The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-09
SAYINGS BAxk AooUMU1Ar1oNs.


The activity in the stock market and the rise
of prices on tho Stock Exchange arc attributed
by some to the confidence In the future inspired
by tho new tariff. by others to the foreign do
mand for our agricultural products, and by
others, again, to the increased earnings, present
and prospective, OF our railroads. 30 far as
speculation is stimulated by q prevailing hope
full feeling In the public mind, each Of the causes
mentioned 10 entitled to credit for q share in
producing tho effect observable, but this effect
would DO comparatively small were there not
behind tho immediate forces producing 1t the
more powerful ono of an accumulation Of idle
capital which has been for several years await.
ing favorable opportunities for investment, and
which its owners are now beginning to disburso.
The mere gamblers with borrowed money could
accomplish but little toward creating an upward
movement In the market were they not backed
By capitalists with money Of their own.
That, In spite Of the depression in business
from which 1t has suffered ever since the panic
OF 1898, the country has made q substantial gain
IN wealth. is proved by several facts. The gen.
eral stock OF gold, which on Aug. 1, 1898, was
$3.50, 900. o0o. was, at the beginning of this
month, 1868, 100000. and tho reserves of the
banks of this city, which on Aug. 8, 1893. wero
R7sooo.ooo. wero last Saturday s197, 500. 1000.
Bad as tho earnings Of our railroads have been,
their mileage has been increased by about 5000
miles since 1898. and the money invested in
them roso from I'll, 200. oo0.0 900 in 1893 to SILL
s6s,o oO,o 900 in 1895. How much capital has
been put into real estate improvements there
are no statistics to show, but tho new buildings
erected in this city must have cost many mil.
lions Of dollars.
Most significant Of all the indications OF the
country's growth in wealth are the returns Of
our savings banks, and especially Of those Of
this State. On Jan. /. 1893, the assets OF the
New York savings banks amounted to $71s.-
600, 900, while on tho LIST of July last they had
risen to 1888. 600. 900. OF this sum the amount
due to depositors on July 1 was s741, oo0. 900,
while the number of depositors was I. 76s, AIT.
10 that the average due to each depositor was
about $500. This proves conclusively the falsity
of the cry that while the rich are growing richer
the poor are growing poorer. It Is true that Of
these 1.76S.& AIT savings bank depositors all ara
not poor. but at least 10000 Of them must
be such. and that they have succeeded in laying
by on an average $500 each shows that they ara
not so utterly impoverished and destitute as
demagogues would have us believe.
1t is probably owing to . reluctance to bring
to public attention this proof of the prosperity
OF so great q mass of our citizens that the
men most jealous in exaggerating the peril to
society of great accumulations Of wealth have
VI - ihBe
banks. According to the latest report of the
Comptroller Of the Currency there are in the
whole United States 9SS Of these Institutions
and their aggregate assets amount to S2, 1A3.
o00. 900. In this State alone 100 Of them hold
property OF the value, as We zee, of $s39, O0o. 900
which is n sum far exceeding the capital oil
any Of the great trusts and corporations against
which so much is said. That the property does
not belong to the men who manage 1t, but te
thousands of small depositors, does not make
1t any the less a menace to society. 1t is held
and controlled by a few individuals, and the
power 1t gives them is enormous.
Take this State for example. According To
their latest detailed report. made last January
Dur savings banks held at that date mortgages
on real estate to the amount Of S344. 600, 900
United States bonds and bonds of States. cities
towns and counties to the amount of S393,
100000, real estate worth $12, 0o0. 900. ant
OSLO 600 900 in ready cash. In this city ant
Brooklyn alone there were ton such institu
lions whose combined Investments aggregated
S41s, 900, 900:
Bowery Savings Bank ..-..-."...... GOT. 900. oot