Mutual and Joint-Stock Savings Banks The earliest savings banks were founded in Philadelphia in 1816, in Boston in 1816, in Baltimore in 1818, and in New York in 1819. These were of the mutual type.
The growth of mutual and joint-stock savings banks is cated by the in the table on page 438 for the census years. The most rapid growth appears in the decade 1900-1910. Between 1910 and 1919 the deposits of the savers increased from $4,070 million to $5,9o2 million, or 45 per cent. During this decade, however, the price level and cost of living increased rob per cent (Bradstreet), and therefore the savers have suffered despite their thrift, since their savings, including the increases by interest and additional deposits, have decreased in purchas ing power.
A comparative statement based on the Report of the Comp troller of the Currency, 1919, Volume I, pp. of the use made of savings banks in various leading countries is given in the table on page 439.
From this it appears that the use of the postal savings banks in the United States is very meager compared, absolutely and relatively, with the use in other leading countries, and that we rank low in the relative proportion of our people who have sav ings bank deposits of any kind. On the other hand, it appears that our individual accounts (probably reflecting the difference in standards of living) are very much larger than in any other country and that our per capita savings are second only to those of Germany.
The distribution of the mutual savings banks shows a high concentration in the North and East. The figures in the table on page 44o show the situation on June 30, 1919.
The statistics of the joint-stock savings banks are less useful for the reasons that in many states they are included with the state banks, and in others (New Jersey and Minnesota) with the mutual banks. Of the 1,097 joint-stock savings banks reported by the Comptroller, 926 were in Iowa.
Statistical Statement of the Banking System of the United States In order to summarize the figures for the six chief classes of banks in the United States, and therefore to give a comprehensive view of our financial power, the following statistical statements are given. These figures are, of course, not inclusive of our com plete system, as figures for the federal reserve banks, federal farm loan system, the building and loan associations, the Morris-plan banks, the remedial loan associations, etc., have been omitted, since the inclusions of such figures would probably be more confusing than helpful. Moreover, the statistics concerning these last-named institutions are not as complete as those on the six principal classes of banks. The figures have been gathered by the Comptroller of the Currency, who must ih certain cases de pend upon voluntary reports from the state and private institu tions; hence these data are not absolutely full and complete.