Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-29
HUGE GAINS MADE
IN TOTAL SAVINGS
Mutual Banks Report Best
Advance in 1880 Recorded
in More Than 100 Years.
Special Dispatch to The Star.


NEW YORK, January 29.-Deposits
in mutual savings banks of the United
States, operating in II States, increased
by almost $500, 900, 900 in 1880 and de-
positors by more than half a million
people These figures were made public
today by the National Association of
Mutual Savings Banks. The member
banks of this group control about 80
per cent of all American savings. Thrift
accounts in other classes of banks are
known to have gained in 1880, though
hardly in the same proportion, it was
said. This additional gain will amount
to not less than $500, 100000, or a round
billion dollars of increased savings for
the tWelvemonth. The increase for the
mutual institutions, amounting to $685.
GOT, 440, compared with gain of $685.
236,234 in 1929.
New York easily led the Nation, saw
ings bank depositors having added
$403, 608,214 to their accounts. The
larger than in any other State-239, 780.
Massachusetts, took second place, hav-
ing gain of ST., 745,666 and 120,855
depositors.
Gains in other typical States were:
Pennsylvania, $45,190,275 and 94,421
depositors; Connecticut, $36 1907, 1893 and
1921 depositors; New Jersey, $18,113,-
1877 and 1879 depositors. In four
States reporting decreases the losses
were relatively unimportant.
Former Records Broken.
The compilation of these figures
shows the mutual savings banks to have
the largest number of depositors and
the greatest aggregate of deposits in the
more than 100 years of their operation.
On January l the total owing to de-
positorS was $9,464, 1872 ,492, belonging to
no less than 12775, 492 individual own
ers. Assets of the banks increased dur
ing the year from $9,934 ,568.723 to
$10,585,056, 1921. This gain of $3.50, 49,
598 in a lean year was said by savings
bankers to demonstrate the possibilities
of a large accumulation of small CAPT.
tai, conservatively invested.
1t was also pointed out that present
deposits of the savings banks not only
are the greatest in their history, but
actually the largest amount OF small
capital ever brought together in one
class of banks. If the deposits OF the
banks were evenly divided among all OF
their depositors each one would receive
S74O85. This figure compared with
$725.66 a year ago. New York also led
the Nation in average savings, the
amount on January l having been
$84716, compared with $810.11 on jan
uary l, 1880. AS each account serves
as a foundation stone for the savings of
about three persons, representing the
average family, it will be seen that the
welfare of almost 100000 people is
bound up in the welfare of the mutual
savings banks. Roughly, that is one
third of the national population.
Signs of Better Times.
Thomas F. Wallace, president of the
Savings Bankers Association and head
of the Farmers & Mechanics Savings
Bank, Minneapolis, said that he constd-
cred the yearly report one of the SureSt
signs yet visible of better times ahead.
II believe that the people of this
country and the business organization OF
the United States should find real en-
enlargement in this large increase OF
savings said Mr.. Wallace. THE fact
that such gain was possible in 1880
shows clearly the sound economic posi-
ton of our more than 100000 deposit
tors, and I am optimistic enough to be-
lieve that we may safely look forward to
a continuance of this increase in saw
ings throughout 1881.
ut should be borne in mind that
every dollar of the money deposited in
our savings banks is Immediately put
to work. 1t has been stated in some
QudA CclS Il4dt uIOllcy AnGA uSISu w SaN
ingS banks is withdrawn from use. There
could be no greater or more unjust mis-
conception of what becomes of these
funds. Instead of retiring this money
from public use, we invest it in chan
nels of the broadest benefit to all classes
Of the people, such as mortgages on
homes and farms, railroad, public utility
and State and municipal bonds. This
output of capital makes it possible to
carry forward great construction pro-
grams, thereby spreading the benefit of
these savings over the whole country,
proving again the value of mutual saw
ings banks in furthering the economic
progress of the United States"