, $61,848; amount withdrawn, $607; due depositors, $61,241. No interest credited; for, as will be seen, the
transactions cover a period of less than one month
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NEW YORK: FIRST SERIES OF TABLES.
123.
291
PARK SAVINGS BANK, BROOKLYN.
Incorporated and commenceJ business in 1868.
Number of accounts opened, 210; number of accounts closed, 11 ; open accounts, 199; amount deposited, $64)350; amount withdrawn, $32,433; due
depositors, $31,917; interest credited, $243.
124.
RoNDOUT SAVINGS BANK.
Incorporated in 1868.
First deposit received May 1, 1868.
Number of accounts opened, 566; number of accounts closed, 62 ; open accounts, 504; amount deposited, $206,457; amount withdrawn, $24,152; due
depositors, $182,305; interest credited, $3,322.
The Superintendent, in his annual report, remarks
concerning this bank : " For !), new institution, and located so near Kingston, where is also a flourishing
Savings Bank, the above exhibits a remarkable success.
It is but another illustration of what may be done
with Savings Banks in rural communities or villages."
125.
SECURITY SAVINGS BANK, BUFFALO.
Incorporated and commenced business in 1868.
Number of accounts opened, 130; number of accounts closed, 27; number of open accounts, 103;
amount deposited, $96,726; amount withdrawn, $59,443; due depositors, $37,282; interest credited, $868.
126.
TEUTONIA SAVINGS BANK, NEW YORK.
Incorporated in 1868.
First deposit received October 5, 1868.
Number of accounts opened, 363; number of accounts closed, 33 ; open accounts, 330 ; amount deposited, $72,694; amount withdrawn, $14,791; due
depositors, $57,903; interest credited, $362.
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CHAPTER XLIX.
SECOND SERIES OF TABLES.
These comprise first, the totals 0£ the first series 0£
tables giving the results at the close of 1868, or at the
close of the first fifty years, of the operation of Savings
Banks in this State, which are followed by the operations 0£ each year thereafter, to and including 1873,
in their order; · second, a summary 0£ the foregoing,
arranged chronologically, in the order 0£ the year of
commencing operations.
1. BANK FOR SA VIN GS, NEW YORK.
.,,,
o~
Z§.
o"'
YEAR. -oc
"""
a.
0 ""
.d<,..
;:::oo
•<I>
o~
cu
!:§.
8-d
-o"
:--d
~
~~
Z§
--~1~. . -0
s ii:
"~
~'§i ~-~
-a~
_gg.g~e
,15-§ zof 8. !:::"'·-·-"
0 ""
0 ""'
--- ---
Totals. 353, 5,o 282,857
mt~
;:::i!:
~i:-o•-'"O
62,992
65,673
66,965
69, I97
72, 16I
7 1 , 7°5
$98, 723,44I
5,050,619
4,808,976
5,185,501
5, 999,o52
5,329,626
$83, 3n ,6r9
4, I27 ,969
4,036, SCXl
3,915,762
4,496,613
5,168,205
$,5, 402,504
1 6,3 2 5, 154
17,097,630
18,367,370
,9,869,808
20,031,429
$ I3, 538, 473
974,423
1,024,761
I, 084, 145
1, i:86,932
I ,218.486
7o5
$125,097,218
$105,056,67,
$20,031,429
$19,027,222
71 ,
2.
S-c
<a""
,.c::I'- ~
;::: 0 "
c·....
g:§8.
--- --- --,868 . .
301,044 238,052
8,648
1869 . .... 10,276
9,627
1870 . . ...
8,335
10,310
8so78
1871 ...•.
9.102
1872 ..... 12,o66
,873. · •• . 10,187 i:0,642
~i.
c::I
.d·-
~ 0
flbDBt1
+-'
ALBANY SAVINGS BA:NK.
1,775
1,856
2,074
7,548
7,547
7,5 17
7,380
8,152
8,382
$16,724,419
1,178,479
I, 159,778
1,186,863
1,638,702
1,852,998
$14,177,007
I, 143,266
1,082,589
1,126,973
1,156,406
1 ,593,049
$2,532,677
2,571,481
2,636,246
2 ,714,355
3,196,650
3,456,598
$x,378, 656
100,716
105,6o3
112 ,797
i:55,163
181,773
51,780
49,612
8,382
$23, 741,240
$20,279,294
$3,456,598
$2,034,711
,868 . .. . . 28,889
,869 . ... . 2,224
1870 . ... .
2,221
1871 . . .•.
2 ,495
1872 ... . .
2,483
,873 . . . 2,106
22,565
1,705
I ,818
$2,218,726
2,495,388
$1,105,807
n5, 963
130 , 736
Totals. 40,418
1868 . . . .
,869 .... .
41,162
2,059
i:870 ...••
2,071
2,131
2,162
i:87,1 •.
x,845
2,339
2,304
1872. . .
,873 ....•
Totals
39,614
- - - - -- - - -
3.
TROY SAVIN GS BANK.
4
3
6
$n.467,696
1,085,534
1,169,791
1,248 ,776
2,024
7
,097
3
2
1,319,521
2 ,337
32,546
7,83 2
$17,525,523
2
I
1,234,2021
$9, 249, 2841
808,873
842,165
967,5 1 3
1,005,413
1,293,,671
$,4, 166,417
Hosted by
2,823,014
3,:104,277
147 , 402
3,418,385
3,359,420
I77, 734
$3,359,420
$1,838,846
Goog Ie
161, 202
293
NEW YORK: SECOND SERIES OF TABLES.
4,
,.,
o~
BROOKLYN SAVIN GS BANK.
• !l
"'
~
Od
z§
o-d
YEAR. .!! g.g
Z::s0
~
"'j:::°'- "" r:::ou
--- --- ---
0 """
z"o
0 0
1868 .•••• 91,081
1869 ..•.• 6,196
1870 .. ... 5,823
1871:. ....
5,877
1872 . ....
6,244
6,016
1873 .....
70,079
4,891
5,161
4,563
5,141
6,190
21,002
22,302
22,966
2 4, 2 93
25,396
~-~~
0 o.-
96,025
~!
~~ s:s ~
5.
$27,652, 715
2,688,847
2 , 658,81:5
2,811,741
3,486,443
4,307,492
3,802, i:26
4,220,966
4,442,380
25,222
4,358,756
$54,989,131
-----$43,Jio6,055
:ten
~ f,d
u .SB
o-S:;
...., b.C.3
=·5:§ [
<a""
a.,,
Q
ii: I!=
$34,398, 137
3,766,763
25,222
e~f1
cl
~~
""'
]~
Q,)
- - - - - - - - - - -- - 121,237
;->
--~]~+J-d
~-~,g
"""'
0".,
-""
..a
... o
0""
Totals.
.
Od
o -~
o, d
•
-a
j:::'- "M
0"
$6,745,420
7,823,336
8,966,647
10,375,872
n,331,Sog
n,383,o73
$3, 24,,og,
450,272
$n, 383,073
$5,934,'141
527,0:14
522,6oo
583,768
6og, 12Q
SEAMEN'S BANK FOR SA VIN GS, NEW YORK.
1868 . .... 124,633 100,650
3,563 . 3,667
1869 ..••
1870 . ....
3,116
3,410
3,041
1871 . •••• 4,u7
1872 .•••
5,592
3,57°
3,856
1873 .•...
5,271
,3,983
23,879
23,585
24,661
26,683
28,ogo
$72,676,918
Totals 146,292 uB,194
28,ogo
--- --- ---
$64,370, 546
2 ,734,9 1 8
4,337, 193
2,325 , 502
2,395,375
2,941,174
3,267,142
$8,300,372
8,679,883
9,148,816
9,966,832
u,167, 100
12,237,151
$7,146,502
6og, 42 9
650,620
458,979
764,867
842 ,939
$go, 271,810
$78,034,659
112,237, 15x
$10, 473,339
3,108,429
2,794,435
3,213,397
4,141,442
6. ROCHESTER SAVINGS BANK.
1868 ..... 72,639163,4971 9,142
1869 ...•. 4,465
3,914
9,693
1870 .... . 4,728
3,555 10,846
1871 .. . . .
5,oo8
3,997 :n ,857
1:872 .... .
5,093
4. 152 12. 798
4,672 13,220
1873 ..••• 5.og4
I
Totals . 97 ,027
83,787
7.
I $29, 6g5. 229
I
$48' 661 '687
2,083,209
2,141,463
2,582,775
2,912,631
3,393,028
$2,972,689
3,453,541
4,277,238
5,027 , 579
5,614,72:i
5,847,352
$1,523,131
207,810
$42,8o8,337
$5,847,352
$2,882,629
235,862
282 , 67:i
302,953
330,200
ONTARIO SAVINGS BANK, CANANDAIGUA.
I
Totals.I 4,000
8.
13,220
$32,667,9,5
2,564,061
2,971,159
3,333,116
3,499,773
3,625,659
4,000
I ...... I
$r,970,8n
I
$1,970,8u
I ........ ... I
GREENWICH SAVINGS BANK, NEW YORK.
1868 .... . 86,719
1869 . ... . 5,682
1870 . . . .
5,348
1871 ..•.• 5,699
1872 .....
6,588
1873 ...•
5,887
67,920
3,478
3,664
3,473
3,906
4,551
18, 799
21,013
22, 6g5
24,914
27,6oo
28,933
$31,874,758
2,735, 004
2,788,324
3,167,6:12
3,721, IIO
3,379,104
$26,400,572
1.812,001
1,982,982
2,002,541
2,475,7o8
2 , 844,284
$5 , 474,185
6,397,997
7,202 ,66g
8,367,740
9,6t3, 142
10,148,012
$3,o88,945
35 1 , 2 43
4o6,537
467,482
543,712
595,555
Totals . 115,923
86,992
28,933
$47,665,974
$37,518, og1
$:io, 148,012
$5,453,477
---1
9.
1868 .•••
1869 . . .
1870 ... .
1871 . • ..
1872 ....
1873 ...•
Totals
POUGHKEEPSIE SAVINGS BANK,
1,788
J , 764
1,656
8,864
782
766
8o6
1,o66
1, 093
23,995
13,377
15,415
1,682
1,690
- - - - --
6,247
10,250
$4, 594, 0761
790,464
922,992
1,049,736
1,146,743
*1 ,181:,613
$3,ogo,812
502,040
567,755
628,200
843,349
925,483
$1,502,832
1,791,256
2,146 , 493
2,568,029
2 , 871,422
3,127,552
$4o8,3n
79,655
100,197
121,407
143,587
•247,973
10,250
$9,685,625
$6,557,641
$3,127,552
$1,101,142
7, 147
8,071
9,053
9,751
* Include three
dividends,
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294
HISTORY OF S.A VINGS B.ANKS,
10. BOWERY SAVINGS BANK, NEW YORK.
.,
. .,
=-'d
o~
:-'bll
-8'1:ibll •
~
s;:
oc
Z§
Z§
~ blJ.8
cd•a
0 •
0'0
"'e
c: c•'+-<·- •
:-i=§tf~
O'O
YEAR . ., 0" -<> <.><>
0 o! C
- oc
g][
0,£:!
""'
0""
.S& ] 2-~~:g
.c._
0
0 ""'
.C.., 0.
~-~
~ eo
;:::oo ;::: eel
<s""
9.,,
;!:"'·=·!:! tl
------ - -----
. .,
o~
e~
~
1868 ..... 311,nr 259,459
186g . . ... 16,845 15,432
1870 ..... 1 5,909 15,129
.1871 . . . • . 15,180 13,475
1872 . .. •• 19, xgo 16,188
1873. ... 14,995 17,873
51,652
53,o65
53 , 845
55,550
58,552
55,674
$u2,105,055
9,864,750
Totals. 393,230 337,556
55,674
, _--- ---
-~ "'~,d
~~
11)~~
o-=:a
;:::oo
..c='+-<e
$16,551,227
t8,599,3oo
21 , 847,855
$9,222,374
1, 048,357
24,449,241
13,272,233
*n,729,709
$95, 553, 828
7,816,677
7,715,402
7,907,442
10,565,717
11,705,531
27' 179,935
1,198,872
1,342, 174
*2,223,444
$168,444,534
$141 '264, 599
$27,179,935
$ 16,303, 145
10,963,958
10,508 ;827
27,155,757
1.,
267,922
11. SCHENECTADY SA VIN GS BANK.
1868 .... .
1869 .... .
1870 .. . .•
1871. ...•
1872 . . . .
1873 ... ..
Totals
$3,794,624
$510,344
$4o6,431
$1,907,256
2,n5,o6o
2,56o, 332
3,400,088
3,409,097
3,016,924
$6t3,533
n4, 409
132,293
173, o87
201,202
174,898
$3,016,924
$1,409,424
8,930
7,563
19,6o3
2,232
2,195
13,566
1,664
1,882
2,246
3,o79
3,456
- -25,893
3,866
2,959
3,590
----34,445
13.
Totals.]
$4,323,712
1,438
1,422
1,484
1,4211,451
12.
Totals
1,367
5,7521
33 1
33 1
399
33 1
419
- -- - - -
1868 •....
186g • • ..
187c ... .
1871 .. .
1872 . .. .
1873 ... .
1,367
$451,817
466,810
514,619
497,799
54 1 , 973
510,344
$294,832
233,349
187,786
$ 2,793,903
184,804
19o,443
235,624
170,432
219,415,
7,190
3 15
373
359
358
335
50
j
$3,245,720
199,798
238,252
218. 804
21,361
22,321
2 4 , 0 35
23,568
SAVINGS BANK OF UTICA.
6,037
6,633
7,6o1
9,306
9,830
9,966
$9,366,937
1,185,139
1,537,197
2,338,793
2,132,405
I, 931,441
9,966
$18 '491 •914
I
$7.454,550
977,335
1,091,925
1,499,036
2, 107,3161
2,323,614
$15,453,778
ITHACA SAVINGS BANK
50
20,312
j ..... j
$2,500
j
(OLD).
$2,500
j .......... ..
$100
----'-----'------'------'-------'--------'----14. BUFFALO SAVINGS BANK.
3,33o
16,127
16,815
17, 6go
19.,011
20,504
20,711
$23,575,458
2,597,756
2,864,339
3,178,693
3,628 , 791
3,33 1 , 465
$20,408,787
2,288,432
2,246,397
2,412,640
2,86o,662
3,45x,707
$3,166,670
3,474,965
4,092,202
4,856,658
5,622,384
5,499,348
$1,235 , 18o
183,373
210.027
250,613
226,220
318,862
36,214
I 20,711
$39,176,505
$33,668,628
$5,499,348
$2,424,276
1868 . ... . 40, 156
1869 ... . 2 ,793
1870 . . ' .. 3, 077
1871.
3,476
3,886
1872 . .. .
1873 .. . . 3,537
24,029
2, 105
2,202
2,155
2 ,393
Totals. 56,925
---
15. DRY DOCK SAVINGS BANK, NEW YORK.
1868 .... . 53,820 36,688
1869 ... . 6,393
4,132
6,810
1870 .. . .
3,875
1871. . . .
5,926
4,495
6,022
1872 .. .. .
4,878
1873 ..
4,702
4, 773
- - - - -·-Totals 83,673 58,841
21,816
22, 96o
22,889
$25,438,756
,, 000,324
3,973,668
3,854,557
3,637, 7o3
*3,335,661
$19,945,571
2,759,16g
2,446~225
2,796,184
3,442,242
3,295,896
$5,493,185
6,334,341
7,861,783
8,920,157
9,n5,619
9,155,384
$1,945,763
385,990
408,030
500, 818
482,4o6
*754,o82
22,889
$43,840, 672
$34,685,288
$9,155,384
$4,417,092
17 ;182
17,450
20,385
* Include three
dividends.
Hosted by
Goog Ie
295
NEW YORK : SECOND SERIES OF TABLES.
16.
E.lST RIVER SAVINGS INSTITUTION, NEW YORK.
. .,
. .,
o~
YEAR.
"'
o-
,.. bl)
Z§
Z"".
""
"··- .
"""" '-""
"""
-""
-""
. 8"
..c::,.,..
"0.
0
0-0
0.,
0 ""
0 0
•
0 " "0'
.,,,_
0""
i::: 0 0 z ... 0
i:::
------ - -r868 ....
1869 ..•
1870 .....
27,983
1871 .....
1872 ..
1873 .....
2,858
0
1 9, 2 95
~.g1.i ~
*4,026 , 953
2,923,567
3,ooo,487
2,282,813
2,783,652
2,952,844
6,238,468
6,378,383
6,426,026
$28,,07,955
$21,681,928
$6,426,026
$2, 6'9,836
INST. SAVINGS MER. CLERKS, NEW YORK.
,868 . • .•. 28,375
,86g .... . I, 341
1870 .. . .
,,349
21,421
goo
6,954
7,5°5
$,5,497,o86
1,288,245
1,264
r. 259
1,025
778
827
8,076
8,513
1,080
1,025
8,692
8,692
I ,518, 536
1,46o,528
*1,457,742
34,613
26,031
8,692
$ 22,783,359
10,914
1 ,733
1,653
2,562
2,674
2,478
5,805
2,050
1,255
2,031
2,282
5,1og
2, 667
Totals. 22,014
16,000
--- -
--
18.
.1870 . ... .
1871 .... .
,872 ...•.
,873 .....
:::coo
$979,797
159,870
204,717
*498,969
368,785
407, 6g6
n, 299
,868 •....
,869 •....
... "
_g;: ~
~~~
3,033,172
4,494,327
28,215
Totals
~
;:j·a
o·- c..
$2, 726,5o8
Totals. 39,514
,873 . .. .
:::=il=
8-o
<8""
1,706,289
1,654,su
11 829
187r. .. .
1872 .. .
1::~-~
"""
]~
~
--~ii-a
$10,301,818
1,865
17.
e~
~~ ~
:!=
"~
3,n5,666
1,961
--- - --
~-~~
~=
s
$13,028, 327
2,012,953
xo,048
n,136
u,263
n,299
I,
•
bl)
~ .....,"'C
8,688
9,3 24
746
J ,74 1
I, 770
I, 834
2,382
2,465
·s..;
cd 2
1,561,220
$2,042,171
2,347,209
$,,345,269
,40, 6gq
165,817
1,379,453
I , 3II,856
2,927,971
3,289,055
3,370,126
3, 516,012
,59,685
'75,639
*333, ,56
$,9,267,274
$3,516,012
2,320.268
$310,947
70,686
72 ,935
83,649
$,3,454,9'4
983,206
980,388
I, 157,453
AUBURN SAVINGS BANK.
$9,007,954
$7,951,318
$1,057, 54°
1,538,910
J' 435,052
1,772,959
l 1852, 927
I, 577,137
I, 117,943
1,311,834
1,009,628
,,673,569
-x, 6o5, 174
103,276
5,924
1 ,599,3 13
1,628,943
2,070,753
1,916,866
1,508,742
5 , 92 4
$17 , 732,573
$16,128,304
$1,6o5,174
$737,281
4,792
5 , I()O
S,7 2 t
6,n 3
95,784
19. SYRACUSE SAVINGS INSTITUTION.
,868 .....
1869 ..•..
1870 ....
1871 . . - ..
1872 .....
,873. · · • ·
Totals
,6,864
2,186
2, 858
2,869
4,336
$13,077,310
1,800,571
1,76o,080
2,069,596
2,676,626
2, 259,449
28,593
24, 2 57
4,336
$23' 703, 634
1,950
2,140
2,3og
3, 144
12 ,573
1,920
2,083
1,954
4,291
4,321
4,378
4,733
5 , 019
--- - - - ---
$u,694,695
$1. 382,615
$407,857
1,goo,3o6
1,629,676
I ,986, 923
2,46I,8n
2 , 358,o83
1,342,859
I, 473,264
I ,555,937
1, 770,752
1,672,118
71 ,59 2
75,131
86,182
108,391
$22,031,495
$1,672,118
$847, 74'
98,586
20. ALBANY CITY SAVINGS INSTITUTION.
,868 . •...
186g .... .
1870 .... .
187I. ... .
1872 .... .
1873 . ... .
Totals
799
4,5 1 5
275
250
366
570
754
8,828
6,730
5,626
324
345
676
1,058
11 III
1,16o
I, 255
$2,753,030
256,980
$2,304,303
239 , 162
,,565
461,130
2,053
2 ,098
729,883
638,299
248,465
288,583
426,684
566,313
$448,908
466,727
485,992
658,5(,4
96I, 763
$,89,056
267,730
1 ,033,747
56,028
2,098
$5,107,055
$4,073,512
$,,033, 747
$3~6,635
- - - - - - - --
20,320
21,307
26,172
43,749
*
Include three dividends, and corresponding items of Inst. Savings Mer. Clerl<s inclttde
oot only three semi -annual dividends, but an extra dividend.
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296
21.
HISTORY OF SAVINGS BANKS.
EMIGRANT INDUSTRIAL SAVINGS INSTITUTION, NEW YORK,
Izi:".
o•oo
YEAR.
0'0
o,uo,
-u,:
0.,"
""""
0
0 a.
::::
'00
o-
Z§
0 •
"c;'O
-u"
0 " 00
0
""""
:::C o'<:l
- - - - -68,826
1868.
x86g ..... 5,983
1870 .. . ..
5,663
1871.
6,509
~
J1u,:bO
·s.,;-bJ)
15·; d
~
u-~
,,,:
z• El~ 8.
0
•
m-~~m]
o
~ i-.·Cl..{) v]
0
~.g_s.E t
:>S::
s il:
"!:!
""'
]:§
:::: il:
49,581
19,245
$31,36,,596
$25,093, 279
5,122
20,146
4,458,155
4,787
21:.022
3,721,354
3,5u,32r
4 , 140
5,8.:50
4,734
5,078
23, 39'
25,888
26, 66o
4,683,044
5,583, ,64
Totals. 100,o64
73,442
26,66o
1872 .....
1873 ... ,
7, 2 33
--- ---
~lt1
b!!,B
~i.
""'-o
El-o
<s""
:::,oo
.µ
..c:11.t-t~
$6, 268,3,6
$2, '45,974
7,005, II7
372,136
3, 823,865
8,176,840
9,936,,39
5,673,293
4,823,533
5,154,739
n,370, 131
:n ,888, 685
$58,0,6,778
$46,128,093
$n,888 , 685
6,257,524
-a-~~
§·§·~
o, .... 0..
465,352
519,253
568,214
735,980
$4,8o6,912
22. HUDSON CITY SAVINGS INSTITUTION.
1868 . . .
1869 ... .
4,855
700
902
994
875
754
1870 . . .
1871 .. .
1872 . .. .
, 873 ... .
Totals
2
,994
394
'40
5,7
402
949
- - --9 ,080
5,396
1,900
$,,465,649
2,210
3°3,57 2
$1,033,859
2u,512
$43,, 788
523,918
742,787
983,568
3,379
3,852
3,657
448,7.8 2
565,066
535,362
•484,73o
324,286
434,635
485, 73'
1,084,306
1,o83,005
$97,443
22,586
29,455
4x,745
53,45'
*91, 198
3,657
$3,803,163
$ 2 ,7,9,937
$r,083,005
$335,88o
2,972
229,912
• Include three dividends.
23. MONROE COUNTY SAYINGS BANK, ROCHESTER.
6,038
6,-198
$18,727 , 925
1868, .. ..
,869 ... ..
22,213
16,175
2,159
,,998
1870 .... .
1871 . . .. .
1872 .... .
2,644
1,730
2,043
,,865
2,404
2,237
,873 .... ,
2,36g
2 , 402
7,457
7,42 4
2,493 ,302
2,558, 009
2,Su,569
2 ,739,444
2,900, 183
33,832
26,407
7,42 4
$32,230,432
Totals
- -- - - -
24.
,868 ... ·.
, 869 ...
1870 .. . .
1871 . . .
25,381
7,n2
7, 2 90
$r6, 428, 621
2,354,668
$686,097
125,855
,44,746
158,438
$2,299,305
2,637,693
2,437,939
2,683,851
3,010,536
3,112,286'
2,907, 273
3,105,196
178,no
$29,125,239
$3,xo5,,96
$,,465,550
2,312,097
2,484,884
172,300
SOUTH BROOKLY'.N° SAVINGS INSTITUTION,
15,613
2,712
1, 801
3,175
4, 3 2 7
2,ooS
2,132
1872 ... .
9,768
10,679
u,846
1 3,978
IS, 431
15,407
2 ,495
3,948
3,689
3,665
- - - - - - - -T otals 43 , 2 o8 27,738 15,407
,873 . .. .
$u,285,451
2,269,859
2,513,640
3,155,318
$8,533,202
I ,538, 949
1,675,481
2,034,981
3,054, 659
2,479,449
$2,753, ,24
3,484,034
$782,24,
196,259
249,16o
265,n4
306,963
320,862
4,322,193
5,442,530
6,017,740
3,034 ,828
3,185,435
5,867, '33
$25,3,3,758
$,9, 447. 5oo
$5,867,133
$2,120,
6o2
25. BROADWAY SAVINGS INSTITUTION, NEW YORK.
1868 .. . - .
1869 ... .
4,00 7
$9,233,850
17,017
13,010
69,
7'4
624
638
584
832
742
668
655
663
3, 92 8
3 , goo
946,240
960,678
3,85 6
3,83 9
3, 76o
748,345
840,612
710,816
907 , 197
Totals. 201 268
I6, 570
3 1 76o
$r3,744,ox5
1870 . .. .
1871 ... .
1872 . . .. .
1873 ... ..
855,435
$7,744, ,351
774, 207
I
$n,80,,'o58 I
8,5,6o8
1,007,945
$x,489,7z6
I,666,750
1 , 874,083
2,003,878
2,043,706
1,95 2 , 958
$,, 952,958
----- - --~·-----
Hosted by
I
$767,998
83,240
110,365
106,259
108,694
lT0 1 110
$1,286,668
Google
297
NEW YORK : SECOND SERIES OF TABLES.
26. CENTRAL CITY SAVINGS INSTITUTION, UTICA.
.,,,
~ci
o~
.s "'~ .
"'
:'bl)
ci~
•g.,;bll •
~lf
Z:,
<.>·-
za
0 •
"<.>'O
0'0
0 .. "'
0
0 ""
0.
~00
:l:OU
z:!:!o
3,188
366
279
318
713
779
814
791
- ----- --1868, . . ..
1869 .. •
1870 . .. . .
1871.
3,901
413
320
295
..
----4,151
2
Totals.
4,9 9
27.
28.
-
$1,247,422
182,312
262,384
240,955
163,944
263 , 311
236,565
46o
$1,9u, 244
$2,101,
s·; fr
..cl._
0 (.)
::!
< S-o
==="
$1,415,807
. ~"
""'
"2-=:ae
b.0,3
;.a·2
"""
]'.B
0 ::I 1-o·-
_g fr]~°e
:l:"'·-·- (.)
.... ..
+->
$168,867
187 ,235
186,308
180,948
Closed.
$47,936
8,468
9,831
9,656
$75,893
IRVING SAVINGS INSTITUTION, NEW YORK.
1868 .. . . . ,9,805
1, 186
1869 .... .
1,337
1870. ··•·
1871. .. .
1,30 2
1,234
'1372 .... .
I 063
1873 .... .
13,886
t, 155
I, 118
1,053
1,218
1,233
- ---25,927 19,663
Totals
s"
"'f!
:.~;ail]
d
"'"
"'"" ..=...,
-'-'"
-'-'"' 'o·;
.s 8.
-=--
YEAR.
~~
~
'"'
191
5,9
5,95°
6,169
6,418
6,4341
6,264
6,264
$1,943,108
2,166,731
2,481,163
2,878,745
3,072 ,15 1
2,928,542
$824,638
107, 393
•1,428,105
1,138,322
$7,013,490
922,993
916 , 223
1,015,142
I, 234,699
1,281,931
$15,323,022
$ 12• 394,479
$2,928,542
$1,005,469
$8,956,598
1,146,621
1,230,649
1,422,724
1 21 , 0 48
141 ,563
*:t44, 410
166,415
KNICKERBOCKER SAVINGS INSTITUTION, NEW YORK.
Totals.,
1,6oo
I
1,6oo
I ...... I
$945,3421 .. •. •.•. ••. .
I
Failed.
2!:J. MANHATTAN SAVINGS INSTITUTION, NEW YORK.
I
1868 .... . 59,243
1869 ... . . 4,064
1870 . . • . 3,878
1871. • ••
4, 198
1872 ..... 4,125
1873 ..•.
3,303
42,974
3,832
3,654
3, 594
3,970
3,780
$30,483.183
16.269
16,501
3,944,308
16, 725
4, 109,5~0
4,570,958
17 ' 329
4, 447,666
17,4841
*4, 310,406
17,007
$25,144,977
3,278,669
3,033,592
3,467,789
4, 198,407
4,374,401
$5,338,205
6,003,845
7,079,832
8,432,259
8,368,264
$2,040,466
283,183
357,505
429,118
440,281
*697,598
Totals, 78,811
61,804
17,007
$51,866,102
$43,497,838
$8,368,264
$4,248,153
8,183,000
30. NIAGARA COUNTY SAVINGS BANK.
Totals. l.__95_0-'-l__9_50......,I_·_·_·_··--~'~--$-9-5,_02_4~l_ _ _
$_95_,_02_4~I__
F_a_n_ed_._~_ _$_2_,0_5_4
31. ROME SAVINGS BANK.
1868 ....•
1869 . ... .
1870 .. .. .
1871.. ·• ·
1.872 ...•
1873 ... .
Totals.
,945
553
645
619
4,5261
710
650
725
692
555
2
7,858
6, 094
I
641
691
1,581
1,867
1,861
$1,330,777
291, 9i9
353,446
374, 133
345,379
397,768
$6o8, 555
713,308
774 ,898
802,715
881,002
842,2.,S
$110,417
2,115
$1,938,354
396,672
415,036
401,950
423,666
359,064
2,IIS
$3, 934,?45
$3,093,424
$842,298
$317,218
2,028
2,160
34,684
39,459
41,959
45,031
45,666
32. ULSTER COUNTY SAVINGS INSTITUTION, KINGSTON.
1868 .. . ••
1869 ....
1870 .. .• •
1871. . •• .
1872 .. . .
1873 .... .
Totals
5,922
1,025
1,033
966
872
889
3, 1 45
54 1
7 13
742
757
855
2,777
3,386
3,706
3,930
4, 201f
4 ,2 41
-- -- -4,241
--10,707
6,753
$2,617, 7881
897,507
1,045,361
1,234 ,024
*1 ,097, 546
94o, 765
$ 1,579,969
624,151
659,33 1
993 , olls
882 , 266
966,657
$1,037,075
1 ,310,431
,,696,46o
1,937 ,399
2,152 ,679
2,126,795
$200,065
57,138
75,397
93,854
*169,576
$7,832,993
$5,705,463
$2,126,795
$716,270
* Include three
120,239
dividends.
38
Hosted by
Goog Ie
298
lliSTORY OF SAVIN GS BANKS.
3:l. WESTERN SAVINGS BANK, BUFFALO.
•U,
•U,
o~
o~
"'
:-'bl)
Z"
Z§
0 C
"
u--
0 •
"u--0
0--0
YEAR. -oc
"""
0"'
-=·;!:
0 0
"'" C
~ -~
- 0 0>
0"'"'
....... 0
(I)
0..
zo§~
...
;s:: oci
- -- - --
--1868 .... .
1869 .
5,638
34°
346
670
7t6
3,864
366
276
2I2
283
546
7,945
5,547
2 35
1S70 .. . ..
1871 .... .
1872 .....
1873 .....
"'~
~-~~ ~~
_g fr]~ f
;!:"" ·-·-
~! ~
s~
;!:
<e"'"
S--o
~
,744
$8,587,975
$7,885,714
$702,260
I, 076, 174
677,889
1
2,398
2,186, 288
I, 100,547
1,139.512
1 , 33 1 ,770
1,718 , 659
2,II7,834
2,398
$,6, 5,0,616
$,5,294,o39
1,707
I, 841
2,228
1,183,860
1,497,944
I ,978, 37 2
~t,cl
~-~"
s:e
..c._
g:§ 8.
<1)'0
0,S
.c--
u
~t;
.....
Cl.B
C Cl ·-
1,643
--- --- ---
Totals.
:--c
~
·ss:ibl) •
~~ c::..,"O
;!:
~
0 U
1,216,028
$195,644
38,818
4, , 345
44,593
56,677
67,384
$1,:u6,028
$444,464
721,688
887,.86,
1,147 ,5 74
34. WILLIAMSBURGH SAVINGS BANK.
, 868 .... . 51,801
, 869 . ... . 3,74'
4,368
3,687
34, 395
3,038
2,792
2,584
2,807
3,3 2 4
Totals. 70,841
48,940
1870 .... .
1871 .. .. .
1872 ... .
3,522
3,722
,873. · • • •
- - - ---
17,416
18,109
$24,619,519
$,8, 650,675
3,500,498
3,883,057
21,538
4,128,790
2,628,633
2 , 478,IIO
2,567, 346
3,245,020
$5,968,843
6,6o3,670
7 ,626,053
8 , 941,769
9,825,539
$2,ogo,501
3,263,459
18,839
'9,977
21,901
*4,o65,to8
3, 766,887
10,123,761
*827,562
21,901
$43,46o,433
$33 , 336,672
$10,123, 76r
$4,744,336
35. DUTCHESS COUNTY SAVINGS BANK.
fatals.,
50
I
50
I ...... I
$750
I
itl750
I
Closed.
381 ,097
433, 4o7
5o5,oo7
506, 76o
I ......... .
---------------------------~---36.
:MECHANICS AND TRADERS' SAVINGS INSTITUTION,
1868 . . .. • 18,o80
,869 .. .. . 1,347
1870 . . . . .
1,6og
1871. .. .
998
1872 .. .. .
863
,873 . . . .
631
12,234
1,385
1,252
1,267
1,281
--- ~
Totals
23,528
Totals.I
150
18,342
I
N. Y.
5,846
5,806
6,163
5,894
5,476
5,184
$10,202,303
$7,5i4,6o6
$2,687,697
,478, 765
I, 258,452
1, 133,338
1 1 322,456
1,6o7,556
3,435,g43
16o,6g3
,2,6g5,068
'59,878
5,184
$16,691,356
$13,997,104
$2,6g5,068
$1,6g9,568
I
l, 661,272
1,290,844
1,,33,765
924,404
I,
2,908 ,010
3,404,331
2,930,540
$792,355
201 , 446
188,521
190,839
166,527
37. B1t0CKPORT SAVINGS BANK.
150
I ...... I
$153,428
I
$153,428
j
Closed.
'----'----'----'--------'-------'------'-----
38. COHOES SAVINGS INSTITUTION.
1868 . .. .
186g ... .
1870 . . . . .
1871. ... .
,872 .... .
1873 ..•.
Totals
4 ,98,
553
544
657
678
524
3,478
428
455
491
558
615
--- --6,025
7, 937
1,120
1,232
1 , 332
$,,558, 327
$,,266,462
$29,,865
$61,367
223,751
224,1914
320,623
1,417
343,637
389 , 315
446,304
464,038
12,943
13,4oO
15,32~
1,594
1,519
264,556
300,034
314,736
197,on
205: 478
221,023
241,775
290,345
22,981
1,519
$2,886,322
$2,422,097
$464,038
$t44, '79
• Include three uividends.
Hosted by
Goog Ie
18,165
299
NEW YORK : SECOND SERIES OF T.ABLEB.
39.
. .,
o~
METROPOLITAN SAVINGS BANK, NEW YORK.
. .,
YEAR.
O'O
0
::-' OD
•
"'""
"'u-o
u"
-0""'
~00
~Ou
- u"
0""'
0.
..c,_
.d4-,_9
0
0
z ..
0
1871 .....
1872.
1873 .....
3,o94
2,604
1,935
IS, 157
0
Totals. 39,028
0.02"8
~~
3,287,821
$24,568,252
$6,4.58,746
$2,515,719
2 , 943, 1 39
2,782,524
2,981,856
3,429,976
40. NEWBURGH 8AVINGS BANK.
1868 .... .
186g .... .
12,324
I, 552
7,972
1870 .... .
1871 . .. .
:r872 .... .
I,$00
1,074
l, 583
1 ,433
l, 199
1,004
1 ,143
1, II4
19,591
13,231
1873 .... .
Totals
9 24
--- ---
~OU
$850,770
266, 6g3
$30,899,678
to,994
.d4-,f
$4 , 441, 173
5,184,436
5,888,732
6,788,495
6,880,699
6,458,746
10,420
28,634
11,100
~"
""""
""~
0"""':.0
s·a fr
< s..,,
~~
10,420
:z,443
IO, 516
se .
~-a~
]~
$9,142,933
10,286
:-1~
~ gf.~
<l>'O
$13 , 584 , I06
3,571,346
3,490,271
3,878,149
3,.514, 458
2,861,345
9,5~7
2,898
2,768
2,608
2,76o
- -- - - -
•
,~.s.s t
c;O..
---- --- --- --1868.
24, 69.
186g .. : : : 3, 7o3
1870 .
2,998
8 'O OD
tdS a.....,'t:I
'"'
~-~ ~ ~-~i e.~
0 8"
u·~
e~ ~
:-'ci
~
"'
o~
Z§
Z§
303,657
368,687
359, 2 59
366,650
t
$1,079,778
$233,132
58, 173
$3,692,010
671,103
787,080
$2,6II,575
4x4,361
5,8,982
6,010
894,267
6,300
467, 1 7I
692,019
68z, 046
2, IOI ,470
6,385
*900,219
766,072
2,186,495
*z6o,272
nS,700
6,385
$7, 7rn,753
$5,395,157
$2,186,495
$726,819
4,35 2
4,980
5,406
I ,302,028
56o,og6
1,893,270
1,
70,170
86,370
41. PENN YAN SA.VIN GS BANK.
21 """
42.
39,489
18,918
6,170
1870 ... .
z871 ... .
1872.
5,879
6,290
3,778
3,9 1 3
Totals
6,006
6,715
20,571
23,003
4,415,698
$16,597,548
$2,209,808
$577,145
2,674,879
30,354
40,219
3o,354
$18,8n, 551
27,217
28,817
$163,096
$3,332,691
5,168
4,042
4,400
2 4,969
$1,015,237
1,301' 180
1,613, 193
1 ,908,4Q3
2,042,679
2,209,808
$4,347,9 28
I, 631 , 769
2,057,198
2,970,179
3,217, 56i
4,586, 9z3
--- --7o,549
Closed,
SIXPENNY SAVINGS BANK, NEW YORK.
1868 ... ..
186g .. . ..
1873 ....
I
1,345,826
1,745,177
3,o83,275
51,266
61,409
93,932
95,827
1n,6t3
43. WESTCHESTER COUNTY SAVINGS BANK.
1868 ... ..
186g ... ..
1870 .... .
1871 . . .
1872 . . .
1873 .... .
Totals.
1868 ... ..
1869 .... .
3,546
44 1
422
445
469
395
352
322
301
378
426
--- --5,718
3,74°
1,585
1, 674
1 ,774
1,918
2,009
1,978
1,978
$397,365
426,753
474,236
588,198
$138,814
188, 56o
183,238
227,187
265,071
601,254
553,040
28,648
$553,040
$285,16I
$1,795,256
$1,397,891
258,159
236,043
*297 ,201
240,243
216,857
228,771
$3,043,762
$2,490,722
44. ERIE COUNTY SAVINGS BANK, BUFFALO.
14,810 1 9, ss0
$4,565,759
$39,875,029
$44,440,788
34,36o
3,616
1870 .... .
3,849
1871. .. ..
4, 199
1872 .... .
4,494
1873 ... .. 4,216
Totals
l ,961
1,6o9
*9,577,768
2,711
3,212
8,215,543
8,016,483
28,324
28,48o
$86,253,095
3,036
--- --54,734
7,855,258
21 ,557
22,46c
23,623
25,406
28,480
2,946
8,147,254
7,148,785
6,916,987
5,171,910
6,402,:r78
20,483
23,468
*42,584
31, z6r
$1,079,837
253,550
296, :r28
7,378, 0 84
*567, 851
419,891
8,353,847
8,124,382
7,787,018
$78,365,756
$7,787,018
$3,o6g,826
8,6o1,862
7,469, 244
452,567
t Impossible to reconcile the discrepancies in the following statement which is copied
from the Reports of the Bank Department.
• Include three dividends.
Hosted by
Goog Ie
300
HISTORY OF SAVINGS BANKS.
45. NEW YORK SAYINGS BANK.
o!l
"'
•U,
ozg
0
Z§
0-0
YEAR. -oo
"""
..=0..." "0.
t'd.-a
'""
4-. ......
. °'s 0~
"""'
-""
0 ""'
0
..=.._
O
zeo
:::oo :::oo
r868 ..
1869 .....
1870 . .
187r .... .
Totals.
3,899
4,989
2,054
2 , 483
2, 65x
6,274
2,86g
26,162
18,294
2,730
1872 . ....
1873 ...••
6,597
1,640
3 , 339
3, 544
3,488
2,856
IO, 20$
¾6.
Totals.I 1,500
923,804
1,193,012
1,499 , 1 93
:::ou
$.1 '154-..265
1,475,277
t,983 , 1 79
2,479,720
$207,872
67,552
r 36,6o5
t.50,590
$776,339
2,022,930
8,159
I ,942, 841
2,712,331
2,804,622
8,159
$12,796,780
$9,992,158
$2,8o4,622
:
BB
~-5:a
..C:t.-., ~
93,032
120,686
SIXPENNY SAYINGS BANK, ALBANY.
I
47.
Totals.I 3,694
$2,410,375
1,995,733
2,255,742
2,034,932
7,335
~~
--~ ~-d
+->
~~
--=·::: iJ:
$3,564,641
1,244,816
I, 700 , 9I4
8,172
- - - ----
"",..
_g fr]~]
i=:"'·-:-"
- - - - - - ---- - - -
d, g ui
,..
,...,,
b.0.8
i:: p .....
~-•a~
o-... 0.
S-o
<El""
:-'ci
s iJ:
•
bll
-S-o
t'dBA...,'"O
~-~] ~ -~
: ' bl)
•
I ...... I
1,500
Closed.
$53,344 J
$53,3441
SIXPENNY SAYINGS BANK, ROCHESTER.
3,694 \ •••.•• \
J
$210,471 \
$210,471
I
Failed.
\
48. THIRD AVENUE SAYINGS BANK, NEW YORK.
8,694
8,301
$17,192, 1761 $12,417, 3I4
3,320, 239
3, 908,590
2,978,287
3,574,44 2
4,45o,425
3,430,036
4,454,859
*951' 710
835,on
871,919
$4,774,862
5,363 , 214
5,959,369
4,938,980
1,435,831
1 , 472 , 740
$801,744
254, I3I
296,232
332,568
*218,890
82,506
8,301
$29,928,875
$28,456,136
$1,472,740
1,986,073
339,247
350,945
412,277
486,574
$489,6o8
548,294
647,803
778,923
943,638
866,822
$96,8r6
26,122
31,152
37,862
46,048
48,3r4
$3,222,094
$866,822
$286,316
1868 ..... 33,657
1869 ....• 5,945
5,020
1870 ... .
18rr. . . . 4,538
1872 .... .
1,593
1,731
r873 .... .
20,055
4,196
4, 0 57
7,056
6,677
2,124
13,6o2
15, 3SI
16,314
x3,802
Totals. 52,484
44,165
------
49. YONKERS SA YIN GS BANK.
1868 ....•
1869 ...•.
1870 ... . .
1871~ .. .
1872 . ... .
,873 ... .
Totals
5,35o
796
753
838
839
699
3,367
55 2
57°
571
592
694
9, 2 75
6,346
------
Totals.,
22
Totals.I
700
I
I
1,9171
2,344
2,6u
2,858
2,863
$1,740,285
441,058
438,757
482,o64
576,992
409. 758
2,863
$4,o88,916
2,175
I
I
$1,250,677
382,372
50. ALBANY DIME SAYINGS BANK.
•21 •... •
I
$30
I
$30
I
Closed.
$•
Closed.
$6,286
51. ELMIRA SAYINGS BANK.
700
I ...... I
$180, 55I
* Include three
I
$180,551
I
dividends.
Hosted by
Google
NEW YORK: SECOND SERIES OF TABLES.
52.
ONONDAGA COUNTY SAVINGS BANK.
o~
·"'
"'"
zL
z§0
"'
·s.,;-b/J
;-'Of)
0'0
•
""
.......
0 " ' 0.
"
0 0
~ O<J
z'"'o
1868 . .•.. 43,825
186g .. •..
7,268
34,503
6,085
9,322
10,505
n,711
12,388
:S:
--- --- - - -
8~
"'~
-z:S
1870 . . . ..
1871. ....
Not
I
Not
1872 ..... stated. stated.
1873 . .• .
Totals . 51,093
40,588
12,206
13,673
13,673
5,707 ,532
6,68x,oog
5,930.867
5,885,333
$57,544,543
I
:2-g
o-=::a
,~b
CC ·...,
5:§ [
<8""
8-o
is:~
$27,463,525
5, 85.6, 275
~~
... OD,8
.d •-
~'0 - · - "
.=~ .
~l ~
:--s=
•
ci_B C""'"O
CJ •-
•vJ;a ~.B
"(J'O
~·ac::
"'" '30,a~~
""" ,J:1._.9
-""
0"'"'
o~~ ~ frg~ ~
YEAR. -oo:
301
$24,545,383
5,465,372
5,409,882
6,322,504
5,968,700
5,882,869
$2,9t8, I4I
3,288,332
3,880,849
218 ,584
225,587
229 ,133
$53 , 594,712
$3,880,849
$1,585,286
3,561 ,633
3,896, 218
3,878,385
$552,146
164,798
195, o37
53. SING SING SA VIN GS BANK.
1868 . ....
186g •. .
187c ... •
1871 .. .
1872 . . .. .
1873 . ... .
Totals.
2,112
270
264
309
324
324
1,048 )
1,067
87 I 1 ,202
1,340
169
132
1,517
1,588
203
1, 585
323
$773,564
159,357
155,563
247,348
1,585
$1,837,465
- -- --3,6o3
1,962
242 ,3 14
*2 59,3 1 7
$474,016
128,884
$54,780
232,675
$ 299,547
330,456
369,746
48o,284
573,453
588,636
$1,249,775
$588,636
$184,607
n6,274
IJI,775
166,149
16,100
18,527
21,061
*41,712
32,,24
54. ALBANY EXCHANGE SAVINGS BANK.
1868 . .. .
186g . . .. .
1870 . . . . .
1871. .•. .
1872 . . .. .
1873 . ... .
Totals
162
205
249
208
152
1,189
181
125
193
199
183
2,623
2,070
1,647
458
438
518
574
583
552
- - - - - - - -552
$740,277
84,887
$6n,717
94,362
104,048
n6,316
73,383
140,203
146,238
n9,602
$1,375,130
$1,185,508
170,150
159,451
$128,635
ng,300
149,861
179 ,794
193, 007
189,720
$ 189,720
55. COMMERCIAL SAVINGS BANK, TROY.
Closed.
j $1,500 j . ... . j
Totals., $1,500
$34 ,321
6,545
6,799
8,321
9,699
to,444
$76,131
$28,008
56. MECHANICS AND FARMERS' SAVINGS BANK, ALBANY.
1868 ... .
186g .. . .
1870 . . . .
1871 .. . .
1872 . ... .
1873 ... .
Totals
10,535
788
687
583
931
744
7,665
800
849
856
914
967
----14,268 12,051
2,687
$6,512,826
773,538
643,755
659,418
824,739
1,046,833
$1 ,251,468
743,679
666,385
909,069
879,384
1,249,568
61,963
65, 257
63,756
2,687
$n, 775,9~7
$10,46r,111
$1,249,568
$617,912
2,870
$7,764,294
2,858
2,6g6
813,124
2,423
2,910
1,291.054
I ,390,978
1,397,945
1,417,017
$313,257
54,534
59, 143
57. FISHKILL SAVINGS INSTITUTE.
1868 .•. .•
x86g . ..•.
1870 .... .
1871 ... .
1872 ... .
1873 ...•
Tota1s
1,76o
898
862
293
282
283
266
257
III
225
209
214
251
r, u4
1.24g
1,272
1, 397
1, 403
3,141
1,908
- - - ---
1,403
$701,907
152,688
166,858
212,706
202,876
202,575
$1,639,613
143,956
$240,5o6
300,561
354 , 33 1
467,458
536,349
579,656
$1,044,186
$579,656
$458,364
92,686
n3, 174
102,307
133,696
$5o,75 6
13,28
17 ,03 9
22,24 4
28,63 5
32,51 4
$164,47
* Include three dividends.
Hosted by
Goog Ie
302
HISTORY OF S.A VINGS BANKS.
58. MANUFACTURERS' SAVINGS BANK, TROY.
YEAR.
- - - - - - - - -11 ------1------1------1----1868 .... .
1869 . . .. .
1870 ... .
1871 . .. •
1872 ..•
1873 . . ...
Totals.
2,121
3
44
36
25
21
18
15
2,105
15
II
4
3
$6,366
5,963
3,o82
2,956
3,072
2,305
$437,221
47°
2,881
126
77
767
$443,587
304
28i
140
145
105
$42,210
304
288
140
1 45
105
---------1------1------1------1----2, 121
$441,544
59. MUTUAL SAVINGS BANK, TROY.
1868 . .. •
186g .... .
1870 .. .. .
1871. " ..
1872 • ..•.
1873 .. ..
233
277
221
223
58
1,566
209
144
222
213
219
553
597
697
689
725
56o
$741,409
104,380
145,375
161,852
140,055
3,133
,573
56o
$1,396,254
1868 . . .
18li9 . . .
2,197
20
3
435
393
336
287
250
215
$920,569
48,921
1870 ... .
1,762
72
6o
49
39
35
2,017
215
$1,o88,282
2,121
--- -----,
Totals.
2
$568,06g
92,549
137 ,794
I
I
I
$1,214,677 I
130,101
123,875
162,288
103,181
$172,706
183 ,442
2o6,427
243, 413
268,116
$43,799
222,010
12,291
$222,010
$97,483
8;201
9,653
11, 186
12,351
60. STATE SAVINGS BANK, TROY.
1871. . . .
1872 . .. .•
1873 ....
Totals
......
2
.....
- -- --·2 ,222
43,n9
2 4,99 2
30,3n
20,368
$788,4241
53, 235
33,130
39,410
23,823
37,225
$132,145
121,338
126,924
11 3 , 483
117,564
100 ,707
$65,661
6,160
6,044
5,6o7
5,495
5,272
$975,249
$100,707
$94,241
61. UNION SAVINGS BANK, ALBANY.
~l__
Totals,1 __3_00_1~_300_~1_·_--_·_·_
·
,_12_1_._n_4~1__,_1_•_1_,1_1_4~'~-c_1_o_se_d_._~__s_s_._90_7
62. CENTRAL SAVINGS BANK, TROY.
1868 ... ..
1869 . . ..
1870 . .. .
1871 ... .
1872 .... .
1873 .... .
Totals.
Totals./
······
1,057
8
19
13
16
140
114
95
82
66
6o
$490,303
7,098
4,083
2,673
1,671
1,266
$453,825
17,989
7,73 1
6,980
5,o93
2,730
$36,479
26,186
22 ,455
17,633
14, 125
12 ,597
$21,187
1, 450
1,147
934
827
627
1, 197
1,120
6o
$507,097
$494,351
$ 12 ,597
$26,173
I , 197
......
··· ···.
.....
... ..
7
--- - - -
63. MECHANICS' SAVINGS BANK, BUFFALO.
1,437 j ... .. . j $1,675,631
$1,514,846
Failed.
2,313
I
I
I
Hosted by
Goog Ie
NEW YORK : SECOND SERIES OF TABLES.
303
64. SOUTHOLD SAVINGS BANK.
. .,
2l
o""'
o-
Z§
0 "<U
.,,..,
0.
'"""'
,0..."0".s"'
0
o"'
<U "<U
YEAR. -oc:
•
-o<>
:::oo
--- - - - - - 1868 ....•
1869 ..•..
1870 . ....
1871 . ....
1872 .....
1873 ..••.
Totals.
3o7
342
312
2 39
229
853
140
134
142
169
123
3,453
1,561
2,024
~
"g ~n
Z§.
--- ---
~:§.
o~~
0 ""
z"""o
1,298
1,465
1,673
1,843
·s·•'bll .
:-i~i]
]~"d.5.5
fr~E~b
$932,779
228,~5
:--c=
g•
I
s~
"~
.,,0,£3
'""'__
!;.~
g:§ 8.
is:~
<
~~.
wtj'g
~"El-~
o·- "d
-=--~
is: 0 "
s""
="'
$518, 098
$414,681
510,246
6o 2 ,753
$83, 26,
25,4 33
190. 266
133,131
123,7n
1I3 ,651
2,019
239,986
219,6z5
153, 6i6
149,896
679,368
765,7,8
835,457
31,154
36,018
40,917
45,701
2,019
$2,027,562
$-x,192,105
$835,457
$262,487
1,913
216,219
65. DIME SAVINGS BANK, BROOKLYN.
1868 ...•
1869 •..
x870 . ... .
38,138
5,954
18,2861 19,852
3,742
4,837
3,891
22,064
24,105
26,458
$u,036,944
3,037,512
3,219,148
$3,742,642
$7,294,301
2,259,782
2, ng,431
2,458,107
4,520,398
5, 6r9,877
6,695,503
6,819,763
$669,~
255,929
6,272
6,144
5,6x9
5,417
4:494
28,830
3,069,196
3, o6t, 975
3. 358,161
6,530,798
36o,015
Totals _67, 544
39 , 320
28,830
$27,082, 769
$20,551,759
$6,530,798
$2,3o8,820
1871. .. .
1872 ... . .
1873 .. . .
4,070 1 •7,907
3,533,733
3,186,235
327,563
336,uo
359,508
66. GERMAN SAVINGS BANK, NEW YORK.
1868 .... . 47,877
18~ .... . 5,654
1870 . ..•
4,631
1871 ..•.. 5, 197
:1872 . . ...
1873 ..••.
Totals
32,492
5,508
4,493
3,993
8,161
7,941
4,701
6,294
----79,46x 57,481
67.
1868 .•..•
18~ .••••
:1870 .. .. .
:1871 .... .
1872 .. .. .
1873 ..•••
Totals.
2,150
263
443
630
15,867
$20,106,8o3
:16,013
16,151
17 ,355
20,815
22,462
2,990,310
3,058,4~0
3, 769 , 0 4
5,665,894
5,879,359
3,372,855
22,462
$41' 469, 902
$31,096,441
$15, 750, 6o4
2,622,847
2,205,653
2,325 , 164
4,819,315
I
I
$4,355,689
$1,099,125
5,575,948
228,159
271,020
7, 019,868
338,057
4,723,151
9,314,548
450,561
10,374,592
528,737
$10,374,592
$2,915,662
JEFFERSON COUNTY SAVINGS BANK.
1,3961
176
157
280
754
841
:r,585
655
1,207
321
1,127
1,477
1,855
2,189
5,726
3,537
2,189
8,086
6,446
1,336
--- ---
$922,761
9:1,462
127,010
168,447
$819,717
89,653
roo, 178
134,022
157,328
$rn3,o44
104,852
131,685
166,no
$30,099
4, 195
5,398
187,175
168,109
139,799
224,004
8,055
10,056
n,077
$1,664,966
$1,440,700
$224,004
$68,884
195,694
68. OSWEGO CITY SAVINGS BANK.
1868 ... .
1869 ... .
1870 ... .
1871 ... .
1872 . . ••
1873 ....
Totals
$74,026
486,922
525,572
24,679
26,970
6n,496
442,686
26,954
$5.908,8o6
$442,686
$190,485
$3,476,283
546,368
603,754
$3,154,299
580,752
530,295
11 819
528 1 6n
15,240
2,278
$6,351,422
1,96o
2,032
1,666
1,647
- - - --17,518
$321,878
367,366
436,465
1,640
1,97 4
2,142
2,150
2,431
2,278
1,670
2,128
2,040
1,928
6,5,650
500,880
534,655
577, 177
Hosted by
16,332
21,521
Google
304
HISTORY OF SAVINGS BANKS.
69.
•U,
o~
PEEKSKILL SAVINGS BANK.
•U,
o~
Z§
Z§
"'
:c'blJ
S'Obll
•
cdB
"·~
""
-<>,:a
"'" ci ~-~] ~-~
-<>"
"""' 'o"oj
""" .<a<,..
--'"<+-<
o~~
0
O'<l
YEAR.
~.J~
•
0 .. "'
0
0 ""
0.
:::CO 0
i::: oC:, z . . 0
--- --- --1868 . . ...
1869 . ....
1870 .. .. .
1871 ..•..
1872 .••• •
1873 .....
3,531
1.921
1,610
523
462
335
492
5°7
633
1,835
2,085
2,516
585
690
675
583
- ----Totals. 6,587
4,350
2,731
2,769
--2,769
~ fr]~]
.:-'ci
s~
....
....
o.g
""'
.<a·~
~~~
~~-g
g:§ 8.
.
~~
"'
~t-o
~"
~-=:a
f
i::: ~
<s ""
s.,,
$1,200,345
299,062
331,584
430,201
437,624
406,096
$86o,o65
242,689
304,089
377,993
$346,279
445,143
556,763
744,274
877,809
905,901
$63,094
20,827
26,650
35,505
43,858
49,413
$3,no,914
$2,205,002
$go5,go1
$239,351
:::"'·~-~"
200,198
219,964
..c:14-<
::::o"
70. QUEENS COUNTY SAVINGS BANK.
1868 ..•
1869 .... .
1870 .•.•.
1871 ..•
1872.
219
233
26r
3°9
264
885
140
,68
174
'94
215
:i:52, 015
132,012
123,246
1,825
3, 585
I,776
1,825
$z,2og,626
2, 2Qg
..
1873 .. . ••
Totals.
1,414
1,505
I, 570
1,657
I,7TI
--- --- ---
71.
28,394
6,267
5,873
7,IJO
25,Q45
29 , 205
3r,936
32,827
32 ,574
Totals. 94,176
6x, 602
32,574
6,503
7,435
--- ---
72.
1870 ...••
1871. . •...
1872 . . •.
I873, .•
107,229
:r:r5,852
I2],29]
$42,891
'33,388
$246,670
254,935
283,882
322,750
351,519
35,, 527
$86o,910
$351,527
$n9 , 666
$328,550
93,oro
Q4, 485
88,229
12,374
13,962
15,559
x7, n4
17,762
UNION DIME SAVINGS INSTITUTION, NEW YORK.
,868 .... . 51 ,394
1869 .•..• 9,212
1870 ....
9, 133
1871: • • • • .
9, 234
1872 •...•
8 , 326
1873 .....
6,877
I868 .. . ..
,869 .. • •
$575,220
14,s41
2,589
2,314
2,037
1,645
1,o68
I
I
23,000
4,981,016
*s, 212,598
6, 233,794
5,610,078
4,630,264
$42, 255, 239
$10,042,854
3,888,970
$5,544,632
6,636,678
3,833, II2
4,140,494
5,461 , 86o
5,047,884
8,016,165
10,109,465
10, 257,683
9,840,063
$32,415, ,76
$9,840,063
$890,784
298,201
*552,612
492,845
533,458
543,800
:ih, 3 n,102
ATLANTIC SAVINGS BANK, NEW YORK.
9,468
2,08:r
1,887
2,319
1,918
1,490
--- ---
Totals. 24,200
$15,587,486
19,163
5,080
$6,940,728
$4,955,693
$1,985,035
5,588
:r , 736,981
6,015
5,733
5, 37°
4,962
I,6gl ,099
1, 433,893
995,8o6
794, 86r
:r,401,994
1,258,742
1,505 1 5n
1 ,473, 255
1,064,323
2,320,0~2
2,752,379
2,680,761
2,203,312
1,933,850
4,962
$,3, 593,370
$11,659,520
$1,933,850
$379, 96g
197,847
1 43,344
149,181
121,264
n:r,232
$1,032,840
73. CHENANGO COUNTY SAVINGS BANK.f
1868 ... .
1869 . . .
1870 ... .
1871 ... .
1872 ... .
1873 ... .
Totals
I,
451
1,251
239
237
202
255
I48
269
,96
209
229
,96
244
245
262
308
186
2·, 521
2 . 374
186
- -- - - -
2 54
$962,932
$6o,448
55, 00 7
145,798
78,5o5
107,459
123,153
105,027
120,732
123,384
76,720
31,500
1,241
1,432
r ~669
I, 423
$ 1,589.452
$1. 542,689
$31,500
$16,350
$r,024,513
Io4,ogt
125,167
1n,376
$9,794
788
56,ns
53,654
* Include three dividends.
t Impossible to reconcile the results with the figures from which they are derived.
Hosted by
Google
305
NEW YORK : SECOND SERIES OF TABLES.
74.
,;n
Z"
CITIZENS' SAVINGS BANK, NEW YORK.
...
-
fJ blJ
o-
Z§
-S'tibll
:' ci
YEAR.
0
•
~:g
-=·~
11 4' 769, 94o
5,464
5,85•
5,949
n,6g5
12,781
14,034
15,403
15,678
15,354
Totals. 6o,o6s
44,6o7
15,354
$37,598,703
1868 . .. ..
,86g ... ..
,870 ... ..
1871 .... .
1870 .... .
1873 .... .
n6
93
Tota.ls.
n6
93
r868 .... 30,213
186g ... . 5,498
1870 ..... 5,96g
1871 ..... 6,833
1872 .... 6,1:17
1873 ..... 5,6"5
18, 5x8
4,412
4,412
75.
76.
1868 ... .
1869 ... .
1870 .. ..
1871 .. ..
187• . . . .
1873 .. ..
Totals
2,404
3,702
4,439
3,740
2,171
2,926
3,542
5,657
7, 176
7,346
918,802
1,463,231
1, 76g,235
1,682,144
u4
14,746
7,346
$8,182,192
1,288
Tota.ls
•,4g6
3,324
4,126
$5,005,704
5,513,961
6,515,174
3,852,994
4,7o8,694
4,819,759
8,059,359
7,860,257
$743,164
267,396
307,865
* 574 , 637
416,453
438,931
$29,738,466
$7,86o, •57
$2,748,449
8,005,2.14
1,723,902
1,575,168
151,8,4
27,889
36,~•
53, 37
7o,645
84,971
$6,6n,o61
$1,575,168
$305,,84
1,,153,8&5
56:i,1 s
725,317
1,047,736
r,399,093
$450,467
·637,415
830,827
:i,246,319
1,616,454
RHINEBECK SAVINGS BANK,
665
650
$r85,683
30,786
37, 13r
54,978
57,89•
53,179
$123,291
16,676
19,o6g
a7,65
44,428
6,so
$422,1151
794
'"3
445
64
!~
156
136
89
75
1,683
1,033
.,.,Soi
$6r, 679
:12-4-,641
!:~
6,005
-t,9,o82
•34,Soo
143,171
6,585
7,3•9
~,oor
$t43, i7r
$41,903
77,217
97,219
ROCKLAND COUNTY 8AVINGS BANK, CLOSED,
"3
t
"31 .. .. . I
79.
1869 .. ..
r870 ... .
1871 .. ..
1872 .. ..
1873 ... .
$1,004,312
744,468
1,002
Totals.I
1868 •...
3,104,231
$290
3,217
78.
~ 0"
CORNING SAVINGS BANK,
Not Nots'td
Not
stated. stated.
546
Tota.ls
~t.-.e
FRANKLIN SAVINGS BANK, NEW YORK.f
77.
1868 .. ..
r86g .. ..
1870 • . ••
1871 ... .
1870 .. ..
1873 ... .
*
5,713
2,n6
22,
o-
$9,764,235
3,488,550
3,996,8'>7
4,105,444
5,343,034
4,76,,839
4,600,656
....;-o
-z.s;e
~~"'
~ii:
0
~
=~-~
=·a~fr
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:-'~
f!L1
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,
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~-; i:i
~ g
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ii~ 0"""'
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. a 8. _g fr"o !j
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~'o g- ~~-3 ze
5-ci
$54
I
$54
r ... .. .. .. .. . t .......... .
