The Bridgeport evening farmer., 1917-04-24

UPON SAVINGS
fRx Cameron Kingsley

ora handicap to Thrift, which IS
not renerally understood, are the laws
, ma regulations limiting the amount
- danosits in the savings banks or the
country. ono +
It is reported that over 10000 pa'-
. rons Of the postal savings oanhs =, 81.
United States have reached the LII.
of deposits allowed-that 1s' $l'ooo a.
2 per cent. interest, and announcer pl'
900 without interest. What are THESE
thrifty people doing with their grow
ing surplus? ..u-
The country's mutual and stock say
ings banks hold something more tnan
billions of dollars on deposit TOT
about II million depos1tors. VI LIS
total. s3.21O,000, 900 belonging to near
1v million depositors is helo ny llo
hanks Of three states - New 1oiA'
Massachusetts and Connecticut. III
oil three, of these States, very strict
limitations on savings bank accounts
are in force.
! Tn New York, for example, where
over $3.50, 900, 600 is in the savings
banks. only $4,000 may be deposited
4, q single account. Also under the
law. New York banks may furtner re-
duce this limit, they may at any tiIne
. require the amount on deposit TO pc
reduced, return all or any part OF a oe-
positor's money.
In Massachusetts,, where savings oe-
posts is $1,000. but another Thousand
of accrued interest may be taken.
The Connecticut law limits deposits
to $4,000 within 3 years. This ap-
: nlies to banks holding some $340,OoO,-
600 OF savings.
Maine follows the custom by limit
ing savings accounts to $2,o00--except
that interest dividends on larger sums
will be paid when they belong to wild
ows and orphans or are In custody OF
administrators, executors and trus-
tees. g a.se.ge4 .:4esy
Pennsylvania limits savings bank
accounts ITO 5000, exclusive OF &C
crued interest; Minnesota's limits IS
! $4,000; wisconsin's $500 in any one
year: Florida's $4,000. and $4,000 with
accrued interest; in Missouri and Tex
as the limit is $4,000; in the State of
Washington it is $4,000 in mutual
banks; and in Ohio, while the legal
. limit is $4,000, the banks have pow
er to- make their own restrictions.
In IL States, while no legal limits
exist. banks can set their own limits.
In 81 OF our States, no limitations are
in force.
Briefly and broadly speaking, the
mutual banks limit deposits, while the
stock banks (where the profits are
distributed to stockholders) do not.
! Bpt since about IL per cent. Of all
savings depositors, with over 80 per
cent. Of ailsadeposits to their credit,
are patrons OF the mutual banks, it is
plain that many hundreds Of thou
sands Of persistent savers are COM
PEELED to look beyond the savings
banks.
What are all these people doing
; with their growing surplus? Ask the
; get-rich-quick promoters how some
500, 100000 a year is lost!
What is needed for wide distribu-
ton is a security as safe as a govern
ment bond, available in very small
units. Such an ideal popular invest
ment must be simple in form, always
available to everybody, everywhere,
at the same price. In short, 1t must
be standardized merchandise, produc-
ed to meet the needs Of the people,
rather than the prejudices Of the man
ufacturer. When the machinery for
thrift Investment is properly adapted
to our requirements, Americans will
demonstrate. that they can have, as
they should have, a greater per CAPT.
ia store OF savings than any other
people.