Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1890-04-24
PEOPLE WHO SAVE MONEY.
A Saving Bank Teller Says Germans Make
the Most DEPOSITS.

Savings bank, as you probably know,
were started, not as money-making in
situations, but as places where the
poorer people might safely invest the
surplus of their earnings. For num-
Der of years deposits upon which in
terest was paid were not limited in
amounts, but by a comparatively
recent act of the Legislature, Individual
accounts upon which interest is paid
may not exceed $1,000. I mention
these facts because they must be borne
in mind in order that the peculiarities
of some depositors may be shown"
These remarks were made by Mr..
Maynard, the paying teller of the
Brooklyn Savings Bank, to an Eagle
reporter who had come to him in quest
of information.
''People of what nationality, Mr..
Maynard, patronize savings banks the
most?"
The Germans are by long odds our
best customers. As a race they are
thrifty and saving. The moment a
young German begins to earn money
he almost invariably begins to save it,
no matter how small wages he may be
getting. Nor when he has once begun
does he stop. His deposits flow in in
constant stream until they reach the
limit, or until the young man has saved
enough with which to start in business
for himself. Yes. our German citizens
are the most thrifty. and of all our de-
positors give US the least trouble"
What do you mean by giving
trouble?"
II mean that even the poorest Ger
man can read and write and so have
some intelligence. This is far from
being true of all depositors. Next to
the Germans | think you may place
saving is concerned. When opening
an account they keep the fact secret,
even to the members of their own
families. Many of them of course, are
servant girls, who save a great deal of
money. some of them accommodating as
high as $4,000"
what nationality averages the
largest deposits?n
THE Germans deposit the most at a
time and also more frequently. A
young German will scarcely ever put
in less than $40 or $25 at once, and
when he has gone into business for him.
self his deposits average $780,"
THE Italians, continued the cashier,
'save an enormous amount of money,
living as they do. Deposits of $50 to
500 at time are not uncommon
among people of this race. We do not
prize them, however as customers, be-
cause they are too ignorant to make
Il ttn,-
Some five years ago there was run of
Italians upon this bank and [ can tell
you we had trouble enough for two or
three days. Not being able to read or
write, and in most cases ignorant of
the English language, it was exceeding
ly difficult to make them understand
anything. After that experience the
! bank decided to take no more deposits
from Italians, except in cases where
they could write their own names and
speak English"
do such runs occur often?"
Yes upon an average of once in
every eight years. You see there are
no people more sensitive to rumorS
affecting bank than the classes who
support savings institutions. One in
discreet item in newspaper, for in
stance, is pretty apt to precipitate q
run. OF course such runs make us a
great deal of work, for people with
their drawn deposits keep them out {
week or two and then as soon as things
quiet down they bring them back"
Saving money is habit that eventu
ally takes strong hold upon a person
is it not?"
Indeed it is. | have an instance
illustrating that point in my mind now
For many years a little old harnes
maker of this city has been depositin:
money here until he has about $14, co.
to his account, upon only S., 90
of which he can draw interest. Thi
man lives in very humble way an
has got enough money to keep him il
comfort for the remainder of his life
still he keeps on depositing. Time
and again [ have expostulated will
him, telling him he should invest hi.
money, so that it might bring him il
an income, but all to no purpose. It:
the old story over again. He will
keep saving until he dies and then hi:
relatives will fight over and squandel
his money. In this connection | may
say that we have number of similar
accounts of people who have never
taken their money anywhere else ano
who can not be induced to-"
How do Yankees and Americans
generally rank as money savers?"
Not very we'll. TO be sure. there
are many thrifty people among them
but as a rule the young American doe
not save to any large extent. The
reason for this is undoubtedly because
they have too much pride and are MOI
satisfied with living in humble way OF
with wearing poor clothes. They seen
to want to enjoy themselves as they g
along"
Among working people what oc
cupation possesses the most savers?"
with us mechanics and storekeep
ers have the largest accounts. Natur
ally we do not have many professional
mparatively few that patroniZe say
ings banks doctors seem 10 lay up thu
most money. Lawyers generally keel
their money in national banks, as thu
nature of their profession require
them to have funds where they Cal
draw checks upon them. Many pro
fessional men, though, keep money il
a savings bank as side investment
upon which they can draw for a rain,
day. Some classes of men, from tn
nature of their employment. are I'm
,, able to accumulate much money
Painters. for instance, and actors
usually live through the summer upol
their Winters earnings.
AT what age do most persons usuall
baOin to saye2''