Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-02-04

e,
save money This il "a year OF ,hrift
in America II is positively fashion
ah!c to have bank account even If
YOU work on salary
rms year is the centennial Of the
founding Of the iirst savings p.nE In
the United states. There arc now :" lo0
of them. and they have 10 0OO GOO tcnosi
Tors The National Educational Asso-
citation has offered prize Of $3.50
Tor the pest essay outlining a method
of teaching thrift in the public schools.
In Springfield. Mass, Thrift Week
was observed by practically the entire
population not long ago, Sermons on
ihtlit were preached in all the
churches. ana lectures were given i'm
schools and factories on how to save
money. Tie movement was decidedly
hit with tho people y number Of
other cities, including Dcs Mo!nca. Ia;
Dayton O. ana Grand Rapids Mich.
are planning 10 have thrift weeks
W"mcn'S clubs. which constitute an
excellent barometer Of public interest
in any subject. are taking UP thrift
with all tie enthusiasm for which
they are famous. Some OF them have
organized thrift departments, and all
Of them are having papers on thrift.
There could not possibly he anything
better :or tho cause Of thrift If the
women decide they like it. u IS here
To stay. Furthermore. when Mrs \.
tlubiNcmhcr prepares paper on thrift.
YOU MA! no sure tNbt MI IIub en- Der
and the Clubmcmbcr Kids viii also
become well posted on tho subject.
organization Preaching Thrift.
The Civic club of philadelpnin has
Introduced talks on thrift t. a feature
Of IL leagues Of good citizenship.
whisn are organizations in the public
schools for tho purpose of teaching
propcr ideals Of citizenship to the
children. The American Bankers As
~,
cause as its own. and members Of that
organization in New York are deliver
Ing lectures on thrift before meetings
81 all sorts
Back OF This na,ion-wide movement
to save. there must hc some funda-
mental force No doubt. the SOLDERING
effect OF the war, the realization that
millions are in dire need. has fOStcrcd
the spirit OF thrift, But there is a
reason nearer home why the Amcri-
can people must save. They can no
longer afford TO waste
II was the tremendous natural
wealth OF Jhis country that made
Americans nation OF spendthrifts
Now tho end OF Natures bounty Is
actually In sight All OF the better
public lands have been taken up. The
government is carefully estimating our
resources OF coal and oil Water power
is being developed and husbandcd.
Wealth is not half so easy 10 create
as once ii was. ana for tina, reason
there Is nation-widc appreciation OF
the necessity for conserving it Thrift
means To the iudivdual lie exactly
what conservation does To the nation.
OutSrnwth OF savings Banks
The basis of this whole movement
to save money is the growth Of the
savings banks. These afford the man
with n small income an opportunity To
put aside just as much as he can spare
1 ~ no
MULTIPLICATION OF these banks has been
especially rapid within the last ten
Years. and there are now more savings
dcpositors ana greater number OF
savings banks In the United states
than any other country in the world
This. OF course. is due principalIv to
the tremendous size OF the United
States. In the amount of savings pcr
capita. France. Norway. Germany ana
Switzerland are ahead OF the United
States.
OF The 200 savings banks i'm the
country, G3f are mutual institutions,
having n" stock; ana these banks
alone have over eight million deposi-
tors, so that they do four-fifths OF
the total savings bank business of
the United States.
1t is Interesting 10 note til" distri-
button of these banks. New England.
the oldest part Of the country, where
the pinch of dwindiing resources and
keen competition has been lom@cs,
banks In New York New Jersey,
Pennsylvania, Delaware and MarNand
there are l93 banks Going n little
farther west we find that Ohio. Indi-
ana, Wisconsin and Minnesota have
only twenty-onr mutual savings banks
between them, while there is only one
in California. over half of all the
savings bank depoSitors i'm the Unit
ed States live in New England. So
the movement il that spreads
slowly westward.
Reduce Insurance Premiums.
In 1907 the MussuchuSctts state Leg
isla turc passed an act permitting say
ings banks to establish life insurance
departments. This legislation was pass
ed on the strength of an Investigation
which showed that certain large in
surdncc companies were doing bust
ness nj cost Of 40 per cent Of their
premiums. Tho savings banks demon
stratcd that this business could he done
at a lower rate. The act provides That
all net profits of the insurance bust
ness must revert To the policy hold
crs. There arc now four savings banks
In Massachusetts doing lifo Insurance
business. while twenty other savings
bhnks and SIX trust companies have
established public agencies for these
four insuring banks. MI four banks
are paying dividends To their poIicv.
holders. The limit Of Insurance. for
these banks has been raised this wear
from $500 to $1,000 so thai by taitinc
out q policy in each bank n man n,.,,