Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1894-01-03
TIE STATES BANKS.


Good Condition OF Our Banking In.
st1tutiOns. VI ~
The report of the states bank commits
toner's, just out, covers the fiscal year |
nding last October let. The report says:
Since making their report In October,
s92, the savings banks of this state have
experienced prosperity and also hard
lines. The first eight months of the fiscal
rear were exceedingly prosperous, and the
;reasurers of the banks had every reason
% expect q very favorable showing at the
,lose of business September 80, 1898.
has passed through during the last four
months of the fiscal year are familiar to
everyone. In July panic was started
and its results were Immediately felt by
the savings banks. The steady with
drawal of the deposits lasted for days, and
in some cases for weeks, and still showed
no signs of abatiDg. This state of affairs
could not with safety last for long time,
and to protect all the depositors the treas-
urers Of the great majority of the banks,
after calling a meeting of their trustees,
finally enforced Wise safeguard In their
charter or bylaws requiring depoaitors to
give notice before Withdrawing their de-
pssits.
At first the wisdom of this course was
doubted by many, but later events proved
1t to bs for the best interests of all. It ef-
fsctually stopped the foolish and ssnsslsss
run on tie banks in certain localities, and,
as tho treasurers did not enforce the rule,
L.
needed the money, no hardship resulted.
On the other hand, If notice of Withdrawal
had not been required, 1t would have led
to tho sacrifice Of good securities In An
already ovsrcrowded market and the call
ing in of loans on mortgages. Az can
readily be seen such action would I'M
doubtedly have wrought great havos, the
results of which it would have taken years
to overcome.
While at first some people were induced
to withdraw their deposits on account of
groundless fears entertained regarding
the soundnsss of the banks, others were
actually obliged through necessity to
break in on the savings of years. This
was made necessary by the business de-
preston, which threw many out of work.
The regularity with which small amount.
were drawn out later, indicated that the
money was needed for the necessaries OF
life.
The law passed by the last legislature
giving wider scope for the investment oil
saving banks money, meets with genera
approval. First-class and safe municipal
and railroad bonds, which hitherto have
been prohibited, are now legal invest
ment. and the savings banks can obtair
some excellent securities paying q reason
able rate of interest. This gives the bank
an opportunity to invest the funds which
would otherwise be idle, and enables tn,
depositors to receive dividends on thei
deposits, at the same time having thei
money as safe as formerly.
The last legislature granted several char
ters incorporating savings banks in differ
ent localities throughout the state. Tn
Shelton Savings bank, organized and com
menced business in July. and the fret da..
Of October it's assets were $685. 80 It is YER
probable that other savings banks will b
opened before our next report, as In sew
eral cases the corporators have organized
elected officers, purchased books, etc., an
are only waiting for the financial skies t
grow brighter before opening the doors 70
business.
Increases are shown in the number O
small despositors and the amount of thei
deposits; also in depositors and de
| posits between $1,000 and $4,000; bs
| tween 50, 600 and 1000 and over SO
900. The number of depositors has grow
during the past wear from 331 ,0s1 to 1886
$40, a splendid increase of 4,81S, with q
average due each depositor of 1898 Q!
This is on a total of $l33 98Y, 220 II depo
its, az compared with $1sO, CSC, 100 20 of d
posits in 1892, showing an increase of So
278. sos. so corrected figures.)
As was to be expected the decrease
shown in the number of accounts opene
during the year, and an increase in Il
number closed. The decrease in the nun
Der opened ia :. 1858, and the increase in IL
number closed Is 5.279. As would natu
ally follow the amount of money deposit.
shows q decrease which amounts to $741
352 80, and the amount which was wit
drawn il an increase of 81, 034. 518 50.
The paper past due increased So, $40
and 1855, So was charged OF.
A gain of 1888, 054. 40 was made in
come received, and the large sum
IS, 249, 159. rs was declared in dividends
The Office expenses increased sec. 258. Z
but 1t should be borne in mind that the
Institutions are growing and necessari
, l their expenses must be greater, and q
: crease Of $6,262.75 was made In inco,
from real estate owned owing to the 9,
| of foreclosed property. Assets yieldi
: | no income have been reduced to $3.50. 1853
/ a very gratifying reduction of $26 ,S44
: | while the largest amount loaned to one
dividual, society or corporation NJ
amounts to $685., 900, an increase of 81
600.
Dividends.
The following table shows the rate I
cent. paid tho past year: