The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1926-03-13
LATEST NEWS AND QUOTATIONS OF THE FINANCIAL MAR
Cites Advantages Of
Savings Account
Bank Official, in Radio Talk,
Tells of Civic Results
of Thrift
Ry RICHARD HATTON

Safety first was the idea OF the
GIrst banks and they charged de-
positors for the privilege of keeping
their money" declared James G..
Dulin, jr., assistant treasurer of
the American Security and Trust
Company, last night in a radio talk
which was part of the campaign
being conducted in this district by
the education department Of the
American Institute of Banking.
The subject of Mr.. Dulin's talk
was What Your Savings Account
Does for YOU, and the thousands
Of radio fans who heard the mes,
sage cannot fail to benefit thereby
Il thex will keep in mind the points
stressed by the speaker.
Thrift, even more than safety,
was the idea which originated the
modern savings bank" declared MI
Dublin.
1.-THE earliest savings banks were
semi benevolent institutions, organ
ized to encourage thrift. The very
first, in fact, was organized by
an English pastor and his church
officials to keep the small savings
Of his parishioners.
Scot Thought Of Improvement
HThen a canny Scotchman had a
bright idea that, If money saved
could be made to earn more money,
paying interest on deposits. it would
be great encouragement to saving,
and the modern savings Dank was
born. That was only lis years ago
and in that comparatively brief
space Of time all the savings banks
In the world have been established
The development OF this idea has
made the bank Of today a semi.
public institution for the general
welfare of the community.
First, il provides place where
our money will always be safe, and
where We can get it whenever we
want it. At the same time it pro-
vides the greatest possible en-
co1ragement to thrift.
Millions of people have been In
duced to save through the efforts
of our banks. Beginning with de-
posits of a few dollars, added TO
from week to week and increasing
by compound interest, many a wage
Garner or modest householder who
never before had 800 in cash he
could call his own, has been enabled
to acquire a nest egg of thousands
furnishing competence for fam
lies. and security and comfort for
old age.
cit is a very comforting thought
20 know that, in case of sickness or
emergency YOU have a neat little
balance in the bank. And this is
of benefit not only to you and your
family, but to the entire com.
munity."
..Mony is the Iife-bIood of busi-
ness. declared Mr.. Dulin, when 1t
a boarded, when Il Is hidden away
In the old sock. or concealed In
the cupboard, It is taken out Of cir
culation, reducing its usefulness.
The man or woman who hides away
$50 or 800 Is keeping money, not
using it. That money should be
put to work-and it will be put to
work il placed in a bank.
THE bank gathers together de-
posts of thousands upon thousands
OF savers-accounts which are small
individually, but which rolled to-
gether make an enormous sum to
be put to work for the community.
when you want TO build or buy
q house, the bank loans the money,
taking a mortgage as security.
While savings deposits are strictly
safeguarded and can be invested
only In the safest securities, they
can be invested in certain railroad
bonds and those of certain corpora
tions where the money will be EN-
ployed In transportation or indus
try for the benefit of the public.
Savings Total Tremendous
''The savings in even our small
cities, run. well into the millions.
In the larger centers they reach
stupendous sums, providing a large
part of the eountry's capital.
when you realize that the total
savings deposits-in the banks of the
United States are estimated at APP
proximately $23, 600 ,0OO, 600 you be.
gin to get some idea of the extent
to which savings banks advance
civic progress and improvement
throughout the nation.
Here are five vital things which
savings banks do for the people Of
your city:
They provide a place where
money may be kept in perfect safe
ty, ready to be drawn out any time
you need it,
They teach and help people to
save money, to spend carefully, to
be economical.
They enable them to lay aside
substantial sums to provide for old
age or for any emergency.
They accumulate capital and turn
the savings Of their depositors into
productive channels, earning interest
for the savers, and keeping their
money at work for the good of the
entire community.
Every dollar in your savings ac-
count is doing it's share to advance
the welfare of the city in which
you live"