Semi-weekly independent. (Plymouth, Marshall County, Ind.) 1895-1897, 1896-04-04
FORGOTTEN MONEY.
Accumulates in Banks and in Various
kindr of investments.

lTOr OF investments.
1t is stated OH good authority that
n prominent cleveland savings bank
has recently erected fine office build
ing entirely out of "uncalled for funds
of dep0Stors.
In these days of complaint about
hard times ii is refreshing Il learr II
people in moderate circumstances VINO
actually have money they do not take
the trouble 10 look after Eot only
are there such people. but. according
TO the managers of savings banks safe
" deposit vaults. and dealers N securi-
ties. tie number of these indifferent
people is legion. There have been IN
stances OF wealthy and eccentric men
making accumulationS OF money or
large investments and then t0rgettin@
all about them. but in the majority Of
cases the Indifference or negligence j
shown by people of small means.
When the Board Of Trade frndod *
building debt in 1852 a bone issue OF
Sl.J00.c00 was authorized 4 large
par; of the issue was IL bonds in small
denominations. and rs Il natural result
it has been widely distributed and
among small investors. The original
issue included 5000 Sto0 bonds. 4oa
500 bonds. eco 5000 bonds. ana 600
$1,000 bonds. all bearing > per cent.
interest The Board OF Trad retired
$4,000 Il year for five years. cutting
down the loan to S12J0.GO0 y the ond
of each SIX months tho associa Ion pays
off l.
presented. and has in this way pa
out Il ont SS1o.OJO To datc The con- oG>
range from $50 OH the $i0n bonds 10
50 on the $1,000 bonds ana ,lc paying
and canceling Of these and tie super
vision of the interest account 4~e among
The chief duties OF Assistant Secretary
Worthing,on.
The books kept by him slov an i,em
of matured interest unpaid IT nearly
$4,000. Holders of two or three of tire
bonds have never presented any in5cr-
est coupons. and holders of many more
have not realized on majoriry of their
coupons. The first Interest on Tie
bonds fell due in July 1ss.,. and five
coupons Of that date have never been
IANNtlttu lpi Pay liifut- SUM " ia
bonds possibly are lost. but IL "a general
way the existence OF 4 gradually IN
creaSing fund of uncalled To- interest
is due 10 carelesSneSs and in Inference
of holders of the securities
This was proved in the hard times
of 4 year ago. when the need for ready
money stirred up some OF tho careless
l,..l. L
forgotten coupons. The injured liz
terest account materially decreased last
year, but is working back again 10
about its highest level.
The difficulties of keeping the inter
est and coupon account are Increased
by the small and irregular ienomin-
tons OF the bonds and theic wide dis
| trbution. Coupons are lot much big
| ger than special delivery stamps. and
| are not all presented on regular interest
dates. but come dropping in between
| times. When Cancelled they Are pasted
into specially arranged record books.
| Twenty-one of these are used and the
vacant spaces on their pages ally with
the amount of matured and unpaid in
| ttAtcb. -N'dlis I-D-p'' coupons liz ' Z
been handled in the Board Of Trade
office and only one has bean lost and
that after it had been cance.ed. The
small size of the coupons anu the con
sequent minute lettering and dating
has made il possible for the holders OF
some of the bonds 10 either intention
ally or unintentionally overreach The
association and several of Tho local
| banks. Only two coupons OF advanced
date have been paid az tho board. one
of which bears the date Of 1921 The
| banks have not been so fortunate. or
SO particular. and have cashei n large
number on which they win have to wall
many years before realizing. and that
without interest.
Here possibly is an Illustration OF the
ever-in-evidence law of compensation.
The people whose commercial instinct
| is SO poorly developed that they neglect
| 10 collect their interest and allow an un-
called-for surplus TO pile up are counter
balanced by the people who viii dis
count the future 10y cutting Off coupons
dated as far ahead rs 1921 and work
ing them off on careless or nearsightcd
bank cashiers.