SAG HARBOR SAVIN GS BA::tq'K.
$r53,897
t
150
ns
•16
99
1,371
lt415
t~!3
5,,394
57,232
55,030
$145,464
t66,589
197,462
2u,483
223,Soo
2321 5x8
1,326
1,371
g639,484
$401,,80
$232,518
1,803
175
797
102
1,oo6
1,o8o
~~:
IOI
1,211
II2
1,259
----a,5g6
1,294
• Include three dividends.
•for.:36,a
•
1,~
-1,0,412
43, ,2 12
$32,302
*12,946
10,147
n,347
u,986
$91,74o
13,009
t D11f'erences irreconcilable.
39
Hosted by
Google
806
HISTORY OF SAVINGS BANKS.
80. EAST BROOKLYN SAVINGS BANK.t
.,
...
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=·a~
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<El""
...
YEAR.
--- --- --1868 • • • ••
186g •••••
1870 •.•••
1871 ••..•
1872 •• . •
1873 . .•••
Totals.
4,66g
1,003
go8
871
2,032
1.,057
540
663
594
591
840
9,6g9
5,26o
1,191
- - - ---
l~lil
Z"
.
..I
$I, O'J2, IOO
4,439
$1,412,6go
397,6oo
400,536
.393,479
46,,533
467,62•
4,439
$3,534,522
l•,8°3,334
2,637
3,100
3,345
3,622
4,222
$340,589
435,679
302,510
344,198
349,723
339,3o8
395,49•
t'"lil
... .
Elf •
'""""
~.s;a
_g'+-o
!:=:
e
0"
$54,298
17,812
492,017
22,410
535,772
658,998
6g6,498
• 25,425
45, 144
35,926
$696,498
$201,018
81. KINGS COUNTY SAVINGS INSTITUTION.
1868 . .••.
1869 •..••
1870. , •.
1871 . .. .•
1872 ..• . .
1873 . .. ••
Totals
5,365
2,794
2,140
2,165
2,175
1,g88
•,378
735
I, to6
•,588
4,414
1,231
5,490
6,370
1,500
7,042
1,550
7,437
------8,500
16,627
7,437
1 ,4 12 ,437
- 1,612,894
1,596, IIO
$•,224,618
836,900
1,084,489
1,021,740
1,3uz,089
1,497,976
$10,407,574
$7,977,816
$3,038,og6
1,261, l:JS
* 1,486,909
$813,478
1,237,701
1,640,121
2,030,819
2,331,623
$163,48•
46,640
* 107,692
97,743
114,688
•,429,758
127,961
$2,429,758
$658,209
82. HARLEM SAVINGS BANK, NEW YORK.
1868 •.•..
186g ••.••
1870 • •.••
1871 .•..•
1872 • ••••
1873 •••••
Totals
2,266
1,387
1,426
1,575
1,413
1,341
957
5°3
563
9,4o8
$783,6g7
547,244
652,753
781,769
830,758
840,Boo
$581,993
345,036
464,871
650,525
715,02.
792,443
$201,704
4o3,9n
591,793
838,773
887,134
38,227
926
1 ,309
2,188
3,049
3,830
4,447
4,862
4,539
4,862
$4,437,023
$3,549,895
$887,134
$172,336
794
796
---
723,038
$16,53~
15,35
24,978
32,675
44, 562
83. DIME SAVINGS BANK, WILLI.A.MSBURGH.
1868 •••••
186g .. .• •
1870 ... • •
1871 •...•
1872 . ••• •
1873 • ...•
Totals
9,018
1,149
2,027
1,g80
1,784
1,663
--18,221
*1,o66,705
909,519
$1,584,369
782,879
846,151
934,415
1,077,817
983,197
$704,818
884,033
1,204,094
1,418,447
1,407,335
1,333,663
$76,130
36,054
48,029
64,479
*109,725
72,675
$7,542,488
$6,2o8,831
$1,333,663
$407,095
$2,289,188
96',094
1,534
1,589
4,621
5,188
5,951
6,595
6,845
6,919
11,483
6,919
4,397
1,363
1,26&
1,
33
I, 166,212
I, 148,767
84. EMIGRA.NT SAVINGS BANK, BROOKLYN.
1868 •••••
186g •..•.
1870 ••.. •
1871 ...••
1872 ...••
1873 ...••
Totals
957
234
145
168
123
197
46g
171
136
129
112
488
551
56o
553
114
759
.1.824
1.,13:r
759
, _---
* loclude three dividends.
676
$16,587
7,591
8,362
8,461
7,46c
$502,010
211,663
188,053
$355,410
176,297
175,:123
$146,599
181,965
194,895
188,052
205,172
174,oBo
189,382
274,694
183,831
179,631
270,224
184,101
6,337
$1,553,855
s1,a66,059
$184, IOI
$54,802
t Differences irreconcilable.
Hosted by
Goog Ie
SEOOND SERIES OF TABLES.
NEW YORK:
307
85. MARKET SAVINGS BANK, NEW YORK.
(Failed after 1870.)
. .,
o~
..,
o~
Z§
p'o!J
Z§
o=
..o•-=
'o'ii d
•
0
0"0
"""
-<>=
~ :g
0"""ti
0 .. "
.c...,"'
o~~
:::CO 0
YEAR.
,"o~
--- --- - - 1868 .... .
186g .....
1870 .....
Totals.
5,188
8oI
826
2,815
636
7°7
z'"
2,373
2,571
2,6go
----6,815
4,158 ......
86.
1868 .... .
186g ... ..
1870 ... ..
187I .... .
1872 .... .
1873 .... .
Totals
2,39d
823
631
573
591
499
87.
186g ... ..
1870 .... .
1871 ... ..
1872 .... .
1873 ... ..
5o6
476
514
5n
515
Totals
~~ -S.Stl
Jg .
.t't;
,-~
~~-~
=t·a~
~-; fr
~-E:ae
~~
~:s
~"'Cf!
~e.
o"tl
~
.
.d-...
-,:9"<1
:::: 0 "
$4,648,48o
1,642,n9
1,594,no
$3,772,199
1,566,765
I, 531,229
$876,281
951,635
1,014,517
$n3,129
47, I I I
50,024
$7,884,710
$6,870,193
········ ····
$010,065
$1,571,663
794,231
2,2o6
$1,965,120
839,499
805,355
750,577
73E,806
647,417
2,206
$5,744,777
1,593
1,941
2,009
2,193
2,282
5,5 5
1,241
'E 8.~i~
~d
MUTUAL SAVINGS BANK, AUBURN.
805
475
563
389
502
575
----1
3,309
1868 . . ..
~'O'o/J •
cd~ ~..,"'C
--;,am 1U
i~tm
778,480
694,617
$393,456
438,705
470,726
553,132
su,379
463,159
$40,365
22,987
26,449
28,837
31 ,"4•
28,278
$5,280,518
$463,159
$177,958
PORT CHESTER SAVINGS BANK,
•54
987
2 73
329
•99
414
1,332
1,517
1,729
1,830
•so
----1,819
3,763
I, 129
1,830
$164,544
2,p,6:H
241,116
223,439
$212,830
96,282
125,Bn
16g,335
192,464
172,675
3o8,083
38o,36g
41-29,021
479,785
$14,597
9,934
14,494
18,955
22,075
25,365
$1,449,187
$969,401
$479,785
$105,423
$377,374
157,347
2o8,286
225, 6o7
88. CHAUTAUQUA COUNTY SAVINGS BANK.*
1868 .....
186g . . ..•
1870 .....
1871 •••
1872 .... .
1873 .. ..
Totals
650
235
161
128
9
......
348
174
154
139
139
150
310
373
380
36g
239
89
$328,795
58,743
40,716
132,379
13,724
590
$26o, 178
40,085
130,023
33,670
IS, 731
$68,617
53,519
53,632
44,ogo
21,278
5,907
$3,959
0,985
2,765
2,595
r,942
58o
1,104
89
$574,949
$550,809
$5,907
$14,829
$3,780
2,035
2,6g5
3,o66
3,612:
3,895
$19,087
----1,183
71,120
89. CORTLAND SAVINGS BANK.
1868 .. ..
1869 ... .
1870 .••••
1871 .. ..
1872 ... ..
1873 .. ..
Totals
x,028
424
420
381
421
366
567
•93
33 1
292
326
4II
8:ao
136,355
152,580
$64,ooS
61,296
74,946
74,657
go,294
74,o68
3,040
2,220
.820
$859,499
$781,821
$74,o68
- - - ---
461
592
681
770
865
$235,455
n2,oog
:r32,n9
u8,542
125,017
$171,447
n§,821
II ,049
u7,087
108,834
• Differences irreconcilable.
Hosted by
Goog Ie
808
HISTORY OF SAVINGS BAN,KS.
90. GERMAN SAVINGS BANK, BROOKLYN.
•u,
O+a
•u,
0 ..
"'
bO
z~. z~ :"u ......
_..,.,
~==1
"""
"""" "! a
0"" ..=l+-,,..9
..c:1...,
t> Cl
YEAR.
0.
O'tl
-<>Cl
C.
i:!:OO
--- --1868 ..•••
1869 •.•••
1870 ..•••
1871 •..•.
1872 •..•.
1873 •••••
3,127
1,954
0 ""'
(j:: 0 "
-
•,#4
x,o6o
J.,148
!:~i~ 1,578
1,641
2,079
---- -a.017
Totals, 13,5'2
1,226
I, 142
91.
1868 .•••.
186g ...••
1870 ..•••
1871 .•••
1,g97
2,385
2,6:39
2,215
Totals
'
870
572
636
1,104
1873 . •. .
C.
Cl
zt-.=
,.,:i53
•
:~~li~
se
.... 0::, ""·-
_g fro
i:!:""·9.9 <>
:-'ci
a,::S.
'"
"'"" e
~~...
... b.O,S
Cl Cl•-
2""
o-S
g:~[
..cl•-
~a~
i:!:~
1,018
1,758
1,799
----11,772
6,653
.
posli.
..... ..,
""
~.s:a
e
.Q.._.
i:i:: 0"
3, 257
3,85•
4,493
5,057
5,495
$1,487,355
8t,161
8 3,657
973,348
1,174,849
I, 174,556
$1,093,958
6g3,305
667,939
736,go6
1,023,557
I, 124,433
$463,396
002,858
818,576
1,055,018
1,2o6,310
1,270,932
$28,n3
2 5,155
33,927
45,450
55,079
66,296
5,495
$6,526,534
$5,270,101
$1,270,932
$254,023
GERMAN UP-TOWN SAVINGS BANK,
2,132
,Sp . . ...
o v
..
•9..,•bO
1,269
1,794
2,455
3,822
4,703
5, 199
$1,oga,785
556,430
647,654
5, 199
$787,929
414,255
44-1,152
750,718
N. Y.
1,373,499
1, 10.1,,106
I, 300,137
1,278,.x38
$304,856
447,03o
653,532
1,053,786
1,323,179
1,345, 1 79
$6,121,480
$4,776,301
$1,345,179
I,
150,971
$19,988
18,927
87,367
42,334
59,558
69,523
$237,699
92. J AMAIOA SAVINGS BANK.
1868 ••••
186g •. .
1870 ••••
1871 •.••
187• .•••
1873 •.
661
l52
~
857
378
857
:~
Totals,
366
471
186
•go
54
51
50
75
420
--1,265
-
6n
774
$10,,,g66
152,039
153,783
141,670
$76,217
Sa,262
97,194
79,778
124,6g9
no,710
:~::~~
241,46x
272,421
$5,678
6,795
8,036
9,916
u,645
13,296
$844,, 124
$570,862
$272,421
$55,369
$178,584
132,391
117,967
II9,727
93. LoNG lsLAND SAVINGS BANK, BROOKLYN.
1868 .....
186g•••••
1870 ••• •
1871 .••••
1872 .••••
1873 ••••.
.
2,749
952
1,926
1,910
a.399
,.783
932
338
704
1,o81
1,676
1,592
1,855
2,t93
3,355
4,184
4,907
s,098
----- --Tota.ls n,719
5,og8
6,383
$1,272.,938
594,841
2,279,106
t~&~:~~j
5,067.48,
$574,905
501,137
1,754,424
3,851,478
4,225,954
5,i8x,368
$6g8,~3
791,7 6
1,3t6,448
1,496,709
:1,636, 159
l,522,272
$45,220
38,o65
53,009
6g,400
74,787
82,698
$17,6n,5n
$16, o89, 26g
$:1,522,272
$363,241
93. MECHANICS' SAVIN GS BANK, FISHKILL.
z868 .••••
186g •.••
z870 ••.•
1871 •...
1872 .••
1873 ..••
851
336
374
354
296
255
268
.g~
583
948
1,056
236
203
292
1.267
1,230
x;331
1:,230
--- --Totals,
2,466
1,174
$6,077
7,145
9,364
n:, 558
127,237
$129,216
159,394
190,328
272,765
•9•,391
304,203
$730,779
$304,203
$66,250
$249,S&z
151,514
147,775
.S7,u8
165,5oa
$xao,666
rri,251
n ,96g
"'4,819
146,835
140,050
$,,041,904
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XS, 14x
16,963
NEW YORK : SECOND SERIES OF TABLES.
309
95. NATIONAL SAVINGS BANK, UTICA.
(Merged in People's Safe Deposit and Savings Institution, which failed.)
. .,
o~
os:,
., 0.,
Z§.
DATE • -o"
~cdG)
~ 'o
g,
. .,
o~
Z§
0
•
,'o~
<> o"'
-o<>
0 .. U)
~
!1 bJJ
0"
il·a
·~1~~-g
0 .. "
~-~]!-~
z"'o
~"'-- ·- 0
i+-,•-
•
aU
_g fr]~f
~=
El~
.. !!
g.
l,
""'~
b.O.S
s:I r=•-
.,..,
0,S
-=~~·-
+I
::t·a~
o,
... 0.
El .. <>
-,:Els:,
:-'.;...
. ""'
Sa').
~~-~
o-"'f!
,,ch,...
~00
1868 •••••
186g •.••.
5,186
1,750
1,586
3,4t
$2,944,589
2,532
413 2
2,0I7,962
$1,958,393
1,894,935
I, Io8,722
$67,699
61,734
Totals.
7,718
3,336
......
$4,960,551
$3,853,309
········· ···
$129,433
$g85,6g6
96. NEW ROCHELLE SAVINGS BANK.
1868 •••••
1869 .••••
1870 •.•.•
1871 ••.••
1872 ••••
1873 •••••
304
103
n4
n6
135
113
Ill
71
63
56
88
86
193
•50
297
337
384
1i9,188
$28,310
17,130
22,810
2 ·1 ,217
34,36o
40,16g
35,7o6
$221,397
$59,162
411
- - - ----Totals.
885
411
475
$2,040
21,361
36,146
32, 472
$30,850
40,910
46,f4
59, 60
64,030
68,061
$156,638
$68,001
$16,o67
1,949
2,324
2,757
3, 145
3,648
97. NORTH RIVER SAVINGS BANK.
1868 •••••
186g •..••
1870•••••
1871 ..•••
1870 . .••.
1873 • . •.•
Totals
1,077
1 1 8:ua
1,781
1,142
2,461
2,0~8
2,5 7
1,338
I, 617
3,201
0,899
2,142
1,907
4;,406
2,056
11,129
4,533
f168,801
580,291
678,837
890,889
782,875
937,8,49
13,743
9,:uo
4,533
$4,639,545
992
490
515
6o5
455
- - - ---
98.
1868 •..••
1869 ••••
1870 •••••
1871 .••••
1872 •.•.•
1873 •••••
~i
312
41 4
386
387
410
--- --Totals. 3,989
2,364
4,171
$431,179
452,727
509,618
670,716
8n,o68
962,409
$337,6465, •18
615, sS.
835,700
8o7,765
783,005
.$g,974
a7,8o1
26,767
38,214
37,564
43,139
$3,857, 719
$783,005
$183,461
$123,339
183,723
219,404
255,741
$6,638
ONEIDA SAVINGS BANK,
585
784
885
$235,240
149,392
:::~i
$358,58o
21!1,628
235,351
207,-g58
180,665
1,6g4
213,231
255,797
~~t=
15,727
14,350
1,6g4
$1,411,415
$1, 140,:032
$248,190
$64,352
~J:~=~
127,058
6,05!
9,62
n,756
99. SKANEATELES SAVIN GS BANK.
1868 ••••.
1869 •••••
1870 •••••
1871 •••••
1872 •••••
1873 •.•••
Totals
174
163
165
180
174
103
297
79·
107
143
100
170
517
587
$447,853
130,09 5
675
122,924-
794
878
8n
104,097
uS,355
71,2n
896
Sn
$994,537
--- - - l, 559
* Include
$103,345
II2 1 857
76,107
$8,107
4,947
5,070
5,070
6,299
4,356
$916, 742
$76,107
$33,852
$344,5o8
144,887
109,083
91.717
113,687
go,940
99,710
n3,090
n7,753
three dividends.
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310
IDSTORY OF SAVINGS BANKS,
100. BINGHAMTON SAVINGS BANK.
"'
YEAR,
1868 •••.•
186g . • •.•
1870 • • . • •
1871 • • •.•
1872 •••••
1873 •••.•
0~
0~
:' bll
OA
z.,
z.,.
0 •
0'0
~-a
"o'tl
"0"
0 .. A
-0 ,..,
o<>
0 ~~.,, .......
.......
0
1:1:00
Is: oil z0 .2. o8.
4-t• ...
•
~
-~'Qbll
•
.! C +-l'C
~-~~E-~
i?li]
1,66o
889
1,153
g84
835
792
565
542
665
733
626
746
2,390
2,436
752,06g
673,092
541,566
6,313
3,877
2,436
$4, 212,659
--- - - Totals.
1,095
1,442
~:~~~
$825,540
6~4,177
7
6 , 212
=--=
~~
""'
o-S
r~
el[1
b.C.8
+,I
,,:: i:::; ....
::s·a 0..~
a .. "
< a"'
o, ...
$593,504
569,382
699,776
716,497
$232,035
295,039
379,390
412,86o
652,278
43:r, 430
~
""sii
.
.. ,.'0
""
.!!ci-~
0 , ... -0
.c=--."
Is: 0 tl
620,479
350,318
$9,490
n,576
16,340
17,959
1~,278
1 ,77S
$3,851,917
$350,318
$93,419
101, CARTHAGE SAVINGS BANK, CLOSED,
Totals.l,__s_9..:..l_5_9_,_l_··_··_
· ·_,l_ _
t3_,_105_,__I_ _t_3,_10_5.,_l_··_··_··_··_
·· _··_,_l_ _ _
t3S
102. CENTRAL PARK SAVINGS BANK, N. Y.
1868 • .•••
x86g •••.•
1870 •••••
1871 .....
1872 •••• •
•873. • • ••
655
320
Totals.
1418,191
1,030
l48o,su
152,091
n7 ,216
190,351
202,978
133,427
81,833
116,949
181,025
209,471
n9,839
139,565
63,521
11,515
3,016
3,525
4,42 9
3,789
3,46g
1,030
11,076,575
11,ooS,121
163,521
$19,746
182
373
355
464
149
173
205
236
409
544
703
86o
976
2,507
1,454
ig!
141,250
$62,320
70,o84
106, 16o
103, CHEN.A.NGO VALLEY SAVINGS BANK, BINGHAMTON,
1868 •••••
186g .....
1870 •••••
1871 • ••••
1872 •••••
1873 .....
Totals,
1,575
748
762
595
646
644
709
419
710
622
443
484
----3,387
4,970
866
$12,500
Io,994
14,278
393,092
,p9,282
396,416
$220,326
277,151
304,158
305,651
326,416
27x,8o7
$2,475,683
$271,8o7
$83,144
1442,841
38,,742
1,570
1663,167
438,~7
471, 4
394,586
440,047
343,739
1,570
$2,751,742
1,192
1,244
1,217
1,410
442 ,307
1 4,79 2
,5,847
1 4,731
104. GERM.A.NIA SAVINGS BANK, BROOKLYN.
1868 •••••
1S6g •••.•
1870 .....
1871 •.•••
1872 .•••
1873 •.•••
Totals
955
598
577
5g8
588
624
449
$290,035
288,780
449,435
74,,969
755,035
932, 233
$167,374
230,337
35,,558
449,102
536,431
547,866
f7, 179
9,8o5
15,546
1,810
2,011
$457,4,o
35x,743
57o,539
839,5,3
842,365
943,667
2,015
2,011
$4,005,239
$3,457,490
$547,866
"05,842
236
262
342
35'
375
----3,940
719.
1,070
1,348
1,555
Hosted by
Google
22,396
23,884
27,029
311
NEW YORK: SECOND SERIES OFT.ABLES.
105.
HAMILTON SAVINGS BANK, BROOKLYN.
(Closing.)
0~
Z:,.
YEAR •
--1868 ... . .
1869 .....
1870 .....
1871 .....
1872 .....
1873 .....
O"O
.,u.,
]~5
jj'; ~ §'
'Pl!'
.., bD
0~
z.,
l~
.,u"O ~-....
_.,.,
0.
0 .. "
0 .. "'
..cl-.. 0
.;~&
jj'; o'<l
Z'-o
575
•95
454
434
4S•
82
80
11
71
1,009
313
84
......
•
.. ...
......
.....3
--- -----Totals. 1,4o6
1,329
11
106.
1868 ... ..
z86g ... ..
,870 •••••
,87, ... ..
1872 .. .. .
1873 .. .. .
Totals
248
202
Totals
•58
113
--- --191
1,035
107.
r868 .. .. .
•86g .... .
1870 .... .
:,871 ... ..
r872 .... .
1873 .... .
;~
g8
bD
•
=-~~ii1
8."t}i
0
~Q)c:11:::P·•
'd ,....... CJ
$48,553
32,730
•6,732
.. .
.....
• d
Sil:
~~
..cl ·~
jj';il:
161
r94
$309,049
c.,
1,824
$724
735
66o
g6
89
104
$1,824
$2 ,410
$1,253
1,043
r,756
51,971
$32,266
..,1,n8
55,235
55,979
51,597
37,679
$270,922
$37,679
$10,877
42, 410
56 , 300
46, 197
1,741
1,446
1,356
3,134
2,857
1,079
"·~
2,
------n,564
8,707
2,857
"·"'•"' f
$1,799,653
2,042,583
2,227,633
2,150 9"5
2,654,586
•• 549,451
1, 653,5g6
1,549,4 J:
2,499,239
1,831,513
1,6gS, 2 74
$13 ,294,582
f12,og5 , 897
2,171
. ,..as
2,167
$18, 3•8
109.
193, 2 75
$38,051
_54,788
76,319
go,627
79,990
74,435
$1,193, 275
$414,213
$936, 888
!:~~::i~
1,522,494
1,355,688
I,
MUTUAL SAVINGS BANK, BROOKLYN,
(Closed.)
Totals
jj';O
MECHANICS' SAVINGS BANK, ROCHESTER.
1,330
I ............ I
N.,lTIONAL SAVINGS BANK, BUFFALO.
•35
243
122
521
472
1,073
$1,368,4m
1,497
1,994
2,379
2,6g2
622
2,918
:1, 234,426
1,6:12,742
2,176,753
2,480,750
2,179 , 814
$1,004,841
I, 217,793
:r, 527,264
1,946, 597
2,352 , 179
2,273,229
1363,620
380,253
475,732
705,888
834,459
741,o,«
$25,714
18,549
23,170
31,66o
37,447
40,289
2,918
$u,o62,950
$10,3ZI,Q05
$741,044
$176,830
~l
----2,215
5,,33
785
848
~~e
1,719
$97,889
25r
•94
3,132
3,250
67
~.!:!:a
$18,009
23,46o
I, 637
1,680
28,2~2
39, 2 5
5
42
$26,948
47,093
1,ooB
,,ms
:r,531
i,io8
g.e·ca
$30,343
$59,214
56,570
56,527
57,044
41,814
37,877
:(
327
3,321
2,008
,,967
1,859
108.
1868 ... ..
t86g .... .
1870 .... .
1871 .. ..
1872 ... ..
1873 .... .
Us:1
~"
o,!:! 8.
<a""
a"'
............
············ ............
.............
$98,016
..
J, ~ •
.. "O~
.. be$
HOPE SAVINGS BANK, ALBANY.
87
108
203
167
u7
..
•a,;
Hosted by
Google
812
HISTORY OF SAVINGS BAN.KS.
110. NATIONAL SAVINGS INSTITUTION, NEW YORK.
(Closing.)
0~
YEAR.
--1868 •• •••
1869 .....
1870 . ... .
1871 . . . •.
1872 •..• .
1873 •.••.
z=0-0
o!l
0 •
-<>=
0 .. "0.
..c...,
.! 81l
O<d"'
..c
... 0
1,243
1,078
317
528
r,680
187
46
4)04>
-
!l..,,
Z§
·a-o..,,
.
cd,8 c:=...,"0
.!?~~ f.~
~-9
~h
0
"0.
a: 0 0 a=:ou z'"o
•67
248
······
··•···
926
1,48.f
4
71
n6
70
66
66
_g g.u.se
i:::""·!3.!3"
lh86.846
334,901
93 ,831
753,888
ii.,.,,
,·~
o-s
e
g:s[
a'""
<a""
a=:o t;
$163,523
207,187
$ 223,323
291,243
$6,701
9,258
147
458
14, 279
1,5u1
...........
····•······
$1,569,468
$1,566,664
$1,512
$16,565
2,762
1868 ....•
1869 ..•••
1870 .•••.
1871 ... ••
1872 •..••
1873 •.. • .
223
3•
43
14
18
149
42
40
51
69
12
74
65
68
3i
17
6
15,555
4,533
2,369
713
353
6
$129,123
2,278
2,025
111. ORLEANS SAVIN GS BANK. t
359
~
.. ..........
.......
....
2,836
i'otals
~ f,a
~-s:e
..c,.. ..
"98,897
740,431
12,254
513
Totals.
l
-- .
. .,
~~.
k'O
-bl£
Cl C·-
$85,448
20,502
$72,420
•
t,262
$13,028
8,177
5,195
2,310
876
340
$3&°
2 3
310
258
117
38
$126,619
$340
$1,327
:i:;~
7,318
3,777
112. PEOPLES' SAVINGS BANK, NEW YORK.
1868 .•.••
1869 . .•. •
1870 • . •••
1871 •. •• •
1872 •••••
1873 ..•• •
731
~§
34
841
750
418
521
6n
634
ts
662
--- --Totals 4,003 2,675
498
498
914
1,234
1,378
1, 406
1,406
$257,886
•:114,651
56o,892
1,272, 242
998,798
664,535
$i,g69,oo8
$131,310
""7,359
453,386
I, 162,563
1,058,6go
702,699
$126,575
133,867
241,374
353,961
294,069
255,906
$1,597
*8,464
9, 203
12,36o
13,019
14,025
$3,716,010
$255,906
$58,671
113. PEOPLES' SAVINGS BANK, YONKERS.
1868 .. . . .
1869 . . ••
1870 .••••
1871 . • ••
1872 ..••
1873 • . .•
Totals
661
293
266
293
3n
314
155
122
221
182
186
291
----2,138
1,157
5o6
647
715
826
951
974
$166,915
114,424
286,349
267,035
185,922
$101,523
86,244
246,734
2 13,739
257 , 567
223,800
$65, 392
93,572
128,349
200,960
974
$1,302 , 159
$1, 129, 6o8
$172,551
281,511
210,428
17:z, ssr.
$3,171
3,757
5, 177
s,552
9,888
9,692
$40,240
114. SARATOGA SAVINGS BANK.
1868 .••••
1869 . .•••
1870 •• • ••
1871 •..••
1872 ....
1873 .. •..
Totals
59
93
131
132
134
290
6
36
61
120
uo
135
--- --468
839
• Include three dividends.
53
uo
$9,851
19,391
18o
196
220
375
26,431
29,373
104,997
375
$225,268
35 , 223
57,684
36,148
38,487
85,799
$ 173
696
1,048
1,493
1,564
3,150
$138,640
$85,799
$8,127
$1,203
8,626
20,998
23,093
27,034
[$8,648 .
19,413
32,810
t Differences irreconcilable.
Hosted by
Goog Ie
818
NEW YORK : SECOND SERIES OF T.A.BLES.
115.
. .,
o~
zg,
O'tl
<)(,)<I)
YEAR. -<>d
0 .. p.
"
......
c::oo
STATEN ISLAND SAVINGS BANK.
..,
.,
~b.o
o~
Z§
o·
<><>""
-<>"
0 .. .,
...... 0
Totals.
281
•so
267
335
321
285
1868 . . . . .
186g . . .. .
1870 ... ..
Totals
Totals
Totals
465
721
6g3
$84,525
98,775
252,331
91,823
171,780
196,776
214,929
96g
$1,019,271
$798,771
16
133
200
449
t,056
1,549
349
... ..
----1,879
240
.St
367
284
289
221
Totals
214,280
.
s:e
a.,"8.
<e""
~.s;a
d, ~ ..
.<I·-
! ~"
t-c
CC:· ...
$s3 , s6o
69,goo
.,
~~
-='
ii::+-<0 ~(,)
$30,g65
59, 40
in ,373
165 ,502
183,007
$1,002
220,403
11,242
$220,403
$34,499
2,339
4,352
7,203
8,358
(Failed.)
$326,926
5,350,407
4,936,614
$10,613,949
$150,274
5,001,679
4,818,084
$176,652
525,381
643,9u
$1,ot
$9,970, 037
············
$40,967
15,6
24,244
CATSKILL SAVINGS BANK.
II
102
127
269
2s
239
229
4o8
6!8
6 3
927
909
$49,300
i4,336
6,353
$ 1,399
55, 313
40,o83
109, 193
n4,041
111,609
116,151
217,070
212,528
$513
2,677
4,3S4
6,436
8,503
9,630
773
909
$564,834
$345,591
$212,528
$32,116
----z,682
61,077
71,565
$47,901
83,734
126, 479
174,595
GERMAN SAVINGS BANK, MORRISANIA.
712
1,533
785
1,oog
704
744
772
537
104
3o6
410
599
2,133
2,491
2,825
2,763
4,551
1,6o3
2,763
73
ltl
- - - ---
119.
1868 .... .
186g . . ..
1870 ...•
"""
o-fl
j:i:il:
2II
383
S3S
731
868
96g
~:ta~i
. "" .
..,bl)_g
BOWLING GREEN SAVINOO BANK, NEW YORK.
118.
1868 . ... .
1869 .... .
1870 .... .
1871 . .. ..
1872 ... ..
1873 .... .
"'f!
70
84
us
139
184
184
117.
1868 ... .
1869 .. ..
1870 .... .
1871. ... .
1872 ... .
1873 .. ..
=·*~i]
:?].i]
~.
·a~
j:!: o'u
----1,739
776
116.
~
·a.,;b.o .
-o =__, ....
zoU
.. o
--- --- - -1868 .....
1869 ....
1870 .... .
1871 .....
1872 ....
1873 .... .
8.E
"'"ld ci
'o"
1,939,382
2, 097,437
2,053,344
1,414,339
l, 782,837
1,994,667
2,o6g, 157
231,047
347 ,192
5o3,737
606,507
590,694
$1,159
7, 922
13,n6
19,88g
27, o57
3°, 2 54
$9, 277,437
$8,679,471
$s90,6g4
$99,399
$362,457
t,287,059
1,537, 75S
$266,393
I, 152,075
$96,064
GUARDIAN SAVINGS INSTITUTION, NEW YORK.
278
319
630
10
268
337
----1,227
615
268
325
(Failed.)
$81,443
1•s
238,133
$8,945
63,223
90,304
......
$490,458
$162,472
100,882
$72,498
no, 156 .
205,596
.... ········
.....$4;7~
9,241
$t3,g84
40
Hosted by
Goog Ie
314
HISTORY OF SAVINGS BANKS.
120.
. .,
ola 0+'
Z::,. zg
0.
0'0
YEAR.
-u=
"'""'
"'""'
0 .. .,
0 .. ., -u<>
..ch..,_9
.cl,.. 0,
i:::00 i:::0<>
--- --- --1868 • ....
186g .....
1870 .....
1871 .....
1872 .. ...
1873 ••• • •
518
1,135
923
702
610
497
"·-=
.."=
0me1
1-· ...
Totals
84
1,831
2,313
1,982
1,002
Totals
1868 •. •• •
186g ... . .
1870 ... . .
1871 ... ..
1872, ... .
1873 ... .
ci~~
442
1,164
.8 Cl ..,og
.... ;.aVJQ)
~=
h
_g g.g~:::
.cl·-
·~.,;..,,
.
..!! 8 ;:I
e;s
.,.:;
;:i·a8
o.s:a
l
420
1,214
1,382
1, 323
764
995
----7,976
5,335
210
269
457
649
576
525
$n,594
1 43,935
is:0<>
$52,764
1:33,505
171,632
181,871
213,267
240,387
188,938
1,700
199,298
223,405
178,647
1 . 700
$ 1, 203 , 593
$1,019,436
$178,647
$33,490
1,667
1, 755
2n, 175
210,430
N.Y.
$61,241
::192,177
625,546
708,g81
576,Sog
428,3n
.... ·t_;;a;;;
2,886
2,655
r, 202,o81
3,168,595
4,727,n6
3,441,669
2, 175,895
$6o7
971,145
2,830,225
4,643,681
3,555,818
2,324,393
2,655
$14,777,206
$14,325,871
$428,3n
$104,963
83
1, 494
2 ,593
3,207
$61,848
18,146
32,840
25.,212
22,927
PARK SA. VINGS BANK, BROOKLYN.
II
71
204
341
4n
445
199
355
6o8
918
1,o83
1,163
$64,350
2o7,937
225,637
234,343
$32,433
228,404
215,368
$1,176,042
192,205
212,420
2,714
5,200
6,628
7,948
$1,012,134
$163,919
$24,455
$182,305
286,702
401,994
527,563
66o,oo6
$268
8,767
14,726
21 , 668
•44,427
34,958
$66o,oo6
$124,817
RONDOUT SA. VlNGS BANK.
62
215
366
373
436
504
878
$206,457
064,813
1,145
286,122
1,428
I,834
315,354
*393,953
3a3, 151
$24,152
16o, 616
170, 829
189,786
279,294
305,367
1,834
$•, 167,388
$1, 130,046
500
1, 726
'243
13 1 ,9 1 7
47,434
82,733
124,771
16o,971
163,919
192,432
190,338
192,305
123.
--- --Totals. 3,643
1,9s2
124.
..cii.we
$33°2
3,679
6,ns
7,090
7,759
8,513
1 ,545
------o,686
1,163
1,483
566
589
607
510
743
6o8
G).8.!
aO·-.. .,C.
< a..,
is:"
$64,358
225,396
250;646
250,626
.!i,....,~
Cl Cl ·-
o,s
is:"'·-·-"
..
.I~.
... ..,e:
..,bll.2
MUTUAL BENEFIT SAVINGS BANK,
122.
1868 .... .
186g .. .. .
1870 .... .
1871 • . .• •
1872 ..•..
1873 •.. • .
•
Z"0
76
4n
542
580
522
552
121.
.
P...,,
--- --Totals, 4,385
2,683
1868 . ••• .
186g •••••
1870 . . . ..
1871 .... .
1872 • . ...
1873 .. . ..
ITH.A.CA. SAVINGS BANK•
642,222
1,720
SECURITY SAVINGS BANK, BUFFALO.
{ Closed 1871.)
1868 .... .
186g .. .. .
18:,0 . .. ..
Totals,
130
1~6
I 4
27
70
155
-----440
•5•
~~
$96,706
350,300
470,424
$59,443
302,312
48o,399
-~7,282
4,638
72 , 000
$868
z,656
3,331
,88
$919,451
$842,155
$72,000
$6,856
103
* Include three dividends.
Hosted by
Goog Ie
NEW YORK: SECOND SERIES OF T.A.BLES.
125. 'l'EUTONIA SAVINGS BANK, N. Y.
.,
.,
.,
:-' "ci
,I~ •
oo:-'1>11
•~.,;bll •
'"'""'e?
Z§. Z§0 .
_8i:s...,-o
~~
0'0
~·a
""
...
·-:.Sen u
.
.
-
0 .,.,
""""'
""" -""
~-i~ _g e-us]
~--£
Ou
z0.,.. o i:l::"'·9.9 u
--- --- ---
YEAR.
.!l~ ::,f·~
-uc,
Oe!<>
...... 0o
~00
1868 ...••
186g . •...
1870 . . .. .
1871 . •.. •
1870 • . .. •
1873 .••••
363
33
39 2
561
1,263
1,968
2,498
1,216
1,499
3,617
3,225
3,125
--- --Totals. 13,045
6,715
330
1,154
2,092
4,456
5,713
6,340
6,340
·ai
......,.,.,,,.
=~-~
::i·a :g
""'
....o-5
i:!;il:
-a.s:a
..c='-Me
o.- C.
a=.,
~
0o
< Si'0
$72,6g4
487,256
636,621
$14,791
1,761,512
2,138,945
2,246,333
$7,343,363
315
ii!; 0 "
$362
6,926
1,o6g,248
1,722 , 6oc
1,g86,g88
$57,903
213,085
467,381
I, 159,636
1 ,575,990
1,835,335
66,324
92,874
$5, 508,528
$1,835,335
$222,7,u
~~::~~
15,-17~
41,132
Remainder commenced after 1868.
126. ABINGDON SQUARE SAVINGS BANK, N. Y.
186g •• ••
1870 • •• •.
1871 • .• •.
18~ ••••
1873 •. ..
Totals
16]
344
752
438
464
$28,222
150
351
851
940
1;l
258
349
3u
--- --1,077
2,161
I, 107
214,508
$n,485
65,504
159,822
170,958
204,648
J' 107
S,788 , 413
$612, 419
JU:,~
249, 67
183,goS
$16,737
49,257
145,313
158,362
168,223
... ·;;:~39
$168,223
$u,134
5,233
7,457
8,204
127. BusHWICK SAVINGS BANK.
Totals.,
165
I
(Did no general business until 1873.)
•o
I
145
I
$19,•80
I
t1,•96
I
128. OLINTON SAVINGS BANK, NEW YORK.
186g • ....
1870• . . ••
1871 .• •••
1872 • •• • •
1873 .••• •
Totals
670
710
763
627
621
25
143
320
388
516
---1 --1,392
3,45
645
1,297
1,485
1,674
1,779
$87,378
597,392
1,015,no
300. 267
204,405
$40,093
5o6,539
974,447
344,467
191,284
$47,284
132,570
177,598
159,~
163 ,
;:;ii
7,203
1,779
$2, 224,554
$2,056,830
$163,6g6
$28,149
$517
8,48g
129. OLINTON OouNTY SAVINGs BANK.
a.
$4,199
42,390
51,516
57,470
6o,678
$271
18,217
28,2r
251
81
•51
384
474
565
595
565
$216;255
1869 • ..•
1870 . • •.
1871 .••••
1872 .••.•
1873 .. •• •
3,2
Totals
1,091
186g ••.•.
1870 .. •• .
1871 •. •• .
1872 .....
1873 • . ...
254
130
147
132
95
~
205
275
349
403
396
$68,526
*53,342
64,594
55 ,642
53,8o5
$30,732
50
13
8•
758
316
396
$295,912
175
250
242
I
68
103
152
$3,928
28,101
..... ..ji;;;
57,139
50,747
68,956
~,496
2,341
2,824
$143,126
$72,496
$7,320
39,2
I
1,526
130. O0XSACKIE SAVINGS INSTITUTION.
Totals.
- - - ---
$35,794
27,033
62,103
35, 837
55,823
56,585
rs,86o
,746
87,653
$55~
*2,61
3,266
3,643
3,,u6
1208,012
$87,653
114,032
• Include three dividends.
Hosted by
Goog Ie
316
msTORY OF SAVIN GS BANKS.
131.
YEAR.
·!l
Oc::
Z:,
o-d
(I) <J (I)
-<>c::
EAST NEW YORK SAVINGS BANK,
. !l
OC::
Z:,
Jl.,.
<JC::
0.
(I)
<J'O
ell~
..c:1,_ 0
<J •cOC::
=
'c;"cd
,El<>
i:::O'u
1869 .....
1870 .....
1871 • ....
i872 ... ..
1873 . .. ..
217
270
•99
329
286
us
157
192
198
396
58o
752
846
Totals.
1,401
558
846
is:
132.
"869 • . ...
1870 .. ..
1871 ... .
1872 . . .. .
1873 .. ..
Tots.ls
161
589
664
is4
so
19
75
8
209
359
r1
58
1,705
133.
509
336
257
245
134.
1870. ' ..
1871 •• . .
1872 .. ..
1873 .. ..
Totals
Totals
136.
186g .... .
1870 .. ..
1871 ... .
1872 . ... .
19n; .. .
Totals.
~-~]~ -~
$44,351
n3,463
1 4°,344
173,611
224,215
$6g5,986
I
~~ri
bll.3
=
=·
...
g:§8_
a .. .,
+-'
< a"
:-"~
~ S-cl
v.._.!
o-E:a
,~~
O<J
$19,o6g
74,785
96,952
138,279
177,590
$25, 281
63,96o
142,684
189,309
$319
1,467
3,237
5,329
7,131
$5o6,676
$189,309
$17,485
107, 352
1,121
$57,362
567,875
844,318
924,6og
1,313
1,012,814
$7, 278
417,193
733,182
827,663
983,734
1,313
$3,400,979
$o,96g,052
153
533
838
$50, 083
000,765
408 , 847
437,927
$3
6,170
13,194
18,773
23,666
$437,927
$61,SoS
314, 702
33
105
148
220
237
$7,985
728
3,u2
87,613
79,819
$48,391
1,056
$56,376
124,646
114,672
g3,909
6,415
176,86g
183,166
189,762
$72•
4,465
8 , 153
8,98o
10,145
1,056
$476,020
$286,259
$189,762
$32, 467
377
785
g84
1,021
f·
125, 309
ELEVENTH WARD SAVINGS BANK, NEW YORK.
872
85&
98
1,4-1-7
998
69
402
6n
754
817
----5,156
2,653
135.
1869 . .. .
1870 ... .
1871 .. ..
1872 ... .
1873 . .. .
,·~
'"f!
o-:l
""'
ELLENVILLE SAVINGS BANK, ULSTER COUNTY.
410
--- --Tote.ls 1,757
743
186g ....
1311:
EAST SIDE SAVINGS BANK, ROCHESTER.
----3,018
186g ... .
1870 ... .
1871 ...•
1872 .. ..
1873 . .. .
•
=~= .... -o
z1: g, ~?]ii
0 .. (I)
..cl,_<>,
0 0
--- --- ---
t"'ci
~
•13.,;bll
296
1,o88
1,350
587
691
8o3
1,253
1,6.8
a,321
s,502
$286,974
635,155
1,898,953
1,485,246
I ,376, 47 2
$83,799
487,209
1,641, 055
1,276,179
1,59 1 ,974
$203,174
60g,017
818,o84
602,583
$3,565
12,515
25,468
36,897
36,8o6
2,502
$5,682,Soo
$5,oSo,219
$602,583
$115,253
351,120
EXCELSIOR SAVINGS BANK, NEW YORK.
6o
258
612
888
779
236
$101,112
1,067
1,909
1,624
1,546
519,792
2,916,368
2,307.,202
2,459,819
$15,732
185,588
2,441,664
2,656,418
2,524.9.2
$85,379
418,741
930,033
580,817
513,380
14,~
43,17
31,agx
25,946
2,597
1,546
$8,304,295
$7,824,345
$513,380
$116,243
----- - - 4,012
$842
GREENBURGH SAVINGS BANK, WESTCHESTER COUNTY,
192
JO
182
$28,16o
$10,667
$17,093
$•!0
138
126
86
74
28
47
46
s•
----616
183
284
354
396
413
97,9g8
So,026
81,143
79,327
73 , 926
66,630
65,479
70,450
4•,4t
56,7 2
72,466
81,099
1,619
2,443
3,425
3, 86o
413
$366,656
$287,353
$81, 099
$11,599
Hosted by
Goog Ie
317
NEW YORK: SECOND SERIES OF TABLES.
137.
. .,
o~
. .,
o~
186g ... . .
1870 ...• .
1871 ... ..
1872 .. . • .
1873 •. .•.
Totals,
Totals
~
·a-oblJ .
.!"'
ci
~~
.,..,
e~e
~~.
,..,..,
~"'
-;.s;s
.,u., .,u-o
-Oo!<>
u = -u<>
0 .. .,
..cl...,o
..cl...,
0,
;i::00
~ o<l.
~ -~Q
z~o
;!:"'·!:!.Su
212
288
334
440
483
1,oo6
1,562
2,036
2,654
3,172
$255,370
248,044
425,098
469,409
529,231
$n9,778
190,192
315,131
354,916
446,030
$ 135,591
194,289
306,880
421,374
504,574
$3,328
3,172
$1,927,154
$1,426,049
$504,574
$64,58o
0-0
1,218
845
808
1,058
1,001
0
u -~
•
• a g,
----4,930
1,757
138.
186g . . •. .
1870 . .. ..
1871, .. . •
1872 ..•.•
1873 .....
!3UCblJ
-~:a t,'g
.!!~ =~--: :
Z§
Z§
YEAR.
GREEN POINT SAVINGS BANK.
365
1,020
838
612
551
--3,392
OS
_g fr'u ~]
o.S
ii::11:
..Q•~
bll.$
,lof
CC:::· ....
:::s·a
a·..
~
g,
< a..,
..c::l'+,,o
e
~OU
1t~~l
17,6g8
24,043
MIDDLETOWN SAVINGS BANK.*
26
165
315
410
518
1,717
1,919
1,958
1,434
1,958
339
1,194
$36,958
257, 617
287,100
lh1,s91
•1l,9o6
32 , o66
$5,361
90,96g
184,2n
200,640
314,534
304,901
378,167
389,699
$243
1,925
12,9o8
17,599
19,943
$1,181,649
$795,717
$389,699
$52,620
202,011
* Differences irreconcilable,
139.
186g .• . •
1870 ... ..
1871 ... . .
1872 ..•..
1873 ... ••
Totals
76
MORRISANIA SAVINGS BANK.
451
414
432
36g
385
195
195
205
233
375
594
·831
995
1,147
$239, 777
654,155
744,451
801,961
$167,06o
583,888
1,070,856
2,051
904
1,147
ih,su, 202
------
1,044,534
;i;:~s
$12. 717
142,984
152,443
170,756
197,078
$862
3,a81
5,435
6,543
9,317
$3,014,124
$197,078
$25,440
140. . NATIONAL SAVINGS BANK, ALBANY,
186g .... .
1870 .. . .
1871 .. .. .
1872 . .. ..
1873 . ..•.
Totals
1,210
2,314
2,343
1,718
1,4&8
us
621
783
1,190
--- --3,838
1,129
9,073
1,095
2,788
4,348
4,876
5, 235
5,235
$486,366
429,570
1,686,965
1,640~410
1,500,094
$127, 161
729,g84
1,010,476
1 ,243, 77S
1,337,773
2,271,517
$5,523
38,403
72,772
103,028
122,479
$6,743,407
$4,449,171
$2,271,517
$342,207
t,
$359,204
1,052,272
1,747,680
2,101,915
141. NEW AMSTERDAM SAVINGS BANK, NEW YORK.
1869 .....
1870 •.••.
1871 . .. .
1872 . . .. .
1873 . .. ..
Totals
$38,471
426,6o4
$76,4o6
227,043
~,056
2,122
$u4,878
t6,848
41,616
531,288
759,736
~1:~i;
;;:~~3
2,122
$2,414,368
$1,752,715
$661,563
$8o,356
485
g89
1,46o
1,276
71
3o3
536
6o2
816
4,450
2,328
556
ao,
J,007
804
---
1,662
216,122
~~:m
$773
7,953
17,209
142. 0:Nl!lIDA OOUNTY SAVINGS BANK, ROME,
1869 .... .
1870 .... .
1871. ...
1872 ...•
1873 ....
Totals
168
366
368
475
393
3
107
220
249
372
----1,770
951
165
424
584
829
866
$41,491
148,323
136,948
186,021
152, ns
$1,438
47,521
96,026
1o8,230
161,703
$40,052
140,854
181,813
259,610
250,022
$191
5,071
7,693
10, 909
12,6g6
866
$664,899
$414, 920
$250,022
$36,562
Hosted by
Goog Ie
318
143.
filSTORY OF SAVINGS BANKS.
PEOPLES' SAFE DEPOSIT AND SAVINGS INST., SYRACUSE.
(Failed in 1872.)
YEAR.
186g ..•.
1870 .••••
1871 ....•
6,495
144.
Totals
$424,531
3,323,570
7,449 , 386
$12,952, 799
$n,197,488
$144,~14
1,946,156
1,755,4 11
$4,185
88,3o6
90, 11 9
- - - - - - ---1------1------1------1----
Totals, 13,917
186g • •.••
1870 • . . •
1871 ... .
1870 .. . .
1873 ...•
$568 , 545
5 , 125,712
7,258,541
1,007
$182,6n
SECURITY SAVINGS BANK, NEW YORK.
1,714
~~
2,020
1,062
858
1,88g
2,847
$259,005
1,764
1,312
1,474
1, 386
t;i~
716,301
*907,201
842, 674
68o, 485
7,979
4,S92
3,387
$3,405, 668
- - - ---
$97,919
433,326
671,366
804,529
754,746
$161,o86
643,780
34,017
$2,761,888
$643,780
$t12,530
444,061
679,896
718,040
$135
8,794
*37, 743
31,839
• Include three dividends.
145.
186g .•••.
1870 .... .
1871 . . . ..
1872 . . • . ·
1873 ....
564
595
619
763
773
--Totals 3,314
SOUTHERN TIER SAVINGS BANK, ELMIRA.
us
Totals
1,592
Totals
Totals
196,663
3,8g6
4,454
1,344
$733,324
$639,302
$90,004
$13,329
W APPINGER'S SAVINGS BANK.
$.io
$1,009
31
$96g
... ....j;_;~
204,185
······23
126
261
179
31
79
107
120
214
396
468
61,770
57, 817
21,951
33,822
13,593
29,36o
68,729
94,074
709
240
468
$158,912
$65,218
$94,074
--1,010
1,590
834
515
494
868
142
3t1
451
552
554
----4, 443
2,010
91
g6
93
104
81
17,295
21,018
3,7o6
5,6g7
$488
1,877
2,612
987
::~~
$7,915
WEST SIDE SAVINGS BANK, NEW YORK.
148.
186g ... ..
1870 ..•••
1871 •..••
1872 . •.
1873 . ...
$66,379
113,927
152,167
31
II2
147.
186g •••• .
1870 ..•••
1871 • . .•.
1872 .••
1873 ...••
$36,919
54,199
86,722
94,56g
90, 004
!:~
36o
657
146.
186g . . . ..
1870 ... ..
1871 .... .
1872 .... .
1873 ... ..
1,344
$29,459
96,788
n9,644
196,338
197,070
iA~
25c
200
8
32
44
57
38
2,1'47
271,102
163,700
2,530
2, 493
2,433
$118,365
399,874
391,055
462,005
313,334
357,400
442,o66
$73,o61
180,464
267,004
300,6~
320,s
$1,653
6,634
1:a,175
13,543
15,733
2,433
$1,642,403
$1, 321,So5
$320,598
$49,740
l\45,303
WHITE PLAINS SAVINGS BANK.
----179
465
83
148
201
248
303
$13,142
24,153
33,ooS
33,841
27,ogo
2
··.. ·--t;;;;
30,16o
27,3o6
44,770
48,446
48,240
2,472
2,442
3°3
$131,237
$82, 971
$48,240
$7,496
$726
8,857
15,920
Hosted by
$xa,~6
27,
Goog Ie
1,926
319
NEW YORK : SECOND SERIES OF TABLES.
149.
YORKVILLE SAVINGS BANK, NEW YORK.
. .,,
o-
o'"'
Z§
YEAR.
Z"::,
"' bJl
<>·'"'
•
186g .....
1870.
Totals,
--- --813
I, 142
150.
1870 .... .
1871 . ... .
1872 . .. ..
1873 ... ..
Totals
151.
21
Io3
316
178
195
105
24I
388
2?2
196
1871 .....
e! ~
:-' t,
~t-ci
-<>
=
=·a~
..... btl,S
.,.,,
C:•...
]E
:!="'·=·="
- - - - - - --1872 .•..
1873 .....
:--a
a ii:
.. f!
·a.,;bJl •
=.s c...,"O
;;>
~-~:g ~-~
'cd d
"""
"""' 'o""
-""
0 .. "
0""
-""
. a & ] fr'o .B~
0.
.
.
.
-=·
z::!o
:S: 0 0 ~'c;~
0
0.,,
-a-=:e
..='+-if
::::co
O•- P,.
a""
<s"'
::::ii:
84
222
294
266
334
$r,255
280,168
483, 143
224,857
$7,802
$76
464,400
220,839
50,040
31,298
27,279
1,388
229 , 301
232,490
24,II,f.
1,240
1,223
334
$1,246,006
$1,221,916
$24, n4
$5,or9
$9,058
322,406
I,ogo
EQUITABLE SAVINGS INSTITUTION, NEW YORK.
231
532
55 1
539
78
259
357
445
----1,853
139
I,
I53
426
620
714
$33,978
75,729
82,732
102,614
714
$295,054
$18,6o1
64,688
58,804
101,971
$15,376
26,417
50,8o4
SI, 448
1,665
2,400
$244,o66
$51,448
$5,393
$2r4
I, II3
FARMERS AND MECHANICS' SAVINGS BANK, LOCKPORT,
1870 . ...•
1871 .... .
1872 ... ..
1873 .... .
Totals
74'
1
Totals
Totals
1871 . . .
1872 .... .
1873 .... .
Totals
76
6og
1,024
1,018
869
985
825
--2 ,539
--3,258
I ,241, 797
314, 714
$3,143,482
$2,Su,310
$3x4,7<4
$40,559
----8o8
1,662
--641
155.
$u4,86o
39,,619
7n,957
436,728
$44,056
327,u3
685,942
475,373
$71,sn
136,017
3,387
5,148
8,157
7,671
719
$1,655,164
$1,532,486
$123,387
$2r,736
$759
162,032
:1 2
382
6o7
769
838
$64,658
98,163
129,564
126,035
$ 21 ,959
48,959
So,252
n7,822
$42,579
9I ,782
141,095
149,967
$78,
2,96o
5,710
7,370
838
$4r8,422
$268,993
$149,967
$r6,823
TRADES SAVINGS BANK, NEW YORK.
...,ss;
.tii~
568
765
$29,896
$1,885
50
243
$2o8
75,706
66,Su
r84,oog
$2,230
86,070
64,326
195,209
371
274
$348,045
$326,736
$ 2,439
...
12,272
19
107
104
274
······78
19
162
47
413
3r5
730
879
719
PORT JERVIS SAVINGS BANK.
92
197
253
266
474
400
415
373
Totals. est. 150
1,3o6,615
x,6c8
OSWEGO COUNTY SAVINGS BANK, OSWEGO.
39'
154.
1870 .... .
$n5,926
336,390
249,896
$95,829
639,378
834,305
$72
9,152
15,784
1 5,550
447
153.
1870 ... ..
1871 .... .
1872 .... .
1873 .... .
$2n 1 828
859,841
765,197
1,525
1,668
x,001
99
----1,300
2,926
152.
1870 ... ..
1871 .. ..
1872 .•••
1873 .....
86
149
ox7
848
533
661
,
CENTRAL SAVINGS BANK, NEW YORK.
I est. 50
J
(Failed first year, 1871,)
est. $3,000
est. $15,000
100
I
I
J
$r2,ooo
Hosted by
I
Google
320
HISTORY OF SAVINOS BANKS.
156. CITIZENS'
.,,,
.,
•u,
oo-
Z§
YEAR.
:- bJl
<>,:
Z§
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'- .....
_..,.,
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0 .. .,
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0
~00
~ o'o
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•
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--- -----x871.
1872 ... ..
1873 .. .. .
Totals.
Totals
1872 •..•
1873 • •• •
Totals
Totals
Totals
~i!:
<s ..s..,"
~ _.,
t-o
~-6=9
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e
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.. .
24,419
2,212
397
253
144
$685,510
$66o,584
$24,419
$6,933
49,820
·i4,7;~
CLAIRMONT SAVINGS BANK, NEW YORK.
......
5
104
6
x47
449
$675
34,n5
699, 131
.... ·i;;;jg;
66o,658
12,399
49,241
109
449
$733,921
$683,050
$49,241
$675
....... ·i;i
1,53
$1,56x
CORNWALL SAVINGS BANK, ORANGE COUNTY.
61
82
46
3
18
35
58
126
135
$n,146
$1,287
8,76g
8,836
$9,859
$98
18,190
10,063
19,281
20,507
466
189
56
135
$39,4oo
$18,893
$20,507
$1,243
- - - ---
6n
EAST CHESTER SAVINGS BANK.
242
136
94
11
96
79
165
2o6
207
$48,421
36,698
$2x,976
36,302
$26,435
26,831
255,130
251,520
30,440
1,300
47•
•5•
207
$340,250
$309,Soo
$30,440
$3,325
--- ---
234
39 2
206
$639
1,385
FULTON SAVINGS BANK, OSWEGO COUNTY.
35
202
145
----832
382
199
389
450
$57,040
28o, 795
279,640
$29,102
248,629
298,140
$27,939
6o,125
39 , 606
$210
2 ,777
2,3~
450
$617,477
$575,873
$39,6o6
$5,38o
GOSHEN SAVINGS BANK.
300
26o
205
22
79
158
278
459
53°
$42,249
57,687
58,435
$5,031
37,485
$37,218
72,402
93,352
$733
2,901
4,5 1 3
765
59
530
$158, 37•
$65,020
$93,352
$8,148
--- --2
162.
187x • . •.•
1872 ••••
1873 •..
=·s ~
o·- i:::i.i
$n, 135
161.
1871 •.•
x872 . .. .
1873 .. . .
'8~
..l::l·-
:-'t;
Cl C:·-
$1,188
441,645
217,750
160.
1871 •• ••
t.l
...... b.O,S
480,329
192,857
159.
1871 ••••
x872 ..••
x873 ••. •
~"'- ·-
~
$x,,324
--Totals.
558
Totals
_g fr]~]
.s i!:
52
167
144
6
146
406
158.
~-~:g ~-~
GJ g .
.....,e:
:-'d
2
148
103
157.
1871 • • . •
1872 •.••
1873 • • ••
-
·s,, bJl •
=~ i::.....,"'C
54
263
So
--- - - -
1871 •.• •.
1872 ... •.
1873 .•.•.
SAVINGS BANK, SYRACUSE.
22,503
HAVERSTRAW SAVINGS BANK.
355
463
271
33
99
76
t2
86
881
$30,7o6
gi,627
6 ,759
$3,023
32,846
54,634
$27,683
89,464
101,589
... ..i;:#3
x,o89
2o8
881
$192,092
$90.503
$101,589
$8,146
- - - - - - ---
Hosted by
Google
5,7°3
321
NEW YORK : SECOND SERIES OF TABLES.
163. MATTEWAN SAVINGS
.., :-".,,
o~
"'
.
·a.,;.,,
~~
Z§
Z§
C .,'O
cd
0 •
.,
o-d
" ·-C:
...
""
E-~
~·@]
-oc:
= ,g g.u~e
"""
"""" t:·;
-<>"
"""
.,"
0
]i3
0 ""'
.,.
.......
0 ~~
~t>-§ z>-<o
~ 0 0
:::: ~
::::""·=·= "
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o~
~
..
~
YEAR.
BANK.
--- - -- --1871 . ..•.
1872 .....
1873 ... ..
Totals.
134
63
133
IO
37
68
-----us
330
164.
187, .. .. .
1872 ..••.
1873 . ....
Totals.
213
220
,48
~! ~
.a "'e ~
"""
., ~"
~.s;a
........ .,
~~
~~-~
::s·a ~
~-.; g,
< S-o
:::: 0
tJ
124
150
215
$20.394
36,276
2 4,4 1 4
$5,475
29,480
22,772
$15,040
21,909
23,573
x,243
215
$81,086
$57,728
$ 23,573
$2,336
$239
854
NEW PALTZ SAVINGS BANK.
13
65
2I
200
358
433
$49,908
94,374
no,841
$6,592
64,392
$43,315
88,708
135,157
3,438
5,94 1
99
433
$255,124
$t20,oo8
$,35,,57
$ 10,,45
----581
49,022
$166
165. ORIENTAL SAVINGS BANK, NEW YORK.
1871. .• .•
1872 .....
1873 .•..
Totals
5,128
3,084
2,715
1,842
1,338
1 ,493
3,286
$,,005,664
576,265
400,489
$803, I32
497,964
362,u3
$202,531
284,048
$4,840
6,254
316,201
15,643
10,927
4,673
6,254
$1,982,419
$1,663,2n
$3:r6,201
$32,221
- - - - -- - - -
166.
1871. ••••
1872 ...•.
1873 ....•
Totals
5,032
11,736
PAWLING SAVINGS BANK, DUTCHESS COUNTY.
219
137
n9
20
66
65
199
270
324
----- --151
24
3
475
$42,795
38,047
26,906
$4 ,543
$38,252
52,059
53,987
$1,133
2,430
24,974
$107,749
$51,841
$53,987
$6,583
22,323
3,019
167. PuTN AM COUNTY SAVINGS BANK, BREWSTERS.
1871 .... .
1872 .... .
,873 .... .
Totals.
52
,64
'75
----8,
39,
168.
187, . ..••
,872 ...•
1873 .....
Totals
I
30
50
349
274
174
$515
9,708
$58
SI
,87
3,4
$10,013
44,708
52,825
2 4, 1 74
$9, 498
44,557
73, 205
3,376
314
$107,548
$34,397
$73,205
$5,027
1,592
ROCKLAND SAVINGS BANK, NYACK.
24
IOI
125
--- - -250797
325
489
538
$37,182
57,901
57,492
$16,616
34,000
53,862
$20,566
44,893
48,513
$368
1,815
2,582
538
$152,576
$104,478
$48,513
$4,767
169. SAUGERTIES SAVINGS BANK.
187, ••.•
1872 ....
1873 •..•
Totals
533
505
3o3
489
843
925
$136,959
154
237
178,796
$13,185
89,014
146,191
$ 123,774
253,805
286,539
$2,242
10,827
1 5, 0 79
435
925
$534,80,
$248,391
$286,539
$28,,50
44
----1,341
219, 045
41
Hosted by
Google
322
HISTORY OF SA VIN GS BANKS.
170.
SENECA FALLS SAVIN GS BANK.
•u,
o~
•u,
o~
Z§
0
0 .. "
"'0 0.
0
zo3~
... 0
57'
509
254
83
3~
3n
488
633
576
$75,833
157,468
78,334
$18,677
,334
758
576
$3u.635
$242,951
--- --- ---
Totals.
171.
--- --1
'Z~.=~:a
O "C
--=
~ii:
0
s i::
$57,155
85 ,695
128,263
96,009
.
'""""
~"
~-E;e
.d4,., e
~o o
=·a~
o .... 0.
s
.. "
<8""
0,£3
"""
..,._
frgc ~
~""·- · -
~tn~
f!"Clf
.,Qi::::b.0.8
•-
'"i!
rJ.l ll)
g•
I
s ii:
i:l.,"'t:I
"o""
-0 ..o"
<Jl
.d.__g
a:=oo
a::
,871. ...•
>872 .....
1873 •....
s""-""
.
mv
~:a
Oc
o.«C
4,.,' .....
•
:"cl
~
"'
;:,,,.
Z§
o.,;
YEAR. -oc
"0"
$679
4,435
68,020
4,4 1 9
$68,020
$9,534
EAST SIDE SAVINGS BANK FOR SAILORS, NEW YORK.
