New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-02
Savings Banks Plan
Campaign to Seek
Out Alien Workers
Bankers Association Spon.
sors Movement to Have
Thrift Institutions Aid
i'm Americanization

The Savings Banks Of the country
Will be brought to the foreign born
workers. Heretofore the aliens had to
seek out the banks. A nationwide
campaign to enlist the mutual savings
institutions in the great experiment Of
American cation has been launched by
the Savings Bank Section of the Amer-
can Bankers Association
Foreign born laborers are now earn
ing more money than ever before, and,
1T is said, in many cases more than
they need spend for current needs. To
forestall the bogus stock promoter who
thrives among the inexperienced the
savings banks are planning an aggres-
sive move to interest the toilers who
have migrated to America.
Average War Savings Big
"There are 100000 foreign born
in American statement regarding
campaign plans issued yesterday by the
American Bankers Association said
"No constructive campaign among
banks has ever been undertaken to
teach this class Of people the nature
and value Of American institutions. The
campaign to be undertaken in this re-
spect is intended to create stronger
sentiment among bankers favorable to
urging greater understanding ono the
part Of the foreign born to American
bankin ginstitutions 1t is estimated
that the average foreign born wage
Garner and the workers constitute
one-third of the $1,000, 000-has saved
$1,000 within the last four years. This
money has remained in the country, as
practically none went abroad as is Gus
tomary in normal times.
EVERY wage Garner was urged to
work as steadily as possible. They could
not help but save money. Prohibition
was in operation in many states. 1t is
estimated, therefore, that the savings
Of these foreign born during such pc
Rod exceeded $4,000, 100000.
Jnves tigation has shown that this
class of wage earners earns at present
from $125 to $3.50 q month, whereas
in 1910 the same class received S13.29
week As consequence the burden
rests upon the shoulders Of American
bankers TO improve their contact with
the foreign born to The end that their
interests as we'll as the communities
interests will BIO protected The get
rich quick promoter is at large. Bopus
stock is IN abundance. Hence, every
thing must he done to make this class
Of criminals efforts barron Of rest d"
While tho savings banks arc diiv-
ing IN this Auerlcnni1hlloh WORK to
inorense tho inflow Of funds. Il pHfnl=
lei increment FOR new outlets OF the
funds held on deposit viii tu con
duated under The same auspices, Hpe4
cilenlY, the committee on American
idntlon and AeooptnneeH viii boom tho
short term acceptance hs liauld
inVoHimonl for She savings inHiltu-
lions, which now snllsfy their need
for availability with Treasury certlf-
lcntos Of indebtedness issued In an
tlcpntion Of war ionns and Federal
tnXca. Moreover, tho American Bank
crs' Association stands enthusiastic
nlly behind tho bill which Senator
Calder recently introduced to permit
savings banks to enter the Federal
Reserve System. Membership in the
Reserve System would give tne saw
ings institutions the privilege Of re.
discounting eligible paper, and would
enable them to take lurge quantities
Of the paper on which tho nation s
commerce must be financed. 1T has
been nuthoritntlVcly estimated that
tho savings bnnkA Of the country could
take $b00000,000 Of nccepynnccs n
month and possibly ma high as $500.
0O0,0 900 in time.
Acceptances Praised
"Thc committee on Liquid invest
mcnts of the Saving Bank Section"
the announcement says further, "has
accomplished considerable this year in
urging the amendment or state laws
to permit savings funds to ne invest
vested in acceptance. 1t may be pre-
sumed that all but two states in the
NEUTRALITY-SUSPICIOUS. and New Jersey
will permit such investment in vary
ing respects. The value of this invest
ment from the standpoint of iquidity
and availability is of high degree.
Investments of savings funds in
bankers acceptances will provide
greater assurance for the extension of
our foreign trade. Investment In trade
acceptances Endorsed by a bank or
trust company will be of material help
in advancing the interests of our do
nestle trade. The rate of return on
TINS class of security is adequate and
safe. There is no sounder investment
that exists than high grade paper Of
this character
Personnel of Campaigners
"The work of this committee, there
fore, will be to disseminate the in
formation received and to create wide
| spread interest Of savings bankers in