New Britain Herald Newspaper, December 23, 1920, Page 11

NEW BRITAIN DAILY HERALD, THURSDAY, DECEMBER 23, 1920. i1 { 1656, and in 1658 the first bank-nots h!ned'hm!hthhillm and, 1dsmi to a very g:-hle extent dum the 10th © Bank-notes, in fact, originated in) goldsmiths® receipt of that day. was not until 1604 that the B England, probably the most bank in the world todav, was By 1776, the clenrh:f-honse had established in England and the prf ples of modern banking had B pretty well established. In the m time, Scotland had established her National Bank in 1695, Ireland in and France in 1716. The present H of France was established in the 1800. In the American colonies many banking experiments were made, ind ing numerous projects for paper money. But banking in United States did not begin until founding by a number of Philadel citizens of the Bank of lPu:::yl Its purpose was to supply C Bentay ?:my with rations: its firsk issued in 1780 were simply interes ing notes made payable at a future The first public bank in this co was the Bank of North Americe moted bgal:.abert Morris and autho jby the tinental Congress on !1781. Because confidence in the isional government of the Confedes s lacking, this bank began busi |in 1782 under a charter issued b State of Pennsylvania. In 1791, the Bank of the States was incorporated undei th recting genius of Alexander Hamil ‘This bank did business umtil 1811, owing to political reasons, its was not renewed. In 1816, the bank of the United States was fow ‘This bank flourished until 1833, Andrew Jackson suspended dep and in 1841 it finally went out o ness. In the meantime, beginning with Bank of North America, State had been founded in many places, ticularly after the closing of the Bank of the United States. furnished the banking facilities of country until the establishment in of a National Banking System. began the fundamentals of our pre National Banking System, ct in the founding of the Federal R Bank in 1914. A minor but important phase of it bank development is the Sev] anks, created to receive the sa of small depositors. They were fi ed generally by benevolent tfil;la-‘ the purpose of promoting t the poorer classes. These banks, proper legal safeguard, invest their posits at compound interest. It i teresting to note that this form of ing was first suggested by Daniel D in 1697, but none were actually lished until the latter part of the century. The final development of the mo banking system is the trust o which is confined almost exclu the United States and is a g the last half of the 19th century. trust company differs from the ord bank of deposit in numerous featu 1t is incorporated only under State It must invest capital in first-class curities and deposit large amounts United States or city bonds with 8 banking superintendents. It does issue circulating notes. It pays inf on deposits. Tt makes loans on tate. It acts in fiduciary capacit cxecutor, trustee, receiver, agent corporations, al agent, agent ling securitics, and depository of curities. BE $ m Iron~-Bound Dox Modern Dank THE BOND DE- 2 | PARTMENT OF g g A MODERN TRUST COM- PANY MAKES POSSIBLE THE FINANCING OF LARGE PUBLIC ENTERPRISES TO INCREASE ITS WATER SUPPLY THE ROMANS WERE ACCUSTOMED TO ENTRUST THE ADMINISTRA- TION OF PROPERTY TO INDIVIDUALS WHO WERE BOUND ONLY BY MORAL OBLIGATIONS—THE NEED OF PROTECTION FOR BENEFI- CIARIES WAS NOT ADEQUATELY MET UNTIL THE DEVELOPMENT OF THE MODERN TRUST COMPANY THE MERCHANT OF THE FOURTEENTH CEN., TURY TRAVELLED WITH HIS GOODS AND RiSKED BOTH HIS LIFE AND HIS CAPITAL—THE PRESENT DEVELOPMENT OF FOREIGN TRADE WOULD BE IMPOSSIBLE WITHOUT MODERN BANKING - THE SIXTEENTH CENTURY THE MERCHANT’S IDLE MONEY LAY IN A Tnono BOX, WHERE IT EARNED NO INTEREST AND DID NO PUBLIC GOOD—IT TOOK NEARLY 300 YEARS TO DEVELOP DEPOSIT RANKING, WHICH KEEPS SUCH MONEY AT WORK IN COLONIAL DAYS WHEN THE SHIP CAME IN ITS CARGO WAS BARTERED FOR OTHER GOODS AND BUT l.lT'!'l'_’Es MONEY CHANGED IN THE MIDDLE AGES IT TOOK NEARLY A YEAR FOR COTTON FROM INDIA TO REACH THE CONSUMER IN EURO! THE MERCHANT'S CAPITAL BEING TIED UP ALL THAT TIME—OUR DERN SYSTEM OF BANKING HAS ABOLISHED THESE SLOW AND WASTEFUL METHODS eign shipments as soon as they are dis- tal for '".“-‘.‘“wwrchd.