Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1877-09-12
Salaries in Savings Banks.
{ hicao0 Inter-Ocean

The New York papers publish inter
esting statistics as to the expenses of
operating savings banks in that city. In
nearly every case large salaries are paid,
the salary account making up the bulk
of the amount reported under the head
OF general expenses. Just now, when
the question Of the organization of saw
lngs banks is under consideration, facts
as to salaries and expenses have more
than ordinary interest and significance.
In the Bowery Savings Bank the de-
posts amount to $29,00O,OOO. The
President is paid salary of $4,000 per
annum; the Secretary, $4,000; the AS
sistant Secretary, $4,000; three tellers,
$4,000; thirteen bookkeepers, $38, 900;
watchmen and police, So, 100; two port
ers So 400; total expenses for salaries.
SIS, $500; other expenses, $4,000.
In the Blocker Street Savings Bank
deposits, 1923 100000, thesalary account
is SIS, 200, and the other expenses sc, 600.
The Comptroller is paid salary of &c.
900; the Treasurer, $4,000, and the Ac-
countant, $3.50. In the Broadway
Savings Bank the Actuary is paid 81 900.
In the Citizens Bank the Secretary is
paid $4,000; the President, $4,000, and
the Cashier, $1,000 The East River
Sa Wings Bank pays its President and
Secretary each $1,000. The German
Bank pays its President $4,000, and it's
Treasurer 81 800. The Treasurer of the
Greenwich receives $4,000, and the Ac-
countant $500; the President and Sec
rotary of. the Metropolitan, 81 800 each:
the President Of the New York, 81 200;
the President of the Seamen's $4,000,
and the cashier 81 700. The President
of the Union Dime Savings Bank de
posts, $10,50O,0 900, J receives $4,000 per
annum, and the Treasurer $4,000
The business of many of these banks
is very large, but in every case the Of
| ficers and employees are well paid. There
are deposited in the eighteen banks in
the published list SIZE, 100000, and the
| aggregate operating expenses of these
| banks foot up $725,00O per annum.
! This shows the magnitude of the say
lngs bank interest in a city like New
York. Eighteen corporations hold $176,-
100000 Of the peoples money, and in
the Seam ems Savings Bank, with depos-
its amounting to $16,OOO,OOO, and the
Dime Savings Bank, with $40 100000,
the 1najoritysof the depositors are poor
| people, or people in moderate circum-
stances.
The banks pay depositors for the use
fof their money, guaranteeing its safety
1t does not matter to the depositor how
much salary is paid to officers and en-
ployes, SO long as the management pays
him his interest, and so conducts the
business as to IN no way involve the
safety of his funds. It is to his interest
to have the business well managed, and
as the salaries are not paid out of his
pocket, that question is a matter over
Which he need exhibit little concern.
The figures are interesting that they
show the salaries are large enough to
secure the best talent and qualification
in every departm ent If there are not
good men the positions, there ought to
be. Men who are well paid for doing
their duty have less excuse for any dere-
LECTION than those who are poorly paid.
The savings banks handle the peoples
money in such way as. to make it
profitable to themselves The deposi-
tors cannot object to this, but they can
enter protest against any system of
speculation that endangers the money
deposited. AS the legitimate banking
business pays SO well, there is little ex-
cuse for embarklng In transactions of
questionable character.