The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-05-11
SAVINGS BANKS
FOR CENTURIES
FIRST ONE WAS INSTITUTED IN
VENICE SEVEN HUNDRED
YEARS AGO.
Philadelphia Has the Honor of Estab-
fishing the First One in the
United States.

NEW YORK, May 11.-AlthOugh
banks have existed for more than seven
centuries-the first having been estab-
hshed in Venice in 1171-the institu
tion of savings banks, in the sense in
which they are known at the present
day, dates back less than hundred
years.
The first savings bank was insti-
tuted in Hamburg. in 1878; the second
IN Berne. in 1887; and the third in
Zurich in 1S03-the latter being in ex-
istence at the present day. In Eng
hand chartered savings banks date from
1917 although several parish banks
were started as early as 1903.
Philadelphia has the honor of estab-
'hshing the first savings bank in Ameri
ca, which was incorporated in Febru-
airy. in 1916, and opened for business
December 2, 1916. 1t is still in exist
ence, and does an enormous business,
the number of depositors being far in
excess of any similar institution in the
country.
Boston started the second savings
Bank in January 1917, and New York
first savings bank was opened for bust
ness in July 1919. From this Tins
henceforth savings banks rapidly in
creased until at the close of the year
1880 they numbered $50.
The depositors numbered 4,25S,S93
and they had to their credit the enor-
NOUS sum of $1,524S445O6, an average
o. more than $3.50 to each deposition
California was credited with the larg-
est average sum to each depositor, the
amount being $7S7.74, and West Vir-
ginia the smallest average, S4819.
Savings banks originated for the pur-
pose of encouraging frugality in the
poor, and in England and Europe gen.
orally this feature has been retained
But in this country the depositors in
savings banks were found to belong
almost entirely to the middle and COM
Portable class of people
During the past few years, however
q number of institutions to secur,
small savings have come into exist
ence, and are thriving in various part.
of the country, Dime, nickel and penn!
savings banks are among this class.
In most of these later savings bank.
the system is precisely similar to tn,
larger institutions; but a few years ag,
the Citizens Savings bank, of Detroit
Mich, introduced a system new to Thu
country, although it has been in sue
cessful operation for ten years a
Frankfort on-the- Main, in Germany
The bank has one hundred agsnt
distributed over the city, mostly dealer
in small wares, and situated in tn
poorer quarters OF the city. To thes
agents are issued for sale quantitie
OF adhesive stamps, a trifie larger thai
the two-cent postage stamp, each hav
ing the value of five cents. Each de
positor receives a small book each lea
being divided into twenty squares. T
make a deposit. the holder of the bool
goes to an agent and buys one or NOR
stamps and pastes them in the book
A complete page shows deposit o
one dollar.
At the central bank the deposito
pres hts the book at stated intervals
20 have the interest Generally pc
cent computed and added to the book
and also TO draw on his account A
each leaf is filed it is sent TO tn
bank. where it is credited to the de
positor and entered in a separate de
post book.
This simple plan has been found {
be so effective that the Detroit ban