New Britain Herald Newspaper, March 16, 1921, Page 13

Church street, unlimited parking on both sides except between the twa points on east side opposite the north and south lines of Engine House No. 2 and 50 feet north and south of said points. Chestnut Street, Both Side Main street to Elm street, ing Church Street, South Main street to east line Center church property, unlimited parking. From east line of Center church prop- erty to west line of Corbin place, 40 minutes parking. North Side—From Main street to Elm street, no parking Commercial Street, South Side From Main street to west line of rail- road property. no parking. North Side— From Main =street 50 feet east of H. R. Walker company office, no parking Myrtle Street—From Main street to Washington street, parking on south side only. I Court Street—From Main street ml South High street, parking on south G RULES JEY NOW ARE ade by common Coun- ill Be Enforced Soon ‘the the ‘rom no park- Side—From ordinances, governing pt motor the ecity, which roved by tha Common 1l be put into effect as ossible, according to Traflic nt Supervisor Clarence of the police department places the ordinances are five,/ in others the depart- iting for the proper signs Avers of the law before at- to enforce it dinances are virtually as fol vehicles on were re- mmun! i i What You Can o to the Kitchen The kitchen is your most used room. Make it a bright, happy place to work in. Paint out the gloom, brush in good cheer with Bay State Liquid Paints. Indoors or out, Bay State Paints do the job right. Foul weather "or mid&summer sun can’t harm them. They cover more surface and wear longer. Whatever the job, be sure and order Bay State Liquid Paints. WADSWORTH, HOWLAND & COMPANY, Inc. Boston, Mass. Lergest Point and Varwish Makers in New Ewgland You can buy Bay State Liquid Paint or Inorout Varnish from Street—From Main to South High street, parking north side only. Arch Street—From Main street to Grand street, parking on ecast side. From Main street to Grand street, parking 10 minutes on west side South High Street—From Main street to Walnut street, on east side only High Street—From West street to Railroad crossing, on east side only West Main Street, North Side— From west line of City building prop- erty to Washington street. 40 minutes parking. From Washington street to High street, 40 minutes parking. South side, from east line of post office to west line of Fox theater, 40 minutes. From west line of Fox the- ater to Main street, no parking. ' Washington Street — From West From South church to Main street to the private passway . b square, 40 minutes | south of the railroad crossing on the 1 Park: Fast side, no park- | east side only, unlimited brth side, 10 gninutes. West | Lake Street—From minutes, between the north | street to High street, unlimited, h hydrants, and no parking | sides { the morth hydrant mor south | All vehicles are prohibited from puth hydrant. South side, no | turning around on raflroad crossings. Jitney Station to remain All vehicles are prohibited from side of Central Park as at | parking nearer street corners than | five (5) feet back of the inside line | of sidewalks. All regulations and ordinances, un- {less otherwise specially stated, shall | cense to be In effect at 6:30 o'clock | p. m., until 7 o'clock a. m., daily, ex- | | copt Saturdays at 9:30 p. m. not to be in effect on Sunday and holidays, however. | On the north side of West Main | street, from the east line of the Na- tional Bank building to the west line street on reet, Mast Side—From Elm of Methodist church, 40 ‘lh of Mothodist churcH n treet, no parking. From street to Rallrodd crossing, - From raliroad crossing opposite north side of Myrtle o parking From point op- prth side of Myrtle street to in’ street, 40 minutes. Street, West Slde—From it Palace theater to railroad 5§ minutes. From crossing of Nationa! bank, 40 min- m West Main street to streot. 