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Bank President Urges U.S. Savings System

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August Zinsser, president of Central Savings Bank of New York City, in an article, “How Shall We Save?” in the February issue of the New Outlook, urges the government to establish a savings bank system owned by the people.

This, he says, will make Postal Savings unnecessary and will give thrifty people an opportunity to earn as high a rate of interest as is consistent with safe banking. Under Mr. Zinsser’s plan, the 556 mutual savings banks now in existence would form the nucleus for a system of savings banks which would cover every state in the Union and each bank would be owned by its depositors who would share in the bank’s net earnings in proportion to their savings. There would be no stockholders.

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