I
I
I
1872. . ..
180
641
n6 · Est. $15,000
Est. $5,389
Est. $9,6IO
1873.....
278
284
IIO
44,614
45,129
9,095 • • • • • •
Totals. ~ ~ ~ _ _$_5_9_,6_1_4_, _ _ _
$-50-,-5,-8->---$-9-,-og-5$177
172. Hmrn
,872. . . . .
1873 .....
Totals.
I
- - - - -I, 089
2561
705
9'7
2,006
173.
,872 ....•
,873 . · . . •
Totals.
I
128
414
1
542
Totals.
$687,555
I
$78,8,2
308,677
$214,202
300,o65
$4,009
14,038
$387,489
$300,065
$18,,07
396
826
I
__!!_!_I__ I
$49,168
132,326
$,6,~83
$181,494
$ 123 ,774
107,591
I
$32,984
57,720
2,301
$57,720
$2,819
$518
RIVERHEAD SAVINGS BANK.
I
I
I
268
8
26o
$41,,82
$4,733
$36,163
$822
38_ ~ _ _ _1_5,_6_12_ _ _ _1_1,_5_21_ _ _ _9_4_,3_0_1--1 _ _ _3_,_88_1
639
46
593
175.
WALDEN SAVINGS BANK.
176.
1872 ...
1873 ...•
1,045
826
174.
1872....
1873- ....
$293.0,9
394,536
MECHANICS' SAVINGS BANK, BROOKLYN.
5,4
793
I, 307
SAVINGS BANK, ALBANY.
8331
1,045
---
961
•i;77
IIO
2331
Totals.
343
1873 ..... ,
478
79
237
3212041
177.
40
$22,261
$94,307
WHITESTONE SAVINGS BANK.
237
III
I
$u6,854
$15,236
15,739
$3,212
18,515
$3o,975
$21,727
$12,023
9, 2 47
4381
$g8,853
I
$26,199
I
$9,2471
COLLEGE POINT SAVINGS BANK.
I
$4,710
I
Hosted by
$72,653
I
Google
$176
456
$633
$1,585
323
NEW YORK : SECOND SERIES OF TABLES.
178.
MECHANICS' SA VIN GS BANK OF COHOES.
•u,
o~
•U,
o~
"'
:::'bll
zg0
Z§
•
""
o"'
'o·;
"" a
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-""
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0""
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"- .c..,.
.c..,.
ci~ ~
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0
is: 0 0 z"
::: 0 0
--- - -- t873 .....
x873. ·•••
56
199
I
179.
180.
x873 .• , •• 1
62
:-'ci
~
(J•-
x43
•
•e;.,;bll
h...
-.c
o~
""'
::::t
m~c ..... "C
·-:.a
Cf)
(1)
~ ;g.= ~~
,..Q
fru . . . e
.d·-
:S:"'·=·="
$44,268
$23,98t
I 0
~~
e~~
~ e-d
~"
""~
o·-:.a
..cl4-, f:!
is: 0 "
t: ~-.g
g:§ 8.
Ei""
..:="'
$20,286
$56o
PEOPLES' SAVINGS BANK OF AMSTERDAM.
j
2l 1
361
$5,740
I
$3,3271
$2,4x3
j .......... .
UNION SAVINGS BANK OF SARATOGA SPRINGS.
421
I
92
I
3291
$171,405
I
$70,7741
$100,63x
I
$x,729
It may have been observed that in this second series
of tables, the numbers after 56 are not co-incident with
those in the first series. This is occasioned by the
omission, from the foregoing, of the "Mercantile " of
Albany, whose aggregates were too insignificant to
tabulate. The numbers h.ave no significance, having
served the author's purpose of convenience in making
and preserving a uniformity of arrangement.
Hosted by
Goog Ie
SUMMARY OF 'THE FOREGOING TABLES.
~
l..:l
~
NAME OF BANK.
I
0
"'ro
Q.
~
C"')
0
~.......
re:,
Bank for Savings, New York ........ • .•....... . ....
Albanl Savings Bank............... . . . . ......•...
Troy avings Bank . . . . . . . . . . . . . . . . . . . . . . . .... . ..
Brooklyn Savings Bank . . ... . .......... . ............
Seamen's Bank for Savings. .. ........ . ..... . ... . •...
Rochester Savinlfis Bank . . . . . . . . . . . . . . . . . . . . . . . . . . •.
Ontario Saving-s ank, closed . . ....... . . . .. . . . .... . .
Greenwich Savings Bank, N. Y... . . . . . . . . .
. ..• . .
Poughkeepsie Savin[s Bank .................. . .....
Bowery Savings Ban , N. Y . ................ . ......
Schenectady Savings Bank ................... •.......
Savings Bank of Utica .. . ...... . ........... . ......
Ithaca Savings Bank (old), closed ................ . ..
Buffalo Savings Bank . . . . . . . .................. .. ...
Dry Dock Savings Institution, N. Y ..... . .... . .... . .
East River Savings Institution, N. Y . .......... . ....
Institution for Savings of Merchants' Clerks, N. Y .. .
Auburn Savings Bank ......................... : .....
Syracuse Savings Institution ................. . . . .....
Albany City Savings Institution ......................
Emigrant Industrial Savings Bank • . . . . . . . . . . . . . . ...
Hudson City Savings Institution .........•...........
l\lonroe County Savings Bank.................... . .
South Brooklyn Savings Institution .................
Broadway Savin!l"s Institution, N. Y ..... .. .. . .. . ...
Central City Savmgs Institution, Utica, failed . . .... . .
Irving Savings Institution, N. Y ....•• • •••. . ...... • .
Knickerbocker Sav. Inst., N. Y., failed ..... . .......
Manhattan Savings Institution, N. Y ...... . .. . ......
Niagara County avings Bank, failed ................
Rome Savings Bank . . . . . . .. . . . . . . . . . . . . . . . . . ....
Ulster County Savings Institution . . . . . . . . . . . .......
\Vestero Savings Bank, Buffalo ............ . ........
Wi!liamsburgh Savin!l"s Bank . . . . . . . . . . . . . . . . .......
Dutchess Count; Sa vmll"s Bank, closed . . . . . . . . . . . . .
Mechanics and raders Sav. Inst., N. Y ...........
Brockport Savings Bank, closed .. . .. . .... . ........ . .
Accounts
opened.
353,510
51,780
40 , 418
12:I ,237
146,292
97, 02 7
4,000
u5,923
23,995
393, 2 3°
8,930
34,445
50
56 , 925
83,673
39,5 1 4
34,613
22,014
35,729
8,828
100,064
9,080
33,832
43,208
20,268
4,929
25,927
1,600
78,8u
950
7,858
10,707
7,945
70,841
50
23,528
150
Open
Accounts
closed. ac'ts 1873.
282,857
49,612
32,546
96,025
118,194
83,787
4,000
86,992
1 3,377
337,556
7,563
25,893
50
·• 36,214
58,841
28,215
26,031
16,000
3 1 ,393
6,730
73,442
5,396
26,407
27,738
16,570
4,151
19,663
r,6oo
6r,804
95°
6,094
6,753
5,547
48,94o
50
18,342
150
71,707"
8,382
Deposited.
25,222
$125 '097' 21.8
23,741,240
17,525,523
54,989,131
28,090
90,271,810
13,220
48,661,687
1,970,Sn
47,665,974
9,685,625
16 8,444,534
4,3231]12
18,491,914
2,500
39,176,505
43,840,672
28,107,955
22,783,359
17,732,573
23,703,634
5,107,055
58,016,778
3,803, 163
32,230,432
25,313,758
13,744,01 5
2, 101,46o
15,323,022
945,342
51,866,102
95,024
3,934,745
7,832 ,993
16,510,616
43,46o,433
7,832
28,933
10,250
55,674
l, 367
9,966
········
20,711
22,889
II ,299
8,6g2
5,924
4, 336
2,098
26,660
3,657
7,424
15,407
3 , 76o
79 1
6,264
.... ...
17,ocq
.......
2,115
4,241
2,398
21,901
5,184
........
75°
16,691,356
153,428
Withdrawn.
$105,056,671
20,279,294
14,166,417
43,006,055
78,034,659
42,8o8, 337
1,970,811
37,518,ogx
6,557,641
141,264,999
3,794,024
15,453,778
2,500
33,668,628
34,685,288
21,681,928
19,267,274
16,128,304
22,031,495
4,073,512
46,128,093
2,719,937
29,125,239
19,447,~
u,801,058
1,gn,244
12,394,479
945,342
43,497,838
95,024
3,093,424
5,7o5,463
15,294,039
33,336,672
75°
13,997,104
153,428
Due depositors, 1873.
$20,031' 429
3,456,598
3,359,420
11,383,073
12,237,151
5,847,352
...10,148,012
. ······
3,127,552
27, 179, 935
510,344
3,01 6 ,924
. . . . . . . . .. '
5,499,348
9 , 155.384
6,426 , 026
3,516,012
I, 6o5,I74
1,672,u8
1 , 03 3,747
u,888 1 685
1,083,005
3,105,196
5,867' 133
I, 952,958
·•• ··
......
2,928,542
.. s:368:;64
·····s~;:;gs
2,126,795
I, 216,028
10 1 123 1 761
Dividends.
$19,027,222
2 1 034, ]II
1,838,846
5,934,941
10,473,339
2,882 , 629
4o, 647
5 , 453,477
I, 101 1 142
16,303 ,145
406,431
I ,409, 424
100
2,424,276
4,477,092
2,619 , 836
2,320,268
737,281
847,741
356,635
4,806,912
325,880
1,465,550
2,120,602
1,286,668
75,893
I ,605,469
23,633
4,248,153
2,054
317,218
716,270
444,464
4,744,336
. . . . . . . . . . ..... ·······
2,6g5,o68
1,699,568
.... ... ....
1,776
'
Elw
>-:l
0
::d
k1
0
~
w
;
~
Q
U1
l:d
~
;;i
[fl
Cohoes S~ving:s 1!]-Slttution . . ......... ...... ... .. . .. ••I
Metro politan Savmgs Rank, N. Y ...................
New burgh Savings Bank . .. . .. ........... ... .. . ....
Penn Yan Savings Bank, closed .......... . .. . ... ...
Sixpenny Savings Hank, N. Y ... ............ .. .... ..
Westchester County Savings Bank .......... . . .. ....
. ... . ..... . ....
Erie County Savings Bank. . ... ..
New York Savings Bank .. . . ...... ......... ... . . ....
Sixpenny Savings Bank, Albany, closed .. . . .. . . . ... ..
Sixpenny Sav. Bank, Rochester, failed ...... . . . ......
Third Avenue Savings Bank, N. Y .. ... . .. .. ... ....
Yonkers Savin~s Bank .•. .. ... ... ..•.... . .. .•... ... .
Albany Dime Savinis Bank, closed . ..... . . ..........
Elmira Savings Ban , closed. .. . . . . .. . . . . ~ .. . . . ....
Onondaga County Savings Bank ............•.....
Sing Sing Savings Bank. . . . . . . . . . . . . .. .. .... . . ...
Albany Exchange Savings Bank . . . . . . . . . . . . .....
Commercial Savings Bank, Troy, closed .. . ..........
Mechanics' & Farmers' Sa\". Bank, Albany . . ... . . .
Fishkill Savings Institute .. .... . ................. .. .
Th-lanufacturers' Savings Bank, Trov .. .............. . .
.. . ... . .•.....
Mutual Savings Bank, Troy..... ...
State Savings Bank, Tro
Union Savings Bank, Al any, closed . ....... . .....
Central Savings Bank, Troy . ....... . . _ ... . . . . . . .
Mechanics' Savin~ Bank, Buffalo, failed .. . .... . ....
Southold Sa•:iP!S ank ..............................
Dime Savings ank, Brookvn ........... . ... . . . · · · ·
German Savings Hank, N. . .. .. .. . . ... .. . .......
Jefferson Co unty Savings Bank . . . . . . .. . ... ...•. . .
Oswego City Savings Bank . • . . . . ...................
Peekskill Savings Rank . . . . . . . . . . . . . . . . . . .. . . . .... ..
gu!!ens Qoun_ty ?avings ~an~ ................... . ....
man Dime Savmgs Institution, N. Y .. .. .. . .. ~ . .. .
Bond Street (late Atlantic) Sav. Bank, N. Y .........
Chenango County Savinfr8 Bank ............. ..... ...
Citizens' Savings Bank, . Y .... ........ . ..... . ....
~ornin!I' Savings Bank . . . . . . . . . . . . . ... .. . . ... . . ..
Franklm Savmgs Bank, N . Y .. . ... . ... . . . .. . .... . .. .
Rhi"nebeck Savings Bank. . . . . . . . . . . . . . . . . . . . . . .. .
Rockland Co unty Savings Bank, closed •............
Sag Harbor Savings Bank ...........................
East Brooklyn Savings Bank .. .... . ...... . .. . ... . ....
Kiny;s County Savinis Institution ......... ..........
Har em Savings Ban ..... .. ...... "" ... . . . ... . .. ...
Dime Savings Bank ofWilliamsburgh ...............
6............ ••••••••••••···•
I
0
!!I.
(1)
Q.
cr
'<
C")
0
0
-
00
(v
7,937
39,028
19, 59I
2
70,549
5,718
54,734
26, I62
1,500
3,694
52,484
9,275
22
700
51,093
3,6o3
2,623
I, 500
14,268
3, 141
2,121
3, 133
2,222
300
1,197
2,313
3,453
67,544
79, 46t
5,726
17,518
6,587
3,585
94,176
24,200
2,521
6o,265
n6
22,114
1,683
23
2,596
9,699
16,627
9,408
18,221
6,025
28,634
13,231
2
40,219
3,74°
28,324
18,294
1 ,500
3,6g4
44, 165
6,346
22
700
40,588
1,962
2,070
1,500
12,051
1, go8
2,105
2,573
2,017
300
1,120
1,437
l, 561
39,320
57,481
3,537
15,240
4,35°
1,776
61,6o2
19,163
2,374
44,6o7
93
14,746
1,033
23
1,326
5,26o
8,500
4,539
n,483
1,519
10 ,420
6,385
.......
30.354
,,978
28,480
8,159
..... ...
8,301
2,863
... ..
13,673
r, 585
55 2
2, 687
1,403
15
56o
215
. 6o
········
2,019
28,830
22,462
2,189
2,278
2,769
1,825
32,574
4, 962
186
1 5,354
23
7,346
650
... .. ...
1,371
4,439
7, 437
4,862
6,919
2,886, 322
30,899,678
7,710,75 3
2,163
18,8u,55I
3,043,762
86,253,095
12,796,780
53,344
210,471
29,928 ,875
4,088,916
30
180,551
57,544,543
1,837,465
11 375, 130
513,284
II , 775,937
1, 639 , 613
444,57 1
l, 396,254
I ,o88, 282
127, n4
507,o97
1,675,631
2 ,027,562
27,082, 769
41,469,902
I ,664, 966
6,35r ,422
3, no, 91 4
1,209,626
42,255 , 239
13,593,370
I, 589,452
37,598,7 23
7 ,9 14
s. 182, 192
422,25 1
54
639 , 484
3,534,5 2 2
IO, 4o7,574
4,437,023
7,542,488
2,422,097
24,568,252
5,395,157
2,163
16,597,548
2,490,722
78 ,365,756
9,992,158
53,344
210, 47I
28,456,136
3,222,094
30
180,551
53,594,7I 2
l ,249, 775
1,185,508
513,284
I0,461 1 III
I ,044, 186
441,544
1,214,677
975; 249
127, II4
494,35 1
I ,5I4, 846
1,192,105
20,551,759
31,096,441
1,440,700
5,908,806
2,205,002
86o,910
32,415,176
u,659,520
1,542,689
29,738,466
7,7 13
6, 6n,061
273,201
54
401, ISO
2,803,334
7,977,816
3,549,895
6,208,831
464,038
6,458,746
2,186,495
............
2,209,808
553,040
7,787,018
2,804 ,622
..........
· ···
····1,472,740
866,822
..........
.. ...... ....
3,880,849
588,636
189,720
.....
. ..
1,249,568
579,656
2,305
222,010
100,707
.. ... ...
12 ,597
...... ··••·
835, 457
6,530,798
IO, 374,592
224,004
442,686
905,901
35 1 , 52 7
9,840,063
1,933,850
31,500
7,86o ,257
245
I, 575 1 168
143, 171
q4, 179
2,515,719
726,819
.. •·· ·
····• •·577,
145
285, r6I
3,069,826
776,339
3,200
5,5 82
1,986,073
286,316
2
6,286
I, 585,286
184,6o7
76 . 131
28,008
6i7,9r2
164,472
43,194
97, 483
94, 2·P
5, 9o7
26,173
38,238
262,487
2,308,820
2, 915,662
68 , 884
190,485
239,·35t
u 9, 666
3, JII • 702
I ,032 1 840
16,350
2,748 ,4 49
:,,:
l,rj
:;J
~
0
~
~
00
C1
:::::
:::::
>-~
~
0
>,j
1-3
t,..
t:::I
~
l,rj
!ll
325,:i:
4 1 ,903
··
... .. ;3;~5~8 ···· · ·····
9 1 ,74°
696,498
2,429 ,758
887 ' 134
1,333,663
20I ,018
658,209
172,336
4°7,095
~
w
Q,
SUMMARY - ( Continued).
i:,:,
t..:;,
0:,
NAME OF BANK.
I
0
"'cii
Q.
~
C"')
0
~.......
re:,
Emigrant s:i-vings Ban~, BrooklY.n .................. .
Marlcet Savmgsl3ank, N, Y., failed ................. .
Mutual Savings Rank, Auburn...... .. .. ... ....... ..
Port Chester Savings Bank . .................. .. .. ..
Chautauqua County Savings Bank ........ . •.. .. .. . ..
Cortland Savings Bank. . . . . . . . . . .. . . . .... .. .... .. . .
German Savings Bank, Brooklyn . . . . . ... ... . . .. . . .
German Up Town Savings Bank, N. Y ...... ...... ..
Jamaica Savings Bank . . . . . . . . . . . . . . . . . .. .. ...... . .
Long Island Savings Bank . . . . . . . .. . .. . .. .. . . ...... .
Mechanics' Savings Bank, Fishkill . . . . . . . ........ . .
National Savings Bank,._ Utica, closed .............. .
New Rochelle Savmgs Hank ..................... ..
North River Savings Bank, N. Y ......... .......... .
Oneida Savings Bank .. .. . ......................... ..
Skaneateles Savings Bank. .. . . . . . . . .. . .. . . . . . . . . .. ..
Binghamton Savings Bank ....................... ..
Carthage Savings Bank, closed . . .. . .. ............. .
Central Park Savings Bank.,_ N. Y . ...... . ......... ..
Ghenan!l'o Valley Savings J:Sank Binghamton ..... .
Germania Savmgs Bank, Brooklyn ................. .
Hamilton Savings Bank, Brooklyn ................. .
Hope Savings Bank, Albany................ . ...... .
Mechanics' Savings Bank, Rochester .............. . .
Mutual Savings Bank, Brooklyn, closed ....... . ..... .
National Savmgs Bank, Buffalo .. ........ . . . . . ... .. .
National Savings Bank, N. Y .... ..... . ..... . ..... ..
Orleans Savings Bank............ . . . . ........... ..
Peoples' Savings Bank, N. Y .................. .. ..
Peoples' Savings Bank, Yonkers .................... .
Saratoga Savings Bank ............................ .
Staten ·Island Savin!','s Bank . ........... : .. .. . . . .. ..
Bowling Green Savmgs Bank, N. Y., failed ........ ..
CatskilfSavings Bank ............................. .
German Savings Ban_!c., Morrisania . ................ .
Guardian Sav. Inst., N. Y., failed .................. ..
Ithaca Savings Bank (new)...... . ....... . .......... .
Accounts
opened.
I
Accounts
Open
closed. ac'ts 1873.
1,824
I ,lJI
6,815
5,5I5
4,158
3,309
3,763
1,819
I, 183
3,040
13.,512
II, 772
1,265
11,719
1,104
2,220
Deposited.
759
$1,553,855
2,206
1,830
5,744,777
574,949
859,499
6,526 , 534
6,653
378
6,383
89
820
5,495
5, 1 99
857
5,098
1,331
1,230
8,017
7,884,710
1,449,187
6,121,480
844,124
17,6u,511
1,041,904
2,466
7,718
885
3,336
475
13,743
9,210
3,989
1 ,559
6,313
59
1,694
Sn
I ,4II, 415
8g6
3,877
59
2,436
4,212,659
3,705
1,276,575
2,75:r,742
4,005,239
2,507
4,970
3,94°
1,406
1,035
u,564
176
5, 1 33
2, 836
359
4,203
2,138
839
1 ,739
1,879
I, 682
4,55 1
I, 22]
4,385
2,364
1,454
3,387
2,015
1,329
797
8,707
4,962,551
4II
4,533
1,030
1,570
2,011
477
1 94
2,857
,76
2,215
2,762
353
2,675
1,157
468
776
349
773
2,918
66
221,397
4,639,545
994 , 537
98,016
309,049
13,294,582
18,328
11,o62,950
,, 56g,468
Withdrawn.
$1,366,059
6,870,193
5, 28o,518
969,40:r
550,809
781,821
5, 270 1 IOI
4,776,301
570,862
16,o89,269
730,779
3,853,3 29
,56,638
3,857, 7,9
1,140,032
916,742
3,851,917
3,7°5
1,208,721
Due deposit- I Dividends.
ors, 1873.
$184, IOI
$54,802
.... 463, ;59
210,265
479,785
5,907
74,068
105,423
14,829
:r9,o87
254,023
1,270,932
1 ,345,179
272,421
1,522,272
304,203
"6s;~61
741 , 044
1,512
423
176,830
16,565
34°
255,906
58,671
172,551
40,240
8,127
1,824
37,679
129.1:23
974
375
969
1,302,159
225,268
1,019,271
10,613,949
798,771
220,403
9,970,037
345,591
8,679,471
..... ;~;:5;g
2,763
6,5
2,683
1,700
420,458
1,203,593
162,472
1,019,436
"'ii
00
1,193,275
547,866
97,889
270,922
12,095,897
18,328
10,321,905
3,969,ooS
1,6o3
~
0
>
2l
3,457,490
6
564,834
9, 277, 437
;,j
Q
1,406
909
363,241
66,250
12 9,433
16,067
g
83, 144
105,842
2,410
10,877
414~213
248, Igo
76,107
350,318
63,521
271,807
3,716,010
1,129, 6o8
138,640
237,699
55,36g
....~
183,461
64,35 2
33,85 2
93,4 19
38
,9, 746
783,005
2,475,683
,,566,664
126,619
177,958
85,799
590,694
·····;;s;6.i1
1,327
34,499
40,967
32,n6
99,399
13,984
33,49o
>
~
00
l;d
~
r,.i
Mutual Benefit Savings Bank, N. Y .... . . ... . .. . ...
Park Savings Bank, Brooklyn ................ . .......
I
0
u,
'"
a.
Cl'
'<
C")
0
~
('v
Rondout Savings Bank .. .. . ................. . .. .. ..
Security Savings Bank, Buffalo, closed .. . . . . . . . . ...
Teutoma Savings Bank, N. Y ... .. .. . .... .... . ...... .
Abingdon Square Savings Bank, N. Y ... ... . . ...
Bushwick Savings Bank, Brooklyn .............. . ...
Clinton Savings Bank, N. Y .......... ...... .. .......
Clinton County Savings Bank ... ................ . .....
Coxsackie Savin~s Institution ..... . . ....... . ........
East ~ew Yo_rk. avinis Bank ..... ......... . .......
East Side Savmgs Ban , Rochester . . . . . .. . .... .. ..
Ellenvilie Savings Bank ... . . .. . . .. . .. . . .. .... , .. ..
Eleventh·Ward Savin1fcs Bank, N. Y . .... .... . ......
Excelsior Sav ings Ban , N. Y.... .. . . . . . . . . . . . ..
Greenburgh Savings Bank ...... ............. .. ......
Greenpoint Savings Bank, Brooklyn ..... . ... , , , . . ..
Middletown Saving's Bank .................. .... ... .
Morrisania Savings Bank ... ... ..... . . .. ...... .. . ....
National Savings Bank, Albany ...... .... . .. .........
New Amsterdam Savings Bank, N. Y . . ..... , ......
Oneida County Savin§s Bank ........... , .. , ..... . ..
Peoples Safe Dep. & av. Inst., Syrac., Utica, failed ..
Security Savin~s Bank, N. Y . ........ ... ........ . ...
Southern Tier. avings Bank, Elmira .... .. .. . .....
Wappi~Jers S~vings Bank . .. ....... ... ..... ..... .
West S1 e Savmgs Bank, N. Y .... , .... .. .. ... . ....
White Plains Savings Bank ......................
Yorkville Savings Bank, N. Y . ... . .... ... ............
Equitable Savin~ Institution8N. Y .. ....... . .......
Farmers' & Mee anics' Sav. ank, Lockport ........
Oswef.o County Savings Bank . .. . . . .. .... .........
Port ervis Savings Bank .. .. ..... . ........ .. .... . .. .
Trades Savings Bank, N. Y.......... .. .. .. . . ....
Central Savings Bank , N. Y., failed .. ...............
<;iti_zens Savings Bank, Syracuse ......... , . .. , .......
Cla.irmont Savrngs Bank, N. Y . ......... . .. ... ......
Cornwall Savings Bank, N. Y, . .. ....... .. ..........
East Chester Savin~s Bank ....... ... ..... . .. . . . ...
Fulton Savings Ban .... . .. .... ... , ... .. .... .. ... , •.
Goshen Savings Bank ........................... . ..
Haverstraw Savings Bank .. . .. .. . .......... . .......
Matteawan Savings Bank .. .. .. .. . . .. . ..............
New Paltz Savings Bank . . . . ......... , ......... . . . .
Oriental Savings Bank .. . ..... , .... .. , .... ....... .... ,
Pawling Savings Bank ........... . ..................
7,976
2,686
3,643
440
1,483
1,952
13,045
6,715
5,335
252
2,151
t ,077
165
3,45 1
1
20
2,655
I, 163
r,834
...6:34~
1 , 107
145
,392
1,091
1,779
59.5
758
316
558
565
396
846
1,401
3,018
1,757
5,156
4,012
616
4, 93o
3,39 2
2,051
9,073
4,45°
1,770
13, 9 17
7,979
3,3 14
709
4,443
465
1,142
I, 8.53
2,926
3,258
1,705
743
2,653
2, 597
183
1,313
1,056
2,502
1,546
4'3
1,757
3,172
r,434
9o4
3, 838
1,958
2,328
468
2,433
3o3
334
714
r,668
719
838
2 74
10,927
808
37I
100
253
1og
56
252
382
259
2o8
n5
99
4,673
6,254
475
151
'!24
1,662
64I
100
397
558
189
47 2
832
765
1,089
33°
581
163,919
66o, oo6
476,021
5,682,802
8,304,295
366,656
664,900
1,344
179
813
1,130,046
842,155
866
. ";;387
1,139
1,300
2 ,539
428,3n
1,012,134
1,147
5,235
2,122
1,592
240
14,325,871
2t167,388
919,451
7,343,363
788,4,3
19,280
2,224,554
216,255
295,912
695,986
3,406.980
1, 927,154
1,181, 650
3,5u , 203
6,743,407
2,414,369
951
6,495
4,592
2,010
14,777,2o6
1,176,042
... .
I44
499
'35
207
450
53°
881
215
433
12,952,799
3,405,668
733,324
158,912
r, 642,403
131,237
11 246,006
295,054
3,143,482
1,655,164
418,422
348,046
15,000
685,512
733,9 22
39,400
340,251
6r7,477
158,372
192,093
81,086
255, 124
1,982,419
107,749
5,508,528
612,419
7,296
2,056,832
143 ,127
2o8,012
506,677
2,969,052
286,259
5,080,219
7,824,346
287,353
I ,426,050
795,717
3,014,124
4,449, 171
1,752,716
414,920
n,197 ,488
2,761,888
639,302
65,218
1,321,805
82,972
1,221,916
244,066
2,8u,310
l, 532,486
268,993
326,736
3,000
66o, 584
683,050
18,893
309,800
575,873
65,020
90,503
57 , 728
120, 008
1,663,211
51,841
104 ;963
24,455
124,817
6,856
1 ,835, 335
168,223
u,984
163,696
72,496
87,653
,89,309
437,927
189 ,762
6o2, 583
513,380
8r,og9
504,574
389,699
197,078
2,271,517
661,563
250,022
'i;.jj ; 78~
go,004
94,074
320,598
48,240
24, II4
51,446
314,7t4
123,387
149,967
29,896
... ....
24,419
49,241
19,587
29.649
39,6o6
93,352
101,589
23,573
222,794
::n,935
98
28,149
7,321
14,032
17,485
61,808
32,467
u5,253
n6,243
11,599
64,580
52,6~0
25,440
342,207
80,356
36,562
182 ,6n
112,530
13,329
7,915
49,740
7,497
5,019
5,393
40,559
21,736
16,823
1,885
~
t:,:j
~
>1
0
~
~
rJ)
q
~
~
>
~
>1
0
"'l
1-3
>
b;j
..... "i;;933
t-<
1,561
1,243
fl-'
t:,:j
3,325
5,380
8,,48
8,146
2,336
135, 157
316,201
10,145
32,221
53,987
6,583
C>:>
l,:,
-.1
SUMMARY - ( Continued).
~
t,:,
00
NAME OF BANK.
Accounts
opened.
Open
Accounts
closed. ac'ts 1873.
Deposited,
Withdrawn,
Due depositors, 1873.
Dividends.
----
I
0
!!I.
(1)
Q.
cr
'<
C")
0
-
~
(v
Putnam County Savin{s Bank . .. . .. . . . . . . .. . .. .....
Rockland Savings Ban ..... . ............ , .. . ... . ...
Saugerties Savings Bank ........ , ..................
Seneca Falls Savinr Bank ... . ............ . .........
East Side Sav. Ban for Sailors, N. Y . . .. ...... .... .
Home Savis;;s Bank, Albany .. , , .. . ....... . . . .. . ....
Mechanics' avings Bank, Brooklyn . . . . . . . . . .....
River Head Savin.is Bank .. .. . ,, ........ . ............
Walden Savings ank .. ................ .. ..........
Whitestone Savinp Bank.. . . .. . .. .. .. .. .. .. ... . . ..
College Point Savm~ Bank ........................
Mechanics' Savin~ ank, Cohoes .. -. ...... . .... . .
People's Savin~ ank, Amsterdam . . . . . . . . . . . . . .
Union Savings ank, Saratoga.......... .. ...... .. .
39'
797
1,341
I ,334
458
2,006
1,307
639
'7'
343
478
'99
Grand totals, 55 years ........ .. ...... .. ... , . .. .
8,
250
425
758
348
961
54 2
46
37
I ,045
$ro7,548
152,576
534,801
311,635
59, 6,4
687,555
42,
u6, 854
40,407
3°,975
98,853
44,268
5,74o
171,406
22,261
12,217
40
56
26
9•
826
593
'34
237
438
'43
36
329
26,199
23,981
3,3 2 7
7o,774
$73,205
48,5,3
286,539
68to20
9,095
300,065
57,720
94,307
28 ,190
9, 2 47
72,653
28,186
2,413
100,631
3, 228,goo
2,383,154
842,006
$1 , 802,220,539
$1,510,350,661
$285,5r8,1o6
62
III
3'4
538
925
576
IIO
181' 124
$34,397
104,478
248,391
242~951
50,518
387,489
123,774
21,727
$5,027
4,767
28, ISO
9,534
'77
18 , 107
2, 819
4,710
'• 469
633
,. 585
560
······ ···1,729
$r38,445, 383
It will be seen that the total deposits, diminished by the amount withdrawn, should
leave on deposit at the close 0£ 1873, $291,869,878, or over $6,000,000 in excess 0£ the
amount appearing as due. This difference is largely accounted £or by the accounts 0£
closed institutions whose deposits and withdrawals enter into the above, but which have no
off.set £or these in any amount remaining due January 1, 1874. More than $5,000,000 0£
deposits disappear in this way. The other $1,000,000 is to be accounted £or by errors
0£ various sorts as elsewhere explained. Hat to make the records 0£ 55 years, embracing
transactions 0£ nearly $2,000,000,000 prove within $1,000,000, attests the substantial
accuracy of this work
t:I::
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CHAPTER L.
THIRD SERIES OF TABLES.
1. A table exhibiting a comparison of the invest-
ments in 1857 and in 1873, also the surplus in these
years, and the dividends in the same. It will be
understood that the ratio or per cent of dividends is
not that absolutely declared to depositors, but their
ratio at the respective periods named, to the whole
amount of deposits.
2. A table showing the growth and progress of
Savings Banks in New York, year by year, from 1819
to and including 187 4.
3. A · table showing the same in regard to open
accounts and amount due to depositors in periods of
five years, from 1819 to and including 1873.
1. T .ABLE
OF INVESTMENTS, ETC.
This table exhibits a comparison between the
investments of Savings Banks, in New York, in 1857
and 1873 respectively. The report, made in response
to a resolution of the senate in 1855, of transactions in
1854 and of conditions at the close of that year, purported to give the assets held by these institutions in
New York and Brooklyn only. The following year
these were given for the entire State, but with less
fullness of detail than when the reports were made to
the Bank Department. The later reports, made to
the Bank Department, are much more detailed than the
42
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330
HISTORY OF SA VIN GS BANKS.
earlier ones; but for the purpose of instituting a comparison, we confine the exhibit 0£ 1873 to the same
items substantially as those reported in 1857. It will
be understood that the ratios are close approximations
only, sufficiently accurate to serve all practical purposes. It will doubtless be a surprise to most that the
ratio of bond and mortgages, held by Savings Banks, in
1857 was greater than in 1873 - at least, that fact was
a surprise to the writer who, without the evidence
before him, would have declared otherwise. The loans
on corporate and personal securities never figured
largely in the aggregate of the New York Savings
Banks; but they have been prominent enough in
detail to work the ruin of three institutions, and we
are glad to be able to announce that loans of this
character are now prohibited by law.
1873.
1857.
lNVESTMENTS, ETC.
Amount.
Per cent.
Amount.
Per cent.
Bonds and mortgages ... $20,234,586 46
$1 I0,753,559 36
Stock investments (U. S.
and State st'ks and city,
county, town and vil'ge
bonds in N. Y. State) ..
50
I 53,355,665
17,349,300 39
I 3-5
5,335,601
Loans on publk stocks, )
Loans on stocks and
1,123,961 2 1-2
bonds of private cor7-10
porntions . ........ . .
2,265,317
1-20
1-5
21,046
Loans on personal sec'ty,
554,322
2 2-5
Real estate ........... . .
7,435,328
947,165 2 1-5
Cash deposited in banks,
14, I 58,075
4 3-5
3,287,441 7 1-2
2 1-5
Cash on hand ...... . ...
6,714,404
854,770 2
2 3-10
7,017,416
1-25
17,260
Miscellaneous assets ....
Surplus ........ . .... . . .
21,448,952
2,437,623 5 8-IO
7
Dividends credited . . . . .
2,070,851 5
16, I 53,997
5 3-5
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NEW YORK: THIRD SERIES OF TABLES.
2.
331
TABULAR STATEMENT OF YEARLY PROGRESS.
We present herewith a table showing the growth
and progress of the Savings Banks of New York, as a
system or in the aggregate from year to year. We
have brought this down to the close of 187 4, for the
purpose of presenting the latest reported conditions of
this interest in this State as we have done concerning
other States. But the details of institutions separately
considered, and all bases of comparison terminate
with 1873.
In the following table, only substantial, not perfect,
accuracy is attained. This is evident, first, from the fact
that the individual records, from which the table was
compiled, were in part estimated, and secondly, from the
fact that estimates even will not be found concerning
some items for each separate year. Thus it will be seen,
upon referring to the detailed statistics, in the first series
of tables, that the number of open accounts of the
Albany Savings Bank, the Troy Savings Bank and others
that might be named, are not given for each consecutive
year from organization. The same is true though less
noticeably, perhaps, of other items embraced in the
following table. In making up a record of the aggregates of all the institutions, year by year, these deficiencies had, of course, to be supplied by estimates and
calculations. There were always data from which
these could be made rationally and with reasonable,
we may say with substantial, accuracy. When we
come to the years for which returns were rt'!'gularly
made, it would have been a very simple matter to copy
these from the Department reports. But these would
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332
HISTORY OF SA VIN GS BANKS.
have exhibited inconsistencies impossible of reconciliation, as it will be found the reports themselves do, if
any one will attempt to derive, from year to year, the
amounts due to depositors from the amounts deposited
and withdrawn. How these incongruities arise we
have elsewhere explained. We have sought herein to
eliminate these inconsistencies if not perfectly, at least,
in a large degree. Neither the amounts deposited nor
the dividends credited will be found to correspond each
year with these items in the department reports. This
arises chiefly from the fact that, in order to present a
correct or nearly correct final result, we had to recognize the fact that in several years various institutions,
while changing the form of reporting dividends so as
to include in their transactions the dividend earned
during the last six months of the year, which they had
previously carried over to the following year, augmented the amount due to depositors by the sum G>f
three semi-annual dividends for that year. But in
reporting the amount of dividends credited and, in
consequence, the total amount deposited (in which we
always include the dividends), they only embraced
two semi-annual dividends, thus dropping from the
deposits a dividend which still appeared in the final
result as part of the amount due to depositors. Their
record looks more consistent than ours - as witness
the dividend for 1873 in the following table, $17,853,.
664 as against that found in the superintendent's
report, 116)53,997. The latter is a more correct statement of one year's transactions than the former, yet
the former is a more correct transcript from the record
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NEW YORK: THIRD SERIES OF TABLES.
333
than the latter, for the reason that the record for that
year ( as also for three or four previous years)
embraced in the matter of dividends the transactions
concerning several institutions, of a year and a half.
The very considerable difference between the amount
withdrawn as found in the foJ!owing table, and the
same item as given in the summary of the second
series, is natural and easily explained.
It arises from treating in the following table all the
deposits 0£ a bank closed and having gone out of business, as having been withdrawn. They are withdrawn
from record, and there is no way in which to make
the record consistent from year to year, except to treat
the deposits of a closed b~nk as withdrawn. It is
impracticable to do this in the department reports,
which are the record of Savings Banks in operation
only. Hence, where a Savings Bank closes its business from choice or through failure, the amount of its
deposits last reported and forming part of the aggregate amount due depositors, disappears from the record
entirely, and there is a break in the continuity of
recorded transactions which seems inexplicable -but
is simply a transaction not noted, affecting the result.
To illustrate: The aggregate deposits are, in any
year, reported at, say, $100,000,000. The next year
the amount deposited is reported at, say, $50,000,000, the amount withdrawn at $25,000,000. Putting out of view now other sources of error, we
expect to find the total deposits reported at $125,000,000. We find instead that they are but $123,000,000.
Conditions precisely like these in every thing, except
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334
HISTORY OF SAVINGS BANKS.
the amounts given, will be found in almost every
report concerning Savings Banks, and they will puzzle
the uninitiated greatly and bafile the best efforts to produce a p1·oef of the accuracy of the record. But the discrepancy would be very easily reconciled if it were
known and set forth that a Savings Bank which, the previous year, reported deposits to the amount of $2,000,000, had since closed and consequently failed to report at
all. This amount of deposits has been withdrawn from
the recorded transactions - disappeared - and there is
no way to make the. record arithmetically correct and
consistent, but to increase the sum total reported as
withdrawn by depositors to wit., $25,000,000 by this
sum of $2,000,000, withdrawn from the total of
deposits by the closing of the institution, thus making
the amount withdrawn $27,000,000. Within the last
five or six years between five and six millions ,of
deposits have thus disappeared from the reported
transactions of Savings Banks in New York - have
been in effect withdrawn - not from the Savings
Banks by depositors - but from Savings Bank records.
In the following table we have treated these as with
drawn, and are thus enabled to deduce the amount
due to depositors legitimately from the recorded
deposits and withdrawals. We might have done the
same in the table of aggregates in the second series,
but preferred there to follow more nearly the reported
items-which caused the discrepancy there between the
amounts deposited and withdrawn and the amount
due to depositors of something over $6,000,000.
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NEW YORK : THIRD SERIES OF TABLES.
335
These explanations with those in the introduction
to the first series of tables (see ante, chap. xlvii,
pp. 164-172), will suffice,' we trust, to give a correct understanding of the effort which has been
made to reach the nearest possible accurate results,
and to show that the differences between these
tabular statements and those found in or copied from
public records, are reconcilable when the objects for
which and the methods by which each is respectively
made up, are understood
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0:)
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TABLE Showing the growth and progress, in the aggregate, year by year, of Savings Banks in the Btate
of New York.
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1819 .......
1820 .......
1821. '' ....
1822 ...... ,
1823 .......
I 824 . .. ....
1825 .......
1826 .......
1827 ...•...
1828 .......
1829 .......
1830 .......
1831 .......
1832 .......
1833 .......
1834 .......
1835 .......
1836 .......
1837 .......
Number
of open
accounts.
bll"
en
...
...
.. . ...
. . . ...
...
I
. .. ...
.. . ...
. . . ...
I ...
..I. ...
...
.. . ...
...
I
...
I
2 .. .
2 ...
.. . ...
. .. ...
I
I
. . . ...
Increase
in open
accounts.
Amount
deposited.
Amount
withdrawn,
Increase
Amount
due depositors. in deposits.
Amount of
dividends.
l:1:1
ti:1
~
~
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I
2
2
2
3
3
3
3
4
4
5
5
6
7
9
II
II
II
II
1,481
3,153
4,613
6,002
7,621
9,8 13
10,004
11,094
13,070
14,712
16,184
18,085
22,175
23,082
27,312
28,515
34,826
35,230
27,701
1,481
1,672
1,460
r,389
1,619
2,192
191
1,090
1,976
1,642
1,472
1,901
4,090
907
4,230
1,203
6,31 I
404
*7,529
$154,801
372,993
374,6o4
402,236
504,903
630,958
666,029
736,878
850,585
747,096
796,913
992,146
1,262,653
1,184,198
1,800,466
1,867,454
2,772,458
2,769,670
1,587,613
$6,6o6
88,612
121,643
187,583
251,364
3w,589
628,045
529,876
553,5 25
665,527
631,176
632,292
743,49 2
1,095,45 2
1,207,039
1,699,622
1,797,572
2,766,323
2,680,382
$148,195
432,576
685,537
900,190
1,153,729
1,474,098
1,512,082
1,719,084
2,016,144
2,097,713
2,263,450
2,623,304
3,142,465
3,231,21 I
3,824,638
3,99 2,47°
4,967,356
4,970,703
3,877,934
$148,195
284,381
252,961
214,653
2 53,539
320,369
37,984
207,002
297,060
81,569
165,737
359,854
519,161
88,746
593,427
167,832
974,886
3,347
*1,092,769
$1,422
II ,31 I
23,980
34,586
42,928
55 ,497
55,278
67,865
78,067
86,71 l
9 2,413
!06,067
II9,570
124,924
136,067
148, I IO
172,103
188,538
164,905
0
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1838 ......
1839 .......
1840 •......
"""' 1841 .......
o; 1842 .......
1843 ......
1844 .......
1845 . ......
1846 .......
1847 ......
1848 .......
1849 .... . ..
1850 .......
1851 .......
1852 ...... .
1853 .......
1854 .......
1855 .......
1856 .......
1857 .......
1858 .......
1859 . .. ....
186o ..... . .
1861 ..... •'•
1862 .......
1863 ......
1864 . . .....
1865 .......
1866 .......
1867 ...... .
1868 ......
1869 .......
II
12
12
13
13
13
13
13
I
12
12
I
I
3
I
2
I
3
2
12
16
IO
24
4
I
I
2
I
15
17
22
32
34
40
46
49
50
54
57
64
72
74
74
7I
73
75
87
102
IIO
133
31 ,313
34,716
38,231
43,672
4 1,234
48,328
57,171
63,004
68,153
77,446
82,153
9z,675
III,112
123,679
135,oo9
160,050
163,29~
176,121
204,375
203,804
230,074
273,697
300,693
300,51 I
347,184
400,194
456,403
465,001
488,501
537,466
588,556
651,474
3,612
3,403
3,5 15
5,441
*2,438
7,094
8,843
5,833
5,149
9,293
4,707
w ,522
18,437
12,567
I 1,330
25,041
3,242
12,829
28,254
*571
26,270
43,623
26,996
*182
46,673
53,010
56,209
8,598
23,500
48,965
51,090
62,918
2,034,500
2,348,774
2,422,742
2,812,180
2,420,140
3,069,575
4,359,773
4,998,444
5,4°3,690
7,280,962
7,472,839
9,216,768
12,3u,624
14,439,5!0
16,113,674
20,129,123
18,824,596
20,769,529
24,132,029
26,264,852
28,561,668
33,291,422
37,570,651
30,320,795
41,352,559
57,506,154
85,374,861
82,377,236
89,690,413
105,899,191
120,802,790
143,657,038
1,455,966
2,010,629
1,785,389
2,139,709
2,690,401
2,145,511
2,540,806
3,378,227
4,324,663
4,992,271
6,522,608
7,070,389
8,140,404
I 1,265,883
12,578,350
14,846,869
18,194,992
18,210,597
I 8,445,24-0
26,541,682
21,789,493
23,308,109
28,308,414
33,678,073
28,897,495
40,257,953
67,423,482
78,642,433
73,393,905
86,540,703
!02,121,674
I 19,105,499
4,456,468
4,794,613
5,431,966
6,104,437
5,834,176
6,758,240
8,577,207
10,197,424
Il,276,451
13,565,142
14,515,373
16,661,752
20,832,972
24,006,599
27,541,923
32,824,177
33,453,78 1
36,012,713
41,699,502
41 ,422,672
48,194,847
58,178, 160
67,440,397
64,083,II9
76,538,183
93,786,384
III,737,763
I I 5,472,566
131,769,074
I 51,127,562
169,808,678
194,300,217
578,534
338,145
637,353
672,471
*270,261
924,064
1,818,967
1,620,217
1,079,027
2,288,691
950,231
2, 146,379
4,171,220
3,173,627
3,535,324
5,282,254
629,6o4
2,558,932
5,686,789
*276,830
6,772,175
9,983,313
9,262,237
*3,357,278
12,455,064
17,248,201
17,951,379
3,734,803
16,296,508
19,358,488
18,681,!16
24,551,539
162,861
186,721
228,144
256,386
245,035
304,1 IO
385,974
458,884
507,440
610,431
653,191
749,778
937,483
1,080,296
1,389,386
1,477,087
1,509,901
1,902,837
1,920,696
2,070,851
2,197,787
2,610,912
2,834,249
3,088,921
3,079,302
3,760,524
4,593,901
5,647,505
5,678,453
7,400,110
8,666,374
10,324,710
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•
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2
5
r6
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2
6
...
4
3 ...
~:o
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26
Increase
Number
of open
accounts.
accounts.
712,109
776,700
822,642
839,472
872,498
6o,635
64,591
45,942
16,830
33,026
in open
Amount
deposited.
Amount
withdrawn.
Increase
Amount
due depositors. in deposits.
$128,163,102
I 55,561,739
168,223,408
175,375,532
148,743,231
230,749,408
267,905,826
28 5,286,62 I
285,520,085
303,935,649
Amount of
dividends.
~o
rr,
136
1 47
151
155
158
- - - - ---
Totals ... 184
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1870 .......
1871 .......
1872 .......
1873.' .....
1874 .......
.,.,,,
~
00
158
$164,552,293
192,718,157
185,6o4,213
175,608,996
167, I 58,795
872,498 . . . . . . . $1,969,347,200 $1,665,411,551 303,935,649
* Decrease,
36,389,191
37,156,418
17,380,805
233,464
18,415,564
.........
$12,191,625
14,170,051
I 5,575,713
17,853,664
16, 139,949
;§5
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0
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$154,561,584
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NEW YORK:
3.
THIRD SERIES OF TABLES.
339
TABLE OF PROGRESS IN SEMI-DECENNIAL PERIODS.
OPEN ACCOUNTS.
PERIODS.
1823 .....
1828 .....
1833 .....
1838 .... .
1843 .....
1848.
1853 .....
1858 .....
1863 .... .
1868 .... .
1873 .•••.
AMOUNT DUE DEPOSITORS.
Aggregate.
Increase
Per
in five
cent of
years.
incre'se.
7,621
14,712
27,312
31,313
48,328
82,153
16o,050
230,074
400,194
58.8,556
839,472
7,621
7,091
r2,6oo
4,001
17,or 5
33,825
77,897
70,024
170,120
188,362
250,916
....
93
88
15
54
77
95
44
74
47
43
Aggregate.
$1,153,729
2,097,713
3,824,638
4,456,468
6,758,240
14,5 15,373
32,824,177
48,194,847
93,786,384
169,808,678
285,520,085
Per
Increase in five cent
of
years.
incre 1 se.
$1,153,729
943,984
1,726,924
631,830
2,301,772
7,757, 133
18,308,804
15,370,670
45,591,537
76,022,294
I I 5,7 I 1,407
. ....
Sr
82
16
51
115
126
47
95
81
68
The foregoing is made up, since 1853, from the
reports made to Bank Department, as the figures are
thus more easily obtained, and do not differ sufficiently
from the previous details to appreciably affect the
aggregate results.
Concerning this record of fifty-five years, and the
astounding aggregates derived from it, I need indulge
in no panegyrics. No words of mine can add aught
to the impressiveness of the record as there disclosed.
It speaks £or itself with an eloquence which it were
foolish and vain £or me to attempt to rival. And
when we reflect that this record is but the mere exponent, sign, indication, of a history of social influences
and human experiences that are unrecorded and undisclosed, hidden away in the secret chambers of human
hearts, silently contributing to the · happiness of
millions of human lives, the power and vastness of
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HISTORY OF SAVINGS BANKS.
this agency pass beyond the range of numerical computations, and reach the confines of the illimitable.
Pertinent to this suggestion is the following extract
from the report of the Superintendent, concerning
Savings Banks, made in 1867. He says:
" This tabulated history is far less wonderful and
thrilling than would be a revelation of the unwritten
work accomplished through this agency. The fru.
gality and thrift of which it has been the parent, the
latent energies of labor which it has stimulated and
brought into exercise, the foundations of future fortunes which have been laid through its instrumentality,
the want, suffering and despair that }}ave been kept
away from thousands of homes thr~ugh its provident
ministry, the guileless virtue which it has shielded from
the temrtations or poverty and hunger - if these
could be spread before the eye in tangible, embodied
form, though the record were then to close, the history
of the last fifty years would be luminous with the
light of these beneficient experiences through all the
coming ages."
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NEW ,JERSEY : INCEPTION, CHARACTER, ETC.
341
NINTH SECTION.
SAVINGS BANKS IN THE STATE OF NEW
JERSEY.
CHAPTER LI.
INCEPTION, CHARACTER AND GROWTH.
The first Savings Bank chartered in the State of
New Jersey appears to have been the Provident Institution of Jersey City, which was incorporated in 1839.
There would seem to have been some delay in the
organization, as the report for January, 18 74, notes the
payment, in the current month, of the sixtieth regular
dividend, and if semi-annual dividends had been uniformly made, this would make the date of the first
dividend July, 1844.
Its growth and progress from 1856 will be found in
the following
SUMMA.RY.
YEAR.
Jan. 1856 ..
1857 ..
1858 ..
r859 ..
1860 ..
1861 ..
1862
1863 ..
1864 ..
1865 ..
No. of
acc'nts.
Amount of
deposits.
l 1 II8
$170,724 52
1,480
238,582 12
262,668 45
1,667
2,075
343,428 76
2,808
486,741 44
3,407
604,357 74
3,444. 579,047 56
4,020
793,167 65
5,236 1,177,986 43
6,012 1,502,515 65
YEAR.
No. of
acc'nts.
Jan. 1866 . . 6,196
..
1867 ..
1868 . .
1869 . .
1870 ..
1871 . .
1872 ..
1873 ..
1874 ..
7,246
7,653
8,207
....
9,313
9,675
9,236
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Amount of
deposits.
$1,567,700 48
............
2,110,183
2,358,378
2,702,018
3,057,643
3,498,099
3,822,414
3,994,039
64
59
66
94
40
99
50
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HISTORY OF SAVIN GS BANKS.
UouRsE OF LEGISLATION : INVESTMENTS, ETC.
In their form of organization, and in the limitations
upon investments, they are modeled after the New
York system. This result was natural from the proximity of the Savings Banks in New York city, whose
successful 1nanagement and decided prosperity, fully
established, led, naturally, to their acceptance as
models by the adjoining State.
In 1847 the Newark Savings Institution was incorporated with similar provisions to those in the charter
of the Provident, last considered, with the additional
power of executing trusts of every description. The
trustees were allowed to repay to minors deposits
made by them not exceeding the sum 0£ $500. The
charter was, by its terms, limited to twenty years, and
has since been renewed.
In this year, also, a general act was passed for the
incorporation of
MuTUAL SAVINGS AssocrATIONS.
The preamble was as follows: "Whereas associations for investing and accumulating the periodical
and other contributions of the associators for the
creation of a fund, to be finally distributed equally
among them, have, in other States, been found highly
conducive to public and individual prosperity; and by
encouraging and fostering the virtues of temperance,
industry, economy and frugality; and, whereas sach
associations are entitled to legislative countenance and
encourag~ment, therefore, be it enacted, etc."
The main provisions of the act were to the effect
that such associations might be formed, the number
of members in any one not exceeding 500. Parents
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NEW JERSEY : COURSE OF LEGISLATION.
343
and guardians might unite in the certificate of organization on behalf of children or wards, and trustees on
behalf of married women. In making investments
preference was to be given to loans to members.
Indeed, the purpose in view seems to have been less to
provide a safe repository for savings, than to encourage the accumulation of capital which tne members
could borrow upon advantageous terms. Except in
appropriating the name, they seem to have no direct
relation to the system of Savings Banks, which continued to be incorporatoo thereafter as theretofore, by
special charter, and to have been little affected by the
presence of these rival claimants to the public favor.
Paterson Savings Bank was incorporated in 1848
with provisions similar to the Newark Savings institution.
In the incorporation of the Elizabethtown Savings
Institution, which occurred in 1850, the previous form
o:£ charter was much abbreviated, but without material
modification of the powers conferred. The range of
investments, however, which hitherto had been very
narrow, was considerably enlarged, and embraced,
besides United States and New Jersey State bonds,
the like securities of the State of New York and of
Massachusetts. Loans on bond and mortgage security
were not in terms limited to the State of New Jersey,
though it is open to question whether this was not an
inadvertence on the part of the legislature, whatever it
may have been on the part of the promoters of the
institution.
The disposition of the legislature, however, toward
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HISTORY OF SAVINGS BANKS.
a more liberal range of investment than had be@
granted heretofore was further manifested in its amendment this year of the charter of the Newark Savings
Institution, whereby it was authqrized to invest in the
public stocks of the States of New York, Ohio, Kentucky and Massachusetts, also in the securities of the
cities of Newark, New York and Brooklyn.
Thereafter the acts of incorporation generally granted
a range of investment em bracing the stocks of the
States standing foremost in :financial credit, and in the
bonds of New York and Brooklyn, as also in municipal bonds within the State, and previous charters were
amended from time to time to conform to the later and
more liberal grants.
The charter of the Burlington Savings Institution,
•
incorporated in 1857, made a still wider departure
from the original strictness of investments, by authorizing investments in the stocks or bonds of any railroad or canal chartered by the State of New Jersey.
Clearly in this feature ·New England liberalism had
penetrated conservative New Jersey.
This charter further provided, and was the first to
provide that funds on hand that could not be advantageously invested might, to the amount of $10,000, be
loaned, temporarily, upon promissory notes with any
of the securities authorized for investment, as collateral
security at a margin of twenty per cent from par, or
from market value if below par.
In this charter also occurs the first specific authority
for making deposits in banks, permission being given
to this institution to deposit in any of the banks in the
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"NEW JERSEY: COURSE OF LEGISLATION.
345
county of Burlington or in the cities of New York
and Philadelphia. We must suppose that Savings
Banks had, previous to this time, used banks of
deposit as depositories £or moneys on hand in excess of
what they could securely keep in their vaults. The
common law of self-preservation would doubtless be
sufficient to justify them in such a proceeding. But
this would be insufficient perhaps to authorize the
selection of remote depositories in different localities,
which privilege was secured by the provision in
question.
A still further enlargement of the power of investment appears in the act amending the charter of the
Newark Savings Institution, passed in_ 1859. This
authorized investments in the stocks or bonds of the
several States, also in such as should be issued by the
several counties and cities in the different States under
the laws thereof. Further, temporary loans were
authorized to be made upon personal security with
pledges of collaterals at least equal to the amount
loaned, to an amount not exceeding twenty per cent of
the whole amount of assets. It will be seen that this
considerably exceeded the range of investments
authorized in New York at that time, or at any time,
and the provision concerning loans was an approxima~
tion toward the "available fund" clause of the latter
State.
The same incongruity, not to say perversity, characterized the legislation of New Jersey concerning
Savings Banks that we have had occasion to notice in
other States. Thus, in 1863, the charter of the Fifth
44
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HISTORY OF SA VIN GS BANKS.
Ward Savings Bank 0£ Jersey City prohibited investments in the stock or loans 0£ any incorporated company whatever, while there was then upon the statute
book the charter already spoken 0£, which authorized
investments in the stock or bonds 0£ any railroad or
canal chartered by the laws 0£ the State. It is not
our purpose to indicate_ here which was the more
salutary feature in legislation, but only to call attention
to the varying moods of legislation in connection with
this interest. In view 0£ the desultory and hap-hazard
policy or lack 0£ policy which has characterized legislation concerning Savings Banks in nearly all 0£ the
States, we can but be impressed the more profoundly
with the wisdom, integrity and care in the management
0£ this interest, which, out 0£ such confusion and
diversity in the restraints imposed by law, has evolved
such wonderful prosperity, darkened by so few shadows
ansrng from negligence, recklessness or betrayal of
trusts.
The charter of the Bergen Savings Institution,
incorporated in 1867, is nearly a literal transcript from
the form 0£ charter then prevalent in the State of
New York. There is nothing surprising in this, as the
bill was doubtless prepared or drawn by some lawyer
doing business in the city 0£ New York, and who had
access to the statutes 0£ that State, or who borrowed
the charter 0£ some institution to serve his purpose.
It is needless to trace the progress 0£ legislation
further in thi& direction. From 1868 to 1873, the acts
0£ incorporation in this State, as in other States during
that period, were greatly multiplied, but without any
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NEW JERSEY : MISCELLANEOUS PROVISIONS.
34 7
distinguishing features of change requiring notice or
comment.
MISCELLANEOUS PROVISIONS.
The form of organization adopted in New Jersey
was substantially the same as that which prevails in
the State of New York, the body of corporators acting together as the board of trustees.
There was no uniformity in the duration of charters,
some ·being perpetual and others for twenty years only,
but the latter would 0£ course be renewed when
desired, so there is no practical significance in this
distinction.
The very stringent provisions found in the charter
of the Trenton Savings Fund Society, prohibiting the
trustees from enjoying any emolument from the institution, or from using or borrowing the funds, or being
security for borrowers, or even from being depositors,
except as trustee for others, may be noted. Similar
provisions will be found in other charters. This strictness was somewhat relaxed, however, subsequently,
by amendment to oue or more charters allowing compensation to be paid to trustees or managers for
special service on committees, as for examining property offered as security for loans ; and one charter
was so amended as to invest the board of managers
with full discretion as to the compensation to be
allowed to members for services rendered.
Authority to repay to married women the deposits
made by them was first conferred in the charter of the
New Brunswick Savings Institution, incorporated in
1851.
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HISTORY OF SA VIN GS BANKS.
Limitation of deposits, in the aggregate, from all
depositors was not attempted, and from any single
depositor was limited, when limited at all, to the
amount that might be received in any one year; as we
have elsewhere remarked a more sensible form of limitation than that which in the State of New York seeks
to limit the total amount which any one may have on
deposit.
Though no provision is made in the various charters
for surplus, and there are no general laws in tlie State
affecting these institutions, except incidentally, yet we
find generally a moderate surplus is maintained, rarely,
however, exceeding five per cent ; and in most institutions it is less. The very considerable aggregate of surplus found in a subsequent table results from excluding,
from the liabilities of one of the largest institutions,
the semi-annual dividend then due but not reported.
CONCERNING REPORTS.
Charters generally contain a section requiring a
return to be made, annually, to the legislature of the
State, of the funds of the institution, though, in a few
instances, items more in detail are enumerated. As
there is, however, no general law on the subject, the
form of these returns is various, some, indeed, giving
no more than the amount on deposit, others state the
amount deposited and withdrawn during the year, also
the number of depositors, and some set forth the investments with a fair degree of fullness. · For the last few
years all institutions, it is believed, conform to the
requirements of the law in making a statement more
or less detailed of their assets.
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349
NEW JERSEY: FIRST REPORT.
It would appear that for upwards of twenty years
these returns were made, if made at all, to the legislature, in such form as met the views of the officers of
the several institutions, but were not regarded as of
sufficient importance for publication or preservation.
The first public record I have been able to find of the
condition of any Savings Bank is in the report of the
State Treasurer made in 1863. He says, that these
institutions are required by law to report to him,
though I have been unable to find the law in support
of this claim. This report contains the return of a
single Savings Bank, the first, as we have said, of which
I can find record. It is of the Orange Savings Bank,
and being the pioneer report, I herewith transcribe in
full tbe statement of its operations and condition.
Repor·t of Orange Savings Bank, Janua;ry 1, 1863.
Balance on deposit at date of last report
(not published) .............. . .. . $22,727_ 83
17,847 85
Deposited during 1862 ............. .
Withdrawn 1862 . . . . . . . . . . . . . . .
$40,575 68
9, 259 59
Due depositors January 1, 1863...
$31, 316 09
Number of accounts opened.. . . . . 838
Number of accounts closed ....... 576
Number of accounts now open .. 262
The number of institutions reporting, or whose
reports are published, increases from year fo year, until
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HISTORY OF SAVINGS BANKS.
now it would seem returns from all are regularly made
and published. The returns made in 1864 of the
operations in 1863, and condition 1st January, 1864,
I do not :find, so that, practically, the returns from this
State commence with 1865, for the year 1864.
These were made to the State treasurer and published• by him until 1866; the legislature, in 1865, having devolved this duty upon the comptroller, whose
office w~ created at that time, and who was made
ex officio superintendent of banks. All quarterly or
annual statements made by banks or other corporations
were to be made to him, and the· powers and duties of
bank commissioner were also devolved upon him.
From this time forward the statements of Savings
Banks became a regular feature in the documentary
publications of the State. They appear to be transmitted to the legislature precisely as made by the
several institutions. There is no effort to secure uniformity in these returns, and no summary or tabular
statement is attempted. They are not even accompanied by a word of comment or explanation, but are
the dry, bare statements made by the institutions in
such form and containing such information as best
pleases themselves to transmit. The institutions reporting are arranged in alphabetical order, trust companies
and banks of discount being sandwiched in between
the Savings Banks, in conformity with this alphabetical
arrangement. Nor indeed does it appear that returns
were uniformly made, or if made, reported or published,
as we find that the Provident Institution of Jersey
City reported in 1866, and gave a summary of its
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NEW JERSEY : REPORTS.
deposits from 1856, elsewhere given; but the comptroller's report in 1867 has no mention of such an institution.
Nor do the same institutions always report in th~
same form from year to year. Some years the returns
will be quite £ull and minute, in others nothing will be
returned except the amount due depositors.
A few institutions are reported as having capital
stock, and the Camden Savings Fund and Trust Company, incorporated in 1872, has a charter similar to
the original Savings Bank charters, but provides £or a
capital of $100,000, and, though subject to examination,
is not in terms required to make any returns. In the
following tables we have not included any institutions
having capital stock. Our aggregates may, therefore,
vary from those published from time to time in financial journals, which do not make this discrimination.
