SAVINGS BANKS clxxxiii
Savings Banks
Reports relative to the condition of 979 savings banks, includ- ing 45 commercial banks (in one State) having savings depart- ments, have been received by the Treasury Department for the year 1898. This is but one less than reported in 1897. The principal investments, loans, and securities — corporate and other — amount to 11,070,755,293 and $74,700,217, respec- tively. In all States the character of loans is not shown, but real estate appears as collateral to accommodations amounting to $864,968,285. Government bonds are held to the amount of $140,029,726; State, county, and municipal bonds, $497,416,- 292, and other bonds, stocks, and securities, $337,254,199. The total assets are $2,241,344,991, the liabilities to depositors are $2,066,601,864, and these banks have $187,475,971 in sur- plus and undivided profits. The latter amount is equivalent to nearly 8.4 of the total liabilities. The depositors who are the exclusive participators in the profits of the mutual savings banks, but who, in stock savings institutions, are paid specific rates of interest, number 5,385,- 746, and their average deposit is $383.54. Compared with 1897 there is an increase of $83,188,300 in deposits and 184,614 in number of depositors. Mutual savings banks are confined almost exclusively to the New England and Eastern States. Out- side of the two sections named, but 11 banks of that character have made reports, as follows : 1 in West Virginia, 4 in Ohio, 5 in Indiana, and 1 in Wisconsin. The aggregate assets of the mutual savings banks, w^hich amount to about 90 per cent of the assets of all savings institutions, are $2,005,950,646 ; loans aggregate $920,477,133, over 81 per cent of which are secured by real estate ; United States bonds, $139,561,601 ; State, county, and municipal bonds, $495,726,686 ; other bonds, stock, and securities, $294,706,936. Deposits amount to $1,824,963,- 410; number of depositors, 4,835,138, and the average deposit, $377.44. This indicates an increase during the year of $87,- 864,040 in deposits, $7.32 in the average deposit, and 143,694 in number of depositors. The average rate of interest paid on savings accounts is practically 4 per cent in all of the States except Maine, New Hampshire, New York, New Jersey, and Maryland, in which the rate ranges from 3 to 3| per cent. Information with respect to the classification of deposits is confined to savings banks in Maine and Connecticut, and is as follows :
