The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-06
SAYINGS BANKS TO
LEND ON LIBERTIES
Plan Nationwide Campaign to
Aid Flotation Of Next
Federal Loan.
WILL CULTIVATE THRIFT
To Thwart Bond Scalpers and
Swindlers Who Thrive on
Savings Of Poor.

the committee on Savings OF tne saw
ing. bank section OF the American Bank
49,, ..soci.tiop has e,artad n MIA, for a
80" P'"' W.
NATIONWIDE campaign 10 popuiarize saw.
lngs panN, 10 ara III the hotat'on OF
I.nerty ponds 10 assist IN staolnhihs
the market lot Liperties OF small de-
nominations ana to thwart Liberty BOND
scalpers and swindlers The committee
ls composed OF John j. Pulleyn. presi-
dent OF the f.mlerant Industrial savings
Bank, chairman; b. F. Saul. w. r.. Knox,
T. Is. Satterlee and Evans Woollen. 1t
gave out yesterday statistics showing
rise Of more than S1oo,o00.00o in savings
bank deposits since November In
plans for making small loans to de
"s,,o's SetuI ,.,, oy .oi .,s,t, y, I.oers
,a.o, 'V e. ~ go ,,a, -, 1919 81,
i ~ w ~ ,,',' ,'.'.,'' -, -.
49, "'- ~ WY ''e anu '''s
- ~ 49,, - -.,.--
Not oI'Iy uoes me present saNinss
o"nA law pet'ni' SWINGS pahks 10 pu!
anu sen i1'perty oolus put neorse l.
SKINNER o'h'e oupe'iitehueht Oh BANK
ING. IN !e'esran, 10 the committee
stated the banking law autnorizes saw
Des banks 10 make demand loans on
pronissory hotes secured by lhoerty
nonds up TO 10 per cent. or the cash mar
xet value thereor
The savings banks OF Greater New
York. which participated In the $23s,-
Sse,s'S subscriptions OF all New YORK
savings banks TO the Fourth Liberty
Loan. sl3O,323, 3ll by the institutions
themselves. and slos,663,e6S on partial
payment ny patrons. are planning new
activities for the next Government loan
campaign. They also aim to bring home
10 the depositor mis- interest ana vital
connection with the solution or the rail-
way problem owing TO the ownership of
VIZ OF railroad bonds by every deposi-
tor ana with municipal problems because
savings banks own 25 per cent of all
outstanding municipal issues.
COMMITTEE Addresses Banks.
?, ,o..n- 90 III ,.,,, ,,. 81,
rornmittee saws IN mart.
ar we want Increased r,,,,her of ia
nosf,s ana national nrosnarItv We mus,
work for them now The number ~ do.
posits placed in our insti,u,ions for the
next several Years will be largely do
pendent on the seriousness with which
we view the savings situation and the
efforts nut forth 10 stabilize IL during
he next several months.
Pawn shops and nerarious loan
brokers are actively making so per cent.
20 10 per cent. loans on $50 and 500
or more liberty bonds, charging 3 per
cent. per month interest thereon. Such
loans are seldom paid of. Great num-
bcrs OF spectators are doing a thriving
business In the purchase of partial pay
m"nt certificates Of Liberty bond sub
scriptions. paying so per cent. Of tho
value OF payments made.
Vendors OF highly speculative and
worthless stocks have taken tens Of mill
lions Of Liberty bonds from small. un-
Informed holders in exchange for scraps
Of paper promising large returns. The
savings OF thousands of workers. price
less assets TO US, are slipping away. II
we can keep the Liberty bonds in the
hands OF the small subscribers OF the
savings bank depositor type they will re-
mn ''NN'