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Digital file copyright by Cornell University Library 1994.Fifty Years of Service The Purpose and Safety of Savings Banks, and also an Historical Sketch of the Fulton Savings Bank Published by Fulton Savings Bank Fulton, New York 1921Increase in Deposits For Ten Year Periods January i, 1872 deposits were* . $ 27,939.33 July 1, 1881 deposits were. . . . 106,919.27 July 1, 1891 deposits were. . . . 322,398.71 July 1, 1901 deposits were. . . . 937^9^7 July 1, 1911 deposits were. . . . 1,831,851.40 July 1, 1921 deposits were. . . . 3,357,402.88 ♦The first statement was made about three months after the bank opened for businessSavings Banks— Their Purpose and Safety By George I. Skinner State Superintendent of Banks THE improvident never understand how the thrifty save money. They never understand how the thrifty keep the money they save, nor why their own advice on the investment of it is so studiously shunned. Savings banks are the trustees of the hardest earned money in the world. They are the trustees of the best and cleanest money in the world. It has been washed in the sweat of honest toil. It has been laid aside cent by cent to buy homes, to educate children, to bury the honored dead, and the directors of the savings bank have a trust such as is committed to no other men. They cannot gamble with these savings. They cannot permit others to gamble with them. The investments they make must be safe beyond shadow of ques- tion and our savings bank laws are directed to that end.Financial Statement of the FULTON SAVINGS BANK At the close of business September 6, 1921 Assets at Market Value Real Estate Mortgages..........................12,140,739.70 United States Bonds.............................. 347,227.50 Other Bond Investments........................... 687,392.00 Collateral Loan............................. 63,502.00 Bankers Acceptances............................... 27,641.70 Banking House.................................... 27,437.50 Money on hand and deposited in other banks . 290,028.03 Accrued interest less expenses and accrued divi- dends to depositors........................... . 8,000.00 Other Assets........................................ 966.47 Total Assets........................$3>592>934-9° Liabilities Amount to credit of depositors ....... ^3>372>776*I6 Other Liabilities.................................. 1,890.00 Guarantee Fund (held for protection of deposi- tors) ..........................................^2,18,268.74 #3,592>934*9°FULTON SAVINGS BANK ON January 30, 1871, a bill was introduced in the State Legislature by Abraham Howe, who was a member of that body, to incorporate the Fulton Savings Bank. The bill was passed March 29, 1871. This special act was short as compared with the general law passed in 1878, but it was a great improvement on private banking. It prohibited loans to officers, trustees or servants of the bank. (Banks at that time made lib- eral loans to their directors; a statement of a local bank, dated October 18, 1871, shows that the indebtedness of their directors at that time was more than one-half of their total assets.) The Fulton Savings Bank was authorized “to receive deposits from tradesmen, clerks, mechanics, laborers, minors, servants and others.” Prob- ably the “others” included anybody and everybody. That the incorporators believed in “safety first” is evidenced by the action taken at one of their first meet- ings in fixing the bond of the treasurer at $100,000.00. The total deposits did not reach an amount equal to the bond for nearly ten years. The charter named as first trustees twenty-one prominent men of the village of Fulton and vicinity: Sands N. Kenyon, George M. Case, John W. Pratt, Willis S. Nelson, Charles G. Bacon, William D. Patter- son, John C. Wells, Calvin Osgood, Morris S. Kimball, Willard Johnson, Benjamin J. Dyer, Stephen Pardee, John E. Harroun, Hiram Bradway, Henry H. Merriam,Ira Carrier, James H. Townsend, Amos Dean, William Dexter, Henry N. Somers, and Abraham Howe. Some of these men are still well remembered but only a few of us knew all of them. None are now with us; the last to go being Willis S. Nelson, who died in August, 1911, since the erection of our present building. The first meeting of the trustees was held at the law office of Henry C. Howe in what is now known as the Waldhorn Block. Sands N. Kenyon was elected pres- ident; Dr. Charles G. Bacon, treasurer; Charles K. Howe, secretary; and Emery S. Pardee, attorney. Dr. Bacon resigned as treasurer at the next meeting afid Mr. Kenyon was elected to succeed him, being both president and treasurer. An office was rented in the building at the north- east corner of Second