East Oregonian : E.O. (Pendleton, OR) 1888-current, 1916-02-14
THE YEAR OF THRIFT

Address by w. L. Thompson, pres
ldent OF the American National Bank
to local school children.
on February 3, 1916, the first saw
ings bank in America opened its doors
TO the public in the city Of Philadel-
phia. 1t was called the Philadelphia
Savings Fund Society and was re-
garded very much in the nature OF
doubtful financial venture. Never
theless, its doors remained open. its
deposits increased ana the confidence
of the public increased also.
A few months later, in Boston, the
Provident Institution ror Savings was
opened for business and three years
later New York followed with the
Bank for Savings.
These were the beginnings in Am
erica of the practical side of the saw
ings idea and under the auspices OF
the American Bankers Association
the present year, celebrating the one
hundredth anniversary OF the Savings
Bank idea in America, IS to be made
the occasion for the advancement OF
the idea Of thrift.
Certainly this is a splendid thought,
and bankers throughout the country
are cooperating with the American
Bankers Association in order to make
the greatest possible success of the
thrift campaign. The interest Of the
public is very much desired and it is
hoped that before the present year
comes to close many thousands OF
people who have never opened bank
account for the purpose of saving
money will have done so.
No better proof or the Importance
Of the thrift idea to America could
be had than the fact that our stand
ing is very low as a nation of savers.
For example, the little republics OF
Switzerland can show 544 savers out
of every thousand Of its population.
Sweden has 3S6 per thousand; France
346; England 3O2, Italy 22S, while
America comes down near the bottom.
of the list with only 1OS.
This is surely record that needs
improving and fortunately We can
see ray Of hope in the manner in
which the habit of saving is growing
steadily in this country For exam.
pie, on June 80, 1901, the total saw.
ings bank deposits in this country
reached 100000, while four.
teen years later, on June 80, 1905,
the total had increased to the mag
sum of 35,OOO,OOO.
OF course, it must also be remem-
bered that there are a number Of con-
ditions in America that initiate
against the building up OF savings ac-
counts and thus tend to give US a
poorer record than some Of the old
countries Of Europe. This statement
is borne out by the ract that in the
eastern states, where development has
reached the most advanced condition
of any part Of the country, savings
banks show their greatest growth.
Thus New England and the middle
states together with Maryland ana
the District of Columbia, nave more
than - per cent OF the savings de-
posts Of the nation. The banks Oi
these states and Of tne district have
over s,00OOOO deposltors out Of the
nations total Of l1,Z85.750.
To some extent also the saving dis
position Of foreign immigrants. a vast
number of whom stay in the east
have something to do with this Ana
it must be remembered that in the
west there is a strong demand for
homes and for the development Of
land and these absorb a great part Of
the nations surplus FUNDS A mo-
ments thought VIII convince any one
that were It not for the immense
number Of individually owned homes
in America, the savings bank depos-
It's would show immensely larger
figures.
All this, however. does not do away
with the fact that the average AM
eriean is not as sympathetic a saver
as he should be. He gets money cas-
ier and In larger quantities than his
European brother and this is apt TO
make him live up to the old proyerh
Easy come, easy 60"
Many Americans. and this is es-
pecially true, Of course, Of the young