The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-10-03
A BANK RUN BY CHILDREN.
81. Louis Fathers Scheme for Teach.
ing His Children to Save Money.

ing Ills NhlI0fcn 10 save money!
I From the New York journal.
/ Teh most unique banking institution
| in the world is located in st. Louis 1t
Is the W. c. Lindsey L. Sons Banking
| company, and no one conencted with
| it in an executive capacity. except the
| president. Is over nine years of age.
| Robert T. Lindsey. the cashier, is the
youngest official of that SORT anywhere.
| The institution is conducted on as
strict business principles and its tinan-
| ces receive as close and keen attention
| as II it's capital was $l,000,OO0 instead
| of $1,000.
The president of the bank is w. c.
| Lindsey, father of the cashier. A little
| over year ago Mr.. Lindsey conceived
| that 1t would be splendid idea if he
| could devise some scheme whereby his
boys could be taught to save money.
He decided to form a little bank for
| his children, teach them all the nitric
! acies of banking and inculcate the de-
sire to save money into their minds so
| that when they grew uD to be men
they would be sure to hang on to some
| part of whatever of the worlds goods
they succeeded in getting their hands
| on.
So interested did he become that he
| began to agitate the plan. and one Of
his friends who heard of it while on
the way to New York outlined the
scheme to a newspaper reporter. A
small item was printed about it IN the
papers. and in few days Mr. Lind
! sey began, receiving applications from
| the parents of little ones in various
parts of the country. asking that their
children might be allowed to take stock
In the juvenile bank. He readily con-
| sented, and on February | the w. &.
| I a, Iyn, lit
formed. with "a capital stock of 800 on
the basis of 81 share. and an office at
! No. SO7 Washington avenue. st. Louis.
| Like most promoters, Mr.. Lindsey.
| who for years has been cashier for Il
large wholesale house. installed him
self as president. Young Robert Lind
| Sey was made cashier and Louis II.
Lindsey vice-presdent. The board of
directors consisted of these three off
GERS and Richard w. Lindsey, w. G.
Lindsey, jr.. Harrison Owens. Column
bus. Ga; Martin Hardwick, Spring
field. O., and Everett l.. Annie, st.
Louies.
Everything was Immediately placed
| on u business basis The boys We're
soon taught the inS and outs Of the
commercial maze so that they under
stod ii better by far than the major
! ity of grown people who have not a
| speaking acquaintance with bank ac-
counts. After that Mr. Lindsey's posi-
| tion became merely advisory The
bank has never done any speculative
or investment business. 1t has con
fined itself To- loaning money at an
enormous rate of interest to clerks in
| the wholesale houses along Washing
ton avenue and in the Immediate vicin-
| ity.
They charged on all loans per cent.
month or any fraction thereof. II
! young man wanted to take his best
girl tn the theater he could apply to
the W. C.. Lindsey X Sons Banking
company and get the necessary funds
to do it with by paying twenty-five
cents for the privilege. Security ON
real and personal property was re-
quired, as that losses We're guarded
against. At such a rate it can readily
be seen that the bank was ii paying
institution.
TheBe are stockholders in twenty
states of the Union. 1t is agreed that
none of the stockholders can draw his
money until he has reached the age of
( twenty years. He may sell or give
away his stock. but the money must
remain in the banks possession until
the persons To whom it belongs become
of age.