and Oneida Streets, and the bank was opened on September 25, 1871. The business was conducted in the Oneida Street building until 1888 when a lot was purchased and a bank building erected upon the site of the block directly opposite the fire department. This proved to be a good move for the business increased to such an extent that larger quarters were necessary and so the present location was secured and a new modern bank building erected thereupon which was opened to the public on April 1, 1911. When the present building was first occupied the deposits were $1,747,493.58 and since that time have increased to $3,372,776.!6, being an increase of $1,625,282.58, or nearly twice the amount of deposits held in April, 1911.On the bank's twenty-fifth anniversary, the trustees met with a few guests from the other local banks to celebrate that occasion. There were eighteen trustees at that time—only five of whom are now living. They are Messrs. Giles S. Piper, George G. Chauncey, George P. Wells, William J. Lovejoy, and Fred A. Emerick. The last named resigned as a trustee when he changed his place of residence to Oswego, and at that time the amount of deposits held was $476,597.89. There are more than seven times that amount in deposits at the present date. During its fifty years of existence the bank has had only four presidents: Sands N. Kenyon held the presi- dency from the organization of the bank to January, 1887; Abraham Howe from 1887 to 1902; Arvin Rice from 1902 to July 1,1914, and William J. Lovejoy from July, 1914, to the present time. There have been six treasurers: Sands N. Kenyon, Abraham Howe, Henry E. Nichols, William J. Lovejoy, Harry L. Stout, and Ramon F. Lewis. Emery S. Pardee served as attorney from September, 1871, until his death in 1881; and Giles S. Piper has held that position continuously since that time, a period of over forty years. In its early days the bank passed through some trying times, and to Abraham Howe more than to any other one man is due the credit of its establishment and of its being guided successfully through its early trials.Protection to Depositors HE State is responsible for the security of savings banks for it has made very careful and very strict laws for their regulation. It makes frequent and very thorough examinations of each bank. The law regu- lates the incorporation of a savings bank, defines its general powers, and restricts the investments it may make to those only which are absolutely sound. The amount of deposits which may be accepted from any one individual is limited by the State to $5000. The law requires that a sufficient amount be set aside as a guaranty fund for the protection of its depositors. The state makes the trustees responsible for invest- ing the funds and conducting the bank strictly accord- ing to the law, and in some cases makes them personally liable, and vacates their office in' case the requirements of the statutes are not fulfilled. A trustee who becomes a bankrupt or has a judgment filed against him, auto- matically and immediately vacates his office as such trustee. A committee of the trustees must make a personal examination of the bank’s assets and liabilities at least twice a year, and the superintendent of banks must, and does, make a careful examination at least once a year. If for no other reason, it is worth while to establish and maintain a savings bank because its deposits are used to build houses and schools, and pave streets. This alone makes such a bank a great asset to the community.GILES S PIPER AfTOSMy IS8»The fundamental difference between a stock bank and a mutual savings bank is that the earnings of the stock bank belong to the stockholders, while the earn- ings of the mutual savings bank, after setting aside a guaranty fund as required by law to insure the safety of the bank, belong to its depositors. It is not only a secure depository because of the many safeguards placed around it by the State, but it is also the chief advocate of thrift, which is the founda- tion of all prosperity—national, corporate and private. The principle of financial as well as political independ- ence has made America great. The possession of a savings bank account is an indication of personal in- dependence. Not only is it the beginning of contentment, but it adds to the owner’s standing in the community. Normal living, normal spending, consistent saving, make a nation of contented and prosperous people. The records of the last ten years clearly indicate that savings banks have steadily invested one-half of their resources in mortgage loans. The Fulton Savings Bank has a considerably greater percentage of its assets than this in mortgage loans at the present time, thus per- mitting