South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-02-09
CHICAGO BANKER
OUTLINES PLAN
OF INSTITUTION
Robert o. Lord Speaks Before
Meeting of Employment
Managers.

Robert O. Lords vice president OF
the Harris Trust & Savings bank o.
Chicago, addressed a meeting of the
St Joseph County Employment
Managers association. held in til
cafeteria o. the Mishawaka Wooden
company, Tuesday evening. The
meeting was devoted 20 a discussion
Of how to encourage thrift and loan
associations among industrial en-
ployes.
Harrison Ryon, president of the
local association, presided and brief
" outlined the plan Of the Wilson
Brothers Co. used in promoting
thrift among their employees. He
explained that an association is
formed every year and that every
employe is entitled TO become
member and deposit as much Of his
income as he desires. At the close
OF the year the money is invested II
gilt edge securities which enables
the depositor to realize a neat SUM
from his investments. Mr.. Ryon
declared that the plan had prove
very successful in the Chicago anC
South Bend factories Of his firm.
Demand Young Blood"
In explaining the Harris system
of thrift. Mr.. Lord stated that the
company believed that every en-
ployer has moral obligation TO
meet in the provision for his en-
ploycs after they have become too
old 10 any ltnger be of service to
the company. Big business" said
Mr.. Ford. is continually looking for
young blood and for this reason the
older employees soon become of little
value to the institution, and are
sooner or later ousted.
With this in view the Harris Trusf
& Savings bank has instituted the
plan known as our employees saw
ings and profit sharing plan. Our
system has been in operation since
1916 and has proved TO be of ex-
ccptional t,nefit to the employe"
Mr.. Ford said that after an en-
ploye has been with the firm for
period of three years he or she is
compelled 90 deposit senli-m onthly
an amount not exceeding . percent
of his or her wages in the associa-
ton. No officer or employe is per-
mitted TO deposit more than $500
the year III the fund and the bank
then in torn makes a deposit to the
credit of the employe.
Mr.. Ford gave figures which
showed that a person who has de-
posted $500 yearly since Jan. 1,
1916, now has TO their credit some
thing over $4,000. He explained in
detail! the rules of membership ard
declared that after a brief period
of membership the amount to an
employees credit is sufficient to
serve as life insurance policy.
Following his address a round
table discussion of the plan was
heIG Numerous suggestions were
made and approval of the plan was
voiced.
Dodge Plan Explained.
G. z. Luchenbaugh of the Dodge
Manufacturing Co outlined the
plan of thrift that is now being used
at the Dodge plant. He declared
that the most important part of his
duties were the gaining of the con
fidence Of the men with whom h.
works Mr. Luchenbaugh told of
the thrift club that has been or
ganized at the Mishawaka factOry
and said that it had more than met
the expectations of those who spOn-
sored the ideas
/ In a brief business session held
by the association President Ryor
was elected as the representative OF
the organization TO the national gov
erning board OF the Industrial Re
Iations Association of America. II