Mutual Savings Bank Depositors in New York

1975 ◽  
Vol 49 (3) ◽  
pp. 287-311 ◽  
Author(s):  
Alan L. Olmstead
Keyword(s):  
New York ◽  
Middle Class ◽  
Upper Class ◽  
Savings Banks ◽  
Savings Bank ◽  
Investment Process ◽  
Mutual Savings Banks ◽  
Traditional Image ◽  
Better Than ◽  
Middle Class People

Contrary to their traditional image as institutions operated exclusively for “frugal workers,” mutual savings banks in New York were also a haven for the savings of many middle and upper class persons, whose accounts comprised a substantial proportion of the banks' funds. Thus these intermediaries presumably improved the efficiency of the savings and investment process, allowing middle class people to allocate their resources between fixed and liquid assets better than would otherwise have been possible.

Investment Constraints and New York City Mutual Savings Bank Financing of Antebellum Development

1972 ◽  
Vol 32 (4) ◽  
pp. 811-840 ◽  
Author(s):  
Alan L. Olmstead
Keyword(s):  
New York ◽  
New York City ◽  
York City ◽  
Insurance Companies ◽  
Savings Banks ◽  
Bank Deposits ◽  
Savings Bank ◽  
Antebellum Period ◽  
The Individual ◽  
Mutual Savings Banks

In studying the history of capitalism, one rarely encounters business enterprises without a capital stock or a profit account, founded and managed by men who expressed no desire for monetary rewards, and lacking owner-entrepreneurs. This paper deals with just such institutions—mutual savings banks. It has been recognized for some time that during the antebellum period mutual savings banks were relatively large and influential institutions. In 1860, when mutuals held a total of $150,000,000 in assets, the next most important type of non-bank financial intermediary, life insurance companies, held assets of only $24,000,000. More impressive was the size of some of the individual mutuals, for in 1860 several mutuals ranked among the ten largest business organizations in the country. Throughout most of the antebellum period the nation's largest mutual was the Bank for Savings in the City of New York. In 1825 this one bank held 56 percent of the nation's savings bank deposits; and ten years later, in 1835, it still accounted for over 34 percent of the country's deposits and 42 percent of its customers. Another New York institution—the Bowery Savings Bank—surpassed the Bank for Savings as the nation's largest mutual in 1860. At that time each of these banks commanded deposits in excess of $10,000,000 and a third New York mutual, the Seamen's Bank for Savings, was approaching that mark. In all, nineteen mutual savings banks were founded in New York City between 1819 and 1860. Table 1 shows the date that each bank opened for business, and the amount on deposit on January 1, 1861.

The New York Mutual Savings Banks Fund

1944 ◽  
Vol 52 (1) ◽  
pp. 74-79 ◽  
Author(s):  
W. H. Steiner
Keyword(s):  
New York ◽  
Savings Banks ◽  
Mutual Savings Banks

Investing For Middle America: John Elliot Tappan And The Origins Of American Express Financial Advisors. By Kenneth Lipartito and Carol Heher Peters. New York: Palgrave, 2001. Pp. x, 268. $27.95.

2003 ◽  
Vol 63 (1) ◽  
pp. 285-286
Author(s):  
Benjamin Chabot
Keyword(s):  
New York ◽  
Middle Class ◽  
Mutual Funds ◽  
Life Insurance ◽  
Financial Advisors ◽  
Financial Instrument ◽  
Savings Banks ◽  
American Express ◽  
Financial Panic ◽  
Coupon Bond

In this enjoyable work, Kenneth Lipartito and Carol Peters share with us the story of John Elliot Tappan, a Minneapolis lawyer who brought financial innovation to the American heartland. In an era before mutual funds, money market accounts, and in many locations safe diversified savings banks, Tappan saw the need for a safe, small denomination, financial instrument for middle-class savers. The result was Investors Syndicate and its “face-value” certificate, a combination of zero-coupon bond and term life insurance that savers of modest means could purchase in small installments. By providing the small investor with a safe means of saving a small amount each month, Investors Syndicate (latter IDS and American Express Financial Advisors) would grow into one of the nations financial behemoths. Along the way, Tappan and his company would overcome financial panic, depression, war, epidemic, and corrupt postal inspectors (the federal regulators of the day).

New York City Mutual Savings Banks, 1819-61.

1977 ◽  
Vol 30 (4) ◽  
pp. 725 ◽  
Author(s):  
Richard Sylla ◽  
Alan L. Olmstead
Keyword(s):  
New York ◽  
New York City ◽  
York City ◽  
Savings Banks ◽  
Mutual Savings Banks

scholarly journals Socio-economic analysis of small and marginal farmers in Jaipur district of Rajasthan

2020 ◽  
Vol 11 (2) ◽  
pp. 170-175
Author(s):  
Mohan Lal Jat ◽  
P.S. Shekhawat ◽  
Sonu Jain
Keyword(s):  
Middle Class ◽  
Economic Condition ◽  
Economic Status ◽  
Upper Class ◽  
Primary Data ◽  
Small Farmers ◽  
Lower Middle Class ◽  
Interview Method ◽  
Socio Economic Status ◽  
Better Than

The study was conducted in Jaipur district of Rajasthan to know the socio-economic status of small and marginal farmers. A total of 60 farmers (30 farmers in each small and marginal category) were selected for the present investigation. The primary data relating to various socioeconomic variables were collected from the sample farmers by personal interview method using semistructured schedules and questionnaires for the purpose. Composite scales analysis like Udai Pareek revised scale-2019 and Modified BG Prasad scale-2019 were used to analyze the socio-economic status of small and marginal farmers, which have combinations of social and economic variables. The study revealed that, the socio-economic condition of small farmers was better than socio-economic condition of marginal farmers, according to composite scales analysis. On the basis of Udai Pareek revised scale, majority of marginal farmers (about 47.00%) belonged to lower middle class whereas, majority of small farmers (about 53.00%) belonged to middle class. Study further found that, in both categories of farmers, no farmer belonged to the lower and upper class. As per BG Prasad modified scale which is based on monthly income of household, majority of marginal farmers (50.00%) belonged to upper middle class while, majority of small farmers (60.00%) belonged to upper class. In both categories of sample farmers, no farmer belonged to lower and lower middle class.

New York City Mutual Savings Banks,1819-1861

1977 ◽  
Vol 82 (3) ◽  
pp. 743
Author(s):  
Henry Cohen ◽  
Alan L. Olmstead
Keyword(s):  
New York ◽  
New York City ◽  
York City ◽  
Savings Banks ◽  
Mutual Savings Banks

The Disadvantaged Child: Studies on the Social Environment and the Learning Process, by Martin Deutsch and Associates. New York: Basic Books, 1967, 400 pp., $10.00

PEDIATRICS ◽  
1968 ◽  
Vol 42 (2) ◽  
pp. 380-381
Author(s):  
Robert Coles
Keyword(s):  
New York ◽  
Middle Class ◽  
Social Environment ◽  
Learning Process ◽  
Disadvantaged Child ◽  
Men And Women ◽  
The Poor ◽  
The Social ◽  
Middle Class People

I must admit that I have never liked the term "disadvantaged child." One is somehow made to think of those earnest or smiling men and women from our exalted suburbs who organize a car pool once a week in order to go "help" the poor, benighted "slum children"–by taking them to a museum and buying them some cookies. I don't deny what cookies and Rembrandt can mean to a child, any child, nor do I wish to criticize unfairly the desperate efforts on the part of thousands of middle-class people to share what they have with others.

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