the building and purchase of homes by numbers of people who otherwise would be unable to own their own homes. Not only American born but foreign born citizens have been helped by savings banks caring for their money—in many cases preventing its being sent abroad—and also in loaning them money to buy and build homes in this country, thus helping them to be good American citizens.Growth of Business 1 an indication of the large increase of the business of this bank during the last ten or twelve years, we would call your attention to the following facts: During the past ten years we credited our deposi- tors interest dividends to the amount of $976,240.10 or considerably more than for the whole previous forty years. The total amount which we have credited to our depositors in dividends being $1,743,670.52, or more than one-half of the total sum which they have on de- posit at the present time, July i, 1921. The amount of deposits July 1, The increase for the ten years and three months being . . . $1,609,909.30 Since the bank commenced business we have loaned on real estate mortgages $4,633,708.90, of which amount $2,378,262.20, or more than one-half, has been loaned during the last twelve years. In a little less than fifty years we have received from depositors $25,053,207.28 and paid to them $23,437,133.33. The amount received does not include the interest dividends credited to them. On July 1, 1921 this bank had 6546 open accounts with depositors, and held 1273 real estate mortgages. 1921, was....................... On April 1,1911, at the time we moved into our new building, it was.......................... $3,357,402.88 $1,747,493.58Trustees Since Incorporation Bacon, Charles G. Bradway, Hiram Carrier, Ira Case, George M. Dean, Amos Dexter, William Dyer, Benjamin J. Harroun,John E. Howe, Abraham Johnson, Willard Kenyon, Sands N. Kimball, Morris S. Merriam, Henry H. Nelson, Willis S. Osgood, Calvin S. Pardee, Stephen Patterson, William D. Pratt, John W. Somers, Henry N. Townsend, James H. Wells, John C. Bradshaw, Reuben Pardee, Emery S. Hogeland, Ezra Piper, Giles S. Rice, Arvin Lovejoy, William J. Emericx, Abram Emerick, Fred A. Wells, George P. Allen, H. Putnam Chauncey, George G. Morrow, James Nichols, Henry E. Benedict, Cameron C. Stiles, Francis Palmer, Edwin F. Gilbert, Arthur G. Hunter, John Rigley, Joshua W. Stout, Harry L. Butts, Watson A. Morrill, Elmer E. Sullivan, John R. True, George E. Wilson, Herbert J. Morton, Albert I. Lasher, Frank W. Morin, Willis P. Bennett, Bert W. Lewis, Ramon F. Conley, Peter T. Loomis, Lee C. Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Original Incorporator Elected January 18, 1873 Elected January 12, 1874 Elected September 27, 1881 Elected September 27, 1881 Elected September 27, 1881 Elected March 27, 1884 Elected July 17, 1889 . Elected July 17, 1889 Elected March 18, 1893 Elected February 19, 1896 Elected February 19, 1896 Elected February 19, 1896 Elected February 19, 1896 Elected March 17, 1897 Elected March 17, 1897 Elected April 21, 1897 Elected December 17, 1902 Elected December 17, 1902 Elected December 16, 1903 Elected March 16, 1904 Elected October 17, 1906 Elected October 17, 1906 Elected November 21, 1906 Elected November 21, 1906 Elected May IS, 1912 Elected August 20, 1913 Elected November 19, 1913 Elected October 20, 1915 Elected July 17, 1918 Elected April 21, 1920 Elected August 19, 1921 Elected September 21, 1921 Died August 18, 1906 Died September, 1881 Died June, 1886 Died March, 1898 Deceased Died March, 1893 Resigned in 1881 Resigned Died November 1, 1902 Died February 8, 1900 Died March, 1887 Died Fall 1875 Died February 4, 1900 Died August 13, 1911 Died December 5, 1889 Died March, 1882 Died December 27, 1897 Died May 1, 1905 Died 1907 Died March 23, 1872 Died June, 1903 Resigned September 16, 1903 Died May, 1881 Died February, 1900 Died July 1, 1914 Died March, 1893 Resigned January 15, 1903 Died October 7, 1920 Resigned November 21, 1906 Died October, 1902 Died June, 1905 Died May 1, 1918 Resigned July 16, 1913 Died November 18, 1912 Died October 17, 1920 Died January 28, 1920OFFICERS AND TRUSTEES of the FULTON SAVINGS BANK William J. Lovejoy, President George G. Chauncey, Vice-President Watson A. Butts, 2d Vice-President Ramon F. Lewis, Treasurer Frank R. Wilson, Teller Helen L. Cusack, Bookkeeper Giles S. Piper, Attorney Herbert J. Wilson, Ass*t Attorney George G. Chauncey Cameron C. Benedict TRUSTEES Giles S. Piper William J. Lovejoy George P. Wells Edwin F. Palmer Harry L. Stout Watson A. Butts Elmer E. Morrill John R. Sullivan Herbert J. Wilson Albert I. Morton Willis P. Morin Bert W. Bennett Ramon F. Lewis Peter T. Conley Lee C. LoomisThe Morrill Press, Fulton, N. Y.