The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-03-28
STAMP SAVINGS BANKS.
A SYSTEM OF SMALL SAVINGS THAT
is POPULAR IN DETROIT.

Method Is Conducte&-A Boon to Many.
''The saving stamps have let Us into
an almost new and profitable field of
business" says Edwin F. Mack, cashier
of the Citizens Savings bank. "It has
increased our business more in eight
months than we were able to do by other
methods in five years. The beauty of
the arrangement is that it reaches class
of people who ordinarily have no busi-
ness with any bank When it is consid-
cred that we get this new business at the
rate of less than one-haf cent on the
dollar, and that this expense is more than
covered by the actual operation of the
system, we are pretty well pleased.
1.-THE cost Of the stamps is only one cent
for fifty, the cost of the books is very
small, and the expense of getting the
stamps in the hands of depositors is also
very slight. To offset this we have the
use of the money from the time it is re-
ceived for stamps until the stamps are
turned into us as record Of deposit. The
persons buying the stamps let them ac-
cumulate for weeks and even months
before having the amount entered on
their regular bank books. We get in
terest on this money for that time with
out charge, and as this amounts to sew
eral thousand dollars the profit is quite
an item.
HOW 1T WORKS.
"Of course we are not philanthropists,
but we take much satisfaction in know
ing that the system is inducing large
number of people to save money who
never did before. We have agents in
many of the large factories, and the
young employees kter getting their pay
buy few stamps, while otherwise they
would spend every dollar Of their wages.
They would not come down to the bank
and open up an account with the small
amount. But after they have a little
start with the stamp process they very
frequently come to the bank with a five
dollar or ten dollar deposit. We have
some depositors with hundreds to their
credit who made fifteen and twenty
cent starts. These are the ones that are
liable to be the big customers of the
future, and we are very glad to have
their early trade.
''The corner grocerymen, who are our
agents, tell how the system works. For
instance, a woman goes in with 81 to
buy groceries, and has five, ten or per-
haps twenty-five cents left, which she
invests in stamps. She leaves her book
with the grocer and he cares for the
stamps The children, if they have no
books of their own, are instructed to in
vest part of the small change in stamps.
Her husband, instead of spending his
small change for cigars, lends helping
hand by placing a few stamps in his
wife's book
with the children the stamps are
like the merit cards which you and
used to get at school. Each Sunday we
got little card and when we got dozen
Of those we got large card, and so many
of those deserved still larger and more
brightly colored card. The delight of
accumulatiag these cards you can well
remember. It is the same with the chill
dren and these stamps. They hustle
around until they get twenty stamps to
fill page and are much tickeled when
they can make the first entry in their
handbook.
1--WE have ninety-five agents in this
city and agents in Saginaw, Port Huron |
and other cities. Of our thousands of
iepositors large per cent. of them are
but as many of them brought |
their parents with them we are well |
pleased"
HIGHER DENOMINATIONS.
"The stamp saving system has proved |
10 be very good thing for US, said E.
>. Bowman, cashier of the Detroit saw
ngs bank. Unlike any other stamp
system Of savings, our stamps are of diff
.erent denominations and different |
classes of customers are accommodated.
For instance, we have cent, 10 cent, 25
,ent and 80 cent stamps, and 81, So, s.
md $40 cards. That is to say, when a
ard is filed it has these respective val
les. Our customers have learned this,
md those who make enough money so
hat they frequently can deposit % cents
It time do not bother with cent
tamps, which require so much licking
nd 'pasting. We were somewhat sur
'rlsed ourselves to see the popularity of
he larger denominations.
''Of course the working of the system
S pretty we'll understood. We have 125
gents at present, and the stamps are
laced in their hands It requires sew
raj thousand stamps day to supply
heir demands The depositors place
he stamps on card, and when this card
5 full they get credit Oh their bank
'ook. We make the feature incidental
o our banking business. and think it ad-
nirable because 1t enables us to reach
very class of people who may be induced
o save money. 1t has largely increased
UP business, not only by the depositors
7ho use the device, but the people who
ONE with them. Fully 75 per cent. Of
be depositors are children, and, OF
curse, their accounts are small, but
cry frequently their fathers come to
he banks where the children are doing
usiness."
While the reporter and Mr.. Bowman
Tere IN the basement of the banking
uilding looking over the record Of the
tamp business, the cashier called atten-
ION TO several wooden cupboards which
e said contained ali the saving bank
ooks issued by the bank from 1s49 to
ne present date. They were numbered
rom 1 up 10 $4,000. Then he showed
10. 13, which was issued to young man
no was then employed on a railroad
he man is still a depositor in the bank.
nd there has never been time since
hen he did not have small balance.