Evening journal., 1923-01-19

(Text OF paper prepared by Fred
erick e. stone, president of the
Wilmington Savings Fund Society
and read before the Wilmington
Rotary Club yesterday afternoon by
Louis w. Brosius, a colleague Of
Mr.. stone, on the Thrift Week Com
mittee.)
when Nat. Howell asked that
arrange for a speaker 10 talk 70 Ro-
tary on Thrift" from the Mutual
savings Bank standpoint, tele-
rraphed 10 New York, Philadelphia
and Baltimore to obtain a speaker
for this occasion, but was unsuccess-
ful because Of the short time allow
ed for same. Hence, l will have 10
do the best I can in my own way.
My idea Is, that the Mutual Savings
Bank stands towards Finance in the
community, in the same attitude that
Rotary endeavors to do. In other
words. the Mutual Savings Bank is
"Rotory in Finance" The whole
intention of a Mutual Savings Bank
Is 10 give service towards thrifty
habits, as in Article l Of the bylaws
of the Society which have the honor
10 represent, states "the object of this
Society is to promote savings Of in
dustry and frugality by receiving
small sums OF money on deposit, and
investing them in public stocks,
notes. bonds, and other productive
securities. so as TO afford to deposit
tors benefit OF safety and reasonable
profit" This, boiled down, means
thrift TO the greatest degree. I
maintain that in no way can the
habit OF thrift be encouraged so
much as through an avenue where
the little things can be made import |
ant. a channel wherein a steady lay |
ing away OF a small amount at fire. |
ouent intervals for an attained end. |
Thrift can not be spasmodic. II |
must be a steady habit. No stock |
bank desires small deposits because |
they want 10 make money in an easy |
way. Namely, large deposits at once |
instead OF the gradual accumulation |
OF small amounts, Mutual Savings |
Banks exist for depositors rather
than deposits. More than any other |
class OF banks. they are working to |
establish Thrift among the great
est number. and are not aiming
81 large deposits. or course. large
deposits are indicative OF the ac-
emulation Of small accounts. and
are the result OF great thrift.
There can be nothing selfish IN
the attitude OF a Mutual Savings
Bank in endeavoring to assist in
any thrift movement. There are no
81 oefr u nTfars .for,,,-g,- -. All
dends and no undue pressure plac-
ed upon those who have In charge, !,
the investment OF depositors' money ,
OF taking a hazardous risk. in Or
der to make enough profit for both
stockholder and pay the fair inter-
EST TO depositor. Every investment
Of a Mutual Savings Bank is looked
1T wholly with the thought In mind
Of safety and without that quail
hcalon mo investment can pass ,
the COMMITTEES in charge"
No act or deed OF any kind of
savings banker is performed
except from the standpoint Of a
trustee for those depositors who are
dependent upon his Integrity. At
the same time, however, the trus-
tees of a Mutual Savings Bank en-
deavor, in as far as It is possible TO
do so safely, 10 make such invest
ments locally. as will result in the
greatest good possible TO the COM
munity. AS an example. while
there was but a small increase last
year in the amount OF deposits OF
the Wilmington Savings Fund So
riety. their investments in mortgage
loans in this county were in excess
of sl,000,000.