Evening journal., 1921-10-31
SAVING, Big
AID TO WORKERS
Plan Lets Employers Deduct
Small Sum From Weekly
Wages
MAKES THRIFT
EASY THESE DAYS

Brinring the savings bank to the
saver is new step in the thrift
movement undertaken by the Ma
tional Conference Of Mutual Savings
Banks, working in conjunction with
large employers.
"a great many people neglect
their savings account on the score
OF too much trouble and we are
trying to take the trouble out OF
saving" said representative OF one
of the local savings banks. in telling
today about the way the plan is con-
Quoted. "a growing number Of en-
ployers have established system by
which so much a week Is deducted
from envelopes and deposited in some
we'll known local savings bank to the
credit OF the Individual employe. The
latter has full control Of the account,
gets passbook in the regular way,
and can. withdraw any or all OF his
account at any time he wishes. He
signs UP TO deposit n stated sum
every week, but this Is merely
matter OF convenience in bookkeep-
ing because the sum can be reduced
or stopped for a time Just as the de-
positor wishes. In other words, the
employer exercises no control over
the employees savings. but acts as
an agent. The plan is working
fine.
During the period OF high wages
in war days. extravaganza was COM
mon and bad investments too fire.
quent among workers" said the rep
resentative mentioned above. EVERY
body was so busy then that employ
ers and perhaps savings banks as
we'll did not exert themselves In the
way they should to teach the lessons
of personal economy. But all Of us
particularly employers. realize today,
that the savings account Is the real
cornerstone OF independence and sat
isfaction. There used TO be a time
when some employers thought that
the man with money in the bank
was likely to place a low valuation
on his Job, but that view has been
altered. They know today that the
man who has a home, or wants to
buy one. and is putting aside a bit
of his weekly pay for the future. Is
the industrious and dependable
worker. When a man begins to show
these outward signs OF character 1t
means ths. hS Is sound within, the
kind OF a man to be trusted and ad-
vanced.
1T would be amazing II we knew
the amount OF money lost in the
high wage era by investments In
worthless stocks, foreign exchange
land a dozen other get-rich-quick
avenues Of waste. Prominent EN-.
ployers are trying to stop that vast
and to turn their workers earning
into useful channels. They also hav
found that their employees feel bet
} ter about savings system not con
trolled by the employers. A numbe
OF large organizations have aban
doned savings departments of thei
own. They have recognized tina
the workers fund in these depart
ments must be subject to all the vic
lssitudes OF the business itself, and
what is more important, that th'
average man does not want his bosl
10 be his banker. That Is a health.
sign, and does not indicate a lacl
OF confidence. The plan OF deduct
ing a sum every week from pay en-
velopes and promptly depositing
to the workers accounts seems 4
Just bridge the gap and provide al
easy way OF accumuiating com
Portable sum without hardship o
bother"
The New York Telephone Com
3 pany. with $4,000 employees, adopte
= the system outlined only short tim
g ago. and reports that It Is findin
8 general favor. SO far the averag
;, -deposit Is s2.b0 a week. at rate {
9 about s50o,o0 a year.
+ The Long Island City Savings Banl
. Long Island City, N. Y, is one Of N
y ! representative New York institution
= which has been especially successfi
4 with this plan. Working In a con
d munity which expanded at a recoi
e pace for several years. the bank ul
is built its resources OF SS,500,000
e 1915 to more than $20.O00,0O0
IS present. largely on the savings
h workers in the Industrial plant
II These workers were told about q
II plan in short ten-minute addresse
and employers lent full cooper
II tion.
q 1t Is an interesting sidelight
II the savings bank thrift moveme
n that employers are taking more il
terest in the matter when busine
a is still below normal, than they wei
+, in the piping days OF war whit
/, money flowed freely. According
the savings bankers. this indicates
new. appreciation OF what IL meai
TO have satisfied workers with ~
bank accounts In fact, they 50
that the full deposit Is supplantir
the old idea of the full dinner pa
: as the real way to Industrial peas
and harmony all around, with ind,
pendence for the wage Garner.