The sun., 1907-08-12
BOYS START THEIR OWN BANK
DEPOSITS ROSE FROM $40 TO sI6O
IN a SINGLE DAY.
Youngsters Propose TO Do q Legitimate
Banking Business only VIII Make Time
Loans ON Collateral at Reasonable Rates
To Pay Interest 0n Time Dep0slts.

NUtNtNtNFtb FEVtfVNt w nO ~ u&WtuWIbNG
Banking Business only VIII Make Time
Loans ON Collateral at Reasonable Rates
To Pay Interest On Time Deposits
The Municipal Bank OF the Boys' Repub-
lio, the newest bank In Manhattan, op ems
for business this morning at Broa dway
and i5Oth street. IL is part Of the economic
system Of the Hebrew Sheltering Guardian
Society and was started with the idea OF
showing some 800 boys connected with
the institution that q penny saved 10 q
twopence clear.
It used to be- that supt. Teller Of the
asylum took care Of the boys money, so
cents. maybe, for one; a dollar for another,
and in some cases as much a. ss for the pIn-
tocrats OF the home. Some OF the boys work
as messengers, newsboys or oface boys,
but the greater part Of them get money
from friends or relatives. They spent
with the freedom Of capitalists. drawing
on the caretaker whenever they needed
candy or gimcracks OF one kind or another
and no amount Of advice as 10 the wisdom
OF saving had much effect.
Then Harry Shapiro, who is president
OF the boys republic. q flnancier and
politician Of rs, conceived the notion Of
starting bank that all the boys would be
interested in. and tho scheme met with tho
approval OF the directors and the super
intendeut OF the homo. He proposed that
the boys deposit their money In a regular
bank In which they themselves would have
a direct interest, buying stock. electing
their own officers and directors and sharing
in the profits. Tho idea made hit. and
l50th street and Broadway was eager to
have an interest In the bank.
Al tho last meeting Of the citizens of the
republic, young Shapiro was elected pres-
dent Of the bank and David Nussbaum,
comptrolley OF the republic, was elected
cashier. David Stein, whose years are IA,
aspired to the honor Of managing the bank.
but Shapiro, having originated the scheme,
took the plum. None Of the officers, how
ever viii & Fst salary and N none none Of them nIs Is
merely that they will direct the bank hon
estly and IA capably as they know how.
| A set Of rules and bylaws has been drawn
up for the guidance OF the officers and the
depositors.
Last Saturday the total capital OF the
Boys Municipal Bank was few cents less
than $40. Yesterday made a big differences
| In the young conoern's showing The
friends and parents OF the boys who visited
the asylum and heard about the plan TO
make the boys save money OF their own
| free will went down into their pockets and
by presents to the boys added about Si2C
| 70 the bank deposits, an increase OF about
800 per cent. and a showing that any big
| financial institution downtown would be
| tickled to make over night.
There 10 absolutely no compuleion on
the boys to deposit their money in the bank
and there 10 nothing to prevent them draw.
| ing out II they want to at any time, but al
| OF them from the youngster with a capita
| of 10 cents to the capitalist with S. to his
| account deposited their funds eagerly anc
| pledged themselves 10 let IL stay. The
superintendent has offered prize TO ths
| depositor whose account shows the greatest
| percentage of increase In year
+. The Boys Municipal Bank hopes TO make
| money. as the prospectus states. by doing
| q legitimate banking business II boys
! need small amounts of cash for q proper
| purpose and the right sort OF security il
behind them they will get the advance at {
| small rate OF interest. In case the bank
| makes money it will pay depositors a nttls
| for the use Of their money.
Its banking hours will be an hour and q
half a day two days in the week.
"Of course" said President Shapiro yes
terday. "if any real grown up capitalist
wants 20 come along and deposit 5000 o.
$4,000 with our institution he will be al
welcome as gingerbread. and what's morS
/ III bet We would take care of his money
| safer than a whole LOT of other banks would.
Meanwhile the boy lawyers of the institu
| tion can occupy themselves in finding ouI
whether or not they can lawfully call the
| institution a bank on any sign or letter
| head.