The competition and coexistence of mutual and commercial banks in New England, 1870–1914

Matthew Jaremski and Brady Plastaras ()
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Brady Plastaras: Department of Economics, Colgate University

Cliometrica, Journal of Historical Economics and Econometric History, 2016, vol. 10, issue 2, 151-179

Abstract: Scholars have studied the US banking systems of the late nineteenth century, but the presence and influence of mutual savings banks has largely gone unexamined. A new annual database of New England banks shows that mutual savings banks had a significant presence in the postbellum banking system. Mutual savings banks accounted for about 75 % of the region’s total bank deposits and largely avoided financial panics. The banks seemed to have complemented rather than competed with national banks. Mutual savings bank growth was correlated with agriculture and urbanization, whereas national bank growth was correlated with manufacturing. Mutual savings banks also channeled significant funds to national banks through the interbank network.

Keywords: Mutual; savings; banks; Bank; stability; National; Banking; Era; Bank; competition (search for similar items in EconPapers)
JEL-codes: G21 G32 N21 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:afc:cliome:v:10:y:2016:i:2:p:151-179

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