The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1921-05-05
SAVINGS DEPOSITS
SHOW BIG ADVANCE
INCREASE IN SOUTH CAROLINA
OVER S5,OOO,OOO.
Many New Accounts
Fifth Federal Reserve District Makes
Fine Showing, State
ment Says.

Savings deposits in South Carolina
banks and trust companies increased
more than 100000 last year, and
more than $4,000 additional savings
accounts were added to the 1920
total.
These figures are from statement
lust made public by The government
savings organization o. the FIFTH
Federal Reserve district to show the
DEVELOPMENT of the genera! savings
movement and to emphasize the prog
ress which has been made in check
in the tendency towards unwise
spending and waste.
In South Carolina there are 4"l
banks of which 81 replied 10 the
QUESTIONABLE sent out by the gov
ernment savings organization or the
Fifth district. Among this HIlnnber
are most of the larger banks, the re-
| porting institutions representing
probably more than go per cent. OF
the banking resources Of the state.
Their figures which are for January
/. 1920, and January 1, 1921, show
that last year their savings deposits
increased from s74,77O,231.26 to
s9O,OS6,676.31, gain of more than
100000. The number of savings
accounts in South Carolina Increased
during the same period from 135, ,757
to 1eS,195. Total deposits for 1921
we're listed as s144,467,4 ,477.2O.
The more than sSo,O00,o00 in saw
ings 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 saw
in deposits of South Carolina banks
is REGARDED as strong evidence of the
| progress of the general savings
| movement in this state. The sav-
| ing 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 rec
ords 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, statement
from the Fifth district says.
That the savings movement is max
ing forward strides throughout the
whole of the Fifth Federal Reserve
district (Maryland, the District OF
Columbia, the two Virginias and the
two Carolinas) is shown by the fact
that last year the savings deposits
in 1857 reporting banks and trust
companies out of 2,260 increased
more than s65,000,O00, while the
number of individual savings accounts
advanced from 1,SS7,741 to 1884,
427. an increase of 436,686. This
means that there are now in this dis
trict something like 100000 more
savers on the books of the banks than
last year. Total 1921 deposits in the
1885 reporting banks were given as
s2,OS3,535,39O of which more than
sSO5, 100000 represented savings de-
posits.
Besides the money saved and de-
posted in banks and that invested in
government savings securities the
records show that more than S1,00G,-
100000 was invested by the people
of the Fifth Federal Reserve district
in the five issues of Liberty bonds,
the per capita, that is the average
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 in
dividuals and other purchasers of
government bonds have not yet fully
paid for them and the banks are now
carrying these securities.~ This
amount so carried is nevertheless
mall in proportion to the whole.
How 1t Works.
"Apples are very high at the