Western news and the Libby times. [volume] (Libby, Mont.) 1920-1933, 1931-10-15
IS WISE SPENDING A PART OF
THRIFT?
(Reviews Of Reviews)


THRIFT?
(Reviews Of Reviews)
w ALTER II. BENNETT, president of
w the Emigrant Industrial Savings Bank
i'll New York City, looked on while the de-
posts of his institution grew by million
dollars each week for whole year He
decided that it was time to offer a novel
suggestion to depositors.
His bank, III common with some others,
had made every effort III 1923 and the fore
part of 1929. when salaries were high and
employment was easy to get. to encourage
people to save and to resist the temptation
to spend recklessly. Now, he believes, eco
nomic conditions have changed 50 radically
that banking advice must change to keep
faith with the depositors' best interests
Here is this savings bank officials present
advice:
Keep on deposit all you should have
as a reserve against emergencies. Ii that
reserve is not yet large enough Git should
be equal to at least six months salary), add
to it. But if you have a surplus above all
likely needs, make careful purchases OF
things you want for permanent use while
prices remain low.
s'See that your home is put III good re-
pair. DO not let your automobile or any
other property get run down. If you have
long needed an added piece of furniture
shop carefully and buy it now Buy cloth
ing in reasonable quantities Buy real estate
| if you are planning for a home Of your own
Land prices have not been so low in many
years, and mortgage money for building can
be had on very reasonable terms.
"Wise spending at the right time is as
much part Of good thrift as saving all you
ran when prices are going up"
The Emigrant Industrial Savings Bank
is more than eighty years Old 1t is in friend
~ rivalry with the Bowery Savings Bank
(also Of New York City) as the largest IN
stitution of its kind. Its growth reflects
the savings habit Of people Of modest means.
in good times and bad. Deposits on July /,
1911, just before the War, were $137 ,000-
000 Ten years later-on July !, 1924
! they had grown to $246000000, an average
gain Of about $11,O0O,0O0 yearly through
war boom and postwar deflation. Five
years later still-on July /, 1929-in the
Very height Of our recent prosperity, the
Emgrant' : deposits were 1921, 100000 The
average yearly gain i'll that boom period was
j SIS 100000
In the two years of depression, how
ever, the deposits of this savings bank have
grown beyond belief. Here is the record:
July /, 1929 ............ 1921 ,667574
July l, 1930 341, 321 $40
July /, 193l................... 397, 877,082
Fifty-six million dollars were added to
the savings intrusted to this bank manage
mcnt in its last fiscal year, on top of twenty
millions in the year preceding, in period
of extreme business depression and wide
spread unemployment. Mr.. Bennett was
convinced that the time had come to restate
certain principles.
"Thrift, /" he explains, is quite differ
ent from hoarding-as different as courage
is from fear No one has caught the real
purpose of thrift until he realizes that, next
to safety reserve, wise buying of perma-
nently useful goods or property is of the
very essence of courageous thrift as dis
I tinct from the boarding of fear This is
doubly true at time when prices have