The Connecticut labor news., 1921-08-05
THE WORKINCMAN'S OWN BANK By S. FRED STRONG, Treasurer of the Connecticut Savings Bank.

If there is any one habit the wortl
 of which is beyond question, 1t is the | habit of saving money.
 l Everyone knows he should save anC everyone would like to. Too many complain that they haven't tho chance. Perhaps that was once the
 case, but hardly within the memory ot
 men now living.
 The mutual savings bank, which made its appearance in this country over a century ago, can be credited with the change. It is the true work | lngman's bank, the place for his say ings which is not only safest but most profitable. 1t belongs to it's deposit
 ors-not to any group of shareholders who divide the profts-and any
 money paid to it's depositors is used for the protection of those who have deposited their money in it, who util-
 lze its strength and service to help
 them to accumulate cash surplus against the needs and opportunities of the future.
 A savings bank avoids the risks necessarily incident to commercial banking. II is strictly savings in stitution and receives small deposits tor investment in approved secur- itles. Such deposits are not subject to check.
 The business of such an institution IS simplicity itself. It simply gathers together sums which are of them selves too small for investment and puts them into interest-bearing secur- ltles or first mortgages upon real estate. Under the law they are close ly restricted to investments of the very highest class, and their affairs are administered by trustees of ability and public spirit who serve without compensation.
 Throughout the west savings banks are, for the most part, organized for profit, and their investments are not as closely restricted. In Connecticut and other New England states, as well as New York and New Jersey, the savings bank IS recognized as the bank ot the age-earner whose ac- cumulations are worthy of the most complete protection, and the laws which govern their operations are carefully drawn and rigidly enforced
 The mutual savings institution is truly "the bank, for the people, and those among it's patrons who visit it regularly and frequently to make de- posits obtain the greatest benefits. Money accumulated by ordered thrift has been the means of launching most business ventures. It starts small businesses, holds homes, provides the capital for larger undertakings.
 Owners of a savings bank-for the depositors of such bank are it's own ers-come from every walk of life, but the great majority of patrons and wage -earners, men and women who bring to it for safe-keeping a portion of their earnings because they know their money will be safe, always worth 100 cents on the dollar, and always ready for them when they want 1t.
 The savings bank affords it's GUS toners maximum safety, for it oper- ates under rigid supervision and the nature of the investments which it may make is rigidly restricted by law It's profits go into a surplus fund which provides additional protection for depositors. It's books are open, at any time and without notice, to the expert examiners of the state who check up on investments and scrutin- lze every loan.
 Savings banks were first organized to serve wage-earners otherwise de- nied opportunity for the profitable investment of their surplus funds They have justified their existence by their service.