The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-02-05
American and FOREIGN savings.

TO rHR EDITOR or THE Sun Sir Tho
Statistics referring to savings banks con-
t0ined in the report OF the Department OF
Commerce and Labor. lately published. ha va
excited considerable attention. az evidenced
by the letters from readers printed by you.
Savings bank statistics are always interest
ing hut when used as a comparison between
this country and the European States they
form very uncertain basis and will often
lead 10 false conclusions. rs conditions are
very unlike in different countries
The savings of the people may he defined
as composed of such small sums a the work
ing. thrifty citizen who desires to safeguard
his future and that of those dependent upon
him saves from his daily or weekly earnings.
These frugal minded. industrious people.
whose avings are too small to invest In public
or corporate securities. or who are not edu-
Gated to make Investments, want absolute
safety and at the same time desire to receive
some interest
In the United states there is about 81 0Oo-
600, 900 deposited in the savings banks. but
this amount. large as it is. by no means repre-
sents the total savings OF our people. For
instance. the accumuhtons OF the life insur-
ance companies. at least TO large eN-
tent may be properly considered savings, and
such accumulation now amount to more than
81 900 900. 900. Again. the uCcunntlations In the
hands OF the cooperative building and loan
associations, amounting to some $500. OO0,O 600.
may also IlEDllI ne ttIlllft Nt lHEH, repre-
senting az they do small sums paid in perl
odically with the object Of capializinR such
savings hy owningA home. The accunulatlouS
in the school savings banks can undoubtedly
be reckoned rs savings, and they amount 70
no less than $500. ooo. The money Invested IN
homes and homesteads by our thrifty. hard
working citizens is beyond calculation. but
in the aggregate this must amount 10 a very
large sum. We may therefore correctly state
that in the United states the deposits in the
savngs banks form only part OF the total
savings OF the people. ma nearly the same
amount is invested in life insurance. building
and loan associations. NC, not 10 speak OF that
invested in homes
In Great Britain. where land Ia held by tho
few the item OF homes and homestends ia
hardly TO he reckoned among the savings.
and therefore nearly all the savings are in the
hands OF the trustee savings banks, the postal
savings banks and the life insurance assoc
Citations
in France land Ia divided into small holdings,
and this item OF homes and homesteHds must
be very large one the French "a wings banks
have only some $50. 900. 900 on deposit be
cause the wonderful patriotism OF the French
people iinpels them to invest their savings
largely in their own lrredeemable Govern
ment rentes,
part of the sa wings is in the hnnds Of the Gov
eminent through the postal savings banks.
and is mostly invested in government bonds
The people loan their savings to their ow
government. presumably 20 carry out works
OF public utility. hut unfortunately II is but
too often used 10 carry on wars.
Have you ever thought OF the amount or
interest that tho people in the United states
savings banks' II amounts to about 500
900 coo which Ia added yearly to the sn Wings
OF our frugal minded industrious and thrifty
citizens WILLIAM HANHAnT.
Secretary Savings Rank Section American
Bankers Association.
NEW NOpK Feb