New-York tribune., 1919-02-06
Savings Banks
To Play Big Part
In Fifth War Loan.
Will Take Large Share
Themselves and Carry on
Campaign Among Deposit
ors - Savings Increase

Savings banks throughout the coun-
try, through the agency of the Savings
Bank Section of the American Bankers
association, are planning to take
much larger part in the floating of
the next Liberty Loan than they did
IN any OF the previous drives, it was
learned yesterday.
They purpose to help the govern
ment by taking large share of the
bonds themselves and by inducing
individuals to save and buv bonds
They Will point out that money de-
posted IN savings banks will enable
'he institutions to purchase additional
government securities for themselves.
"a "a part OF the new programme includes
lhe Waglng of warfare unending
against lake promoters who seek to
oceprlve Liberty bond holders of their
investment
=, Inc plan for the new activities of
'he savings banks was drawn up by the
e Johlmlttee on savings of the American
Dankers' B1i Association, of which John j.
l ulleyh IS chairman, Milton w. Har-
rlson secretary and B. f. Saul W. f.
hno%, Il. K. Satterlee and Evans
"oolen arc members. 1t is as follows:
1t Is vitaly essential to the preservation
W e Piosperous conditions and to the welfare
OF our institutions that we systematicallv
and encrgetcally pursue the following
practices ~ '''s
Encourage small Liberty bond owners
70 make loans. in case of need at your in
stitutions on their notes. secured bv the;r
Liberty bonds. ~ '''e'i
Induce the borrower to open savings
loan. Peg va '"e
Advise all small bond owners that the
sure test of the value of any stock Of
fered in exchange for a Liberty bond il
10 ask the advice of a banker
otter to give your advice freely to any
one approached by promoters
Reach the workers of your community
through their employers and urge them to
save sure and fixed amount each week
establish school savings societies in
your community
Pointing out that New York savings banks
are permitted to loan up to 90 per cent on
the par value of Liberty bonds, the state
ment says:
Pawnshops and nefarious loan brokers
arc actively making so to IS per cent on
loans $50 and $10O or more Liberty
bonds, charging per cent per month in
terest on them. The savings of thousands
OF workers-priceless assets to us-arc
slipping away. If we can keep the Lib
erty bonds in the hands of the small sub
scribers of the savings banks depositor
type they will receive in annual interest
more than 100000. Our proportion of
this is sure to come to U.S.
Extremely large increases in the de-
rosits Of New York City savings banks
since November l last were revealed
in statistics made public by Mr.. Har-
rlson. Much of it, he said, was due to
the returning Of previously boarded
funds. The increase in deposits of fifty
nine savings banks Of the greater city
between November | and January
reached $42,645,l9 and between
January ] and January 90 reached S32,-
45S,449. Adding to these figures, S27,-
100000 of interest which was paid dur
.ng this period, the deposits of savings
banks in this city since November
rose more than Sl00000,00O At pres
ent S55,000,000 year in interest is
being paid to savings bank depostors
in New York City twenty-five per
cent of municipal issues are owned by
the savings banks of the country, and
the per capita share of savings bank
depo sltors in railroad investments is
SIP in New York City and $S2 in the
nation as a whole.
The total amount of the deposits of
the savings banks here on January 20
was 81 465.791 .232; the total resources,
g CO.. 7so 098; the number of accounts,
$2,307 ,442; tn eaveragc deposit $685.;
thc per capita deposit, based on the en-
tire population of the city, $255; the
percentage Of savers to thc entire pop
ulation, 4O2 per cent
In diagnosing these figures, Mr. Har-
rison pointed out: "While the increase
in savings since November ! seems un-
usual, still when compared with the
figures at the time America entered
the war, there is not shown any net
increase as the result of The addition
Of depositors' interest on the books
of the banks. Most Of the increase
in this period was reported as re-
turned boarded funds, and was not
therefore a normal increase. There are
rs per cent of the total funds of the
savings banks of the state in the banks
Of greater New York These same
banks have $50O,O00,00O in excess of
the 1856 banks of Massachusetts"