Worcester morning daily spy., 1898-02-15
How They Are Increasing in the
Banks of the State.
sa5, 100000 IN THIS CITY.
A Gain in the Past Year of Mil
lion and Half.
Detailed Figures Relative to the Cond
ton of the Five Local Banks-opin-
ions of Bank Official.

Treasurer C. NJ. Bent, at the annual
meeting of the Peoples Savings Bank,
Saturday afternoon, presented some
very interesting figures to the members
of the corporation, which seem to in
dicate that the worst of the hard times
has passed. He shows that by the an
nual report of the state savings bank
commissioner, the deposits in all the
savings banks of the state have been
largely in excess of Withdrawals during
the past year The deposits during the
year ending Oct 81, 1897 were $S2, ,000,-
COO while the withdrawals were $79, ,300,-
600, a gain of SO, 500, 900, while in the year
previous there was a shrinkage of 81
s5O,O00 The increase in amount due de-
postors, which includes the sums of the
dividends not Withdrawn, amounted to
800 100000, the total amount on deposit
at the date of these returns being $474-
00O000 represented by 1884, 900 open ac-
counts, there having been an increase of
$4,000 during the, year in the number OF
open accounts.
Mr.. Bent shows that this large in
crease in deposits is not due to the fact
that capitalists are taking advantage of
the safe Investment afforded by the saw
tpgs banks, for the average of the de-
posts was but $66 He draws the con-
clusion that "the common people are
more prudent in these hard times and
taking warning from the conditions, put
aside their small earnings for possible
days of adversely"
He says the condition above described
has been reflected in the business of the
Peoples Bank during the past year. The
total amount on deposit in this bank
Feb. /, 1885, was S7,919, 600 and the open
20
to the credit Of each account being
S465.6S The deposits during the year
numbered 1888, and amounted to ST.
$4,000, which is $500 more in number
and 1000 larger in amount than for
last year, the average being $66, the
same as reported by the commissioners
upon the aggregate for the state. The
Withdrawals for the same time num-
bered Il. 46S, and amounted to $9S2 900,
the average being $73, or one dollar less
than the average of the state. Last
year they numbered 30 less, but amount
ed to A. GOO more, the gain being $1~ 900,
which is 191 900 larger than one year
ago.
The sum of the two dividends paid by
the Peoples Bank, both of which were
at the rate of 4 per cent per annum,
was $2SS,2S4, of which but $44, 900, or
15l2 per cent of the whole was with
drawn, the remainder $243, 800, being
added to the amount on deposit, which
swelled the increase in that account for
the year to $405000. There We're 1857
new accounts opened and 1885 closed
during the year. The deposits of $50 or
less during the year at the Peoples
Bank numbered 11.419, and amounted to
S223.S16 the average being $3.50. The
hulk of the business Is in deposits of
$500 and less. Such deposits the past
year numbered 1857, and amounted to
s73S. 600, and $3.50 deposits amounting to
S5S1,400 were made in the names of
women.
The prosperity which has attended the
business of the Peoples Bank during
the past year, has been shared by all the
five savings banks Of the city. Every
one has made a marked gain in amount
Of deposits and assets, and all but one
has increased the number of its de-
positors, The annual reports of the saw
ings bank commissioners. which is just
out, gives the standing of the banks of
the commonwealth on the 31st of October
last. the figures given below are COM
piled from it. To add to the interest OF
the figures for. the past year, those of
the year previous are given, so that
comparison showing the increase in the
wealth of these banks of the people
may be seen at a glance. 1t will prob
ably surprise good many readers of
the Spy to know that there are 81 1856
depositors in the five local savings
banks. and that they have on deposit
$50, 296, ,258.S5.
There are some interesting figures in
connection with the banks, which are
not Incorporated in the tables given be-
low. One is that they each have guar
anty fund amounting in the aggregate
to 81, ,449. 401 So. The manner of the in
vestment of the funds is also a matter
of interest. OF the nearly $35, ,0000 900 of
deposits, the principal part is invested
as follows: Public funds, S4,929, IFS SO;
national bank stock. $2,535, ,621.32; rain
foad bonds. $7,891, ,40S; loans on real es-
tate, $15.S72, 47426
The following is the comparative ta-
BILE;
deposits.
Bank 1896 1897
Mor Co. Inst .Sl2 So $50 21 81 2ze OH 20