The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-09-05
HOW TRUST COMPANIES
ENCOURAGE. THRIFT AND
THE HABIT OF SAVING

Ii the average American millionaire
were asked to give a receipt for the
acquisition of wealth, his reply would
most likely be spend less than you
earn" This is the advice which men
like Rockefeller, Carnegie, and the
late Russell Sage have always agreed
upon in relating the secret of their
success. Despite the high cost OF
living this formula is as good to-
day as ii was in the days when 1he
foundations were laid for Hreat Ameri-
can fortunes. One widely known
American multi millionaire Is still
more explicit in giving the reason tor
his succe"~ , "'-'~ I owe my for
une to the first dollar ! saved"
The nu.~= .+- savings depart
ment of one OF the trust companies
In a large city relates an incident from
his many and varied daily experiences
with savings depositors. which forcib-
ly illustrates the wisdom of the in
junction. spend LESS than you earn"
One day a abby individual came
shuffling up to the window bearing
the inscription. Savings Accounts
Opened Here" He held in his hand Il
well-thum little booklet in which
were printed some homely but plain
truths regarding the advantages of
waving savings account under the
&sttr- <titA Ipuf pest FTltHG.
Il spend all but this said the man.
speaking in a tremulous voice. and
taking silver dollar out of his vest
pocket Last night after coming
from Tim Grogan's saloon. l picked
up this little picture-book from the
sidewalk | was intending to bring it
to my little girl When | came home
sat down to read II. and, say, Mister
want to open savings account"
That same man. said the manager
Of the ss wings department SIS now one
of the best savings depositors He
sends .,is little girl around every Mon
day to deposit his weekly sum. He
has built a home for himself. he
doesn't visit Grogan's place, and he
occupies responsible position as su-
perintendent in a factory
II is interesting to study the latest
savings statistics in the United States
and 70 learn that there are about 49,
0oe. 600 depositors. having total saw
ings OF IS. 400, 100000 These savings
are held by various classes Of banking
institutions, including savings banks
operating under stock control. mutual
savings banks and savings departments
conducted by trust companies. In ex-
am!ning the statistics more closely 1t
is found that the greatest increase
in number Of savings deposits and IN
new accounts have been in cities where
trust companies actively invite such
business, The reason for this is that
the trust companies have been most
diiigent and progressive In acquiring
the public with the benefits to be de-
rived from establishing savings ac-
counts In large number OF cities
the major portion OF savings deposits
are held by trust companies
Instead of waiting for patrons t.ae
trust companies have been the first
To depart from the old time -honored
and now obsolete policies. They were
the first banking institutions TO es.
tahifsh the so-caifed publicity depart
ments' and TO employ experts TO write
booklets and devise methods for In.
creasing the number OF savings de-
positors. The booklet which PLAYED
such an important part in the incident
related was one Of series issued by
the trust company. II carried a mes
sage TO many men. women and young
people, and was the direct means Of