The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1921-05-04
OVER $4,000 NEW
SAVINGS ACCOUNTS
DURING YEAR 1921

Savings deposits in South Caro-
lima banks and trust companies in
creased more than $5,3oo,ooo last
year, and more than $4,000 addition
al savings accounts were added to
the 1920 total.
These figures are. from a state
meut just made public by the gov
eminent savings organization OF the
Fifth Federal district to show the
development of the general savings
movment and to emphasize the pro-
gress which has been made in check
ing the tendency towards unwise
spending and waste.
In South Carolina there are 4sl
banks Of which 81 replied to the
QUESTIONABLE sent out by the gov
eminent savings organization Of the
Fifth district. Among this number
are most Of the larger banks, the re-
porting institutions representing
probably more than 80 per cent OF
the banking resources Of the state.
Their figures which are for January
l, 1920, ad January 4, 1921 show
that last year their savings deposits
increased from s74;77o,2s1.2S to
to sso,oss,676.S1, a gain Of more
than $780, 600. The number Of
savings accounts in South Carolina
increased during the same period
from 1s5, $50 to $1s8,ls5. Total de-
posts for 1921 were listed as $144,-,
4~67.477.2o. .....E
The more than $so,ooo,ooo in
savings deposits does not BY any
means represent the total savings Of
the state, the statement shows since
many hundreds Of thousands Of dol
lars were saved and safely invested
in government savings stamps and
certificates, Liberty bonds and other
standard securities.
The large sum of money in the
savings deposits of South Carolina
banks is regarded as strong evidence
of the progress Of the general saw
ings movment in this state. The saw
ings idea is one Of the principles to
which the war gave strong impetus,
and many persons learned to save
for the first time in their lives, the
records show, when they subscribed
for Liberty bonds, paying for them
out of their current savings. The
bonds bought represented, when
paid for millions of dollars saved, a
statement from the Fifth district
says.
That the savings movement is
making forward strides throughout
the whole Of the Fifth Federal Re-
serve district maryland, the Dis
trict of Columbia, the two Virginias
and the two Carolinas) is shown by
the fact that last year the savings
deposits in 1855 reporting banks
and trust companies out of $3.50 in
creased more than $65,000,000,
while the number of individuals
savings accounts advanced from l.
ss7,741 to 2,32,A27, an increase of
436,6s6. This mean that there are
now in this district something like
100000 more sa|ersGon the books of
the banks than last year. Total 1921
deposits in the 1855 reporting banks
were given as $2,OS3, 535,390, of
which more than $805,3OO,OO rep
resented savings deposits.
Besides the money saved and de-
posted in the banks and that invest
ed in government savings securities
the records show that lore than ST.
000,000,000 was invested by the
people of the Fifth Federal Reserve
district in the five issues Of Liberty
bonds the per capita that is the aver
age total amount subscribed by
every person in the district-men,
women and children-being S115,-
33 this sum of course representing
savings in addition to other money
invested or deposited in banks. It is
to be taken into account, however,
that many individuals and other pur-
chasers of government bonds have
not yet fully paid for them and the
banks are nov carrying these Sc
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