We may mention in this connection that several charters
contain a provision making them subject to examination
at the pleasure 0£ the legislature, but it nowhere
appears that such discretion has ever been exercised.
Of course, under such conditions 0£ reporting and
publishing _the retums of Savings Banks, it is quite
impossible to give such a summary of their condition
from year to year as would be desirable, or to institute
such comparisons of growth and progress as we have
been able to do concerning other States.
We present, in the following tables, the best summary the form 0£ reports will admit of, though the
details of many institutions could be given with much
greater fullness. But these details are 0£ no special
interest to the general reader, except as they can be
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HISTORY OF SAVINGS BANKS.
wrought into a summary 0£ results, and as this is im•
practicable where the breaks would be so frequent, we
Qmit them altogether.
We present enough to show that this interest is an
important and growing one in the State 0£ New Jersey,
the deposits having incr~ased from $11,545,526, in 1868,
to $30,060,534, in 1873, or 160 per cent, and at the
close of 187 4 these were $32,044,840.
The investments certainly present as £ew points £or
criticism as those of any State, and altogether the
administration of the interest would seem to be entitled
to commendation.
There are but four institutions in the State whose
deposits reach and exceed one million, these being the
Dime, 0£ Newark, $2,641,661; the Howard, of Newark,
$3,359,876; the Provident, of Jersey City, $4,116,152,
and the Newark Savings Institution, $13,709,857, these
embracing more than two-thirds 0£ the entire deposits
in the State. It does not thereby, by any means, follow that the smaller institutions in the State are not
doing as legitimate and acceptable service £or their
less populous constituencies as those more flourishing
products of the system.
What the interest, by reason of its magnitude as a
whole and by reason 0£ its well-ordered conduct so far
as this is made to appear, is entitled to, is a more
appreciative and thorough system of supervision which
shall exhibit to the public more fully and clearly the
good that now only vaguely and indefinitely appears,
and shall expose, i£ there be any, the evils that can
now so easily conceal themselves from public view.
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NEW JERSEY:
1.
353
INVESTMENTS .AND DEPOSITS.
TABLE OF INVESTMENTS IN 8.AVINGS B.ANKS OF NEW
JERSEY.
Probably there has been little change in the character 0£ investments made by Savings Banks since their
commencement. This presumption, in connection with
the £act that not until quite recently have the Savings
Banks reported with fullness or with regularity, renders it impracticable to make a comparison between
the investments at different periods. We give those
at the close 0£ 1873:
INVESTMENTS AT CLOSE OF 1873.
Amount.
Bonds and mortgages .... . ...... . .. ..... .
United States bonds .... . ................ .
State and municipal bonds .... .. ........ . .
Loans on collaterals .. . .. . . . ........ .. .. . .
Notes and securities of private corporat'ns,
Real estate .............................. .
Cash ............................... .... .
Miscellaneous ........... . .............. .
Surplus .. . ............................. .
Per cent.
$14,815,672
2,708,708
8,894,361
3,888,9 10
62,580
423,648
1,116,152
274,345
2,123,842
46
7
26
II
1-5
l
2¼
4-5
6¼
2. T.ABLE
SHOWING THE !NORE.ASE IN S.AVIN GS BANK
DEPOSITS, IN THE ST.ATE OF NEW JERSEY, FROM
1863 TO 1874.
No. of
banks Due depositors.
rep'ti'g.
YEAR.
INCR' SE 1::-i 5 YEAR PERIODS.
Increase.
Amount.
1863 .... .. ....
1864.' .... . . .
1865 ..........
1866 ..........
1867. .. . .
1868 ..........
1869 .... ... ...
1870 ..........
1871 . ········
1872 ..........
1873 .. ........
1874 . . . . . .. ..
.. ..
* Chiefly estimated.
5
9
9
7
12
14
21
27
28
35
39
40
*$ 5,500,000
6,570,839
6,450,357
7,620,186
9,431,807
11 ,545,526
I 5,428,910
20,001 ,951
25,231,311
28,754,482
30,06o, 534
32,044,840
. . . . .. . . ..
$1,070,839
t120,482
1,169,829
1,811,621
2 1 I I 3,719
3,883,384
4,573,041
5,229,360
·3,523, 171
r,306,052
1,984.306
.... ... ...
.........
..... . ....
... . . . ... .
.. .. .. . . ..
$6,045,526
.. . . .. ....
...... . . .
... . .. ....
..........
18,515,008
.. . . . . . . . .
I
'Perc'nt.
. .. . .
. ....
. ....
. .....
.....
!IO
.....
. ....
.....
. ....
160
.....
tDecrease.
54
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354
HISTORY OF SAVINGS BANKS.
PosTSCRIPT.
It is a pleasure for the writer to be able to announce,
before concluding this section 0£ his work, that the
State 0£ New Jersey is no longer amenable to some 0£
the cij.ticisms found in the former part 0£ this section. The legislature, at its session in 1876, enacted,
with but slight alteration, the General Savings Bank
Law 0£ New York. A State board consisting 0£ the
governor, secretary 0£ State and comptroller, perform
the judicial £unctions devolved in New York upon the
bank superintendent, while the secretary of State has
imposed upon him the duty 0£ receiving and compiling
reports, and of examining Savings Banks. It remains,
of course, to be seen whether duties imposed upon an
officer of State, which are foreign to those contemplated
by his office, will be £aith£ully and zealously discharged.
We can but say that human nature and human experience do not lead us to hope for the best results of
supervision in this form, and we retain our preference
decidedly for a system 0£ supervision committed to an
officer with no other duties to engage his attention or
command his preference. Nevertheless, the administration of the system 0£ Savings Banks in this State
cannot fail to be greatly improved under this new
law.
It is also a source 0£ pride and satisfaction to the
writer to find that the product of his thought, and
observation and reflection, during years of active
employment in connection with this interest, has been
found so acceptable, not only in his own State but in
other States, as to be adopted section after section,
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NEW JERSEY : CONCLUSION.
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article after article, and page after page with scarcely
more alteration of language than the difference of
locality would require. The needs of this interest
must surely have been very fully considered, when
the remotest details affecting its administration
wrought into law, are accepted without the change of
a word or the displacement of a note of punctuation !
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356
HISTORY OF SAVINGS BANKS.
TJ1:JNTH SECTION.
SAVINGS BANKS IN THE STATE OF PENNSYLVANIA.
CHAPTER LII.
PHILADELPHIA SAVINGS FUND SOCIETY.
It is somewhat remarkable that while Savings Banks
had their first inception in this country, as a practical
fact, in the State 0£ Pennsylvania, through the voluntary, unincorporate association 0£ a few benevolent
and philanthropic gentlemen, they have never attained,
in that State, the rank and consequence 0£ a general
system pervading the Commonwealth.
The Philadelphia Savings Fund Society was organ•
ized as a voluntary association in 1816, and commenced
the business 0£ receiving deposits on the 2d 0£ December in that year.
An eminent citizen by the name 0£ Condy Raguet
was the chief promoter 0£ the enterprise, doubtless
being incited to efforts in that direction £or the amelioration 0£ . the condition 0£ the laboring classes, as
were James Savage in Boston, and Thomas Eddy in
New York, by having his attention attracted to
pamphlets and publications showing the success 0£
similar efforts in Great Britain.
It will be remembered that at this time, 1816, these
societies in England were purely voluntary, having
no sanction in, nor protection from, the law. Hence it
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357
is but natural that the form which they should first
assume in this country, should be voluntary and unincorporate. And as we trace the origin 0£ Savings
Banks in England, to the efforts of Rev. Joseph Smith
and Mrs. Priscilla W ake:field, so we must, in justice,
recognize this association in Philadelphia, as the earliest movement in this country, attended by practical
results in the way 0£ actually receiving and caring £or
the saving.s 0£ the poor.
The necessity or importance 0£ a corporate organization was an after consideration, and whether this was
suggested by experience, or by information that in
Great Britain the Parliament had been moveiJ. to afford
legis\ative sanction and protection to these institutions,
we are not informed. Whatever the occasion, an act
to incorporate the Philadelphia Savings Fund Society
passed the General Assembly, and was approved February 25, 1819.•
The original promoter of the enterprise, Condy
Raguet, will be found named as one of the corporators. 0£ the original voluntary associates, not one is
now living, and 0£ the original corporators, but one.
For most 0£ the facts concerning the origin of this
iMtitution, and the incidents in its career, I am indebted to the President 0£ the Society, Hon. Caleb
Cope.
Like the earlier charters in the State 0£ New York,
the corporators were designated as managers. These
were limited in number to twenty-five, 0£ whom :five
constituted a quorum; but at least thirteen members
were required to be present, in order to declare or :fill
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HISTORY OF SAVINGS BANKS.
any vacancy in their number; and two-thirds of such
number, or ninf> members, must agree upon such question, in order to give it validity.
No restrictions were imposed upon the managers in
respect to the disposition of the moneys intrusted to
their care ; but we have reason to know that the policy
of this institution has, in that respect, always been
extremely conservative.
Like some of the New England Charters, particularly the earlier ones in Rhode Island, the rules and
regulations, commonly called by-laws, were embodied
in the Act, though it is open to question, perhaps,
whether the corporation was not empowered by the
provisions of the first section, to alter these in its discretion.
The provisions of the original Charter have been
modified since, by an amendment from time to time,
and noticeably in respect to the manner of filling
vacancies in the Board of Managers.
Upon the occunence of a vacancy, nominations are
made in the Board of Managers, which remain open
for consideration for one month. From these nominations, five are selected by a majority of two-thirds of
the Board, to be submitted to the Board of Appointment, consisting, under the late Constitution of the
State, of the Chief-Justice of the State, and the President, Judges of the District Court and the CouJi of
Common Pleas; and under the new Constitution recently adopted, consisting of the five Judges of the
Court of Common Pleas. This Board selects one from
the five names submitted to it, who thereupon becomes
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359
a member of the Board of Managers. The admission of
unworthy persons to membership in the Board would
seem to be in this way very carefully guarded against;
as each must be one of the five first approved by at
least nine members of the Board, and preferred from
the five by a counsel of high judicial officers.
Each Corporator of the Society, upon its organization, contributed $10, forming a fund of $250, with
which to defray necessary expenses. The Managers
took each his turn in performing the clerical labor of
the Institution, as the fund contributed was insufficient
to pay clerk hire. It is needless to remark that the
Society has long since out-grown this method of gratuitous service.
Although the rate of interest was fixed in the
Charter at 4.8 per cent, the Society, by an agreeme:o.t
with its depositors, changed the rate to £our per cent,
until it should be able to pay a higher rate, when the
Charter rate was ad@pted. For a few years the rate
paid was 5;4 per cent ; but finding that this rate depleted or encroached upon the surplus, the authorized
rate was renewed.
The institution has, of course, during its existence
of nearly sixty years, passed through many seasons of
severe trial, but has emerged from them all with its
integrity unimpaired, and with the confidence of its
patrons, and of the public, increased and strengthened.
The opening of the war in 1861 seems to have
operated more disastrously upon this institution than
upon those in New York and New England, perhaps,
because of its proximity to the scene of active conflict.
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HISTORY 01! S.AVIN GS B.ANKS.
The burning 0£ several bridges between Philadelphia
and Baltimore precipitated a panic, and a nominal
Savings Bank in the city quickly succumbed. 0£
course, this but intensified the alarm, and the deposits
in the Savings Fund Society were reduced fifty per
cent. As an illustration of the supreme folly 0£ making a run upon a strong and well-ordered institution,
it is worthy of notice that the Society was relatively
stronger at the close of the run, than at its beginning;
that is, the surplus, which at the commencement of the
panic was twelve and a hal£ per cent, had risen by the
reduction of the deposits ~o nineteen per cent. This
operation, which in its results is sometimes not a little
bewildering, is susceptible of very simple illustration.
Suppose a Savings Bank with $1,000,000 of deposits
have a surplus fund of ten per cent, equal to $100,
000. I£ panic stricken depositors draw out from the
institution one-hali the deposits therein, there will be
left a liability of only $500,000. If these demands
have been met without any sacrifice 0£ the securities
from the value at which they were estimated in making up the surplus of ten per cent, then the Institution still has a surplus 0£ $100,000, which is twenty
per cent, instead of ten per cent with which it met
the panic. Or, if we suppose that in meeting the
demand for $500,000, there has been an average loss,
by depreciation, of five per cent upon securities, of
that nominal amount, this would be $25,000, leaving
still a surplus of $75,000 upon a deposit of $500,000,
in place of the surplus of $100,000 upon the deposit
of $1,000,000, or fifteen per cent in place of ten per cent.
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PENNSYLVANIA: SAVINGS FUND SOCIETY.
361
Of course the above conditions are purely hypo•
thetical, and it does not follow that in every instance
of a panic, the results would be so favorable as here
assumed. But in the practical experience of the Philadelphia Saving Fund, it does appear as above stated,
that the surplus, though diminished in actual amount
by about twenty per cent, increased in ratio to the liabilities from twelve and one-half to nearly twenty per cent.
It is a noteworthy fact that the chief reliance of the
Institution during this panic was its bonds and mortgages, a large number of these being readily disposed
of at their face, whilst in the conversion of city and
State securities, heavy losses were sustained. The
experience of the institution during the panic of 1873
was quite the reverse of this, however, it being almost
impossible to realize at all upon bonds and mortgages,
·whilst National, State and city bonds were readily disposed of at and above par. But the panic of 1873 was
far less general and protracted than that of 1861, as
during that of '73, only about eight per cent of the
depositors withdrew their moneys, and the aggregate
of deposits withdrawn did not exceed twelve per cent.
The difficulty experienced was the same that characterized the panic everywhere, that of procuring currency ; but the Society, at a considerable sacrifice,
did procure the cu1Tency, so as in no case to require
any depositor to accept of a check.
The growth of the Philadelphia Savings Fund Society, was, for many years, very moderate ; during the
first thirteen months of its operations, its deposits
reached the sum of only $8,945. When the funds
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filSTORY OF SAVINGS BANKS.
were transferred to the Corporation on the 31st of
March, 1819, the deposits amounted to only $45,114.
This was two years and four months after operations
were commenced. Thereafter the deposits increased
more rapidly, amounting in 1821 to over $200,000.
The year 1837, which, as is well known, was marked
by extraordinary financial disaster all over the country,
the Society paid to depositors $712,445, against
'$422,699 received. In the following year, however,
there was received $459,711, against $449,085 paid
out. The aggregate of accounts opened and of deposits
received, from organization to the first of January,
187 4, will be found in the subjoined statement.
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PENNSYLVANIA: OTHER SAVINGS
BANKS.
363
CHAPTER LIII.
OTHER SAVINGS BANKS.
THE WESTERN S.Avrnos FuND SocIETY, incorporated in 1847, was modeled after the original Society,
and its rules, regulations and methods are very similar
to those of the parent Institution. This was the
second Savings Bank in the State upon the mutual
principle. The rate of interest allowed was, from
1847 to 1856, 4 per cent; from 1856 to 1862, 5 per
cent; from 1862 to 1870, 4 /! per cent; and since 1870,
5 per cent. Interest is allowed upon deposits for the
full length of time they are on deposit, except upon
accounts opened and closed within one month. It
would seem that extra dividends are not allowed. It
appears that the rate of interest is less than that
allowed to depositors in even the best regulated banks
of New York, though this is compensated by the allowance of interest upon deposits ·for short periods, an
indulgence not granted by the older Savings Banks in
New York.
The DoLL.AR SAVINGS B~K of Pittsburgh, organized
in 1855, was the first institution in the State to declare
the uniform rate of six per cent.
TuF. BENEFICIAL S.Avrno FuND of Philadelphia,
and the SAvrnt:t FuND SocIETY of Germantown, appear
also to have been modeled upon the plan of the first
Savings Bank. The DoLL.AR SAVINOS BANK of Pitts-
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HISTORY OF SAVINOS BANKS.
burgh, and the JOHNSTOWN SAVINOS BANK are organized
without capital stock, under special Charters, which
we judge to be somewhat different from the others.
They all appear to be _subject, at least annually, to an
examination by a Board of Auditors; of discreet and
reputable citizens outside of the management, who
examine and report the condition of the Institutions,
which report is published for the information of depositors. They are also required to report annually to
the Legislature, but for all that appears of these reports
afterwards, they might with greater advantage be
made to the town pump! In 1872 the Auditor of
State made a statement of the condition of these Institutions, which was appended to his statement concerning banks of discount and Savings Banks with capital
stock No such statement appears afterwards. The
report of the Dollar Savings Bank of Pittsburgh also
appears regularly amongst the Legislative documents,
and others are found occasionally.
THE REAL E sTATE SAVINOS BANK of Pittsburgh,
though having a capital stock, is so far exceptional in
its organization and methods, as to justify its enumeration among the Savings Banks of the State. The
Stockholders are defined by the Charter to be those
persons who, within four months from the time of
opening for business, should deposit not less than one
hundred· dollars, and keep the same on deposit during
the continuance of the Charter. The moneys are
required to be invested only in bon"ds and mortgages,
or the stocks of the United States, or of the State of
Pennsylvania. No discount business is allowed.
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PENNSYLVANIA: OTHER SAVINGS BANKS,
365
The following is the order of the incorporation of
Savings Banks in Pennsylvania, with the date of the
commencement of business :
Philadelphia Savings Fund Society, December 2,
1816.
Western Savings Fund Society of Philadelphia, July
8, 1847.
Beneficial Saving Fund Society of Philadelphia, January 1, 1854.
Savings Fund Society of Germantown, May 24, 1854.
Dollar Savings Bank, Pittsburgh, July 19, 1855.
Real Estate Savings Bank, Pittsburgh, May 6, 1862.
Johnstown Savings Bank, Feb. 23, 1871.
The last of the above we believe to be the only
rural Savings Bank in the State, upon the original
model. It was established for the benefit of the workmen in the manufacturing district where it is located,
and though organized at an unfortunate time, has safely
encountered the :financial disasters of the period. It
is prudently managed in the interest of depositors
exclusively, and its success, which seems to be fully
assured, ought to give a stimulus to the organization
of a large number of institutions upon a like basis, in
the various mining and manufacturing districts of the
State. The population and pursuits in no State present a better field for the introduction of a genuine
Savings Bank system, than is presented in the State of
Pennsylvania.
THE SYSTEM DEFECTIVE.
The establishment of Savings Banks upon the model
of the Philadelphia Saving Fund, has been almost
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HISTORY OF SAVINOS BANKS.
wholly superseded in this State by Building Associations, and by Savings Banks organized with capital
stock. Among the latter are some unquestionably
sound and well managed Institutions, but the name
has in many instances, been misapplied to purely speculative enterprises, rashly and unfortunately conducted
in the interest of their projectors, who would profit
largely from speculative ventures, if they were successful, and would have nothing to lose, if they should
prove disastrous. The result has too often proved
disastrous, and undeserved reproach has thereby
been visited upon the name of Savings Banks. But
six Savings Banks upon the original model have
been incorporated in the State, and as returns of these,
showing their condition and operations, are not regularly published by the State, we can give no details of
them from year to year, as we have done concerning
other States. This omission is greatly to be regretted,
as the few facts which we are able to gather, show
that the continuous record would not fail to be instructive.
The exhibit of what is called the Savings Bank
interest, as a whole, is not creditable to the State of
Pennsylvania, which, as the pioneer in the introduction
of this beneficent agency, should h~ve taken a just pride
in fostering and encouraging its growth and progress
and in aiding its development into a broad, expanded'
and homogeneous system, pervading every part of the
State with its benign influence.
As it is, the few isolated institutions that have been
organized, present, in their careful management and
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PENNSYLVANIA: OTHER SAVINGS BANKS.
367
creditable condition, an illustration of what should
characterize an expanded and well-rounded system of
Savings Banks. But the Savings Bank interest in
Pennsylvania cannot be .considered as a system, but
must be treated from the stand-point of the individual
institutions which illustrate it.
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IDSTORY OF SAVINGS BANKS.
CHAPTER LIV.
EFFORTS 1'0 REFORM THE SYSTEM-SUMMARY.
The unsatisfactory results of the policy pursued in
this State, of incorporating, in many instances, banks
of discount, and purely private banks, under the title
of "Savings Banks," led to the following remonstrance
against the practice in the message of Governor Hartranft to the Legislature in 187 4. He says:
"Within a few years many State Banks have been
chartered, with the captivating names of Savings Banks,
designed to attract deposits. These banks, and savings
funds, are entirely distinct in organization and purpose,
and should never be associated in their management.
The one is .a bank of discount, intended to supply the
wants 0£ business, the other is simply a repository for
people's money, limited to small amounts to each
individual, the aggregate 0£ the amounts thus received
to be invested in mortgages on unincumbered property
worth double the amount of the mortgage, and in
secure public stocks, in safe proportions. A bank is
conducted with the avowed object 0£ benefit to its
stockholders; a savings fund is presumed to be managed entirely in the interest of depositors among the
laboring classes, or those of limited means and business qualifications, and the essential«-equ.isites of which
are such prudence and safety in the disposition of the
funds, as will best enhance their value for the benefit
0£ these classes of depositors. Men in charge of savings funds should have no personal ends to serve;
should be above temptation, and receive their highest
reward in the good accomplished by inducin? a saving
habit which, once fixed, leads to prosperity.'
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PENNSYLVANIA: EFFORTS TO REFORM SYSTEM.
369
These were words of practical wisdom, which it
would have been well for the Legislature to heed.
But, as yet, no action in pursuance of the Governor's
recommendations has been taken. On the contrary,
the Legislature, to which these recommendations were
addressed, incorporated by special charter a large
number of Savings Banks with capital stock, and with
the powers of an ordinary bank in respect to discounts.
In 1875 and 1876 the Governor renewed his recommendation concerning Savings Banks, but still, it would
seem, without producing the least effect upon the Legislatures to whom they were made. We must suppose
that vested interests in existing conditions, were operative in preventing any movement toward reform.
But not weary in well doing, the Governor presents
in 1877, a still more elaborate plea for an act "for the
incorporation and regulation of Savings funds, prohibiting them from becoming banks of discount, and
confiding them to their proper object- the safe-keeping of the savings of the people." He says further,
"The deposits of such institutions should be made as
inviolable as trust funds in the hands of trustees.
The mercenary spirit and desire of gain should be
taken out of their management, so that only men of
the purest motives and highest integrity will become
managers and directors in them." He then proceeds
to give the salient features of such a law as would
commend itself to his judgment, which are suhstantially
those prevailing in New England and New York, and
are found in the charters and practices of the few
genuine Saving Banks in his own State. With the
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HISTORY OF SAVINGS BANKS.
latter, he is evidently not familiar, as he speaks of the
experimental character of such a law in that State,
and of the "one or two Institutions which have been
chartered in Pennsylvania, upon these principles," there being in fact six of them, as our record shows,
and one of these th~ pioneer Institution of the country!
It remains to be seen whether the recommendations
of the Governor upon this subject will receive the attention to which their importance entitles them, or whether
vested interests in existing institutions and methods,
will prevent the work of reform, which the Governor
has sought to put in operation.
MOVEMENT
TO ESCHEAT
SURPLUS.
The accumulations of the Philadelphia Saving Fund,
like those of the older Institutions in New York,
began, after a time, to have an attraction for Statesmen and political economists ! who thought they had
found therein a source from which to cheaply augment
the funds in the Treasury of the State. ' The State
Deputy Es-cheater - significant title ! - brought an
action against the Society for $700,000, unclaimed
deposits, which he claimed to be escheated, as consisting of the deposits of those who had died leaving no
lawful claimants for the same. The Supreme Court
decided against the Escheater in the following terms :
"The proceeding to escheat surplus funds being
illegal, both in its object and its mode, the judge at
nisi pri11;s was right in enjoining it. The act is contrary to law and is prejudicial to the interests of the
Society and its depositors. No one can doubt that an
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PENNSYLVANIA.: S'rATISTICS, CONCLUSION.
371
attempt to wrest from it its surplus funds, with the
apparent approbation of the Court, must impair it and
curtail its business, and might subject it to the seizure
of its deposits, forcing it either to suspend payment
or to impair its assets by sacrifices necessary to maintain its solvency."
Whether the "Act," referred to by the Court, was
the "act" of bringing the action, or an "Act" of the
Legislature under which the suit was instituted, we
are not advised; in either case, the conclusion reached
by the Court was sensible and just. This litigation
cost the Society $10,000, and to prevent similar raids
in the future, an Act of the Legislature was secured,
authorizing Savings Banks to hold a Contingent or
Surplus Fund of fifteen per cent; and deposits upon
which there has been no transaction £or thirty years,
are to be turned over to the State, which makes itself
accountable to the principal whenever he shall appear.
of interest to record concernThere is little further
,
ing the Savings Banks of this State, beyond giving a
statement of their condition on the 1st of J ariuary,
1874, and the aggregate of their operations to that
period. These we condense into the following table :
".
.,oc
c:.s.3
NAME.
""'"
8]·8
o C oO
<( o, bD
o. ...
00
--Philadelphia Savmgs Fund Soc.
'\\' estern Sav. ·Fund. Soc., Phila.
Beneficial Sav. Fund Soc., Phila.
Savings Fund Soc., Germ8.nto'n
Dollar Savings Bank, Pittsburgh
Re al Estate Sav. Bk,, Pittsburgh
Johnstown Savings Bank ...... ..
229,493
37, 246
9,973
8,712
37,384
7,49 2
1,404
!l.
C..,.
"
....
o"°
OM
0
o0
C
•
M
.
~-
~ Ji 8
c:1.9cl
........
.-::: ct
'' C
]~
0, M
~.5~
OM
"'""
0. •
. "'"
-~~
~-~ tr·E
f!;
"0
...
(.)c.),....,
~;-:::
'tl
~
8."g
QU!o
40,952
$58,984,007
*18, 496,652
7,294,894
$10,200,358
2,095, 882
991,631
3,008,5 12
4331717
0
6,881
3,957
3,025
i-~~
"C
""
Cl""'
t9,ooo
2,643
1,086
Unknown.
67,544
$91,770,970
3 ,650,000
336,305
$ 6, 00s' 399
*1 . 135,475
t350, 000
nr,808
3,66o, 236 Unknown.
276,172
805,496
207,201
12,525
$18,400,521
$7,891,379
--Totals .. . .......... .. ..... . ....
331,704
* Interest for short periods, estimated at $150,000, included.
t Estimated.
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HISTORY OF SA VINOS BANKS.
The above figures are furnished by the Institutions
respectively. We likewise have returns from a few
others, but their business is largely in discounts, in
this respect, besides that 0£ organization with a capital
stock, being outside 0£ the distinctive character 0£
Savings Banks, and in accordance with our plan, we
confine this report to the exposition of Savings Banks
organized and conducted after the original design,
except where there are none of these to exemplify the
system.
The general conclusion we reach concerning Savings
Banks in this State is, that they are better than the
system, or rather that the individual Savings Banks
are sound, carefully managed, well conducted ; the system is - NAUGHT !
Among the legislative documents for 1876, we find
reports from the Philadelphia Savings Fund, and fr0m
the Western Savings Fund Society, as follows :
Philadelphia Savings Fund, due depositors......... . .. $u,290,127
Jan. I, 1876, contingent furtd,
1,079,428
Western Savings Fund, due depositors .... , .. . ..... . . .
contingent fund .. . . . ... . .. . . .
$2,457,534
3o6,257
$2,763,791
Among the assets of the former, is a variety of
private corporation bonds -railroad, canal and others
- chiefly local, and presumed to have a high repute at
home, amounting to over $1,000,000, or about the
amount of the reported contingent fund.
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DEL.AW.ARE:
SAVINGS
FUND
SOCIETY.
373
ELEVENTH SECTION.
SAVINGS BANKS IN THE STATES OF DELAWARE, MARYLAND AND VIRGINIA.
CHAPTER LV.
SAVINGS BANKS IN THE STATE OF DELAWARE.
THE WILMINGTON SAVINGS FuND SocrnTY was incorporated in 1832. The original term 0£ its charter was
limited to twenty years. This limitation has been
removed, or extended, and, doubtless, the Society may
now be regarded as practically, i£ not legally perpetual
Fifty-eight corporators were named in the charter, and
these were to elect annually from their number twentyfive managers, and. the managers might, in their discretion, increase the number 0£ members 0£ the corporation.
Members were, in terms, exempted from personal liability for any debts, contracts or agreements 0£ the corporation, and they were not prohibited from borrowing
the fonds, nor from receiving compensation or emolument. It is not supposed that advantage has been
taken 0£ this liberality in the charter, to the detriment
0£ the trust. The corporation was required to invest
the moneys deposited, in public stocks or other securi•
ties; and this, with a proper understanding of the term,
,, securities," would be sufficiently conservative and safe,
but with the too popular and common understanding
0£ the term, might be very insecure.
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HISTORY OF SAVINGS BANKS.
It is, however, perhaps, enough to say that the
Society has been conducted under the auspices of members of the Society of Friends, and its growth and
character ·have been natural exponents of the solid
and conservative qualities of that people. Its deposits
in December, 1876, amounted to $650,000, with a surplus of $92,000, and the whole, invested in good and
substantial securities. The rate of interest allowed is
five and one-half per cent per annum on all accounts
of one month's standing.
Repeated application to the officers of the Society
failed to elicit a word of information, or even of reply,
and recourse was had at last to a personal friend residing in Wilmington, who procured so much of the foregoing as is not 0£ public record. Evidently the management does not propose, by voluntary information,
to let any body else's left hand know what it8 right
hand is doing ! Modesty is undeniably a virtue, but
there is an assumed modesty that has much the aspect
and bearing of arrogance and pride.
THE ARTISANS' SAVINGS BANK, also located in Wilmington, was incorporated in 1861. Its charter is very
similar in its provisions to that· of the Savings Fund.
The original corporators were but thirteen in number,
and the management is committed to thirteen managers.
The number of corporators may be increased by the
managers, but it is unlikely that this provision has
ever been made operative. Reasonable notice of demand for payment of deposits may be required. Investments may be made in public stocks or other securities.
The corporation was required to pay to the State ten
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DELAWARE: ARTISANS' SAVINGS BANK.
375
dollars for the charter. This seems to be in accordance with some general statute, though the requirement is also embodied in the act of incorporation.
The following facts were furnished by the Treasurer,
E . T. Taylor, Esq., in reply to the writer's inquiries:
1,309
Number of depositors, April 1, 1876.. . .
Amount of deposits. . . . . . . . . . . . . . . . . . $228,356.07
Surplus or guarantee fund. . . . . . . . . . . . .
27,441.84
$255,797.91
" The act of incorporation for this bank was passed
at Dover, February 28th, 1861, and · it was organized
on the first day of April following, and opened for
regular business on that day. The first day's deposits
amounted to $32; $7 of which was received from Herbert W. Smyth, and $25 from William P. Smyth, both
minors, a class to whom the bank offers unusual advantages. The first semi-annual report of the Treasurer,
six months after the organization of the bank, showed
$162 on deposit, and $~.06, the interest on that amount,
was promptly placed to the credit of the depositors,
as a dividend. This, as will be seen, was not a very
encouraging exhibit, and aptly illustrates the difficulty
of establishing an enterprise fraught with such weighty
responsibilities.
The bank has, from that time up to the present
year, paid regular semi-annual dividends, at the rate
of 6 per cent per annum, and there is every reason to
believe that the profits on the accrued capital, and on the
regular business, will enable the managers to continue
this rate of dividends in the future. A popular feature
in the management of the bank, and one which has
undoubtedly contributed much to its success, especially
with the working classes, is the rule requiring the
officers to receive deposits daily, and from 7 to 8 o'clock
for two evenings in each week, Tuesday and Saturday.
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HISTORY OF SAVINGS BANKS.
The rapid increase in the business of the bank may
be ascertained by a statement of the dividends declared
at intervals of five or six years. Amount paid to
depositors on October 1st, 1861, as dividend for
the preceding six months, $3.06; April 1st, 1866,
$1,540.65; October 1st, 1871, $3,648.11; April 1st,
1876, $6,191.41. The total amount of money on deposit, June 1st, 1876, was $231,139.99; total amount of
interest paid depositors since the organization of the
bank, $80,850.69. The number of depositors now
doing business with the bank is over 1,300, the entire
number of accounts opened with various parties since
April, 1861, being 3,397."
The Assets comprise Bank, Gas Company, Railroad,
Fire Insurance and River Improvement Stocks, Bonds
and Mortgages, and Bills receivable. The Stocks
doubtless have a local repute, which removes them
from the purview of a foreign judgment concerning
their value.
So far as the writer has been able to learn, these
are the only Savings Banks in \he State of Delaware.
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311
1818.
CHAPTER L VI.
SAVINGS BA'NKS IN THE STATE OF MA.RYLAND.
Incited doubtless by the examples in Philadelphia,
New York and Boston, a meeting of citizens was held in
Baltimore on the first of January, 1818, at which was
organized an association called "The Savings Bank of
Baltimore," "for the purpose," as expressed in the bylaws, "of receiving deposits of such small sums o:f
money as are the profits of industry and economy, and
investing the same in public stocks, or such other
safe securities as may from time to time be deemed
expedient."
Twenty-five directors were chosen to manage the
affairs of the association for the ensuing year. From
these, Daniel Howland was elected president, and the
remaining twenty-four were formed into twelve committees of attendance, one for each month in the year.
An office was opened and the first deposit 'received
March 16, 1818: For some time the office was open
but for a few hours on one day in the week, and except
the services of a secretary at a very small salary, the
work of receiving and paying the moneys was performed by the monthly attending committees.
The enterprise was so successful, that a Charter,
incorporating the Savings Bank of Baltimore, was
granted by the Legislature at its session in December
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HISTORY OF S.A VINGS BANKS.
of that year. Thus, in Maryland we find the third
Savings Bank in active operation, and the second
Chartered Institution in the United States.
During the first year of its operations, the deposits
amounted to but $15,957, which is less than 1s now
frequently deposited in a single day.
In 1828, ten years after the organization, the deposits probably somewhat exceeded $300,000; and the
number of open accounts was 1280. From this time
the growth was more rapid, the accounts in 1832, four
years later, numbering 1941, and the deposits amounting to $461,721. Doubtless this growth was somewhat
arrested by the :financial revulsion in 1837, though we
have no details of that period in the history of the Institution. We only know that the crisis, however severe,
was bravely inet and successfully passed, as we are
informed by the Treasurer, that " deposits have always
been paid on demand, no notice having ever been
required from depositors."
The regular interest allowed has been four per cent,
with extra dividends once in three years. I do not
find that there are varying rates for deposits of different amounts, n~r that the amount of deposits is
limited either to individuals or in the aggregate, except
at the discretion of the directors.
The present President, Mr. Archibald Sterling, is the
third which the bank has had during its existence of
fifty-eight years; and he has been associated with the
Institution for more than fifty years.
The funds of the bank are invested in Loans on
Real'Estate or on Stocks, and in the purchase of Stocks.
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MARYLAND: BALTIMORE SAVIN GS BANK.
3 79
These seem to be public Stocks, not the Stocks of private corporations. The condition of the bank is
examined annually in the month of January, by three
Auditors not connected with the board of directors,
but appointed by it, and their report is published in
the Baltimore papers for the information of the public.
This report is very general, however, not setting forth
in any detail the character of the investments, except
as above given. There is, we presume, no question
that the investments of the Institution are first-class
in every respect; still, when we recall that under these
very general statements, many financial institutions
have in times past concealed and are in the present
time concealing great weakness and rottenness, we
cannot forbear expressing the wish that what might
prove a most worthy and salutary illustration of how
a Savings Banks should be managed, were not more
fully and specifically set forth.
A summary of the Charter and By-laws will be
found in the appendix.
The following summary of the transactions of the
Baltimore Savings Bank from its organization in
March, 1818, to the 1st of January, 1874, has been
furnished by the Treasurer.
STATISTICS.
145,650
Accounts opened since organization. . . . . . . . . . . . . . . . . . .
· 116,227
. . . . . . . . . . . . . . . .. . .
''
''
closed
"
29,423
opened 1st January, 1874.....................
''
Amount deposited, including dividends ................ $58,173,643
withdrawn........ . . . . . . . . . . . . . . . . . .. . . . . . . 46,907,853
''
due depositors 1st January, 1874... .. . . . ... . . . 11,265,790
''
Dividends credited since organization................. 9,700,750
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HISTORY OF SAVINGS BANKS.
Though applied for, we regret that we have received
no corresponding statement from any other Savings
Bank in the State of Maryland. We have been able to
gather only scattered and incomplete items of information which we here subjoin.
The EuTAw SAvrnos BANK was incorporated in the
winter of 1847, and opened £or business .in April of
that year. It was designed to accommodate the western portion of the city. It has been conducted upon
the same safe and conservative plan which has characterized the older institution, and its growth has been
gradual, until now its deposits and accumulations exceed $5,000,000. Its loans and investments are wholly
in public stocks and real estate. The rate of interest
is four per cent, with a division of surplus profits once
in four years. The dividends have thus averaged
about six and a half per cent.
The CENTRAL SAVINGS BANK was incorporated and
opened for business in 1854, under the auspices of the
Society of Friends. Its object was to encourage the
saving of the smallest sums, and to this end deposits
of one cent were received. The idea became popular,
and the bank, considering its humble pretensions, has
expanded into an Institution of considerable magnitude, having deposits and accumulations amounting to
$79,418 ; belonging to 6,573 depositors. The investments appear to be of the same high· class that have
been noted of other Institutions.
The METROPOLITAN SAVINGS BANK was incorporated
in 1867, under the name of the Beneficial Savings
Fund Society of Baltimore. The managers advanced
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MARYLAND: EARLIER SAVINGS BANKS.
381
a sum sufficient to procure books and office furniture.
The management appears to have been of the same
conservative character already noted as prevailing
among the Savings Banks of Maryland. Its deposits
and accumulations are nearly $500,000.
It is to be noted of the foregoing, that they make
no division of their liabilities into deposits and surplus, but seem to hold the entire funds, including
accumulations, as due depositors. We cannot, however, suppose that the whole sum thus admitted as a
liability, has been credited to depositors in their accounts, so that in the form in which the statements are
made, "tve are unable to ascertain what is the balance
to the credit of depositors upon the books of any
Institution.
These banks are all located in the city of Baltimore,
and would seem to constitute nearly the whole of the
Savings Bank system of the State of Maryland. We
shall find, however, that these constitute but a small
proportion of the whole number of Institutions, that
first and last, have been incorporated under the title of
Savings Banks in this State.
EARLIER SAVINGS BANKS.
In 1827 the Savings Bank of Maryland was mcorporated with powers quite similar to those of tlie
Baltimore Savings Bank, but limited to a term of
eighteen years. It seems to have organized and entered
upon business, as in 1845 we find an Act extending
the term of the Charter £or ten years, to enable it to
close up. In 1828 two other Savings Banks were incor-
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HISTORY OF SAVINGS BANKS.
porated, both with limited Charters, one being £or ten,
the other £or seventeen years. One 0£ these recognized stockholders, but without defining clearly how
they were to be constituted, and did not, as previous
Charters had done, .prohibit loans to directors or managers. Either these two Institutions or two others by
the same name, and in the same location, are still doing
business.
The year 1832 witnessed the incorporation 0£ five
Savings Banks, some with and others without limitation as to time. One 0£ these, the Mechanics' Saving
Fund Society 0£ Baltimore, provided . that depositors
0£ one dollar per week, £or twelve successive months,
should become members 0£ the corporation. This was
a new feature, as membership had in previous Charters
been left subject to the discretion 0£ the Board 0£
Managers or Directors. It became, however, a conspicuous feature in Charters thereafter.
The year 1833 was most prolific in Savings Bank
charters, not less than fifteen having been granted by
the Legislature. One 0£ these enumerated one hundred and twenty-three corporators and provided that
every depositor should be a member 0£ the corporation.
In 1836 several Savings Banks were by the authority 0£ the Legislature converted into ordinary banks
or issue and deposit. Doubtless, the mania £or speculation, and the apparent profits in the privilege 0£
issuing bank notes, incited and promoted this measure
0£ legislation.
No change in the £elttures 0£ legislation concerning
Savings Banks appears to have occurred until 1845,
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MARYLAND: EARLIER SAVINGS BANKS.
383
when the Fells' Point Savings Bank was authorized to
issue notes 0£ not less than five dollars, and in 1850
this privilege was very generally extended upon pay•
ment 0£ a bonus and a moderate tax, to the State.
A refusal to redeem its notes forfeited the charter 0£
any bank. This provision differs from that noticed in
1836, in which the Savings Bank charter would seem
to have become extinguished, or have been superseded·
by the new privilege as a bank of issue. Here the
privilege 0£ issuing notes, seems to have been conceded
as an additional power or £unction to those enjoyed as
a Savings Bank. Thus in 1858 the charter of the
Fredericktown Savings Bank was extended to 1880,
and the bank was authorized to issue notes not to
exceed the sum 0£ $100,000. This bank is still in
operation, and on the 31st 0£ December, 1875, $988
of its notes were outstanding. These are doubtless
destroyed, and will never be presented £or redemption.
Of course, it is well known that this privilege of issuing notes has been 0£ no advantage since 1866, under
the provisions of the Act of .Congress taxing such circulation ten per cent. But the original granting of
such privilege is an interesting, as it is an anomalous
feature in Savings Bank legislation.
Until 1868, charters had commonly been restricted
to receiving deposits from white persons, but since
then, this distinction has disappeared from charters, and
we presume is no longer observed in the practice of
the older institutions whose charters still retain the
restriction. In this year, 1868, an elaborate provision
was enacted £or the conversion of deposits into capital
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HISTORY OF SAVINGS BANKS.
stock, but Savings Banks 0£ this character do not
appear to have become conspicuous in the system.
There is very little to be found concerning Savings
Banks in the documents 0£ the State 0£ Maryland.
At different times the Comptroller 0£ the Treasury
has reported the amount of State taxes paid by these
institutions, but there is no regularity in these statements, those reported as paying in one year, disappearing entirely from the record the next year. I do not
find that Savings Banks report at all, except to the
Comptroller, nor £or any other purpose than taxation.
We would suppose that this object would. secure on
the part 0£ the State, the enforcement 0£ regular and
systematic returns from all 0£ the Savings Banks, but
this does not appear to be the case. The Comptroller
0£ the Treasury, in answer to our request, has very
courteously furnished us with a statement from which
we transcribe the condition 0£ all the Savings Banks
in the State 0£ Maryland, that reported to him, £or the
six months ending January 1, 1876. These are the
following:
DEPOSITS.
Fredericktown Savings Institution .................. .
Savings Bank of Baltimore ........................ .
Savings Institutions of Sandy Spring ............... .
Central Savings Bank of Baltimore ................. .
Franklin Savings Bank of Frederick ................ .
Mechanics' Loan and Sav'gs Institut'n of Hagerstown,
Eutaw Savings Bank of Baltimore ................... .
·westminster Savings Institution ................... .
$381,140
12,512,209
55,148
803,732
III,486
91,998
5,346,089
6,050
$19,307,852
We know that in addition to these, there is the:
Metropolitan of Baltimore, with . . . ................ .
367,974
$19,675,826
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MARYLAND : EARLIER SAVINGS BANKS.
385
There is also what is known as the German Savings
Bank in Baltimore, which reported for taxation certainly as l:tte as 1871, also the Broadway Savings Bank
in Baltimore, which reported in that year.
The former, we believe, is a branch of a bank of
discount, and the latter was ev:idently a small affair, as
the amount of tax paid in 1871 was but $64. At
least five other Savings Banks have reported for taxation within the last ten years, but we cannot say that
they still continue to. do business. As many as six
others, four of them in Baltimore, are enumerated in
published lists as doing business in 1876, but we find
no other record of them.
Enough has thus been shown to enable the reader
to see that the Savings Bank system, as such, in
the State of Maryland, is chiefly confined to the
four institutions in Baltimore, whose growth and
condition were detailed in the earlier pages of this
chapter. These are conducted solely in the interest of depositors ; these invest their funds only in
public securities, or on the security of real estate,
making no discounts, indulging in nothing speculative, declaring moderate dividends, only out of profits
actually earned. They are worthy representatives
of the original idea and conception of Savings Banks.
The only ground of criticism which they offer is, that
so little is made public, or accessible to the public for
information and guidance concerning institutions so
worthy to serve as models.
49
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386
HISTORY OF SAVINGS BANKS.
CHAPTER LVII.
SAVINGS BANKS IN THE STATE OF VIRGINIA.
The first legislative reference to Savings Banks, in
the State of Virginia, is in the following act, passed
March 20, 1832. It is entitled:
" An act concerning the Savings Institutions of the
city of Richmond, and other institutions of -like character within the Commonwealth," and is in the following words:
" Whereas the Savings Institution of Richmond, and
the Franklin Savings Institution of Richmond, have
been in the habit of receiving upon deposit sums of
money, and paying interest on the same, and in discounting at the rate of six per centum per annum, notes
and other bills endorsed or drawn by some member of
the Institution, and it has been represented to the
institutions aforesaid, that these transactions came
within the purview of an act of Assembly passed
on the twenty-fourth of February, eighteen hundred
and sixteen, entitled 'An act more effectually to prevent the circulation of notes emitted by unchartered
banks.' For remedy whereof:
"Be it enacted by the General Assembly that nothing
in the aforesaid act shall be so construed as to prevent, limit, or in any manner control the Saving Institution of Richmond, and the Franklin Savings Institution of said city, and other institutions of like character and purpose within the Commonwealth, from
receiving money on deposit, granting certificates for the
same, discounting notes or other paper at legal interest,
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VIRGINIA: UNINCORPORATE SAVINGS BANKS,
387
or drawing for their own funds on any bank or other
place in which the same may have been deposited."
Here follows a proviso prohibiting the issue of any
circulating notes ; also, that "the capital of no one
such institution shall exceed fifty thousand dollars."
Referring to the act of 1816, mentioned above, we
find that it prohibited any company or association not incorporated as a bank, from exercising the functions of a
bank in discounting notes, or otherwise, which it would
seem the Savings Banks in question had been doing.
It is thus made to appear that the Savings Banks in
operation in Virginia, prior to 1832, were merely voluntary and unincorporated organizations or associations, and the effect, and perhaps the purpose of the
act of 1832, was to give them a quasi legal status,
which they had not before enjoyed, or to remove from
them the prohibitions of the act of 1816, concerning
unincorporated associations. It will be observed, however, that they were recognized as institutions having
capital stock, which was by this act limited to $50,000.
In 1834 this was increased to not exceeding $100,000.
It is to be presumed also, that the institutions mentioned in the act of 1832 had not been very long in
operation, or their liability under the act of 1816 would
have been sooner discovered. We find too, that legislation incorporating Savings Banks was quite active
after this period, being stimulated by the example of
the Richmond institutions.
I can find no assurance that these early institutions
still survive. They were established not as a perpetual trust for the benefit of the poor, but as institutions
of profit for their immediate promoters.
0
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388
HISTORY OF SAVINGS BANKS.
The first act of incorporation 0£ a Savings Bank in
the State 0£ Virginia appears to be that of Harper's
Ferry Savings Institution, which was passed March 8,
1833. Thereafter acts of incorporation wer.e numerous, and most 0£ them constituted the depositors members of the institution, and devolved upon them the
power to choose a board of directors to manage its
affairs.
The control and the investment of the funds were,
subject to the by-laws, left to the discretion 0£ the
directots. Some charters were limited to a term of
years, and others were made perpetual. Some Institutions were required to publish a statement 0£
their condition in some newspaper in the city or
county.
A feature of incorporation, which, so far as my
observation extends, is peculiar to this State, was, in one
act to enibody two or more charters, by naming the corporators, and conferring upon them, in general terms,
and under a different name, the powers enumerated in
the first part of the act as belonging to the first body
of corporators mentioned.
The votes of memhers (depositors) were var_iously
regulated, as, one vote for $100, two votes £or $200,
three votes £or $500 ; or by shares 0£ $20 each, one
vote £or each share up to five, six votes £or ten shares,
and the like. In some charters there was no regulation concerning the votes 0£ members.
The general purpose seems to have been to make
depositors members 0£ the corporation, and to entitle
them to the profits, and most charters required the
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VIRGINIA: EARLY CHARTERS.
389
directors to declare semi-annual_ dividends of the
profits, after deducting expenses. The privileges or
advantages enjoyed by the capital are rather obscure,
unless the deposits were regarded as capital, and in that
view the limitation of the capital stock to $50,000
<;>r $100,000, would seem to have been a very unnecessary precaution.
Deposits were commonly restricted to free persons,
though this restriction is not found in all charters, but
would, doubtless, be implied from the nature of the
relation and the status under the law, of other than
free persons.
An act in 1836 prohibited Savings Institutions from
purchasing bonds, bills, mortgages, deeds of trust, or
other securities for less than their face and interest, or
from discounting at a rate exceeding six per cent,
under a penalty of three times the amount of such
bond, etc.
In this year the Petersburgh Savings Institution
was incorporated, and by the same act the Norfolk
Savings Institution. It is my conviction that none of
these earlier institutions survived the late war, though
I am unable to verify that conviction with authentic
information.
In 1838 a General Act was passed for the regulation
of Savings Institutions, Societies or Banks, which
declared that all such thereafter incorporated should
be subject to its provisions as fully as if the said act
"were repeated and declared in the act incorporating
such institutions, etc., unless there were inserted an
express provision to the contrary."
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HISTORY OF SAVINGS BANKS.
The following were the leading provisions of this
General Act:
1. Charters were made perpetual.
2. General corporate powers were conferred by it
on the class 0£ institutions above mentioned.
3. The mode of organization, and the admission of
members were provided £or, with power in the corporation to make by-laws, regulate deposits, etc.
4. They were authorized to receive deposits, and to
invest the same in the discretion of the directors as
provided in the by-laws. Exemption from personal
liability was declared.
5. Prohibited from purchasing securities below their
face and interest, and from discounting at a rate exceeding one.half of one per cent per month .of thirty days.
6. Required that a committee of members should
examine the affairs of each institution once in six
months, and publish a report of the same in a newspaper. Directors, if required by the by-laws, were to
declare a dividend of profits, after deducting expen.
ses, on each first of January.
7. Provided for a recovery if repayment of deposits
was refused when due.
8. Power to alter or amend reserved by the Legislature.
A further and supplementary act was passed prohibiting the issue by Savings Banks of small notes,
engraved or printed. I suppose this was to prevent
the issue of printed certificates of deposit in small
amounts, which might be designed or used to circulate
as money.
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VIRGINIA.: STATISTICS WANTING.
391
At this session of the Legislature quite a number
of Savings Banks was incorporated, by conferring
upon the body of corporators named, the powers and
privileges of the above mentioned act. But a section
in each act of incorporation recognized and limited
the capital to a specific sum, varying from $20,000 to
$100,000. Here again I am led, from the nature of
the general powers con£erred, to presume that the
deposits were regarded as capital.
Thereafter, the incorporation of Savings Banks, of
which there was a great number, was under the provisions of the foregoing General Act.
No statistical history of the growth and progress of
these institutions can be given.
Every reasonable effort has been made by the author
to procure information concerning the present status of
Savings Ban\s in Virginia, but without result. Letters
h~ve been written to various institutions, inclosing a
blank with a few items to be supplied, which any
well-regulated institution ought to be able to fill out
in five minutes, but no word of response, except in one
instance, has been received, though a prepaid envelope,
with return address, was .uniformly inclosed. In the
exceptional instance noted, the officer courteously
returned for information the advertisements of his
institution, and proffered the benefit of his general
knowledge of the banking system of the State of Virginia, for a consideration of one hundred dollars, which
we were compelled to decline.
Our inference is, that Savings Banks in Virginia in
these days, are chiefly ordinary banks of discount,
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HISTORY OF SAVINGS BANKS.
with the name of Savings Banks. If we are in error
in this conclusion, we shall be very glad to be corrected by authority. No supervision is exercised · no
statements or returns are required.
w EST
VIRGINIA.
0£ course all that we have narrated above, applies
to what is now known as West Virginia. Savings
Banks are reported in this State, at Martinsburgh,
Shepherdstown and Wheeling, which we judge are of
the same general character as those in the older State.
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393
OHIO : EARLY CHARTERS.
TWELFTH SECTION.
SAVINGS BANKS IN THE STATES OF OHIO,
MICHIGAN AND INDIANA.
CHAPTER L VIII.
SAVINGS BANKS IN THE STATE OF OHIO.
The earliest Savings Bank of which we have been
able to find any record in this State, is the Cincinnati Savings Institution, incorporated in 1831. We
have no knowledge of its provisions, as the act of
incorporation is not found ip. the volume of statutes
for that year, being, we suppose, regarded as a private
Act. In January, 1845, an Act was passed amending
this original act of incorporation, by a new Act entire,
in which the original was wholly repealed. But for
some reason not disclosed, this amendatory Act was
itself repealed at the same session of the Legislature in
March following, and the original Act restored in full
force.
It is somewhat significant that the amendatory Act
contained the following provision: that the "deposits
from minors, married women, single women who afterwards marry, or other persons, shall be subject to the
individual control of such depositors," so that here,
too, was a recognition of the principle of protecting
the deposits of married women, prior to that in New
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HISTORY OF S.AVINOS BANKS.
York, already noted as having been made m 1848.
[See Vol. I, p. 180; also, ante p. 159.J
We cannot ascertain whether this Institution ever
organized and transacted business or not. We can
find no record of it beyond that found in the volume
of statutes.
At the same session in 1845, an Act was passed
amending the Charter of the Mechanics' Savings Insti.
tution at Columbus, which seems to .have been incorporated in 1838. Of this Institution, also, we are
able to get no further trace.
The next legislation appears to have been in 1849,
when four Savings Institutions were incorporated, one
of which, the Society for Savings at Cleveland, organized and went into operation, and still remains a strong,
well conducted Institution. One of the original corporators, S. H. Mather, Esq., is now, and we believe has
been from the beginning, its treasurer.
We have no statement in detail of its business, as it
does not come under the operation of the Act of 1873,
requiring reports of condition to be made to the Auditor. The Act of incorporation is very brief, and imposes very little restraint upon the corporators in their
conduct of the business. The deposits are "to be used
and improved to the best advantage, in a manner not
inconsistent with the laws of this State, etc." The only
restriction upon the discretion of the managers is, that
the Society may hold real estate, other than that taken
in payment of debts, not exceeding $10,000 in value.
The other Savings Banks incorporated in that year
probably never organized. They do not appear in
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OHIO: ACT OF
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395
any list of such Institutions in the State. The Insti~utions above mentioned were none of them to be organized with capital stock.
ACT OF 1867.
The first general Act for the incorporation of Savings Societies was passed April 16, 1867. Under this
Act these Societies were to be incorporated without
capital stock. Returns from each Institution setting
forth its condition, were to be made annually to a
Board of Commissioners £or Savings Societies, consisting of the Auditor of State, Treasurer and Secretary
of State. Judges of the Court of Common Ple11s
were required, as often as once in each year, to appoint
some one to examine the Savings Societies, each in his
own county, and the examiner was to make a full report of his examination to the Court, and the Clerk
of the Court was required to transmit a copy to the
Board of Commissioners, and this Board was to transmit these statements in condensed form to the General
Assembly.
It would seem that these provisions of the law were
practically a dead letter, no examinations were had,
and of course no reports were made. The Auditor
reports in 1868, that two Societies had given notice of
their incorporation under the law, and the Treasurer
of one of these had reported its condition to the
Board of Commissioners who made a return of the
same to the General Assembly, as follows :
CINCINNATI SAVINGS SocIETY, July 13, 1868.
571
Number of depositors. . . . . . . . . . . . . . .
Amount of deposits . . . . . . . . . . . . . . . . $115,805
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HISTORY OF S.A VINOS BANKS.
In 1869 no returns were made to the Board of Commissioners, either by the Treasurer or by examiners,.
and the Auditor says that as no authority is given any
State officer to enforce a compliance with the law, and
no penalty is provided for non-compliance, the prospect
for reports is not hopeful ! The Auditor recommends
a change in the law.
This is the last reference made by the Auditor to
the requirements of the Act of 1867.
As an illustration of careless, crude and obscure
legislation, the following extract from the Act of 1867,
relating to investments, is introduced :
"Funds may be invested on first mortgages of real
estate in this State, in sums not exceeding half the
value thereof ; or in the public funds of this State, or
of the United States, in sums not exceeding eighty
per cent of the lowest current value of said securities,
or may be loaned on notes with a pledge of any of the
aforesaid securities, or of the stock owned by any
person offering any such note ih such security, subject
to the aforesaid limitations as collateral."
The two things that seem to be clear in the above
are, the condition of mortgage loans, and the right to
purchase, that is to invest in, United States and Ohio
State Stocks at eighty per cent of their current market
value!
ACT
OF
1873.
In 1873 an Act was passed to incorporate Savings
and Loan Associations. They were to . be organized
with a capital of not less than $50,000, at least onehalf to be pa-id in· and the balance payable in such
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OHIO: ACT OF
1873.
397
installments as the trustees should direct. Of course
the details of organization were determined by this
'feature of a capital, the owners of which directed the
affairs through trustees of their own selection.
Deposits of minors and married women were protected by the usual safeguards. Loans to officers and
trustees were prohibited, in excess of one-half the stock
held by them. The purchase and sale of notes, drafts
and bills were expressly authorized. Investments
were permitted in United States and Ohio State Stocks;
in the Stocks of other States not having defaulted in
payment of principal or interest of funded debt within
five years; in the stocks or bonds of any municipal
or other corporation within the State, issued according
to law; in bonds and mortgages, but not to an amount
exceeding fifty per cent of the capital and deposits,·
and restricted to the county in which the bank was
located, or one adjoining ; or in such other manner as
may be deemed approp1·iate and safe ! The inquiry
sugg~sts itself, what is the occasion for naming United
States and Ohio State Stocks as permissible forms 0£
investment, in the £ace of such a sweeping provision
as the last, which we have italiciz.ed? Notice of organization was to be given to the Auditor, and after the
annual meeting, a complete statement of condition was
to be. made to him, showing the amount of deposits
and capital, the amount and character of investments,
and the Auditor was required to publish the same in
his report and the trustees also were to publish it in a
local paper. The Act of 1867 was repealed, except that
institutions organized thereunder might continue
operations under that Act, or might elect to operate
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HISTORY OF SAVINGS BANKS.
under the new Act, of which election they were to
notify the Secretary of State.
Under the provisions of this act, twelve Savings
Banks reported their condition to the auditor in 1874,
at dates from January 3d to October 15th. The aggregate deposits of these twelve institutions were $1,295,535.
It is understood from the Auditor's brief
comment, that these were not all the Savings Institutions in the State at that time. Indeed, all organized
under statutes prior to that 0£ 1873, might, and doubtess most 0£ them did, regard themselves as exempt
from obligation to report under this law.
In the following year, twenty-one Savings and Loan
Associations reported their condition to .the Auditor
at the close of their fiscal year in 1875. This is the
requirement of the act, so that we do not get the condition, upon the same date, of all institutions reporting.
One Savings Bank which reported in 187 4, £ailed to
report in 1875.
The following summarizes sufficiently the agglegate
condition 0£ the twenty-one Savings Banks reporting
in 1875. We have no later returns. We have, however, the names of thirty-seven Savings Banks, from
which it would seem that sixteen make no public statement 0£ their condition.
LIABILITIES.
Capital, paid up. . . . . . . . . . . . . ....................... . $1,171,480
Due depositors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... .
2,774,056
Other liabilities ...•..................••........ . .....
129,941
Total. .••....................... , .. • .. • •, ..... •.,
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OHIO ; ACT OF 1873.
399
ASSETS.
Cash . ....... . .......................... . ............ .
United States Bonds. . . . . . . . . . . . . . . . . . . . . .. . .. . .. . .. .
Other Bonds (not described) .................. .. ..... .
Bills receivable ............................... .•.... ..
Due from banks ........... . ........................ . .
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . ......... . .... .
$6o1;716
61,905
106,522
2,953,559
216,060
135,7 15
Total. ........" .. . ............................ ..
It will be seen that nearly three-fourths 0£ the assets
are in bills receivable. Whether any portion of .these
are secured by mortgage does not appear. It is not
usual to embrace mortgage loans among bills receivable.
Two Savings Banks in the State responded to the
circular addressed to them by the writer for information, and furnished the following :
NORTHWESTERN SAVINGs DEPOSITORY, ToLEDo, received first deposit March 2, 1868; opened, to January,
1874, 3,107 accounts, and closed about 1,500; had credited deposits and interest during same period, $1,037,345, of which interest was about $26,200; and had
remaining on deposit, at above 4ate, $128,406.
TIFFIN SAVINGS BANK received first deposit May 1,
1873; had opened 813 accounts to January 1, 1874, and
closed 72 ; had received· in deposits during that period
$117,105, 0£ which $89,688 remained on deposit January 1, 187 4.
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HISTORY OF SAVINGS BANKS.
CHAPTER LIX.
SAVINGS BANKS IN THE STATK OF MICHIGAN.
In 1869, an act was passed "To provide for the
incorporation of Savings Associations." They were to
have a capital of not less than $10;ooo, and were
restricted in the use or investment of deposits, it being
'declared to be "the true intent and meaning of this
act to limit the loaning of any moneys deposited in
any such Association to productive, unincumbered
real estate security, or United States or Mi~higan
State stock security, or upon bonds issued by the
county in which such Association is located, or upon
bonds of cities or school districts in said counties."
This act never having been submitted to a vote of
the electors, in compfo.i,nce with a provision of the constitution that" No general banking law shall haye effect
until the same shall, after its passage, be submitted to
a vote of the electors of the State at a general election,
and be approved by a majority of the voters," it was
the opinion of lawyers, that the act had no validity,
and it never became practically operative. One or two
institutions are believed to have organized under it,
and these reorganized afterward under a subsequent
law.
In 1871, the general banking law of the State,
which was enacted in 1857, was amended by inserting
therein several sections, making provision £or the
organization of Savings Banks, with all the powers of
banks of discount except that of issuing notes.
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MICHIGAN: ACT OF
401
1871.
To the common mind this would seem to be quite
as obnoxious to the constitutional prohibition as the
former act, but the distinction was made that this was
not a general banking law, because it did not confer
all the ordinary banking powers, the material one of
issuing notes being prohibited. The question has not
received judicial construction, but it is the opinion of
the attorney-general of the State, that upon a judicial
contest, the validity of the act would be upheld.
It is the only act under which Savings Banks are
. organized and authorized to transact business. It was
the effort of the original promoter of a general Savings Bank law, to secure one that should clearly mark
and define the distinction between Savings Banks and
banks of discount, by restricting the investments of
the former to substantial securities. But the legislature seei:ns to have been otherwise minded or otherwise influenced, and in effect, made ·no distinction
whatever between the two classes of institutions,
except the purely technical one of prohibiting Savings
Banks from issuing circulating notes ! The Banks of
discount organized under the State law are quite as
effectually prohibited from issuing notes, by the Act
of Congress which places a ten per cent revenue tax
upon such issue. So, that for all practical purposes,
the Savings Banks are, in fact and in law, Banks of
discount and deposit, and have all the powers and
privileges of ordinary banks, except in the matter of
issuing notes, and existing banks of discount are
authorized to re-organize under the Savings Bank law.
True, the act directs that two-thirds of the deposits
shall be invested upon the security of stocks of the
51
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HISTORY OF SAVINGS BANKS.
State, or of the United· States, or in city, county
or school qistrict bonds in the State, or mortgages
with the usual restrictions,. or in such other rnanner as
is authorized by the act I The last clause, 0£ course,
deprives the previous clauses of all force, except as
permissive provisions, for the "other manner," authorized by the act, "is in loans and discounts like ordinary
banks.
The Savings Banks, like ordinary banks, are required
to m.ake quarterly reports of their :financial condition
to the State treasurer, who embodies the same in his
report to the Governor.
