The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1919-09-10
BANK DEPOSITS
ON INCREASE
Growth of Wealth in South
Carolina Reflected in Board
Statement

- Record breaking deposits have been
reported by the banks of South Car
clIna to the Federal Reserve Bank
Of Richmond, the amount Of money in
current, or circulating, accounts and
insayings deposits being far in excess
Of ANYTHING ever before experienced in
the history of banking in tho State.
Comparative figures just compiled
show, for instance that from jan
,tary 1, 1917 to\January /, 1919, the
total volume of deposits in the South
Carolina banks increased more than
$50, ,00o,o0 O. rabout 59.67 per cent
notwithstanding that the people Of
the Palmetto State invested more
than $S3,35o,000 in Liberty Bonds Of
the first four issues and gave tremen-
dous sums outright to the Red Cross,
the United War Work Campaign and
to other forms of war relief.
One of the features of the reports
fled by the banks is the remarkable
increase shown in savings deposits
This is not by any means confined to
South Carolina but is true of the
banks throughout the Fifth Federal
Reserve District and, indeed. all over
the United States In South Carolina
the amount of money to the credit OF
savings accounts increased more
than SIG, $4,000 within the Pc
,iod given above, or 1850 per cent.
There are 426 banks in the Palmetto
Statej The figures here given are
based upon the official reports fled by
302. IN the Fifth Federal Reserve
District 1868 of the 2.047l banks re-
porting, total deposits show an in
crease of $43S. .95ese80 or 1888 per
cent. and in the same period the saw
Ings deposits increased 32.S7 per cent,
or s127,S31, 900.
While many factors. bankers agree.
contributed to.s this condition, there
are. two principal reasons. it is de-
c1ared, for the general phenomenal
increase in deposits. One Of course,
is the increased wage which workers
received during the war period. this
putting an immense volume OF money
into circulation The .othef-and this
is considered far more in1portant-:ls
that the people of America began TO
learn for the first time that they
could save regularly and system
aticany. The millions of dollars
worth of bonds bought were pai;i for
from current earnings; that is, those
who bought the bends did not with
draw their meney generally from
savings accounts to pay for them. and
when the bonds were paid for the
people by force of their newly. ac-
CURED economic habit continued to
save. piling up millions of dollars in
the banks When the Fifth loan
the Victory Los n-was offered and
subscribed the volume of savings suf-
fered but little, if any. this issue also
being paid for out of the current
earnings of the public which had
thoroughly schooIed itself in this
method of financing the government
Including the Victory Loan. South
Carolina subscribed $106.S30. 900 to
help the United States win the war.
this being exclusive of the large sums
invested in War Savings Stamps. South
Carolina's Liberty Eond holdings
aT1ount to s67.06 percapita, which
ranks Well with the holdings Of the
ether States.
Detail fzyures showing the amount
of money saved by the people in
South Carolina. within the period
named above. are as follows:
Charleston. ~
GA cf the 1S hanks reporting)
Increase OF total deposits s4.0S8.-
900 or 2033 percent.
Increase Of savings deposits 81,
$4,000 or 14.9S percent.
Increase of demand deposits. sS,-
3.0GA or 51.47 percent.
Columbia.
(s OF the IL banks reportingl.
Increase Of total deposits, 1885,
600 Or 1896 pcr cent.
Increase of savings deposits s3.20S,-
90 or 74.77 per cent.
Increase of demand deposits sS.S29,-
600 or<145.48 per cent.
Greenyille.
(13 Of the % banks reporting.)
Increase of total deposits s2.523.eoo
or 1915 per cent.
Increase Of savings deposits $685.
900 or 3799 per cent.
Increase Of demand deposits s1.632.-
900 or 1854 per cant
Spartanburs.
CO of the % banks reporting).
Increase of total deposits $3.50
oae Or 64S4 per cent.
Increase. of savings deposits SG41.-
coo or 1925 per cent.
Increase of demand deposits ST..
743.e90 or 910e per cent.
Sumter.
G. OF the 10 banks reporting)
Increase of total deposits s2.21S.-
eco Or 1888 per cent.
Increase of savings deposits $685.
600 or 1905 per cent.
Increase OF demand deposits $3.50
600 or 1922 per cent.
Anderson.
(16 Of the 10 banks reporting).
Increase of total deposits S2.141.-
600 or 5272 per cent.
Increase o. savings deposits si2%.-
COO or 1855 per cent.
Increase of demand deposits ST.
532, 600 or 1856 per cent.