The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1921-05-04
SAVINGS BANK
DEPOSITS
South Carolina People Increased
Wealth Last Year

Savings deposits in South Caroline
banks and trust com panies increased
more than s5,soo.ooo last year, ana
more than $4,000 additional savings
accounts We're added to the 1929 to-
tai
These figures are from statement
just made public by the Governinert
Savings Organization Of the Fifth Fed
eral Reserve District to show the
development Of the general savings
movement and to emphasize the
progress which has been made In
checking the tendency towards un-
wise spending and waste.
In South Carolina there are 49l
banks Of which 311 replied to tue
QUESTIONABLE sent out by the Govern,
n1ent Savings Organization OF this
dictrict. Among this number are
most of the larger banks. reporting
institutions representing probably
more than 80 per cent Of the banking
resources OF the state. Their figures
which are for January: J, 1920 and
January I. 1927. show that last year
their savings deposits Increased from
s74,770,291.26 to ss0.0s6. .67e.31a
gain Of moro than s5,309,e09. The
number Of savings accounts in South
Carolina increased during the same
period from 135,757 10 16s.l95. Total
deposits for 1921 were listed as $14A..
4e7.477.20.
The more than $50. 100000 in mv-
ings deposits does not by any means
represent the total savings Of the state,
the statement shows, since many hian.
dreds Of thousands 81 dollars were
saved aud safely invested in goYern-
naent savings stamps and certificates,
Liberty Bonds and other standard >
securities
The large sum Of money u the
savings deposits Of South Caroina
banks is regarded as strong evidence
of the progress Of the general sap-
ings movement in this state. The saw
ings idea is one Of the principals 20
which the war gave strong lhAs4lsssp
and many persons learned to sase foJss
the first time in their lives, tae
records show, when they subscribed
for Liberty Bonds, paying for them
out Of their current savinga., The
bonds bought represented, when paid
for, millions Of dollars saved.
That the savings movement is max
ing forward strides throughout the
whole of the Fifth Federal Reserve
District (Maryland, The District Fof
Colu,n bia. the two V!rginias and the
10 10 oh ~, for !
that last year the savings deposits in
1885 reporting banks and trust co1n-.
panies out Of $3.50 increased mora
than $4,000. .o00;. while the number. OF
individual savings accounts advanced
from 1,Ss7.74l to 2,324,427-an In.
crease Of 438,eS6. This means --thas
there are now in this district some
thing like 100000 more savers on
the books Of the banks than last
year Total 1924 deposits in the 1855
reporting banks were given as S3,oS3i-
535,390, of which more than $685.
100000 represented savings. deposits
Besides the money saved and depos-:
listed in banks and that .iuYeGed "a
Government savings securities kAe
records show that more than than one
billion dollars was invested by te
people Of TIE Fifth Federal Reserve
District in the five issues OF. hecrsy
Bonds, the per capita, that Is the
average total amount subscribed By
every person in the district-men VIC.
men and children-besng s115.s9, thaa
sum of course representing savings Ia
addition To other money invested Or
deposited in banks. It is to be taken
into account, however, that many ip-s
dividuals and other purchasers OF gov
ernment bonds have not yet faliy paid
for them and the banks are now
carrying these securities. The arnouaf
80 carried is nevertheless small in pro-
portion to the whole.