Semi-weekly herald., 1908-10-15

necessarily hide behind some issue
| and false one will do.
WAGE FARMERS
HEAVY DEPoSiToRS
NEW YORK. Oct. IA tour of
the savings bank of this city, shows
that wage earners are depositing mon
ey. The total deposits today aggregate
| several millions more than on July
On that day the deposits in the saw
| ings institutions In Manhattan, Just one
| borough of New York city, amounted
to $s05. .33S,s55, while the total deposits
IN savings banks throughout the state
amounted to sl.37S,2 ,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 wild.
ows depositing money in the banks
| there was little doubt that New York
| Is In prosperous condition. The ex.
cess of deposits over Withdrawals for
| the first week in October is significant.
Usually depositors let their money
alone for the entire quarter to get
the interest and then take out part of
1t to meet payments on property which
they are buying or put It in bulk into
an investment that with the return of
confidence in business would bring a
higher rate of interest, such as buy
ing bonds or stocks. While there have
been Withdrawals this month for that
purpose. hundreds of wage earners
have also been adding to their nest.
egg
| The manner in which the deposits In
the savings bank remain untouched is
o 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 Democrats
have sought to indicate. The condi
tion OF the savings banks is a striking
contrast with their indication during
the panic in Cleveland's last admin.
| istratiOn. For instance, between July
l, 1907, and a similar day of this
year, all the savings banks in the
country lost by withdrawal only 800,
100000 Of their aggregate deposits OF
1890, 100000. and since July / last,
If reports from various parts OF the
west are correct, they have gained
large part Of that loss. Farmers, whose
acres yielded bumper crops. have been
putting their profits in savings banks
| throughout the west, and the chances
are that by January l, 1909, the total
deposits OF the country will exceed
those of July l by a vast amount
Within a year OF the panic, therefore,
the savings institutions will have brok
en- all previous records for aggregate
deposits.
The Withdrawals from tne savings
institutions In the financial stringency
of 1907 was only / 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
unodubted 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 $205,000,000. 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 say.
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 a
banker, reflect wonderful credit upon
Roosevelt and his administration. The
quickness with which the country has
recovered from the panic is due TO the
Republican administration. Workmen
have reason to be thankful that Re
publicans wore in control in the last
year. Otherwise the disaster would
haze been awful. Voters realize that
think. and will vote for Taft fol
president. because they think that
' under him their savings will increase
as never before"
The cheerfulness among savings