Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1920-09-29
Total Savings in South Caro-
lima Have Gained Twenty
Six Million Dollars.


Six Million Dollars.
Deposits in South Carolina banks
Increased more than 100000 in
the last fiscal year, being now con-:
;siderably in excess of S17S,O00,00O.
The growth of the saving deposits in
the same period was more than $780,
100000 making between $4,000 and
$4,000 more individual savings ac-
counts in the banks of the. state than
ever before. These figures, received
in Columbia yesterday, were compil-
ed by the war loan organization OF
the Fifth federal reserve district
from information furnished by the
banks, the state bank examiner and
the controller of currency in Wash
ington.
Total savings in South Carolina
banks are put at $S7,000,000 in
round numbers, having increased in
the fiscal year, ending June 80, 1920
from SCI, 100000. There are listed
in the banks of the state more than
$4,000 separate savings accounts.
At the beginning of the fiscal year
the number was about 100000 for
the S22 financial institutions of the
state, which reported to the war loan
organization.
In the Fifth federal reserve dis
trict, comprising Maryland, the Dis :
trict of Columbia, the two Virginias
and the two Carolinas, there are q
224 banks and trust companies. The
1,7OO banks reporting showed that
their total deposits increased from
337,OOO,OO0 to more than S1,546-
100000 increase of about 2O9,OOO,-
600. Savings deposits, representing
the thrift of the people grew from
.s565, 100000 to s67O,OO0,OOO, in
crease of 100000, while the
number of savings accounts advanc-
ed from 1,746,OO0 to 2,O54,O0O, a
gain of 9Os,OOO. Putting the popula-
ton of the district as not exceeding
100000 persons the figures show
a per capita saving of about SCI for
every man, woman and child, and an
average of two savings account for
every II people.
Wasteful Spending on Wane.
The steady growth in savings and
the increase in the number of savings
accounts are considered wholesome
signs that the tidal wave of wasteful
spending and attendant high prices
which has swept across the country
soon may be definitely checked. They
seem to indicate, students of finance
and economics believe, a tendency
toward increased production, grow
ing determination to cut down use
less expenditures and an earnest real
ization that money must be saved
for future needs and for wise invest
ment if new wealth is to be created
and if the business of the country is
to be returned to normal conditions
and placed upon sound basis.
Figures furnished the war loan OF
ganization by the controller OF the
currency and by James H. Craig,
state bank examiner, show the re-
markable growth of the national
banks and trust companies in South
Carolina. The national banks in the
state early in the year reported total
deposits exceeding S1O6,57S,OOo,
while their savings deposits exceeded
s44,s7O,OOo. In the Fifth federal re-
serve district the total deposits, IN
round numbers, were given as s94s'-
100000 with savings deposits aggre-
eating s2S6,6OO,OOO.
For the South Carolina state bank
ing institutions, those operating un-
der state charters, comparative tg-
ures are given for the last two fiscal
wears. The total amount on deposit
in those institutions increased in that
period from s1O1, ,39s,OOO to s144,-
$4,000, gain of $4,000, 600. In
the same period the savings increas-
ed s24, 900; that is, from s46,-
e5s,OOO in 1919 to $7O,72S,ooo in
1920.
From the BANK examiners and com
missioners in the other states COM
prising the district, the figures
for the state banks and trust COM
panies, exclusive of those in Wash
ington, D. c., are given as follows;
Total deposits, ss19,2oa,ooo for
1n0n