The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1916-12-02
SAVINGS BANK CENTENARY

To-day is the centenary OF the
opening of the first savings bank in
America centenary which every
man, woman and child of moderate
means should appropriately cele-
brate by opening a savings account
The savings bank section of the
American Bankers association has
observed the centenary year by ini-
tiating a thrift campaign" which has
already Influenced thousands of peo-
pie to search for and plug up the
many tiny leaks that have in the past
drained their purses and prevented
them from putting by anything for
the preverbial damp day.
The modern savings bank system
originated in Scotland In 1910, and
the movement quickly spread to Eng
land and thence throughout the con-
tinent Of Europe and to America. The
first institution of this kind in Amer
lea was the Philadelphia Savings
Fund society, which was started pri-
vately in 1915, and opened for bust
ness on December of that year. II
was incorporated in 1919. At about
the same time a movement was sci
on foot for launching a savings bank
in Boston. The christian Disciple, -
little religious monthly, proposed
the scheme, in its issue of December
|1S1e, and soon thereafter the legisla-
ture Of Massachusetts passed an act
Incorporating the Provident Ihstitu-
ton for Savings in the town Of Bos-
ton. The bank was opened for bust
ness the following spring, and prom
Used to pay l per cent. interest quar-
terly, and more if practicable.
The Philadelphia and Boston ven
lures prospered, slowly but surely. In
1913 the Savings bank Of Baltimore
was founded, and soon thereafter the
Bank for Savings was opened in New
York. The New York institution
opened it's doors in 1919, and in 1920
it's deposits passed the million dol
lar mark. BY 1855 they passed the
characterization mark. The Bowery
Savings Bank Of New York, now the
richest in America, was chartered In
1884. At the close of 1915 there were
2,100 stock and mutual savings banks
in the United States, with 10,502,o 0G
depositors and about $4,700, 0OO,0O
in savings accounts-or about $1,000
100000 more than the total amount
Of all kinds Of money and currency
in the country. About every tenth
person has an account with savings
bank-and this does not include those
who deposit their money with Uncle
Sam in the postal savings banks.
It was quite natural that the say.
ings bank idea should have been orr
ginated by a thrifty Scotchman
Other countries have laid claim to In.
augurating the scheme, and, while I,
is true that religious and charitable
associations in Germany and Swftzer.
land conducted savings institutions IL
the latter part Of the eighteenth cen.
fury, they were not banks in the
modern sense Of the word.
The first real savings bank to &C.
cept small deposits and to pay cumu.
lative interest was opened in Ruth.
well, q village Of Dumfrieshire, il
the south of Scotland. The parish
minister, Henry Duncan, proposed the
plan in the Dunfries Courier in 1910
and in May of that year opened the
Ruthwen Savings Bank. At the enc
of it's first year the bank had deposit.
amounting to $755, and was declar.
ed to be a huge success!
The building where the first savings
bank was established still stands, anl
it bears this inscription:
ITO Commemorate the First Saw.
ings-Bank Founded in This Buildine
in 1910 by the Rev. Henry Duncan
D. D., Of Ruthwell. A measure Which
Claimed at His Hands Nearly Ter
Years Of Devoted Work and Pecu
mary Sacrifice
In 1916 the Hon. George Ross de
veloped the English system Of saw
ings banks and brought it under par
liamentary control.