New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-09
BIG INCREASE IN DEPOSITS.
SAVINGS BANK OFFICERS TRYING TO
ACCOUNT FOR 1T.


HAS THE ENFORCEMENT OF THE EXCISE LAW
ANYTHING TO DO WITH IT?-Low RATES OF
INTEREST ELSEWHERE. SECURITY. NAT
URAL ACCUMULATION AND GROWTH
OF THE CITYs PoPULA-
TON SOME OF THE
CAUSES ADVANCED
Considerable interest has been excited in this city
within the last nine months through the increased
amount OF money deposited in the savings banks 1t
appears from statistics that the total number OF
depositors in the twenty-five savings banks In New
York County on January last was S2S.S55 while
on July the number had increased to $500 The
total due depostors by the savings banks OF
the county January !. 1895. was approximately
Sol O0o coo. and on July last about sS66enON This
shows an increase for the six months OF about S5-
OO00 The new accounts opened during the year
ending June 30 1895 19i. and the number of
accounts closed 1894. making an increase III
accounts of upward of $1,000
The views OF the principal officers OF these insttu-
lions as TO the cause OF this increase have been
sought The theory that deposits have Increased
because of the enforced observance of the SUNDAY
excise law Is advanced In many instances. put III
the opinion of president of one OF the iarseS' III
sttutions the city. the Increase Is IN largo
re due TO the low rate OF interest that prevails IN
bank on the East Side. who has had an experience u
II quarter of a century. said. few days ago;
This question Of the savings OF the poorer CaSSes
OF the people is interesting from the sVdHuPo' ~
pclitcal economy IN that 1t shows the percen'ae %
Tho nop,lation who are thrifty against those VINO
are less careful OF their earnings ana OF the i"'
outlook Perhaps l might boldly say tha' 'ie n'e'.
OHIO natronjze saloons Sunday TO any free extent
either in their interest or those OF theii az.
are not the men who patronize the savings JAIN "
all The laborer who desires TO save MS ii'o".s -o =,
10 honant Of himself and in behalf OF MS fanny ~
no, rho kind of man who patronizes the saiooi''
-, aonht very much whether the pubic iu4l! uii-
ss.onds the relations of savings oahks ~ '"'
communities that they serve. ms Is '"i e' "
s,itution Of It's kind. We pay per ecu. "a Stste
Ire and are required under the laws Oh 'Ae
10 invesi d" NJ are also permitted to lend on 3o
and mortgage real estate IN ing This restriction
n1ob savings banks renders them the e5ey
tutions in which people may place '"e"
THRIFT OF THE EAST SIDE
..Dur,ng the last few years the vaults Oh 'na ~
n.vs heen filled with money deposited 'neIe .u
nave 0e.n n,,nou, \ chance Of drawing interest.
60 AVG ron,lat ton especially on the Last ol1e'
,o,.s hae an accumulation Of earnings ana p1o"'''
There Is disposition there ana :,
tica so far as 1t can be e"'oi0.D' ~
s,wavs sell for cash This orhss 49,. 49,
ha,de ~ dealers accumulauons when tne y Wall
No. Nave been In the habit OF investlie ~
street with good concerns anu nasc,,ve perlod
nd per cent interest during IN, iga s,,,ns of
80, an. -SSsI dealers have accumulated IaIge suns NO
money The Hebrew popHIs si, and THIS inspires
- to allow no funds 10 remain lde' ne as-asaf
withn ,h l az 600 or 100000. which were proush.
here in small sums in oflei ~ Pc IF protection
cent interest as wei a. ''''
a5a3? g nsss Reoses IKE aiSSasn
law permits 5000 a. the limit !" our ar- Counters,
case. "S Snnns,t saw. OF 500 giving her own
name and present address. - ~o,nas Win a Ike
d SOun t 70 be Deposited in her own name 81 ne
same another address IS. famiv wifi shorty af,er
la .S rUake her appearance with view OF oprns
her account WI ffari mr. Similar sum and until
address AM 81 81 600 Is deposited in one bank al
IN he interest Of Oh one ,be sa Wings banks
IN 'SGesuyork CITY AZ every one knows VINO = Ia
IN ,ith the business conditions IN NtW- OH,
cannot afford 70 gs3gos,t6rs Tor the reason that
While there is 50 much oeFsf up up IN a,, the
vaults Of the banks whicn me OWNS FanseIyes
10 o. stricted the oanine q our money say
per cent diu on Te@ Of 3 per cent we find am
cult 10 compete with prIVale, lennr s1g IN vaire
a el,nost any holder OF large amounts ot capital
would be willing to loan TO tme This accounts
sr ,he necessary restraints that are MADE upon
the sliher savings bank president who has spent
r,anv years IN dealing with people OF me th,l-,y
class who place th"r nl'''' -" '
SAT- Tha apparent increase in the amount OF deposits
is the result largely so Jar a. my ,,r bart We 59ve
~ the rolling up Of interest IN our odlh IA
a iaree number Of depostors, and tw3-thirls oI
these neither touch the prncpa. nor W1m .ii 6av
n,-leS,, ,rest accounts are turned deposits
II is common thing N our ex'rlen,o, 10 I'M aav
a deTosit their money Just previous 10 the DAY
when interest begins semi-annuaiy me W, W,
wouid be glad accommodate Al, we must tslec'
W t ~ evidently are attempting % avail them
elves Of the Savings Banks laws and me prGn's
rssuifing from deposits IN times Ike these Wh.n
a,. Is 60 plentiful and when IL is so difficult 70
erect profitable loans We must De eV"ridso,I'sis
our guarl ags ihe chsrecter Of TIE InstEons
s, nH' he assurance OF a certain fixed amount OF
Interest
NOT INJURED BY HARD TIMES.
Nh. r-esen, number OF standing accounts in New
WY Savings banks represents nearly h'ty per cent
=, the population. In explanation OF this feature
tho president, Of one Of the best savings banks in
'ne 't3 matter Of interes, and one that Is no,
aasiiv expainabe that throughout the perloi or
70 ,sceni panic our deposits did not sun'r N me
w i,ern amount The only explanation can
& IS that there such large element q thrifty
FL v,orking people with whom we have largely 20
"a rheir wa yes have been going on and II
~ not unnatural to suppose that the decrease IN
u ~" &c, of the garments they wear and the cost
" ,,,rr GENERALLY added something 10 The amount
o. n aa,ings that they able TO deposit Here
! and there comes woman or a man VINO unus,
.rass ~ circumstances may ask for some payment
~ accoi,nt or the payment OF interest due or even
he closing OF the account Itself but the increase
"a tbus The standard % he savings banks If main
| tsined. . -. ,o,oscorco y, ,ns,,,u.ion. nj,
.n,s sort The comparison lust now Is most marked
t,,.en our working people and those OF England
and France and other Eurppeam mining
are in south Africa. The quiet accumula tive
SLOW going methods that are being practissd IN ms
ct agures offcialy issued by the State author-