The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1908-10-10
.ss......
Minneapolis, Minn., Oct.
9.-The principal feature of
of the first half which saw
ed Minnesota was an 85-
yard run by McGovern for
touchdown.
THE DEMOCRATIC
PANIC OF 1888
Some Comparisons for Wage
Farmers and Farmers With
Present Conditions

New York, Oct. 10-A tour of the
savings banks of this city today show
ed that wage-earners are depositing
money. The total deposits today ag-
gregate several millions more than
on July 1. On that day the deposits
In the savings institutions in Manhat-
tan, just one borough of New York
City, amoupted to ss05,33s, ,S55, while
the total deposits in savings banks
throughout the state amounted to ST.
37S ,232, ,7S0, or more than one-third of
the deposits in all the savings banks
in the country.
Optimism prevailed among the pres
idents of the savings institutions, who
remarked that with workmen and
widows depositing money in the
banks there was little doubt that New
York is in prosperous condition
The excess of deposits over. with
drawals for the first week in October
is significant. Usually depositors let
their money alone for the entire quar-
ter to get the interest and then take
part of 1t to meet payments on prop
erty which they are buying or put it
in bulk into an investment that with
the return of confidence in business
would bring higher rate of interest,
such as buying bonds or stocks.
While there have been withdrawals
this month for that purpose, hundreds
OF wage-earners have aho been add
ing to their nest-egg.
Bumper Crops Swell Bank Deposits.
The manner in which the deposits
in the savings hank remain untouch-
ed is striking indication that the
panic of last fall was the "rich mans
money panic" and did not affect the
poor man to the extent that Demo-
Gratis have sought to indicate. The
condition of the savings banks is a
striking contrast with their indication
during the panic in Cleveland's last
administration. For instance, be-
tween July 1, 1907, and similar day
of this year, all the savings banks in
the country lest by withdrawal only
$30.000,000 of their aggregate deposits
Of $500, 100000, and since July 1 last,
If reports from various parts of the
west are correct, they have gained a
large part of that loss. Farmers,
whose acres yielded bumper crops,
have been putting their profits in saw
ings banks throughout the west, and
the chances are that by January 1,
1909, the total deposits of the country
will exceed those of July l by vast
amount. Within a year of the panic,
therefore, the savings institutions will
have broken all previous records for
aggregate deposits.
Panic in 9S Drain on Wage.Earners.
The Withdrawals from the savings
institutions in tho financial stringency
of 1907 was only one per cent. of the
total. Investigation also has shown
that the greater part of that money
was not used by persons out of work,
but was lent to MEN or institutions of
undoubted soundness which lacked
currency or was invested in stocks
that were so cheap that they offered
excellent investments to conservative
buyers. In the year preceding July
1, 1907, depositors had put in savings
banks $208,000,0O0. In striking con-
trast with. the condition of 1907 and
1908 were the features of the panic
of 1893 and 1894. The withdrawals in
1894 exhausted the entire savings Of
the people for the preceding year.
This year only one-sixth of the saw
ings Of 1907 was taken out of the
banks.
"A study Of conditions today under
President Roosevelt and those OF
1893 under President Cleveland" said
q banker, reflect wonderful credit
upon Roosevelt and his administra-
ton. The quickness with which the
country has recovered from the panic
is due to the Republican administra-
tfon. Workmen have reason to be
thankful that Republicans were in
the last year. Otherwise the disaster
would have been awful. Voters real.
ize that, think, and will vote for
Taft for president, because they
think that under him their savings
will increase as never before"
l Z 4, z. / - s. { = 4