The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1912-12-28
SAVINGS FUND DEPARTMENTS.
Banks Ready to Make Distribution of
Funds Of Money Savers.

Banks Ready to Make Distribution of
Funds Of Money Savers.
The City National Bank and the
Peoples Bank will on the first of
January distribute something like
$4,000 to those young men, ladies and
others Of the city who subscribed to
stock in the savings fund department
during the year, a sum Of money
which was not much missed by those
subscribing to it when 1t was placed
In the banks, but which will come in
handy in a neat sum just after the
Christmas drain on the pockets Of
those concerned.
The City National Bank commenced
a Young Mans Saving Fund Depart
ment in their bank ten years ago
when the bank first commenced busi-
ness, a department which had stead
lily grown with the growth of the
bank and which has done a great deal
for young and old people of the city
who wished to save and who did not
join the regular savings department
Of any bank. For this year this bank
will distribute on the first Of January
about $4,000 to the seventy-five or
fewer subscribers to the fund. Sub
scriptions for 1913 have already been
opened and have been largely sub
scribed to already and at present 1t
seems that the department will have
subscriptions amounting to between
$4,000 and $4,000, an increase from
$4,000 to $4,000 which have been
| approximately the amount of sub
scriptions during the past few years.
This department Of the bank calls
for &1.O0 a week for each subscrip-
ton, fines of fifty per cent being tax
ed on all unpaid subscriptions. The
money is placed in the savings @e-
partment of the banks and draws in
terest at four per cent. This interest
and the penalties reverts to the sub
fund is a part OF the bank and is
handled by the bank officials without
any cost for salaries, a saving in itself
| to the subscribers which means con-
siderable in the course OF the year.
At The Peoples Bank the Savings
Fund Department is two years old
and was opened shortly after the bank
commenced business There are
| about thirty-five subscribers to this
fund in this bank at $1.O0 a week.
and the bank will distribute approx
mately $4,000 at the first Of January,
New Years present to the subscrib-
ers which none of those to whom it
comes will fail to appreciate. The
subscriptions have grown steadily in
the two years which they have been
opened and are now open for the
coming year with prospects Of con-
tinued growth.
So much good has been done in the
past by this savings fund department
that the Bank of Sumter has deter
mined to open up similar depart
ment in their institution. Theirs will
be named the Christmas Savings Club
and one OF its purposes will be for
giving the subscribers chance to
save money to spend for presents and
necessities at Christmas, although
the main object will be to teach the
subscribers to save their money. This
new savings fund in this bank will
be Of several classes and will be dis
tributed a couple Of weeks before
Christmas. The department will open
at the bank on December 9th Of this
year.
One OF the attractions OF the savings
fund department is the fact that while
1t is carried on, money can be bor-
rowed on the deposits. il this becomes
desirable or necessary at any time du-
ring the year. 1t also encourages it's
subscribers to save their money for
cases OF necessity and provides
good way for them to start in pome
kind Of business Of their own after
they have saved sufficient funds.
Crops Below Average.