Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-25
BUYING CAMPAIGN
IS URGED BY BANK
Depositors Are Advised to
Purchase Goods at Cur
rent Prices.
en.oial pispatch to rhe star.

Special Dispatch to The Star
NEW YORK, August IS. - Use Of
surplus savings for purchase Of things
of permanent use Is advised by the
Emigrant Industrial Savings Bank in
a circular to its depositors. Comment
ing on the circular. walter H. Bennett,
president of the bank, says:
we are today advising our 24s, 900
depositors--a number equal to the en-
tire population Of many important
cities-to take advantage Of the large
profits earned on their saved-up dol
lars over the last two years, ana 10
begin a wise program Of buying with
part of these profits.
after all, savings banks are mutual
institutions. owned by their depositors,
with no profits to consider the deposit
tors own. We made every effort In
our power In 1923 to encourage people
to save and to resist the temptation to
spend recklessly. That was, an intia-
ton period when the consumers dollar
was worth far less than it Is today.
We maintained high interest on de-
uosits because we could invest our de-
positors money in good bonds and
mortgages at q correspondingly high
rate Of return We introduced the plan
of paying interest for every single day
their money was on deposit We pup
lished booklets showing the great i'm
portance of building up q living insur-
ance or safety reserve while salaries
were high and employment easy to get.
Gain In Dollar Value.
"What was the result? Thousands
of new depositors opened accounts.
Old depositors built up their balances,
even at a sacrifice. Now all Of these
people, who responded to our advice
and encouragement, can show large
profits today In the increased buying
power Of their saved-lp dollars.
ITO keep faith with our depositurs'
best Interests, we must change our ad-
vice somewhat today when economic
conditions have also changed so radi-
caliy. The consumers dollar Is worth
at least Is per cent more in buying
power today than IN 1928. So in our
booklets ard IN our constant educa-
tional campaign we are now giving the
following advice: Keep on deposit all
you should have as reserve against
emergencies. II that reserve Is not yet
large enough cit should be equal TO at
least six months salary add TO I'll But
il you have a surplus above all likely
needs, make careful purchases OF
things you want for permanent use
while prices remain low.
See that your home Is put In coed
repair. Do not let your automobile or
any other property get run down II
you have long needed an added piece Of
furniture, ship carefully and buy it
now. Buy clothing in reasonable guam
titles. Buy real estate If you are plan
ming for home Of your own. Land
prices have not been SO low in many
years, and mortgage money for build
ing can BE- had en- very reas0nab. 1
terms wise spending at the right tir
Is as much part Of good thrift IS 81 A
ing all you can when prices are &C IN
up. Moreover. judicious spending Gov
win help to set the wheels of indr tr,
turning more rapidly and restore lem
ployment to thousands now out Of work
Handling Profits.
I'm our opinion. the millions III saw
ings and thrift depositors IN tn 4. coun
try hare It in their power to cE fnge tn
whole aspect Of industrial I'd trad
conditions. They are the BE- Ekbcne o
slais nations stupendous bur ing power
Ths least we can do is 70 2 ne our on
quarter OF q million Of kese buyer
some sound advice in + hndlinK tn
profits Their dollars have farned.