The reports of the two classes 0£ banks embrace
the same items, and are in substantially the same form.
Being, £or the most part, Savings Banks only in name,
less interest attaches to their condition and prospects
as a matter of record £or this history, than otherwise
would be the· case. It is hardly possible that the
experiment in Michigan can be worked out on the
theory adopted, without encountering vicissitudes and
disasters, which will impress upon the people a very
strong and vivid realization of the fact, that "names
are not things." In this conviction, which carries with
it the expectant one that a new and genuine Savings
Bank code will sometime be demanded and secured
for that State, we subjoin a statement showing the
growth and the present condition of Savings Banks in
the State under existing laws, which may serve in the
future to mark notable historical contrasts.
The ANN ARBOR SAVINGS BANK made a report in
November, 1869, from which we infer it had organized
under the act 0£ 1869, before mentioned. Its deposits
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MICHIGAN: GROWTH AND PRESENT CONDITION.
403
at that time were reported at $110,292. Its investments were chiefly loans and discounts, which is in
violation of the act under which we suppose it to have
been organized. This was the first report which we
find in the State documents, and was the only report
made in that year. It reported again for November
30, 1870, the deposits then being $120,377, and the
loans and discounts $119,617.
In 1871, this bank reported, as £or June 30th of that
year, deposits $165,248, and for September 30, 1871,
we find the report of the Detroit Savings Bank with
deposits $1,628,897. We infer from this very considerable deposit, that the institution had been in
operation under some form of organization prior to
the act of 1871, under which it made this report.
rrhereafter the act of 1871 became operative, and
reports were made regularly each quarter, under its
provisions, to the State treasurer, and are so made at
the present time. We have those returns for each
year after 1871, except for 1875, and tabulate the
amount of deposits held on the 1st of October, in
each of the years named :
NAME.
September
30, 1872.
Adrian ............. . . .
. ......
Ann Arbor .... . ....... $I 16,587
Central Michigan ...... ... . ....
Detroit ..... . . .. ...... 1,652,488
Genesee Co ...........
39,750
Grand R ids .. . ......
181,863
Lenawee o ..... . .... .
245,051
Peoples,' Detroit. ... . .
470,429
Port Huron .... . ..... . . . . ....
Wayne Co., Detroit ...
504,001
Wyandotte . ....... ... .
29,9o3
October, 1st
week, 1873.
October, 1st
$3,o43
125,808
$5,916
rn5,3r r
week, 1874.
October
1876.
2,
. .. . ....
........
1,738,273
91,689
2!0,131
243,385
778,867
I I 5,620
823,801
29,802
1,442,219
90,9r6
141,762
204,644
929,140
124,098
1,135,695
30,978
$9,284
141,266
24,005
1,368,773
93,3 13
12 I, 598
224,910
1,344,362
167,47r
1,549,842
33,93°
Totals ............. $3,240,075 $4,160,425 $4,2rn,684
$5,078,759
6
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HISTORY
OF
SAVINOS BANKS.
The resources comprise chiefly loans and discounts,
and are so reported by the respective institutions with
one exception. This is the WAYNE CouNTY SAvmos
BANK, in Detroit, which, in its transactions, dealings
and investments, conforms quite nearly to the -practice
of Savings Banks in the eastern States. It makes no
loans, except upon the security of real estate or of
public stocks, thereby conforming to the literal requirements of the act directing two-thirds of the deposits
to be so invested, and not regarding as wise or applicable the concluding clause of the section under which
ordinary discounts may be justified. It commenced
business, October 2, 1871, and on the 1st of January,
187 4, had opened 5,466 accounts, of which 3,952 were
open at that time. It had credited in deposits and
interest $3,170,555, of which $68,836 was interest,
and the deposits remaining at that date were $794,944. After the panic of 1873, the deposits ran down
from $867,235 on the 1st of September to $684,886 on
the 1st of December. Thereafter they gradually
increased, and on April I, 1874, reached $942,291.
There was a falling off in the next two months, and
thereafter a pretty steady increase each month, with
only occasional reduction in the amount, until, as
shown by the table, there was, October 2, 1876,
$1,549,842 and this had increased January 2, 1877, to
$1,556,862. The paid up capital at this time was
$150,000, and its resources were enumerated as follows:
Cash in vault and on deposit . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans secured by ten per cent bonds and mortgages
on unincumbered real estate, cash value double the
amount loaned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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405
MICHIGAN: SAVINGS BANKS.
Loans secured by collaterals ......... . ................ .
United States bonds, par value . ...................... .
(Market value, $II8,500.)
Michigan State and municipal bonds, par value ........ .
(Market value, $r 10,023.)
Current expense account, taxes, etc ................... .
Premium paid on bonds , . . . ......................... .
Furniture and safes ................................... .
Real estate ........................................... .
$269,250
ro3,500
26,603
I 5,508
3,ogo
ro3,r6r
Total ............................................. $1,755,164
Besides the above, accrued interest on loans and
investments is estimated at $54,145. It does not
ai'pear from the statement whether the amount due to
depositors includes interest accrued £or the last six
months. It probably does not, and the same would
about be fairly offset by the interest accrued as above
set forth. We have given prominence to the business
of this institution, as the only one in the · State professing to do a strictly legitimate Savings Bank busi~
ness. The others, however well conducted as Banks
of discount,.are only such, in their nature, functions,
powers and operations. Some of them, like the Ann
Arbor Savings Bank, may keep two classes of accounts,
distinguished as Commercial and Savings, the chief
distinction being that interest is paid upon the latter
only. Many of them, we infer, make no distinction
in accounts, though in this we may be in error. At
present th~ true Savings Bank characteristics seem to
be monopolized by the Wayne County Savings Bank.
We hope it may be our fortune yet to record in some
future edition of our work, .the development of a
more genuine Savings Banks system than now prevails
in this State.
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HISTORY OF SAVINGS BANKS.
CHAPTER LX.
SAVINGS BANKS IN THE STATE OF INDIANA.
The introduction of Savings Banks, as we understand them, is, in the State of Indiana, of quite recent
origin. Doubtless, depositories bearing the name of
Savings Banks may have been instituted prior to the
introduction of the system which we are about to
chronicle, but they could hardly have been any thing
more than private banks assuming this title to attract
a desirable class of patronage.
In 1869 the Legislature of Indiana adopted an elaborate act 'to provide £or the organization of Savings
Banks, and for the safe and proper management of
their affairs.
This act is a nearly verbal transcript of the act preparep_ by the writer, and submitted by him in 1868 to
the Legislature of the State of New York, in connection with, and as part of his special report upon Savings Banks, to which reference has so frequently been
made in these pages. The suggestions in that report
were made the subject of legislative discussion and
action in more than one State, and the General Act
embodying the suggestions of the report, was, ·as has
been stated, adopted entire by the Legislature of Indiana, with such immaterial modifications as adapted it to
the different conditi9ns to which it was to be applied.
Thus the law which the State of New York rejected,
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INDIAN A : SAVINGS BANK LAW.
401
became the corner-stone of the Savings Bank system
of the State of Indiana.
It is, perhaps, needless to remark, that this law was
not prepared with any view to the service into which
it was impressed by the favorable consideration of the
Indiana Legislature. It was designed to be applied to
an old, established and powerful system, which had
attained its magnitude, and achieved its success
through the personal integrity and prudence of those
to whom its fortunes had been committed, and in spite
of loose, incongruous, conflicting, and ~ven dangerous
legislation. Its aim was to conserve the virtues inhering in the system, and to guard against dangers to
which it was clearly exposed, which even then threatened its integrity, and which have since brought a
reproach upon its previous fair fame. With such as
its purpose, that it would be found adapted to conditions wholly unlike these which it was designed to
meet, and that it would serve as the basis upon which
to inaugurate the experiment of Savings Banks in any
State, was more than the author would have ventured
to predict.
In this view, the success which has attended the
experiment of establishing a system of Savings Banks
in Indiana, under the law in question, is one in which
the writer £eels that he has a personal share, and concerning which he indulges a pardonable pride.
Under the act 0£ 1869, the first Savings Bank was
organized, and, commenced business on the 1st of July
in that year, at Lafayette ; called the Lafayette Savings Bank. Three years later, July 1, 1872, it had on
deposit $319,701, with resources amounting to $343,-
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HISTORY OF SAVINGS BANKS.
'735, showing a surplus of $24,034, and two years
later the deposits amounted to $334,263, which moderate increase was, doubtless, affected by the financial
and industrial crisis which had intervened. One of
the oldest and strongest Savings Banks in New York
city, was nearly fifteen years in accumulating a deposit
of that amount.
During that period of three years, ten Savings
Banks had been organized in the State, eight of which
were in a prosperous condition. One had but just
organized, and made no report, and another, though
perfectly solvent, with a deposit of $10,435, securely
invested, was reported as not prosperous.
The total amount on deposit in the nine Savings
Banks reported upon, was at this time $867,882, and
four of the banks had then been doing business less
than one year. We think we may say, in view of this
exhibit, that the Savings Bank system in the State of
Indiana had been very successfully inaugurated. As the
Savings Bank Examiner in concluding his report to the
Auditor, very truly and pertinently remarks : "These
unpretentious figures may not strike the casual
observer as of much significance, yet in the light of
history, we can see· that it is the beginning, the foundation, well laid, of a great and beneficent system."
SUPERVISION AND REPORTS.
Under the l~w of the State, Savings Banks are
required to make very full returns to the Auditor of
State for the 1st of January in each year, and that
officer is required in each year that the Legislature shall meet in regular session, to communicate
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INDIAN A : SUPERVISION ETC.
409
to that body a statement of the condition of every
Savings Bank from which a report has been received
during the preceding two years. The significance of
this form of requirement is found in the fact the Legislature of Indiana convenes in regular session but
once in two years. Whether the above provision is to
be construed as requiring the statement made by the
Auditor to cover the condition of the Savings Banks in
each of the years for which reports are received, is not
perfectly clear. Under another section of the law it
is made the duty of the Auditor to examine, or cause
to be examined, every Savings Bank as often as once
in two years. This duty he deputed to a competent
and trustworthy agent, who made a full and satisfactory report of his work. For some unexplained reason
the first report of the Auditor concerning Savings
Banks, made to the Legislature convening in 1873,
makes this report of the Examiner, and not the returns
received from Savings Banks, the basis of his statement concerning the condition of these institutions.
This is much to be regretted, as the latter should contain, besides the information which we have selected
from the Examiner's report, a statement of the number
of accounts opened and closed in each year, the
amount deposited and withdrawn, and the interest
credited.
Some amendments to the general law concerning
Savings Banks were adopted by th~ Legislature of
1873, chiefly affecting the basis of compensation to
officers, and to trustees performing special services.
As this report marks the inauguration of the system,
we extract from the report of the ·Savings Bank
52
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HISTORY OF SAVINGS BANKS.
Examiner as made to the Auditor of State, the following statement of the condition of the Savings Banks
in Indiana on the first day of July, 1872:
Condition of Savings Banks, July 1, 1872.
LAFAYETTE SAVINGS BANK.
Commenced business July 1, 1869.
Number of depositors ............................ .
Amount due depositors . ..•....•.••...•........••••
Resources ...................•........•..• ..••..••
PEOPLE'S SAVINGS BANK,
1,672
$319,701 04
343,735 80
EvANSVILLE.
Commenced business September 10, 1869.
Number of depositors . ....................• • •..••
Amount due depositors .............•......•........
Resources ..........•......•.......•.•.•.• ..•..•••.
1,5o6
$155,881 23
166,208 62
TERRE HAUTE SAVINGS BANK.
Commenced business, not stated.
Number of depositors ....••••.... . .....•..........
Amount due depositors .......•..•.................
Resources ...................• . ••...........• . ....•
ST.
J osEPH's
2,264
$144,090 70
156,278 91
SAVINGS BANK, SouTH· BEND.
Commenced business January 4, 1870.
Number of depositors ...........•................
Amount due depositors ...........................•
Resources .................. . .........•.........•..
663
$79,204 49
81,479 42
LAPORTE SAVINGS BANK.
Commenced business September 20, 1871.
Number of depositors ..............•..•......•.••
Amount due depositors ..................... . ..... .
Resources ............. . ......................... .
655
$62,495 51
64,026 2
INDIAN APO LIS SAVIN GS BANK.
Commenced business November 6, 1871.
Number of depositors ....................... . ..... .
Amount due depositors ........•...........•.•.....
Resources ..... . . ·................................ .•
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$63,081 34
69,286 12
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INDIANA: SAVINGS BANK REPORTS.
STATE SAVINGS BANK, INDIANAPOLIS.
Commenced business November 20, 1871.
Number of depositors .............. . ....... .. . . .. .
Amount due depositors ................ .. ......... .
Resources .. . ...... ... . ... ..... .. ... . ........... .
651
$25,681 21
27,820 13
GERMAN SAVINGS BANK, LAFAYETTE.
Commenced business December 18, 1871.
Number of depositors .... . ......•............. .. ..
Amount due depositors ......... . ................. .
Resources . .................... . ........... ....... .
152
$7,311 31
7,645 57
FoRT WAYNE SAVINGS BANK.
Commenced business January 14, 1869.
Number of depositors, not stated.
Amount due depositors . . ......... . ........ .
Resources . . .
$10,435 38
10,435 38
Moo RES VILLE SA.VIN GS BANK.
Recently organized, not visited.
SUMMA.RY OF FOREGOING.
Number of depositors ............................ .
Amount due depositors . . ........ . ................ .
Total resources . . . . . . . . . .... . ................ . .. .
8,843
$867,882 21
926,946 19
The assets of the Savings Banks reported, were as
follows:
Loans on promissory notes ... . .............. . . . .
Loans on mortgages of real estate......••........ . .
Loans on collaterals .... ... ........ . .... . . . ..... . . .
United States, State, county and city bonds ........ .
Cash in Bank and on hand ........................ .
Expense account, furniture, fixtureE, &c . ........... .
$36o,767
349,003
7,723
55,703
147,655
6,094
54
15
IO
03
08
29
The above, for a period o:f barely three years :from
the organization o:f the first Savings Bank, is a very
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HISTORY OF SAVINGS BANKS.
creditable record. Of course great allowance is to be
made for the advanced standpoint in wealth and social
conditions at which the commencement was made in
this State, but on the other hand, the fact must be
considered that in the older States the experiment was
inaugurated in centers of wealth and dense population.
But we have no desire• to institute invidious comparisons. It is enough that the record made by Indiana is
every way creditable, and gives great promise of a brilliant future.
TEXT OF AUDITOR'S REPORT,
1872.
The suggestions of the Auditor of State in his
report are mainly well considered, though we must
dissent decidedly from his recommendation that the
prohibition from borrowing funds, or being surety for
borrowers by trustees, be removed. We believe that the
prevalent policy of depriving trustees of all personal
interest in the funds committed to their charge, has
greatly contributed to the security of Savings Banks,
and co~duced to their prosperity by the confidence in
the disinterested character of their management which
this feature has imparted.
TEXT OF EXAMINER'S REPORT.
The Examiner, whose report is embodied in that of
the Auditor, in the narration of some details concerning the origin of Savings Banks in this country, bears
strong, though unconscious testimony to the importance of a History of Savings Banks which shall have
at least the merit of accuracy in its statements. Thus,
he mentions the Salem Savings Bank of Massachusetts
as being the first in that State, and the second in the
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INDIANA: EXAMINERS REPORT.
country, whereas it was the second in Massachusetts,
and the fourth in the country, being preceded, as our
record shows, in organization by the Philadelphia
Saving Fund, the Provident of Boston, and the Savings
Bank of Baltimore. Of course one error of the kind
leads to others, so that we find the Society for Savings
in Hartford enumerated as the third organized in the
United States, and the New Bedford as the second in
Massachusetts. Whereas the Society for Savings was
probably the sixth in the United States, and New
Bedford the seventh incorporated and fifth organized
in Massachusetts. Of course these errors did not
originate with the Examiner, but were compiled by
him from sources deemed authentic. But such errors
introduced into public documents-, perpetuate and
multiply themselves indefinitely. It is our aim to
remove all excuse for their appearance hereafter.
The Report of the Auditor to the Legislature in
1875 gives the following statement of the condition
of Savings Banks on the lst·of January, 1874, except
of three, the Lafayette, Fort Wayne and Terre Haute,
whose condition is reported for a different date. The
report is very meager, wholly without text or comment, and I compile from it only the following:
NAME.
Due depositors.
Total assets.
State, Indianapolis ......... . ...........
Indianapolis ...........................
German, Lafayette ......................
Pefcles', Evansville ...................
St. oseph Co., South Bend ..............
La Porte ...............................
Lafayette, (J ul1i 15). . . . . . . . . . . . . . . . . ...
Fort Wayne, ( uly 20, closing) ...........
Terre Haute, (Oct. 27).... . . . . . . . . . .....
$87,681
117,147
25,851
262,706
92,894
108,777
334,263
3,458
126,445
$91,734
124,096
26,474
270,086
94,616
117,845
352,402
3,458
143,456
....... ········· ...... ········
$1,159,222
$1,214,167
Total
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HISTORY OF SAVINGS BANKS.
When we consider that this was shortly after the
panic of 1873, which had so seriously impaired the
deposits of financial institutions all over the country,
we can but regard the above as a very favorable
exhibit. It is an increase of nearly $300,000, ($291,340,) over the deposits of 1872, and a corresponding
gain in resources of $287,221.
The Auditor's report for 1876 contains the result of
examinations of the Savings Banks made by his direction some time during the year, the date, except in
two instances not given. There is no summary, and
the introductory text by the examiners is of the
briefest. One of them says: "I find from a thorough
examination of said banks that they are organized
and conducted in strict accordance with the reqmrements of the statute."
It will be seen from the following summary that
the growth of this interest in Indiana is slow, but in
view of the depression in every line of business any
progress is most cheering and hopeful :
NAME.
Deposits.
Surplus.
Lafayette Savings Bank........ . .... . ....... . . . . . . . . . . • . . . . . . . . . $436,518
$17,500
German Savings Bank, Lafayette . ... . .... . . .. . ..... . . . .. ........
98,237
2, 500
Indianapolis Savings Bank...... . .. . .. . ... ................ . . . . . .
364 , 7n
8,070
State Savings Bank, Indianapolis..... .. .. .. ..... . ..... . ... ... . . ..
n2,679
4,181
Terre Haute Savings Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
185, 3o8
13,400
St. Joseph Count}': Savings Rank. . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . .
165, 339
3,707
People's Savings Rank, So. Rend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
48,238
100
People's Savings Bank, Evansville.. .. ... . ... . . . . . . . . . . . . . . . . . .
351,325
n,500
Laporte Savini;s Bank . . . .. .. .. . . . . . . .. .. .. .. ... . . . . . . . . ... . . .
n9,530
3,084
Richmond Savings Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... .. ....... _ _10_4,_14_4_ 1_ _ _4_7•
$1,986,029
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ILLINOIS: CHARACTER OF LEGISLATION.
THIRTEENTH SECTION;
SAVINGS BANKS IN THE STATES OF ILLINOIS AND WISCONSIN.
CHAPTER LXI.
SAVINGS BANKS IN THE STATE OF ILLINOIS.
Properly speaking there is no history of Savings
Banks in the State of Illinois to be written. The legislation in behalf of Savings Banks is all comprised in
a few acts of incorporation, which for the most part
have been secured by private individuals for their own
personal advantage. There seems to be no general
legislation on the subject.· The charters contain just
such provisions as the incorporators saw :fit or deemed
it desirable to introduce. The restrictions upon their
discretion are therefore of the most general character.
There is no obligation to report their condition and
operations to any St:tte authori-t,y, nor do they appear to
be under the supervision or inspection of any State or
•
other official. Outside of the city of Chicago, it is
our conviction, that in many instances the name of
Savings Bank is assumed by private bankers without
any incorporation whatever. It is likewise true that
Savings Banks have been organized, whose acts of incorporation were only a thin disguise to conceal a
purely individual and private enterprise.
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HISTORY OF SAVINGS BANKS.
Under such conditions 0£ legislative indifference,
we must look £or whatever is good in the workings 0£
the Savings Bank interest, to the character and purposes 0£ those to whom the trust has been committed.
We shall find, 0£ course, that the promotion 0£ private and personal interests is not necessarily incompatible with caution and prudence, integrity and good
faith in the management 0£ the affairs 0£ others.
That some institutions in Illinois have £ailed because
they were instituted to £ail, because the only purpose
0£ their promoters was to attract deposits which they
might employ in speculative enterprises 0£ their own,
is doubtless true. Such conditions are the natural
product 0£ the system or want 0£ system, as it has
been developed in this State.
But it is not the less true that men 0£ high character, 0£ great personal worth, 0£ experience and sagacity
in the conduct 0£ monetary enterprises, men who could
not afford to forfeit the respect and esteem in which
they were held by the public, have seen in the facilities afforded by a liberal Savings Bank Charter, an
opportunity £or the judicious and profitable investment
0£ their own capital, and at the same time a means 0£
safely and profitably employing the small savings 0£
industry to the great advantage 0£ the laboring classes.
The result 0£ these conditions is that in Illinois, with a
single exception, the incorporated Savings Banks are all
organized with a capital stock, which serves as a guarantee fund to depositors. At last accounts there were
but twenty-six Savings Banks in the State, enumerating as such all that bear the name, and eleven 0£ these
were located in the city 0£ Chicago. 0£ Savings
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Banks outside of Chicago, we have few statistics. We
should estimate their total deposits at not exceeding
$1,000,000. They very generally, and we presume universally, do a regular discount business, and are not
distinguishable in any respect from an ordinary discount bank, except in name.
In Chicago the statements of their Savings Banks
are published in the papers as a matter of news and
general interest. We do not understand that there is
any legal requirement of such publication.
The deposits in the Chicago Savings Banks have
fluctuated considerably within the last few years, being
affected by the great fire in 1871, by the epizootic in
1872, which for a time served to throw a great many
out of employment and compelled them to fall back
upon their Savings, and, of course, by the panic in
1873, from which there has been but partial recovery.
The status of Savings Banks in Illinois, organized
hereafter, ~11 be materially different from that in the
past. The constitution of 1870 prohibits the creation
of corporations by special acts. It also cuts off existing charters not put in operation before the adoption
of the constitution.
No general act of legislation concerning Savings
Banks has, we believe, yet been enacted. At the session in 1876, however, Hon. Senator Haines of Chicago,
whose experience as President of t?e Fidelity Savings
Bank, in that city, had fitted him to legislate intelligently concerning this interest, introduced a general
law £or the incorporation of these institutions.
The bill was not reached, but will undoubtedly
receive favorable action at the session of 1877.
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HISTORY OF SAVINGS BANKS.
INDIVIDU A.L SAVINGS BANKS.
We have account from very few individual Savings
Banks in Illinois, from which to make a summary of
their operations since organization, or to form an idea
of the spirit in which the interest, generally, is administered. Outside of Chicago we have replies to our
inquiries from but three Savings Banks in the State;
at Rockford, at Springfield,' and at Cairo. These replies
were made in 1874, when it was our purpose to issue
this work in a few weeks, or months at farthest.
The ENTERPRISE S.AVINGS BANK at Cairo was estab·
lished in 1870, and passed through the panic of 1873
with diminished resources, but not seriously embarrassed, and at the close of 1873, held $141,000 of
deposits, belonging to 540 depositors. As this was
what was left of $1,641,000 that had been deposited
during the three and a half years of its operations, the
inference is natural that its business was largely commercial.
The PEOPLES' SAVINGS BANK of Rockford commenced
in July, 1873. It has a capital of $125,000, and does
a commercial business, dealing in discounts.
The Cashier of the SPRINGFIELD SAVINGS BANK very
frankly replies to my inquiries, that their's is not a
Savings Bank proper. That they have a paid-up capital of $100,000, and transact a general commercial
and banking business.
0£ the Savings ·Banks in Chicago from which we
have received any details of their operations, one
known as the State Street Savings Bank has £ailed,
making, as we are informed, almost or quite a total
loss to depositors. It was organized and commenced
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business in January, 1873, and on first 0£ January,
187 4, had remaining on deposit $52,144, out of $1,264,637" received during the year. This sufficiently indicates the character of its business, which was less that
of a Savings than of a commercial bank. It should
not be confounded in the mind of the reader with the
State Savings Bank in Chicago, which is a strong institution, holding 1st of January, 1876, nearly $4,000,000
of deposits.
The Durn SAVINGS BANK of Chicago also commenced
operations in January, 1873, and is said to be the only
institution in the -State th·at receives deposits of one
dime. As an incentive to children to save, the offer
was made to give to any boy or girl who would call
at the bank, a pass-book with a credit of ten cents,
which might be drawn out at the pl~sure of the
holder. Out of more than 2,000 pass-books thus given
away, only eight were closed up by withdrawing the
dime without making further deposits. In the nature
of things, the growth of an institution assuming to do
such a work as this one has undertaken, will be slow.
If provision can be made for meeting the expenses
during the early years of its operations, it will, doubtless, in time secure the confidence and patronage of
the public.
The CHICAGO SAVINGS INSTITUTION AND TRUST CoMPANY, we believe, is the only Savings Bank in the State
having a charter. substantially upon the New York
plan, where the corporators are constituted merely
trustees of the depositors, having no interest in the
deposits or profits, all of which, after deducting necessary expenses, are to be divided ratably amongst the
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HISTORY OF SAVINGS BANKS.
depositors. The institution was incorporated in 1857,
but there being in the Illinois Statutes at that time no
forfeiture £or non-user, the charter lay dormant until
1866, when business was commenced. Mr. C. F. W.
Junge was at that time, and still remains the active
manager of the institution, under the official title of
treasurer. He soon became satisfied that the opening
in 1866 was premature, and accordingly himself paid
the expenses that had been incurred, returned to depositors their money in full, and waited a more auspicious
season £or renewing the enterprise. In his judgment
this came in 1870, when on· the 15th of July the institution was reorganized and commenced business. The
opening was favorable, and the progress satisfactory
until the great fire, when the deposits amounted to
$92,038. The bank office was fortunately uninjured
by the fire, being the only one in the city that escaped.
As soon as the office could be reached through the
debris of the burnt district, the vaults were opened
and depositors were paid according to their need.
Many of these had nothing left in the world but their
deposits in the Savings Bank. The institution passed
through other vicissitudes; bank runs, labor strikes,
and the epizootic, to encounter at last the great panic
in 1873, when 55 per cent of its total deposits were
withdrawn.
The corporation is required by its charter to invest
in the securities of the United States, the State of
Illinois, the city of Chicago, or in bond and mortgage
on improved real estate in the city of Chicago, worth
double the amount loaned, except that an available
fund of thirty per cent of the deposits is practically
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left subject to the discretion of the trustees, who are
prohibited, however, from discounting uotes or other
business paper. This available fund provision is man·
ifestly borrowed from New York, as, indeed, are the
main features of the charter.
The corporation is further required, annually in
January, to make a report of the state of its funds to
the legislature, and also to the city of Chicago. Copies
of such reports, with the certificate of the proper officers that the same were duly filed, for a series of years,
attest the compliance of the corporation with this
requirement. Probably no practical good is served by
these merely formal reports to officers who file them
away in the seclusion of the most inaccessible pigeonhole on their premises. The institution, however; itself
gives to its statements of condition a publicity denied
to them by the authorities, to whom they are made.
Commencing in July, 1870, the deposits received m
each year thereafter, are given as follows:
1870 ......................................... .
1871 .......................................... .
1872 .............................••.•..........
1873........................................ .
1874 ........ ' ...........••.....................
i875 ........................• , ..•...••.........
$98,383
362,76o
584,417
434,807
356,721
409,437
Total to December 31, 1875 ........ ........ $2,246,526
We have no corresponding statement of the drafts
paid,- from which to derive the amount remaining on
deposit, but we judge from such data as we have, that
these are less than $100,000.
The MERCHANTS, FARMERS AND MECHANICS' SAVINGS
BANK of Chicago, was incorporated in 1861, and com-
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HISTORY OF S:A VINGS BANKS.
menced business August 8, 1862. It has a capital of
about $100,000. In its general management and in
the character of its investments it is modeled closely
after the best institutions in the Eastern States. The
manager of the Bank has been from the first, and now
is, Sydney Myers, Esq. He is the pervading intelligence, the animating spirit, the propelling force of the
institution. We do not thereby disparage the intelligence nor the ability of other officers and directors.
They wanted a planning and organizing force to devise and submit to them for consideration, plans and
methods of business. They found what they wanted
in Mr. Myers, and having confidence in him, they are
in a condition to appreciate and to approve of tjie
plan of work devised by him..
The annual statements, prepared by the Manager,
and published in the daily papers of Chicago, are all
very full and detailed concerning the operations
of the bank, but that for January 1, 1875, of the
operations in 1874, was the most elaborate and thorough
exposition of transactions, that we have ever seen of
any institution. We can only indicate the points upon
which information is given :
1. The :financial condition, capital and deposits and
investments, at the close of the year.
2. The number and amount of deposits during the
year, compared w1th each of the three preceding years,
also the number and amount of drafts similarly compared.
3. Occupations and nativities of depositors having
transactions during the year.
4. Number of transactions (deposits and drafts), in
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each month of the year, compared with like statement for each of three preceding years.
5. Average number of transactions per day in e1;1.Ch
month, with same in two preceding years ; also average
transactions per day £or the whole year, and largest
and smallest number on any day, with d3:te of the
same ; also same £or three previous years.
6. Number of deposits and of drafts in each month
during the last and two preceding years. The sum of
these is of course the number of transactions in previous item.
7. Daily average number of deposits and <hafts in
each calendar month of that, and two preceding
years; also daily average of same for the entire year.
8. Total amount of deposits and drafts in each
calendar month during this and three preceding years.
9. Increase or decrease in deposit account for each
month during last and three preceding years.
10. Average amount of deposits and of drafts per
day, in each month, for same period as above.
11. New accounts opened during the year, the
average per month, the average per day, and the number in each month of the year for the same period.
12. Classification and per cent of accounts by the
amount of balances less than $20, between $20 and
$100, between· $100 and $500, between 500 and
$1,000, and exceeding $1,000, with the average amount
in each class, together with some other general statistics,
as the largest amount deposited and paid in one day, etc.
13. The occupations and nativities of all who had
ever opened accounts in the bank, numbering nearly
25,000 persons.
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HISTORY OF SA.VINGS BANKS.
To the general reader such minute details 0£ a
remote institution may possess no special interest,
but to a depositor, or to a resident of Chicago, they
cannot fail to be 0£ great interest and value. It shows
the internal workings of the institution; it is an
expression of the desire of the management to fully
disclose its operations; it is an evidence of the interest
and zeal of the management in keeping and compiling
such a record, and it exhibits the g~owth and progress
of the institution in all its phases, and the effect upon
its growth or in modifying its operations, of notable
crises.• Thus, take the deposits and drafts in August,
September and October, 1871, 1872, 1873, and 1874,
brought to view in this statement, and see how forcibly
they exemplifiy well-known financial conditions.
YEAR,
DRPOSITS.
MONTH.
DRAFTS.
1871 .... August. .................... ..
1871. ... September ...................
1871. ... October* ........... .. .. . .....
$109, l l 5
rr3,684
37,215
$88,ooo
76,703
105,219
1872 .... August . . .............. . .... . .
1872 .... September ...................
1872 ... . Octobert ................ . ....
$169,808
187,813
182,813
$123,323
135,814
137,391
1873 .... August ....... . ...............
1873 .... September t ..................
1873 .... October+· ................... .
$136,079
97,241
32,453
$121,61 I
128,707
85,029
1874 .... August. .................... ,.
1874 .... September .. . ....... . ...... . .
1874 .... October .. . ...................
$73,312
68,017
71,663
$82,726
61,769
63,94 2
The business of 1872 was favorably affected by
the impulse given to industry through the rebuilding
of the destroyed city. This prosperity was somewhat
* The great fire.
+Financial panic.
t Epizootic.
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interrupted by the prevalence 0£ the epizootic in
October 0£ that year. The smaller volume 0£ business in 187 4, than in the corresponding period in
previous years, marks and measures the depression
which has followed the panic 0£ 1873, and from which
there has been, as yet, no substantial recovery.
SIDE ISSUES -
CHEAP DWELLINGS.
"Efforts to prevent great conflagrations by encouraging the erection 0£ cheap and substantial buildings"
however worthy and desirable as a work 0£ philanthropy, or 0£ public and social economy, would not seem
to be germane to the business or functions 0£ a Savings Bank. We have, however, to record the successful
inception 0£ such an effort in Chicago, as a feature 0£
Savings Bank development, having its origin in the
legitimate transactions 0£ the Savings Bank under
consideration, in its dealings with its patrons. Mr.
Myers makes the following statement, which we condense from his circular giving the details 0£ the enterprise:
"During th_e last thirteen years the Merchants,
Farmers and Mechanics' Savings Bank 0£ this city
has had from a quarter to half a million 0£ dollars
constantly loaned out on mortgage in the city 0£
Chicago. At the time 0£ the great :fire its loans in the
city amounted to $240,000. Forty buildings on which,
with lots, it had made loans, were destroyed, but as
the lots without the buildings were worth more than
the amount loaned on each, independent 0£ the buildings, the bank did not lose a dollar. The loans were
mostly to depositors in the bank, and the buildings
were mostly wooden cottages. It has been the custom
0£ the bank to look entirely to the land £or the
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HISTORY OF SAVI.NGS BANKS.
security, though no money is loaned on land unless
there are buildings on it, or to be placed on it with
the money borrowed. Since the second large fire of last
summer, a city ordinance has been passed . prohibiting
the erection of wooden buildings within the limits of the
city of Chicago. Many depositors in the bank found
themselves possessed 0£ lots which, by reason 0£ the
in~reased cost of building brick outer walls, they were
unable to utilize. The usual proportion of money
loaned by the bank on lots was not sufficient to erect
buildings of a construction permitted by the fire laws ;
yet mere brick walls, without secure roofs, :floors, ceilings, etc., were believed to be but little better as
security £or money loaned than the same buildings with
wooden exterior walls. For the purpose 0£ ascertaining how chea:ely approximately :fire-proof buildings,
adapted to vanous classes could be obtained, the Mer
chants, Farmers and Mechanics' Savings Bank, on the
15th of October, 1874, published a circular offering a
prize of $1,000 for the best set 0£ plans and specifications for a dwelling of not less than five rooms and a
capacity of not less than 5,500 cubic feet, and 0£ a
store and dwelling combined, to contain not less than
30,000 cubic feet of space-with price and proposals
to build one or fifty of either or both buildings."
It will thus be seen that the problem 0£ cheap, yet
substantial dwellings, grew out of the other problem
of how to furnish to depositors facilities in the way of
loans for buildings, sufficient in amount to be of any
service, without, at the same time, exceeding the bounds
of prudence in respect to the security taken. We have
not space to enter into details of the enterprise which
has proved a perlect success.
Interesting experiments demonstrating the approximately fire-proof character of the buildings were
made, and certified to by a committee of citizens. The
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houses are complete in all their details and appointments; trees and grass plot in front, sidewalk of
Portland cement, gas and water pipes, sinks, bath,
etc., etc. The houses reported upon were two story
and basement, 18x26, stone steps,. hollow brick walls,
Portland cement stairs inside, resting on brick, all
partitions of brick or concrete, all timbers protected
by the same materials, roofs covered with concrete,
then tinned, smoke-flues lined throughout with burnt
clay pipe, window sills of stone, and window caps o:f
terra cotta. They cost to build about $1,700 to
$2,000. Considering the character of these houses for
durability, we might have supposed the plan and
prosecution o:f the enterprise of bringing them to the
notice of the public, would be the work of fire insurance companies, rather than of the manager of a
Savings Bank, merely looking out to see how he can
most effectively aid his depositors in securing homes,
while making himself, that is his bank, secure in
extending such aid. Mr. Myers states the object to
be attained, its practicability as a question of cost, and
its advantages, as follows :
"OBJECT IN Vmw.-To secure an approximately
fire-proof building within easy financial reach of all
industrious and frugal people, and thereby to demonstrate the practicability of rendering all new buildings
practically fire-proof at reasonable cost. The percentage of additional cost is of course greater on small
buildings than on larger and more pretentious ones as
to size and finish ; but it is the opinion of architects that well-protected smoke flues, hollow walls and
concreted roofs, floors and ceilings can be secured in
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HISTORY OF SAVIN GS BANKS.
the erection of the average dwelling at not exceeding
eight per cent additional cost, over that of an honestly
constructed building with brick walls, but with inflammable roof, and unprotected beams and rafters.
Few buildings are erected without the aid of those
who loan money. 'If investors will scrutinize the
architect's specifications and require approximately
fire-proof construction, and if underwriters will discriminate in their rates in favor of buildings so
constructed, it is believed that great conflagrations
may soon be as rare in this country as they are in
Europe, where like experiences in early times have
secured the general adoption of preventive precautions,
such as are now sought to be introduced in the United
States."
ANOTHER SUCCESSFUL EXPERIMENT.
The experience of Mr. Myers in conducting his
Savings Bank through several financial crises, panics
and runs, notably that of 1873, though always successfully accomplished, wrought in his mind a conviction of the importance, if not indeed the necessity of
devising some means besides that of enforcing the
rule requiring notice before withdrawing money, that
should tend, at least, to mitigate the force and violence
of a monetary panic. The rule requiring notice is not
wholly effectual, £or the reason that it is commonly
enforced only when the panic is at its height, and after
much of its evil has been wrought. As a measure of
self-preservation, while it arrests the aggressive form
of the panic, it still creates distrust, and impairs confidence. Realizing that panics only affect obligations
which in ordinary course are payable on demand, an
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important point would be gained, if a considerable
proportion of the deposits, and especially of the larger
deposits, could be withdrawn from this demand liability altogether, thus leaving a smaller amount, and in
the smaller sums only, subject to call, to meet which the
bank could with comparative ease be always prepared.
The scheme when fully matured, took, in brief, the
following form :
Mortgages to the amount of $100,000 bearing ten
per cent interest, secured upon properties worth fully
three times the face of the mortgages were selected
and placed in the hands of a trustee appointed for the
purpose, who was to hold them, collect the interest,
and the principal as the mortgages should fall due and
payment be required. Investment certificates bearing
seven and three-tenths per cent interest, in sums of
$100, $500 and $1,000, to an amount not exceeding the
amount of mortgages set apart as their security, were
prepared by the bank and offered to the public.
Of course, the purchaser of one of these certificates
holds in his own hands ample security for his money
deposited in the bank, while at the same time he can
demand its return only upon the terms agreed to,
which are, to be reimbursed only from ~he proceeds 0£
the mortgages which are pledged for the redemption
of the certificates.
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HISTORY OF SA.VINOS BANKS.
CONCLUSION
OF SA. VINGS BANKS IN ILLINOIS.
The industrial and :financial conditions in the western
States have not been favorable to the development of
Savings Banks. The high rate of interest for the use
of money, indicating the great profit attending investments in real estate or business operations, is not
favorable to the growth of institutions as depositories
of money offering no higher interest or profits than is
prevalent at the east. Yet it is claimed that the prevailing rate of interest in the Chicago Savings Banks
is as high as can be afforded, for the reason that they
must keep so large a share of their funds invested in
the same first-class securities that eastern Savings
Banks invest in, and also must keep a considerable
balance on deposit in eastern Banks, ready to take
advantage of the market for the purchase of securities,
and also for exchange. ·Of course, with interest offering on every hand, from ten per cent per annum to
two per cent a month, to any one who has fifty dollars to spare, the offer of six per cent does not appeal
with the force that it would otherwise. The greater
security offered has not the charm in a community
where speculative ventures are the daily topic of
discourse, that it has among those whose only hope of
accumulation, is the safe-keeping of the small saving
which they can make.
The foreign element in Chicago is very largely German, and their savings find their way, as quickly as
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ILLINOIS : CHICAGO STATISTICS.
possible, into real estate - a lot, a house, n shop, all
their own, is their first ambition..
These conditions, unfavorable to the development
of Savings Banks, are a sufficient explanation of the
moderate growth which these institutions have attained
in Chicago.
STATISTICS.
W €! give below the statement of the Savings Banks
in Chicago, as published in the Chicago papers for
January 1, 1876, also the aggregates for January 1,
1875, 1874, and July 1, 1873 :
JANUARY 1, 1876.
Liabt1i'ties.
BANKS.
Deposits.
State Savings Institution .. .. . .. ................. . $3,83s,o83
Fidelity .. ... .. .. ............. ...... .......... .. .. .. I,616,733
Merchants, Farmers & Mechanics' ... .... .......... ..
969,213
German ....... ... . ................ ........ .. .. ..
904,505
Prairie State ..... ........ ....................... .. ..
6oo, 554
Illinois Trust ............ ...... ... . . .. ........... ..
754,382
Union Trust .... .............. . ..... . ............. ..
436,878
Commercial Lo&n Company .. . .. . . . . . .. ......•... .
452,415
Dime Savings Bank ..... ............. ......... .... ..
32,402
Capital.
Surplus and
uniiivided
·profits.
$500,00Q
$32,020
200,000
100.000
100,742
200,000
39,393
49,778
48,348
74,052
28,846
150,000
500,000
125,000
100,000
50,000
1----l---
Totals . ........ , . .. .. • . . . .. . • . . • • • • •• • • • • . • . . • • • • $9;.6o2, 16s
$1,925,000
$373, 179
Total January 1, ·1875 .... . ... . ............ ..... .. . , ·$ 8,887,8o6 St,927 , 350
Total January I, 1874..... ........... ...... .... .... 7,762,775
1,325,00Q,
Total July 1, 1873.. .... ... . .. ... . .... ...... .. . .. . 9,95t,963
1,376,000
$269,291
293,038
291,380
Resources.
BANKS.
State Savings Institution . ..
Fidelity .... .. ........ .. ..
Merchants, Farmers & M ...
German .............. .. .. ..
Prairie State . .. . .. .
Illinois Trust ..... ... :::::: .
Union Trust . .. ........ .. ..
Commercial Loan Co .. ....
Dime Savings Bank .... .. ..
Cash and
exchange.
$4ot,8•0
388,235
184,o80
220,68o
180,419
t88,488
191,318
133, 155
2,009
Bonds and Loans on Loans on Real estate
office
~tocks.
collaterals. real estate-. and
fixtures.
$8oo,ooo
35t,838
261,455
48•, 463
101,000
18, 493
59,200
55.176
54,6oo
Totals . . ........ ...... .. $1,890,804 $2,1~ , 225
'l"otal January 1, t875 ..•.. $1,937,442
Total January 1, 1874 .•.. • 1, 503,000
Total July I, 1873 . ....... 2,383,537
$1,849,197
1,198,300
2 , 183,771
$1,473,965
5o3 ,996
210,998
S3, ICK>
400,145
769,174
273,474
211.o65
6,428
$1,sn,821
355,121
4o6,3aa
382,)8
$239,495
319,720
67,88o
134,896
u,483
5,266
u8 ,584
317 , 315
40,400
35,983
3,116
$3,802,325
$3, 187,2u
St ,079, ,819
$3,515,276
2 , 984,550
2 , 587,263
$3, 152,539
2,961.425
3,641,814
···· ······
.....
..... .·
····317,315
······
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HISTORY OF S.AVIN GS :B.ANKS.
Some of the smaller institutions are not included in
the above, while on the other hand, the list embraces
Trust companies as well as Savings Banks. There is,
however, no material difference in their organization
and powers. Savings Bank charters in some instances,
at least, having. trust powers, and Trust Companies
receiving and doubtless competing £or savings deposits.
The combination 0£ "Trust and Savings," is a common
one in titles as well as in powers conferred. It will
be seen that on 1st 0£ January, 1876, the deposits had
not reached the amount at which they stood in July,
1873, before the panic.
It would appear from the foregoing statement, that
none 0£ the Savings Banks in Chicago do a regular
discount business. Some 0£ them we know do not.
The doubt arises from what may be implied under the
term, "Loans on collaterals." Ordinarily this would
be understood to mean the deposit 0£ securities1 as
stocks or bonds. Whether in any instance or with
reference to any institution, it is here uijed to cover
loans upon indorsed notes, we have no means 0£ determmmg. The statement generally would be more
explicit, as 0£ course, more satisfactory, i£ the item,
"Bonds and stocks," were defined by stating whether
they were 0£ public or private corporations, and i£
the item, " Loans on collaterals," should indica1e the
character 0£ the collaterals.
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WISCONSIN ; AN IMPRACTICABLE LAW.
433
CHAPTER LXII.
SAVINGS BANKS IN THE STATE OF WISCONSIN.
Our record of Savings Banks in this State commences with the passage of an act, May 11, 1858, for the
incorporation of Savings Institutions. The act was
sufficiently stringent in respect to investments, and sufficiently guarded in its prohibitions against the use of
the fonds by the directors or officers, these being chosen
by the trustees annually. Not more than $1,000 could
be received from one depositor. The receipt of minors
and married women was made a good and valid acquittance to the corporation. Any such corporation was
required to report annually to the governor, giving the
number of depositors, the amount of deposits and the
largest amount due to any one depositor. Also the
amount invested in loans or securities, the amount of
funds on hand and the names of the officers. It will be
seen that the act contemplated Savings Banks upon the
eastern model, conducted in a spirit of philanthropy
and self-sacrifice, solely in the interest of the depositors. But the utility of the act, as a practical force in
the promotion of habits of industry, economy and
thrift, was utterly destroyed by the following absurd
and unreasonable provision. Members were made
individually liable for the moneys deposited, and suit
might be commenced against them on neglect or refusal of the corporation to pay when due. And as if
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434
HISTORY OF SA VINOS BANKS.
this were not sufficient to defeat the operation of the
law, the officers, whose names were reported to the
governor, were made liable for all debts incurred during the next year or until the next annual report was
made and :filed.
We certainly <;annot hope to :find very thrifty
Savings Bank development under this, which might be
termed a prohibitory or disabling act.
We :find record of but a single corporation formed
under it, as it would seem in 1870, the third annual
report of which, made to the governor, in 1873, has
been kindly furnished for this work by the governor's
private secretary, George W. Bird.
STATE SAVINGS INSTITUTION, MADISON.
Whole amount deposited . . . . . . . . . . . . $136, 720 10
Whole amount withdrawn . . . . . . . . . . . 130,052 54
Remaining on hand ................ .
Whole number of depositors ......... .
Largest amount due one depositor ..... .
Amount invested in loans and securities,
$6,667 56
321
$825 00
None.
The report closes as follows : "Owing to frequent
and serious embarrassments arising from the provisions
of the law under which we were organized, and after
a thorough trial of its workings for over three years,
we resolved last July to discontinue doing business
under its provisions." We should think so!
We :find that subsequent to the passage of the foregoing act, special acts were passed, almost without
limit, incorporating Savings Banks and Savings Institutions and Associations, uniformly with a capital of
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WISCONSIN : SAVIN GS AND DISCOUNT BANKS.
435
from $25,000 to $50,000, with power to increase the
same to from. $100,000 to $500,000. They were commonly required to report to the secretary of State, but
the requirement seems never to have been complied
with. They appear to have been only banks of discount under the name and style of Savings Banks.
In the :further and later prosecution of our researches, we were favored with the following from the
State treasurer, under date of October 23, 1876:
"I have no means to furnish you the desired information, as the official reports received at this office are
from the incorporated State Banks only, and to my
knowledge all Savings Institutions in this State have
no separate organizations, and are connected either
with State or private Banks, the latter not reporting.
The Savings Department, if any they have, forms only
a branch of their business, and the deposits so received
by them are included in their general deposits."
The treasurer incloses the last two quarterly statements of the State Banks for January 3, and July 3,
1876. These are in the usual form. of such statements,
and embrace returns from seven Banks, which have
the word " Savings" as a part of their corporate name.
They are, by the .treasurer, enumerated as being, and
doubtless in fact are, purely State Banks of discount
and deposit. Their resources, like those of other
Banks, consist chiefly of loans and discounts and dues
from other Banks, the other and miscellaneous assets
being of like character in all the Institutions reporting. The deposits in these seven Savings Banks
amounted in July, 1876, to $2,649,472. We have
no knowledge or information concerning any other
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436
HISTORY OF S.AVINGS B.ANKS.
Savings Banks, in fact or in name, than we have given
in the foregoing.
L.ATER MOVEMENT.
At the session of the Legislature in 1876, the Hon.
S. T. Merrill, a memher of the Assembly _from Beloit,
introduced into that house a bill for the organization
of Savings Banks and Savings Societies. Mr. Merrill
had carefully studied the character and development of
Savings Banks, both in this country and in Europe, and
was thus prepared to act intelligently in drafting a bill
for the incorporatio:n of such institutions. It is to be
presumed that he felt bound to have regard to wellknown conditions that would certainly defeat such a
bill as he would thoroughly approve, and prepared his
measure with a view to what might be approved by
the Legislature, rather than as embodying his own
highest ideal. The bill drawn by him did not fail to
encounter opposition and change, by courtesy called
amendment, but in a form it at last passed both houses,
and upon submission to the people, as required by the
act, was approved, and became a law.
The act provides for the incorporation of any number of persons, not less than twenty, for the purpose
of receiving deposits, etc. Not more than three
officers can be at the same time officers in a bank of
discount, and no cashier of a bank of discount shall
be treasurer of such corporation having over $500,000
of deposits. Not more than half the deposits can be
loaned on personal security, or employed in purchasing
stocks of the United States, or of the States of Ohio,
Indiana, Michigan, Illinois, Iowa, Wisconsin and Min-
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WISCONSIN: GENERAL LAWS OF
18'76.
43'7
nesota, or the authorized bonds 0£ any city, county,
village or town in said States, or the stock 0£ any
bank in the State, or in the city 0£ Chicago. All other
loans are to be secured by mortgage 0£ real estate within
the State, or in counties 0£ other States contiguous
thereto. Investments in the stock 0£ any railroad
company are absolutely prohibited. Loans upon, or purchase 0£ one name or one firm paper, without additional
security, prohibited. Not exceeding $1,000 in one
year, to be received from one depositor. A thorough
examination 0£ accounts, books, records and securities,
to be made annually in January, by not less than two
auditors, not directors, managers or trustees 0£ the
bank, the result to be sworn to and a copy forwarded
to the Secretary 0£ State. Corporators and trustees are
prohibited from deriving any emolument from the institution, except that the treasurer may be paid £or his
services, also the president where the deposits exceed
$500,000, but his compensation is not to exceed three
hundred dollars. Loans to trustees, directors and
managers are prohibited, also the receiving 0£ any
reward £or procuring a loan from, or £or selling securities to such bank, under penalty 0£ $1,000. Treasurer
must give bonds in $10,000, but no president, director
or trustee can be his surety.
The foregoing are the main provisions 0£ the new
Savings Bank act 0£ Wisconsin. It contaips many
valuable features, without the absurdities which characterized the act 0£ 1858, and we will hope its working will be found practicable, and that its passage may
serve as a stimulus to the formation 0£ genuine
Savings Banks throughout that State.
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438
HISTORY OF SA VIN GS BANKS.
FOURTEENTH SECTION.
SAVINGS BANKS IN THE STATES OF
MINNESOTA AND IOWA.
CHAPTER LXIII.
SAVINGS BANKS IN THE STATE OF MINNESOTA.
The earliest act of legislation in this State, making
provision for the organization of Savings Banks, was
in 1867.
In 1865, however, an institution was put in operation at Minneapolis, called the " State Savings Association," and its business was declared in its articles,
to be "such as is usually transacted by Savings Institutions." The association was formed by filing articles under the provisions of "An act for the incorporation of colleges, academies and associations £or other
charitable and benevolent purposes."
The institution failed in 1873, and an effort is now
making to hold the corporators liable as partners, for
the deposits made with the association. The ground
upon which this liability is claimed is, that the parties
were not a corporation, that they did not organize
under the act, and that the act did not authorize such
a corpomtion.
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MINNESOTA: ACT OF
1867.
439
These positions have been sustained by the court
upon trial, but the cause has been appealed to the
Supreme Court, with 0£ course the usual uncertainties
attending the administration and determination 0£ the
law.
Our own judgment would be that the question
would be largely one of proof. I£ it were shown that
the institution were really charitable in its purpose,
and was conducted in the interest, primarily, 0£ the
depositors as beneficiaries, the act would seem to be
broad enough to cover such a purpose, and to protect
the corporators. I£, on the contrary, it were shown
that the same was conducted with a view to the profit
0£ the corporators, it would seem that such purpose
was not embraced in the act, and that no corporation
was formed under it. We leave the question for the
courts 0£ Minnesota to dispose of upon the proofs
made.
THE ACT OF
1867
Provided £or the incorporation of Savings Associations, by adopting and signing, on part of the corporators, articles of incorporation, containing the name of
the corporation, nature 0£ business to be transacted,
time of commencement, and term 0£ continuance, and
names and places of residence of the corporators.
The same were to be recorded in the office of the
Register 0£ Deeds in the county, and in the office of
the Secretary of State, and to be published for four
weeks in some newspaper at the capital of the State.
The usual corporate powers were conferred by the
act. The objects of such corporatiorr were fully defined
and the section defining the same is very nearly a tran-
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HISTORY OF SAVINGS BANKS.
script from that in the earlier charters of New York
Savings Banks, in which their objects are defined.
Trustees, officers and servants were prohibited from
borrowing the funds of the institution, and trustees
were to "receive no pay, salary, emolument or profit,
until after 'interest at the rate of six per cent per
annum shall have been allowed the depositors." Every
trustes was required to execute a bond, to be approved
by a Judge of the Supreme Court, in the penal sum
of :five thousand dollars, conditioned on the faithful
discharge of his duties, and was _further made individually liable to depositors in a sum equal to the amount
of such penal bond. The deposits of minors and
married women were protected as in other States.
SUPERVISION AND REPORTS.
Books were to be open for the inspection and examination of the Auditor of State, or other persons
designated by the Legislature.
A report was to be made to the Auditor in December of each year, presenting " a clear exhibit of the
affairs of the institution." The only items of such
exhibit specified in the act were, "the amount o-f
deposits received during the twelve months preceding,
the amount paid out to depositors in the same time,
and the amount of funds on hand and invested."
INVESTMENTS.
At least half of the deposits were to be invested in
the stocks or other securities of the United States, or
of this State, or loaned on unincumbered real estate
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MINNESOTA : INVESTMENTS.
441
worth double the amount loaned. It is to be presumed
that with this choice before them, and the requ'irement
to declare six per cent dividends to depositors before
trustees could receive any pay £or their services, the
investment in United States or State bonds would not
be large or active enough to appreciably affect the
market £or those securities!
The other hal£ 0£ the deposits might be invested in
the same way or might be loaned upon approved personal security, or used in buying and selling exchange,
but no loan was to be made upon the personal security
of less than two responsible names.
It will be seen from the foregoing synopsis 0£ the
act of 1867, that Savings Banks under it were to be
organized without capital stock, and ostensibly therefore in the interest 0£ depositors. The trustees, however, were put under such disabilities in r€spect to
personal liability as could but rend to repel those
whose character, standing and influence would be most
needed in such an enterprise. The tendency would be
to attract those only who 'would see in the margin
above six per cent to be made in loans on real estate
at ten or twelve, or in discounts at two per cent a
month, sufficient reward or hope 0£ reward for the
exercise of their philanthropy.
AMENDMENTS IN
1875.
In 1875, this act was amended by requiring every
Savings Association in the State to provide for the
payment 0£ a capital stock 0£ not less than $50,000,
twenty-five per cent 0£ which was to be paid in before
commencing business. Associations already organized
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442
HISTORY OF SAVINGS BANKS.
were to conform to this requirement. No material
change was made in the line of investments authorized,
and the capital stock was to be invested in like securities as was required concerning deposits, and was to
be held as a guarantee to depositors, to make good any
loss, or depreciation in the funds of the Association.
Any portion of the capital used to make good such
loss, was to be paid in again within ninety days.
REPORTS
Were required to be made to the auditor four
times a year, showing in detail the liabilities and
assets, and enumerating the investments under the following heads : Loans on Mortgages, Loans on Collaterals, Loans on Personal Security, Bonds and Stocks,
Deposits in Banks, Cash on Hand. This report was
also to be published in some newspaper in the town
where the Savings Bank was located, and any false
swearing in rrgard to the same was punishable by
imprisonment in the State, prison not less than one nor
more than three years.
SURPLUS,
The amended act also requires each Association to
set aside annually at least five per cent of its profits,
as a surplus fund, until the same shall amount to
twenty per cent of the capital. It is made unlawful
for any person, partnership or corporation to transact
the business of Savings Banks, or to hold themselves
out to the public as such, unless duly incorporated
under the act.
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MINNESOTA: CONDITION IN
1875.
443
1875.
The following , table shows the condition o:f the
Savings Banks in the State, as reported from the
examinations made under the direction of the auditor,
December, 1875:
CONDITION OF SAVINGS BANKS,
TABLE.
Resources.
NAME.
Stocks and
mortgages.
Duluth ....... . ........
Farmers & Mech . ... .. .
Goodhue Co ..........
Hennepin Co .... . .... .
St. Croix Valley ...... .
St. Paul . . .... .. .... . ..
Stillwater .............
Winona ...............
........
Total . ... .. .......
Cash.
Other.
Total.
56,334
5,479
28,295
$4,015
2,964
5,225
79;613
14,359
21,059
8,945
1,002
. ..... . .
63,527
768
1,877
$238,932
$137,182
$321,497
$14,577
29,014
24,290
80,943
$26,930
38,014
12,181
178,200
$45,522
69,992
41,696
338,756
14,359
141,920
I 5,192
31,174
$698,61 I
Liabilities.
NAME.
Duluth ... . ...... . .....
Farmers & Mech ......
Goodhue Co ...... . ...
Hennepin Co ..........
St. Croix Valley ... . ...
St. Paul. . . .... . . . .....
Stillwater .......... . ..
Winona .. . ............
Total ... . ....... . .
Capital
stock.
Other Liabilities.
Du~. depos1tors.
$25,200
19,549
1,050
6o,ooo
$4,624
2,475
3,102
19,108
........
7,430
$15,698
47,968
37,544
259,648
14,359
u6,157
I 5,192
23,744
$45,522
69,992
41,696
338,756
14,359
141,920
I 5,192
31,174
$125,799
$42,502
$53°,3 10
$698,611
.... .... .... ....
20,000
5,763
.... .... .... ....
Total.
From the foregoing statement it appears, that the
amount on deposit in the Savings Banks of Minnesota,
in December, 1875, was a little more than half a mil-
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HISTORY OF SA.VIN GS BANKS.
lion of dollars ($530,310). These were not all of
them, however, strictly savings deposits. Thus, in the
examiner's report of Hennepin County Savings Bank,
what, in the above table is set down as due depositors,
embraces the ' following items, "Due depositors on
demand," "Certificates of deposit," "Spacial deposits"
and "Savings deposits," the latter being given as
$121,208.66. Other Savings Banks make a similar
division of their deposits. In these instances it would
seem, either that the institution did a general banking
business, or that there was a very close connection
between it and a bank of discount. Two of the above
it will be seen, have all their resources in the form of
a deposit in banks of discount. The amount in each
case is small, but as no liability in the form of capital
is given, it creates a presumption that the business is
done upon the capital of the National Banks, which
are to derive the profits made. The Wil!-ona Savings
Bank d·oes not have any capital stock reported, but its
resources are nearly all in bonds and mortgages, showing that it is not conducteij. in the interest of any bank
of discount, and that it does not do a general banking
business.
The statements required to be made by the Savings
Banks to the auditor do not appear to be published
by him, at least are not found in his report. Under
the authority conferred by the act of 1875, he directed
an examination to be made, and the report of the
examiner is published in report of the auditor to the
legislature. The examination appears to have been
intelligently conducted, and the result is embodied in
the foregoing statement.
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MINNESOTA: GENERAL CONDITION.
445
The text of the examiner's report is very brief, and is
to the effect, that " While some of the banks named are
not acting in strict compliance with the law in making
their investments, they all appear to be doing business
upon a safe basis and to be worthy of public confidence." The condition of each bank examined is then
given in detail, but there is no general summary or
aggregate, nor are the items of resources and liabilities
of the different institutions so arranged or expressed
as to make their tabulation an easy and simple matter.
The system of Savings Banks in this Sta~e, as in
most of the western States, is in its infancy, and will
be improved, as experience indicates the way, and time
offers opportunity.
The effort is inaugurated under conditions wholly
unlike those which attended the inception of Savings
Banks in the eastern States, and it would be unreasonable to demand from the former the same mode
and character of development which has marked the
growth and progress of the latter.
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HISTORY OF SAVIN GS BANK.. ..
CHAPTER LXIV.
SAVINGS BANKS IN THE STATE OF IOWA.
Prior to 187 4, the incorporation of associations for
transacting the business of a Savings Bank in this
State was effected under a general corporation law
having no special reference to Savings Banks. Under
the provisions of an act so general in its nature and
application, the business was almost or quite wholly
unrestricted. It was quite common, indeed, for individuals and firms, doing a purely private banking or
brokerage business, either with or without capital, to
assume the name and pretend to possess the functions
of a Savings Bank.
Instances have been known where one ·o r two persons transacting such a purely private and personal
business not only advertised as a Savings Bank, but
announced a complete organization with a board of
trustees, comprising reputable names, which claim had
nothing to support it, beyond the fact that the parties,
probably, for some slight consideration, had permitted
the use of their names in such a relation. They had
no interest in the enterprise beyond the sum allowed
for the use of their names, and exercised neither control nor inspection over the business. _0£ course these
bogus Savings Banks offered the current rate of
interest to depositors, commonly ten per cent, compounded quarterly, and the proprietors engaged in ali
manner of speculative enterprises in order to meet
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IOWA : PRIVATE SAVINGS BANKS.
44 7
their obligations. That any should succeed in a business so hazardous, would seem to be impossible. Failure could hardly fail to be the rule. That those ought
to be liable as accessory to a scheme of :false pretense
and fraud, who had permitted the us~ of their names
in this :false relation, to induce the public to intrust
their savings to such hazards, in the conviction that
they would be secure because of the wealth or standing of the reputed trustees, is the natural suggestion
of common honesty. In one instance of which we are
informed, the effort is making to enforce the individual
liability of those whose names appeared as trustees in
a business purely private, with what success is not yet
determined.
Names are not things, and enterprises of the character which we have described, are not Savings Banks
because so styled. Even where incorporation under
the general law was effected in good· faith, there was
practically no restraint upon the business that might
be transacted, but the depositors had at least the assurance of a pecuniary interest in the business on part of
those whom they knew, and in whom they had, perhaps,
good reason to confide. It is to be presumed, therefore,
that under even that loose and imperfect form of organization, there were some institutions of good financial
repute. But there is no record of them, and we may
say that as a system in any sense conforming to our idea
of Savings Banks, the history of these institutions in
this State commences with the passage in 187 4, of
"An act to provide £or the organization and management of Savings Banks."
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448
HISTORY OF SAVINGS BANKS.
For this act the State is indebted to Charles E. Putnam, Esq., president of the Davenport Savings Bank,
an institution organized under the general corporation
law, and doing for itself and its patrons a successful
business. Seeking for the conduct of his own institution all possible security in plans and methods, he was
led to note the diversities in the management of different institutions in the State, and the inevitable tendency of the looseness of the system to bring the name
of Savings Bank into discredit. He accordingly drafted
and submitted to the Legislature of 1874 an act, the
title of which is above given.
To this, in the form prepared, there was, as might
be expected, strong opposition from those Savings
Banks which found their profit in unlimited discretion.
The committee to whom the bill was referred, reported
a substitute, which was passed. The important features in which the substitute differed from the original
bill were in respect to investments, the original confining these to public and real estate securities, or to
loans with public securities as collateral, while the
substitute makes lawful all dealings in commercial
paper, or other personal security. This is the weak
feature of the Iowa law, and one which will probably
some day bring dismay upon the depositors of some
institutions, and reproach upon the name of Savings
Bank in that State. Such misfortune will be more
serious in the future than it has been in the past, for
the reason that Savings Banks are now understood to
be under the restraint of the law and subject to tlrn
inspection of executive officers, whereby protection is
afforded to those dealing with them, whereas the
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IOWA: SYNOPSIS OF SAVINGS BANK LAW.
