"I was in my office one day trying to devise some new scheme for stirring up business when a young man came in soliciting savings bank accounts. He had called upon me to get permission to talk to our sales force. I talked with him for a few minutes and he explained that the bank he represented was trying to get as many new savings accounts as possible. They were making a special bid for the deposits of persons of moderate means and offered to start savings accounts with sums as small as $1. When the first dollar was deposited the depositor was given a small steel savings bank, which could be opened only by keys at the bank. The depositor was to keep this little bank at home, putting in his savings in nickels and dimes, as he got them. At intervals it was to be taken to the bank, where it would be opened and the contents credited to the depositor's account."



After the solicitor had gone it occurred to me that I might make use of the savings bank idea in pushing our business. I called upon the manager of the savings department of the bank, and submitted a proposition to him whereby I should, within a month, open up at least 500 savings accounts of $1 each, in the names of that many of our customers. In return, he was to allow me the solicitor's commission of 50 cents on each account, and also bear a certain part of the expense of advertising the scheme. He readily agreed to this and we proceeded to get out our advertising.

We got out a neat little folder, offering to open a savings account with a deposit of $1 and furnish one of the small steel banks, all free, to every one who made cash purchases at our store amounting to $20, within thirty days from the date of the offer. The folder then went on to point out the advantages to every one in having a savings account, and called attention to the liberal terms and facilities offered depositors by this particular bank. A statement of the earnings, financial status and other particulars regarding the bank were incorporated in the folder, which was got out in the name of the store.

We then got up a number of form letters and had them mimeographed. One was directed to school teachers, stenographers, clerks and other women workers. It called attention to the advantages and practicability of a savings account for women in their circumstances, and the excellent opportunity of starting one through our offer. Another lot of letters were for salesmen, clerks and young men holding salaried positions. Another was for mechanics, etc. The letter from which we received the greatest returns, however, was one addressed to parents, with the suggestion that they take advantage of our offer and open savings accounts in the name of their children.

Each of the letters was made to apply as nearly as possible to the peculiar circumstances and conditions surrounding the class of people to whom they were addressed. These letters were enclosed with the folders and mailed to a carefully prepared list. This was supplemented by liberal newspaper advertising and the returns were not long in coming in. The idea of starting a savings account was so thoroughly sound that the scheme "caught on" from the start. It was immediately popular with all classes.

Wealthy people and people of good circumstances started accounts in the names of their children or the children of relatives. People of more moderate means started them in their own name. Every one who bought $20 worth of goods was given a printed slip with his name filled in by the cashier instructing the savings bank to issue a deposit slip to the person whose name appeared on the order. One of the small banks and a pass-book were also issued at the same time. Many people who started their accounts in this way made considerable deposits at the same time so the bank obtained many profitable accounts.

When the thirty days were up we found it advisable to extend the offer another thirty days. Outside the circular advertising which was shared equally by the bank, the scheme cost the store only 50 cents for each account started. This, we considered a very small price to pay for many good customers who got into the habit of trading at our store while the offer was in force. In addition to this we have the satisfaction of knowing that we were really of great benefit to many persons in inoculating them with the germ of the savings bank habit."