The herald., 1898-03-18
Savings Banks Facts

An excellent showing is made in the re-
port of the savings banks of New York
state for the year 1897, which has just been
submitted. to the legislature by Superin-
tendent Kilburn. The total amount due
depostors on January 1st last was $685.
6S4,916, which represented an increase of
$iS, S,5OS,027 as compared with January l.,
1896, or over $22 900 900 in excess of the gain
for the year preceding. The gain in re-
sources was almost twice as great In 1897
as in 1896. that in surplus considerably more
than three-fold, and that in open accounts
more than 60 per cent. The number Of
open accounts on January 1st represented
2775 per cent of the entire population of the
state, although some depositors had ac-
counts in more than one bank, and the
point is made in the report that if there
be deducted from the population of the
sixty counties of the state that of the
twenty-nine counties which contain no
savings banks, and from which few depos-
Its are made, almost one in three of the
people of the communities where such in
6titutionS are established is a depoSitor
in savings bank. OF the 131 savings banks
only one showed condition indicating a
probably hopeless struggle for existence.
Three new safe deposit companies were
organized in the state and one went out
of existence during the year. There are
at present twenty In the state Five new
trust companies were organized, making
the total number In operation forty. Taken
altogether the list Of financial institutions
organized In the state last year was unex-
ampled during recent years. The trust
companies were very prosperous, showing
increases of $4,000 900 in deposits, s., 500 900
in undivided profits, 81, 500 900 in their sur
plus and $6000,000 in their totals reserves.
One. of the most interesting class of in
stitutions organized under recent legisla-
tlon In New York comprises the associa-
tions organized under an act Of 1895 to loan
money upon personal property. The act
In question confers pawnbroking powers
on these associations, and also In effect
w nm otaof ftAI ao,k<p4 t~-
counties containing a city having popu-
lation of more than 25 900. 1t appears that
no class of institutions under the supervis-
tIoI ION Oh ine the banking department makes any,
tnins ike the percentage of profits that
Is SHOWN by these loan associations
me superintendent renews his argument
M of sayIn sasi year IN opposition to the taxation
oL savings pank deposits, and suggests that
the wording Of the law Should he changed
SO as to leave no doubt that the surplus
and deposits of savings banks are exemnt
the then question: of he urges in touching upon
ings bank deposits, that the Continued
downward tendency of Interest rates
should not be overlooked. He points out
the savings banks Of New Yars y,ass @ 10 wmch ac
hned by law do not now average nerho ns
more than two-thirds the rate OF incn,,p,o 3
fSat1en tSat th,s from n them few years ago, and
tendency IS constantly toward even lowe,
rates, FORCES the apprehension that in tba
NOT remote future the rate of dividends
must ang 60 still lower. This outlook for the
oeposltor, ne suggests, should have its
proper weight in determining to what tars
ation ne shall be subjected or what exemn-
lions ,he ne 4S shall be permitted to enjoy, and
;ts ;ts auus tnat II the savings bank is to hold
omy OF the state. it's depositors cannot - s,,r-
render upon reduced dividends the local
sa.es sae @ or taxation to which the report of the
etate podru OF tax commissioners testifies
u has been sought to subject them in MANS nuneS
places @e-'A ~ liislny
The head Of the New York banking de-
partment IS opposed to the plan Tor a