449
strictest compliance with the law may in fact prove no
protection whatever.
As yet, however, the action of the law has been
only salutary. Its leading features may be given as
follows:
SYNOPSIS OF IOWA SAVINGS BANK LAW.
Corporations to be known as Savings Banks may be
formed with any number of persons not less than five.
They must _have a paid up capital stock of not less
than $10,000 in cities or towns of ten thousand inhabitants or less, and of not less than $50,000 in cities of
over ten thousand inhabitants. The term of any such
corporation shall not exceed fifty years. Usual corporate powers are conferr~d.
The aggregate amount of deposits. which any such
corporation may receive is limited to ten times the
paid up capital; thus, with a capital of $10,000, the
deposits must not exceed $100,000; with a capital of
$50,000 the deposits are limited at $500,000, and so
on. The capital is regarded as a guaranty fund for
the better security:of depositors, and to be invested in
safe and available securities.
The usual provisions for repayment of deposits are
made, but it is made lawful to require sixty days'
notice of the withdrawal of any deposits.
The provisions for investments are as follows:
1. Stocks, or bonds, or interest bearing notes of the
United States.
2. Stocks, or bonds, or evidences of debt bearing
interest, of this State.
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HISTORY OF SAVINGS BANKS.
3. Stocks, bonds or warrants of any city, town,
county, village or school district in the State, issued
pursuant to any law of the State, but not to exceed
twenty-five per cent of the assets of any Savings
Bank, to consist of town, village or school district
bonds or warrants.
4. Mortgages or deeds of trust on unincumber~d
real estate within the State, worth at least twice the
amount loaned.
5. It is made lawful for such banks to discount,
purchase, sell and make loans upon commercial paper,
notes, bills of exchange, drafts, or any other personal
or public security, except that such bank shall not purchase, hold or make loans upon the shares of its own
capital stock.
There seems, however, to be no restriction upon
their loaning uppn the capital stock of any other Savings Bank.
The rate of interest to depositors is in the discretion
of the trustees, and the profits, after payment of interest and expenses, go to the capital stock.
Stockholders are liable to the creditors, besides
their stock, in an amount equal to the stock held by
them, and this liability continues for six months after
transfer of any stock.
Deposits of minors and women are payable to
themselves.
Trustees or directors, as such, are prohibited from
receiving pay for services, but officers, though trustees
or directors, may receive reasonable compensation.
Loans to trustees, officers, servants and agents of the
corporation are not prohibited, but must be upon the
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IOWA: SYNOPSIS OF SAVINGS BANK LAW.
461
same security required of others, and can be made
only by the board, in the absence of the party applying therefor.
The above, in connection with the provision for
dealing in commercial paper or other personal securities, is a very dangerous power, and will sooner or
later surely result disastrously.
An attempt is made to limit the amount of loans to
any individual, firm or corporation, to twenty per
cent of the capital of the bank, but it is coupled with
a provision excluding from such loans the sums used
in discounting business or commercial paper, so that
practically there is no limit to the amount which any
Savings Bank may lend to any individual, provided
only they take the least desirable form of security for
it. In short, Savings Banks are prohibited from loaning to an individual or firm more than twenty per cent
of their capital -upon the security of United States
bonds, but may discount the business paper of such
individual or firm to the whole amount of such capital!
Such provisions are inserted in the interest of borrowers and not of depositors, whereas pure and true
legislation concerning Savings Banks should never
recognize the needs or convenience of borrowers, but
only the safety of depositors. A departure from this
single fundamental principle will sooner or later lead
to disaster.
Other Banking Associations and private bankers or
individuals are prohibited, under penalty, from putting
forth a sign ,as a Savings Bank or circulating cards,
circulars or advertisements purporting to be a Savings
Bank.
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HISTORY OF SA.VIN GS BANKS.
Savings Banks are required to make a full statement,
under oath of officers, of their :financial condition, to
the auditor of State, who is required to communicate
the same to the legislature at each session. He may
also, whenever he sees proper, make or cause to be
made, an examination of any Savings Bank or may
call for a statement of its condition upon a given day
passed, as often as four times in a year, which statement he shall cause to be published in some paper in
the county where such bank is located.
He may direct the discontinuance of illegal and
unsafe practices, and upon refusal to comply with such
direction, shall report the facts to the attorney-general,
who shall institute proceedings· against such bank
under the law relating to insolvent corporations.
False statements of condition and false entries in
the books of any bank by any officer, agent or clerk,
is declared a felony and punished · with a :fine not
exceeding ten thousand dollars and imprisonment in
the State prison not less than two nor more than :five
years.
Intentional deceit in relation to the means or liabilities of any Savings Bank, the diversion 0£ its funds
to other objects than those named in its certificate of
incorporation, and the payment of dividends leaving
insufficient funds to meet the liabilities of the bank,
subject the offenders to :fine or imprisonment or both,
and work a forfeiture of the privileges conferred by
the act.
Provision is made for increasing the capital ·stock by
a vote of two-thirds of all the shares 0£ the existing
capital, also for the organization under this act of
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IOWA: DAVENPORT SAVINGS BANK.
453
banks previously organized under the general corporation law or otherwise.
Conditions, such as we have detailed, do not, of
course, afford material of any considerable interest
relating to the origin and growth of single institutions.
As a system having any defined policy whatever, we
have seen that Savings Banks date so recently as 187 4.
It is, however, the :fact that most of these organized
and in operation at the present time, had a prior ~xistence and organization under the names they now bear
and under the general corporation laws of the State so
that the inception of individual institutions ante-dates
that of the system by some years. I am unable,
however, to trace the origin of any· now in operation, :farther back than 1870, while I cannot, at the
same time, affirm positively that none have an earlier
date.
Thus the Davenport Savings Bank, already mentioned, was organized in 1870, under the general corporation law, but seems from the first to have planted
itself upon a different basis from that prevailing in
the organization of these institutions generally, in
respect to the character of its investments or loans.
Its announcement to the public upon this point is as
:follows:
"The principal object in view in the management of
the bank being the absolute safety of the depositors, no
loans are made upon merely personal security, but all
its loans are upon the deposit of·· good collaterals, or
upon notes or bonds secured by mortgages or deeds of
trust upon unincumbered real estate in this State,
worth at least twice the amount loaned thereon."
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HISTORY OF SAVIN GS BANKS.
Other Savings Banks avail themselves of the laxity
of the law to do a regular business in the discounting
of business or commercial paper. Wherein, except in
name, they differ from the ordinary banks of deposit,
I am unable to see.
SAVIN GS BANK STATEMENTS,
The statements of Savings .Banks as published by
the Auditor, and, we suppose, as required by him to
be made, are extremely meager and unsatisfactory.
The assets are stated under the following items: 1,
Cash on hand. 2, Bills, bonds and notes. 3, R\lal
property owned. 4, Personal property owned. 5,
In banks subject to sight draft. 0£ course the second
item embraces the great bulk-over £our-fifths of all
the assets, but there is nothing in the form in which
the statement is made, to distinguish the Davenport
Savings Bank which discounts no bills, and whose
assets under this head are chiefly bonds secured by
real estate, from any other Savings Bank in which this
item consists wholly of discounts.
The liabilities are stated under the following heads :
1, Capital stock paid in. 2, Amount due to banks
or persons not depositors. 3, Time and sight deposits.
4, Undivided profits. The loans to directors and
stockholders are also given as an item of separate
information.
Not a figure of statistical information is furnishednothing beyond what is above indicated, and these items
are precisely the same, and in the same order as those
reported of the State banks of discount and deposit.
It is very clear, therefore, that legislation and official
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STATISTICS•.
judgment or opinion in Iowa, place Savings Banks
upon the same plane with other financial schemes or
devices for aggregating capital for the benefit of those
wishing to borrow money, with only incidental protec•
tion, in the interest of social order and general prosperity, to those whose money is thus manipulated.
The idea has not yet fully penetrated the legislative
or official mind, ·that Savings Banks are instituted primarily and distinctively in the interest of depositors,
and that all benefits which the general public are to
derive from them, must be incidental and subordinate
to, and proceed out of the execution of this primary
purpose. That the public will derive benefits of great
value is most true, as we have ilhtstrated in these
pages, but they should come like the blessings which
follow charitable deeds, not because sought for, but as
the natural outflow from the good done.
STATISTICS.
The following table, compiled from the report of the
Auditor of State, gives all the information of the condition of the Savings Banks in Iowa, on the 23d of
October, 1875, which we regard as material to the
purpose of this history. Of course, no analysis of the
assets is possible.
The capital and undivided profits constitute, so far
as depositors are concerned, a surplus for their protection, and after providing for some $18,000 of debts
owing to others than depositors, still leave a margin
of over 35 per cent. This certainly seems to be very
liberal and to afford ample protection to depositors.
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HISTORY OF SAVINGS BANKS.
The only doubt concerning it arises in connection with
the character of the assets, of which absolutely nothing is known.
NAME OF BANK.
Location.
Lansing . . ....... .
McGregor ...... .
Clinton .... .... . .
Council Bluffs .. . .
Davenport. . ..... .
Clinton .......... .
Mo"rning Sun ...•.
West Union ..... .
Charles City ..... .
Burlington . .
Davenport ......
Burlington... . ...
Iowa City ...... ..
Keokuk . ...... ..
Oskaloosa .... . .
Decorah . ..••... . .
Sioux City ...... .
iiil~ct?t~::: ::: : ::: . : : : : ::· :::: Toledo .......... .
Union ...... . . ...... .. . .. . . .... . Waterloo ....... . .
Allamakee County . . . . . . . . . ..
CJ,.yton County ............... .
Clinton ...• . . . ................
Council Bluffs ..........•...... .
Davenport .. . ...... . .......... .
Farmers & Citizens' ... .. ...... .
Farmers & Merchants' ......... .
Fayette County . . . . . . . . . . . . . .
Floyd County . . . . . . . . . . ...... .
German American . . .. . . . ...... .
German .......... ... ........ .
Iowa State ........... . . . ....... .
Johnson County ......•.........
Keokuk . . . .. ........ ... ....... .
Mahaska County . . . . . . . . . . . . ..
Savings Bank of Decorah ..... .
Total .... . ....... . ........ .
Capital
paid.
$10,000
Undivid'd
profits.
Deposits.
$41,971
82,746
$577
n,sqp
ro,ooo
2,45-3
30,000
54, 000
50,000
13,544
20,000
ro,ooo
2,866
257
5o6
4, 2 99
6,883
5,580
6 , 570
26,880
1,35S
950
797
3, 253
224
$755,500
~8,963
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10,000
10,000
6o,ooo
100,000
60,000
150,000
50,000
50,000
10,000
10,000
50,000
84,2n
137,520
471,255
98,754
7, 697
4,262
20,220
13,607
6,918
32,800
495,84 1
82,693
324,632
258,035
35 , 889
29,843
15,419
57, 1 43
49, 1 79
$2,338,686
CALIFORNIA:
GENERAL LEGISLATION.
457
FIFTEENTH SECTION.
SAVIN GS BANKS IN THE STATE OF
CALIFORNIA.
CHAPTER LXV.
GENERAL LEGISLATION.
In 1862 the Legislature of California passed an act
for the formation of corporations for the accumulation
and investment of funds and savings, the distinctive
features of which will be noted presently. Under this
act Savings Banks have been organized since that time.
Prior to the passage of this act, however, three Savings Banks, all in San Francisco, had been organized
under an act for the formation of corporations for
manufacturing, mining, mechanical or chemical purposes, or of engaging in any species of trade or commerce, passed April 14, 1853. The three Savings
Banks organized under that act, were the :
Savings and Loan Society, incorporated July 23,
1857.
Hibernia Savings and Loan Society, incorporated
April 7, 1859.
French Savings and Loan Society, incorporated February 1, 1860.
These pioneer Savings Banks are leading institutions at this time, with deposits December, 1875,
exceeding $30,000,000, and a surplus of $1,600,000.
•
They have no capital stock. Only one of them, the
58
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HISTORY OF SAVINGS BANKS.
French Savings and Loan, has favored me with any
exhibit of its character and growth, an abstract of
which is given elsewhere.
At the time of the passage of the act providing for
the incorporation of Savings Banks, the deposits in
the above institutions were probably not far from
$1,600,000. The first Savings Bank organized under
this act, was the San Francisco Savings Union, June
18, 1862. It was the first _Savings Bank to organize
with a capital stock as a guarantee fund, the amount
of this capital being $200,000. Savings Banks subsequently organized, very generally, though not uniformly, have capital stock. We give below the order
of organization of Savings Banks under the law for
that purpose, with the amount of paid up capital
stock at the latest accounts, with as near an approach
to accuracy as our varied and somewhat conflicting
sources of information will admit. The items derived
from the institutions themselves are of course authentic.
Date of
Organization.
NAME AND LOCATION OF BANK.
San Francisco Savings Union•............. . . . ............ . ... June 18, 1862
Odd Fellows' S119ings Bank, San Francisco . .. ..... ... ...... . Oct. r3, ,866
Sacramento Savings Bank.... . . ...... . ........ .... ...... . March r9, r867
r, r867
Farmers and Mechanics, Savings Bank, San Francisco ...... . July
Stocton Savings and Loan Society ............ . ... . ...•.. •.... Aug. ,2, 1867
,867
,3,
Oakland Bank for Savings. . . . . . . . . . . . . . . . . . . . . . . . ....•.. Aug.
San Jose Savings Bank .......... . ....................•.... Jan. 28, 1868
1868
10,
German Savings and Loan Society, San Francisco •. . .. ....... Feb.
Capital Savings Bank, Sacramento... . .................... . Feb. 8, ,869
Pioneer Land and Loan Association, San Francisco ......... . April 3, ,869
Marysville Savings Bank: ..... . . . ................... . .. . .... . April 8, 1869
Union Savin~s Bank, Oakland ..... : .•............. .. ........ May 26, ,869
Masonic Sa vrngs and Loan Bank, San Francisco . .... . ...... . Nov. 4, ,869
Humboldt Savings and Loan Society, San Francisco •........ Nov. 24, ,869
Vallejo Savings and Commercial Bank... . . . . ......... ..... . May 3, 1870
Odd Fellows' Banlic of Savings, Sacramento . . ............... . July 1, ,870
Security Savings Bank, San Francisco .... . ................. .
Napa Valley Savings and Loan Society, Napa... . . . ..... .
Western Savings and Trust Company, San Francisco ....... .
California Savings and Loan Society, San Francisco ......... .
Dime Savings Bank, Sacramento.• .,. .. ..... . .. . .......... . . . .
March 2, 1871
Sept. ,5, ,871
May ,5, ,873
July ,, 1873
}uly n , 1873
Dime Savings Bank, San Francisco ........ . ................. . July x8, ,873
Commercial Savings Bank, San Jose . ............. . ,. .... . May 13, 1874
Los Angeles County Bank, Los Angeles ...........• . ........ July
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Capital
Stock.
$200 , 000
·····&,;~
337 , 500
300,000
300,000
100,000
500,000
100,000
450,000
80 ,000
217,700
100,000
150,000
250,000
300,000
300,000
286,000
CALIFORNIA: ACT OF
1862.
459
The :following are also enumerated as Savings Banks,
but with no information concerning their condition :
Farmers' Savings Bank, Lakeport ; Merced Savings
and Security Bank ; Farmers' Savings Bank, Modesto;
Petaluma Savings Ba:p.k; Oliver Irwin's Savings Bank,
San Rafael ; Santa Cruz Bank 0f Savings and Loan;
Savings Bank of Santa Rosa.
The Savings Banks organized under the provisions
of the act of 1853, for the formation of corporations
for certain purposes, would seem to be altogether a
law unto themselves, in respect to the mode of ,con•
ducting business, investment of funds and the like.
It is believed, however, that these will not suffer by
comparison with those organized under the Savings
Bank act of 1862.
1862.
We shall attempt no more than to give the salient
featur-es of this, which is now the governing statute
concerning Savings Banks in California.
1. Five or more persons may become incorporated
for the purpose of aggregating the funds and savings
of members and others, in the manner prescribed, by
making and filing a certificate, setting forth the essential facts of name, purpose, location, duration, etc.
The filing of the certificate creates the parties a body
corporate with usual powers, fully enumerated. Corporations may be organized with or without capital
stock, which may be increased but not diminished.
2. By the original act the corporation was prohibited
from loaning moneys, without adequate security, on
real and personal property, but this restriction was
PROVISIONS OF THE ACT OF
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HISTORY OF SAVINOS BANKS.
modified in 1864, and power granted to those institutions whose capital stock or reserve fund (surplus), or
both should equal $300,000, under certain restrictions
to make loans to persons of reputed solvency. It was
simply the sanction of the law given with some little
circumlocution to discounting commercial paper.
3. The management is confided to a board of directors, not less than :five, elected annually. In Savings
Banks having a capital stock,. directors must be stockholders; where there is no capital stock, they must be
depositors to the amount of at least $100. The bylaws may prescribe the qualifications of voters who
are members but not stockholders, or of members in
Savings Banks having no capital stock.
4. It is made unlawful to declare dividends, except
from surplus profits.
5. The by-laws may prescribe the time and conditions of the repayment of deposits ; but when6ver
there is any call by depositors for repayment of a greawr
amownt than tlie corporation may have available for
such purpose, it is made unlawful to make new "loans
or investments of funds until such e{J)Cess of call .shall
have ceased.
6. Five per cent of the net profits is to be set aside
annually by institutions having no capital stock, to
constitute a reserve fund (surplus), and to be invested
like other funds and applied to the payment of losses.
7. Deposits of minors and married women payable
to themselves, and married women authorized to vote
in person or by proxy.
There is no provision for the publication of any
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CALIFORNIA: ORGANIZATION, ETC.
461
reports, nor £or returns to nor examination by any
public officer.
From all that appears concerning the organization
of Savings Banks in California, those which have
capital stock do not recognize in their by-laws a voting
membership in the corporation outside of the owners
0£ the stock. There may be exceptions to this, but I
know 0£ none. Those Savings Banks which have no
capital stock recognize all depositors as members 0£
the corporation, but these prescribe a certain amount
and a certain time a£ deposit to entitle the member to
a vote; thus, the French Savings and Loan Society
requires a deposit 0£ $50, £or a period 0£ six months,
to entitle the member to a vote.
In paragraph five of the foregoing synopsis 0£ the
governing statute, there seems to be a more far-sighted
and ke&1 discernment of the real nature, functions
and necessary limitations of Savings Banks than we
have seen in any legislation on the subject, if we
except the General Savings Bank Law of the State of
New York. But when we remember that this California legislation was had in 1862, we must give to
it the credit of a foresight altogether unprecedented.
The first clause of the paragraph provides substantially
what all State legislation everywhere had provided,
that the by-laws may prescribe the time and conditions of repayment. This might seem to be all that is
required to secure the institution against a run in time
0£ panic. But mark the significance of the last clause.
Upon a first reading, it might seem that this is only
supplementary to the first, and designed to give effect
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HISTORY OF SAVINGS BANKS.
to it by directing, that upon notice 0£ a demand for
repayment, the institution should put itself in position
to meet the demand. But we think we discern a
deeper significance than this in the passage. To us it
seems to provide th~t upon complying with the requirement, the depositors cannot press their claims
any £aster than, in obedience to this provision 0£ law,
the institution can meet and satisfy the demands
made. The by-laws 0£ at least one institution seem
to us to recognize and bear out this construction.
There is in such a provision, as .we have interpreted
this to be, so just, wise and salutary a view 0£ the nature and functions 0£ a Savings Bank, that we cannot
resist the impulse to declare it to be the true interpretation.' The principle which such an interpretation
recognizes, we shall take occasion to consider more
fully in a discussion 0£ general topics relating to Savings Bank policy and management.
A feature w!iich characterizes nearly all the Savings
Banks in California, so general indeed that it may be
considered a feature of the system, is a classification
0£ the · deposits into what are called "ordinary" and
"term." An ordinary deposit is one payable in the
regular course 0£ business upon demand or in times 0£
unusually heavy drafts, upon such notice 0£ from three
to thirty days, according to the amount withdrawn, as
the by-laws may provide. A term deposit is one
made for a full term of not less than six months, and
of course its return cannot be demanded in less time.
The rate of interest payable upon term or permanent deposits is from twenty to fifty per cent higher
than upon ordinary or demand deposits. The lowest
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CALIFORNIA : INTEREST, SINKING FUND, ETO.
463
reported rate for term deposits is nine per cent, and
the highest is twelve. The lowest rate for ordinary deposits, in any bank which recognizes the two
classes, appears to be six per cent, and only two
small interior banks report so low a rate, and the
highest is ten per cent, but from seven and a half
.to nine per cent is the more common rate. Eight,
nine and twelve per cent, the latter in one case only,
are the rates paid by institutions that do not classify
their deposits, but hold them, it is supposed, all subject to demand under the regulations of the by-laws of
course. These are certainly very remarkable rates of
interest to be paid in a State whose chief product, for
twenty years or more, was gold and silver money, the
currency of commerce all over the world !
Another feature of policy which seems to prevail
generally, if not universally in California, is the requirement, in institutions having no capital stock, • of an
admission or entrance fee of two dollars from each
member, which goes to the formation of a sinking or
guarantee fund, corresponding with the surplus fund
of eastern institutions. This sinking fund is further
augmented by charges made £or pass-books, and by an
assessment upon each semi-annual dividend. The
idea of a fixed contribution to a guarantee or surplus
fund, which the depositor thus surrenders absolutely,
has this to recommend it, that the institution is at no
time sailing under false colors, as is the case where
the first deposits are all expended for furniture, :fixtures and books, and still the delusive notion is held
out that the depositors may, at any time, rightfully
demand the return of their deposits in full, regardless
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HISTORY OF SAVINOS BANKS.
of the fact that they have taken forms which render
such return impossible.
With this general view of the status of Savings
Banks, in California, in the matters of organization
and general policy, we will introduce details from a
few institutions which have favored us with that information concerning themselves, from which our general
knowledge of the working of the system is wholly
derived. The details of organization and management
in these institutions present many novel and unique,
and it is believf)d, valuable features, from which institutions in older States may derive ideas worthy of adaptation.
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CALIFORNIA : FRENCH SAVINGS AND LOAN,
465
CHAPTER LXVI.
INDIVIDUAL HISTORY AND CHARACTERISTICS.
The oldest Savings Bank in California which has
contributed material to this history in the form of facts
of organization and statistics 0£ growth, is the French
Savings and Loan Society of San Francisco. It is one
of the three institutions incorporated under the act of
1853 already cited, "to provide for the formation of
corporations for certain purposes." We think the title
would have been more expressive, as well as truthful,
if it had been for "the formation of corporations for
very uncertain purposes!" · There is no disparagement hereby intended to the Savings Banks incorporated under the act, for these are in no respect uncertain
in their character or condition, as will appear from the
following exhibit of the
FRENCH SAVIN GS AND LOAN SOCIETY.
It was incorporated February 1, 1860, originally for
a period of twenty years, which period was however
extended subsequently to fifty years.
The features of its organization and general management will best be seen from the following
EXTRACTS FROM ITS BY-LAWS.
Art. 3. Mutuality is the unchangeable basis of the
institution.
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HISTORY OF SA.VIN GS BANKS.
Art. 7. Deposits divided into two classes, viz: 1st,
deposits reimbursable on demand from the first disposable .funds; 2nd, deposits for a term of not less
than six months ( term deposits to be not less than fifty
dollars).
Art. 9. Dividends on demand deposits, to be onethird less than on term deposits.
Art. 13. Pass books furnished to depositors, at fifty
cents each, payable into the sinking fund.
Art. 26. No loan shall be made directly or indirectly
to any officer of the society.
Arts. 27, 28, 29. A sinking fund out of which to
meet losses created, limited to one-twentieth of the
amount of deposits, to be made up from admission
fees, charges for pass-books, and an assessment of five
per cent on each semi-annual dividend.
Art. 31. Provides disposition to be made of sinking
fund under various contingencies.
Arts. 33-36. Every depositor, or member, .entitled to
vote on]y on a deposit of at least fifty dollars during
a term of six months previous, and members may vote
in person .or by proxy. The members elect a board of
administration ( corresponding to trustees or managers
in eastern institutions), appoint a director ( chief executive officer of the bank), and exercise general supervisory powers.
Art. 42. Tb.e affairs of the corporation administered
by a board of nine members elected annually; board
organized by choosing president, vice-president and
treasurer; six required to form quorum.
Of course the foregoing embrace only a few of the
details of organization and management, our purpose
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CALIFORNIA: FRENCH SAVINGS AND LOAN.
467
being only to present those which were most distinctive in indicating the character of the institution.
There are other features pertaining to the details
o-f management, appointment, work and reports of
committees, whereby the thoroughness of supervision
and inspection is indicated, but which must be omitted.
The semi-annual reports made by the officers and
committees are very foll and complete, and seem to
leave nothing unrevealed which can throw light upon
the operations and policy of the institution. The
only -feature concerning the reports of this institution
which from our stand-point is liable to criticism is that
which they seem to have in common with reports of
all other Savings Banks, that is, a general combining
of the investments under the single class of loans. It
is understood that the greater part of these are secured
by real estate, but all are not, and it is alleged that in
many institutions these loans are only ordinary discounts.
-we would be glad, if space would permit, to introduce a semi-annual report of this institution in
£ull; also a Synoptic Statement of the business of
the institution from its foundation in 1860 to the
close of 1873, a period of fourteen years. The
latter is a model of clearness, compactness and precision, admirably arranged, and presenting at one
glance in small compass, all the financial operations
o~ the institution, embracing Deposits, Payments,
Balance of Deposits, Balance of Loans (investments),
Interest earned, and the distribution of this interest or
earnings, 1, to Depositors, 2, for General Expenses, 3,
for Furniture, 4, for Taxes, 5, for Contributions to the
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HISTORY OF SAVINGS BANKS.
Reserve or Sur.plus fund. The amount 0£ this Reserve
Fund, derived from entrance fees and sale 0£ pass-books,
is also given, together with the rate 0£ dividends. Every
dollar received is thus accounted £or, which is the only
true method 0£ accounting £or a trust. From this Synoptic Statement we condense the £ollowing :
YEARS.
Deposits of
each year.
Payments of
each year.
Balance of deposits December
31 of each year.
Dividends.
Rates of
dividends
per annum,
per cent •
.
-$74,430
355,252
403,814
549,236
811,o62
1,140,851
1,333,214
1,935,712
2,063,612
2,233,326
2,467,713
2,007,073
2,331,625
2,191,874
$12,563
127,022
290,164
319,309
496,116
725,316
874,815
1,017,616
1,496,053
1,695,352
1,837,174
1,757,589
1,989,240
1,929,945
$61,867
290,097
403,747
633,674
948,621
1,364,155
1,822,554
2,740,649
3,308,208
3,846,182
4,476,720
4,726,204
5,o68, 590
5,330,518
$3,143
21 ,985
41,779
61 ,647
101,839
144,763
178,752
241 ,563
327,039
411,186
450,846
469,053
458,407
486,847
Totals $19,898,800
$14,568,281
$5,330,518
$3,398,854
186o ..
1861. .
1862 . .
1863 ..
1864 . .
1865 ..
1866 . .
1867 ..
1868 ..
1869 . .
1870 ..
1871 . .
1872 ..
1873 ..
13t
13t
12¼
12¼
13t
12
II
Io¼
10½
II½
10t
IO
9
9
The first savings bank to become incorporated under
the general act £or that purpose was the
SAN FRANCISCO SAVINGS UNION,
0£ which the following brief sketch has been furnished
by the Cashier and Secretary, Lovell White.
Organized in the early part 0£ 1862, incorporated,
18th June, and commenced business 8th 0£ August,
same year.
Its capital stock originally was $100,000, and was
increased, 31st December, 1871, to $200,000; all paid
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CALIFORNIA: SAN FRANCISCO SAVINGS UNION.
469
up. Receives two classes 0£ deposits, called ordinary
and term ; the first 0£ which are payable at call, and
the second can only be demanded at the expiration 0£
six months' notice. The dividends on the latter are
one-fifth greater than on the former. The capital stock
is security to depositors £or the foll amount of their
deposits, with the dividends declared thereon, in consideration 0£ which the stockholders receive one-tenth
0£ the net earnings.
Was the first Savings Institution in the State to organize with a capital stock and with two classes 0£ depositors, and its example in one or other, or both of
these respects, has since been extensively followed.
Has a constantly increasing Reserve Fund, amounting,
on the 30th June, 1874, to $22,026.79, which is subject
to all the liability 0£ capital stock in the way of being
pledged £or the security 0£ depositors. The dividends
have ranged from nine to fourteen and two-fifths per
cent per annum on term deposits, and from seven and
one-half to twelve per cent per annum on ordinary deposits, varying with the constantly changing rate 0£
interest obtainable on loans.
The growth 0£ the bank has been constant and very
nearly uniform. The larger part of the fonds of the
bank are employed in loans upon real estate, secured
by first mortgages. A portion 0£ the remainder is
loaned on U. S. Bonds and Bonds 0£ the State 0£ California, and the counti~s and cities thereof ; a portion
is invested in the purchase 0£ similar bonds, and $116,
800.14 is reprasented' by real estate, the bank building
and lot 0£ the value 0£ over $100,000 being the chief
item.
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HISTORY OF SAVINGS BANKS.
The next Savings Bank in order, with whose operations we have been favored, is the
ODD FELLOWS' SAVINGS
BANK, SAN FRANCISCO.
This was incorporated in 1866, and, of course, under
the general savings bank law, but without capital
stock. It opened for business December 1, 1866, and
the secretary writes "there has not been a business
day since, in which it has not received deposits, and
but very few in which it has not opened new accounts.
This institution does not adopt the common division
into ordinary and term deposits, its classification being
into permanent and short deposits." A short deposit
appears to be one that has been in the bank less than
six months. A permanent deposit, one that has been
there six months or over. Short deposits are therefore
constantly changing into permanent deposits, by the
lapse of time. The difference in the rate of dividend
between the permanent and short deposits, appears to
be a little less than two per cent, permanent receiving
nine and one-tenth, and short, seven and three-tenths,
per cent.
As in case of the French Savings and Loan Society,
an idea of the organization and course of procedure
can best be obtained from brief extracts from the bylaws.
Art II. § 1. Every depositor is a member and must
pay an entrance fee of two dollars, except that minors
under 15 years of age, depositing less than fifty dollars, pay only fifty cents ; also, where the depositor is
a widow or an orphan, the secretary may, in his judgment, remit the fee altogether.
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CALIFORNIA: ODD FELLOWS' SAVINGS BANK.
471
See's. 3, 4. A member with one hundred dollars to
his credit, for six months preceding any election, is
entitled to vote. Only married women are entitled to
vote by proxy.
Art. III Commits the management to a board of
twenty-three directors, chosen annually by the members, and defines their powers and duties, in respect to
which there is nothing uncommon or peculiar.
Art. IV Defines the powers and duties of the various
officers selected or appointed by the Board. The most
important functions are devolved upon the Financial
Committee, the investments and loans being committed
to their control.
Art. VI Relates to deposits, defining with much minuteness the rules and regulations concerning them, and,
like other Savings Banks, provides that the same are
payable only on demand, or after notice when required,
and from the first disposable funds.
Art. VII Provides for the use and employment of the
moneys of the bank, and especially for loans and investments. The securities, upon which to make loans
which are named in the by-laws, would seem to be
carefully selected, though embracing the stocks of two
or three private corporations; but two-thirds of a full
Board may approve of other securities.
Art. IX Has provisions for Reserve Fund, not unlike
those of other institutions that have no capital stock.
The Finance Committee make quite a full and elaborate report semi-annually of the operations of the
Bank, which is publisl;ted for the information of depositors. The payments are very minutely detailed,
the items of expense being set forth down to $26.50
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HISTORY OF SAVINGS BANKS.
£or Furniture. The sources whence moneys are received, and the directions given to the same to the last
fractton of a dollar, is a characteristic of these reports
as of those of the French Savip:gs and Loan Society,
and in this respect Eastern Institutions have some
thing which they may advantageously learn from this
comparatively new State.
SACRAMENTO SAVINGS BANK.
This is the only interior Savings Bank, that is, Sav•
ings Bank outside of San Francisco, of which we have
been furnished any considerable account, and this less
full and complete than of others.
It was incorporated under the general Savings Bank
Law, March 19, 1867. It has no capital stock. In
1871, out of a total deposit of $2,556,000, there was
loaned upon bond and mortgage $2,390,200 at the following rates of interest:
$860,800 at
108,800 at
1,295,600 at
70,000 at
55,000 at
15 per cent per annum.
131-2 do
do
12
do
do
11
do
do
10
do
do
Such rates of interest on loans as the foregoing are
a full explanation of the unprecedented dividends paid
by California Savings Banks. But how such rates of
interest can be paid is a problem which may engage
our attention hereafter. The interest on these loans is
payable monthly in ailvanoe. The difference in rates
is caused by fluctuations in the money market, and is
also affected by the size of the loans. The value of
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4 73
CALIFORNIA: UNION SAVINGS BANK.
the real estate thus mortgaged is estiII.iated at over
$5,000,000. In 1874, out of a total deposit of $3,212,
799, there was loaned on mortgage $3,187,488. It
would be gratifying to know how these mortgage
loans have withstood the pressure of the general reduction in prices, whether foreclosures have been
frequent, and estimated values have been maintained.
It would seem that the Sacramento Savings Bank
does not do a discount business at all. As seen above,
nearly its entire deposits were loaned upon bond and
mortgage. A considerable sum would be required to
be kept on hand to meet current payments, though
less, of course, under .the California system than under
that of the eastern States, and the remainder is loaned
upon the securities of the United States, or of the State
of California, or of counties in that State.
At the date mentioned above there had been deposited ovel' $6,500,000, of which sum $3,944,000 had
been returned without requiring notice. The very
considerable favor extended to permanent over transient deposits in respect to the rate of interest allowed
tends to stability in the deposits. Depositors to the
amount of $100 are members, and are entitled to a vote
for each $100 on deposit for six months previous, not
exceeding twenty votes for any depositor.
THE UNION SAVINGS BANK,
0 AKLAND,
was inforporated in 1869, and has a capital of
$500,000. The deposits January 1, 1875, including
dividends, were about $1,042,036. The course of
management it is presumed does not differ greatly from
60
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HISTORY OF SAVINGS BANKS.
that already considered. The directors announce that
no commercial loans are made by the bank.
Besides the foregoing, one or two furnished statistics
of transactions since organization, closing with 1873,
and these will be found in the following table.
Statistics,from organization to 1874,/urnished by the following Savings Banks.
NAME OF BANK.
French Savings and Loan .. .. . . , .
San Francisco Savings Union .....
Odd Fellows, San Francisco ...... .
Sacramento Savings Bank . .. ......
Stocton Savings and Loan . .. . ....
Masonic Savings and Loan ........
Accounts
opened.
Open
accounts.
I0,000
I I,483
9,:>56
9,391.
4,622
2,406
6,000
5,581
6,396
6,528
1,516
2,148
De~osited
inc nding
dividends.
$19,898,800
19,244,423
15,996,689
. .... .... .
18,763,536
3,001,401
Statistics - Continued.
NAME OF BANK.
Withdrawn.
French Savings and Loan ..... $14,568,281
San Francisco Savings Union .. 13,814,290
Odd Fellows, San Francisco ...
9,915,401
Sacramento Savings Bank .... . .... ... ...
Stocton Savings and Loan .... 17,896,488
Masonic Savings anq. Loan . ...
1,9>4,084
Due depositors.
Dividends
credited.
$5,330,518
5,430,132
6,081,288
3,21 2,799
867,047
1,047,317
$3,398,854
2,210,126
1,432,858
1,569,153
285,978
168,425
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The following table is mostly compiled from 'Statements published in public journals in California, chiefly from the
Coast Review, and shows the 1;rowth of the system since 1865, the years 1865, 1866 and 1867 bdng estz"mated from
data in our possession. It zs to be presumed that some of the figures herein ari aptro.ximations only.
INCREASE IN PERIODS OV FIVE YEARS.
YEAR No. No. of
open
ending of
Dec'r. b'ks Acc'ts.
Increase Amount due
depositors.
~c~li't~~
Increase in
deposits.
Amount of Increase of Open Accounts. Am't due depositors.
dividends. dividends.
Aggr'te.
- - - ---
I
0
<f>
~
~
C")
1865 . .
1866 ..
1867 .
1868 ..
1869 . .
1870 ..
1871 ..
1872 . .
1873 ..
1874 ..
1875 ..
1876 ..
4 10,007
5 14,266
9 24,808
JI 32,613
17 40,066
19 47,535
21 56,882
21 64,501
23 73,946
23 84,254
27 94,638
30 99,700
Per
cent.
Aggregate.
--- --
.... .. $7,005,062
4,259
10,542
7,805
7,453
7,469
9,348
7,619
9,445
10,308
10,384
4,o62
.... . ....
10,358,888 $3,353,826
17,365,597 7,006,709
23,818,533 6,442,936
28,893,645 5,075,112
36,555,909 7,662,264
44,235,610 7,679,701
51,431,,326 7,195,716
57,833,373 7,402,047
69,026,603 I 1,193,230
70,062,568 1,035,965
72,542,700 2,480,132
$595,430
880,000
1,476,000
1,917,910
2,699,588
3,418,061
4,011,461
4,394,261
4,957,682
5,548,929
6,478,240
6,347,400
Per
cent.
Dividends.
Aggregate.
--
Per
cent
........ ....... ..... ... .. . . ... ..... ...... .... . . .
$284,570 ..... . . ..... .... . .. .. .. ..... .. . . . . .. . . . . .
.. .... .....
.... . . ....
596,000 .. ... ..
.... .. . .. ..
.... .. .. ..
44:1,910
.. . . ... ....
.. .. .. .. ..
781,678
718,473 37,528 375 $29,550,847 421 $2,822,631 475
593,4oo ..... .. ..... ....... ... . ... . . ...... . .. . . ..
382,800 ... ' ... .. .. . .... .. . .... ..... ... . . . . . . . . . .
563,421 . ... . . . : .. ..... . .. ... .. . . . ....... . . . .
591.247 ... .... . ... . ... . .. . ... . .. .. . .... .. .. .. .. .
829,31 I 47,103
130,840
100
33,506,659
.... .......
91
3,06o,179 89
..........
~
i
~
.,..
(fl
t;
~
~
(fl
I....
00
0:,
?
0
~
~
,.
__
~
~
4 76
HISTORY OF SAVINGS BANKS.
SIXTEENTH SECTION.
CHAPTER XLVII.
SAVINGS BANKS IN OTHER STATES AND TERRITORIES.
Savings Banks in those States that have oot been
under review, are of such recent origin, and have attained so little prominence as a distinguishing feature
of financial and general economical policy, that they
may, £or greater convenience, be considered under a
single section and chapter. We will £or this purpose
return to the Atlantic States, and take them up in
geographical order, commencing with North Carolina.
SAVINGS BANKS IN NORTH CAROLINA.
We find no public record concerning Savings Banks
in this State, and our most diligent efforts and inquiries £ail to elicit any information concerning them.
We are under an impression, however, that at Wilmington, at Raleigh, and possibly at one or two other
points, there is what is known as a Savings Bank. 0£
course, they are subject to no supervision, and make
no returns to any State authority.
SAVINGS BANKS IN SouTH CAROLINA.
There are in the State eleven institutions bearing
the name of Savings Banks. The term '' Citizens "
is prefixed to eight of these in as many localities in
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477
GEORGIA: SAVINGS BANKS IN.
the State. The others are the Union Savings Bank,
Columbia; and the Carolina Savings Bank and Germania Savings Bank, Charleston. The latter was organized in 1874. We have no details of the condition
or workings of any of these,- but infer that the corporators are vested with large discretionary powers in
their management. No public statement of their condition seems to be required.
SAVINGS BANKS IN GEORGIA.
Savings Banks in Georgia are incorporated by special charter. There is no general law on the subject.
Regular banks 0£ discount frequently establish and
maintain savings departments, using the deposits, we
suppose, in their regular business. We infer from the
name, that at least one. fire insurance company has a
savings department, organized as a feature 0£ its business; it is called the Savings Bank of Georgia Home
Ins. Co., at Columbus.
THE EAGLE AND PmENIX SAVINGS BANK
at Columbus is organized and conducted as a feature,
and a most valuable one, too, of the Eagle mid Phamix
Manufacturing Co., of that place. 0£ course the depositors are largely if not chiefly the operatives 0£ the
company. They number about 700, and their deposits,
which amount to about $362,000, are constantly increasmg.
The secretary and treasurer, G. Gunby Jordan, Esq.,
takes a lively interest in the success and prosperity 0£ this
department, and circulates monthly a large amount of
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HISTORY OF SAVINGS BANKS.
printed matter commending the virtues of temperance,
industry and economy, and with marked effect. He
says that they "have a large number of colored depositors, and these are constantly on the increase,"
which is a striking commentary on the superiority of
moral and social influences over political expedients
£or promoting a mutuality of interest and feeling
between the races.
The operatives in the factory are largely depositors,
and the improvement in their material condition is very
marked.
This savings department 0£ the manufacturing corporation is organized and maintained under the authority of a special statute, enacted for the purpose.
The corporation was, by the second section of the act,
authorized and required to pledge its entire capital
stock and property, for the payment 0£ the depositors,
and each stockholder was also made individually liable
therefor in proportion to the amount of his stock. The
intent is evidently to constitute the depositors in this
department preferred creditors of the corporation, and if
the language 0£ the statute effectuates such purpose, it is
difficult to provide a more perfect security than is thus
afforded. •It is further provided that, after the capital
stock is so pledged, the corporation may issue certificates in sums of 1, 2 and 5 dollars, based upon these
deposits, payable to the holder, to be circulated as
currency. This is a novel feature in Savings Bank
operations, but car~£ully guarded from possible abuses,
it might be utilized to great advantage in those sections of the country where the capital and resources
of the people are absorbed· in the establishment
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GEORGIA: AUGUSTA SAVINGS INSTITUTION.
479
of manufactories, or otherwise in developing the
resources of the country. It provides a local currency, perfectly well secured, adequate to all local or
domestic needs, and thereby sets free for use in the
wider range of operations necessary to be carried on,
that currency which rests upon the broader basis of
national power and national faith. There are many
localities at the south and west, rich in material resources undeveloped, now . sparsely populated and
scantily improved, which might become busy and populous centers of industry, adding to the wealth and
prosperity of individuals and of the country, if there
were devised and set in operation for them some
simple scheme of a purel;y local currency that should
serve to effect all home and domestic or neighborhood
exchanges within a radius of five, ten or twenty miles,
more or less, as the conditions of utilization should
broaden or narrow, under a practical application of
the idea. We can only drop the hint here, its elaboration not being within the purpose of this work. We
may follow it out in a work which we have had for
some time in contemplation.
THE
AuGUSTA
SAVINGS INSTITUTION,
incorporated in 1875, has the only charter to which
our attention has been called, which is founded upon
the provident system, with a set of managers who
have no interest, except as themselves depositors,
in the profits or gains of the business. They are,
however, empowered to do a general banking business, " purchase and sell bills of exchange, lend
money, and discount notes and bills of exchange
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HISTORY OF SAVINOS BANKS.
drawn against shipments of produce or any other
valuable property, at their will and pleasure." These
are large powers, and the individuals to whom they
are committed should be of approved experience,
integrity and business sagacity, to justify their being
invested with such a trust. We must assume these
considerations to have been controlling with the legislature in the grant of this charter. The corporation
was further authorized to invest in any good stocks, or
bonds and mortgages; or in the stock or bonds of incorporated companies. · The deposits of minors and married women are made payable to themselves.
It was, perhaps, the intention of the legislature,
to offset the liberality of the powers conferred upon
the managers, and restrain their exercise by the following provision: "That the private property of
each and all of said managers, for the time being,
shall be liable for the payment of all deposits made
with said institution ; and for all debts contracted or
incurred by said institution during the time said manager or managers were in office, in the same manner as
in ordinary commercial cases or cases of debt."
It is scarcely possible that persons of the high character sought by the legislature, as indicated by its
grant of powers, can be induced to continue long the
execution of a trust which involves such grave personal
liabilities. An effort was made before the late legislature to secure a removal of this personal liability
clause; with what success we are not advised. If
conceded it should be attended by a more limited discretion, and stricter accountability by the trustees in
respect to the use and employment of the funds.
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FLORIDA AND ALABAMA: SAVINGS BANKS IN.
481
The Georgia Code of 1873, See's 1466 to 1471,
empowers the governor to call upon any banking institution twice in a year, for a return setting forth certain
enumerated items. The institutions reporting are also
to publish the same in some paper in the State, or if
they fail to do so the Governor may cause the same to
be published. The charters granted for Savings Banks
since 1873 commonly subject the corporation to the
foregoing provisions of the Code. Whether Savings
Banks previously incorporated would be held subject
to this requirement to report, does not appear. The
:financial condition is designed to be brought to view
by these returns, but this is expressed in such terms or
embraces such items as to reveal very little of any
real condition of weakness which any bank may choose
to conceal.
SAVINGS .BANKS IN FLORIDA.
Here we must parody the distinguished naturalist
m his treatise upon Snakes in Ireland. There are no
Savings Banks in Florida !
SAVIN GS BANKS IN ALABAMA.
A few institutions in Alabama bear the name of
Savings Banks, but of their origin, powers or condition
we have no information, except that the Marion Savings Bank at Marion was organized in 1872. The
immense deposits of coal and iron in the northern part
0£ the State, lying in close proximity, of a quality
unsurpassed in the country if not i"u the world, and the
abundance of excellent timber, all bordering streams
61
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482
HISTORY OF SAVINOS BANKS.
affording water power in quantities absolutely unlim
ited, offer to capital and enterprise properly directed,
inducements not exceeded by any in the country; and
when improved with the intelligence and zeal which
characterizes the operation in Georgia, of which we
have taken notice, the establishment of Savings Banks
will prove an important auxiliary in the development
of those wonderful resources.
SAVINGS BANKS IN LOUISIANA.
Some £our Savings Banks are enumerated as in operation in the city of New Orleans, but we know nothing
further of them, except that the Citizens' Savings Bank
in that city was organized in 1872.
SAVINGS BANKS IN TEXAS
appear to be only the following : Citizens' Savings
Bank, Jefferson; Island City Savings Bank, Galveston;
State Savings Bank, Dallas; Houston Savings Bank,
Houston. Concerning the last of the above we are
furnished by the cashier with the following statistics
to September, 1876.
Commenced business February 15, 1872.
Accounts opened. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,902
''
closed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,410
Now open . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
492
Deposited including dividends .. ... ..... .... ..... ..... $1,088,572
Withdrawn . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
968,368
Due depositors................................ . .......
120,204
Dividends credited .. . . . . . . . .. . . . . . . . . . . . . . . . . . .. . . . . . .
16,2 50
In explanation of the fluctuation of deposits, the
cashier remarks, that "the population, though steadily
increasing, is constantly changing, so that deposits re-
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TEXAS : HOUSTON SAVINGS BANK.
483
main only for short periods." He further very truthfully says: " What we need to make the deposits of
greater benefit to depositors is the establishment of
manufactures and th introduction of a manufacturing
population." This would tend to give permanency to
the population by permanency of employment, and
corresponding permanency and growth of deposits
would be the result.
The Houston Savings Bank is a department organized by the directors under a charter incorporating the
"Rai~ Road, Real Estate, Building and Savings Association of Texas," granted, May, 1871. The powers of
the corporation are almost unlimited, embracing the receiving of deposits, loaning of moneys, and the purchase of property generally. The capital stock was to
be $100,000, with power to increase to $600,000. The
original capital was authorized to be paid in monthly
installments of ten dollars extending through a period
of four years. In what manner the capital and deposits are invested we are not informed. The corporation is limited to a term of twenty-five years, and is
prohibited from owning at one time real property in
the State of Texas exceeding in value $2,000,000. These
are about the only restrictions imposed by the act.
Of the conditions, limitations and provisions generally of other Savings Banks in the State we have no
information. No reports are required to be made to
any State department or officer.
SAVINGS BANKS IN MISSISSIPPI.
Some half a dozen Savings Banks, more or less, or
institutions bearing the name, are operative in the
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HISTORY OF SAVINGS BANKS.
State of Mississippi, but under what conditions we are
not informed. We only know they make no returns
or statements to any State authority.
SAVIN GS BANKS IN ARKANSAS
make no reports to any State authority. There is
one styled the "German Savings Bank," at Little
Rock, and there may be one or more others, but we
cannot learn that there are any, nor have we any information of the status or condition of the one above
named.
SAVINGS BANKS IN TENNESSEE.
The State comptroller, in reply to our request for
reports of Savings Banks in the State, replies that
"There are no Savings Banks in this State," etc.
We beg the Hon. Comptroller's pardon for being
better informed than he concerning any matters in his
State, but we have advices of at least eleven institutions in Tennessee bearing the name of Savings Banks,
though one of these has, it is true, discarded the name
of Savings Bank and assumed title as a bank simply,
which, doubtless, more correctly defines the powers,
functions and character of the institution.
THE BROWNSVILLE SAVIN GS BANK,
at Brownsville, commenced business in 1870, and the
experiences of that institution, as narrated by the
Cashier, A. W. Brockway, Esq., doubtless set forth
conditions that are prevalent at the South, and which
render the establishment, in that region, of Savings
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TENNESSEE : BROWNSVILLE SAVINGS BANK.
485
Banks, as organized and conducted under the old
regime, impracticable, if not impossible. It appears
from the narrative of the Cashier, that no little effort
has been expended to develop and promote a genuine
Savings Bank business in that institution, but with
little success. He says:
"At one time I did have strong hopes that such institutions would increase largely in this State, and that
mutual benefits would result to both banks and the
people. Six years' experience, however, has convinced
me that the savings feature in banking in this State,
and perhaps other States south, cannot amount to much
£or many years to cpme. This is due chiefly, I think,
to the £act that there are few manufacturers or manufacturing operatives in this country, and the people, as
a rule, do not practice habits of systematic saving or
economy. This is especially the case with the blacks
who constitute our principal element of labor, and who,
as a rule, have no necessities, and few aspirations beyond to-day. We have labored faithfully with this
class of people, so far as it has been practicable to
reach them, urging habits of saving, thrift and economy,
but seemingly to no p·urpose except in a very few cases.
To the whites we have, by liberal advertising, kept our
savings feature constantly before them. But, after all
said and done, our business is chiefly that of an ordinary State chartered bank, doing a commercial and
not, to any considerable extent, a Savings Bank business. For these reasons 'there are no statistics of importance to be added to those heretofore sent to you.
Our bank was chartered by the Legislature of 1868-9,
under which we organized in 1870. Capital $100,000.
The savings features are liberal, and under different
circumstances we might do a, large business in that regard, but as it is, and as briefly explained above, our
business is chiefly commercial, and has from the :first
been quite satisfactory in that respect. Much time
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486
HISTORY OF SAVINGS BANKS.
will elapse and great changes must occur before Savings Banks, as such, will meet with any great degree
of success in the Southern States."
We presume, statements from other Savings Banks
in the State would show similar preponderance of
commercial over savings business. Indeed, we regard
the foregoing extract as a correct and truthful epitome
of the Savings Bank interest in the Southern States.
This affords no occasion for complaint or criticism, as the
sys.tern in its present development is affected by conditions beyond the power of individuals to control. If
that people are working out their financial and industrial problem according to the best of their ability,
and in good faith, according to the lights they have,
they are doing no less than was done in 1816 to 1819
by the pioneers in the introduction of Savings Banks in
this country. They work under different and in many
respects less favorable conditions than served the
ends of philanthropy in that elder day.
SAVINGS BANKS IN KENTUCKY.
There are in Kentucky not less than eight institutions bearing the name of Savings Banks, most of them
located in the city of Louisville; but we have sought
in vain to gather any information of their inception,
growth and present condition. There ought among
them to be one or more that should worthily and
exceptionally exemplify the primitive idea concerning
these institutions; we regret our inability to give any
assurance upon this question.
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MISSOURI: SAVINGS BANKS IN.
SAVINGS
BANKS
487
IN MISSOURI.
The Revised Statutes of the State of Missouri, under
the title SAVINGS BANKS, contain the following :
SECTION 1. Any :five or more persons in any county
in this State may organize themselves into a savings
association, and shall be permitted to carry on the business of receiving money on deposit, and to allow interest thereon, giving to the person depositing credit
therefor, and of buying and selling exchange, gold,
silver coin, bullion, uncurrent money, bonds of the
United States, of the State of Missouri, and of the
city and county in which any association shall be
organized ; of loaning money on real estate and personal security, at a rate of interest not to exceed ten
per cent per annum, and of discounting negotiable
notes, and notes not negotiable ; and on all loans made
may keep and receive the interest in advance.
SECTIONS 2, 3 and 4 relate to amount and payment
of capital stock, which is not to exceed $5,000,000, to
the management and control of the business, and to
the certificate to be made and filed before commencing
business.
SEo. 5. Every such corporation shall, semi-annually,
in the months of January and July, publish in one or
more newspapers in the county where such corporation
shall have its place of business, a statement, verified
by the oath of its president or secretary, setting forth
its actual :financial condition, and the amount of its
property and liabilities, under a penalty of five hundred dollars to the State, to be recovered by indictment against the president, cashier or directors ; and
shall also deposit a copy of said statement, verified as
aforesaid, in the office of the Secretary of State.
The Secretary of State of Missouri who kindly fur.
nished the above, also with a rare official courtesy sends
the writer a list of 110 institutions that file statements
with him under the foregoing section five, but only 59
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HISTORY OF S.AVIN GS BANKS.
0£ these have the word "Savings" in their title. We
have another list 0£ 93 institutions in the State, which
have the word "Savings" as part 0£ their corporate name.
There would seem therefore to be not less than 144
institutions in the State claiming organization under
the foregoing provisions. Inquiries have elicited replies
from some £our of these institutions, all 0£ which agree
in characterizing themselves as banks 0£ deposit and
discount only, having no features in common with
Savings Banks as these are known at the east. The
city 0£ St. Louis is prolific 0£ these Savings Banks,
not less than twenty-seven appearing in the directory
list. Perhaps the largest and best known 0£ these is
the Boatmen's Savings Bank, which favored the writer
with its statement for June 30, 1874, as follows:
R esowrces.
Cash.... . . . .... .... . .. ... . . . . . ... ... . .
Exchange Matured . .. . .. . . .. . .. .......
$366,56o 98
216,842 17
Bonds and Stocks . . . . . . . . . . . . . . . . . . . . . $295,492 76
Bills Receivable.. . . . .. . .... . ... . ...... 4,221,589 11
Bills of Exchange. . . . . . . . . . . . . . . . . . . .
926,293 11
Real Estate . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Protest Account. . . . . . . .. . ..... . .. ... . . .. . .. ... ... . .
5,443,374 98
118,457 39
141 29
$6,145,376 81
Liabilities.
Capital Stock. . . . . . . . . . . . . . . . . . . . . . . .
Surplus Fund. . . .. .. . . . .. .. .. . ... . ...
$2,000,000 oo
199,770 64
- - - - $2,199,770 64
roo,ooo oo
Dividend," Number One" . .... .. .... . .. . . . .. . ... .
Deposits, ''Demand" . ... . .. .. ... . . . . $1 ,621,402 53
Deposits, '' Time" . . . . . . . . . . . . . . . . . . .
2,224,203 64
3,845,6o6 17
$6,145,376 Sr
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489
OTHER S.AVINGS B.ANKS.
This doubtless fairly exemplifies the general and
commercial character of the business of these institutions. The President in submitting the foregoing
statement very frankly says " this bank is not a Savings Bank as you understand it. This bank as well as
all the so-called Savings Banks in this State are banks
of discount and deposit, or in other words State Banks
without the privilege of issuing bank notes." The
Secretary of State says further that he is not required
to publish the statements received by him except when
directed by the legislature. It is impossible therefore
to give the financial standing of the banks in that State,
or even the amount of deposits held by them.
S.AVINGS
B.ANKS
IN KANS.AS, NEBR.ASK.A, COLOR.ADO .AND
NEV.AD.A.
In K.ANs.As there are some twenty-five institutions
bearing the name of Savings Banks which are supposed
to transact a general commercial and discount business.
We have no information of any value concerning their
deposits or resources. They make no reports.
In NEBR.ASK.A we find no record whatever, though
it is hardly possible that "Savings Bank" is not
employed in the name of some institutions of deposit.
CoLOR.ADO has at least two Savings Banks by name,
at Denver.
NEV.AD.A claims at least one Savings Bank.
In OREGON and the TERRITORIES Savings Banks, even
in name, have no practical development.
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490
HISTORY OF SAVINGS :BANKS.
SAVINGS BANKS IN THE DISTRICT OF COLUMBIA.
We have elsewhere narrated the most notable instance of Savings Bank ma~agement having its inception in Congr~ss and its center of operations in the
District of Columbia.
It does not follow, from that unfortunate experience, that there can be no good and reliable Savings
Bank institutions within that circumscribed territory,
and hence we are not prepared to prejudge the character of th~ few institutions reported from that district. But it is safe. to say that Congress is probably
the least likely, of any legislative body in the country,
to produce any intelligent .. or rational legislation on
this. subject, and that is saying a great deal for its
incompetency. We may also say that the influences
and interests likely to be brought to bear in giving
direction and character to Savings Bank legislation
in Congress, are probably worse than those operating upon any State legislature. We think we do
not need to characterize the probable condition under
which Savings Banks have their inception in the
District 0£ Columbia any further.
Now £or some £acts in respect to the character 0£
the legislation concerning this interest in that small
territory. The Freedman's Savings Bank has gone
into history, and its memory and the memory 0£ those
through whom its ruin was wrought, ought not to be
allowed speedily to perish. But let us look at somelater legislation by the Congress of the United State·s
£or evidence 0£ the care with which it has protected
this interest.
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DISTRICT OF COLUMBIA: LEGISL.A.TION.
491
May 5, 1870, an act was passed entitled "An Act
to Provide for the Creating of Corporations in the
District of Columbia by General Law." It comprises
seven sections, as follows:
1. Institutions of Learning.
2. Religious Societies.
3. Societies, Benevolent, Educational and so forth.
4. Manufacturing, Agricultural, Mining and Mechanical Corporations.
5. Cemeteries-Incorporatio n.
6. Boards of Trade.
7. Railroad Companies in the District of Columbia
We will suspend criticism concerning the awkwardness and incongruity of some of the foregoing titles,
merely remarking that the graces of clear and compact expression, of logical statement and orderly and
consistent arrangement are as significantly absent from
the laws enacted by Congress as they are from those
of any State legislature in the country.
But to return. On the 17th of June, after the
passage of the above act, the Congress enacted "An
act exempting from taxes certain property in the District of Columbia, and to amend the act to provide
for the creation of corporations in the District of Columbia by general law." It might be possible to unite
more incongruous subjects of legislation in the same
title, but it would have to be a matter of some study.
Section two of this act reads as follows: "And be
it further enacted; that Savings Banks may be organized within the District of Columbia under the provisions of section four of 'An act to _Provide, etc.,' and
the limitation of twenty years provided for in said
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492
HISTORY OF SA.VINGS BA.NKS.
section, for the existence of corporations created under
and by virtue of the provisions of said section, shall
not apply to corporations formed only for the purpose
of Life Insurance."
One cannot help inquiring why Savings Banks
should be organized under the fourth rather than
under the third section ; also, whether the sixth or
even the fifth section would not be more suitable !
Again, observe that there is, in the original act, no
provision for the incorporation of Life Insurance
Companies, nor is there, in this amendment, any authority conferred to organize such under the fourth
nor under any other section~ Yet the right so to
organize under the fourth section is gravely assumed
in this act, and the language employed would doubtless be construed as showing an intent, on part of the
Congress, to confer or affirm such power. More
:flagrant illustration 0£ loose and incongruous legislation it would be difficult to find.
It is very clear, from reading the fo,urth section,
that Savings Banks, organized thereunder, are subject
to no restraint in their dealings with depositors, in
their investments or otherwise. The section is wholly
concerned with the character and organization of corporations for the purposes mentioned therein, and of
course is sil®.t concerning deposits and investments,
neither of which is contemplated in the business originally pro-Y-ided for. The organization once effected
under this section of the act, the corporation is as free to
conduct its busin-ess in its own way, as would be a
"manufacturing, agricultural, mining or mechanical
corporation."
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DISTRICT OF COLUMBIA: LEGISLATION.
493
Whether the Savings Banks in the district are
commonly or generally organized under this or under
special acts 0£ incorporation does not appear, as answer to our inquiries is made by only one 0£ these
institutions, the German American Savings Bank, in
Washington. This is organized under the foregoing
act. Its statement, made in July, 1874, shows that
the reckless looseness of ~he law concerning its management and affairs did not characterize the management itself. The capital stock paid in was $50,000,
and the deposits were $308,290. More than half the
amount 0£ deposits, $172,302, was loaned on real
estate, $46,700 was invested in United States bonds
and the remainder was chiefly in loans secured by
United States or other bonds and in cash on hand.
The doubtful item 0£ assets, or collateral, is 0£ course
"other bonds." It would seem that the bank does
not do an ordinary discount business.
Between the time 0£ the passage. of the act providing £or corporations under a general law, on May 5,
1870, and its amendment, on June 17, 1870, allowing
the incorporation 0£ Savings Banks thereunder, the
Congress passed an act, May 24, to incorporate the National Union Savings Bank of the District of Columbia.
It will sufficiently characterize the wisdom and care
of our national legislature, in dealing with this interest, if we introduce the following specimen of its
work. Section four of said act provides that
"Said corporation may receive on deposit, for the
use and benefit of depositors, all sums of money offered
for that purpose. All such sums may be invested in
the stock of any bank incorporated by Congress, or
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494
HISTORY OF SAVINGS BANKS.
may be loaned on interest to any such bank, or may
be loaned on bonds or notes, with collateral security
of the stock of such banks at not more than ninety
per centum of its par value, or they may be invested
at [in] the public funds of the United States, of the
several States, or loaned on a pledge of any of said
funds, or invested in loans or mortgages of real estate;
provided the stock of any one bank so invested or
held shall not exceed one-half of its capital."
'The Corporation was required to report to Congress, and its books were to be open to the inspection
of the Comptroller of the Currency. The Corporation was also required to give a bond in the sum of
$200,000 as a guarantee to depositors.
When we find Savings Bank investments thus authorized in the stock of any National Bank, anywhere
in the United States, to the amount of one half the
entire capital of such bank, and further, in the public
funds of the several States without any qualification
or limitation whatever, we seem to have reached the
extreme of legislation in the direction of a:ffording no
proteotwn to depositors. We do not care to inquire
whether such an institution was ever organized, and
we do not know concerning the above. We can only
say that an institution with such powers, if safely and
wisely conducted, owes its character wholly to its
management and not at all to its charter, and that it
were as well, if indeed it were not better, that the
whole interest should be left to private and voluntary
enterprise, with the natural responsibilities which this
would bring, and that all legislation, such as we have
introduced, should be swept away. Such laws, professedly in the interest of Savings Banks, are a reproach
to the national legislature and to the people.
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L.ATER LEGISLATION, STATISTICS, ETC.
495
SEVENTEENTH SECTION.
MISCELLANEOUS TOPICS.
CHAPTER LXVIII.
LATER LEGISLATION, STATISTICS, ETC.
Events move rapidly, and one finds the 1·ecord which
he has just barely completed and put forth as the lat~st
and most authentic information relating to the matter
in hand, neutralized or falsified by events that were
occurring while he was putting the finishing touches
upon his last chapters. It is thus that I find myself
at the close of this second volume, confronted with
very considerable changes in the legislative status of
Savings Banks in those States to which the first ;volume
was chiefly devoted.
