Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1899-12-14
vermont's Savings institutions.


Vermont's Savings institutions
! Gratifying as well as conclusive evidence
Of the constantly increasing prosperity Of
Vermont les to be found in the report of
the Inspector of Finance Platt dealing
with the savings institutions of the state
An unerring index of the material prog
ress of a people is afforded by the aggre-
gate savings effected each year, and one
of the tables la the inspectors report
shows the growth of our savings insttu-
lions since 1850,
According to this authority the number
of savings banks in 1850 was six and the
total amount OF deposits $l99,S6 In 1860
the number of savings institutions had
doubled and the aggregate deposits had
advanced to s1,1ll, 532 la 1870 there were
only eleven savings institutions in the
State, but the total amount of deposits
had more than doubled, the aggregate
being $2,74j,779. 1u 1850 the number of
banks had increased to sixteen aud the
deposits had again more than doubled
during the preceding decade, the total he
ing s7,3li4G9. From 1850 to 1893 the num-
Der of savings institutions increased toI
thirty-one and the total deposits to $751;
$50. Jdi ".
During the decade now approaching It's
close the growth of our savings banks ana
I trust companies has been rapid as we'll rs
uninterrupted. In 1891 the total deposits
were 81, $40, ,303i9; in 1892, S2i.67i74.7 Is: in
1898, s27, 1852, 929.69; in 1894. 1896 s55i5; in
1895, $50 4o3 264 40; ia 1895. 49, 10, 7i2.SS in
1897, 49,, 500 627.49; in 1925 s3i,O71,72177; and
in 1899 $685. 1873.
1t thus appears that even in 1894, the year
in which the financial depression made it.
self felt in this section most severely.
there was a material increase in the total
deposits in our savings institutions. and
the enormous increase in the aggregate is
particularly worthy of note. Up 20 the
present year the deposits have almost
doubled since 1890 the increase being
sls72j,72l6s and by 1900 the total will I'M
questionably 6e moro than twice that of
1890, an cnviable record.
That this aggregate of deposits does not
represent the savings of residents of our
State exclusively is true, but the proper
ton Of deposits in our savings institutions
standing to the credit of our own people
is SO large as to make the total an TN
erring index of our material advancement.
The report of the inspector shows that on
June 80, 1899 the total number OF deposit
tors in our different savings institutions
was 1880. of whom 90 53i were residents,
and 1GS35 hon-rcsidents The deposits of
residents of the State aggregated t3o.3Si-
1l91S while the total deposits of ncn-resi-
dents were only $6,142, &c. 95. so that eXclud-
ing the representation of the wealth of
other States in our savings institutions
the showing would still be a very hand
some one for our own commonwealth.
The dividonds paid to stockholders dur
ing the last fiscal year aggregated $500,
while the dividends paid to deposltors dur
ing the same period reached n total of
81. 81 313.7G. The taxes paid to the State
treasury during the past year by the saw
ings institutions aggregated 500, $50 an
increase over the previous year Of 80 $3.50 60.
Tho table Included in the inspectors re-
port giving the resources Of our savings
Institutions also includes number of
items that will have special interest for
real estate represented by our savings in
stitutions aggregated s7,425,47715, a gain
over the previous year of $3.50 339 Go, while
the mortgages on real estate outside of
Vermont aggregated sl2 293, S71iO an in
crease since June 80 1898, of s1.4O6 5o2,7a.
The total loans on personal security were
S,6ai, %, a decrease from the aggregate
of the year previous of $50, 5ll3j. The total
of United States bonds held by our saw
ings institutions with premiums was
N,757 454,19 and the aggregate of municipal
bonds was $3.50 S33.13. OF our forty saw
ings Institutions twenty-three are savings
banks and seventeen are trust companies.
In this connection it will be a source Of
qualification to residents of this city and
vicinity to lote that the Burlington Saw
ings bank leads all other institutions of
/ this character in the State both as regards
number of depostors and total deposits
AZ well as resources, having had in June
eating the immense sum of s6,j76, SO II.
The Rutland Savings bank stands second
| in the list with 10,57S depositors and SO, 3ll,-
80. iG deposits, the Vermont Savings bank
of i}rattleboro third with 1920 depositors
and So, IT'S zoo. % in deposits, and the Mont
peier Savings bank fourth with 6.15S de-
postors and s., 3O7 9i0.3l in deposits The
The Burlington Trust company has 2,4S7
dcpostors and 81, 2S9 1905 in deposits: the
Winooski Savings bank 2G72 depositors
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