The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1875-10-30
Investments Which Have Proved AL
together Desirable
Certificates that have Won.the Esteem
of Holders Everywhere.

| In his plan of Investment certificates which
1t shall he TIE Advocates pleasure to de
scribe. Mr. Sydney Myers. Manager of the
Merchants, Farmers ard Mechanics Savings
Bank, has secured a form Of Investment prof
table and convenient to the bank as well as
to its depositor, and one which receives the
warm commentator of so thoughtful and in
| huential publication the Safeguard, of
New York, one of whose editors Is Emerson
W. Reyes, FOR many years Deputy Inspector
81 Banks IN New York This authoritative
Endorsement, together with the well-estab-
lished character Of Mr. Myers as a tinancier,
authorizes an Investigation into the plan.
What is described as an investment depart
ment is opened IN the bank AIMED. The de-
p1stor therein receives. instead Of the book
credit,
CERTIFICATE ~ INVESTMENT.
resembling United States bond and it may
be registered if desired Ii is issued in de-
nominations Of 500. $500 and 81 900, all
bearing interest OF : , 10 per cent, payable
quarterly, that is, on the first days Of Feb
ruary, May, August, and November For
each 500, 900 Of such certificates issued by
the bank there i transferred t. a Trustee
some $780, 900 Of mortgages owaed by the
bank, upon property worth not less than
three times that amount. The security, alb
solute at that, is, therefore,
50 FOR 81.
The Trustee who holds TINS security coun-
tersigns the certificates, the holders ot which
| have practically a real estate security for
their money. The bank does not reserve the
| right OF calling IN and paying off the certiti-
Gates, which may, therefore, remain an in
1 vestment IN perpetuIty. The holder how.
/ ever may demand their redemption whenever
he sees lit TO 10 20. Ordinarily there will be
currency III the hands of The Trustee to take
up and cancel the certificate. Should it hap
pen that he i out n funds the holder may
demand his security Instead If the currency
and the Trustee will be Obliged to give him
securities as near the sum OF his certificates
as possible the difference in currency being
paid by the bank the creditor as may be
necessary. This Is a general idea OF this tine
pla' The frugal and thrifty patrons Of saw
ing. anks Will look into the details them
selves.
THE ADVANTAGE
to the investor Is this: He gets higher rate
Of interest than be could on a deposit which
he might demand at any time The advan-
tage to the bank Is that. by this form of de-
post, it IS exempt from liability Of . runs
in time Of panic. There is no necessity for
keeping any money idle ia its vaults in
tlclpatIon 81 run. III bank bearing less
interest that it pays. The certificates are
not met that way. As has been explained
their mode of redemption has been specitcal-
ly provided for
TIE SAFEGUARD
says eve only suggest that many are be-
ginning to look with more Or less Of appre-
hension upon the accumulated deposits in
savings banks, all payable On demand, accord
ing to the common understanding, certainly
payable upon very short notice, while the
securities held To offset this liability" (the
certificates, called investment certificates
- are redeemable all the way from one to
| thirty years hence 1t is gratifying to see
savings bank manager looking IN new direc-
tiOns for the means Of avertIng the evils IN
separable from panic or run, whether that
evil comes III the form of a sacrifice Of securl-
ties, or the less Objectionable but still objec-
tiunable, form of refusal to pay in the usual
manner, or without notice
1t rs ( .atlfying that such a savings-bank
manager is a Chicagoan, and ore with so fair
and excellent reputation as Mr. Myers. 1t
was he who venturrd successfully upon Sc
curing that desideratum for a man OF limited
means in a city whose iire-hmits are practi-
cally co-extensIye withithe bcundries Of the
| city, an
ABSOLUTELY FIRE-PROoF DWELLING
that may be erected cheaply. That subject
need only be cursorlly alluded to, as it Is very
generally understood, not only i'll this city,
but, such the wide interest in the expert
ment, in all the large cities Of the Union.
The theory and practical working Of the
investment department of the Merchants
Farmers and Mechanics Savings Bank, No.
| 70 South Clark street. should be thoughtfully
considered It's advantages are obvious.
| The cert Iticates have now been issued over
two years, and they are ranked to-day among
| the very soundest securities to be found in
any financial market. Such complete securi-
| ty and generous interest are to be found in
no other current form Of investment.