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A History of the Barney & Smtih Car Company
Savings Account for Employes




     On January 1st, 1868, The Barney & Smith Manufacturing Company opened a savings account and offered its employees the opportunity to deposit therein such sums as they might wish to save.

     Pass books were issued to the depositors, in which was printed the following:




     To lay  by a portion of the fruits of industry in time of youth and health, for future wants, is a mark of wisdom; and as all are liable to infirmities, provision to alleviate them is of the highest obligation.  It is a great mistake to suppose that small sums are not worth saving.  By the habit of saving in little matters, riches are acquired.  Cents saved will accumulate to dollars.

     Some by labor and others by superior skill, earn large wages, yet, for want of proper management, they have nothing before hand.  Many might be disposed to save and lay by a part of their earnings, if they knew how to set about it, or where to place it with safety; while others who have practiced saving have lost all by trusting it to improper hands.

     To enable those who wish to lay by such sums as they can save from their earnings, The Barney & Smith Manufacturing Company, until a good Savings bank shall be established in the city, or until further notice, will receive and pay interest for, at the rate of six per cent annually, such sums as their employees may wish to place in their hands, upon the following conditions, viz:

     1st.     It must be left on pay day.

     2nd.    The amount at one time not less than one dollar.

     3rd.     Interest will be allowed for the full month on which it is left, but no part of a month after.

     4th.     Accrued interest will be credited annually, and draw interest from date.

     5th.     All sums left with us with accrued interest can ordinarily be withdrawn at any time, but, for obvious reasons, the right is reserved to require thirty days notice on all sums of $100 and under, and sixty days for all sums over $100, before the amount can be withdrawn.

     6th      Each employee will receive a book in which all sums left with us will be entered.

     7th.        All sums left with us, and the accrued interest, can be withdrawn in person, by written order, or by legal representative, only on the return of the original book in which it is credited, unless it be proved to our satisfaction that such book has been lost or destroyed, of which loss or destruction we must be notified immediately.

     8th.     All sums left with us may be returned, at our option, with accrued interest, on thirty days notice, and if not called for, will cease to draw interest after that date.

     The rapid accumulation of even small sums placed at interest monthly may be seen from the following table, in which the amount of 1, 2, 3, 4 and 5 dollars a month, placed at interest, is shown for ten years.


In one year                12.39       24.78       37.17       49.56       61.95

In two years              25.52       51.05       76.57     102.09     127.61

In three years            39.44       78.89     118.33     157.77     197.21

In four years             54.20     108.40     162.60     216.80     271.00

In five years              69.84     139.68     209.53     279.37     349.01

In six years                86.42     172.84     259.26     345.68     432.10

In seven years         104.00     208.00     302.00     416.00     520.00

In eight years          122.63     245.26     367.88     490.50     613.13

In nine years           142.38     284.76     427.13     569.50     711.88

In ten years             163.31     326.62     489.93     653.23     816.54


     One dollar a month in ten years amounts to $163.31, and five dollars a month, to $816.54.  In the last case, the whole amount placed at interest is but $600.00, which in an average time of five and a half years has earned $216.54 interest.

     Some, who claim they cannot lay aside a potion of their earnings each month, spend 5, 10 or 15 cents a day for beer, ale or worse liquors.  Others deem 10 or 20 cents a day for tobacco or cigars too small a matter to take account of, yet the different result from spending 5, 10, 15, 20, 25 or 30 cents a day in these worse than useless indulgencies, and placing that sum monthly at interest, is apparent from the following figures, averaging each month at 30 days, 5 cents a day saved, placed at interest each month will amount in:


Ten years to                                                            $244.96

Ten cents a day                                                         489.92

Fifteen cents a day                                                    734.88

Twenty cents a day                                               979.84

Twenty-five cents a day                                     1224.80

Thirty cents a day                                                1469.76


The Barney & Smith Manufacturing Company.”



     The Savings Fund started on January 1st, 1868, with the follow depositors:


                George Kissling                    Edward Hines

                Mike Maloney                      Amzy Kimes

                William Turner                      Louis Reiger

                Rudolph Schneible              Henry Hueffelmann

                Thomas Bentley                   W. C. Balske

                Ferdinand Warshing           Fred Klinehard

                Joseph Horn                         Jeremiah Rowe

                Jake Zimmer                          Mike Beloney

                Ammon Francis                    Henry Brandt

                John Glasen                          Henry Teatia

                Joseph Hanley                      Augustus Bentz

                George Moffitt                      James Hallihan

                A. W. Horn                           B. B. Childs

                James Fleming                      S. A. McKensie


     The Company still maintains the Savings Fund with a large number of depositors, who have a very comfortable sum to their credit.


The End



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