The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-09-01
-THE NEW BANK OPENS.
First Day of the State Savings Insti-
tuition.

The new State Savings Bank opened
for business today. Commissioner Breid-
enthal made the formal examination in
cident to issuing them a certificate yes
terday.
Mr.. Breidenthal said that the entire
capital of s25,O 900 he had found paid in,
in cash as required by law, and the
books for organization, etc, correct in
every detail; consequently the new
bank opened this morning for the trans
action of all business strictly in their
legitimate sphere, everything moving
off like clock work and the initial busi-
ness proceeding as smoothly as that OF
an old organization.
Savings accounts of all kinds are re
ceived. and credit given for all amounts
of 81 and over, upon which interest will
be paid at the rate of three per cent per
annum, and four per cent allowed upon
time certificates. The funds thus ac-
cumulated will be loaned upon first
mortgages and collateral security, on
most any time to suit the borrower, and
at reasonable rates. All loans after
careful investigation, will be made II
approved by the investment board. This
board will consist of three experienced
directors, who will facilitate business
in every manner consistent with the
rules of sound conservative banking.
This bank has been carefully coasid-
cred for the last two years, and its
promoters after much investigation and
research, have modelled it after New
England institutions of the same name
The Savings banks of New England
and the middle states are many of them
fifty years old. They have today on de-
posit and loaned, as much money as all
National banks combined.
One of the officers said: did you
ever stop to think that the Savings
banks of the east carry larger per
cent of their own mortgages and ours
too. Why wouldn't it be better for the
people of the west to build up institu-
tiOns to carry their own mortgages, and
keep the interest at home. We have
RnO11Oh wealth in Kansas TO the
entire amount Of our own first mortgage
Indebtedness, but unfortunately the
Savings banks are not here to collect
in the money. Had we been cOmmun-
ity of the New England type in this
particular, that heavy recall of mort
gage loans in 1912 and g. would not
have occurred. Let US prepare for the
future to hoard our funds, loan them to
our own citizens and be self sustain
ing"
The State Savings Bank has a mod
ern banking office at $40 Kansas ave-
nue., with all the cOnveniences for the
transaction of business. Special atten-
tiOn will be given to ladies and young
people in the arrangement OF their ac-
counts, and to see that proper credit is
given on their books. Desks and chairs
will be provided for their use.
A system of private safe deposit
boxes will be a feature of this new
bank, and for the use of these custom
ers private individual rooms will be
provided. In these rooms perfect pri-
business matters.
Interest on deposit accounts will be
credited every six months and become
principal; after that to draw interest at
the same rate. This is compound inter-
est, and compound interest increases
the principal rapidly. A correspondent
of the Youths Companion in Connect
cut in its last issue, sends an account
of his own experience with a Savings
bank deposit.
when a small boy in March, 1847,
ho 6nnOSitnd in ho
London Savings bank, and in July, 194S,
an equal sum. Nothing has been drawn
or deposited since that time. In 1870,
the amount to his credit was S32. 10; in
1882 it was S73. 80: in 1888 it had reached
S9170; in June this year, the original
note SO has become $136.08. We need
not add one word to make this fact i'm
pressive, but we must express surprise
that our friends in the west and south
do not establish banks on the New Eng
land model, which has done so much to
make this section of the country rich
and prOseprOuS.'
The literature giving facts about in
terest, etc, will be issued and distribu-
ted, and in each pass book are the by
laws governing deposits printed in
English, German and Swedish. Every
one is cordially invited to call and in
vestigate. The officers of this new bank
speak for its success as all are men
successful with their own affairs.
Topeka will now have from this on, a
thrifty, thriving institution, where all
Ildy QepCSlL LuelE small savings Will
perfect safety, and draw them again
with interest when necessity requires.
Every Santa Fe and Rock Island shop
man and employe should look into this
matter and have an interest in this new
bank. Mr. Wilder'S and Mr.. Players
names stand for the sound and safe
principles upon which it will be run.
Little regular savings will make you
we'll off some day. and the opportunity
none can afford to let pass.
The directors are Joseph NJ. Patten,
A A. GODDARD, Chas. J. Devlin, Warren
NJ. Crosby, Edward Wilder, John Play
er, Vim. Macferran, F. o. Popenoe, F.
NJ. StahI, Thomas Page, n. P. Garrett
son, C. W. Snyder, J. E Nissley
Mr.. Breidenthal said: Il have found
the capital of $25 900 paid in cash, the
books, etc, in full accord with the law
and therefore issued permission for the
new bank to do business. I predict for
it great success. The Savings banks of
Lawrence and Leavenworth are very
successful institutions and there is no
city in the state better prepared to sus-
tain a good Savings bank than Topeka.
People from all over the state can use
this bank"