Three Lithuanians, A. Berzinskis, S. Marcinkevicius, and J. Uksas obtained permission from the State of Illinois to organize a Lithuanian bank in Town of Lake. The New City Savings Bank which will be organized will have $200,000 Capital and $25,000 surplus, and will be under state supervision. Mr. J.J. Hertmanavicius, who just came back from Lithuania, is taking great interest in organizing this Lithuanian state bank. "Do you think that you will succeed in carrying out plans about the bank which you proposed to organize?", a stranger asked Mr. Hertmanavicius. "We don't doubt it a bit. We will have a state bank in about six months and not later. You will see it," answered Mr.J.J. Hertamanavicius. The stranger said, "We heard that a gentleman by the name of Tananevicius wanted to organize a Lithuanian state bank too, but he failed to carry out his proposed plans and now you are trying to do the same thing".

Mr. Hertmanavicius said, "We are using better methods for accomplishing our proposed plans. I have invested my shares in the bank and besides I am one of the members of the board of directors. This bank will never be controlled by one man, it will be controlled by the board of directors who know and understand the banking 2business. We put up a capital of $200,000 and a surplus $25,000. We rely upon our capital and not upon our good will. That is our motto. We know that a man cannot exchange his money for good will. Our invested capital is real money and not fiction as you would call it. We don't want to bluff our people. We want to show them that we are sincere in our banking business. We don't want to have people think we are racketeers. We are going into a legal banking business and we mean what we say and the people can depend upon our word of honor. When we say that our business is legal, we mean it, without any doubt in our minds." "But we want to know if Lithuanians will put up enough capital to have a controlling stock in the bank, which you are planning to organize", asked the stranger. "We are organizing this bank because we have confidence in our people and we believe that they will put up 3/4 of the capital, and we will raise the balance which will make $200,000. The people would have to put up $150,000 and we will add $50,000. You don't have to have your own capital to organize the bank, the people themselves will raise the capital", answered Mr. Hertmanavicius. "If you organize this bank, will you be able to compete against other banks and at the same time keep it from crashing"? the stranger asked. "We have two state banks in one block already and there is no more room for a third state bank". "That is what encouraged us to organize the bank, and besides we are not afraid of competition. We will get all Lithuanian depositors from the Peoples Bank.

Most of the depositors in the Peoples Bank are Lithuanians and they all will be with us when we will have our own bank. We are not a bit afraid of competition, because we have confidence in our people. We will conduct our banking business not only locally, but with all Lithuanian colonies in Chicago and its vicinity.

This Lithuanian bank will have the largest capital and will be under state supervision. All Chicago Lithuanians and societies will be able to deposit their money in a Lithuanian bank". said Mr. Hertmanavicius.

Mr. J.J. Hertmanavicius believes that it is important to have a Lithuanian state bank in the district called Town of Lake. We believe that Mr. Hertmanavicius knows about financing and has a good knowledge of the banking business.

We also know that Mr. Hertmanavicius is more qualified as a banker than any other Lithuanian banker in Chicago. He has all the necessary qualifications as a banker and the people will have confidence in him. It is possible to believe that he will succeed in organizing a Lithuanian state bank. Mr. Hertmanavicius does everything well, for he has administrative abilities. We all hope that he will succeed in carrying out his proposed plans for he has been working very hard at them.