-;dm-nhnapl rthei ations. The banking mech- Compeny of New York. anism which/makes this possible extends in{to every part of the world. be car- The man at the credit import win- . This great|foreign market, s able alio to advise|dow may let his fancy play T the commerce has | the t or manufacturer as to the | strange substances with the ancing because of | prospects for the sale of his goods|of which he is concerned. ties capable | abroad. It can supply data as to the| But time was when the broad ro- output of | commercial standing of foreign buyers, | mantic of foreign trade could mod-| -~ assist him in the formulation of his|not be en in this vicarious fash- trad- | ex, nolicies, and can give him in-|ion. There was no observer at the im- profitable as| form regarding foreign commercial credit window. There was no conditio:. <hipping facilities, and vari- | trust company to figance trade in the his|ous phase. ¢ the technique of caport|convenient and efficient fashion of to- peyment for his fer- :npar( w Six centuries ago, when great trad-|300 years to develop deposit banking, ing fleets of about 500 vessels each|the check and clearing-house system, and sailed every year from Venice—for the |the many other facilities and services md;m Trust Company’s import credit|offered by modern financial institutions. Black Sea, for Greece and Comstanti-] \oy unti) the 16th century do we find Il,)olplrt:‘n'yornfg fl;‘:lr{)}? r::‘h‘i::, Ef?r'pll‘?lgt in Europe the first appearance of banks | position denitely recognized, these money ders and England, the Venetian mer- in any true semse. These early and|exchangers were gradually becoming chant-adventurers traveled with their | crude institutions were divided into two|private bankers goods, for sales were made oftener by [classes—exchange banks and banks of| In Amsterdam, we find this same barter than for money. In almost every|deposit. The exchange bank dealt with|custom of carrying on private banking venture overseas the merchant risked | foreign exchange in the days when each|through the money exchangers devel- not only his capital but his life. country was a financial law untc itself. |oped about two centuries later. Later For as late as the Sixteenth century, | With the gradual adoption of the gold |still, in London, the practice of deposit- even the simplest banking facilities were | standard by civilized nations, the de-|ing their idle money with the goldsmiths lacking. Aside from commodities of | velopment of our present system of for-|of that day grew up among the mer- barter, gold and silver were almost the|€ign exchange and halance of trade, the [ chants. sole mediums of commercial exchange.|exchange bank gradually became almost| * The fivst public Bank of Europe, how- Unemployed capital earned nothing. |obsolete. The only survivor of this kind | ever, and the first real bank in the The merchant kept his idle money in a|©of bank to-day is the Bank of Hamburg. | world #n anything like the modern sensc Banks of deposit had their crude be-|was tt § Bank of Venice, established in strong-box at home, or, for greater se- caurity, at the goldsmith’s. It took nearly | ginning in Venice in conmection with the|1584. Fhe Bank of Sweden followed in business of the Campsores, or dealers in foreign money. Eet'een the year 1270, when we find the Campsores first definitely mentioned in this connection, Between the “A” and “X” of a big and the year 1318, when we find their commmodity file lies a whole world of sub- stantial realism and airiest romance. No dramatist ever conceived a greater variety of emotional crises than those hin at in almost every card. By Faaxcs H. Smeow CITY ITEMS clared these economic advantages SANTA CLAUS BURNS | |EAST STREET SCHQ could not be held “unless we repeal unwise tarift laws and rescind un- wholesome flacal P Y Would Protect Farmer. The senator declared he was iIn hearty sympathy “with pending tarift legislation to protect the farmer from falling crop prices, but said / that where producers also were sufferng from price declines and that the farm- er “must not ask that his prices be kept up and the price of articles he has to buy be Prought down.” Discussing the question of main- tenance of naval forces as affecting the tax burden of all nations, the xt administration to effect a return | New Jersey senator declared it was “‘constitutional government'’ and to | impossible for this country to act ce the public administration on a| @lone in the matter of disarmament jnesslike and efficient basis, was | and that he was In favor of proposals fivocated In an address in the senate | to “Great Britain and Japan that bday by Senator Frelinghuysen, re- | their na forces and ours be dis- blican of New Jersey. If the re-| armed pro-rata.” blican administration fails to do He advocated extension of the pres- things the people expect of it, | ent sinking fund operations to cover declared, “they will turn on us as [ the nation’s floating indebtedess y have on the democratic party.” | well as its bonded war debt. Y o . ““We should remedy our entire pres- As Immediate steps In the direction | ent fiscal arrangements,” he said, “by cutting down government expendi- he advocated duction to a ~war basis of the number of gov- EBUCE NUMBER OF FEDERAL WORKERS mator Frelingbuysen Urges “Reconstructive” Program 'Washington, Dec. 23.