The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-12-27
A SAFE INVESTMENT.
THEY ARR oFFERER RIAL ESTATE SECURITY
AND HIGHER RATE OF INTEREST.

THEY ARE oFFERER RIAL ESTATE SECURITY
AND HIGHER RATE OF INTEREST.
We have before us the fac simile Of series
Of certificates recently issued by the Mer
chants Farmers 4 Mechanics Savings Bank,
known az an 'ISvEsTMEST CERTIFICATE" Its
originator, Sydney Myers, Esq. manager Of the
above institution, has long been regarded as
one Of the ablest and most comprehensive
tnanciers in the country, and as he possesses
in an eminent degree, the confidence Of the
mechanics and workingmen Of Chicago, our
readers will no doubt be interested in learn
ing the nature and advantages Of this new
departure. Its primary object is to supply de-
positOrs and others, who wish to invest their
savings, as thousands wisely do, an opportunity
to do so at high rate of interest with perfect
safety. The method adopted isas follows: The
Directors set apart, first--mortgage notes to
the face value of 500, 900. secured by real
estate valued at Sl54, $50, with improvements
upon it amounting to IA, 325, making total
amounting TO 1929, 275, which. with the &C
crued interest, would make up q sum consid-
erably greater than $500, OOO Upon these
notes the bank will issue certificates amount
ing to 800, 900, of the following valae 500.
$500 and 81 900. the int rest $40 per cent.
being payable on the first days of February.
May, August and November. The Trustee
chosen is a gentleman whose business stand
ing is a source of the fullest confidence
George Chandler, of the firm Of Goudy 4 |
Chandler. He holds the entire 800. 900 in |
notes upon which he is empowered to coun- |
tersign and deliver to the bank 500, 900 Of the |
certificates, which are worthless, unless duly |
signed by the officers of the bank and cOun-
signed by the Trustee. II at any time the |
depostor, holding one Of these certificates, |
wishes to have it redeemed in money, he can |
do so by notifying the Trustee, who will no
tify him in turn when the money has been
from mortgages paid, and awaits him
at the bank After such notice by the Trus-
tee, the interest ceases. When the depositor
has accumulated certificates to the amount Of
$500, he may, if he prefers to manage the in
investment for himself, and relieve the bank
nom all responsibility, exchange them for a
promissory note having that amount on its face
md bearing interest at 10 per cent. The Ger
made payable to the holder, they
may he transferred at any time, and are guar
lnteed by the bank principal and interest
Should the depositor obtain loan from the
bank, he may at any time redeem the whole
n any portion of the note with these certif-
sates or, if he so desires, he may offset the
interest on them to the bank, and in return
De at a charge Of only 7-l0 per cent on such
note.
The books Of the department will At all
lines be open for the inspection of tn We
Who desire to make or who have made invest
nents. The trustee also keeps book, in
which those who do not care to retain their
certificates, are registered, and made paya-
Die to their order.
The advantages Of the proposed plan are
10 apparent that we feel satisfied large num-
Der of those who now make deposits under
The old system will avail themselves Of them
It relieves those investing Of all responsible
ty-the bank exercising direct supervision
,ver the property mortgaged, aud renting
promptly every quarter the interest due No
tax sale OF mechanics lien il allowed to wor-
rs investors. The certificates can be used as
cash, at any time, being secured by the very
best improved real estate which the city af- \
for,ls, with at least three times the amount /
Of money loaned thereon. Again. the invest |
melt may Ne tor 4 lJng Or short period, a. |
desired, as mortgages are continually expir /
ing. being paid ahd replaced by new securi- !
ties. Thus, it viii he seen, that so far as |
human foresight or ingenuity can provide, |
the holder Of the certificate is absolutely Sc /
cure from possible loss, while the rate Of in
terest il higher than that allowed by the |
Savings Bank. The bank does not intend to |
to abandon its present system and the pres
tige it has gained. but will connect the in
vestment system with it. The investment
department will be entirely separate from the |
general business Of the bank, which will lie |
conducted ON exactly the same principle as
before. The new department, however, has
this ad vantage over a new bank, that it's di- |
rectors and managers are gentlemen whose |
business capacity has been severely tested,
and that they have steered their craft safely |
through many storms.
On application registered certificates may |
be obtained, payable to the person named |
therein, and arrangements may be made BY |
which aged or intirm Or nonresident per
sons may have their interest sent to them
on each quarter-day, in currency, to their
residences, or by draft or express, when |
they do not reside in the city. These reg
istered certificates may run for any number
of years, or may be received upon on APP
plication to thee trustee from mortgages
paid, the same as in case Of those payable
to bearer. In word, here is a means by
which any person having 500 or any other
larger sum may obtain perfectly safe in
vestment and interest at the rate Of cents
per day on each 500, payable quarterly,
and need never bother his head about re-
investment, insurance. taxes, or collection
Of interest.