Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1916-12-02
AMERICAN LACK
OF THRIFT SEEN
AS CAUSE H.C.L
PROBLEM SERVES TO RENDER TIME
~ CELEBRATION OF THE saw
lMGS BANK CENTENARY
HISTORY OF SAVINGS BANKS SHOWS
REMARKABLE PERIOD GROWTH
AND GENERAL EXPANSION
Especial to TIE Herald.)

NEW YORK, Dec. Thrift, plain. ev-
cry day thrift, say the wise ones, is what is
/, .equired to deal the "solar plexus" to the
high cost of living in America. And saw
ings banks, it is generally admitted, fur
nish one Of the most potent factors in the
encouragement Of thrift. Which has serv-
ed to render timely and interesting the
present celebration Of the centenary of the
establishment of the first savings bank
in the United States.
When the first savings bank opened its
doors in Philadelphia one hundred wears
ago today the population Of the Uninted
Statee avs 9,50O,O 900, and there were but
2i6 banks in the country. Four years la
ter, in 1920, there were ten savings banks.
with S,635 depositors and deposit accounts
a~ggregating $~l,l3S,576. Since that time
the growth has been very great.
There were at the beginning of the pres
ent year 2,l00 stock and mutual savings
banks in the United States. These banks
have 1882. 900 derositors and approx
mately $4,000, 600, 900 in savings ac-
counts. This is nearly 81 900. O00. 900
more than the total amount of all kinds Of
money and currency in the country. Ev-
cry tenth person has a savings account,
and, therefore, relations with savings
banks.
While the bulk of the savings deposits
and the number of savings depositors il
larger in United States than in any 9TH
or country, the amount of per capita saw
lngs IN this country lags behind, France.
Norway, Sweden, Germany and Switzer-
land. Of the 2,100 savings banks 63I are
mutual institutions having no capital stock.
These mutual savings banks have at this
time more than 5000, 900 depositors and
nearly $4,000, 900 900 in savings accounts.
The proportionatc amount of business the
mutual institutions do is therefore approx
imately four-fifths of the total.
The mutual savings banks are located
largely in the New England States. where
there are 4l2. In New York. New Jersey.
Pennsylvania, Delaware and Maryland
there are 1919. and in Ohio. Indiana, Wis
consin, and Minnesota there are 81. while
there is one in West Virginia and one in
California. In other States the savings
banks are stock concerns. OF the total
number of savings bank depositors, g.
GA 900 are in New England and 3,1Sl 900
are in New York, so that approximately
six savings bank depositors out of ten are
residents of these seven states. These de-
positor have about thrcc-fourths of the
total savings bank deposits of the country.
From the figures given, it Is apparent
that the habit Of thrift l. confined to q
comparatively small area of the country
and to a comparatively small number of
the people.
In connection with the centennial ami
vcrsary Of the establishment of the first
savings bank, the American Bankers As
scclation, through tits Savings Bank sec
ton has instituted a campaign for the en-
couragement of thrift. Aside from an eff
fort to direct the attention of the people
To the direct benefits which attach 10 the
ownership of savings accounts, the purpose
Is TO enlarge the supply of capital avail
able for industrial and commercial expan-