The sun., 1916-12-18
SAVINGS BANKS FEEL
PROSPERITY'S WAVE
pcpo>itors in City Aggregate
5000. 900. With Average
Of More Than 5000.
DIVIDENDS UNCHANGED
Only One Institution Votes to
Pay More Than + Per Cent.
Many still ) 1-2.
DIVIDENDS UNCHANGED

Saving banks Of New York. where
The men. women and children who have
bit dollar or 80 a week to lay by are
sncourased TO do their banking, are
complctrr the greatest year in their
history The depositors have increased
in numbeg. ana as the depositors have
Increased so have grown the size Of their
rainy day" funds. The general pros
petity has been responsible for the pros
porous year Of the savings banks. Of
tcas say. II Is believed that the re-
ports soon 10 he made to Eugene Lamb
Richards. superintendent of banks, will
show larger deposits and greater divi-
dends for stockholders than ever be-
fore
The increase in deposits IL no, con-
fucd tu one section OF the city or to
banks whose deposit1rs are of any one
class. according to reports that have
been received by THE SUN. II IL very
probable that the total number of de-
pos tors Will aggregate 100000. Last
year the figure was 3.2t3.362. and prac-
ilcaly every bank has reported AN in
crease in the number Of depositors.
Average Deposits Are Greater.
Average deposits. that last year
amounted to S56O.90. have greatly in
creased too. II il believed that the
average this year will be between $500
and 500 Increases in bond values and
IN other securities held by them have
enabled the banks to greatly increase
their surplus this year, and according to
State officials they are now in a more
solid position than ever before.
Resources OF all the banks at the first
OF the year totalled sl.91t.O46.315.6a. and
the total amount deposited. exclusive OF
dividends credited TO accounts. was
3tis.j02 363.3e. All Of these totals are
expected to he exceeded In the 1917 re-
port, 20 be issued early in March.
Interest Generally Unchanged.
with probably one single exception
the banks will continue to pay interest on
deposits during 1917 at the same rate as
during 1916. This rate varies with the
bank. from 81. TO per cent. The cN-
ception Is the Union Square Bank, the
directors OF which have voted To increase
the annual dividend rate to per cent.
from the former rate OF 81, per cent.
Twenty-Five OF the banks whose directors
have acted on the interest proposed for
1871 have voted to keep 1t at per cent,
while sixteen boards of directors have
voted again for the conservative 3is per
cent
Among the banks whose directors AL
ready have voted to continue "A 4 per
cent interest rate In force are: Broad
way Savings Institution. Common wealth
Savings Bank. East River Savings 1ns;i-
tuition, Emigrant Industrial Savings
Bank. Excelsior Savings Bank German
Savings Bank. Irving Savings Institution,
Maiden Lane Savings Bank. Metropoli-
tan savings Bank. New York Savings
Bank. Seamens Bank for Savings. Cni-
yersal Savings Bank. West Side Savings
Bank. Bay Ridge Savings Bank Brevoort
Savings Bank. Brooklyn Savings Bank.
Eushwick Savings Bank, Dime Savings
Bank of brooklyn, Dime Savings Bank
OF Williamsburg. East Brooklyn Savings
Bank, South Brooklyn Savings Bank.
Those Paying 3H Per Cent.
Among the institutions whose direc-
tors have voted for a 3h per cent in
terest rate for deposits during the year
OF 1917 are: American Savings Bank,
Bank for Savings in the city of New
York, Bowery Savings Bank. Bronx Saw
inss Bank. Citizens Savings Bank. DOL
lar Savings Bank Empire Savings Bank.
Franklin Savings Bank. Harlem Savings
Bank. Italian Savings Bank. Manhattan
Savings Bank. North River Savings
Bank, North side Savings Bank. Union
Dime Bank, United States savings Bank.
The directors Of the remaining insti'u-
tions have not Yet voted on the interest
rate for 1871. II Is expected. however.
that very few changes will be made.
Al the start of the year there were
l0l savings banks paying dividends of
per cent, compared with 80 paying that
rate OH the start of the previous year.
The number paying 31a per cent. had
decreased from 80 to 20 per cent. during
the same period OF time. Practically
all Of these had moved into the I per