An In-depth Analysis of New England Mutual Savings Banks, 1870-1914

Matthew Jaremski and Brady Plastaras (bplastaras@colgate.edu)
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Brady Plastaras: Department of Economics, Colgate University

No 2015-02, Working Papers from Department of Economics, Colgate University

Abstract: Scholars have studied the U.S. banking systems of the late 19th 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 percent 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: 2015-04-01, Revised 2015-02-12
New Economics Papers: this item is included in nep-cfn and nep-his
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