Rensselaer Semi-Weekly Republican, Volume 34, Number 74, Rensselaer, Jasper County, 16 May 1902 — WEALTH STORED AWAY. [ARTICLE]

WEALTH STORED AWAY.

Vast Sums in the Banks Testify to the Saving Habit. The individual deposits of the national banks of the United States in July, 1901, were $3,228,000,000. The deposits in the savings banks of the country amounted at the same date to $2,597,000,000, or $420,000,000 more than the whole volume of money in actual circulation in the United States. The savings banks of the world containedsß,9oß,34o,ooo to the credit of 63,070,000 depositors. The average indlvidual account the world over la $141.24; in Ihe United States, $408.30. These figures are given by B. M. Chattell of Chicago to show to what extent the saving habit prevails among the poorer or honspeculati-ve people of this and other countries. There is now comparatively little said in public prints to encourage deposits in savings banks, and it is claimed the increased deposits In every State arc due rfot 'So much to inducements offered by the banks as to the habits of the people. Surplus earnings go Into life insurance, into homes, and into savings in the latter probably before they find their way to the others. The very small margin of the man or wo.man working at low wages goes to the' savings bank, and when the deposits in these institutions amount to within $631,000,000 of the indivdual deposits in all our national banks it is fair to assume that the savings habit is steadily growing upon the American people. —Chicago Inter Ocean.