Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1916-12-17
AMERICANS MUST
CULTIVATE The
Thrift HABIT

Thrift, plain, everyday thrift, say
the wise ones, is what is required to
deal the "solar pleXus" to the high
cost Of living in America. And saw
ings banks, it is generally admitted,
furnish one of the most potent factors
in the encouragement of thrift Which
has served to render timely and inter-
esting the present celebration OF the
centenary of the establishment of the
first savings bank in the United
States.
When the first savings bank opened
it's doors in Philadelphia one hundred
Wears ago the population Of the Unit
ed States was 9,500,000, and there
were but 246 banks in the country.
Four years later, in 1920, there were
ten savings banks, with $685. deposl-
ltors and deposit accounts aggregatlng
Isl, 138, 576. Since that time the growth
has been very great.
There were at the beginning of the
present year 2,100 stock and mutual
savings banks in the United States.
These banks have 1O,502,000 depositors
and approximately $4,7OG,O 100000 in
savings accounts. This is nearly ST.
100000 900 more than the total amount
of all kinds Of money and currency
in the country. Every tenth person
has a savings account, and, there
fore, relations with savings banks.
While the bulk of the savings depos-
it's and the number Of savings depos-
itors is larger in the United States
than in any other country, in the
amount of per capita savings this
country lags behind, FRANCE, Norway,
Sweden, Germany and Switzerland.
OF the 2,100 savings banks OBS are
mutual institutions having no capital
stock. These mutual savings banks
have at this time more than 100000
depositors and nearly $4,000,O00,000
in savings accounts. The proportion
ate amount of business the mutual in
situations do is therefore approx
mately four-fifths Of the total.
n The mutual savings banks are To-
Hated largely in the New England
states, where there are 412. In New
York, New Jersey, Pennsylvania, Del
aware and Maryland there are 1919,
and in Ohio, Indiana, Wisconsin and
Minnesota there are p, while there is
one in West Virginia and one in Cali
fornia In the other states the saw
ings banks are stock concerns OF the
total number of savings bank deposit
and 1881 900 are in New York, so that
approximately six savings bank de-
positors out of ten are residents of
these seven states. These depositors
have about three-fourths of the total
savings bank deposits of the coun-
try.
Start Nationwide Campaign.
From the figures given, it is ap-
parent that the habit of thrift is ion
fined to comparatively small area
of the country and to comparatively
small number of the people.
In connection with the centennial
anniversary of the establishment of
the first savings bank, the American
Bankers association, through its saw
ings bank section, has instituted a
thrift. Aside from an effort to di-
rect the attention of the people to the
direct benefits which attach to the
ownership of savings accounts, the
purpose is to enlarge the supply of
capital available for industrial and
y commercial expansion. The assets of
4 savings banks are the bonds and Sc
, curities of corporations and business
institutions engaged in trade and tran
sportation.
Savings banks, it is argued, are the
keepers OF the confidence OF the pub
lie in the financial stability of the
Il country. Confidence, writers on eco
n Monies agree, shares equally with
gold in upholding the financial struc-
ture. The federal reserves act pro.
vides for the mobilization of the golc
reserve Of the country and for making
II perfectly liquid the assets Of CONNER
& cial banks through the issuance Of
WI federal reserve notes
81 1t is thought by many students Of
81 savings banking that the financia
q scheme under which the country OPP
81 crates will not be brought to a state
Nj Of measurable perfection until some
N means has been devised whereby saw
NJ ings banks can readily secure funds
@ with which to pay their depositors
# The federal reserve act has apparent.
NH left the work half done. Mutual say
8# ings banks are not eligible to member
M ship in the federal reserve system.
S@ A study of methods that will plac
M savings banks in position to NEE
@ any demand from depositors has beef
|# undertaken by the savings bank sec
s# ton of the American Bankers associ
nv alton.
T.T0ITNP nEATEDC