40 minutes. Court | south of Savings Bank, no South of Savings Bank to J. A. Andrews’ property, 40 | Women’s and Misses’ Men"s and Young Mens Tailored SUITS SUITS «ad TOPCOATS Puuon«l to dis- s—wy models for -n-t -leadbnt-fy = Iad-ul:,"“&‘? $34.50 and $39, 50 ‘29.'0 and 334,50 Aiterations Free West parking Main parking S THE BaY STATER Inorout Varnish Live steam, bo: water, rain smow or sun canmot make . or lose its gloss. It is the sup rjor varnish, indoors Washington both | ALL LFADING BAY STATE BAY STATE Liquid Paints DEALERS SE] PAINTS. The Caesar Misch Store 200 Trumbull St., Hartford 6 are prohibited from stop- take on or discharge passen- W Main street, north side, e of National Bank 0 o weost line of City Hall . *“¥itneys in taking on or dis- passengers, shall stop, eith- near or far side of street and never in front of inter- stroets. Street—From Main street to ih of the City Hall bullding and on the north line of Myrtle street, the 'east side of Main street, from the iinancr, shall be in effect 24 hours railroad crossing to a point opposite / daily. when Stocks Change Owners m u teeet cars whoe securk fties are so widely scaltered throughout this and foreign coun- tries, a central agency for the pay- ment of interest and dividends is a matter of practical necessity. Oftentimes the corporation will find the preparation of lists of stockholders entitled to dividends, the drawing of hundreds or thou- sunds of checks, and their malling at interest or dividend time a com- siderable burden and inconven- fence to its clerical force. But to the trust company, equipped with the latest mechanical devices and with a personnel trained in such work, these are matters of daily routine. The issuing corporation has then but one check to prepare -—that to the trust company for the total amount—and is thus relieved of a vast mass of detail work. The paying agent likewise under the direction of the corporation prepares and mails notices of . meetings, proxies, and similar forms, and distributes to stock- holders annual or other reports. There is almost no limit to the gervices that the trust department of a well-organized trust company can render to a corporation. If a corporation desires to increase its capital and to offer its stock- holders “rights” to subscribe to the new stock, the trust department can take care of the subscriptions and delivery of the “rights” to the stockholders. A corporation may_ wish to offer its stock in exchange for the stock of another company j such an exchange can be put through by the trust department. In the case of voluntary liquide tion of a corporation, the trust de« partment can periorm the work and distribute the securities and N P W o OF AMERICA'S HUGE AUTOMOBILE INTS~~ THOUSANDS OF STOCK- OF OMPANY (' S ) VIEW OF NEW YORKS FINANCIAL CENTRE_ IN WHICH A LARGE PART OF THE NATION'S EXCHANGE . WHERE WDUSTRIES ARE PINANCED. ™ Srocx HUNDREDS OF THOUSANDS OF SHARES OF INDUSTRIAL STOCKS CHANGE HANDS ANNUALLY the original certificates or of certi- By FRANCIS H. SISSON Vice President Guaranty Trust Company of New York. ANY a small but growing business situated far from & money center reaches a point in its development where its managers #ee am opportunity to expand it nto a larger business if they could got the additional capital neces- #ary for such expansion. But there are many difMcuities in the way of such new financing. The business §» usually a # rtnership or a close .r’.m that is, one whos otock is held as a permanent in- vestment by & small group, usual- Iy made up largely of men actively interested in the business. As a rule the members of this group have no more money to Invest They are, moreover, jealous of their control of the J‘Illll.ll and hesitate to jeopardizs it by taking in as partners other large local in- Wveators, evem though such local money were avallable. The solution I8 an appeal to the thelr partoerships? How shall they be sure that, in the possible sales ot large blocks of their stock for future delivery in an active mar- ket, more stock is not sold than bas actually been issued? On the other hand, how shall they protect their own Interests In a money market perhaps a thou- sand or more miles away from the headquarters of the business? How shall they prevent the forgery of their securities or their {llegal transfer? How be certain that their dividend payments go to the right persons, and that persons voting either in persomn or by proxy at the annual meeting of the ¢ompany are properly qualified? Anyone watching the apparently haphazard buying and selling in Wall Street of large blocks of all kinds of securities will readily see what a puzzle it is to a novice. It is estimated that more than a hun- dred thousand persoifs are actively interested In the stock market as frequent buyers and seller: Sev- eral hundred thousand shares of stock are deait in annually in A SMALL ALABAMA COTTON MILL— WHEN AN INDUSTRY SEEKS OUTSIDE CAPITAL H T USUALLY EMPLOYS A TRANSFER AGENT. ganized as to allow for a greatly increased stock issue, the value of the additional stock