Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-04-26
SAMUEL WOODWARD
On Mutual Savings Funds

TTNHE dollar that is put away for the rainy
L day is what kicks the roulette wheel of
business past the dodrums and Keeps II
spinning until things pick mp once more.
In other words. savings funds, particularly
mutual savings funds. with their MINIMUM
Of overhead Chargcablc against income.
serve az tywheel to carry our productive
factors past the dead center Of depression
such as that from which trade now suffers.
So declares Samuel Woodward, treasurer OF
the Philadelphia Savings Fund. whose roll
of 300. 600 depostors is mute evidence OF
why there is not more unrest. more Ool-
shrvism, in the industrial community today.
Mutual savings funds, without capital
stock. are managed solely for the bcneht
of dPpositors. declares Mr.. Woodward,
'and there are no expenses other than thos"
necessary for the proper conduct OF the
business. Managers serve without pay anu
no dividends have 10 be earned for capital.
These funds will receive any amount
from Il dollar up. and this affords working
people every possible encouragement toward
thrift Where man has an odd dollar. IT
is too apt to drift to an unnecessary re
cPptacle. Tn" time, comes when he needs
that odd dollar II he has taken advantage
Of the savings fund he is dOuby glad that
it went where judgment, not impulse, die
tatCd.
'"Th" savings fund, since it is not forced
tO make II showing of earnings beyond
rhos" necessary to pay its usual rate OF
interest and expenses, is able to aot It's
funds IN such way as TO be the holder OF
the very best grades of securities, which
safeguards the depOstor. assures his prn.
cipal rpma ming practically undepreciatcd
and keeps his interest coming in regularly
Fund Is Family Reservoir
"A savings fund is a reservoir into which
flow numerous little rivulets of cash which
today have reached the stupendous volume
of 81 SOC. 600, 900 belonging to 10000, 900
depositOrs.
This money is the money of John Jones,
the Iowa farmer. and of Jim Brown, the
man who makes his plOwSharr; it is the
capital Of Hiram Green who milkS the COWS
that furnish De Puystpr Van Dam with
his choice morning dairy drink at thirty
cents quart, thereby making II the capt
tai Of George Bradley, who mOlds milk bot
Ties Henry Williams who cuts caps; Peter
Wilson. who drives the wagon, and so on.
Il, is the great stabilaing pool Of liquid
capital through which flows the swifter
stream Of day by day expenditure Always,
when depression OvCrtukes the country. for
no matter what cause. there remains the
savings fund to keep enterprise from utter
barrCnness and its conserving influence is
usually amply sufficient TO nurse stunted
business cndcavors along TO "A new period
Of prolific growth and fruitfulnesS
"Thc savings fund.- after all, is the best
evidence that there is no such thlng as
lHborer and n capitalist. The aborPr en-
pIoys himself with his own funds added 10
thOs" originally invested. and accruing 10
IN" account Of production. The capitalist is
nbOrcr whose business it Is to keep these
funds productive. to keep the stream flow
ing On the worker rests the burden Of
keeping the water upon the reservoir, i. g.,
Of keeping his money going in, week by
week. 10 brm the banks of the pool on
which he may be dependent for bread in
time Of depression,
Helpful in Time Of Stress
Savings funds, moreover perform an
important function in the distribution of
securities and the development Of n COun-
try resources. All excess of earnings is
diverted 10 surplus or contingent fund
and II Is in periods OF stress that-by n
sySt"matIzcd maturing Of securities owned
plus the relief afforded from this fund--au
institution really becomes mutually hrlpfIl
to those who might otherwise be ncnDIIoss
'lIug" Ms Is the amount Of our sayings
funds in TINS country, both mutual and zen
"ral. IN toto lhry are less, prOpOrtiOnatcly
than in other lands, There are only abont
~ per cent OF our population who depOsit
IN such funds, az against 30 per cent in
England and about - per cent in France
This indicates TINT We are less thrifty
people, but It must not be forgotten thRt
our standard of living Is higher, and TINT
the money We do not save after ALL IN
n"t'v" IN some channel ~ trade W. buV
the bathtubs the Frenchman never dreams