—A sweeping oconstructive’’ program for the as removing the excess profits tax and income surtaxes, and at the same hmoent employes: abolition of the | time gain more revenue from a pro- pau of war risk Insurance and |tective tariff and by a tax on man- sforence of its function to be the | ufcturers sales. For rendering less lon office and establishment of [ complicated our entire fiscal affairs blic ‘works and public welfare de- | the enactment of a budget system iments to eliminate d leation of | is vital.™ k I governmental bureaus and Reorganize Labor Dept increase effictency. Declaring that He said the department of por cont of the ex-servico men |should be ‘“reorganized and social- took out insurance policles with | lsm eliminated” and the department government had dropped them, | of commerce made an aggressive, re- senator said the government could | liable and efficient Instrumentality for conduwet “an insurance business | the development of trade and not an & loss’ and that it was a falr con- | adjunct of the consular service. lofs that the war riak Insurance was & faflore.” Rointing to the nation’s progress in id trade and commerce as a re. t of the opportunities presented by | New Bedford Youth Missing Stnce Last war, Senator Frelinghuysen de- Saturday When Fle Went Hunting. New Hedford, Mass., Dec. 23.—More than 150 men headed by police officials PALACE-- : 1) rouc searched the wooded country to the north of the city today in an endeavor to learn the fate of mes F. Collins, ew Year’s Eve 10—BIG ACTS—10 Reserved Seats SEEK MISSSING BOY. \ Jr., a High school student who has been missing since Saturday morming | when he went on a hunting trip. He is | 16 years old and the son of Alderman Collins. A theory that the boy encountered moonshiners who are said to infest the district was advanced after Mrs, Annie Hatch of Plainville road re- ported that about 3 o'clock Saturday afterncon she heard a hey ery out “pleass don't, don't." The ¢ 1 labor * Bachelors, 8c stralght, at Cigar Store, 380 Main St.—advt. Jewelry, Xmas gifts, Henry Morans'. —advt. Scatter sunshine with Christmas cards Adkins —advt. Cigars packed 10, 25 and 50 in a box for Xmas gifts at cut prices, Yale Cigar Store, 380 Main St.—advt. Ladies’ comfys, all colors, reg. $2.50, $1.49. The 8. W. Menus store.— advt. Sult cases and handbags $1.50, New Britain Loan Co., 10 Lafayette St. —advt. 25 per cent discount on Tandy and Holiday Gpods at Clark & Brainerd Drug Store, 181 Main St.—advt. M. A. Axelrod invites all his friends and patrons to visit his new drug store at 405 Main St.—advt. MANY 70 SEE “MOVIES” Children ‘of Polish Orphanage Yale and taking the tax from small incomes, | Children’s Home Will Attend Special Performance at Lyceum Theatre. The boys and girls of the Polish orphanage and the Children’s Home are looking forward with great anti- cipation to attending the special Christmas performance at the Lyceum theater. The feature picture will be the auspices of the Wellesley college alumnae. The young “tots” are at- tending the show by the courtesy of Benjamin Salvini, manager of the theter. The feature picture will be Mary Pickford in “Rebecca of Sunny Brook Farm.” Other films of an educational and@ entertaining nature will be shown. Mrs. Stanley Holmes is at the head of the committee in charge a ndtickets for the occasion may be procured from het. DINNER AT TOWN HOME. ’lnmlt-s to ¥Fave Christmas Feast Saturday, Dee. 25. The inmates of the Town Home will be treated to their annual Christmas | Dinner, Saturday, December 25, . at noon prepared by the Superinten- dent and Matron, Mr. and Mrs. G. W Palmer and the foliowing menu will be served: Chicken and Cranbety Mashed Potatoes Creamed Sauce Turnips “INVISIBLE GUESTS” Are Urged at Every Christmas Table im America This Year by Herbert Hoover at European Relief Council. An appeal is beng made by Herbert Hoover, chairman of the European Relief council, for an “invisible guest™ at the family Christmas table in each home this year. There are three and one-half millions of waifs, undernour- ished orphans and sick children in central and eastern Europe who are dependent upon America for rood and care. In explanation of this invisible guest, Mr,_ Hoover means that a dollar or more be given to his fund to feed a child across the sea. One dollar will keep a child alive one meonth; ten dollars will provide food to keep one child alive for ten months or until next harvest. Enter- tain an “invisible guest” at your Christmas dinner table and send your contribution to the local treasure Make checks payable to “European Children’s Fund” and send to the New Britain Trust Co., local treasurer. Herbert Hoover will be the prinei- pal speaker at a monster mass meeting to be held at Woolsey hall in New Haven next Tuesday evening. He will speak in the interests of starving children of central and eastern Eu- rope FUND IS EXHAUSTED. Theodora the A, Spanish Johnson, commander of Hammond camp, United war veterans, received a communication from M. W. Bassett of Hartford yesterday stating that the Pershing fund has been exhausted. The fund was raised by the Spanish war veterans for the care of American soldiers serving overse and later |l~: g for needy ex-service men in the l ! . | | { | Berlin Youth, Dresses As “Santa” Igmites His Costume Backs Into Lightéd Xmas Tree. (Special to the Herald.) Berlin, Conn., Dec. 23.