Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1882-08-19
SAVINGS BANKS.
interesting Facts Set Forth In q Paper
Before the Bankers couvestioa
atSaratoga by Bank Superia-
tendent Hepburn.
LEGISLATION Blythe SEVERAL STATES.

SARATOGA, August lS.-0ne OF the most
interesting papers read before the Bankers
Convention here, was that By A. b Hep
burn, Bank Superintendent OF New York.
Mr.. Hepburn's paper Was on the Savings
Bank Dividends aud Investments. He b.
gan by saying that the frat banks for sav.
ings were those OF Hamburg founded in
l7s6, restricted by their charters to the use
of mechanics and servants. In 1879 Rev.
Joseph Smith, Of Wendover, offered to re-
ceive from any Of his .parishioners any
sum from two pence upwards every Sunday
evening during the summer months, and
repay the same at Christmas. with an addi-
ton OF one-third Of the sum as bounty
for frugslity. II Withdrawn before Christ.
mas nothing was paid. This was
The Ftrst AstesPt
10 establish q savings bank In England.
Mrs. Priscilla Wakefield, OF Tottsnham, es-
tablished the Charitable Bank in isot.
and paid interest at the rate of i've pce
cent, providing the deposits were left as
least a year. In 1907, Rev. John nuckc!sy
established the West Calder Friendly
Bank" in Scotland fer the savings Of the
tlemen formed Q society 70 receive tho
surplus earnings OF domestic servants"
and allowed four per cent interest thereon.
The first savings bank In this country
was Organized as q voluntary association
December 2, 1916, at Philadelphia The
act incorporating "The Provident Institute
for Savings" in the town OF Boston. was
approved by the Legislature OF Msssa.
cbusetts, December ;, 1916. This Is claim.
ed by some to be the first
Public Act Of LegtslasiOa
recognizing the benevolent character OF
saving banks, and giving them The protec.
tion and re gulation of law. Even In Eng
land the first act Of Parliament recognizing
and regulating savings banks were passed
in lsl1
The first attempt to organize . savings
hank IN this State Was made In 1916. on
November ~ Of that year n meeting was
held in the city of New York, an orssniIs-
" asked for u charter. The Legislature,
distrusting the enterprise, refused to grant
n charter. A meeting Was held In the New
York Hospital, December IL, 1917. which
Resolved, That the citizens present, with
those who may hereafter unite In the meas
ure. be constituted a Society for the Pre-.
veniion OF Pauperism," &c.
This effort eventuated in the incorpora-
tion. March NJ, 1919, of the present
Bank OF Saving. or the city Of New
York.
This bank had. OH the lst day OF January.
1852. 100. sos different depositors, and tiO,-
460, 2Oi Os OF assets.
Could the grand success that was 10 crown
the efforts of this Society for the Prcven-
ton OF Pauperism" have been torrseen. II
would not require three years oi persistent
application 10 the Legislature In order 70
obtain charter.
In order to restrict the use OF these banks
to the class for which they are desi yned,
Connecticut limits amounts receivable In
any one year from q single individual 70
Al. 600 Vermont limits the aggregate 20
$1,000 New York limits the aggregate tO
5000. Massachusetts, limits deposits TO
81 900 from each individual, and allows II
by accumulation OF interest, 10 reach 81 600.
but allows no dividend upon any sum ex-
cceding s., 600. Zach OF these States makes
varying exceptions rs TO trust funds, &c.
There Are ro1P GLASSES ofkeeurtties
in which New York Savings Banks msy
invest:
First-Securities, for the payment OF
which the faith OF the United States Gov
eminent Is pledged.
Sccond-The stocks or bonds of any Stats
in the Union which has not, the period of
ten years prior to investment, defsulted In
the payment OF either principal or Interest
Of any debt authorized by the Legislature
thereof
Third-The municipal obligations OF any
county, city, town or village Of this State.
Fourth-In bonds aud mortgages oi min.
cumbe real estate, situate Ia this stsss,
to the extent Of 80 per centum Of in value.
II improved. and 40 per centum III unim'
proved property.
All New England States permit their
banks 10 loan on personal security, mum.
cipal obligations Of their own State. and
specified cities Of other States, bank stock
and railroad bonds. with varying limitsr
tions and conditions.