Having, in this volume, brought the legislative record
down to a period considerably later than 1873-4, it is
desirable, in view of the long and unexpected delay
which has occurred in the completion of the work, and
especially in view o-f the fruitfulness of legislation in
these later years, to bring the record of the older States
down to a later period than is reached in the first
volume.
To this object the present chapter is therefore devote4. We will, however, take the States in the order
of their geographical location, beginning with
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496
HISTORY OF SAVIN GS :BANKS.
MAINE.
Quite an elaborate amendment to the general laws
relating to Savings Banks, was enacted in 187 4, to take
effect on the 15th of May in that year. In 1875, a few
sections of amendment were enacted. In 1876, an act
was passed repealing all charters under which an organization should not be effected on the first of August following. Also, a later and more elaborate "act
to provide for the organization of Savings Banks and
Trust and Loan associations," the first seven sections
of which are an almost literal transcript from the general Savings Bank law of New York. But all previous
legislation on the subject, except that of 1876, noted
above, was superseded by, or merged into, a general
act passed a.t the session of the legislature this present
year (1877), and which is the latest authoritative expression of the people's will on that subject. This act
appears to have been the outcome of a commission, appointe~ by the legislature of 1876, concerning which
the State Savings Bank Examiner, Hon. William W.
Bolster, makes in his report to the legislature the followit1g appreciative and discriminating remarks:
" The able Commission appointed under resolve of
the last legislature, to codify, amend, or add to the
laws relating to Savings Banks, as they in their ~udgment believed to be for the best interests of the State,
have met and prepared a bill to be reported to the
legislature, a copy of which I have studiously examined.
Regarding the bill as a careful codification and revision
of the existing Statutes, and embracing all the essential additional provisions and amendments required
relative to the government, powers, duties, privileges
and liabilities of these institutions, and embracing all
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MAINE: REPORT OF SPECIAL COMMISSION.
497
the suggestions that I deem proper and needful, I
would respectfully call attention to its provisions and
its importance, hoping the legislature may enact it
with such changes, if any, as it may deem expedient."
The Examiner notes the following as the more important changes in the law to be effected by the passage
of the bill submitted by the Commission.
1. Limits, carefully and judiciously prescribed, within
which the deposits may be invested; specifically designating the securities in which investments may be made.
We do not have before us the report of the commission, hence are not informed how far its recommendations were accepted or modified by the legislature, but
the securities prescribed by the act which was passed
are the following, to wit: The public funds of any of
the New England States, including the bonds of the
counties, cities and towns of the same ; in the public
funds of the United States; in the municipal bonds of
cities of twenty thousand inhabitants or more of the
States of New York, Ohio, Indiana, Illinois, Michigan
and Missouri; in the public funds of these States and
in the county bonds of the same when not issued in
aid of railroads, excepting also the cities and counties
in Indiana, Illinois and Missouri, except St. Louis,
where the municipal indebtedness exceeds five per cent
of the valu~tion ; in the first mortgage bonds of .a ny
railroad or other corporation incorporated under the
authority of this State ; in the stock of any such railroad company which is unincumbered by mortgage; in
the stock or bonds of any other corporations incorporated under the authority of this State which earn and
are pa,ying regular dividends of not less than six per cem
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498
HISTORY OF SAVINGS BANKS.
per annum; in :first mortgages of real real estate within
the State at not exceeding sixty per cent of its value ;
may loan to any county, city or town (in the State) ;
also, on notes with. a pledge of any of the foregoing
securities as collateral, including also the Savings
Bank deposit books of any Savings Bank in the State,
and the stock of any of said railroad companies at not
over seventy-five per cent of the market value of the
stock, and may loan to said ·corporations, on personal
security, with at least two good and sufficient sureties,
when the collaterals pledged are their own stocks or
bonds, and may also loan on such other personal securities of the State, as in the judgment of the trustees it
will be safe and £or the interest of the bank to accept.
We should regard the above as affording a very wide
range of investment.
2. Semi-annual dividends limited to two and onehalf per cent.
This recommendation was incorporated into the act,
with provision for extra dividends when the surplus
amounted to :five per cent.
3. The amount to be received from any one depositor restricted to $2,000.
4. Limiting the State Tax on Savings Bank deposits
to one-half of one per cent.
Here the legislature thought it knew a thing or two
beyond what was vouchsafed to the commission 0£ its
creation, and retained the tax of one per cent, which
is a standing reproach to the intelligence of the
State.
5. One-half of one per cent per annum on the deposits to be set apart as a reserved fund, until the
same shall amount to five per cent 0£ the assets.
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NEW HAMPSHIRE: LATER LEGISLATION IN.
499
This recommendation was embodied in the law.
6. Each Savings Bank required to publish a statement of its condition immediately after the annual
examination by the Savings Bank Examiner.
This recommendation was adopted.
7. Provisions for closing up an insolvent Savings
Bank by injunction, etc., also for reducing the deposit
account of depositors pro rata with any impairment
which the assets are shown to have sustained.
This provision also was incorporated into the law,
and is quite similar to one in New Hampshire.
The legislature acted favorably, it would seem,
upon most of the changes proposed by .the commission.
The acts of 1876, before noticed, and the foregoing,
which is entitled an " Act to revise and consolidate the.
laws relating to the government, powers, duties, privileges and liabilities of Savings Banks and Institutions for Savings," now constitute the law relating to
this interest in the State of Maine.
NEW HAMPSHIRE.
In 187 4 the legislature of New Hampshire amended
the general Savings Bank laws of that State by the
enactment of a statute of considerable length and importance. By this the trustees were required to make
a thorough examination of affairs every six months ;
when the deposits exceeded $500,000, the examination was to be made quarterly, and the result was
to be reported to the Bank Commissioners and also
published in some newspaper. When the business
of the Savings Bank was conducted in the same
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HISTORY OF SAVINGS BANKS,
office with a national bank, the directors were required to make an examination at the same time,
and give a certificate of such examination to the
treasurer of the Savings Bank. When the directors
of such national bank refuse or neglect to comply
with the foregoing requirement, the Savings Bank
is to be removed from the national bank, and the
treasurer of the Savings Bank, if he is at the same
time cashier of the national bank, is to be removed
from the former office by the Bank Commissioner.
Embezzlement of the funds of a Savings Bank, or
deception of the Bank Commissioner concerning the
condition of any bank, punished by a fine not exceedding $20,000, or imprisonment not longer than ten years.
► Ten per cent of the net earnings are each year to be
reserved for a guarantee fund until the same equals five
per cent of the deposits.
Interest is limited to five per cent, except that the
surplus over what is required to be reserved may be distributed once in two years, and must be distributed as
often as once in five years, and after the guaranty fund
reaches five per cent the net gains may be divided
annually.
Savings Banks are prohibited from investing in the
stock of any railway or manufacturing corporation.
Provision is made, whereby, when the assets are reduced below the liabilities to depositors, a judge of
the superior or supreme court, with the Bank Commissioners, may reduce the account of each depositor
in like proportion. If the assets realize more than was
estimated the excess of course to be credited pro rata
to depositors' accounts.
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VERMONT: IMPROVEMENT IN REPORTS.
501
In 1875 a new feature was introduced by the incorporation of the Guaranty Savings Bank of Nashua,
and Dover Gu3:rantee Savings Bank, with provision £or
a guarantee fund in the nature of .capital to be not
less than $50,000, and subject to increase to $200,000.
This guarantee fond may be constituted of special deposits not to be withdrawn, and the fund not to be
entitled to interest in common with general deposits,
but to the profits after an agreed rate of interest is
paid to general depositors, together with expenses and
losses. Special depositors and their assigns are made
members of the corporation and have a vote £or each
$100 of deposits. The management is confided to
seven or ten trustees chosen by the corporators. Special depositors are not made liable £or the debts of the
corp?ration beyond the amount of their deposits. We
see nothing in the act to prevent one from being both
a special and general depositor, the same as in a bank
of discount one may be a stockholder and a depositor.
Special and general deposits alike are subject to taxation, and are to be returned by the treasurer £or that
purpose. Any :other Savings Bank may avail itself
of these provisions on filing notice with the Secretary
of State.
VERMONT
Has made no radical or material change in the laws
controlling the organization and management of Savings Banks. There has been, however, since 187 4,
an improvement in the published reports, which, £or
the last two years, contain a summary showing the
number of depositors and the amount of deposits,
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HISTORY OF SAVINGS BANKS.
and the surplus of each institution and the aggregate
of all.
MASSACHUSETTS.
By chapter 84 of the Laws of 187 4, Savings Banks
were required to report the rate of interest received on
loans and the amount bearing each specified rate. By
chapter 373, same year, they were prohibited from re•
ceiving from any one depositor, except from religious
or charitable institutions, more than $1,000, exclusive
of interest, which should not exceed $600. This was
slightly modified the following year.
At this session several Savings Banks were incorporated under the provisions of the general law. One of
these, however, by special and unusual clause, was required to invest one-half of its deposits in mortgages,
and twenty-five per cent of this amount was to be in
sums of $3,000 or less. This was doubtless at the
instigation of the corporators, who hoped thereby
to achieve a cheiip popularity. In the following year,
1875, an act was passed authorizing Savings Banks to
receive deposits for the benefit of parks, cemeteries,
and the like, the principal not to be withdrawn and
the divide1ids only to be applied to the uses mentioned.
In 1876, the General Court of Massachusetts revised
and consolidated into one act all the general laws relating to Savings Banks, re-enacting such provisions as
it was deemed advisable to retain, and incorporating
such new features as the changing conditions of the
interest seemed to demand. This act did not, however, affect the chartered rights of any institution,
wherein the same were inconsistent with the act, but
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MASSACHUSE'ITS: LATER LEGISLATION IN.
503
it was provided that any Savings Bank might, by vote,
"accept any provision of this act which is inconsistent
with any provision of its charter, in lieu of such inconsistent provision."
The provisions concerning investments were quite
clearly defined, but embrace, as the laws had previously
done, the first mortgage bonds of railroad companies
in the State, earning and paying regular dividends,
bank stocks and, under certain limitations, personal
securities. Ordinary dividends are limited to two and
one-half per cent each six months, and not less than
one-eighth, nor more than one-fourth of one per cent
of the deposits is to be reserved each six months as a
guarantee or surplus fund, until the same shall amount
to five per cent of the whole amount of deposits, which
is to be held to meet losses, etc.
Once in three years the profits that have accumulated above such guarantee fund of five per cent, if the
same amount to one per cent, may be divided as an extra dividend. Several important provisions are derived
from the New York Savings Bank law, and a feature
of that law which wipes out as with a sponge all previous general legislation on the subject by a specific
repealing section, is copied in the Massachusetts act.
But such repeal is, however, carefully guarded from
affecting any subsisting rights or liabilities under existing laws, in which particular the New York law was
defective.
At this session of the General Court, but not by this
act, the law was amended so as to provide for two Savings Bank Commissioners instead of one, as previously.
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HISTORY OF SAVINGS BANKS.
RHODE ISLAND.
There has been no material modification of the Savings Bank laws or system in this State from that detailed in the preceding volume of this history.
CONNECTICUT.
The most important action of the legislature of
Connecticut was the passage of a resolution by the
general assembly at its session in 1873, appointing
three special bank commissioners to thoroughly examine the condition and workings of the Savin.gs Bank
system of the State, and to report thereon to the next
general assembly. The commissioners named in the
resolution were the following: David P. Nichols,
Thomas S. Marlor and John W. Stedman. . The latter
was subsequently appointed insurance commissioner of
the State.
The commissioners appear to have discharged the
duty assigned to them with intelligence, zeal and fidelity, and their report, made to the general assembly
in May, 1874, is an elaborate and exhaustive review 0£
the condition, working, defects and needs of the Savings Bank system of the State. The course pursued
.by the commission was much the same as that pursued by the writer in making a similar examination of
the New York system in 1867, as set forth in his report in 1868, of which we think mention has been
made in these pages. Blanks were sent to the various
institutions, upon which a return was to be made of
their resources and liabilities, and a series of thirtyfour questions relating to the condition, practices,
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CONNECTICUT : REPORT OF SPECIAL COMMISSION,
505
workings, etc., of the Savings Banks, was to be answered by the officers and returned to the commissioners. As may be supposed, a fund of valuable knowledge concerning the practical workings of the system
was thus gathered for the information of the public,
and for the enlightenment of the general assembly,
affording a basis for intelligent and practical legislation.
The returns made by the several Savings Banks are
arranged by the commissioners alphabetically by counties, and are made the subject of comment by way of
explanation or in noticing dangerous practices or palpable violations of the law.
'fhe text of the report discusses the following topics :
1. DEPOSITS AND DEPOSITORS.
The deposits are classified for each county, by number and amount, but for our purpose the aggregates for
the entire State are sufficient, and these are as follows:
Less than $500 ; No. 160,525, Amount ... . ......... ... . $21,145,745
Between $500 and $1,000; No. 28,713, Amount .... ... . . 18,041,933
Between $1,000 and $3,000; No. 15,352, Amount........ 23,017,064
Over $3,000 ; No. 2,088, Amount . . . . . . . . . . . . . . . . . . . . . . 9,690,272
We shall comment on this exhibit in a subsequent
chapter.
The commissioners also estimate the number of depositors in different occupations, but the data are msufficient to reach satisfactory conclusions from.
2.
LOANS ON REAL ESTATE.
Under. this head the commissioners show that the
per cent of assets invested in Real Estate loans varies
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HISTORY OF SAVINGS BANKS.
in different counties £rom 45 to 83, and that these average in the State 62 1-8 per cent, amounting to $45,082,975. Abuses 0£ special privileges granted to certain
institutions in loaning upon real estate in distant States
are noted and condemned.
3.
PERSONAL LOANS AND INVESTMENTS.
Loans on personal security constitute 16 3-8 per cent
0£ the assets 0£ Savings Banks, and investments in
stocks and bonds 21 1-2 per cent, the amount 0£ the
former being $9,292,933, and 0£ the latter $16,308,014.
Attention is called to flagrant violations 0£ the law in
making investments, especially in railroad bonds.
Bonds of one western railroad to the. amount of $207,000 are held by Savings Banks in the State, no interest
having been paid since 1871, and the corporation being
now in the hands 0£ a receiver.
4.
THE NEW MILFORD SAVINGS BANK
Exhibits such gross mismanagement in the conduct of
its affairs as to £orm the text 0£ a special paragraph.
The bank commissioners had reported concerning the
institution as £ollows :
"No cash account was kept and the funds 0£ the institution were kept with the private funds 0£ the treasurer, he keeping no private cash account, no ledger account 0£ the earnings of the institution or 0£ its lo.ans,
nor any ledger accounts, except with individual depositors. When necessary to make a statement 0£ the
condition 0£ the bank the treasurer would ascertain
£rom his ledger the aggregate balance due depositors,
from a memorandum book, the amount 0£ interest re-
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CONNECTICUT: REPORT, ETC., CONTINUED.
507
ceived and expenses paid, and any excess of assets over
what was called £or by this process, the treasurer
claimed as his own."
In the course 0£ one 0£ his official examinations in
the State 0£ New York, the writer found almost an exact
parallel 0£ the above. The "bank" was carried in the
pocket 0£ the president. Interest was not collected on
mortgages, but was added to original amount loaned
and reported as principal. On calling £or the amount
0£ cash on hand, the president took out his pocket-book
and exhibited its contents, amounting to $1.16 ! The
amusing part 0£ the performance was that official's utter
unconsciousness 0£ any thing exceptional or exceptionable in his 11roceeding.
5.
EXPENSES OF MANAGEMENT
Are found by the commissioners to average about fivesixteenths 0£ one per cent 0£ the deposits.
6.
CONNECTION OF SAVINGS WITH OTHER BANKS.
The commissioners report quite fully upon this topic,
and find that mismanagement and other abuses are the
result 0£ such connection as is frequently maintained.
They reach the conclusion that a separation 0£ Savings
Banks from other mon8yed institutions is demanded,
in order to correct abuses already existing, and to remove temptation to further abuses in the future.
7.
SAVINGS BANKS AS CLOSE CORPORATIONS.
The commissioners find in this topic occasion £or quite
an elaborate discussion. They deprecate the system as
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HISTORY OF SAVINGS BANKS.
it exists in Connecticut because of its exclusiveness,
shutting out from the management of Savings Banks;
many times, those whose counsel and assistance would
be most valuable. Yet the system in that State is less
exclusive than in many others, as in New York. In
the former there is commonly a large body of corporators, and these elect annually from their number a
board of directors to whom the management of the
bank for the year is confided. If we suppose the office
of director to be one that is sought after for its honors,
there is every chance of a change in the direction each
year, hence those in power have the restraint upon
them of a probable exposure of their maladministration
by their successors. In New York, on th& other hand,
the corporators are less in number, and the control is
given into their hands as a body, consequently they
have no successors, except as from time to time one
dies or resigns, and then the vacancy is filled by the
remaining members. The system in Connecticut is
openness itself compared with that in New York, and
yet the abuses in the latter State arising from this feature of the system have not been such as to create a
crying demand for change.
The commissioners in their report suggest several
changes in the constituted organization of the system,
which will in their judgment tend to a correction of
the evils which they point out as the result of this close
corporation feature of the Savings Bank system.
8.
THE PANIC OF SEPTEMBER,
1873.
Less attention is given to this disturbing force in
the history and experience of Savings Banks, than,
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CONNECTICUT: PANIC OF SEPTEMBER,
1873.
509
occurring as it did in the midst of their investigations,
we would have supposed the commissioners would
have devoted to it. They observe that what but
for the panic would have been a normal increase of
deposits £or the year of about $6,000,000, was by that
disturbing force reduced to $2,406,187. One lesson
of the panic is referred to by the commissioners, but
in language less earnest and forcible than might and
we may think ought to have been employed. It is,
that commercial paper bought at 12 to 20 per cent
discount is a very poor asset £or Savings Banks in time
of panic. The main reliance of the Savings Banks in
that time of trial and of peril was in their public
stocks. All the devices of cash on deposit in banks of
discount- which in such a time have to save themselves first,- and of call loans, prove to be but flimsy
expedients beside the possession of U.S. government
and solvent State or :first-class municipal bonds.
9.
PROPOSED CHANGES IN THE LAWS.
The commissioners conclude their report by recommending to the general assembly the enactment of a
Savings Bank code which they submit, embracing such
amendments to the existing laws as their observation
has led them to regard as desirable or important.
The existing general laws relating to Savings Banks
are appended to the report.
Altogether the report is a valuable contribution of
statistics, and of intelligent discussion concerning this
important interest.
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HISTORY OF SAVINGS BANKS.
The general assembly to which this report was
made, passed an act amending the laws relating to
Savings Banks, and embodied therein some of the
changes recommended by the commissioners. These
did not, however, constitute a leading or distinguishing feature of the act. Nor was the act in any sense
a revision or codification of the existing laws, such as
was proposed by the commissioners, embracing in one
simple act all the legislation required.
Its distinguishing features were the following:
Not more than three directors or other officers Ill
any Savings Bank were to be officers or directors in a
bank of discount, and no cashier of a bank of discount
should be treasurer of any Savings Bank whose deposits exceeded $500,000.
No president or director of any Savings Bank was
permitted to be surety for the treasurer.
Dividends not to exceed three per cent semi-annually. A surplus not exceeding five per cent of de.
posits, authorized ~and after three per cent had been
accumulated, the earnings beyond three per cent semiannually, might be divided as extra dividends, and
when five per cent had been accumulated, the extra
earnings were to be divided whenever they were
equal to one per cent of the deposits.
The names o.£ directors consenting to loans or investments, were required to be entered upon the
records : this of course was to fix responsibility.
Two bank commissioners were to be appointed by
the governor for three years. Previously there had
been a single commissioner.
Savings Banks were prohibited from having on de-
.
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511
posit in banks of discount more than $10,000, for a
longer period than thirty days without receiving at
least four per cent interest thereon.
Officers and directors were prohibited from borrow·
ing funds, or being surety for borrowers, also from
accepting any reward for negotiating or advising loans
or sales or purchases of stocks, under a penalty of
$1,000.
It was made the bank commissioners' duty to notify
State's attorney of any violation of law by officers of
Savings Banks.
At the same session another act was passed, prohibiting Savings Banks from investing in mortgage
securities outside of the State, and requiring such investments previously made to be collected and disposed of as fast as they should fall due.
At the session of the general assembly in the following year 1875, no less than five separate acts were
passed affecting Savings Banks. The following are
their more material provisions.
Savings Banks were prohibited from taking more
than seven per cent interest on loans, except in the
way of taking it in advance for a period of six
months.
All special acts granting special privileges to any
Savings Bank were repealed - also all inconsistent
acts.
The rate of taxation on Savings Banks was fixed at
one-half of one per cent on loans on real estate, and
one per cent on the balance of assets after deducting
real estate owned, and such securities as were exempt
from taxation, and Savings Banks with less than
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HISTORY OF SAVINGS BANKS.
$50,000 of deposits were authorized further to deduct
$10,000 from their assets, not otherwise exempt. Certain additional penalties for non-compliance with the
law, on part of officers and of receivers, were defined.
The range of investment was enlarged by adding
to the stocks of cities previously enumerated, those of
the city of New York, and stock of any trust company in Hartford or New Haven.
Before making a loan upon real estate, the property
was to be appraised by two or more suitable persons,
and such appraisal was to express on its face the value
of the property, and, together with certificate of title,
was to be filed and kept with the institution.
Not more than three per cent of the deposits to be
loaned to any one· person upon personal security where
the deposits exceeded $25,000. In 1876, two Savings
Banks were by a special act permitted to loan on real
estate in an adjoining county of an adjoining state.*
Another act authorized a discrimination of not exceeding one per cent to be made between deposits of
$2,000 or less, and those of greater amount in the rate
of dividend to be allowed.
Various causes have operated to concentrate public
attention upon Savings Banks within the last few
years. Doubtless, their increasing magnitude, the vast
sums of which they had become the repositories, and
the more careful and minute statement 0£ their condi* A commentary on the act of previous
y~ars repealing all special privileges I
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AWAKENED INTEREST.
tion and operations more widely diffused among the
people than formerly, are causes which, in themselves,
would be sufficient to explain the increasing interest
in their management and welfare which manifests itself in the public press, and especially in the halls of
legislation. But added to these general causes, and,
perhaps, more potent than these, has been the financial
and industrial depression all over the country, since
the panic of 1873. In times of general trouble and embarrassment, the public instinctively seek in changes in
the laws and in their administration, that relief which
they cannot themselves administer. The financial embarrassments which have affected every other department of business and enterprise could not fail to affect
unfavorably those Savings Banks which, by their practices and methods of business, allied themselves to the
fortunes of miscellaneous commercial enterprises. Individuals and corporations were £ailing on every hand,
and Savings Banks whose destiny was linked with individuals and corporations could not remain unshaken
amidst the general crash. Then jt was that an importunate public, voicing itself through the press, demanded the security of wiser and more intelligent legislation. The result we have recorded in the preceding
pages. The tendency has been toward improvement,
doubtle~s, but the great lesson of all which these events
enunciate with such clearness, as yet remains, to a very
considerable degree, unheeded. It is, that if we would
make Savings Banks truly secure, we must effect between them and private enterprises a complete separation, by confining the investments of the former to
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HISTORY OF SAVIN GS BANKS.
public securities and to loans on real estate, with a
wide margin for errors in judgment and for depreciation in value from any cause.
CLOSING STATISTICS.
In the text relating to the several States, we have
given the latest statistics at hand when the text, to
which they were related, was made up .and stereotyped.
Of course it could but happen that after the record of
any State had thus been closed, later statistics would
come to hand, but too late for insertion in their proper
relation. Thus the Savings Banks in Pennsylvania and
in Baltimore courteously furnished• the writer with
statements of their condition at the close of 1876,
but these were not received until after the chapters
relating to those States had been cast. From other,
States, also, similar favors have been received from private or official sources. . With a view to bringing these
later statistics into form, such that this work shall
embrace the full record as complete as the material
will afford down to the close of 1876, we gather at
the end of this chapter such of these as have not found
place in previous pages. Of course this later summary will be characterized by the same peculiarities
which marked the tabular statements in the several
States - some being very full and complete, others
being no more than a statement of the amount due to
depositors. Herein, also, we take the record as it is
presented to us, without any effort to amend it, or
make it consistent or rational. That is a work requiring time, and must be deferred until a future edition
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LATER STATISTICS.
shall permit of a thorough revision of the statistics
from and after 1873. It will be understood that the
statements given are tlie nrarest to the close of 1876,
that could be obtained. In New Hampshire the statement is for April, 1877. One or two Western States
furnish statistics for a date later than 1876 but we do
not revise our table.
TABLE OF LATER STATISTICS.
MASSACHUSETTS.
[Tabulated to x873. See vol. I, pp. xx4, xx5.J
No. of
Open
Banks. Accounts.
YEAR.
... .....
1874 . .••• ., .........
x875 .....• •·•············
x876 •.••••..••••.••.••..•.
Increase.
Due to
Depositors.
35,870
$217,452,120
18,540
237,848,963
18,650
' 243,340,642
702,099
720,639
x79
I8o
180
739,289
Increase.
$ 15, 256,777
20,396,842
S,49x,679
CONNECTICUT.
I
I
[Tabulated to 1873. See vol. I, pp. 164, 165.]
1874 ... _.... •••. •. . .
1875
1876*::::: : ::::::::::::::::
I
86
87
86
2o6,274
2o8,030
203,5x4
1,533
1,756
-4,516
$73.783,So,
76,489,310
78,524,172
I
$3,014,395
4,93 2 ,730
2,034,862
• To October only.
RHODE ISLAND.
[Tabulated to 1873. See vol. I, pp, 193, 194.J
1874................ .•••....
1875.,, •. • ... •. •,,,.,.. . . . .
1876.... ........ .... ..... ..
37
38
39
I
98,539
,635
99,865
IOI
I
5,415
3,096
I
$48,77 1 ,5°1
51, 3ll, 331
50,5n,979
-1,770
I
$2,154,318
2 ,539,830
-799,35 1
NEW HAMPSHIRE.
[Tabulated to 1873. See vol. I, pp. 223, 224.J
1874..... •• ..... ..• • ••.• ..
1875.... ... . .... .... ... ....
1876. ............ •• .. ... ....
68
68
67
I
96.938
100,191
98,683
I
4,150
3,253
-1,508
I
$30, 2-1 4.585
31, 198,o64
32,338,876
MAINE.
[Tabulated to 1874. See vol. I, p. 267.
1875........ . • . . • • • • . • • . . ..
1876, • •,. , , , , , , , , •,,......
63
6o
I
3261
90, 62I
IOI,
4, 5271 $30,757,651
27, 818 1 764
-IO, 705
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11,520,726
983,479
1,140, Suz
l
$-294, 312
938,887
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HISTORY OF SA VINOS BANKS.
VERMONT.
[Tabulated to 1874. See vol. I, p. 300.]
No. of
Open
Banks. Accounts.
YEAR.
Due to
Depositors.
Increase.
18
20
1875 ........... .... .. ... .. ..
1876 ....................... .
$7,5go,5g8
8,058,553
Increase.
$2,578,767
467,955
NEW YORK.
(Tabulated to 1874. See pp. 336-338, ante.]
.
.,._...
.,.c
~
YEAR.
Co!
> ...
·-""
~o
1875 ... . . ......
1876 . ..........
]Q
"'
-"'
Qi,d
-"'
"' .
• 'O
4
4
•
0
~'.'.:I
~~
c.£
·>,t>
en"'
b1~
c<>
Q,
>o
·-
.. =
en._
o,
().
t~~
a=8.5
z
0 ()
- - - --- ---8
8
154
150
YEAR.
1875 ...... . .. . ....
1876 .... ......
'-
.!3
.
:~~
~ 8.5
.... ... .. ... ....
=
g·cn21
~"'
·a~
<
a&
<
Q
12,96o $162,592,113
IOt JOO
146' 532' 529
Increase in
deposits.
Due depositors.
$15,324,553
$319, 26o, 202
············ ...... .
'it
~.,;
<)0()
859,738
849,638
,5
,/,
'O
.,u •
316,677,285
-z,582,917
$143,628,957
146,026, 362
Dividends.
$16,990,224
16,506,090
NEW JERSEY.
[Tabulated to 1874. See p. 353, ante.]
YEAR.
Due depositors.
1875 .. .... . ..................... .. .
$32,727,342
1876 . ........... ·-· ··. .. . . ... . .. . .. ..
31,026,109
PENNSYLVANIA,
Increase.
Decrease.
$682,502
1876.
[Partial statistics. Seep. 371, ante.]
NAME OF BANK.
Open accounts.
Philadelphia Savings Fund Society ...... ........... .
Dollar Savin~s Bank, Pittsburgh . . ..... ... .......... .
Western Savmirs Fund Society, Philadelphia . .... ..
Beneficial Savmgs Fun<h Philadelphia ......•....... .
Savings Fund Society, bermantown . . ... . ... . .. . ... .
Real Estate Savings Bank, Pittsburgh.... .. .. ... . ..
Johnstown Savings Bank . . .... .. . . ..... . ........... .
48,995
Due depositors.
$12,864,990
10,653
S, 229,497
3,018,517
1,374 ,373
8,255
3,018
3,804
692,635
627,136
297,865
2,500
1,336
Totals .... .
$24,105,013
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LATER STATISTICS.
MARYLAND,
1876.
[Partial statistics. Seep. 384, ante.]
NAME OF BANK.
Open accounts.
Savings Bank of Baltimore .. .. . .. . .. .. . .. ... . .. ... .
Eutaw Savings Bank, Baltimore .. ... ..... .......... .
German Saving s Bank, Baltimore .. . . .... . .... . . .. .
Central Savings Bank, Baltimore . . . . . . . . . . . . • . . . .
Five others, estimated .. .. .. .. .. .. .. . .. ........... ..
Totals ....................... . ............... ..
32,788
14,435
5,406
6,649
Due depositors.
$12,721,255
5,5o8,958
1,041,499
1,058,348
1,017,000
------1-----$21,347,000
ILLINOIS.
[Partial statistics (Chicago only). See p. 431, ante.]
Due depositors
close of 1876.
NAME OF BANK.
State Savings Institution .............................. .. ...... .. .... ..
Fidelity Sa vings Bank ...... .. ...... .. .................... . .......... ..
Merchants, Farmers and Mechanics' Savings Bank •.........••.•......
German Savings Bank ............ .. ................ . ............ ..
lllinois Trust a nd Savings Bank ...................................... .
Union Trust Company Savings Bank .............. .. ................. .
Prairie State Loan and Trust Company . .. . .. .. . .. . .. . .. ............. .
Dime Savings Bank . .. . .. .. .. . .. .. . . .. . . .. .. .. .. .. . .. .. .............. .
Others, estimated .. .. . ....... .. .... .. ................. . .............. ..
Total. .. . .... .. .................. . • .... .. ................. . ..... .
$3 ,959,552
1,830,847
930,676
924,534
694,oog
389,048
363,493
30,161
80,000
,-----$9,202,320
Omo.
On application to the Auditor of State for statistics
of Savings Banks for 1876, he sends me his annual
report for that year. But it does not contain a word
concerning Savings Banks. As the statistics previously given of this State, though evidently very incomplete, were derived wholly from the Auditor's
report, I am at a loss to account for their disappearance entirely from the report of 1876. In the meantime the "Society for Savings " in Cleveland has furnished me with the amount of its deposits at the close
of 1876, $8,107,341. This is about three times the
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HISTORY OF SAVINGS BANKS.
amount reported by the Auditor in 1875, from all the
Savings Banks in the State, and affords a fair measure
of the correctness of the official returns in that State.
For 1876 I have added the der.osits 0£ the Savings
Society in Cleveland to the aggregate reported by the
Auditor in 1875, $2,774,056, making a total 0£ $10,881,397, which is doubtless still too low, as there are
other Savings Banks in the State which do not report
to the Auditor, and which have not favored me with
any information of their condition.
MICHIGAN
Though the statistics from this State have already
been brought down to October, 1876, the State Treasurer has, with great courtesy, furnished me with the
returns to April, 1877, and these will be found in the
general comprehensive table of Savings Bank progress,
at the close of the- next chapter.
foWA.
From Iowa I am unable to procure any thing later
than that already recorded, and have estimated the
deposits at close of 1876 at $2,500,000, and have so
entered it in the general table.
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GENERAL REVIEW,
CHAPTER LXIX.
GENERAL REVIEW.
We have thus completed, as originally planned, the
details of the inception and progress of Savings Banks
in the United States, with the character and incidents
of their development as these are found exemplified in
the statistics recorded, the ideas promulgated and the
policies adopted by the several states concerning this
interest. It still remains to gather from these disjointed
histories, some intelligible notion of the growth and
progress of this interest as a whole in this country.
The system of Savings Banks was, as we have seen,
transplanted from Great Britain to these shores. They
found here a ready acceptance, because the conditions
which had been favorable to their inception·there, like·
wise existed here in full force. Naturally, also, the
form and characte1· of their development in the old
country, would be and were accepted as models for
imitation in the new. Thus, prior to any support from,
or restraint by the law, the trustees of Savings Banks
in Great Britain exercised absolute freedom of discretion concerning the manner in which · they would employ the moneys committed to their keeping, the only
security of the poor depositors being the reputation
for integrity, character and worth of those to whom
they committed their treasures. Fortunately, these, in
that earlier day, before any legislation, were never
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HISTORY OF SAVIN GS BANKS.
known to fail. We have no record of a single instance
in which the confidence of the poor thus unreservedly
given, was violated. In the exercise of this unlimited
discretion, the trustees of sorne Savings Banks deposited all the funds received by them in some bank
which would allow a moderate interest for the use of
the deposit. Others, doubtless, sought other forms of
security, and we have the record of one which loaned
the moneys received to a manufacturing company.
But when Savings Banks in England passed out from
the unincorporate and irresponsible form of private
beneficence, into corporate embodiment, under the
enactments of Parliament, it was deemed necessary,
or at least expedient, to supplement the sanction and
protection of law by the restraints of law, and trustees were required to deposit all the moneys received,
for the purpose of having the same invested in the
public funds. No other form of investment was permitted.
The significance of this order of conditions upon
the inception of Savings Banks in the United States
is clearly marked. The movement in Philadelphia
and in Boston, resulting in practical organization, was
inspired by pamphlets and correspondence, we presume, giving accounts of the plans, methods, rules,
regulations and practices of these voluntary associations. The freedom of action in respect to the use
and employment of the moneys received for the advantage of the depositors, was, of course, a conspicuous feature in the papers which set forth the working
of these institutions. In modeling their work after
these examples, the lllanagers of the Philadelphia
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GENERAL REVIEW.
Saving Fund, and of the Boston Provident Institution, would naturally reserve to themselves the powers
which had elsewhere been so successfully employed in
the _development of this interest. Accordingly, we
find that the discretion of the trustees of these institutions, in respect to investments, was scarcely at all
restricted.
The other New England States modeled their systems after that of Massachusetts; hence, these all embraced somewhat of the freedom which characterized
the Savings Bank management in Great Britain before
the restraints of law were imposed upon it.
In New York, although a movement for the establishment of a Savings Bank was instituted nearly or
quite as early as in Philadelphia or Boston, it was not
consummated by a practical organization until after
the character of Savings Banks in Great Britain had
been modified by the legislation of which we have
spoken. The movement in this State being inspired
directly from the old country, caught the spirit of the
new dispensation under the law; hence, we find that
the charter for the Bank for Savings in the city of
New York restricts investments to the public stocks
of that State and of the United States, thus being
modeled after the parliamentary statute. With modi:6.cations, which time and change have rendered necessary, this primary distinction between the systems of
New England and New York, in respect to investments, has been kept up to this day. Securities resting upon the pledge of public faith, national, State or
municipal, have been the leading feature of legalized
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HISTORY OF SAVINGS BANKS.
investments in New York. While these have had a
nominal preference in New England, corporate securities in the form of stocks or bonds of banks, railroads,
etc., and personal securities in the form of notes, have
been at all times favorite investments, and to a greater
or less extent have had the sanction of the law.
It is useless to attempt to disguise the fact that
Savings Banks were instituted primarily as a part of,
or at least as supplementary to, the charitable machinery of society. True, the charity consisted chiefly in
service and in sympathy, rather than in gifts; stil1,
the system as originally devised and wrought out,
implied patronage on the one hand, and tended to
promote servility on the other. Doubtless the patronage was less ostentatious and the servility less
degrading than these are found in institutions wholly
charitable. In Great Britain, indeed, both under the
voluntary and the parliamentary systems, the charita·
ble features were not confined to the service of receiving, securely investing and safely returning the moneys
of depositors, but embraced, oftentimes, bounties in
the way of larger interest than had been or than
could be earned, which were designed as a reward for
and an incitement to industry and economy. The
parliamentary system was, in itself, one gigantic
scheme of charity, offering to the managers of Savings Banks a higher rate of interest than could possibly be earned by the Government. It was doubtless
as wise and salutary as it was beneficent, and states:
men in Great Britain have maintained that, aside from
the beneficial results of Savings Banks in promoting
industry and diminishing pauperism, the government
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GENERAL REVIEW.
really derived advantages directly from the deposits
made with it on behalf of Savings Banks, which more
than balanced the excess of interest paid.* We have
no occasion to enter into that question, our aim being
simply to define the character of Savings Banks in
their original inception, and in their growth and development. That in Great Britain the charitable feature was marked and distinctive, is, I think, made
apparent from the foregoing. In the United States
the only gratuity extended to depositors was in the
time, service and watch-care contributed by the trustees. Still, there was not concealed, in the earlier institutions in this country the relation of patron and
dependent. The very limitations sought to be imposed by legislation in restricting the amount which
any individual might deposit) created a caste distinction, and recognized a; beneficiaries of Savings B&nks
only those who, it was assumed, were incapable of
taking care of their own savings.
It was in this spirit of philanthropy and beneficence
that Savings Banks were organized and conducted £or
many years after their introduction into the United
States. Most of the older institutions are still conducted in this spirit and upon this idea. In some of
them the official arrogance which the relation of patron
and dependent naturally begets, is very marked on the
one hand, as is also the timid servility of conscious
dependence, as £or favors bestowed, on the other.
It was many years before Sa.vings Banks in the
United States assumed, either in £act or in the consid* See testimony of Sir Alexander Spearman before select Parliamentary committee on Savings Banks, 1858.
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HISTORY OF SAVINGS BANKS.
eration of any legislature, rank or consequence as a
system of means and influences to be guided, directed
and controlled to salutary issues by wisely constructed
and intelligently administered general laws. Indeed,
the original purpose for which they were instituted,
the generally satisfactory manner in which that purpose was being wrought out by each institution in its
own way, and under its own act of incorporation, their
moderate growth, the modest and quiet pursuit of
their business without noise or friction or public display, and the comparatively small amount held in
trust by any one of them, or in the aggregate by all
of them, were so many considerations tending to divert from them the attention of the general public,
and to constitute them an uninviting, because inconspicuous, subject of legislative investigation and interference.
This condition characterized the development of
Savings Banks until 1834, at which time the aggregate
deposits in the United States were probably about
$7,000,Q00, and the largest amount in any State was
in New York, $3,992,000, over $3,000,000 of which
was in a single Savings Bank.
Massachusetts, which had made herself conspicuous
by the passage of the first recorded act of legislation
in the world in which the idea of Savings Banks waE
acknowledged and sanctioned, was the first to provide
for their incorporation and regulation under a fairly
well-matured and rational general law, which waE
done by the act of 1834, as set forth in our previom
volume. From this time onward, general acts, affect•
ing Savings Banks in some of their aspects or relations.
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GENERAL REVIEW.
were a very common feature 0£ legislation, though
these acts were generally confined to some single
topic or feature. That in New York in. 1835, concerned the publication of unclaimed deposits; that in
1839, the authorized accumulation 0£ surplus; that
in Connecticut in 1833, required returns to be made
0£ resident and non-resident depositors, probably for
purposes 0£ taxation ; and later, in these and other
States, restrictions were imposed upon investments,
and the like. These measures 0£ legislatign, crude
and ill-considerecl as they were oftentimes, and rendered inoperative, as they frequently were, by special acts conferring upon individual Savings Banks
powers and privileges at variance with the general
laws, still serve as an index pointing to the growing
importance 0£ these institutions in the public mind.
They were an effort to grapple with an interest which
was rapidly expanding and passing from a condition
of weakness and insignificance, to a position 0£ commanding strength and supreme importance.
This £act seems to have been impressed upon the
minds 0£ legislators more by the frequency and urgency 0£ the demand for charters £or Savings Banks,
than by the importance 0£ _the interest as disclosed
by the amount of their deposits. But these were
steadily increasing in the institutions already established, and every new institution promised its quota
to swell the aggregate. Commonly, the earlier legislation in all o-f the States embraced provisions £or
returns to be made which should reveal the condition 0£
the Savings Banks in respect to their liabilities, and their
resources £or discharging the same. The idea 0£ general
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HISTORY OF SAVINGS BANKS.
statistics, revealing from year to year the work accomplished by these institutions, the amount of moneys
received a:r_id disbursed, and the aggregate population
reached and affected by them, did not impress itself
upon the legislative mind until long years after the
importance of a return ·of their financial standing had
been acknowledged and provided for.
These returns, revealing the condition of these institutions, even though imperfectly, were naturally the
subject of more or less criticism and gave rise to acts
designed to make Savings Banks more secure through
1imitations upon their investments. Out of these processes for disclosing to the public the financial condition
of Savings Banks, and for making that condition secure
through restraints upon the power of investment,
there was evolved the idea of supervision and investigation by some competent authority, to ascertain by
personal examination that the returns were true and
the laws concerning investments obeyed. The growth
and order of this legislation was by no means regular
and uniform in ~he several States, but all the material
points or topics covered by this review, were in some
form embraced in the legislation of most of the States
during the twenty years subsequent to the general act
of Massachusetts, in 1834. In New York, however, no
system of regular or uniform returns was devised and
enforced until 1857, though for two or three years previous, imperfect returns had been made u_nder a resolution of the Senate calling £or them. These matters of
detail will however be found under the States to which
they relate.
During these processes of legislation, possibly affect-
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GENERAL REVIEW.
ed by them somewhat, at least through the publicity
thus given to Savings Banks as affording a secure place
of deposit for any surplus of moneys not required £or
immediate use, and subject practically to repayment on
demand, the character of these institutions in respect to
the material condition of their patrons, and hence in
respect to the purposes in fact accomplished by their
ministry, was gradually changing.
They became the resort not only of the indigent poor,
whose meager savings they had been instituted primarily to preserve and protect, but of industrious
and thrifty toilers, who were many removes from and
were in little danger of falling into the ranks of tlie
indigent and helpless. Though poor they were independent, because their labor was in regular demand,
and their impulse was to industry and thrift. The
patronage of this large class in society, could not fail
to have a marked effect upon the fortunes and character of Savings Banks. In cities and populous centers
of manufacture and trade, this patronage lifted wellconducted Savings Banks out of their dependent semicharitable state, upon a higher and more commanding
and dignified plane. The receipt and care of these more
considerable SUJllS demanded something more than the
gratuitous service for a few hours in one or two days
in the week, of a few benevolent gentlemen, inspired
by the hope of saving from destitution and want their
fellow creatures just hovering upon the brink of pauperism. This new and larger demand upon the resources
of Savings Banks in the way of attendance and attention, made it necessary to employ and to pay competent
clerks and m~nagers to be on duty daily during ordi-
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HISTORY
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nary business hours, and the facilities thus extended to
the public were met by increased patronage and favor,
and from the margin of profit on this enlarged business the greater expense incurred was easily met.
We may consider the growth of Savings Banks from
about 1850, as also largely promoted by the greater publicity given to them before the public, through legislative enactments and discussions and by the returns
themselves which, though not very folly disseminated,
still would be more or less a subject of consideration
and topic of discussion in the papers and in neighborhoods where .Savings Banks were established.
This growth, from the best data we are able to gather,
was, during the ten years preceding the war, from about
$43,300,000, to nearly $150,000,000, or nearly two hun•
dred and fifty per cent; probably if we could obtain
exact data it would be quite equal to that. The increase from 1840 to 1850, being from about $14,000,000, to $43,000,000, was a smaller per cent than the
above, but was still a marked and wonderful development illustrating again the absurd fallacies that often
underlie deductions from percentage calculations.
This was the era of industrial, commercial and financial prosperity, not wholly interrupted, yet not so badly
disturbed as not to exhibit real gains in material wealth
at the close of each succeeding year. Even the notable
panic of 1857, seems, as we look back upon it now with
the experience of 1873 still remaining with us as something more than a memory, to have been little more than
a wild agitation of the surface of human affairs. It was
during this period that California opened her treasure
house and poured her golden flood upon us, in return
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GENERAL REVIEW.
for the varied products 0£ eastern industry, invention
and skill. The aggregrate wealth 0£ the country increased during this period from $7,135,000,000 to
$16,159,000,000, or more than one hundred,per cent.
0£ course it is impossible to keep the industrial £orces,
human, animal, natural and mechanical, fully or even
fairly employed in production without rapidly increasing
the material wealtho£ the country-and the converse 0£
the proposition is equally true that those forces cannot
be long remanded to idle:r;i.ess without a corresponding
loss in material wealth. The demand 0£ nature in its
orderly progress and development is £or more, and if
this demand is not met, as it cannot be under conditions
which do not give to labor the employment it seeks,
the effect is not simply stagnation but retrogression.
During the period we are considering, from 1850 to
1860, useful labor seldom sought employment in vain.
We shall not go back 0£ this fact to inquire why
this was so, though one operating cause has been disclosed. The fact remains and is recorded in census
statistics as well as in the statistics of Savings Banks
during this eventful period.
From 1860 to 1870 embraced the period covered by
the war., and the conditions which promoted the growth
and expansion of Savings Banks during this period are
sufficiently well known. The most remarkable phase
of this growth is found in the rapid multiplication of
these institutions during this period, as will appear from
the statistics which we have compiled. Of course much
0£ this growth or expansion was like that of the general prosperity which seemed to prev~il in the midst of
carnage and destruction, morbid, unnatural and false.
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HISTORY OF SAVINGS BANKS.
In the nature 0£ things a reaction must come sooner or
later both to the :fictitious general prosperity and to the
growth or expansion of Savings Banks which is but a
reflex from, or exponent 0£, the prevailing conditions in
finance, industry and trade. It came in the panic 0£
1873 and we still await recovery from the demoralization which that panic served to reveal, but did nothing
to create.
One beneficial result 0£ the strain to which Savings
Banks were exposed by the revelations of the period,
and to which many of them were forced to succumb,
was the opening of the eyes 0£ legislators to the supreme
folly of blindly incorporating every set of men who applied £or a Savings Bank charter, without ever a thought
0£ the needs of such an institution, or 0£ its possible
effect upon institutions already established. Incident
to these conditions of trial through which Savings Banks
have recently passed and from which all have not yet
folly emerged, have been the efforts 0£ legislation in
nearly all of the States to provide some effectual safeguards £or the protection 0£ depositors. The experiences 0£ the last few years have enforced upon legislators what Commissioners and Superintendents have
sought in vain to enforce, that not the least danger to
Savings Banks and to the security of depositors is that
proceedingout£rom hasty, thoughtless1 reckless and incongruous legislation, and fortunately, the best and most
salutary measures £or the protection 0£ depositors have
been those which have sought through the more cares
fully considered restraints 0£ general laws, and the
repeal 0£ all special privileges, to protect the depositors and the system against the weakness and folly of
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GENERAL REVIEW.
legislation in the past. The last preceding chapters
have given a review of the later movements in this
direction which renders unnecessary further extended
remarks here.
It only remains in this connection to present a tabular
statement showing the growth and development of
the Savings Bank system from an early period to the
present time. It must be borne in mind that we have
no official record of the condition of Savings Banks in
any state prior to 1834, that being the year for which
the returns in the State of Massachusetts were first
made. In New York the official record does not begin
until 1857, but the :facilities which the writer has en•
joyed in this State have enabled him to give substantially a continuous record from 1819 to the present time.
The statistics of a very few Savings Banks had to be
estimated for a few years to make the record complete,
but it is believed these cannot materially affect the accuracy of the grand aggregates. So also, in compiling the following table, the statistics of several States
are estimated for the earlier years, before any public
record of their condition was made, and all record of
several States, as of Missouri, is omitted.
Wherein the figures in this table are unlike any
previously given out, the difference results from later
information or more careful and thorough revision in
making estimates. With due allowances for error,
which it will be a pleasure to have corrected by &ny
thing more reliable or authentic, the statement is presented as the nearest approximation to accuracy which
the present knowledge of the subject will admit of.
We believe, however, that the aggregates will never
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HISTORY OF SAVINGS BANKS.
be materially changed. They have cost an immense
amount 0£ labor, and we are not likely to be furnished
with data for their correction any more authentic
or complete than those already employed by us. ·we
have no apologies to offer for any imperfections which
we have done our best to avoid.
Of course this table, grand and wonderful as is the
record which it presents, falls far short of revealing the
whole work accomplished by Savings Banks since
their introduction into this country. This can only
be estimated in the most general way, with many elements for a correct calculation wanting. I should
make a rough estimate in this way about as follows:
Whole number of accounts opened, 8,700,000; amount
deposited, $4,750,000,000; interest credited, $300,000,000.
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SAVINGS BANK FAILURES,
CHAPTER LXX.
SAVINGS BANK FAILURES.
We do not propose herein to record all the failures
0£ Savings Banks 11ince their introduction into the
United States. The material for such a record is not
accessible, nor, if it were,. would the detail be especially edi£ying or instructive. A sufficient number 0£
instances will be cited to illustrate the causes 0£ failure inherent in the system, or incident to its administration in this country. It will be found, and let us
derive from this fact what satisfaction we can, that
but few, very few failures of Savings Banks in this
country have been caused by a fraudulent appropriatio!1 of the deposits.
It. must be confessed, however, that. the history of
our failures, i£ fully written, would embrace too many
instances wherein disaster has been wrought by an
administrative policy so selfish and personal in its
aims, and so reckless in its disregard 0£ the plainest
principles 0£ prudent business management, as in
morals, whatever it may be in law, to rank as a crime
scarcely inferior to that of deliberate embezzlement
or premeditated fraud. For the most part, however,
the failure of Savings Banks in this country, has been
wrought by injudicious in vestments or loans, made
sometimes under the sanction of the law, sometimes
without its sanction, and sometimes even in opposition
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HISTORY OF SAVINGS BANKS.
to its mandates, but always with the purpose in view
0£ promoting the advantage 0£ depositors, by soouring
£or them a higher rate 0£ interest than strictly first
class investments or loans would yield. The moral
delinquency to which these failures are chargeable, is
doubtless of varying grades or degrees, and we shall
not attempt to analyze and classify the several forms
of indiscretion and mal-administration which have
culminated in financial disaster. · They all had their
origin in a departure, £or whatever cause, from the
primitive idea of Savings Banks, which was, by the
perfect security afforded, to render them an attractive
place of resort £or the small savings of frugal poverty.
EARLIER FAILURES.
Prior to 1870 Savings Banks in this country had
enjoyed a wonderful immunity from misfortune. We
have noted, in their respective sections, the failure of
the Portland ~avings Bank in Maine, the first institution chartered in that State ; and 0£ the Black River
and Middlebury Savings Banks in Vermont. Only
one of these seems to have been caused by criminal
delinquency, and this took the form 0£ borrowing
rather than 0£ stealing the moneys of the institution.
The distinction is one which casuists will perhaps
maintain to be too fine to be appreciable to a nice
moral perception, and our sympathy £or unfortunate
"borrowers " of trust funds is not sufficiently warm
nor active to induce us to carefully grade the character of their offense, in order to see how far above
or below theft it might be entitled to rank.
In Massachusetts the first recorded failure is that
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of the Taunton Institution for Savings, which occurred
in 1843. The deposits amounted to about $200,000,
of which the depositors received 82 1-4 per cent. The
loss was occasioned by bad investments. In the following year the Gloucester Institution for Savings
closed with deposits of less than $50,000, paying .S6
per cent. Here, also, the disaster came through bad
investments.
In 1859 the Peoples' Five Cents Savings Bank in
Boston failed through the defalcation of the treasurer.
The deposits were less than $150,000, of which 80 per
cent was paid.
When we consider that this sum of less than $75,000 represents the entire loss to depositors in Massachusetts Savings Banks from 1816 to 1874, a period
of nearly sixty years, out of what must have been
during that time an aggregate fund committed to these
institutions of probably $750,000,000, we must conclude that the system in that State, so far from being
in any sense a failure, has proved itself to be more
free from defects in its plan, more exempt from folly,
weakness and greed in its administration, than we
would have any reason to predict that any merely
human interest of such magnitude would prove to be.
The entire loss in that sixty years did not exceed the
tenth part of a mill on each dollar deposited !
Savings Banks in the State of New York enjoyed
an immunity from failure from 1819 until 1854. In
the latter year the Knickerbocker Savings Institution
failed with deposits amounting to about $475,000, on
which there was realized from the assets about 86 per
cent, leaving a loss of about fourteen per cent. The
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HISTORY OF SAVINGS BANKS.
£ailure was caused by the intimate connection between
the Savings Bank and a bank 0£ issue and deposit 0£
the same name, organized the same year. The two
institutions were carried on in the same building,
under the same directors, so that when the bank of
issue became embarrassed, the Savings Bank was
naturally involved. Here was no violation 0£ law,
nor any purpose to wrong depositors, but an easygoing, slip-shod management which invited the disaster that be£ell.
In 1857 the Six-penny Savings Bank 0£ Rochester
£ailed during the memorable financial revulsion 0£ that
year. Its deposits amounted to only about $70,000,
of .which depositors received ninety-five per cent.
Doubtless with more confidence or £orbearance, the institution need not have been closed. For a young and
small institution out 0£ such a panic as that 0£ 1857, to
emerge from suspension and pay ninety-five cents on the
dollar is to make a rather remarkable record. There
are very £ew Savings Banks in the country that have
not seen the time when, i£ compelled to go into liquidation they would not have sustained a greater loss
than five per cent.
In the year 1870 there occurred the first instance in
this State a-£ the failure 0£ a Savings Bank through the
defalcation 0£ the chie£ officer in charge. This was
the Mechanics' Savings Bank, 0£ Buffalo, and when exposure became inevitable, the defaulting officer mani£ested an appreciative sense 0£ the enormity of his of£ense by hanging himself, whereby, having expiated his
crime by a more rigid standard than the law would apply, we have only charit~ble thoughts for his memory.
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The total deposits of the institution at .t he time of
the failure were about $150,000. The loss we do not
know. The trustees left the entire business in the hands
of the treasurer, never even examining its affairs themselves. Their avowed purpose to do so precipitated the
catastrophe.
In 1871 there occurred the failure of two Savings
Banks in the city of New York, both of which were
chartered by :the legislature in direct violation of the
principles and the policy which should govern in the
incorporation of these institutions.
The Guardian Savings Institution had been created in order to pension off a• politician of some prominence, who was thereby induced to surrender a position
which seriously embarrassed the plans of the party in
power in the State at that time. We do not know
whether the "Tweed Statement" will deal with such
trifles as the suppression of a report of the Judiciary
committee of the Senate, purchased with a s:vings Bank
Presidency; but we are confident it might narrate such
a proceeding without impairing the truthfulness of that
veracious record.
The Bowling Green Savings Bank was committed to
the control of a political ring, and the exposure of its
affairs after its failure showed how entirely in their
interest its business had been conducted. The char•
acter of its operations and how little it discharged the
functions of a Savings Bank are shown by the statement
of its business during the three years that the same
was reported, as follows : deposited, $10,613,949; with•
drawn, $9,970,037; due depositors, $643,912. Loans
were found charged to fictitious names, or at least the
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HISTORY OF SAVINGS BANKS.
most diligent search failed to discover the persons to
whom the loans were charged or the names belonged;
a considerable sum was recovered from one of the
officers, and another made voluntary restitution 0£
$50,000, on condition of being released from any
further liability. As we are not advised that any one
concerned in these frauds has been called upon to
render service to the State in any of its penal establishments, we infer that they rank only in the grade
of civil offenses. The management of the Guardian
Savings Institution appears not to have indulged a
career so reckless and scandalous as that narrated
above of the Bowling dreen. It is understood that
small loss, if any, will be sustained by depositors.
Early in the winter of 1872 the Market Savings
Bank broke down under the strain of the first examination to which it was subjected under law. Its affairs
were found to be in a deplorable state, the result 0£ neglect, incompetence and dishonesty in its management.
It had long been suspected of weakness, although its
real condition was concealed by false statements.
A notable failure of a non-descript Savings Bank
occurred later in 1872, of which we will make brief
mention. The institution was chartered under the
name of Safe Deposit and Savings Institution. As the
primary purpose of the corporation seemed to be to
provide a place of Safe Deposit for valuables, a capital
was provided for, and great latitude was given to the
corporation in the employment of its funds. But the
receiving of deposits, etc., was authorized and this was
the "Savings Bank" feature ·of the concern.
The principal or first office was opened at Syracuse.
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A branch was afterward opened at Utica. A leading
corporator was the managing officer of the National
Savings Institution in the latter city. With great
shrewdness and tact he managed to induce the depositors, or the great bulk of them, to transfer their accounts
to the "Safe Deposit" concern which he was conducting
in the Savings Bank office. In this way the "National"
quietly dropped out of existence, and the "Saf9 De,
posit" reigned in its stead.
As an incident of this transfer, it was alleged that
the managing officer manipulated the assets of the Sav•
ings Bank in such way as to improve his own financial
condition by many thousands of dollars, yet doing it
so adroitly as not to make himself amenable to a
charge of embezzlement. It is quite certain that the
assets which came into possession of the '' Safe Deposit"
concern, embraced a large proportion of securities which
no Savings Bank would be permitted to hold, and not
a few of doubtful value, and many which proved to be
absolutely worthless. The officer was removed, and a
suit was commenced to recover what it was alleged he
had wrongfully appropriated.
The original institution at Syracuse came in time to
be nothing more nor less than a bank of discount,
dealing almost wholly in commercial paper. The Utica
branch also dealt quite largely but not so exclusively
in that class of securities. Neither was properly a Savings Bank even in name.
On a morning in the summer of 187~ the cities of4
Syracuse and Utica were flooded with circulars setting
forth in the most sensational style an alleged utter
rottenness of the Safe Deposit Institution. A panic
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seized depositors, a run was made upon both branches of
the institution simultaneously, suspension followed,
succeeded by proceedings in bankruptcy and the concern was closed out, we doubt not with a heavy loss to
depositors. As a Savings Bank the institution had no
claim to a place in the New York system. It was not
doing a legitimate Savings Bank business. As a bank
of discount it seemed to be fairly well managed. As
such its weaknesses seemed to be a heritage which it
had received from the deposed officer of the Utica
branch. His successor. was certainly exerting himself
in the most honest good faith to repair the damages
which the financial transactions of the deposed officer
had wrought, and with a fair prospect of ultimate success, when the attack was made which precipitated ruin.
His own moderate fortune was swept away in the common destruction.
It was not doubted, and there were circumstances
which favored if they did not justify the conviction
entertained, that the attack was directed by the deposed
officer who was mainly responsible for the conditions
of weakness which he thus malignantly exposed.
AFTER
1873.
The conditions which resulted in the failure of so
many Savings Banks after 1873, had been operative
for years, requiring only some rude shock or some severe
and unusual strain to expose their weakness. The
shock came in the panic of 1873, and the strain in the
suspension of industry, the depression of trade and
the depreciation of property 'and securities generally.
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In New York State there was, as an added incident
to the strain in the rigid generaJ law passed by the leg•
islature in 1875. All these things served, no11 to create,
nor to promote the weakness which terminates in collapse - only to reveal it. They were so many demands,
urgent, persistent, and relentless, which it required
:financial strength to meet successfully. The institutions
which were :financially sound and strong were scarcely
affected by the strain which shattered .and destroyed
weak and unsound institutions. Of course some institutions which were no stronger than others which failed,
were spared through some local or merely adventitious
incident or condition operating in their favor to ease the
strain which was pressing so hardly upon the mass.
Some of those conditions 0£ weakness and inevitable decay which had their inception long prior to the
financial revulsion of 1873, we cannot perhaps better
characterize, than by introducing extracts from an
article written by us at the time, as a commentary
upon the unprecedented number 0£ •failures among
the Savings Banks in the city of New York in 1875-6.
It was as follows, entitled:
PREDICTIONS FULFILLED.
"In the name of others and in his own, the writer
has at various times within the last ten years addressed
the Legislature of the State of New York upon
topi?s connected with Savings Banks.' In 1866 we
wrote as follows :
'The expediency of further multiplying charters for
savings institutions in localities where ample facilities
for depositors are already afforded, will doubtless be
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HISTORY OF S.AVINGS B.A.NKS.
urged upon the attention of your honorable body. The
policy that will best or most surely promote the security
of depositors is, of course, the only one to which the
Legislatu~e can give its sanction, and it would seem quite
needless to suggest that a few strong and sound institutions, doing business upon a scale whose expenses are
but a small percentage of the profits, are far safer than
a larger number that shall so divide the business and
the profits as to leave but a small surplus, if any, after
paying current expenses.'
The trustful confidence in human nature as found
"abroad" in the legislature of the period,. which is expressed in the foregoing, betokens in the writer a sweet
innocence and rustio verdure to which he lays no present claim, and which has its only parallel in that charming character of fiction, "The Vicar of Wakefield! " The
Legislature promptly responded to this expression of
confidence by incorporating thirteen Savings Banks, six
of them in towns already amply provided. One of
these has just gone into the hands o£ a receiver.
In 1867 we wrote the following, which was also addressed to the Legislature :
'I would respectfully but earnestly ~enew the sug·
gestions of my predecessors in their several reports and
in my own report last year, against any: hasty and illconsidered increase in the number of these institutions.
Finance, trade, commerce and industry are all unsettled.
Already we hear the mutterings of the coming storm.
The paralyzed industry in the manufacturing districts
of New England is already bringing forth its natural
fruits in the withdrawal of savings wisely accumulated
for such a time of trial as now impends. We cannot
expect the Savings Banks of New York will long enjoy
immunity from a depletion of their resources, and when
the flood comes, the first to be borne away will be those
which to-day or to-morrow you create. The old senti-
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543
nels will stand, or, i£ carried away, it will be because of
the distrust wrought by the sudden collapse of younger
and weaker institutions. The safety and efficiency of
those already established should not be thus imperilled
by new and needless competitions. I have every confidence in the present ability 0£ the Savings Banks now
in operation, to meet the exingencies of any anticipated
crisis ; but how far their integrity might be hazarded
by any considerable increase in the aggregate liabilities,
with no corresponding increase of accumulated surplus,
such as would result from the spawning 0£ new savings
institutions, is a problem for which it is the part of
wisdom not· to seek a practical solution.'
The Legislative "wisdom" ventured upon the solution 0£ the problem by chartering and reviving the extinct charters of thirteen institutions, eight of which
were in localities provided with Savings Bank facilities,
and two were for the same village, to be located within gunshot of each other. Seven of these have since
closed, and the "Peoples' " and the " Central Park " of
this city, whose failure is now hazarding the integrity
of otherwise solvent institutions, are two of the number.
In 1868 the writer, over his own name, closed an
elaborate and exhaustive discussion of the impolicy of
multiplying Savings Banks in localities where they
were already established, as follows:
'Among the conditions which retard or obstruct
the highest form 0£ development of our Savings Bank
system, is the wholly inconsiderate manner in which
the Legislature has chartered these institutions, without reference to the needs, in any community, which
Savings Banks were instituted to supply. I do not
propose to descant further upon the dangers to which
such inconsiderate legislation exposes the security of
the system. The whole burden of our discussion has
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HISTORY OF SAVING-S BANKS.
been from the beginning, and will be to the end, how
to make these institutions strong, secure, impregnable ! I£ this can be done by multiplying them beyond
the needs of a community £or their personal convenience, then axioms and first principles are no more reliable than flights of fancy, and figures will lie £aster
and more egregiously than the letters of the alphabet ! '
And elsewhere we submitted the following suggestion : 'The large sums subject to the control and largely subject to the discretion of officers and trustees,
afford a strong te!llptation to many to secure the control of these institutions from other motives than those
of benevolence and philanthropy.'
