Evening star., 1939-03-13
National Thrift
Movement Urged
ForYoungF Folks
Bankers Advocate
Steps to Increase
Savings Accounts
BY EDWARD C. STONE.

odIlhclS llUIll ILLS teIl1lOIy VIII
attended the regional conference in
New York last week, say they were
greatly impressed by the number Of
speakers who urged a return to old
fashioned thrift in the form of
steadily growing savings accounts.
Bankers were advised to increase
their savings accounts even though
they may be unable to use the ad-
ditonal funds to any advantage at
the present time.
A national thrift movement for
young people which he would call
the young America Tithes Move
ment," was urged by P. R. Will
liams, vice president of the Bank
of America, Los Angeles, and presi-
A. B. A. Explaining his plan, Mr..
Williams said:
U. S. Leadership Sought.
"We propose that under the lead
ership of the Treasury Department
a form of savings be devised through
the use of postage stamps-that
when a child has his dimes, instead
of putting them in home savings
boxes that can be so easily tam
pered with or temporarily borrowed,
that he be urged to buy postage
stamps and affiX them to form
containing 10 squares. When these
spaces are filled with 10 stamps
of 10 cents each or of an equivalent
amount, the child is instructed to
take that dollar in postage stamps
to the nearest bank and open with it
Y. A. T. account.
THE bank will be provided with
red, white and blue passbook-uni-
form in design throughout the Ma
ton, but with space for i'm
printing the name of the bank. The
bank would be given the privilege
of forwarding the stamps to the
Federal Reserve Bank for credit and
accounts would be opened on its
own books. Interest might be deslr-
able at the postal savings rate.
when no bank is available, post
Offices could be authorized to receive
the deposits. Federal savings and
loan associations could be included.
''The F. D. I. c. and the F. S. g.
L. Insurance Corp. would provide
insurance as now authorized in their
respective spheres, and a limit of
$1,000 could be placed on such ac-
counts if deemed desirable.
1,n
ever, is not the goal that we seek"
Mr.. Williams said, but that syste-
matte habit of laying aside from
youth a cerain definite proportion
of that which he received for his own
needs. Tithing for himself, tithing
for a definite purpose, tithing for
ones own family, could anything be
of greater Importance" he asked.
Represent D. c. Exchange.
Y. E. Booker, head of the invest
men firm by that name; James M.
Johnston, partner in Johnston,
Lemon & Co., and Harold c. Patter-
son of Auchincloss. Parker & Red
path, are representing the Wash
ington Stock Exchange today in the
sessions of members of stock eX-
changes from all over the country
who are seeking new methods of
increasing the volume of business.
Mr.. Booker and Mr.. Johnston are
former presidents of the Washing
ton Exchange and Mr.. Patterson is
treasurer of the Exchange this year,
as well as one of the most active
members. All three attended the
opening session this forenoon. Presi-
dent William McC. Martin of the
New York Stock Exchange, Chair
man G. A. Bettman of the New York
Curb Exchange and representatives
from many other smaller exchanges
were present.
The aim of the tWo-day meeting
Is the preparation of suggestions to
be presented to the Securities and
Exchange Commission which it is
hoped will increase the volume of
business on all exchanges. Some of
the present rules are considered too
restrictive and reasons will be pre-
sented by representatives of the ex-
changes showing why they believe
changes SlOulQ De maze.
Members of the Securities Com
mission have already stated that
they would make changes in regula-
tlons II they were proven to be rea-
sonable and in the public interest.
BY changing the rules of short SELL
ing. the commission has already
taken one very important step, which
goes into effect next Monday.
Many Employees Own Stock.
At the end of 1885, there were
$4,000 stockholders of the American
Telephon & Telegraph Co. The
average number of shares held per
stockholders was 90. No stockholder
held as much as l per cent of the
total stock. Approximately one
fourth of the Bell System employees
owned stock in the company, says
the recent annual report.
Taxes continued to rise and the
total, including taxes charged to
construction, amounted to STAT 400
600, an increase of S9,700,OO0 over
1887. Taxes in 1888 were S53O0O,-
600 greater than in 1885. Thus in
three years, there was in increase
OF 56 per cent. Taxes in 1888 were
equal to s754 per share of common
stock outstanding as against s483
per share in 1885, an increase of
S271 per share. Taxes in 1888 were
equal to about 80 cents per month
per telephone, or IA per cent of
the average telephone bill.
During 1888, the Bell System had
a net gain of about 100000 tele-
phones compared with $4,000 in
1887. More than 60 per cent of the
gain in 1888 was made in the last
four months of the year, the report
said
Heard in Financial District.
Clarence F. Burton, president of
the City Bank of Washington, has
returned to his desk after months