Savings Saved

Five years ago the School Savings movement reached a slightly dizzy peak when 4,500,000 U. S. youngsters deposited over $29,000,000. In schools throughout the land "home rooms" vied for banners signifying the highest average of depositors. All-city champion schools were rewarded with kind words from superintendents. And any wretched pupil who failed to deposit his weekly dime was disgraced. Since that time, annual school savings have tobogganed to about $10,000,000.

When St. Louis tardily organized a school savings system in 1929, one of its bitterest opponents was Assistant Super intendent Henry Joseph Gerling, who thought school savings should be insured. The savings, uninsured, were parceled out among twelve St. Louis banks. Presently Dr. Gerling became Superintendent. A small, perpetually busy man who moves from school to school at a nervous trot and waggles his grey Vandyke in short, sharp jerks, Superintendent Gerling saw his fear come true early in 1933. Two of the smaller State banks in St. Louis failed, tying up $96,000 in school deposits. Promptly Dr. Gerling pledged $25,000 of his own savings to make up any possible loss and "prevent the children from losing faith in their elders who encouraged the savings."

Should school savings be treated as preferred deposits? One parent, whose son had a $12 claim, thought they should, took to the courts. Last week the Missouri Court of Appeals decided they should not. That meant that student depositors, who have been paid a preliminary 20% by one bank, 55% by the other, stood to receive about $55,000 when the final distribution is made. Their loss would be about $39,000. Last week Superintendent Gerling, so popular by this time that the school board recently tried in vain to make him accept a $6,000 raise in salary,--* said his pledge of $25,000 was still good. By week's end he had received $2,000 in pledges to add to his own.

--*Dr. Gerling's insistence on economy has had one less happy result this autumn. Finding that pupils who fail of promotion were costing the city $300,000, he ordered the tempo of teaching slowed down. Primary pupils will have less reading: algebra will be taught later in high school; Latin will be spoon-fed.

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