Stanley Forman Reed

“ The purpose of the New York law is to reserve the use of the word 'savings' to identify the mutual type of bank operation for the public, just as the federal banking laws reserve the name 'national' for a certain type of bank organized under federal law. ”

“ Such mutual institutions can and do pay larger returns on deposits in New York than the commercial stock-type banks, state or national, both of which are barred by the New York statute from using the word 'savings' 'in relation to banking or financial business.' The mutual banks have been successful in attracting a large proportion of savings deposits for over a century. ”