The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1877-01-13
CONNECTICUT AND VERMONT SAVINGS
BANKS.

Tho annual report OF the connecticut
savings banks has been received, from
which It appears that the deposits have
increased two millions thirty-nve thousand
dollars, or some two and slx-tenths per cent.
over 1875, the deposits, January l, 1876,
Being S16,4S0 600, aAd January l, 1877,
SIS j2l O)O. The number of depositors
are four thoustni five hundred and sixteen
less than they were a year.ago, while the
deposits of over one thousand dollars each
have increased over three and a half mil
lions Of dollars, and those of less than a
th0usand dollars each have fallen off over
one AM a half millions of dollars, indica'-
log "that it is the capitalists who are o
4" pat,onizing the banks, while the working
q" CLASSES are forced TO withdraw" In or
der to iua itu c o comparison between the
savings banks of Connecticut and Vermont,
Is may be stated that, according to the
c7uuc-ation of 1870, the population of
c nnacticut was 537, 4 and The ''true
" valuation Of the real and personal pre-
pcrty Of the state was'S774 ,G3l, 524, or an
average of nearly fifteen hundred dollars
81 d3j 7l-per capita Of the population.
In Vermont, the population in 1870, was,
$50 5J1, and Tie 'true valuation" Of real
and personal property was, S23j. $40 553,
bif z an average OF nearly seven hundred
and twelve dollars-S7l1 9G-per capita of
the population. The number Of savings
ba1sg III the state, in 1876, was twenty
nrai's g. eighteen in 1915. while the number
Of depositors increased two thousand five
hu1drgd AM sevcnty-two-or from o.
GG7 to 81 lS1. This increase, however,
C mc3 from fifteen Of the old banks and
twp Of the new ores; three showing a fall
ilg off OF seven hundred and fifty eight in
the number OF tcpositors, namely Farm
trl and Mechanics saving institution and
trus, company, OF Burlington, four hun.
d-el ard for,Y-slx; Burlington savings
ID nls one hundred ADD ninety and the
MpntTcl er savings hank ald trust com.
pany, Que hundred and twenty two. The
two new iaaka-s, Jamaica and West
Ia.dee-h,d five hundred and seventy
tH GO GeYosi,ors, so that the old banks, eX-
elusive Of the three mentioned, had IN
creased tlc plumber of their depositors
tve1ty-seycn hundred and flty.seven.
Tn amount on deposit in the several
savings banks OF the state, at the date of
TIE anrull report in 1876, was 81, $50, $685.
81; and in 1916, So O5S, 553. CO showing
an Incg'aso Of Il arly four hundred and six
ty.c'gat thousand dollars-S4G 1854 59-o1
some hing over tiE per cent. Notwith-
standing the large loss in the number Of foe
p'.i'ors by the Burlington savings bank,
Tie d posts increased in amount over one
hundred thousa1d dollars, but in the other
two lGiRs there was a loss in tie amount
Of deposi's-thst Of the Farmers and Me
ClaulCs at Burlington, being nearly two
hundred and ee%venty-one thousand dollars,
anl that OF Montpelier come seventeen
ihousa' d while all Of the other savings
banks in Tic STATE show an increase in thG
amount deposited, as well as in the number
Of deposit re-.
IF lbtse figures are accurate-and they
should be, as they are the official figures o.
tic banks thems Ives, taken from the re.
ports Of the ineTectoF of finance-they
would seems to indicate that, unlike Con.
n c lcut, the working CLASSES are patTont
Of tie banks, ana are not forced, by Tie
lGrd times, to withdraw their deposits.
Tue average of the whole deposits of the
sta'e is about two hundred and thirty-thret
d LAS TO u depositor, while tic average o.
the Rutland savings bank is some two hun
died and eight dollars to a depositor. TIL,
d ference between the class of deposition
in CONNECTICUT and Vermont, is further in
die ted by the fact that the deposits in Con
nee i-ut average nearly one hundred AMI
twcaty-eieht dollars ror capita of the popu
l%atior, while in Vermont the average i
Only some twenty-four dollars per capita
But IN this respect, as well as in every
Ler, Burlington seems to be an exception
to the g,n raj rule prevailing in the state
The average of deposits in the Farmer
and Mechanics Institution, at Burlington
IS about seven hundred and thirty dollar
t. q depositor, and in the Burlington say
ings btlk, about four hundred and thirty
three dollars to the depositor; the forme
being more than three times and o hal
times greater than at Rutllnd, and the lat
ter more tlal Twice as much. The infer
enca from these figures is II that it is the cap
ita.i-ts who are now patronizing the Bur
lington savings tanks. The figures seer
further TO show tia, in that place, bot
cal alists and working men have bee
compelled to withdraw their deposits, tn
average Withdrawals at one institution be
Ing some hing over ak hundred dollars I
deposi,or, while ut the other notwith
standing one hundred and ninety deposit
ors have closed their accounts, there ha
been an sexual increase Of some one hun
dred thousand dollars in the amount Of de
pos!'a,
In Connecticut, it is said that 'lllegC
"inge ,tmeut' have ceased" but it cannc
be said, in Vermont, that the laws Of th
state relative to eavings banks have bee
compiled with. The inspector of finance
Is required to inquire whether the saving
banks have violated any Of the provision
OF law, but be seems to have neglocte
tlia very important duty. A law, passe
10 1857, provides that no officer of a FAY
ing' bank shall hold an office in a bank
discount ia this state. The law was onac
el because one oayings bank, at least, ba
been ruined and the hard earnings of its d,
positors lot, because officers in the or
were, at the came time officers, in the othe
and an'g'cct to comply with the plai
provisions OF law may, hereafter, produC
similar results. Yet this wholesome law i
and has heen for year7, disregarded, an
we find in many Of the banks of the sta