The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-29
x 1877 x
BROUGHTON ST.

aickel saving banks, the penny school
savings banks and the stamp system.
The question as to which was the first
savings bank in this country does not seem
to have been decided. There are two claim
ants for the honor. The Philadelphia Saw
ing Fund Society was organized Nov. q.
1916, and began business Dec. q of that
year. Its Oldest ledger shows a deposit of
80 on that date, but the bank was not iu-
corporated until Feb 25, 1919, two years
and half after it commenced business.
The "Provident Institution for Savings
In the Town OF Boston" was incorporated
Dec. 10, 1916, and opened for business during
the end OF January, 1917.
one institution commenced operations be-
iore 1t was incorporated, and the other was
Incorporated before it received a deposit,
which facts make it difficult to determine
which OF the two is entitled to the greatest
distinction. 1t may be remarked that both
these banks are still in existence, the latter
being one Of the leading savings institutions
in New England. The third savings bank
In the United States was opened at Salem,
Mass. and at the close of the year 1928 the
total deposits of all three banks was S42, $40.
The first savings bank in New York city
was, as readers of the Sunday Advertiser
well remember being told a few weeks ago,
the Bank for Savings. commonly known as
the ''Bleecker Street Bank which was
chartered March %. 1919.
In November, 1892, there were 1,011 saw
ings institutions in the United states, the
total deposits in which amounted to 8, 623, :
079, 749, divided among 4. 533, PIT depositors,
giving an average Of 1855 OF. The state Of
New York heads the list with 1872 banks,
1915 ,2S9 depositors and $5SS, 425 400 on de-
posit Next in order comes Massachusetts,
with 1,0S3,817 depositors and 1858, 592, 93T
on deposit. Then Connecticut. with $685.
1858 depositors and sl16. 406, 675 on deposit.
California Is the only other state having
more than 100000 on deposit. The
last named state is credited with the largest
average deposits. being 1886 80 to each of
l36, 497 depositors. Rhode Island is next on
the list with an average Of S4S3 80; then
New Hampshire, with $41S 10; Ohio, with
1896 "a and New York. with 1888 sc. Ala
bama is credited with the smallest total
savings deposit. the sum being only sos, SIG,
and also with the smallest average deposits,
$37 Is. Florida has but LOIS depositors in
her savings banks. which is the smallest
number in any state.
The Postotfice Savings Bank in Great
Britain, which is one of the most successful
OF all savings systems, originated with Sir
g. w. Skies, and went into operation Sept
10, 1861, by the opening of 500 postal saw
ings offices. Deposits are limited to $3.50 in
a single year, and $3.50 in all, exclusive of
u
per cent. per annum. Pennies may be saved
by the use Of posted stamp slips, which,
when they bear twelve stamps, are accepted
as shilling deposit. This has been the
means OF inducing many poor people to
open accounts
At the beginning of 1899 there were Of
these postottice savings banks "a, SIS, OO2
open accounts, the amount TO their credit
being 1888, 40, ITO. The trustee savings
banks at the same time had $21S, 250, 900 on
deposit.
The Irish postoffice savings banks have
been particularly successful, and sho W and
show an unbroken series OF increases since
1871. In that year the amount of deposits
was SO, 7Q5 900; in 1891 they amounted to
Sl9, sOO, 600, an increase Of S1,2l0,0Oo over
1870. Besides these savings there was
80, 900 on deposit ia the trustee banks.
The postal savings bank system was
adopted in Japan in 1873, but for several
years received little or no attention from
the people, In the last eight years, how
ever, they have developed and become a
great success. In 1875 the deposits were but
SIC, 320; in 1882, 81, O5S, 900; In 1889, 800
450. 900; III 1891, S22, 330, 900.
or all the schemes designed for small
savings and to encourage the poor to lay by
| small sums, the penny savings stamp sys-
tenn is unique, its methods being adapted to
the humblest class OF depositors whose saw
| ings are limited, perhaps, to few pennies
week. This system Is In perfect operation
| at Frankfort on the Main, under the direc-
ton OF the Frankfort Savings Rank, which