being repre- sented by the increased business, its future potentialities and any new physical properties that may be acquired with the proceeds of the new stock issue. To effect a reorganization on a large scale safely, effectively and economical- ly, requires a specialized financial knowledge and experience fre- quently not possessed by the heads of an industrial corporation. Fur- thermore, in order to market the new securities successfully they must be listed on one of the New York Exchanges—the New York Stock Exchange itself, the Consoli- dated Exchange or the Curb Mar- ket. A company, therefore, which wishes thus to launch out into a wider field and market its securi- for such work, Is usually chosen. As transfer agent for a corpora- tion, the trust company keeps the stock ledger, which is a record of the name, address and holdings of each stockholder. It also issues and countersigns stock cerfificgtes This may be done on the surrender of old certificates, as when a stock- holder sells his holdings to anoth- er person, or it may be done as a matter of original issue, when a corporation is first organized, a stock dividend declared or the cap- italization increased. But the trust company does more than these mechanical operations. The transferring of stock under the various conditions which arise is a matter of great importance, as the duties of a transfer agent and the requirements for making trans- fers have become many and com- plex. knowledge of wuh’pgnl re- quirements, vnu=x‘ e®ercise great care in regard to the statuses of the various States CO\ermg ape pointments of guardians,? admm‘s- trators and executors, as_well statutes relating to the< replal é ment of lost certificates and to the present authority of xpersuu sign- ing under a power of attorney. Then there are always possibilities of forgery to be guarded a:&nst-——- forgery of the name of the eorpo- ration officer signing stock dertifi- cates, of the name of the hoider of a certificate or of the number of shares which a certi te repre- all Fe“ corporntion! fira nowadays to assume the responsibilities in connection with the transfer of stock. Under the rules of the New York market a corporation whose stock is to be listed on the Ex- change must have a registrar, and this registrar must be another cor- poration. Here again a trust com- pany, by reason of its facllities for 80 acting, 18 generally selected. obvious that when capital ficates issued in caces of transfers ownership, does not excéed the number authorized. The registrar receives the certificates as they are hissued by the transfer agent, de- termines if they are within the au- thorized limits of issue, counter- signs them, makes the necessary entries in its records and returns them to the transfer agent for de- livery to the stockholder. If the corporation issues its own stock and makes its own transfers, L:h- services of a competent regis- ¢rar are highly desirable as a check against over-issuance of stock, and ‘many corporations avail them- selves of this safeguard. It ‘'sometimes happens that a cor- poration at a distance from New York has a good proportion of its stock held locally, the rest being scattered. While the corporation is not unmindful of the benefits of a New York transfer agent and registrar, it may hesitate to take advantage of their services in the belief that it would be a conven- ience to their local stockholders to have the transfer agent near home. In such a case the interests of all stockholders can be served by the cash. When stockholders or bondhold- ers desire to pool their interests in a committee under an agreement relating to some phase of a read- justment or reorganization, or to form a “protective committee” I the case of threatened insolvency, o- to create a voting trust, the trust company can relieve such & committee of the physical ham- dling of the securities. In case a corporation is reorgams izing, the trust company may reé» ceive the old securities, issue o the security holders its receipt and, at the proper time, may Te deem them for the new securl It may also act as agent and ré- lieve the corporation’s officers security holders of many details It connection with the refinancings The services of a trust cowp as depositary and agent are no™ & well-recognized necessity in reorganization plan. Should it be desired to hold d securities, letters patent, d contracts, formulas or other d ments in escrow, the trust d ment handles the matter und simple letter of instructions, 5