Evening star. [volume] (Washington, D.C.) 1854-1972, 1896-08-15
A BANK RUN BY CHILDREN.
4 St. Louis Fathers Scheme for
Teaching His Children to Save Money

St. Louis Fathers Scheme for
Tenching His Children to Save Money
From the New York Journal
The most unique banking institution In
the world is located in St. Louis. 1t is the
w. c. Lindsey a. Sons Banking Company.
and no one connected with it in an execu-
tive 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 bust
ness principles and it's finances receive as
close and keen attention as If its capital
was H,OO0.o0O instead of $1,000.
The president OF the bank Is w. c. Lind
sey. father of the cashier. A little over
year ago Mr. Lindsey conceived that II
would be a splendid idea ii 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 T trio acies of banking and inculcate
the desire to save money into their minds
SO that when they grew up to be men they
would be sure to hang on to some part OF
whatever Of the worlds goods they succeed
ed in getting their hands on.
So interested did he become that he began
to asitate the plan. and one of his friends
who heard of 1t 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 a few days Mr.
Lindsey 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 juVe-
nile bank He readily consented and on
February the w. c. Lindsey & Sons Bank
ing Company was formed, with capital
stock of 500 on the basis OF 81 share. ana
an Office at No. SO7 Washington avenue
ST. Louis.
Like most promoters Mr.. Lindsey. who
for years has been cashier for a large
Nd =; n1f
dent. Young Robert Lindsey was made
cashier and Louis H. Lindsey vice presi-
dent. The board Of directors consisted OF
these three officers and Richard w. Lind
sey, w. G. Lindsey, jr.. Harrison Givens,
Columbus Ga: Martin Hardwick. Spring
field, Mo- and Everett L. Amis. ST. Louis.
Everything was Immediately placed on a
business basis. The boys were soon taught
the ms and outs of the commercial maze SO
that they understood it better by far than
the majority of grown people who have not
a speaking acquaintance with bank &C
counts. After that Mr.. Lindsey's position
became merely advisory. The bank has
never done any speculative or investment
business. 1t has confined itself to loaning
money at an enormous rate OF interest to
clerks in the wholesale houses along Wash
ington avenue and in the Immediate vicin-
| ity.
They charged on all loans $ per cent a
month or any fraction thereof If a young
man warted to take his best girl to the
theater he could apply to the w. c. Lind
sey & Sons Banking Company and get the
necessary funds to do 1t with by paying %
cents for the privilege. Security on real
and personal property was required. so that
losses were guarded against. At such a
| rate 1t can readily be seen that the bank
v as paying institution.
There 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-one years.
He may sell or give away his stock. but
| the money must remain in the banks pos
session until the persons to whom it belongs
become of age.