, 1875-08-05

and !ts branch. iA impressed with the belief that
there ID no soun1or or more kbly-couauctea ssy-
iugs bank in Chicago.
THE GERMAN SAVINGS BANK.
This institution commenced business inst Ave
years sgo--on tho lat day OF August. 1870
under speca! charter of Tho Legislature Of the
State. pasaed in 1859. Tho provisions OF itB
charter differ from thoso OF other savings
banks In tue city doing busncnn with goarau-
teed capital IN tho following essential points:
ttrst-storkholdars A1s llabls To double The amount
Of their stuck.
,teond-TAo capital stort Of the bank. ~ we'll
tlnH,uul toudK, bu.,dn Of ihe Btas of Illinois, Cook
County bonds, ChIcsgb Municipal bonlA, or cslah.
IhrdEIe nank m'ss me- .ta ~ .hs T.. nad9r ns tne
Fsvrsh-Ihs Hank Ia subject TO NJ o1smiusuoa by
tbs Auditor ui STATE u anJ 1ime
FuA--The itpo.lins 1T tho Bank ia limited ts, tan
u,1ts the amount Of its capital sud surplus.
During the iirs. business day OF tho Bank fifty
accounts wero o.:eied by depohiturs SInco then.
,he ca,lomers Of the bank have steadily increas-
ed, go that tho enormous amount Of from l5,tI0
to IL, ,D0U accounts have beeu opened dutiug tho
list yoar Ut tn existeuce.
On the Int of January. 1871. tho bank hav-
Ing been doing bual'ess fur tive mouths
handsome amount Of ea3o. 100. On tho 9Th day
| OF October. l3It,-tllo day o! the great tirs,-
the dsporlts had reached the sutn Of s6d2, ,OU0.
After the fire. the rebuilding Of Chicago gavo 30
much rcmnperstiyo anployu4eut to the MECHANICS
ana wor9pgmou, who selected tho German Say
Jugs Hauk ~ the depository Of thc!t savings,
that tho deposits ran up stoAli!y up ~ january,
1873. whon tho deposits had reached tho largo
sum Of over II Sun, Gu1. TITO bank then hold,
besides large amount In caAt, $G0u, 0d0 in avail
abio pouds and about l,0u0, ,00J in Grst mort
ga4eY On Chicago real uatate- largd proportion
1t which Was loanod to ITS custonlszs On the
North Side to ensblo them to robuld ti1elr homes
1 nf tttSl TsJ In
| Aftes Ito failuro OF the Scandinavian
| National Hank, au ,lueAaincss rproad nnong tho
| new eomorn to Chicago who had probably their
all deposited n the savings banks CT tue city:
| = run which listed live days, aud paid every
| dollar called for Oh domaud. Not one Of thH old
sett!ers Of Chicago who we're acluaiutoi With
tho Manager Ut tue bank pleEui.td himself NJ
tho counter to draw any noasy during thoso
| days.
Tle general depression In manufacturing and
mercantile c;rclea t,nce 1878 haA forced mauy
dapositorn III this bnnk to fall back upon their
reserve in bank, 30 that the deposits have s'nco
then boon considerably reduced. Tho pres
81 se' xlsh fn1as ssosooo 9'p4s'' Z noi Il % e.s
and available tonIs, aud $im, 900 in~
vested in trht mortgages npou Chicago Eea' a5-
tAta. The bank has Also S20G, ,O0o paid ny capt
tai, and sY0. .0UD surplus capital. :, ..-,
The bank ID n.anagel by ths followinG-natnoa
gcntlomsn as dlrccturs:
Henry 0Eeenebaun, OF Henry dseenebAam q co''
Thou.s uo5ne, Of uoyns, Horton uoync stsor-
neyR. .-
psssr Schuttler, Of n,sas schuttes Wagon Mauufsc-
Frederick Lstz, eapit.llat. ~
Joserh LIsbslstein, Of j. Lebsnste!u Co.. stols.
i. q. osuiaeid, Of Moore Il oauthsld attorneys.
simon F!orsheim uf dmbei, iindauer F'osshein
WHOLESALE usrclAas. g -..1 s,,...,. ,.,
Henry n. Hart oS Hart bsothsr1, xnoes1s mef'
1ohl I1trtlne. capital5s+ -....,.z.-.
