, 1874-12-20
SAVINGS BANKS.


An APPROPRIATE cIIK1sTIAs GIFT IN THE FORM OF
TIE NEW INVESTMENT CERTIFICATES
Air. Sydney Myers, the enterprising, in
yen:ivo ready-mindod Cashier, of the Merchants,
Farmers aad Mechanics, Savings Bank, No. Is
Clark street OYest Side otIico, No. 62 South
Halsted, near Madison strcet), recognizing,
over year ago, Us cue OF the results OF tho
financial panics, the necessity Of some new kind
Of security to meet tho demand for
investment Of savings. conceived, aud
carried into practical execution, m idea
and method Of investment, represented
by paper now known in bank circles as s'inycst-
ment certificates" OF various denominations,
which arc founl to Eiyo, upon critical investlga-
ton, very high degreo OF satisfaction to tho
patrons Of eallDgs-haaks, and to promise
unprecedented popularity With the general pub
Lie.
To lnaugurate the system, which will be ex-
tended from tlnlo to time, tho bank took from
the mortgages held by it Is security for loans Il
number OF them, amounting to Sl00, ,D0}; these
being first mortgages on hfty-eght different
pisces of productive real estate i'll the City Of
Chicago. valued at 54.O50, with improvements
amounting to S144, S25, making q total security
Of $o99.255 exclusive Of accrued intcrest).
The whole uf these securlticH wero then placed
in the hands OF o Trustee,-Mr, George Chsu-
dler. Of the woll-known law firm OF Cloudy l.
Chandler, OF Chcago,nnd the bana, after Civ
ing its euaranteo for the payment OF interest
aud Of the redemption OF the certificates accord
ing to their tenor and the terms of the trust,
proceeded to issue @00,0 0000 OF Investment Ger
ti6cates OF the denominations OF 6100, $5t'0, and
f1 600 each. bearing interest at the rite OF $40
per cent per anunm, payable on the first days OF
February, May, August, and November. These
certificates aro offered to investors in sums Of
Sl00, or any multiple thereof, At par. Consid-
ing the facts that saiabie real estate in Chicago
to market yaIue Of moro than three times tho
amour: Of the certificates is pledged for their
payment; that the 1lerchanta', Farmers j
Mechanics Savings Bank OF Chicago, the second
largest and Oldest savings bank in the city,
guarantees not only the payment OF tho mort
gag8s but assumes the prompt payment of the
quarterly interest as liability OF the bank; and
finally. that tho securities pledged are In the
hands OF . Trustee whose office Is to hold them
for the benefit of the cartiicate-holders as
against all other claims acknowledgements
ing these facts it is impossible to SEQ how my
more satisfactory security could bo devised No 1
bond Of any kind has been offered to the public.
since the United States Beyen-thirtics, in which
the security and tho. rata of interest has been
equai to these Observation-Disclosures,
~ The principal and interest Of the certificates
are 1nado parable to bearer; plan for re 5s-
tered certificates" is however provided by
which persons holding them in any part of tho
country NAV draw their checks upon the bank in
Chicago at the maturity Of the quarterly ipter-
est; Or, II they prefer it, the bank will remit the
Interest on every quarter-day to any address
specified by tho certificate holder. Ono great
advantage of these registered certificates is
that, in case Of their loss destruction. no loss
could occur to either the investor or the bank
Considering that the heavy interest on these
certificates, pa7able quarterly, becomes itself
productive in turn, tho rapidity with which ac-
cuululation follows rendor them d most inviting |
form Of Investment. and suggests their pro-
rrlety Us the best form in which parents can
bcstow gifts upon their chlldren,-Christmas
gifts, il you choose, e,-graGfying and quieting to
parental solicitude, in contemplation at results.
III the future, Of this stendy process OF |
multiplication, a very small |
sum . invested in tho period of childhood !
fortune at the age of maturity. |
Tho Merchants, Farmers tk Mechanics is ex- |
clusively savings bnnk, and Is now In the thir~ |
teenth year of its history and the manager, Mr..
Myers, believes that ho can give no more con-
elusive evidence OF tho soundncss Of this new |
plan Of Investment than to state tho fact TINT |
n all that period OF buslness the bank has never
lost dollar OF interest or principal on its real
estate loans.