The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-17
A DOLLAR A WEEK.
How To Make 1t Grow and Double Up
If Carefully Used.

According to the annual report of the
New York savings banks the number of
dCpOsitOrS is now .. 1929 and the total
of their deposits is over Sl.4000.WO. an
amount greater than the bpnded~debt of
the United States.
These desDitors who OutnUmber the IN
habitants of Manhattan island, are to be
commended for their wisdom If all men
of small means were to follow their sx-
ample the community as a whole would
be much better off. There was not one
savings bank failure in the past year
There IS not a single savings bank now
whose report is not cTcditable to its man
agement and whose solvency IS not be-
yond question.
in these days of get-rich-quick schemes,
of mining stocks. of speculation in bucket
shops. poOlrOOms, on the curb and in
the stock exchange, It is most timely to
turn to the savings banks and to point
out the superiority to every man of small
earnings and limited means of deposit
ing a de1inite surplus regularly at inter-
est.
For a rich man TO speculate is one thing
He can afford to lose some money He
has time for personal investigation of the
risk and he has the power to enforce his
legal rights He may win or he may lose.
but in either case the transfer of wealth
is not vital matter.
To all the men who work for wages or
on salaries their only hops for peace
full old age and for a life free from rack
ing money cares is to provide beforehand
When they speculate they stake their
family's future and their own peace OF
mind against d few dollars. Even were
the chances equal-and in the case of
him-the risk which he takes IS vastly
disproportionate to any possible gain.
Few men ever heard of progressive COM
pound interest and still fewer know what
it does. One dollar deposited in saw
ings bank which pays 4 per cent will
amount to 81 10 in twenty years. This
is simple compound interest. But how
many men know that If they deposit 81
every year the value in twenty years viii
not be s219 but $30.91?
ANY man or woman who is earning va
ges at all can save 81 a week. That mon
ey deposited in a savings bank for TWEEN
ty years will amount to S,6l2 "A deposit
of s. a week will amount to over $500
The annual interest on this at per cent
would be $500
Thus the man who deposits s. a week
in a savings bank can. after twenty years.
draw out Sc a week and still leave to
his wife and children at his death all
the money that he deposited and more
than half as much more. There is no
paradox OF catch in this. II is a plain.
simple mathematical sta tement of what
any savings bank will do.
Every wife should read these figures
and go over them for herself. They are
accurate The only necessity is TO make
the deposits regularly. If. instead of dis
continuing the weekly deposits at twenty
years they are continued for ten years
more, every dollar a week will have be-
come s5S.3S and the So year will have
become over $500. For every dollar
which had been deposited s. a week can
| then be drawn out without impairing the
principal which has been doubled.
1t takes time to make money this way
/ but the result is certain. There is no
secret about 1t. no mystery. no allure
ment no dazzling speculation. Ali that
/ il requires is industry and little self
denial every week. Ii pays better than
any gold or copper mine, than any pool
room or bucket-shop.