New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-04


Savings Bank.
In 1916 the savings banks Of the
United States will celebrate the com
pletion Of one hundred years since
their establishment IN this country
They came a. time OF great industrial
and commercial expansion.' Eighteen
hundred and sixteen marked an epoch
in the life Of the nation, turning
point in the affairs Of The world. II
was at time when warriors were our
statesmen, when economists were
called fools. when scientists we're
laughed 81 and political chaos rciGned
supreme. There were only 30 bank
Of all varieties in the original states
OF the Union; 100000 people made
up our population.
Within the months ~ November and
December. 1916. two banks for savings
we're established and another organ
lied. I'm Boston the Provident Instr
tuition for Savings was Incorporated
while Philadelphia claimed the first
savings account opened in America
with what is to-day one OF the most
formidable institutions for the cncOur-
sgement Of thrift in the world the
Philadelphia Savings Fund Society.
The Bank FOR Savings in New York
was not established until 1919.
To-day we have i'm forty-eight states
OF the Union 200 savings banks. 63i
of the mutual type and l.466 Of the
stock type: more than 1000 600 de-
positors and over 100000 900 depos
tied, an approximate average of S.j5 for
each account and per capita average
of about $50.
I'm addition 20 the mutual and stock
savings banks and the building and
loan associations, the national banks
and state banks, which are ordinarily
called commercial banks and also trust
companies. accept saving deposits.
Here they are called savings or iutc"-
est departments OF the bank II is
therefore readily seen that the people
have plenty Of places TO save their
money and allow n 20 accumulate. The
average rate of interest paid on saw
ings accounts in the United States is
81 per cent per annum.
Centennial Thrift Campaign.
The strength of nations savings is
found IN the proportion Of savers 10
population. The United States has II
compared with France we sink into in
significance, for France hes 3i6 per
cent of its population depoSitors in
savings banks. Il is a sure indication
that the people of the United States, as
a class. are spcnders rather than
savers. living month after month and
year after year right up 10 the last
penny Of their income. 1t is eminently
fitting. therefore, that a camps On be
conducted illustrating the thrif;less-
ness and wSstefulness OF the American
people.
In 1913 the savings bank section OF
the American Bankers Association con
ceived the idea of devising some plan
OF activity and usefulness that would
truly typify the prime objects Of its
members and be representative Of the
great organization of which IL is n
part. To succeed in such an enterprise
meant 90 have the hearty cooperation
Of the banks, with "a striking appeal %
all the people throughout the land
Conscious that no nation can long
survive or the individual acquire real
success unless thrift be present rs a
virtue, the section inaugurated n cam
paign OF thrift 10 teach the people its
value and expose the deadliness OF
waste. II was considered the most am
bilious work the section had ever I'M
dcrtsken. 1t is OF commanding interes,
10 consider the progress OF the cam
paign since its beginning.
Practical Aid to Thrift.
Thrift talks have been sent 20 and
published IN hundreds OF newspapers
weekly The school savings bank as an
aid 10 thrift has been installed i'm many
of our states with most encouraging
results and promise Of extension
Thrift lectures, with accompanying
thrift literature, have been prominent
factors in srousing the public attention
to this important subject.
The European war, with its ravages
and waste of both life and property, IT'S
consequences 20 date and the uncer-
tainty Of final effects. has caused edu-
Gators. newspapers, the pulpit, Y. VI
c. A. and ". {. T. L. organizations 70
lend the migN Of their plea to the
manifest need OF practical economy the
world over The urgency for il Is re-
fected again in such thri. campaigns,
thrift congresses and thrift associa-
tons as have even now arrived with
their influences.
1t has been provided that the close
OF the first century of savings banking
In the United States. in 1915. shall be
becomingly celebrated in n centennial
convention. The year. IN fact. is Sc
lected for two great and impressive
eventsa great centennial and the
greatest thrift movement Of our his
tory.
We shall await and anticipate brill
isnt results at the end of the year.