Weekly hawk-eye and telegraph. [volume] (Burlington, Iowa) 1855-1857, 1857-04-15
Saving's Banks.

In the East, every edge is made to cut, and
every penny is kept going aud made profitable,
If there is any chance to do SO. We Of the West
have not yet made such proficiency in political
economics, but there is no question that many
eastern institutions and habits could be imported
westward to our profit and advantage. Savings
institutions are by no means tho least important
Of these.
These reflections were excited by reading, in
Boston paper, notice of the business of the
Boston Five Cent Savings Bank, al institution
which has been in existence there but three years
extracts from which we append below. 1t will
be seen thu, in that short tune more than twelve
thousand persons had deposited money with that
Company, amounting to nearly one million dol
lars. OF these, more than four thousand have
deposited less than Ave dollars each.
We perceive, by their advertisement, that the
new Insurance Company of this city propose re.
ceivng small sums on deposit and paying inter.
est on them. We are assured that this depart
ment will be kept entirely distinct from the In.
surance business, and that rates OF interest will
be paid that will render it the interest Of every
man having few idle dollars in his pocket, that
he may have no use for, for few months, to de-
post it, and let it bring him in something in the
way Of interest. OF the solvency and high char.
acter of,he parties controlling this Company, it
is unnecessary for us to speak:
Tux FIVE CENTS SAVINGS BANX.-By the third
annual report Of this institution it appears to be
ina gratifying state of prosperity. We collect
the following statistics from the report
The whole number of accounts now opened
With depositors ia 1856; of this number 9lSl
reside in the city, and 1895 are non-residents.
The number of adult depositors is 1855; minors
47eO.
In respect to their occupations
The number Of mechanics is 1852; clerks,
1887; laborers, 1872; merchants, slS; servants
and walters, 649; professional men, 405 print
en. All: seamen. ITO; public officers, iSs
railroad and express men, -; women, children
and Others, whose occupations are not known,
1858.
The number who have deposited less than 30
is A2ls; IS and less than $40, 1851; 20 and less
than $50, lll9; so and less than 800, HAS ;
100 and less than $500, 1878; from 500 to $1,000
inclusive, $40.
The whole amount due to depositors is $780,
0ls,S5; the average Of which to each deposltoI
isS7o.
In Mortgages $S4s,75o
Bank Stock lss,oeo
Public Funds Ico,VV.
Loans on Bank Stock SS'6ss
Personal security 4S,50t
Io.ns "a Counties and Towns 50, l0l
OF the eighty one Savings Banks now in ope-
ration in this Commonwealth, only one has &c
large number of depOsitors, and only nine o.
the whole number have an equal amount O
deposits
The following passages from the repos. are O
interest:
Believing safety to be the primary object in
the disposition OF the funds OF such an inssltu-
ton, the Trustees have in all cases taken securi
iy for their loans, ample in amount ana anqees
Ienabls in their character. 1t VIII De seca snel
alsrge proportion Of the loans are secured On
real estate hasis. Thus far not dollar has becI
lost and no loan 10 considered in any degret
doubtful.
The increase in thesrate Of dividends, from
four per cent per annum TO ave per cent, meet
with great favor among the depositors. The sys
tenn Of ave pcr cent. il considered more equita-
Die and Just than that Of four per cent
The feature Of this institution which ptosids
for receiving deposits Of . very small amoan :
Is found to Be useful 70 the community. II en-
coarages habits Of frugality and thrift vhss'
most nceded--in the young and persons o. yer.
limited means. II has induced many 70 saS
their money to deposit Who would othsfwn
have spent Il in ! useless and Improbable mar
nes; and from the smallest begiuninSs quit
handsome Sims have, in some instancea Dec
already accumulated. The value Of this syste.
Of ANAL deposits consists in the facility Il AFFORD
70 Ill, even the poorest % make . beginning
save. 8s