The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-12-02
TODAY IN HISTORY
FRIDAY, DECEMBER
sIrthday Of AmerIca,s sayInos BANKS.

Birthday OF Americas Savings Banks.
The FIRST savings hank appears TO have
been of German origin, and was opened
AZ Brunswick in 1856. short time att
cr"ard similar banks were opened IN
other cities OF Germany and Switzerland.
These banks were introduced 10 the no.
tice of the English public by Jeremy
Ben,ham. who. In 1871 proposed well
devised system OF frugal banks, to
constitute branch Of the pauper system
OF the government.
The first English savings bank Of the
modern type was organized by the Rev
Henry Duncan OF Rnthweli Scotland. in
1910.
Shortly after the successful inaueurs-
ton Of savings banks in Great Britain
upon popular and practical plan these
Institutions began TO attract attention In
the United States The first organization
az which there Is record was effected
In the city OF New York on November
20. 1916. but the frs, OF such banks to
go into actual operation was IN Phla-
delphia. which purely voluntary as
sociation. began to receive deposits on
December ?. 1916. During the summer nf
this year the times had been ard buai-
ness was dun. and, as many people were
turned out Of employment. much suffer
Ing occurred among the poorer classes OF
the community
Meetings for relief were held and con-
siderable money subscribed but in order
TO render the public hcnevolence sys-
tematIc IT was determined TO form a So
tleN fMh Ns,, lo1 me purpose OF ameItoratins
moving or preventing the causes which
produce mendlcancy." DR.. Mease pro-
posed Saving bank" under corporate
The lrst savings bank In the United
states to become incorporate was In
Boston. on December IL. 1916 which or
ganlzed and began business in the spring
| or lslt Thus the United States antici-
pated Great Britain in giving 70 this
interest the sanction and protection OF
law.
The savings bank Of Salem. Mass. vas
next Incorporated in January. 1878. and
commenced business I'm April follow
Ing. The savings bank of Baltimore
opened as a voluntary association for
receiving deposits on March Is. 1915 and
was duly incorporated In December OF
| that year.
BY 1920 ten savings banks had been
founded In tho United Stntes. and the
number had been increased To sixty-one
| In 1870 and 2Ts in 1860. Since then the
development has been steady the nun =
Der in 1903 being 1908. Last year there
were s.SSl seS depositors in the savings
banks of tho country. with deposits OF
| 81. il3, lO5, ,ie9, II is hard to realize the
tremendous growth OF the American saw
ings bank from close to four billion de-
! posits in 1909 with deposits OF only a
| little moro than six millions in 1890.
The six state shaving the largest mum =
per OF dcpositors at present are New
York, Massachusetts, Connecticut, PENN
Nh'Hh. ShIll'l lllu anu lp"d, III ttlc or
der named. The six states having the
largest amount on deposit arc New York
Massachusetts, Connecticut. California
| Pennsylvania and Iowa.
In foreign countries the most fruSa
| arc the Germans. who have deposited
In savings banks s3.1o1. $50 900: second
Austria. with sl.li4.55S. 1851 deposited
third. the United Kingdom. 81. 033. 40. .2O4
American savings banks are OF two
! types. mutual and Joint stock The nu-
tual banks arc managed by trustees, who
! give their services eratuitously. the en-
! tire profits being distributed in the form
OF interest on deposits. The Joint stock
savings banks retain for the sharehold
! ers all profits after stipulated Interest
| has been paid. The former type is the
only one found In the eastern states. In
/ some OF tho western states joint stock
savings banks arcNfound TO the exclusion
OF the mutual banks. Many commercial
banks conduct savings department in
addition TO their regular business.
December ? is the date the mariner
compass was invented in 1900; ST. Paul