, 1875-08-05


ia ons Of the oldest eay.nys banks in Chicago,
haYing boon established fourteen years. Its
standing liz of the very best, and its rrpnta-
tion amopE banks a. woll ~ the reputA-
ton Of lis officers among dnapciers, has slnays
boon flrst-clas,, ItH general bus'nesa III liko
that Of a!:nost all savings banks, every
dcrostor being secured 10 tho tull
extent Of his deposit, aud o.ery dollnr drawing
interest at the utual rate per Ann1.u. III regard
to their bank wo cannot 90 better than quoto the
foltowine candid editorial from TIE Safeguard
tho ouly aspccial organ Of savings banks in tho
Uui.cd States, edited by Emerson ". Keyes, for
many years Superintendent OF the Savings Dank
Department Of the State OF New York, and author
OF "Tho History Of Savings Danka." The ed!-
torial is a. follows: ..
ALWAYS s-Hly1Sa FOR IMPROVEMENT.
"Tlato people IN tho world who can
never 10 content with tho performance Of tho
common anu orderly routine OF Thur avocauon,
meeting tic reasonable oxpcciations OF employ
era and patrons By the proner and faithful dis
| cha1ge Of tho dutios presented 10 them to per-
| form. They arc ttloya who are always studying
and dovislng ways iu which 10 enlarge the spbere
Ut ther activity, influence and usefulness. thus
making the most OF thcmrelyes and Of their
rostiou or department OF activity by bringing
them into new relations, anu to tho diecharge OF
| new md advanced fuuetious in tho social econo-
my. such MI institution is tue afotchAuta'
Farmers'. and Mechanicn' Savings bank Of Chi
cago. Tho above Institution ofetod pH2e OF
$1,000 for tile bent plan Of two approximately
| lro-proof buildings, NJ followH:
"'Oue building shall be dwenR-house, not
to DO loss than IL eet 'front.' With five rooms mud
shall contain not lcss than $3.50 cubic feet; Of
wlicl, complete building. as par plans, must be
| orected at cxpenae Of the bank. By the success-
| full competitor; aso a building Of not less than
four roon,s. for dwelling, with store on ground
floor, OF cubic capacity OF not less shau 10000
| cubic feet, subject to the BAHIA requirements -
tho foregoing, Tho successful competitor will
be required to erect At rr1ces specified 10 hs
rlans oue or nifty buildings at option Of the BANK
anywhete within the corporate limits OF Chi
cago, The model orcctod hy the st1ccossful com.
rutitor abull undergo thorough tcss as to Ito
llte-proot qualities, and also as to tho action Of
water upon tho material Wien hentea AL
damages resulting from sucsl test will be At OK
penge OF the successful comPctltos. Tho main
purpnHe Of this offer Ia to socuie an arlro1t-
Iuato!y hre-lroof cottage: but, other th,uge
being esen, preference will DO Rivon to tho post
arranged building in tho, nattor Of svu,netrs.
convenience, ventilation, heating, aud drainage I;
and which-ns tho purpose IL manly for tho
benoat Of ctnployes-fa!s In price not Above
and outhouses must be included, mud must al
| be fra-proot. or approximately so.
"Wn might have expressed our donbta ~ to
the possibility OF securing what IL here requirod
# tho limited eoss proposed but fot'seF , from
mitigating What Ii 10 Bis mind practical, and
not visionary, scheme. lbut!dlnea have been
csd gs ..a is' boas and o.
from s1,soo to 10000, according to ,aize
and location, and thu fact has been
demonstrated that great eonGagratsons may In
strueslon to buildings Of ali elassos increasing
coat 70 an an,onnt not exceeding 10 PEI cant
Tho TIRE test will be announced In = few days,
, aud tho public will DO invited to witness,
durable houses w,thin lilo seaeh, in TIT
mnttor Of COST, Of tho humbles. toiIer, IL
pra|Ho"ortay. aud Ia one directly in linz With
tho. tunctnns Of savings bank. II =,
Auch IN effort the inventive and constructive
faculties ehall b brought to bear upon the 4ues
ton OF cheap homes for tie people, ln pract1
cal Way no ~ really to reduce the cost OF
, given quality OF awelng, II may prove
stimulus to saving by mAklug possible An obtee
tor Which to saso, now regarded al aluios
!, beyond tho most sanGuino hope OF nany: w
J 10 not aay that It is the duty Of savings banks
TO 60 out Of thoir way to promote oblacts OF thu
, hts way to do this sort Of thing NO aro glsd X
commend tue effort, aud earnestly hope it u1al
j be succeaafut, not only in tnaugusatug = .plAI
) Of cheap homes. but In pouring into tho banl
thu savings with which thoy Arc to ba procured
! ANOTHER GOOD rEATunE.
d t'Another featuts OF tho operations Of this ID
etisution ID tho organization Of al Inyeatalen
( department, tho Working OF whloh Ia ~ follows
| n
. 4500, LOU. or other aum. aud rocoiya thereto
u = certificate resembling Uuited States reRls
l tered bond, which certificate may ba reg1stare<
. or 70 bearer, at the option Of tia depositoF
( This certificate acknowledges the receipt Q
0 the deposit, and promises 10 pay thereon In
: teteat quarterly, At tho rato Of 7a-l0 per ren
por Annuul. For e4c4 S1UD, 000 OF auch oertla
o cases ISSUED by the bank. there u placed In IL
y hands Of. that u transferred to, trt1atee 10
o less than e1o0 900 Of mortgssea owned BY th
/ bank, upon property which, With improvements
: Il valued n pot less THAI Saou 90o thus giving
/ security o1n&l to Is for u. No caEtlncAtss =
4 issus1 without being oountesnignad by thi
trustee vino holds III btu hands the sscurit!e
rledHed for their redemption. This gives 4
\ small Investors OF 800 c< $500 practical real
J, | estAse for theiE money.
d "IAese Certificates may b haid petpetuailJ
. there being 10 right reserved on part Of I'll
. bank to call them in aud pay them OF. On th
t other baud, the holders may, 1t any tt1ne, d.
q maud their redemption, but II th4t tedsmptio
b ID required in currency, aud there are no iund
y in tho bsuds Of tho Hustee AistnR from tho 60
> lection or payment Of the mortgages bald b
q him, tho ipvnator must wait upll. BY the oolle<
u ton OF payment OF sueh mortgages, tbs fund
y sJs provided. He may, however, asnAud Ii
d atsAd Of currency tie transfer TO htmasn Of q
i. Cusite4 IN sQnA aGoana tc tas aAtAaoassA q 4