The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1901-10-08
.HUMORS OF BANKING.
FUNNY INCIDENTS RELATED BY MEN
IN THE BUSINESS.

A Farmer who Was Glad That He
Didn't Want to Borrow For Ten In
stead of Five Years-A Draft That
QueerIy Went Astray.
zone of the best bank stories | ever
heard or read" said the assistant cashier
of the CAPITAL National bank, was re-
lated by Governor ]. Hoge Tyler of N1r-
GINA in an address of welcome made to
the American Bankers association IN an
annual convention at Richmond, va,
Oct. 2. 1900. As l remember it, the story
went about like this: Soon after the war,
when banking rates, or discount rates,
were high, an old country friend in one or
the southwest counties, farmer, went
to the bank to secure loan of $l,OOO for
five wears. Of course this made the man
behind the grating open his eyes and look
at him with wonder and astoniShment,
and the farmer was told that they could
not make provision for such loan as
that unless they had the most satlsfac-
tory collateral that could be obtained.
'"The old fellow asked, 'Collot whatF
Collateral the banker answered.
"'Well. what is thatP the farmer ask
ed.
''The banker went on to describe the
stocks and bonds and securities that are
meant by the term collateral. The old
farmer said: We'll, if | had those things
l wouldn't want any money. Ihey are
better than money, he said.
"'WeIl,' said the baker, you can't get
the money unless you succeed in getting
some of those collaterals, and then we
might discount your note
"Well, the farmer succeeded in getting
some collateral and in getting some per-
sonal Endorsements, and also in getting
his own name upon the paper and his
wife's as well, and obtained mortgages
on everything he had. He came and
dumped his collateral down on the bank
er's desk They were satisfactory, and
the cashier made out his note for him for
81, 900 and told him to sign it, which the
farmer did After signing the note he
passed it over. Then the cashier count
ed him out S2S7.52. The old farmer
CALCULATED, Come on
"'No, sir said the cashier; that is all
you can get on a note of $1,000 for five
years at our present rate of discount
"'Dis whatY said the farmer.
"Discount, said the cashier. That is
all you can get
"What do you mean? said the
farmer.
"Why,' said the cashier, we take off
the discount for the first four months
ard the next four months, and so on,
and then at the end of five years your
note will only make $297.52.'
"T am glad did not ask you to lend
me that money for ten years calculated
the farmer. 'or you would have had me
in debt, and l would have to pay you
something for asking you to lend it to
me-"
"When / was banking in Sullivan,
Ind, some years ago." said the president
of a national bank, 81 had a singular ex-
perience. l always locate my stories on
the banks of the Wabash SO that people
can't tell whether l am stretching it or
not. One day a rustic looking fellow
came into the bank and handed me
draft on New York made out, we will
say, to John Bell. was not exactly GER
tain that l knew the man, but his APP
pearance was in his favor, and ] cashed
the draft. He could not write, so / had
him make his mark The draft was for
warded to New York for collection, and
in about a week or ten days it came back
to us with the statement that the in
dorsement on the back was a forgery.
The letter from the New York bank that
accompanied the draft said John Bell,
the man for whom this draft was in
tended, is a travelling representative for
a local patent medicine house, and, while
he admits that he was in the town Of
Sullivan on the day the draft was cash
ed, he declares that he did not get the
money. Bell further says that he can
read and write very we'll
81 sent for the farmer, whose name
was John Bell also. to come to the bank,
continued Mr.. Wilson, "and when he came
| showed him the draft and the letter
from the New York bank and asked him
how it came about that he cashed that
draft, which was intended for another
man of the same name. Well he said,
I'll tell you how it was. There was
Teller in our neighborhood a couple of
weeks ago selling tickets In a lottery for
a dollar apiece, and l bought one Of them
tickets. When l came to town the other
day, | went to the postoffice to get my
mail and they handed me a letter with
that there draft in it. | Jest supposed 1t
was returns from my lottery ticket, and
80 / brought the draft to you and got the
money on it.
81 could tell by the old mans face and
manner that he was telling the truth, and
l took his note for the amount of the
draft, which he had spent in the mean
time, and fixed the matter up that way,
He paid the note, too, eventually"
"When used to work in the Meridian
National bank, which was afterward
absorbed by the Merchants, said an
other bank official, II relieved Albert
Kopn. the paving teller. one day during