Robinson Crusoe's father : the projector of savings banks / . money? If you have not, you are that much poorer; but you maybegin to participate in the future distributions of dividendsby opening an account of your own now. The Williamsburgh Savings Bank is aPerfect Investment Machine. That a savings bank, and the Williamsburgh Savings Bankin particular, is the most highly developed investing machineyet devised by man is an irrefutable fact. Greater sums ofmoney can be invested by savings banks with a consequentgreater aggregate return at a less expense than by any otheragency. The expenses of
Robinson Crusoe's father : the projector of savings banks / . money? If you have not, you are that much poorer; but you maybegin to participate in the future distributions of dividendsby opening an account of your own now. The Williamsburgh Savings Bank is aPerfect Investment Machine. That a savings bank, and the Williamsburgh Savings Bankin particular, is the most highly developed investing machineyet devised by man is an irrefutable fact. Greater sums ofmoney can be invested by savings banks with a consequentgreater aggregate return at a less expense than by any otheragency. The expenses of operating the Williamsburgh Sav-ings Bank for the year 1909 amounted to $181,830. The rateof expense for each dollar of liabilities was little more thana quarter of a cent; for each of the 99,438 persons who hadaccounts in the bank, $ In comparison with the com-missions demanded by brokers and other banks employed inthe investment of capital this rate is ridiculously small andinconsequential. Robinson Crusoes Father, the Projector of Savings Banks 6E=. The Williamsburgh Savings Bank is theBest Public Benevolence in Brooklyn. The Williamsburgh and all mutual savings banks areessentially philanthropic. They are operated for the solebenefit of the depositors. As philanthropic enterprises theyare less costly and far more useful than any other kind ofbenevolence. The quarter of a cent per dollar which it cost the Williams-burgh Savings Bank during the year 1909 to receive anddisburse its $53,615,446 of deposits stands out in bold con-trast to the 40 and 50 cents per dollar it usually costs toconduct other philanthropies. But savings bank philanthropy, while cheaper than anyother, is also better and truer, for it is a philanthropy thatteaches people to help themselves. It is the highest form of self help and in the words of oldDaniel Defoe, about whom we talked in the early part ofthis booklet, we may exclaim: For who, indeed, would ever pity that man in his distresswho, at the
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Keywords: ., book, bookcentury1900, bookdecade1910, booksubjectbanksandbanking
