Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-06
INCREASE IN THE DEPOSITS.
Significance of the Growth in the
Number of Savings Banks.

1.-THE fact that three new savings banks
have recently been established in this city,
while two of the larger and older savings
institutions have recently consolidated,
and branches with separate buildings of
another savings bank have been built and
opened in two or three different sections
of the CITY," said q banker to Star re-
porter, tells a silent but impressive story
of the growth and prosperity of Washing
ton which the average person interested
in her expansion and development would
overlook.
There Is no truer criterion of the colIec-
tive progress of community, nor index
as to the individual welfare of its citizens,
than the condition of its savings bank de-
posits- This Is one Of the rocks to which
the wealth of the New England states, es-
pecially Massachusetts,, Is anchored and
when our down-east friends tire of advanc-
ing other reasons of sectional congra tula-
ton, they fall back upon the prosperous
condition OF their savings banks, the per
capita allotment of the total deposits, and
what 1t all means to their respective
states and peoples.
1--WE, too. are entitled to a little self
congratulation in this respect. The in
creasing volume of savings bank deposits
in the District each year is little short
of remarkable In its yearly proportion over
when the totals are compared with those
of ten and even so short a time ago as
five years.
There is, Of course when the govern
ment employees of this city are segregated
into distinctive class Of wage-earners, q
very large element of citys popula ton
which is in receipt Of regular and steady
stipends. There are no strikes to inter-
fere with the incomes of this large ele-
ment. nor are any laid off during the year
at various times by reason of the slack
ness Of work. or for other causes which
are familiar In the world of labor.
T,1,n, To- ota nj ut
terrupted general volume Of money from
the government employees which flows I'M
ceasingly into the savings bank as the
months and the years roll by. Much of
this money is permitted to remain in the
banks for savings as permanent invest
ment for the yearly accruing interest.
rather than Withdrawn when a certain
sum Is accumulated for investment in other
channels. The interest paid is satisfactory,
and the depositors prefer to draw what
may accrue, or permit 1T to compound,
rather than try for higher interest rate
which might be obtained in other securi-
ties and investments offering a higher ag-
gregate interest with less positive GER
tainty when ultimate realization may be
desired.
ssBut this element of government en-
ployes who are depositors. as large and
important as it is, is but one of many dis
tinctive classes. The heavy increase In our
deposits during the past few years points
to one great and satisfactory conclusion,
and that Is, that our wage-earning popula-
ton are all busy and working. that the
savings bank habit is one which is being
rapidly formed in this city. and it Is q
good habit to cultivate.
1.-THE several outlying banks and branches
recently established are a great con-
venience to bank patrons in these sections
of the city. and their presence stimulates
and encourages the saving propensity Of
the inhabitants Of these sections. They
appeal by the presence of the bank build
ing in their respective sections to a very
large class of the smaller depOsitors. who
would find 1t impossible inconvenient
to get into the central banking districts Of
the city during banking hours Many Of
these smaller depositors are children. The
reports from the officers of these latter
banks and branches are most satisfactory,
and they are destined to play an Important
part in the future development of the re-
spective sections of the city in which they
are situated"