But here, as before, the Legislature had the last word,
and closed the debate, by incorporating twenty new
Savings Banks, twelve of which were in cities having
already ample Savings Bank facilities. Four 0£ these
have since gone into l~quidation, among which were the
"Bowling Green" and the " Guardian " 0£ fragrant
memory. And how admirably do these give point and
emphasis to the closing suggestion which the Legislature so cooly disregarded. Two others have temporarily suspended under the pressure 0£ the times. In
1869, we wrote as follows:
'The practice of needlessly multiplying Savings
Banks tends to weakness and demoralization. Several
recently-incorporated institutions are struggling £or
existence in the ,effort to compete with old established organizations. And yet the clamor £or more
*
*
*
Savings Banks is loud and ceaseless.
I£ the Legislature would incorporate no Savings Bank
without careful inquiry as to the need 0£ such an institution, and would predicate its action wholly upon the
conditions in the community to be served,.and not upon the importunity of a few interested parties, we should
not see oetween twenty and thirty charters working
their way through either or both houses during the ses-
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sion, half of them with too little vitality to organize,
and ha1f the remainder destined to enter upon a desperate and doubtful career with the chances heavily
against them.'
'But I would have it understood that my opposition to the reckless increase of these institutions is in no
instance founded upon special or personal hostility, and
that opposition itself ceases upon the passage of the
act 0£ incorporation and organization thereunder. The
institution then becomes a member of the family, to be
made welcome, and its success becomes at once and for
all time an object of my earnest solicitude.'
The Legislature took us at our word, and did its
level best to create for us twenty-six "objects of earnest solicitude," by incorporating that number of Savings
Banks, fourteen of them not demanded by any exigency
which Savings Banks are instituted to meet. Ten
of the number were ·wise in time and never organized
at all Two others have since consolidated but without
affording any fresh illustration of the truth of the adage that "Union is strength." The average surplus reported by the whole number is less than two per cent.
Fortunately there are no failures to report among
the institutions incorporated that year, and it is not to
be denied that some of them are worthily fulfilling the
purpose for which Savings Banks were originally established. That any of them should be strong, capable of
resisting any pressure that may be brought to bear upon them, would be too much to expect. They could
not be so without doing violence to the immutable
laws governing financial conditions. But with judicious letting alone, and with such support as they may
receive from their public-spirited trustees, they will
doubtless some time emerge from their state of anxiety
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HISTORY OF SAVINGS BANKS.
and doubt, and live to look back with wonder and gratitude upon the perils of the present hour.
We might multiply these admonitory extracts in.
definitely, but to no useful purpose. Enough have
been cited to point the moral which we would inculcate. It is this : The Legislature, in the face and eyes
of these repeated admonitions, has chartered these institutions whose certain failure or apprehended insecurity
is the source of so much uneasiness to-day. The Legislature thereby signified its purpose that these institutions should be permitted to encounter all the perils
which had been set forth as certain to beset their pathway. Let the responsibility for the scandal and disgrace which recent events have brought on our Savings
Bank system, rest where it belongs."
The conditious above set forth as characterizing the
legislation concern}ng Savings Banks in the State of
New York, were not dissimilar in other States during
the period under consideration. An element of most
dangerous character entered into their direction and
policy, to which in their earlier history Savings Banks
were not exposed. This dangerous, and as it proved in
many instances fatal element, was competition. Very
naturally this took the form of offering to depositors
not the best security, but the highest profit or greatest
pecuniary advantage. As incident to this policy of
competition, conspicuous premises upon some prominent thoroughfare would be secured, at a rent of some
thousands a year, to be fitted up with an attractive
display of gilding and plate glass without,frescoed ceilings, ornamental partitions, railings, desks and counters within, at a cost of several thousands more. Books
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and stationery to correspond, and a retinue of salaried
officers and clerks, would fitly complement the inauguration of such an enterprise. 1\11 this before a dollar
0£ deposits had been received or assured, and for
which the first deposits that should be made would be
held liable ! In the very inception of Savings Banks
organized in this way, the seeds of dissolution were
sown. The chances were altogether favorable to their
germination, growth and dominating influence upon
the destinies of the enterprise. Circumstances purely
adventitious or extraordinarily propitious, might avert
their baneful tendency.
The collapse incident to ~uch financial folly as was
exhibited in the organization and _management of too
many institutions during the last twenty years, was
postponed, and in many cases wholly averted, by the
extraordinary influence upon their fortunes, of the
late war. The abundance of money, and the activity
of industries, promoted the rapid accumulation of
deposits. The necessities of the government made its
securities available for investment by Savings Banks
upon the most advanta~eous terms. In seconding the
efforts of the goyernment in its'' struggle for existence,
cities, counties and towns became borrowers of large
sums at high rates of interest. Here were conjoined
all the elements conducing to the prosperity of monetary institutions; industry active in every department, an abundant currency and facilities £or speedy
and profitable investment.
These conditions of seeming prosperity, created and
promoted by the war, did not, of course, subside immediately upon its close, and the conviction seemed to
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HISTORY OF SAVINGS BANKS.
pervade the public mind that their reign could have no
end. The multiplication 0£ Savings Banks, as shown
in the foregoing extract of veritable history, was stimulated by the evidence of prosperity attending even
institutions of quite recent origin. The competition
for patronage became more and more active and demoralizing. In the conduct of some institutions, the
old landmarks of safety seemed to be altogether
obliterated. The question of security hardly seemed
to be even secondary, but to have been lost sight of
altogether. Young institutions, conducted more in
accordance with the requirements of such a trust,
were feebly maintained at' the expense of the trustees,
or showed a deficiency 0£ income to meet expenses,
which enlarged from year to year.
But the real conditions of weakness and premature
decay, were obscured for the time by the glamour of
apparent prosperity everywhere prevalent. The shock
which came in the panic of 1873, and the protracted
trial which followed, and from which we have not yet
fully emerged, have rudely dispelled the illusion with
which so many, indeed, the public generally, were beguiled.
In view of what we have written, what more
natural, what more inevitable than that this period of
trial should prove disastrous to the fortunes of very
many Savings Banks~ The wonder is, not that some
score or more Savings Banks in New England and
New York were forced into liquidation, but that out
of such experiences as we have narrated, any could survive the tests which this protracted season of financial
depression applied to ·them. We ~re by no means
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assured in our own mind, that there are not nearly as
many more ripe for dissolution, as have already gone
before. If so, they will surely be heard from in due
time.
The failure, one after another, in rapid succession,
of so many Savings Banks, naturally produced great
excitement throughout the country. Much intemperate speech was indulged concerning trustees, whose
only crime was that, in their ignorance, they had
accepted a trust, the responsibilities and difficulties of
which they little understood, but the duties of which
they had endeavored faithfully to discharge at no
small cost to themselves in time, labor, anxiety, and
money. Of course not all were so innocent and guileless. This season of trial became a judgment day
not only for institutions weak from their inception,
weak from very necessity, but for those which, once
strong, had been made weak by inexcusable faults in
their management.
Thus the Third A venue, the Bond Street, and the
Mechanics and Traders', all of New York city, went
down in this season of trial. The Third A venue led
the way, being the first after the panic to go into liquidation, and its failure hastened that of the others.
Its history is too recent and familar to require extended treatment here.
In its organization, and final location on Third avenue, it conformed to the original Savings Bank idea
in its most rigid application, being convenient of access
for a large constituency, and removed from competition with other institutions. Its trustees were enterprising, sagacious and indefatigable, well-known, and
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HISTORY OF SAVINGS BANKS.
enjoyed the confidence and esteem of the community.
Under their administration the institution grew and
prospered. In less than sixteen years it expanded
from nothing, and less than nothing, to an institution
of nearly $6,000,000. During several years its per·
centage of increase was greater than that of any other
in the city. In this success, the fruit of their labors,
the trustees took a pardonable pride. They had struggled and sacrificed, but here was their proud monument. Then it was that the demon 0£ self-interest
got possession of them. The idea was indulged, suggested, favored, and finally embodied in the policy of
the institution, that it could ajford to make return to
those whose labors and sacrifices in the past had
wrought such prosperous results. A liberal policy
was entered upon. Salaries were attached to offices
that had been honorary only, and the salaries were
liberal, upon the theory that they were to cover much
hitherto unrequited service. Still the institution
prospered. But the rate of expenditure now indulged,
even upon a deposit of some millions, made necessary
a profitable employment of the deposits. The president assumed, or was intrusted with a wide discretion
in loaning the "one-third available fund" of the bank.
In an evil hour he formed associations, at first social,
afterwards financial, with the promoters of popular,
but speculative enterprises. This intimacy resulted
in the making of large advances, many hundreds of
thousands of dollars upon the security of the stock of
the "Atlantic Mail" and "Pacific Mail" steamship
companies, things that no Savings Bank should have
touched with the longest possible pair of tongs !
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From time to time these loans were extended or re•
newed. Once they were recalled, but under the pressure of some supposed exigency they were again
renewed. Fatal mistake! Once out of the seductive
toils of Wall street operators, to venture again within
their clutch ! It was the last time. The speculation
which these very loans had promoted and bolstered
up, came to a sudden and disastrous end. There ·was
a hurrying to and fro, a run on the bank which, however, was of short duration. The bank was seriously
crippled, how seriously it became a part of the policy
of the management not to disclose. In making settlement with their borrowers, they burdened the assets
with a large estate in the country, and accepted a
mortgage upon lands in New Jersey, both of which
proved to be fruitful of further losses. The estate was,
indeed, a veritable white elephant upon their hands,
expensive to keep, and impossible to dispose of, except in the way of exchange for more and smaller
white elephants! Some such exchanges were made.
Many of the old trustees resigned, others were chosen.
The latter soon found that the institution was em•
barrassed, but their efforts to learn the actual con•
dition of things were repulsed, · rather than encouraged. Dissensions arose. Doubtless there were
those who sought to make use of the situation to
An examination
promote their own advantage.
The
Superintendent.
Bank
the
was ordered by
examiners, of whom the writer was one, agreed in
finding a very considerable deficiency, but not in the
amount of this, nor in their conclusions as to the
policy to be pursued. The writer extenuated nothing
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HISTORY OF SA VINOS BANKS.
of the terrible mistake which had wrought this illfortune. But he found the bank had a recuperative
power which could be largely increased by converting
the unproductive assets into cash at whatever sacrifice,
and which, with an expenditure reduced to the minimum, would ultimately bring the institution out of
its difficulties. The Superintendent approved the
conclusions of the more favorable report. This did
not suit the purposes of those who had applied for
the examination. They proceeded to reveal that purpose by securing the publication of the more adverse
report in a journal of wide circulation, accompanied
by the loudest display of sensational head-lines, and a
scathing editorial. The result is known, for it has
passed into history as the most remarkable struggle
ever recorded. For six weeks the unequal contest
was waged, the journal in question having " enlisted
,or the war," renewing the attack every day. · Depositors sitting upon the steps of the bank during the
whole of a long winter's night, to be first in line at
the opening of the doors in the morning, were among
the sensational incidents of that memorable siege.
One officer lost his life, the labor and anxiety breaking him down, and two others stricken down were
for a time in great danger, but fortunately recovered.
But after six weeks the run ceased from sheer
exhaustion; the bank had triumphed ! But it was
a triumph in which there was little occasion for
pride or congratulation. The deposits were reduced
to less than $1,500,000. The available assets had
mostly disappeared, while the unproductive real estate
and the inferior securities only remained.
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The end was easily foreseen and could be averted
only by a speedy restoration of confidence and return of
a large portion of the deposits. This good fortune did
not befall. The financial reverses of 1873 and subsequently, made any hopes for a restoration impossible of
realization. The institution went into the hands of a
receiver in the fall of 1875.
The lesson taught by this history lies directly on the
surface. It is embodied in the prayer "Lead us not
into temptation." Let trustees of Savings Banks everywhere act in the spirit of that prayer. Temptation
may come in other guise than as a suggestion to steal
or rob. Where SECURITY is the essential feature of a
trust, a proposition to subordinate that security to
profit, is a temptation to betray the trust, even though
the purpose be honestly to confer exclusively upon
the beneficiaries of the trust the profit made. The
essential condition of a Savings Bank-without which
it is something else and not a Savings Bank - is, in
all things -
SECURITY.
There will always be malignants in the world, ready
without cause to expose any situation of weakness
and to work out .some damnable purpose either £or
their own advantage or out of pure diabolism.
We may denounce and revile them to our heart's
content, but wherefore ? Heaping deserved abuse
upon them still fails to dispose of the "previous
question" which relates to somebody's responsibility
for permitting that weakness to get possession. At
the height of the run upon the Third A venue Savings
Bank, the trustees were besought by the respectable
journals of the city to make a statement of the condi-
10
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HISTORY OF SAVINGS BANKS.
tion qf the bank that should silence the Satanic press.
Alas, they could make no such statement. That was
the fatality which destroyed them. Abusing the other
party, proving them selfish, corrupt and malignant, was
not such a response to charges of rottenness in the
bank, as was calculated to reassure depositors.
The failure of this Institution was in some respects
the severest blow the Savings ;Bank system in this country had ever sustained. If a Savings Bank so prosperous, so strong, so popular, directed by men of tried and
proved sagacity in their own affairs, eminently respectable and enjoying the esteem and confidence of the
public-if such an institution so officered could by any
vicissitudes be brought to a disgraceful and ruinous failure, where indeed was security to be sought? That was
the impression which this failure tended to produce.
The failure of the Bond Street (formerly Atlantic)
Savings Bank and the Mechanics and Traders', intensified this distrust. These had both been fairly prosperous though neither had ever attained the proportions
of the Third A venue. But they had held a rank and
position which their trustees might and ought to have
improved in such way as to make. their trust secure
against any emergency. They did not do this. In the
Bond Street, besides a pretty liberal scale of expenditure, the trustees indulged in quarrels and dissensions
which led to the very expensive luxury of official and
judicial examinations, and these, besides their direct
cost, tended to diminish business and arrest progress.
To meet the expenses incident to such conditions,
investments were made in securities which turned
out as securities offering very advantageous terms
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to investors are almost certain to turn out. The operation 0£ the new general Savings Bank act was such as to
make the declaring 0£ unearned dividends a dangerous
proceeding. On evP.ry side being hemmed in, the
trustees 0£ their own motion, wisely resolved to continue the struggle no longer, and went into liquidation.
It is hoped depositors wm ultimately recover the £ace
0£ their accounts. To us this seems improbable.
The Mechanics and Traders' Savings Institution was,
£or a period before its close, conducted too much in the
interest o-f its trustees and too little in that 0£ depositors.
The ratio· 0£ its expense was unp!'ecedented, and it is
not too much to say, scandalous. Here again, to support that expense and pay the usual rate of dividend~
-without which the deposits would be withdrawninvestments must be made that ojfered a large profit.
The usual result followed. Losses were sustained, the
income was diminished and expenses were not reduced
at all to correspond with the ability of the institution
or its need of the services paid £or. The institution
was in fact eaten into bankruptcy by the rapacity of
a £ew impecunious trustees.
In other States. the conditions and the results have
been similar to those more fully detailed in the foregoing. They have been less notable, only because
diffused over a broader area, and because they have
not had the exposition abroad th.rough the.land which
is given to events occurring in the metropolis of tpe
country, or its immediate vicinity.
In Maine there have been several failures of small
institutions wrought by conditions which no management less generous than that of paying all expenses
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HISTORY OF SAVINGS BANKS,
by the trustees, could correct. The most conspicuous
failure, however, that of the Lewiston Institution,
with deposits amounting to $750,000, was caused
by bad investments; investments which, whether
within the law or without the law, never ought to
have been made of Savings Bank funds. Among
them were $40,000 first and second mortgage bonds
of the Central Railroad of Iowa, and $33,000 mortgage bonds of the Middletown and Crawford Railroad in New York, a merely local road that must
exercise strictest economy to pay running expenses.
Other bonds of like, character are found among the
assets, all of which have suspended the payment of
interest, and are practically worthless.
In New Hampshire, the Concord Savings Bank was
forced to suspend through the defalcation of its Treasurer, who absconded with some $65,000 of its funds.
Under a recent law, the accounts of depositors were
reduced to correspond with the actual condition of
the institution, that is about ten per cent. The institution has resumed business on the new basis, and
may in time recover so as to pay in full.
But one final and complete failure is brought to our
notice in Massachusetts, and the depositors here will
probably receive between sixty-five and seventy per
cent of th~ir dues. The deposits at the time of suspension were about $1,000,000. Two others, during
1876, were- enjoined from the further transaction
of business, but by a wise and provident administration of a salutary law in that Commonwealth, instead
of being turned over to rapacious receivers, that their
effects might be divided among the hirelings of some
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political "Boss," in the form of expenses, fees, retainers, costs, and disbursements generally, they were,
under the order of the court, and the watchful supervision of the Savings Bank Commissioners, simply
restrained from transacting business u;11til the further
order of the court. One of these, by passing a dividend, was restored -to such a state of ·solvency as to
be permitted to resume in less than a year after its
suspension. In the other case there has been a
thorough reorganization in the management, and it is
believed that a resumption of business under favorable auspices, and with the restored confidence of _the
public, .will soon be effected. The embarrassments in
these institutions were brought about by dividends in
excess of earnings, and by negligence in the management, and confusion and incompetency in the keeping
of the accounts.
In Rhode Island, two very considerable failures
were precipitated by the suspension of• large manufacturing corporations, whose paper was held in large
amounts by the Savings Banks in question. At the
time of their failure one of these held personal securities equal to fifty-six per cent of its entire assets, and
declared eight per cent dividends to depositors the
previous year. The other held personal securities
amounting to thirty-three per cent, and paid seven per
cent dividends the previous year. The last statement
from the receivers showed that in the reduction of
assets incident to liquidation, the personal securities
held by the former then constituted eighty per cent
of its remaining assets, while in the latter they constituted seventy-two per cent. We think this simple
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HISTORY OF SAVINGS BANKS.
statement carries with it its own commentary, and
hence forbear all remark.
The failure of the Townsend Savings Bank in New
Haven, Conn., was in its causes, incidents and consequences so nearly a repetition, in aggravated form,
of the history of the Third Avenue Savings Bank
in New York, ·of which we have given a sufficiently
detailed record, that we shall not burden these pages
with its recital. There seems, moreover, in the management of the Townsend, to have been not only a
lack of common prudence in making investments and
loans, but a reckless, not to say criminal disregard of
the restraints of the law. It was one of the largest
institutions in the State, its deposits reaching, at one
time, nearly $4,000,000, and they were nearly $3,000,000 when it passed into the hands of receivers. One
dividena. of twenty per cent has been paid by the
receivers, and it is thought that the depositors will receive in all about sixty per cent.
FREEDMAN'S SAVINGS AND TRUST COMPANY.
This seems to be the proper place in which to give
such account as is necessary to the completeness of
this record, of the operations of the Freedman's Savings Bank, instituted and conducted under the authority of the national government.
The act to incorporate the Freedman's Savings and
Trust Company was passed during the closing hours
of Congress, on the 3d of March, 1865, just at the
close of the war. Not one of the forty corporators
named in the act was a resident of the city of Wash-
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FREEDMAN'S SAVINGS AND TRUST COMPANY.
559
ington or the District of Columbia, to which the corporation w~s limited.
To those not familiar with Savings Bank charters,
and the forms under which dangerous powers are conferred in very innocent phrase, there seemed to be
nothing objectionable in the original act of incorporation. The wise and beneficent purpose to be served
by the act, in the protection and encouragement of the
millions of freedmen whom the impending close of the
war would cast as wards upon the nation's care,
would doubtless have secured favorable consideration
for a measure even more objectionable than this one.
Attention was diverted from its dangerous features by
the conservative character of section 5, which was as
follows:
" SECTION 5. And be it further enacted, That the
general business and object of the corporation hereby
created shall be, to receive on deposit •such sums of
money as may, from time to time, be offered therefor,
by or on behalf of .per.sons heretofore held in slavery
in the United States, or their descendants, and investing the same in the stocks, bonds, treasury notes, or
other securities of the United States."
By confining the dealings of the corporation to
those who had so receutly came into possession of
themselves, and restricting the investments to the
securities of the United States, it seemed as though
its operations were sufficiently guarded, and the depoE
itors amply protected. Then, to crown all, the trust,
thus circumscribed, was committed to such men as
Peter Cooper, William Cullen Bryant, A. A. Low,
Gerrit Smith, Ripley W. Ropes, S. B. Chittenden, A.
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HISTORY OF SAVIN GS BANKS.
S. Barnes, and others of like character and emmence
in New York and other States.
The assertion that the charter contained no extraordinary privileges, was sustained by the facts. It
was in its main features modeled after the form of incorporation at that time prevalent in the State of New
York, and embraced that pernicious provision which
has proved fatal to more than one Savings Bank in
that State, and which did its full share in working the
ruin of the one whose career we are now considering.
fhat was the "available fund" clause, whose inception and working, and :final elimination from the statutes, we have traced in the history of New York.
The provision was introduced in the same insidious
form which characterized it in the New York statutes,
being as follows :
"SECTION 6. And be it further enacted, That it shall
be the duty ef the trustees of the corporation to invest, as soon as practicable, in the securities named in
the next preceding section, all sums received by them
beyond an available fund, not exceeding one-third of
the total amount of deposits with the corporation, at
the discretion of the trustees, which available fund
may be kept by the trustees to meet current payments of the corporation, and may by them be left on
deposit, at interest or otherwise, or in such available
form as the trustees may direct."
Thus the conservative restrictions of the :fifth section were removed concerning one-third of the deposits, and these, as to the form of availability in which
they should be placed, were left to the discretion of
the trustees. Besides, the provision for the election
by the remaining trustees, of members to :fill vacancies
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FREEDMAN'S SAVINGS AND TRUST COMPANY.
561
as they occurred, was of the most dangerous character
when applied to corporators, all of whom were nonresident, and scattered in parts remote from the scene
of operations.
Says the Nation: "Whether the eminent body of
corporators ever assembled at Washington we do not
know. Some of them undoubtedly must have done
so, if only to elect their 'successors.' The charter provided that ~11 vacancies should be :filled by ballot, and
that at least ten votes should be necessary to the election of a trustee. Therefore, we may conclude that
ten of these corporators really assembled to organize
the Freedman's Savings Bank, and set the machinery
in motion. But the . charter also provided that the
trustees should hold regular meeting at least once in
each month, and we may be allowed to doubt whether
the corporators from Boston and Ohio traveled frequently to attend these meetings, and to infer that
their 'successors' very speedily came into the control
and management of the institutio1!."
a
The principal office of the corporation was in Washington, but it established thirty branches in various
southern cities, and one branch in New York city.
This establishment of branches seems nowhere to be
authorized by the charter of the corporation. The
agents and managers of these branches, in many cases
prov~d to be villains of the :first water, though often
bearing the title of 'Reverend,' in which respect, as
also in the character of the atrocities committed, they
seem to have emulated the frauds perpetrated at one
time upon the Savings Banks in Great Britain. Where
not themselves villains, they were too often ignorant,
weak and incompetent, and became the victims, or
rather the aids and tools of villains, who used them to
get possession of the funds in their custody.
71
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HISTORY OF SAVINGS BANKS.
In theory, the moneys, beyond what would be
required for current payments, were forwarded to the
principal office in Washington. How early in the history of the corporation, abuses, under the available
fund clause, in the form of loans upon worthless
securities, crept into the management of the bank, does
not appear. But when the bank was finally closed, it
was revealed, that for a long time, if not from a very
early period, these loans had been made upon securities absolutely worthless; upon stocks and bonds in
which the officers or committee making the loans had
a very direct interest. In short, a ring of greedy
speculators, with the consent and connivance of officers and members of the finance committee, got possession of the funds of the bank upon such worthless
trash for collateral as chattel mortgages, stock of
Seneca Stone CoIQ.pany, Metropolitan Paving Company, American Seal Lock Company, Capitol Publishing Company, and the like "wild-cat" and "reddog" securities. In 1870 it was found or deemed expedient, in furtherance of the schemes of those who,
perhafs, fpund the restriction of the available fund
to one-third of the deposits an embarrassment to their
brilliant financial projects, to secure an amendment to
the charter, whereby loans to the amount of one-half
the deposits might be made upon the security of mortgages of real estate of double the value of the loan.
Here then was a wide field · within which, under
the apparent sanction of the law, unscrupulous rings
of speculators might operate in dealing with the three
or four millions of• deposits held l::y the corporation.
Five-sixths of the deposits were thus placed practically
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subject to the uncontrolled discretion 0£ the corporation, which, as the business was conducted, meant
subj.ect to the control of two active members of a committee, with the assent of a third which was always passively given. The restriction concerning the value of
the real estate upon which loans were to be made was
easily overcome by securing a favorable appraisal, and
it is notorious that. for the most part these appraisals
were made by a firm of real estate brokers who
charged the borrower two and a half per cent, for effecting a loan from the bank. It is charitable to assume
that these loans were often effected under a misconstruction of the law which must have been understood
as requiring the real estate securities to be at least half
the value of the loans, so many instances were found in
which the proportions of value were reversed in this
way!
When such were the transactions under the law, we
maj reasonably infer that the law itself, in its plainest
mandates, would not be suffered long to interfere with
the plans and purposes of those who were using the
deposits of these confiding freedmen for their own enrichment. There has never been a time when, under
the law, the corporation was not required to have at
least one-sixth of its deposits in United States securities. There should have been over half a million dollars of such securities belonging to the corporation when it closed and went into liquidation.
There was found less than five hundred! So, putting aside the atrocious abuse of power under the law
in making loans upon worthless securities and upon
securities in excess of their value, as for argument's
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HISTORY OF SAVINGS BANKS.
sake possibly beyond the reach of the law, what extenuation remains for the violation of the law in not
investing the one-sixth in accordance with its terms ?
But we hear of no prosecutions, either criminal or
civil, .having been instituted against any of the trustees or officers who thus basely betrayed their trust.
And there was in this trust a peculiar sacredness,
above that which attaches to similar trusts on behalf
Truly, the negro has
of the more favored race.
proved himself patient and long suffering indeed, or
there would, ere this, have been tidings of lamp-posts
in W-ashington adorned with the swaying bodies of
those who had wrought upon them this great wrong t
Such, in brief, is the shameful history of the national
experiment in establishing a Savings Bank. There is
but one way in which the disgrace can be wiped out,
and justice be done to the confiding depositors who
thought, and who had reason to think, that they were
placing their savings in the secure custody of the government. That way is for the government to determine
at once the amount due to depositors, make an appropriation for their payment in full, and itself look to the
assets of the defunct corporation for such reimbursement as these may yield, and find the rest in the satisfaction of pursuing, with all the power of the nation,
those who have wrought this foul wrong. Until this
is done, there will be a stain on our annals which no
material success, no triumphs of diplomacy, no achievements in war, on land or sea, can ever efface.
We had occasion to note in the laws of Maryland
and of Vir~inia, the careful exclusion of the African
race from participation in the benefits of Savings
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FREEDMAN'S SAVINGS .A.ND TRUST COMP.A.NY.
565
Banks. In striking contrast with this narrow and prejudiced spirit, appeared the incorporation of a grand
National Savings Bank, designed expressvy for the use
of these poor outcasts ! Alas, not ten years had passed
away, before the prejudiced exclusiveness of the slaveowner was shown to be compassionate tenderness and
considerate kindness itself, when contrasted with the
action of the "friends of the freedman" who opened
wide the door, and with voice of sympathy lured the
victims in, only that they might be despoiled !
Until this wrong is wiped out by full and ample
restitution, let the reputed friends of this loyal and
down-trodden race, blush at the evidences of their
humanity as seen in contrast with a policy which laid
no claim to such virtue !
We have not sought to lighten the shadows with
which tliese failures darken the pages of the History
of Savings Banks in this country. They are a blot
and stain upon a grand and noble record of self-denial
and self-restraint on the one hand, and of fidelity to
a sacred and magnificent trust on the other. · We
challenge any other interest of such magnitude to
produce a record so free from blemish. We may
safely estimate the total loss sustained during the
nearly sixty years covered by our history, at less than
one mill on each dollar deposited and earned. And
these losses are chiefly the result of imprudence or of
financial ignorance - but a very small proportion
being the result of premeditated crime.
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HISTORY OF SAVINGS BANKS.
CHAPTER LXXI.
CHARACTER OF OUR SAVINGS BANK DEVELOPMENT.
The character of Savings Banks in their modern
development seems not to be fully nor clearly appreh~nded by the general public, nor always even by those
charged with their management and control. We once
heard a prominent Savings Bank officer speak of the
institution as a sort of soup-house for the poor I An
expression more objectionable or farther from the truth
it would be difficult to :find.
It is true, as we have elsewhere set forth, that Savings Banks had their origin in a desire to mitigate
the evils of poverty, and to diminish the ranks of pauperism. But their mission was conceived in a spirit
less of charity than ·of philanthropy. Charity contributes from its bounty to meet a present urgent need.
Philanthropy, with farther sight and broader reach,
aims to avert the conditions of need which demand the
ministrations of charity. The humblest depositor that
ever put aside a half dime with which to meet his own
future wants, did it with the spirit and purpose with
which an Astor, a Stewart, or a Vanderbilt made and
applied his :first modest surplus of earnings. That
depositor, however humble, however small his savings,
stands at one extremity .of the social scale, of which
the patron of the soup-house is the other. They have
nothing in common but their humanity. To classify
them in the same social category is to insult the independ.
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SAVINGS BANK DEVELOPMENT.
567
ence and thrift of the one, is to utterly confound all
social distinctions, and is to 'ignore the nature and
functions of Savings Banks.
But Savings Banks are no longer confined in their
range of operations and influences to the limitid work
conceived for and assigned to them when they were
instituted. They have in late years proved attractive
places of resort for sums far exceeding the modest savings of humble poverty which they were ordained to
succor and nourish. Such is the fact. All efforts of
legislation or of management to restrict the dealings
of Savings Banks to the sons and daughters of poverty and toil, have proved, and in our judgment will
continue to prove abortive. A technical $5,000 limitation, like that prescribed in the New York Savings
Bank law, may and probably will be enforced in form,
but in spirit and effect it will be constantly violated.
The same will be true concerning the still more llllited restrictions in other States.
But these restrictions in the law and in the public
sentiment, which finds expression in restrictive laws,
establish the proposition with which this chapter was
introduced, that the character of our Savings Bank
development is not generally understood. It seems
to be taken for granted· that the bulk of the deposits
in these institutions represents the savings of the very
poor, and that it is desirable that this should be so.
Neither the assumption nor its inference is true. Unfortunately, so little regard has been paid to the gathering of statisti~s which would indicate not merely
the condition and magnitude of this interest, but the
character of its development, that we are compelled
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HISTORY OF SAVINGS BANKS.
to institute comparisons formed upon imperfect data
in arriving at an approximate result in this matter.
The State of Connecticut has for some years required
statements in detail, which exhibit the character of
the development of its Savings Bank system. This is
done by reporting the number of depositors or accounts of less than $500, and the amount of the deposits; the number and amount over $500; and the
same concerning those over $1,000. Other States give
some items in the direction of indicating the character
of their de~lopment, though less fully than Coimecticut, but by a careful comparison ~f the general results
reached, in the form of the average amount of deposit
to each account, and by a close study of the social,
industrial and financial conditions entering into the
determination of the question, we have prepared a
table which we believe to be as nearly accurate as it
is possible to make, showing, concerning other States,
the same facts reported by the Connecticut statements.
The facts taken from the Connecticut report, as also
the deductions and conclusions concerning other
States, are for the year 1873, before the disturbing
influences of the panic . had materially affected the
results. If a similar comparison were to be made £or
any of the later years, it would show a still greater
proportion of deposits in excess of $500 and $1,000,
for the tendency of the times has been to compel a
withdrawal of the smaller deposits for support, while
the depositors were unemployed, and also to increase
the number of large deposits, because there could be
found no investment at once so safe and so remunerative as a strong and well managed. Savings Bank.
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TABLE zllustratz'ng the development of the Savz'ngs Bank system z'n the Unz'ted States, z"n respect to tlze classzjicatz'on of depositors on the basz:, of the size of
their accounts, as shown by offic-ial retunis z'n the State of Connect-icut, for 1873, and carefully calculated for other .S'tates.
Maine.
New Hampshire.
Vermont.
Massachusetts.
90,398
74,596
15,802
6,852
82 percent
18 per cent.
7 per cent.
$29,556,523
14,185, I 32
15,369,39 1
11,049,218
48 per cent.
52 per cent.
34 per cent
$326
190
972
1,613
92,788
76,366
16,422
5,473
82 per cent.
18 per cent.
6 per cent.
$28,829,376
13,838,!02
14,981,274
8,647,812
48 per cent
52 per cent.
30 per cent
$310
181
9 13
1,580
22,879
19,447
3,432
686
85 per cent.
15 per cent.
3 per cent.
$4,301,267
2,365,696
1,935,571
860,334
55 per cent.
45 per cent
20 per cent
$188
666,229
566,295
99,934
66,623
85 per cent.
I 5 per cent
IO per cent
$202,195,343
84,944,250
II7,251,093
I01,097,671
42 per cent.
58 per cent.
50 per cent
$303
150
1,173
Rhode Island
Connecticut.
----Whole number of open accounts .. .. ..... . . .. .... ... ..
Number of accounts less than $500 each ..... . ... . ... ... ..
Number of accounts over $500 each . . . ....... . . .. . .......
Number of accounts over $1,000 each .... ..... .. .. .....
Per cent of accounts less than $500 each ........ .. ........
Per cent of accounts over $500 each ...... .. ... . . . .. .... . .
Per cent of accounts over $1 ,ooo each .
... . .. . .. . . ....
Total amount due depositors. . . . . . . . . . . . .. . ... . ... ... ..
Amount of deposits in sums of less than $500. . . . . . . . . . . .
Amount of deposits in sums of over $500 ................
Amount of deposits in sums of over $1,000 . . .......... _..
Per cent of deposits in sums of less than $500 ....... . .. . .
Per cent of deposits in sums of over $500 .. . ..... . . ......
Per cent of deposits in sums of over $1,000 ........... .
Average of total deposits to each depositor or account ....
Average of deposits less than $500 . . . ......... .. .. • ....
Average of deposits over $500 .. .. ...... . .. ••.. .. , . • • • • • • •
Average of deposits over $1,000 ... . . . ........•........
~
~
121
564
1,254
1,518
93,124
65,365
27,759
13,I06
70 per cent.
30 per cent.
14 per cent .
$46,617,183
16,341,500
30,275,683
24,240,985
35 per cent.
65 per cent.
52 per cent.
$500
250
1,087
1,849
204,741
158,371
46,370
18,046
77 per cent
23 per cent.
9 per cent.
$70,769,407
21,896,685
48,872,722
32,965,706
31 per cent
69 per cent.
46 per cent .
$345
138
1,057
1,826
839,472
671,577
167,895
67,157
So per cent.
20 per cent
8 per cent.
$285,520,085
I 14,208,034
171,312,051
.122,77 3,636
40 per cent.
60 per cent
43 per cent
$34o
170
1.020
1,679
California.
New Jersey.
New York.
Totals, exclusive
1 ofCaliforma .
-
I
82,051
61,536
20,515
9,846
75 per cent.
25 percent.
12 per cent.
$30,768,97 I
9,230,691
21,538,280
16,922,934
30 per cent.
70 per cent.
55 per cent.
$358
150
1,049
1,718
84,254
42,127
42,127
16,851
50 percent.
50 per cent
20 per cent
$69,026,6o3
13,805,320.
55,221,283
44.867 ,291
20 per cent.
80 per cent.
65 per cent.
$819
328
1,310
2,662
Hosled by
2,091,682
1,693,553
398,129
187,789
81 per cent
19 per cent.
9 per cent.
$698,558, 1 35
277,010,090
421,697,473
318,558,296
40 per cent.
60 per cent.
45 per cent.
$334
163
1,059
1,749
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SAVINGS BANK DEVELOPMENT.
569
Our table may, therefore, be taken as a fair expression of the natural development of the Savings Banks
interest, unaffected by extraordinary conditions in
finance and industry. Our summary embraces only
the New England States, New York and New Jersey,
as the section in which Savings Banks have a more
defined status than in any other, except California,
which is so far exceptional in all of its conditions, as
not to form one in common with others in the aggregate of such statistics as are embraced in our table.
This table requires no explanation and calls for very
little comment. It will be seen that eighty-one per
cent of the whole number of depositors own but forty
per cent of the entire amount of deposits, the average
to each being $163, none exceeding $500. It follows,
of course; that sixty per cent of the deposits belong
to nineteen per cent of the depositors, and that their
accounts average $1,059; only nine per cent of the
depositors hold deposits exceeding $1,000 each, and
averaging $1,749; but the amount of deposits held
by this small ratio of depositors exceeds by five per
cent or more than $40,000,000 that held by the
eighty-one per cent whose holdings do not exceed
$500 in any instance, and whose average is but $163.
It will also be seen that if all deposits in excess of
$1,000 could have been excluded from participation
in the benefits of the Savings Bank system, the aggregate would be but a little more than half that now
reported. The intelligent reader will draw other
obvious and important deductions from the facts discusseq in this table.
In -riew of the prosperity which has attended this
172
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570
HISTORY OF SAVINGS BANKS.
widening of the area of the operation and influence of
Savings Banks, so as to embrace a higher order and class
of beneficiaries, such as well.to-do mechanics, clerks and
others, to whom saving is as important and in whom it
is as great a virtue as in the humblest poor- a prosperity that has improved the condition of the original beneficiaries by increasing the hours during which they
could be served, and left a larger margin of _profit to
be divided as interest or held as security £or their
protection - it seems strange that in nearly all the
States, measures have been adopted and are still
operative tending to prevent this expansion, and to
limit the operation of Savings Banks to their original
purpose and their benefits to the humblest poor. But
the law of self interest has proved higher and stronger
than these laws of repression, and the Savings Bank
system in the several States has grown and :flourished
and became strong through the patronage of those
whom the laws have sought to exclude from participation in its benefits or to put under disabilities in their
relations to it. It is safe to say, that at least one per
cent of the annual interest that has. been paid to
depositors since 1850, and nearly all of the surplus
that has been accumulated £or the greater security
o:f depositors, has been derived from deposits in excess of $1,000. That is to say, had the limit of deposits in Savings Banks been inflexibly kept at
$1,000 or less, besides inconvenience and loss to the
general public and to the well-to-do patrons of Savings
Banks, the class admitted to their exclusive benefits
would have been less efficiently served, would have
derived a smaller profit from their savings, and ·would
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SAVINGS BANK DEVELOPMENT.
571
have been less amply secured against loss than they
have been through the aid derived from larger and
correspondingly more profitable sums.
It follows, from the foregoing, that very considerable sentiment is sometimes wasted in contemplating
Savings Banks as the resort exclusively of the humble poor. To them indeed the humblest toiler may
and does resort with the little saving which represents
not only his labor but his manliness, his self-denial
and his provident thoughtfulness. But his little saving ifil not put aside and. lost sight of nor neglected
amid the grander sums which more fortunate depositors can bring; on the contrary it is as we have
shown, these larger sums, which, by their effect
upon the aggregate, give greater consequence and
dignity to his own, and which, by their effect in
the reduction of the percentage of expenses, give
to his own a greater value or impart to it a greater
security. In only one aspect is the deposit of large
sums in Savings Banks to be deprecated, and it
is perfectly easy to meet the objection urged on this
ground. The objection which has any weight in it is,
that in times of panic or extraordinary pressure from
any cause, the withdrawal of these large deposits is
very likely to take place, and the resources of the institution be rapidly depleted thereby. This is very
easily prevented by putting deposits in excess of a given
amount under such ·wholesome restraint as will prevent their proving a disturbing element. They should
have no interest if not left on deposit for a certain defined period, nor if withdrawn without such reasonable notice as the institution should prescribe. Under
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HISTORY OF SAVINGS BANKS.
such restrictions as depositors in good faith would
cheerfully submit to, we can see no more danger to the
integrity of a Saving Bank•from a single deposit of
$20,000 than from ten thousand deposits of $2 each.
The expense_of receiving, entering and caring for the
former is much less than for the latter, while the former
can be immediately invested and thus made to earn its
own interest as well as that of the smaller sums which
cannot at once be profitably employed.
In our _judgment everybody should be encouraged
to save. There is as much merit in economizing on a
salary of $5,000 as on one of $500, if indeed there is
not more. And there is no more palpable and at the
same time more popular fallacy than that which assumes that the ability to save $5,000 or more, carries
with it the ability to shrewdly invest and care for
that considerable sum.
The experience of thousands who have been induced to invest considerable sums, their entire savings, in Southern State bonds and in railroad, mining, and other speculative enterprises, is a standing refutation of this popular dogma. To every
one whose occupation and income are :fixed and
determined, our advice would be, "put your surplus, whether large or small, into a Savings Bank,
and there let it remain until you have need of
it." Have no concern about the rate of interest received. For such security as our best Savings Banks
offer, four per cent compounded semi-annually, for an indefinite period, is a very high rate. We could point
out instances where those in receipt of a very considerable income for a time, in after years looked back
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SAVINGS BANK DEVELOPMENT.
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and saw where their anxiety for seven, eight and ten
per cent investments had proved the rock on which
they bad made shipwreck of all their little fortune.
Better for them, better £or thousands to-day, had they
deposited their few thousands of surplus ea:mings, the
fruit of prospero.us and provident years, in Savings
Banks of proverbial stability, without the promise of
any profits, with only the assurance of the return of
their own when needed, than to have invested in seductive enterprises or speculative securities, only to
find when the day of need comes, that neither principal
nor profits can be summoned from the vasty deep
where their treasure lies hopelessly buried.
The expansion of the area of the ministry of Savings
Banks as shown in its existing development, and as
we. would advocate its further and higher development, is not in the least incompatible with;, but only
supplementary to, the original purpose and design contemplated in their institution. The inventor of the
steam engine had in view the utilizing of a power with
which to pump water from the mines. His brightest
dreams of success never pictured such results to be
wrought from his work as the commonest eye beholds
to-day.
But notwithstanding the grand expansion of his simple
idea in its limitless application to lifting the burdens
from man's shoulders as we see it to-day -it pumps the
water no less efficiently than when that was esteemed
its sole mission. Nay, it performs this original purpose all the more effectively because of the vast improvements in its construction which its application to
other uses has stimulated. So with Savings Banks,
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HISTORY OF SAVINGS BANKS.
they have lost, they will lose, none of their virtue or
efficiency ~s promoters of industry, sobriety and thrift
among the humblest toilers in the land, because others
more highly favored are permitted to share with these
the bell!i:ficent influences which a spirit of economy
and a practice of saving impart.
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SAVINGS BANKS IN TIME OF PANIC.
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CHAPTER LXXII.
SAVINGS BANKS IN TIME OF PANIC.
There is very little of history to be narrated of
Savings Banks under this title. What there is consists chiefly of incidents of individual experience, some
of which have found place in previous pages. We
shall therefore devote this chapter to a discussion of
certain aspects in the relation and function of Savings
Banks which are suggested by the embarrassments to
which they are subject, and the perils to which they
are exposed from what are known as monetary panics,
and also to the changes wrought by protracted financial depression.
Two conditions or elements are essential in the
creation of a panic whether financial or otherwise.
There must be an apprehension of impending disaster
and a conviction that this may be averted by instant
and active measures to that end. It is not concerning
thirty and ninety day notes or obligations that men go
hazing through the streets frantic with rage and fear.
If concerning these there is anxiety, through apprehension of loss, no desperate rush upon the debtor will
serve any useful end, for this will not hasten by an
hour the maturity of the obligation which is essential
to a recovery. Hence what are known as financial m
monetary panics concern only demand obligations, that
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HISTORY OF SAVINGS BANKS.
is, obligations due or understood to be due and
payable on ·demand.
Under the law in most of the States, Savings Banks
have this matter of panics, so far as concerns themselves, altogether in their own hands. They have only
to enforce their rule requiring notice of from ten to sixty
or ninety days - depending upon the amount which it
is proposed to withdraw -to be given before returning deposits. Such requirement, of course, takes away
one of the conditions without which there can be no
panic. All hope of averting disaster, of avoiding loss
by instant action, is cut off. Grave apprehension, a
painful distrust may remain, but there is no panic.
There may be passive foreboding, an anxious but it is
no longer a frantic fear. But even this passive fear,
this silent distrust will be greatly mitigated if not
altogether allayed by the requirement of notice, for
depositors will then see that it is the policy of the in- ·
stitution to give to all an equal chance; and that no
sacrifice of securities is to be made out of which the
stronger or more active and alert will be paid to the
injury or loss of others. In our judgment it would be
well if all monetary institutions whose business consists largely in receiving deposits which in the regular
course of business they are expected to pay out on demand, were permitted, under the sanction of law, in
the emergency of a general run, to wholly or partially
suspend payment during some reasonable time until
the first wild frenzy and frantic rush had subsided.
Instead of being regarded as an act of insolvency and
threatened with the penalty of dissolution; such suspension should be prima Jame evidence of that pru-
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SAVINGS BANKS IN TIME OF PANIC
577
dent and conservative management which denotes
strength and security and should have the sanction
of a considerate and carefully guarded law.
We have sometimes wondered at the reluctance with
which Savings Bank officers resort to this simple expedient £or protecting themselves :from the strain of a
wild, clamorous and frenzied assault, and their trust,
from misappropriation and waste. In the panic of 1873
the Savings Banks in New York and Brooklyn did not
seem to dare to enforce their own rules in regard to
requiring notice, until after a meeting, consultation and
agreement to make such action general.
The return of deposits on demand without notice is
a great convenience, and in the regular and orderly
course of business and affairs is a policy to be commended. , It is this feature of their administration
v;diich favorably distinguishes the Savings Banks of
the United States from those of Great Britain, where
the illiberal policY. still prevails, in many instiootions, of
always requiring notice of several days before returning a deposit. But this usage should not be permitted
to exercise so dominant a sway over the minds and
thoughts of officers or patrons as to invest either with
the idea that the chief end of Savings Banks is to receive moneys on deposit, invest them securely, and at
the same time hold them in hand ready to return orto
repay on demand ! And yet, despite the law in most
if not in all the States especially favoring Savings
Banks in respect to the return of deposits, despite the
rule of every well regulated Savings Bank expressly
notifying depositors that the return of deposits on demand without notice is only an act of grace and favor,
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HISTORY OF SAVINGS BANKS.
and that the right is with the bank always to demand
notice, the conviction does somehow seem to have possession not only of the public, but of the managers of
Savings Banks, that there is a moral obligation to
respond at once to the demand of depositors, and that
the enforcement of the rule concerning notice is the
last resort of a desperate situation. It is eminently
desirable that the public, especially depositors, should
be disabused of this notion, and an important if not
decisive step toward .the attainment of this desirable
end will have been taken when Savings Bank trustees
and officers have themselves become fully divested of
it. It is certain that the public will regard the rule
requiring notice as something to be deprecated, as
only a refuge for weakness and demoraijzation so long
as the managers of Savings Banks are, even in the face
of great emergencies, so reluctant to enforce it.
A panic then, whether it be. general, involving all
monetarJ institutions, or special, :tffecting but one,
concerning which rumors, well or ill-founded, have occasioned distrust, should be met by a prompt enforcement of the rule requiring notice previous to withdrawal of deposits. This course should always be accounted by depositors and the public as an indication
of strength and not of weakness. It is no unusual
thing for institutions that art' embarrassed, that really
could not endure a protracted · run, to meet the onset
of a panic with a great display of courage and ability,
keeping their doors open at unusual hours, and extending unusual facilities to depositors, in hopes by such a
show of strength to inspire confidence and thus destroy
the panic. These tactics may sometimes, but in our
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579
judgment will rarely, succeed. This was the fatal
policy pursued by the Third Avenue Savings Bank.
Knowing themselves the weakness of the institution,
the trustees did not dare enforce the rule concerning
notice, lest it shGuld be held as confirming the worst
that had been alleged of its situation. So they trusted
to the effect that would be produced by the display
every morning upon the counters of fresh and seemingly inexhaustible piles of greenbacks. These, in absence of any satisfactory statement of the condition of
the bank, failed to inspire confidence, .and the exhausting process went o~. That enforcing the rule under
the special and exceptional conditions by which the
bank was beset would have averted the final catastrophe we do not affirm, but it could not have made
matters worse, it .might have made them much better,
and it might even have saved the institution, for we
shall ever maintain that when the assault upon it was
commenced, it was eminently worth saving. But its
history exemplifies the fallacy that a bold front and
great display of immediate resources are evidence of
real strength, or will be accepted as such by panicstricken depositors who, of course, hope to find money
enough to meet their demands or they would not be
there. It is what will be tlie state of things after these
visible resources are exhausted that fills their minds
with apprehension. Assure them that these resources
are not going to be exhausted, but are going to be
saved for the common benefit of all, and if you have
not inspired confidence you have destroyed the panic. If
you have not shown that you are strong, you have at
least shown that the strength you have is not going to
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HISTORY OF SAVINOS BANKS,
be spent, but spared, and this of itself will help to inspire confidence.
Our discussion, if pursued, would lead to a consideration generally of the nature and functions of Savings Banks, as distinguished from those of other monetary institutions. The popular apprehension, the
seeming understanding of Savings Bank officers and
managers, and the processes of the law in dealing with
Savings Banks as moneyed institutions, all seem to fail
to note what to our mind is a fundamental fact distinguishing these from all other depositories of money,
which may be stated in the following terms .
SAVINOS
BANK
DEPOSITS
MINISTERED -
ARE A
TRUST TO BE
NOT A DEBT TO BE
AD-
p AID.
When the full significance of this proposition is apprehended it will be found to embrace a clear exposition of the philosophy, functions and attributes of Savings Banks. The distinction between a common debt
and a trust is radical. Each implies. an obligation.
But the obligation of a trust is of a vastly higher order than is the obligation of a debt. Concerning the
latter the law interests itself only at that point of time
when the debt matures. One who boITows money,
obtains groceries or other commodities upon credit,
may, in the absence of allegations of fraud in the transaction, do what he will with the subject of the credit. He
may speculate with the borrowed money, he may gamble it away- perhaps this is useless repetition - he
may sell the commodities or consume them, and all
that the creditor or the law can do, is, when the debt
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581
matures, to compel the application of what property
t:4e debtor may have, to <µscharge the debt. If he
have none the debt remains unpaid.
But a trust involves responsibility from the moment
of its acceptance until the discharge of the trustee.
The trustees of a Savings Bank receive deposits under
a pledge expressed in the law defining their powers,
to employ, that is invest them "for the use and advantage of the depositors " only in certain ways. If
they honestly and intelligently fulfill the conditions of
their trust, and any harm or loss befalls them, they are
acquitted of blame. They do not owe the sums they
have received; they only owe faithful and intelligent
administration, and when they have rendered this they
have discharged their obligation. If they buy Government bonds at a premium, and these suddenly depreciate tep. per cent, and at the same time depositors
demand their deposits, what shall they do? We have
shown; first, try and protect depositors against themselves by demanding the notice ; perchance, nay,
probably, by the time the notice has matured, the bonds
will have risen in the market or the depositors will
not enforce their demand. But suppose the bonds still
to be depressed, and depositors to be still clamorous
and urgent- what then? The deposits are s~y
$1,0001000, invested in securities of the highest order,
but unfortunately depreciated ten per cent- $900,000 is all that can be realized. There is but one course
to pJirsue. The trustees do not owe depositors $1,000,000, they owe them only what the $1,000,000, carefully, conscientiously and lawful1,y administered, in
accordance with the conditions of the trust, will pro-
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HISTORY OF SAVINGS BANKS.
duce. This, upon our hypothesis, is ninety cents on
the dollar. Of course, just such conditions will not
arise, but the case will illustrate the principle.
This is the worst view of the case. The better view,
the true view is, that where savings deposits are administered as a trust, not regarded as a debt, there the
management is always most strong and secure, and no
deficiency of ten per cent will be found. The institutions conducted upon that theory are far more certain
to be able to deal with depositors. as though the deposits were a debt to be paid on demand and in full,
than if conducted upon the idea of their being only a
debt which they are to pay, if they can. The losses
that have been sustained by depositors, the weakness
and demoralization that have crept into the management of institutions, and culminated in disaster and
brought discredit upon the whole system, may all be
traced to the tendency in modern times to regard the
relation as one of ordinary debt and credit (without
the individual liability however), the deposits being
substantially the property of the trustees, subject to
their will, and at their discretion to be repaid to depositors on demand, as long as the resources for payment hold out, and when these fail, the account to be
balanced by an entry of dead loss to those who come
in at the close of the experiment.
We must get back to the original and true idea of
the function of Savings Banks, as a trust to be administered, honestly, intelligently and faithfully, which
means strictly within the limitations imposed by law.
So regarded and understood, a responsibility rests
upon legislators of which they have not seemed to
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appreciate the extent. They have created these trusts
~ithout any regard to the occasion or need of them.
They have created these trusts with too little and not
unfrequently with no regard to the character of those
upon whom the trust has been conferred. They have
not properly restricted the power and discretion of trustees, and thereby the interests of depositors have been
sacrificed without any proper accountability. They
have neglected to impose adequate penalties for abuses
of the trust, £or exceeding or violating the law governing the trusts. They have, in short, created trusts,
but have invested them with the attributes, though without the responsibility, pertaining to an ordinary debt.
Out of this view of the true function of Savings
Banks as the depositories of a trust to be administered
and not merely of moneys to be repaid as a debt, there
proceeds this further suggestion, that the methods and
processes, under the law, at present pursued with reference to Savings Banks which from any cause have
become embarrassed, are about as irrational, absurd
and detrimental to the interests of depositors as they
can well be. What is known under our system as a
"Receiver," ought never to be concerned with the affairs
of a Savings Bank. I£ the assets have depreciated,
let the respective interests of depositors be cut down
pro rata, and if the depreciation is not too great the
business can go on and doubtless the loss be recovered
in reasonable time. I£ the depreciation is too great
to hope £or recovery, or if £or any reason it is found
to be the more expedient way, let the assets be carefully appraised and pooled at a given valuation on
the basis of the nominal amount of deposits. Thus,
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HISTORY OF SAVINGS BANKS.
deposits $1,000,000, assets appraised, $900,000. To
the appraisal of each item in the as~ets add the per
cent, which will bring it to par on a basis of $1,000,000. Suppose it to be a house and lot appraised at
$900 ; schedule or pool it at $1,000. Issue certificates to depositors for the face of their accounts. One
having a deposit of $1,000, and of course holding a
certificate for that sum holds what entitles him not to
$1,000 in money, but to $1,000 in any of the properties scheduled at that price. He can if he choose
take the house and lot valued at $900, but scheduled
at $1,000. So of the rest. Those not wishing to take
property can sell their certificates which represent a
right to property at the scheduled prices, or they can
hold them for dividends to be made from the sale of
properties at scheduled prices. The advantage of this
scheme is, that it puts depositors at once in control o:f.
their own property upon a perfectly fair and equitable
basis, and without the terrible expense and the risk
and loss at forced sale of the bank's securities. A
property thus appraised at $900 and pooled at $1,000
very possibly might not at forced sale bring more than
$500, and the depositors would thereby sustain a loss
of fifty per cent. How much better that some depositor should offset his certificate of $1,000 against the
property, thus extinguishing a given portion of liability with a corresponding amount of assets.
Where the depreciation in the assets is caused by
an unlawful or negligent administration of the trust,
let the law fall with terrible force upon those who
have abused their trust. For an unfortunate debtor
there may be sympathy, condolence, condonation ;
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SAVIN GS BANK DEPOSITS.
585
for the betrayer of a trust there should be only retribution. And this is why Savings Bank deposits
should be regarded rather as a trust to be administered
than as a debt to be paid.
Provision should also be made whereby when tb.e
depreciation exceeds ten per' cent, the depositors may
determine whether the business shall go on or shall be
closed up and distribution made, after the manner
already set forth.
If the former is resolved upon, it should be done
under the immediate supervision of the superintendent
or commissioner who should watch the operation in its
progress as a part of his official duty. In this way
depositors themselves will have a voice in determining
within certain limitations as to the expediency of discontinuing the business at a loss certain, or of going
on with it in the hope of a final recovery, and in case
the former is resolved upon it, gives assurance of a
cheap, expeditious and equitable distribution of the
effects. lt should always be some one's prerogative to
decide whether the misfortunes that may have befallen
any institution, even in the absence of negligence or
violation of trust, are so far the result of imbecility
and lack of sound judgment as to justify the deposition of the trustees, arid the selection by the depositors or some competent authority, of a new board.
Provisions like these in principle, and looking to
such results as these would bring, recognizing as they
would do the trust, as opposed to the debt character
of Savings Bank deposits, would almost absolutely
prevent panics in connection with Savings Banks, for
they would give assurance that the interests of the
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HISTORY OF SAVINGS BANKS.
depositors should be equally protected and not made
to depend upon the celerity with which the doors of
the depository could be reached.
With the experience of the last few years before us
it becomes a grave question whether this principle of
a corporate interest of depositors in the assets, rather
than a right on their part to demand payment in cash,
will not have to be recognized as the only secure basis
in the organization of Savings Banks now and henceforth. Let no one fear that this would revolutionize
the practical operations of Savings Banks in their dealings with depositors. These would go on as now, depositing and returning deposits on demand in the regular course of business. But there would be such a
sense of relief, on the part of officers and trustees, from
apprehension of panics and runs, and such a sense of
security on the part of depositors, as could not· fail "to
be of _the highest advantage in the administration of
the trust and in its results as an enterprise combining
both safety and profit.
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587
CHAPTER LXXIII.
SAVINGS fiANKS AS A FORCE IN OUR SOCIAL ECONOMY.
The elevation and improvement of society are promoted only through the elevation and improvement
of its individual members. We have thus far considered Savings Banks as a force conducing to the elevation and improvement of considerable numbers of the
people - so many, indeed, as could be influenced to
avail themselves of the facilities and advantages which
Savings Banks offer. This improvement has been considered chiefly under its material aspect as a means of
promoting the physical welfare of depositors, by providing them with resources of independent self-support in time of need, which otherwise they would not
possess. It is hardly possible, however, to separate
the material from the moral aspects of this improvement. The very expression_ which .we have employed
to denote material welfare, viz: "resources of independent self-support," embraces the idea of moral
elevation.
And the material advantage of Savings Banksthe large sums which they hold on deposit, which 'in
one view represent only so · much power with which
in time of need, or of reverses, to command the necessaries or the comforts . of life, in another view represent far more. We know that they represent industry
profitably applied. But industry is the outward ex-
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IDSTORY OF SAVINGS BANKS,
pression of a moral force wit'hin, which impels to the
avoidance of idleness, of vagabondage, of vice, or of
crime, and to the employment of the faculties of body
and mind in useful and elevating pursuits. They rep•
resent economy, but this is the expression of a moral
force which opposes and overcomes the purely material or animal desire for self-indulgence. Tliey represent
the accumulated results of industry - wealth - in
forms of utility, or beauty, or power, but all these are
the expression of hopes that have inspired, of worthy
ambitions that have imparted energy to action, of
aspirations that mark and define the boundary between
the animal and the spiritual in man.
But the material and moral forces which have
wrought out these benefits to the depositors in Savings
Banks, have through them diffused influences salutary
in their effects upon society at large. The benefits
and advantages which result from material prosperity
are not confined to those who own and control the
wealth which is the visible fruit of that prosperity.
The mansion and grounds of the opulent citizen delight and charm the senses of thousands who pass by.
Each deposit represents only wfo:1,t is saved, that is,
left over of the products of labor after the personal
and family needs of the depositor have been supplied.
This consumption is, of course, very much greater than
the saving can be, hence these savings are the exponent or index of an amount or degree of want supplied,
of comfort secured, and of· happiness enjoyed, of which
the measure is unknown and illimitable. All these
who have been fed and clothed, and housed and
warmed, these thousands, nay these millions who have
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AS A FORCE IN OUR SOCIAL ECONOMY.
589
had homes provided, and who have been wrought
upon by home influences and home affections through
the ministry of Savings Banks, are surely better and
purer for these influences; they have become and are
worthier members of the social state than they, who,
abandoned to vagrancy, easily drift into the ranks of
the vicious, the depraved, and the criminal. Social
influences, whether good or evil, moral or material,
cannot be circumscribed or individualized. The profligate son in a worthy family causes the hearts of
many to be heavy with sorrow and foreboding, which,
but for him, might be full of light and joy. The laborer who has finished his weekly task, and received
his pay which is to supply his own and his family's
needs, has wrought, not for himself and them only, but
the result of his labor will go to make others more
comfortable, or more happy than, but for his labor
embodied in results, they could have been. Perhaps
no class of workers seem further removed :from human
sym}?athy, or lower in the social scale, than the sweepers of our streets. But how much their service promotes the comfort of all ; how terribly do we feel the
effect of a remission of their labor !
The aggregate of labor which the Savings Bank
deposits of the entire country represent is absolutely'
incalculable. These deposits are, as we have seen,
only the saving- only what is left after the, wear, and
waste, and consumption of the products of industry
have been provided for. The whole amount, therefore, of benefit to mankind which these deposits stand
for as a material exponent, is the total product of that
industry :from which the $1,000,000,000 now on deposit
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IDSTORY OF SA.VINGS BANKS.
is only the saving. But again this industry, represented by these deposits, has been the means 0£ stimulating other industries, £or the products of this have
been in demand, and could only be had in exchange
for other products. The man who makes shoes, or
any thing that other men will want, compels some one
to do service for him. So it is that all this industry
has compelled other industries to be active. That is
to say, if we could suppose the industry of which
Savings Bank deposits to day are the sign, never to
have been evoked, but a state 0£ absolute idleness to
have supervened instead, we know without going into
any detailed exposition, that the material difference to
society, that is to the country at large, would be very
great indeed, and the difference in moral effect passes
our conception.
We do not, of cou·rse, affirm that the industrial force
represented by the deposits in Savings Banks would
none of it have been brought into exercise if Savings
Banks had never been instituted. We only claim that
industry has been promoted by their influence, and
whether in less or greater degree, the resulting benefits have not been confined to those whose energies
have thereby been brought into action.
It is this aspect of Savings Banks, as a force affecting society beneficially, that makes them so especially
a subject of State solicitude and protection. The £ailure of a Savings Bank is a fact to be deplored, not only
on account 0£ the sorrow and distress there by visited
upon innocent and confiding depositors, but also because of the evil wrought in reversing the salutary
lessons which Savings Banks were instituted to teach,
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591
0£ the benefits resulting from industry and economy.
Every such failure serves to destroy confidence, and
to implant distrust in the minds of thousands ; it
crushes out hope, and begets recklessness, often despair;
it is an incentive to idleness, because it seems to teach
that the fruits of industry cannot be made secure.
The perfect social state, in its material aspects, would
be that in which all available industrial force was act~vely and effectively employed. There can be no surplus of labor so long as human want and human need
are unsupplied, or natural and proper human desires
and aspirations are left ungratified. There may be too
much labor of one kind - that is engaged in one form
of production - and not enough of another, but wisely
distributed, any excess of human labor is simply impossible. Hence every device that stimulates industry,
that creates opportunities or a demand for its employment, contributes to the well-being of society. It is
in this view that we must contemplate Savings Banks,
as an agency more effective than almost any other in
promoting industries upon a large scale. What are
$5 in the pocket of each of one hundred working men?
They are only so many certificates or tokens bearing
witness to the share which the holders may claim, at
their option, in any of the products of industry offered
in the market. They are evidence of service wrought
which has the right to comma
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