The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-21
Savings of the PeOple.


of the building and loan associations
of the country afford by their evidences
Of successful management probably as
true an index to the real condition of
things, from a business or trade point
Of view, as any purel- onomic insti-
buttons which pravaT. The savings
banks in the several states perform i'm
portant functions, and the schedules
which they leave behind. month by
misunderstood SO far ais the measure
of their true industrial value is con-
cerned.
Some very interesting figures have
recently come to the surface in con-
nection with both beneficial and loan
associations and savings banks. The
American Yankee has always enjoyed
reputation for being near" when it
came to a monetary transaction, and
his ability to chase revolving copper
penny down hill has grown to be some
what legendary because of the antiq-
uity of this peculiar quality of fame.
But it is a commendable characteristic,
in a certain way, and has the effect Of
keeping many a pot boiling that other
wise would be of little sexvice to any
one either in an individual or a COM
niunity sense.
From a recent compilation Of Stats
tics it is evident that the savings bank
is popular American institution, and
that its economic value is enc of grad
ual progression. We have been in the
habit of turning to France when we
sought an object lesson in the line of
savings. But the tendencies Of the
United States have had the effect Of
fostering this method of accumulation.
This is especially true throughout the
period directly following the close Of the
CiGl war. From 1920 to 1870 the num-
Der of savings banks in the United
States increased from 10 i'm the first
named year to SIT in the year last
named, with $685. depositors in 1890 and
1,e30S4e in 1870. The amount Of depos-
its III 1920 was only s1,13S,576, while in
1870 the sum had risen to S549, S74 1913,
with an average deposit in 1920 Of
$l31.SG and in 1870 of $3S7.17. This was
the record Of fifty years. But advanc-
banks in 1880 to be $40, with the num-
Der Of depositors increased to 1885, 5S2,
with the amount Of deposits swelled to
$S19, 961, JAP, with an average amount
for each depositor Of s352.73. In 1890
the increase in the number of savings
banks attained 921, with A,25S,S93 de-
positors, representing an aggregate
sum to their credit of s1.524. S44, $685. the
average per capita among those who
patroniZed the institutions being
S359.03. Abandoning here the progre SIS
by decades, we find that in 1897 the
total number of savings banks was
$50, with 5,201, 1872 as the number Of de-
posttors, the sum of 81, 939, 376, OBS as the
aggregate amount, with an average Of
S372.SS per head. This is certainly a
handsome showing.
An interesting feature in connection
with the study of this economic condi-
ton, as compared with the records of
other countries, is discoverable in some
data recently supplied by a, New York
statistician. AS mentioned above,
France has usually been selected as a
typical nationality in the matter of
accommodating savings. Accepting the
approximate figures for the current
period, we find that, while France has
savings banks depositors to the num-
Der of 1886, 631, the aggregate amount
of deposits is shown Of record to be
1929, 1888, 1876, OF an average Of only
1928.
Some figures afford an illustration
Of the ability of certain thrifty peo-
pie in different parts of the earth to
accumulate their savings, ais, for in
stance, in Canada, where 175,5 $50 depos-
itors have a per ctpita average deposit
Of $327.97, an aggregate amount OF
S57, 57e, 975, while 6,255, 507 depositors In
Prussia, with 1899, Isl, 555 to their credit
supply a per capita record of only
s15O.23; in the United Kingdom 1885,
1926 depositors roll up total volume
as Indicative Of their thrift of $685.
CSC, $50, or an average of only $102 8;
per head, and in Hungary, 995, 1897 de.
positors, of s226, ISL ,76O, or a per capita
average of S227.19.
The United States shows a. record Of
80 per cent Of all the savings of the
its, and New York, California. Rhode
Island, Connecticut and Iowa possess
the highest averages and in the
order mentioned. Meanwhile there
has been a pronounced gain in the mum
Der, as well as in the resources, of thu
beneficial and loan associations of tn,
country. The five years of depression
between 1892 and 1897 had their ad
verse effect upon these organizations
but, strangely enough, while the mum
bers diminished, the membership of tn,
! surviving organizations multiplied
and there has been a revival durins
the past year in sixteen of tn,
states Of the Union whereby 119 nev
associations have been added to tn,
general list, with an Improvement i,
resources of more than S10O, 600 900, ant
an average advance in share member
ship from S34S to 1856.
| For obvious reasons the building AM
loan associations have not secured tha
strong hold upon the communities O
the West which has long prevailed I,
the Eastern cities Iowa, however, a,
Will be seen above, is coming into tn
more advanced ranks Of these pro
gressive institutions. They are in
creasing in favor as time goes on. AMI
IS the people in this section find them
selves more qualified to apply thei
money to such funds. Many of tn
smaller Western towns. both in Min
nesota and the Dakotas, owe much /,
the way Of their construction to tn
aid afforded by their money-loanin,
power, safeguarded by supervisor,
laws. The Improvement in the savin,
| ~ flo