Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-30
SAVINGS MOUNTING
IN MUTUAL BANKS
Largest Total and Highest
Average Per Person Re-
ported Today.
BY EDWARD C. STONE.


average accounts of $753.56 in the
mutual savings banks Of the United
States, amounting to total deposits OF
S9976 967, 981 on July l. according to
figures compiled by the National Asso-
citation of Mutual Savings Banks This
is the largest accumulation OF small
capital ever held by the mutual insti-
buttons in century of existence and
also represents the highest average saw
ings achieved in that time The aver
age year ago was S74s.21. On Janu-
airy it dropped to $74085, advancing
almost $13 since that date.
The assets of the banks had an
equally impressive increase in the year
ending July /, rising better than dollar
for dollar with deposits. The gain IN
assets amounted to 1882 686 088 and the
gain in deposits was 1891 ,076,122. OF
not less interest was the increase in de-
positors. numbering 966,826. AS the
National Association of Mutual Savings
Banks points out, this latter gain shows
that the rising deposits came largely
from the pockets Of new deposltors.
The trend of savings offers Interest
ing sidelightS. Thus the rate of gain IN
deposits advanced in the first six
months of 1891 compared to the last
six months of 1880. For the earlier pc
riod the rate was 1857 per cent and for
the later period. Sal per cent. 1t Is
also evident that the gain in deposits
has been centered in the larger banks,
which would tend to show that smaller
communities have had less money to
save. In fact, the 100 largest mutual
institutions had 87.18 per cent of the
whole gain in the 12-month period.
But they held only 1882 per cent of
deposits.
New York Heads List.
OF the IT States in which mutual
savings banks operate, New York easily
led the Nation, having total deposits
on July of $5.160, 429, 492, a gain for
the year of $596,214543. An average
would mean S857.96 for each depositor,
considering above the national average,
and $2012 above the State average q
year ago.
Massachusetts, followed New York in
total of mutual savings deposits and
amount of increase, $2,l66,2 1871, in
the first case and ST. ,286.394 in the
second. The average per depcsitor was
$704.87, a gain of $11.63 for the year.
Pennsylvania held third place with a
gain of SCI 478, 1877 and an average of
S669.15. Connecticut took fourth hon.
ors with $40 86O,452 gain and $685.. as
average New Jersey stood fifth, $24.-
684, 438 gain and $54225 average The
gain in depositors by States was much
in the same ratio-New York, 567191;
Massachusetts,. 122.295: Pennsylvania.
101 $780, Connecticut, 1879 New. Jer-
sey, 36,636.
In this period Of expansion the saw
1ngs banks were called upon to find
larger outlets for their deposits at a
time when sound investments have been
restricted and returns upon capital low
cred. Considerations of safety made it
necessary in many instances to reduce
dividend rates paid to depositors. but
the decline for all the banks in IL
months was only IL per cent. from 400
a year ago to 4.49 on July l.
Money Placed in Mortgages.
All signs point to a continued steady
increase of savings. although this may
not mean a growing ratio. according to
the savings bankers. New accounts. it
was said had been received from men
and women in everyday walks of life.
Prime mortgages continue to be the
largest outlet fer this reservoir of small
capital. Utility bonds are taking a siz-
able part of the increased funds and
railroad and Government bonds receive
another considerable share.
This is the association which held its
annual convention at the Mayfiower
Hotel here last April, some TOO dele
gates being present. In connection with
a list of the 100 largest mutual savings
banks in the United States. The Bow
cry Savings Bank of New York is the
largest, having $457, 1922, 318 in deposits
The Savings Bank of Baltimore GENES
twentieth in the list with $50, 307 ,019
deposits. The Eutaw Savings Bank
Baltimore, stands forty-first, having
S52,692, 42S in savings on its books.
Philadelphia Banker Secs Turn.
j. Thilman Ffendrick, chairman of
the board of directors of the Lanston
Monotype Co., has returned from a
short trip to the headquarters of the
company in Philadelphia
While in the Quaker City he had a
talk with the president of one of the
largest banks there, the banker stating
that he had recently noted slight i'm
provement in business conditions. The
favorable turn, he said, although he
added that no real business bulge could
be expected at this time
The Philadelphia banker referred
especially to the installment buying
situation. In his territory the vast
number of installment payments which
have been dragging along ever since the
Wall Street break, have now been prac-
tically paid off, OF course little could
ing new business until these back pay
ments were wiped out. he said With
these payments out of the way tbs
situation should be considerably better
the banker added.
Mr. Hendrick withheld the bankers
name because he could not quote him
verbatum, but thought his views well
worth passing on.
Today's d. C. Exchange Trading.
The largest bond sale on the Wash
ington Stock Exchange today was 6
$4,000 transfer of Potomac Electric
Consolidated SIS at 1852.
A sale of 81 900 washington Gas 6s
series A. was recorded at 103a4, ane
$500 Capital Traction IS changed hand;
at "a. Another $500 sale was recorded
today in Columbia Country Club SIS.
at 1902.
Both type stocks were out, Lanstor
Monotype opening at 88 and closing II
87a. on 20-share turnover, while e
shares of Mergenthaler Linotype
changed hands at 77a4.
Commercial National Bank stock ap.
peared on the board at the same price
as it recorded yesterday, 210 for II
shares.
Cleaned in Financial District.
william D. Hoover. president of ths
National Savings g. Trust Co., will leave
here shortly for a months vacation a.
Belgrade Lakes in Maine. Not only i!
Mr. Hoover an extra good golf player
but he has made some very fine records
with the rod and line.
Charles E. Howe, treasurer of the
American Security Il Trust Co. and Z
member of the Washington Stock Elk.
change has been confined to his resi-.
6ence for few days with illness.
Jesse L. Suter, member of the staff
Of Hartman & Co., Is accompanying
@. Bowie Chapman on his yacht Irma