The New York herald., 1921-05-01
Helping Millions of Workers Who
Never Entered Savings Bank

Helping Millions OF workers VINO
Never Entered Savings Bank
Curiously enough. there are millions OF
toilers who never have seen the inside Of z
savings bank Who would conceive that
within a stones throw Of Union square. IN
the heart of New York city, is a factory en-
ploying 1000 girls. the leaders Of whom were
scared out of a savings bank where they
had gone to open accounts? believers in
money trust take note!) II seems that the
factory managers are progressive and urged
the employees TO patronize nearby savings
institution Forthwith a number visited the
bank but speedily returned 1t was not
only too imposing and awe inspiring fcf
girls whose knowledge Of architecture had
been derived from observation of dingy
rooms in Allen street but the routine ques-
tions of the bank clerks We're too much for
some Of the woud-be depositors
The factory manager grasped the situa-
ton and offered 10 act as agent for the girls
III receiving their savings and deposting
them in the bank. This plan found instant
approval and for some time regular savings
nave been made in this fashion.
Similar conditions prevail in other cities
At Watervliet ! asked a grimy fellow in
large steel,mill If he put money in the bank
mo. boss: it's too far off" was the answer
workman in a bleaching plant at Water
ford said that the savings bank wasn't open
at convenient hours In Troy a collar turner
told me that il took too much time standing
in line at the bank on pay days. Obviously
the savings banks under their present mode
Of operation do not meet the requirements
of the great mass of workers
One Of the posters shown AZ tie exhibit
Is designed to arouse interest on the part OF
the employer Ii begins: "A bank within
your own organization" The employer i
reminded that he can initiate a savings plan,
and correspondence Is invited with the Saw
ngs Banks Association. The after has
industrial department whose purpose il i
to assist the employer in bringing, in
friendly way, the facilities of the savings
bank to the employee. Naturally there Is
no coercion, and any one in the plant is en-
tirely free to save or not. The essence or
the plan is to offer each employee the oppo,-
tunity to save by a written authorization 70
mis- employer to deduct from his pay
specified sum each pay day and place il to
his credit in a bank. The employee indi-
Gates If he wishes the passbook held by the
employer, the bank or hirlself. Employees
may, of course, at any line make supple
mental deposits and decrease ar altogether
suspend the amount of their dedro ticns
While few employers nave taken advan-
tage of the plan. one iarge corporation, the
New York Telephone Company. ina lsurated
It on March 10. Each cf .he $1,000 en-
ployees in the State received a letter from
the president announcing he main outlines
OF the project. Within few days 100 en-
poyees Of the company sent u authorize
tions for salary deductions under tris plan.
In strong contrast with the progressive
attitude outlined Is the position taken By
other large employers. The president Of one
of the greatest railway systems said re
Gently that lie wouldn't take the trouble 70
put i'll any savings plan. II our workers
want 10 save they go 70 the bank!
This truly Is 4 remarkable view In light of
she crying need for greater thrift and sta
blity in industry
II mercantile house In New York city.
employing 1000 people takes the ground
that IL Is useless to adopt a thrift sys
tom because the employees did not apprc
ciate what the firm did FOR them when i
consented 10 purchase Liberty bonds during
the war and permit the employees 70 sub
scribe for them by a wage deduction sys-
tenn Yet in tho next breath the general
manager Is fond Of telling visitors that he
has 4 $4,000 4 year salesman who never
saves cent; that one OF his two stenogra
piers Is always broke. and the other save
systematically and has z nice bank account
Many Promoting Thrift Despite
The Lack Of General System