The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1898-01-05
THE SAVING FUND.

city are interested. VIII %
wound up BY Limitation to-nor
row, aud the money which has beer
accumulated during the year will bs
distributed to the shareholders within
| fex days. These saving funds are looa
institutions. operated on an original plar
aud so far as the writer kaows, there are
none Others similar to them In the coun'
sry. 40 article in reference to these
funds that vac prepared by 1be "rise'
Hast year vas reproduced in naubes
Of papers 10 this State and elsewhere
aud the comments we're generally fav.
osabls Soon after the publication ol
| the article Inquiries began to come IL
from various towns in this State and
| from widely separated points 10 other
States, which was sn evidence that the
bare outline Of the plan and the results
Of iss operation in this city was OF ia-
terest. to many who wished to save
money. bus could do:so IN small sums
orly. The interest eyinced 10 the
saving fund plan encourages us to give
s fuller outline Of the plan than has
\ 8s.tse
yet been made public.
Tie idea of saving fluid originated
Eaboa. four years ago With the employees
Iof ] Ry.tenberg 3 Soos. and the 6rst
year vas con6ned 70 them. There we're
but s fe. shareholdars-6fteen or
tsep,y-bat the plan operated so sco-
cessfully and satisfactorily that the next
year quite . number of others, we're
to membership. The results
we're still mora satisfactory aud at the
.begiDnipg Of 1896 the membership vas
again increased aud another fluid Was
organized with alsrger number ofsbare-
holders than the original fund. The
original fund sss kooaa as the 4. p.
Fuaa and the other as the Young
Mems, Saving Faad.
The plan Of operation is identical,
and shst IS said Of one applies to the
other as veil. The plan is as follows !;
TIE s.funds" or associations have no
officers. no constitution and, in fact, no
legal existence, but there are 9 fe.
rules, vell understood by each aud
every shareholder. which govern the
operation Of the funds The number
of shares is oos limited aud share
holder may subscribe for as many shares
as be desires to carry it Ia provided,
however, that 90 shareholder shsil take
less than cen shares. There are no
officers aud every shareholder ison the
same foo,ing. There is no expense,
and al moneys paid in aud all profits
arising from interest and fines are re-
turned 90 shesshoreholders at the end of
the year.
The shares are paid 10 iuatallmeots
Of. ten cec.s per week. and when not
paid on the day due. penalty OF five
cents per share is added for each week
the ins.allments are lef. unpaid.
By an arrangement With the Baok of
Sumterabe teller receives the iosssll-
meats and each shareholder is provided
with pass book on which his payments
are credited. The total of che weekly
inssalIneats aud 6nes is deposited in the
Saving Deparsmeutofsbe bank. aud To-
seress is allowed at the rate. Of four per
cent per snnnm. There is compare.
lively. little book keeping required, as
the teller: keeps only petty cash book
for entering the weekly payments Of
shareholders. aud the only account on
the books of the bank is that of the
fund.
The life of the fund is limited to
one year, and as soon as the fifty
second installment has been paid in
the fund is divided out to the share
holders and they receive checks from
the Teller for their portion
The funde are not money making
schemes in any sense of the word,
and the idea that they are should not
be formed. They are primarily and
distinctively what the name indicates:
Saving funds. Whatever of profits
arise from interest, fines and lapses
-:1:1.nk.t and aro on in