New Britain herald., 1922-02-02
STUDENTS DEPOSIT
 OVER Sl,0OO IN DAY
Deposits Range From One Cent
 Up--BankS in All Schools

corded on the opening day Of the newly !naugurateG school savings system, according to a report issued | by tho Duritt Savings bank So fast | have deposits come In that the bank mentioned has fonnd 1t necessary to Increase its clerical forceAn order to handle the accounts
 school Board Approves 1 This bank. through it's Directors. 1 has in cooperation with the school board, superintendent Of schools, Stanley 1T. Holmes. Rev. J, T. Whit cra Of st. Mnry's school, Rev. Pat rick i)aly. of St Ioseph's school and the teachers in all the schools, estab- lishcd a school savings system where by tho schoo, children will be taught !n practical way the benefits of systematic savings. The teachers in tic schools do the initial work and tho Barritt Savings Bank provides the funds to cover the expense of start ing the system and keeping 1t going. The engaging of two extra employees on the part of the Burritt Savings Bank being necessary 10 handle the work.
 The system is extremely simple, the children in the different schools being invited to open savings ac- counts through the teachers in each rooms, the minimum deposit being one cent This Is done each Tues day, which is known as banking day and occupies about IS minutes every Tuesday morning. A book is issued to children starting an account and deposits entered in the book are transmitted by the teacher to the principal of each school who in turn transmits the money hposited to the Burritt Savings bank, corner Main and Church streets. The money so deposited bears interest at the same rate as Is paid by the savings bank to it's larger depositors which is at present AZ per cent per annum.
 See Great Benefits.
 The directors of the bank believe that this scheme for early establish ing the habit of saving will be of great benefit to the school children, both now and in the future, as they grow up. and. through the medium of the children that the example set by them will be followed by the adult members of their families. They be- licve that no single thing has been done in this city which will work more in the end toward making the inhabitants of the city thrifty and prosperous.
 The system was started Tuesday, January 24th, by the Educational ! Thrift corporation, of New York city, employed by the bank and the first weeks work was very gratifying, r. 55S children out of a total attend ance on that day in all of the schools of 11,46s, opened accounts, and the amount of money deposited amount ed to $1,o77.99.
 The Burritt Savings Bank, which stands behind this effort, was incor- porated by the Legislature of Con- necticut at it's session in 1889 at the instance of a group of men consisting of Charles E. Mitchell Dwight c. Judd, Dennis Riordan, Ira E. Hicks, r. A. Berg, V. B. Chamberlain, Ed ward w. Thompson, Ralph c. Hib- u, gerford, l.. Hoyt Pease, w. E. Latham, Isaac Porter, Charles Peck and w. l.. Damon.
 About two years afterward, May 23, 1891, these men, who were named as incorporators by the legislative act, met and elected l.. Hoyt Pease, presi- dent: Thos. B. Wilcox, vice president; V. B. Chamberlain, secretary and treasurer and the following list of di- rectors: D. c. Judd, k. G. Hubbard, Denis Rioran, F. l.. Hungerford, r. A. Berg, Ira F. Hicks and Isaac Porter, and voted to start business on Oct. 1, 1891.
 Officers of Bank.
 The bank now is managed by James E. Cooper, president; w. l.. Damon, vice president; w. F. Att wood. treasurer; F. G. Vibberts. sec retary; Walter Meyer. assistant treas urer. Its board of directors consists of the above officers apd w. E. Latham, James s. North, George l.. Damon, A. N. Abbe, w. H. Booth and E. c. Goodwin .... The business of the bank was start ed as scheduled on October 1, 1891, over the counter of the Mechanics National Bank, now the New Britain Trust Co. No salary was charged by MT. Chamberlain during his incub- bency in the office as treasurer, and no rent was charged by the Me- chanics' National Bank for quite a number of years the only expenses connected with the establishment and carrying on of its business for some years was the stationery and small compensation for keeping its books and records.
 The bank gradually grew, always paying to Az per cent per annum to it's depositors, and the interest paid during 30 years has amounted in the total to $1.4ol,34o.o3. Tho bank has at the present time deposits of over 3,000000 and q surplus of $115,O00, besides an unconverted surplus, being tho market value of its investments in excess of the amount at which these investments are carried on its books of about SS5,000, making an actual surplus at this time of about s200,000.
 The bank is located in the rooms of the New Britain Trust company in separate department furnished by that company. Its annual earnings above expenses and interest credited to it's depositors runs from $30,O ,OO0 to s40,000. Out of these earnings the directors have appropriated enough to carry on this work in the schools for three years.
 Slate waste may be useful as as-