Evening Republican, Volume 15, Number 160, Rensselaer, Jasper County, 8 July 1911 — WOMAN IS FOUNDER [ARTICLE]

WOMAN IS FOUNDER

First Savings Bank Instituted by Miss Priscilla Wakefield. Missouri Man Digs Boms Interesting Fact* Regarding Origin of Saving* Institution*—Lived in Parish of Tottenham. Kansas City,’ Mo.—The fact that a woman, Mis* Priscilla Wakefield, was the founder of the first savings bank among English-speaking people was one of the interesting thing* which W. S. Webb, cashier of the Missouri Savings association bank of Kansas City, mentioned in an address before the members of the local chapter of the American Institution of Banking at their regular weekly meeting the other night “There has b,een a great deal written to prove when and where savings banks originated,” said Mr. Webb. “A French writer has asserted the idea originated with Hugh Delestra in 1610; an Austrian author has insisted the first one was founded in Brunswick in 1675, and similar Institutions are said to have been founded in Hamburg in 1798, in Berne in 1787 and in other cities of the continent of Europe at different dates. "No one can go very far with his Investigations of the origin of the savings bank idea until he is brought face to face with the somewhat startling sact —there was a woman at the bottom of it. “We find women today who have risen to be the actual heads of banks; but their work has been easy compared to the efforts of Miss Priscilla Wakefield, who blazed the way for all women—and men, too—in starting the first English savings bank. This remarkable woman lived in the parish of Tottenham, Middlesex county, England. She founded her bank in 1798.” J After speaking of the beginning of the savings banks in America Mr. Webb discussed conditions with ret-

erence to the state of Missouri, deploring that there were so few in tht&” state. “The lack of savings banks in Missouri is not due to the absence of thrift or industry among its people. We must look to the law* of the state to find the reason for lack of means to foster savings. “In the early nineties our lawmaker* attempted to make model laws, but they too much resembled the man who was teaching his horse to live without eating—the horse died. No bank can exist under the present laws and no one would be foolish enough to invest in bank stock, for there is no chance of profit as you will see from the following sections In our laws: “From section 1447 in the Revised Statutes we find the following to be the exact words: ‘lt shall be unlawful for any such corporation to loan mon-

ey upon or to discount or deal in notes, bills of exchange, or other personal securities, or to transact any banking business, whether of issue, deposit or discount The board of directors may, however, make loans to the amount of 50 per cent of said deposit* "Another section provides that no depositor shall be allowed to deposit more than $4,000. Another that a certain per cent shall be set aside for a guaranty and Indemnity fund, which is commendable, but it provides that the stockholders shall receive only six per cent per annum on their stock and that all above that shall be divided among the depositors, whose pass books must be called in once every three years, when the distribution is made. "No sane investorzwill put his money in bank stock where he knows he can make only six per cent, per annum, and with such restrictions as 1 have named would probably eliminate all profits and make his stock a liability instead of an asset”