Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1876-01-06

ANOTHER ISoRvAsH IN ITS INrEREsT RATE-Bh sF
HISTORICAL REvIEw OF THE INSTITUTION
The increase by the Wilmington Savings Fund
OF its interest rate ia lifting occasion Tor
brief historical sketch OF tie institution. This
increase, coming as il does AZ time OF business
depression, when the Savings Banks of New
York and Brooklyn proclsim the necessity for
decrease to the old rate which the Wilmington
Savings Fund has just abandoned, ~ a striking
commentary OF Itself upon the modes OF biiri-
conducted by these institutions in the
three cities. The contrast becomes stronger.
and the value OF the lesson which it teaches ia
OF greater force, when It is known that onr home
institution rests upon solid basis OF financial
prosperity. Its whole history has been such M
to retain and enlarge the public confidence with
which it was founded. 1t began business with
out n dollar in its treasury, aud with only that
capital Of faith which the public reposed in its
managers. To-day its deposits amount to t601,-
000. and it has besides contingent fund Of
$50, 600, which has been slowly accommodating
during the forty-four years Of its existence.
The origin Of the Wilmington Savings Fund
was somewhat peculiar. 1t spraug from the
people themselves through . necessity which
seemed to exist for it. Sometime during the
year 1881 public meeting OF citizens was held
IN the Borough Hall to take the preliminary
steps to the formation Of the society. 1t does
not AppsAr that more done than 70 appoint
committee to prepare . constitute anA articles
Of association. On the 20th Of August Of tho
same year tho committee reported, and fifty
seven members put their names to the Constitu-
ton. On the 10th of January, 1889, an act Of in
corporation was procured from tho Legislature,
and it was not until organization was enected
under this act that the doors OF the Society were
opened for business. The incorporAtors named
in the act were
Jos. G. Rowland, Richard II. BayArd, VIM.
Gibbons, Thos. Garrett. f. W. Gilbert, f. W.
Gilpin, ID. @. Wilson, Allan Thompson, John
Bullock, Samuel Hllles, H \. Askew, George
Jones, W: A M, Msndinhsil HE Henry y,.,nD G,D'
John Elliott, Samuel Burley, Henry White.
ley, Robert Porter, James Webb, Samuel
Wollaston. Henry Latimer, Willard Hall, Lea
Pusey, James Candy, John Wales, VIM. P. Rob
son, JOS Dauphin, Edward Tatnall, Jno. b:
Price, Jos. T. Price, Edmund CAnby, Samuel
shipley, Eli Hilles. Jacob Alrichs, MAhlon Belts,
Samuel Poole, James Price, James 8. Brindley,
Philip Jones, Thos. G. Alrichs, David Bush,
Washington Rice, Benjamin Bouldin, Harry
ConnelIy, James Liddall, J. b. Garesche, Chas.
l. DUPONT, David Smyth Edward Grubb. A. 3:
Read Ziba Ferris, Jos. Bringhurst, Edward
Brnghurt, W. W. Baker and Thos. Gilpin.
now w niess Gpn r. ss He Henry
Latimer, Edward Bringhurst,. Allan Thompson
and Henry Gibbons. The four tIrst named still
reside at Wilmington, Mr.. Thompson is in wash
ington. and MIR. Gibbons is in San Francisco.
Judge Hall wss the first President. and served
until within few years Of his death, or for Al
years and 8 months. Joseph Bringhurst is his
successor. Lea Pusey Was the first Secretary,
holding the position fora year, when no WAS
| succeeded by Jonas Pusey, who remained until
Oct, 1851 A. W. Smith, the present efficient
Secretary WAS then elected, aud has satisfActori-
ly filled the office ever since. Tho first invest
| ing Committee was Edward Tatnall, d. G. Will
son, Eli Hilles and James Candy.
| The institution was opened for deposits on the
| 18th of February, 1892. On the 18th OF August,
| 1888. a statement OF the operations OF tho 30
ciety was made to meeting Of the members up
to that time. -Four hundred and twenty pcr-
sons had become depostors paying in an aver
are each OF s44 63, and an average of u, ,0Ss.26
per month. The whole amount received was
s19 5SS &c, which with the interest on tho invest
Inents s404 10, made the liabilities Of the insti-
tuition SlD. 993. 46 for the first year and hall OF
its existence. In 1851 this had been further
swelled to S7l,O0O. After this period the depos-
its increased more rapidly, until now they
amount, wo have already said, to $f01, ,Ch0.,
| including an accumulation Of interest srnt IN =
ing to $4,000.
The interest rate at first was only 40 per
cent, but it has since been several hinos iI'-
creased-to 4, ~, s, and now 519, the lssC b;
ing taken effect on Saturday last. Under O. +
last advance no interest will be allowed for I,
tional parts of q month. Deposltors VINO WITH
draw their deposits during the month viii qe-
ceve interest only to the firss oi Gho month IN
.ho i-sN ser t. 90 ~, .i'l theEs-t OF the mon IA
, provi4ed 'the money lis nd< drawn 'Ia..l that
, | time.
The Wilmington Savings Fund is not = stock
concern and pays no taxes. 1t is conducted on
the mutual principle. tho depositors receiving
the benefit Of it's esrnings Hence it is that the
increase has been made in it's interest rate. lh
officers few and its salaries still less in mum
, Der. The Secretary and Treasurer Zone officer
and the Auditor are the only regular salaried OF
ticers in the institution. An additional expense
is incurred, however. on deposit days by th'
presence OF one Of the twelve managers and
, clerk. But this expense is comparatively tri
fling. Honesty and economy permeate the Who'll
management, and no defalcstons have occurre'
in its history. The Auditor and the SecretAr
and Treasurer are check upon each other, An
a detailed statement is made each year. Anotll
er wise feature in the institution il that on
which places set Of books containing the fu
operations of the society one each in the hand
OF the two salared officers, 30 that IL the offc
, building at Sth and Market should b, burne
there Nonll be no interruption in br einess.