—Dressed as Santa Claus, the part of which he was playing for the children of ‘the South school in Berlin, Harold Bruce of that town was slightly burned about the neck and back when his costume which he wore became ignit- ed as he accidentally backed into the Christmas tree which was illuminated by candles. Mr. Bruce’s clothes were soon one mass of flames and he began running about the room in ter- re His father and brother who were in the hall at the time ramn to his aid and finally succeded in putting out the fire only after they had been badly burned about the hands and arms. For a while there was a great deal of excitement in the school but the coolheadedness of several present prevented a panic. The accident happened as the gifts were about to be presented to the “kiddies.” The party was broken up for a while, but after the excitement was over, the gifts were exchanged minus Santa Claus. LEAV FOR ARDMORE. E1 Paso, Tex., Dec, —Clara Bar- ton Smith left El Paso at 6 o'clock this morning bound for Ardmore by way of Fort Worth. She was accom- panied by her lawyers and Sheriff Garrett. CASE GOES TO JURY. Washington, Dec. 22.—The case of Jules W. (Nicky) Arnstein and others, charged with havi conspired bring stolen securitics’ into the Dis- trict of Columbia from New York, went to the jury this atternoon. Comfy Slippers 2,000 Pairs of highest grade Comfy Slippers. Pure wool, Moccasin soles. When He { CENTRAL PARK EXERCISES i = | LEADS IN SEAL § Christmas Tree Celebration to be Sl Held Tomorrow Evening — Band Total of $996.56 Whs Raised B Concert Part of Program. of Public Schools Here to Plans are completed for the annual Christmas Tree celebration to be held at Central Park. The committee in ! charge has arranged a pleasing pro- gram. Exgrcises will commence at the Park tomorrow_ night, about 7:30 o’clock. The philharmonic Band will render a concert. Selections will be playved for a perioa of two hours. On previous occasions of this sort schoel children have assisted by singing. The following report on thd However, in view of the fact that sev- was made this afternoon by S eral of themr were taken sick, beins | tendent of Schools Stanley II. I exposed 1o the cold weather on other| East street. $147.40: occasions this part of the program ' $96.22. Elihu Burritt, $105.50: will be omitted. The South Church ' §117.8%; Rockwell, $49.50 g chimes will render Christmas hymns| $74.76: Monroe, $43.60; Lincol during the evening. 1 Old Burritt, $15; Osgood Hill, Several electricians have been! $18; Grammar, $89.90; working oh the huge tree for the Camp, $75; Bartlett, $3 past few days and 1t is practically fin- | ished. Trimmings have also been| Sl _ 3 : XMAS P STPONH placed on it. The band stand will be b R e Because of conflicting engag G o B | for the Masonic rooms in Cit ! the Christmas celebration whic to have been held this afterne the children of those under th of the Tuberculosis Relief was postponed until tomorrow noon. The social will be held o'clock. Candy, fruit, toys and ! War on Tuberculosis, | Through an emergetic ca carried on by pupils of the loct lic schools in the sale of Chi seals, $396.56 has been raise | which to fight tuberculosis. T street school is entitled to first in the campaign having sold greatest number of seals, $147. ing been turned into the super ent’s office. HEALTH DEPARTMENT NOT! Another diphtheria patient taken to the City hospital this after- noon, making a total of five under of servation at that institution. One c: as of diphtheria and one scarlet fever were brought to the attention of the health department today. ing will be distributed. CLOSE FOR CHRISTMAS, The public schdols of th closed this noon for the Christing cation and will reopen Janul Christmas observances were hi the lower grades. Tomorrow at noon the New H Machine company and Staniey will close their offices and will r Monday morning. MARRIAGE LICENSES. The following marriage licenses | » been taken out: Henry Hadigian West strect and Agnife Koupe- 131 Glen street, both natives of Mesopotamia, Turkey: Max Shu-| back of 230 Park street and Mi Mary Chester of the same addre Comfy Slippers In the following colors: Old Rose, Co- penhagen, Wine, French Blue, King’s Blue, Light Blue, Suede and Turquoise. OP, - 168 Main Street