Eli4s 0sssnsoaun, Of Henry aseaasosuu L Co.,
4. Wis, cs.h.er Of The Bank,
james + Hoyus Telisr Of the banS.
Tho German Savings Hauk doeA excuslVo!y
q savings business, ia not engaged in any COIL
! Dercal banking wnbtevet, draws no h!tla OF ex'
chanBo either domestic or forfsgn. aud loans IT
, funds ouly against nbBoluto security. :.
The bank does not covst 4 largo business. TIL
rule Of The Directors being to 10 eAfu b!slueas
and manage tho savings Of lls 1eposltoss loYon'
any possible contingency Of loss. aud !
not ~ liberal ~ many otlera III loo allo"al!co 0
, interest. The Lauk computes lntesost twice
; | year up to tue Int Of Jknuary mud July on mon
, eyB tlscn in bank. provided that tho satn
i havo been on deposit for thEe go months proviont
The bauk also requires thirty days notice 70
the withdrawal Of deposlts, pablo Of no panic
they have bus ono rule tho year around, rain 9
, suush,ne during tha panlo of 1873 notices &c
, the withdrawal OF upwards OF $500, 100 wer
! served on the bank, md Ut tue end Of the tairt
! dsys, tle money WhB paid p1otnptiY sud chesi
! | fu1Iy, Tho other bAnkH generally took sixe
days notice. 90 that, ~ mattoE of historical fac
, | t1e German BayInEn lauk stood tho lrunt 1
! the battle snd BY its pronlptness in making px,
, | pents To deposttorb 1t tie end Of thirty day
: tho general feeling Of dtBtfust among saving
depositora wks Allayed. aud many notices nltea&
, slseu we're Cancelled by the lepositots.
. Tho original object OF tho tucorporatoss {
! tho AeFmsn Savings Bank, ~ tho ualaa llaplie
vAs to create = safe depository for HeEna
, | workiugmsn. This principle has thus far heo
, lived up to 10 such An exteut thAt the bAuk U
, not yet Adve1tlsed it's businsss III the EoKl!s
press OF the city. 1t 10 srus. nsyeEtleleAa tlis
, Amou8 ths dspositors OF tito bank all nstlons!
tios VI bath soxes are represented Illo e't e,et
+ man Savings Bank may hs said to be tLs caaI
OF Ai1. Henry dreensbauu, Frssiuuen.
+ aud tho Hon. Thomas Ho7ne. slco
. | President, both OF whom take tug ooepes
+ personal interest in ts souuGnsss saa plosEeI
lty aud they Ato warmly bxokeu py ~; W.. iana
q uroeuebaup, Peter HChult!eF, C1s1.1a "hsn
r John Nertug. Frederick Letz. aha uaH e., esae
V members Of the Boas1 Of ukoeto.. ane ~
sonAl responsibility of ne seo'gnSt nst.
with the bank IL very Ixe. Ivy. s. oM,tss si.,t
. sud standing ara sccgno 70 aons ~ ~ w! ~ ~
Il In therefoFs beyoud any doubt that they W
ra"i;1a the,r obiect 10 maintaining sAfa d
= pos!torv for the savings OF The people,
: Auonc ths London cAbmon Are to b. found
I former Goy1suor Of the DAnk Of England, q
= I'M. p, = late Fellow Of + Cambridge Co,leg
!. | and : ciat971nan Who WA ons OF tho gespondsn
;. N rauaskAbla slaxlea HvotaA oAss.--1ost<
= | .Gett1lnI