The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1889-11-07
AN OLD SAVINGS BANK.
TIE STATE GAZE THE FIRST CHAR
b no nTHE PRESIDENT."

Savings Banks and Building Associa-
tions-A scandal in a Newark Church
--latest News from all Parts of the
State.
The report of the State Labor Bureau
Just issued contains a article from which
are here taken some references to the be-
ginning of the savings bank system.
In this State, the first act of incorpora-
tion was secured for the Newark Saw
ings Fund Association" in 1928, which
was authorized ito receive as deposits
such small sums of money" not neces-
sarily less than 81, from tradesmen, me
chanics, laborers, miners, servants and
other persons as they shall save from their
earnings, or otherwise lawfully acquire,
and from time to time wish to deposlt IN
the said fund for safekeeping."
THE P~ROvIDENT's Ill CHARTER.
Only a few additional charters had been
granted in this State up to the 50s; but
between nat period and 1876, when our
general savings bank statute was enacted,
many special acts of incorporation We're
passed. These earlier institutions
do not, however, appear to have
had very extended careers of use
fuiness or popularity, Only two
of those which began business before
1850 are still in existence-the Provldent,
of Jersey City, which was organized in
1889, but did not go into operation until
1913, and the Trenton Savings Gun Socl-
ETY., which dates it's Incorporation back TO
1914. As late as January l, 1865, there
were only twelve savings banks in New
Jersey, with somewhat more than
50, 100000 deposits, 50 per cent. OF which
was due to the 49, 41 depositors of three
banks. Eight of the banks reported
2S,S66 depoSitors, n the total numDer IN
the State could not have exceeded $4,000.
Four of the twelve banks have dlsap-
peared, and for the past ten years have
been managed under the direction OF the
Chancellor.
SAVINGS BANK STATISTICS.
A summarize of New Jersey savings bank
statistics, from %RJanuary /, 1873, to Janu-
airy 2, 1855. inclusive, as reported annually
to the Secretary of State, shows that both
the number of depositors and the amounts
of deposits We're larger in 1887 than at any
time since the first OF January, 1884, from
which time dates the rapid increase in
our building and loan associations.
On the 1st of January in 1888, there
were twenty-four banks, including three
i'll the hands of receivers and
three practically out of business, with
average deposits of $215. In the preced-
ing wear there were % banks with aver
age deposits of $3.50; 1886, 20 banks, S276
average deposits; 1885, 80 banks, S214: 1884,
81 banks, SzJG. 1903, % Drinks, 500. 1909, ~
banks, S3g3; 1881, 81 banks, S265; 1880, "a
banks, s255; 1879, 3S banks, $3.50; 1878, 3S
banks, $3.50.
In the report of the Secretary of State
for the year ending December 81, 1887,
the statements of ~ savings banks were
given. OF these "a were in active opera
ton. Three of the latter were doing
business under the direction of the Chan
cellor. In addition to these three being
still under the direction of the Conrt Of
Chancery on January l, 1888, there were
twelve others in the same condition.
taking into consideration the compare
lively small number of savinge banks in
this State" continues the article, 'and
that they are managed. or supposed to be
managed, by the leading business men
in the communities in which they are
located, such a record is by no means
satisfactory, and does not make so favor
able q showing as that Of our more mod
est but more. widely ditfused, building
and loan associations. 1t is true that
these associations have not escaped reck-
less and criminal mismanagement, but
thus far such cases have not been many,
ut least III this State"