New Britain Herald Newspaper, January 19, 1928, Page 5

NEW BRITAIN DAILY HERALD, WEDNESDAY, - JANUARY 18, 1928, Annual Meeting of the Savings Bank of New Britain - FACTS THAT WILL INTEREST ALL DEPOSITORS Report of E. N. Stanley, President B R % m = i SAVINGS BANK OF NEW BRITAIN — — Janvary 1, 1928 - 2% w w w W 949,537.34 For the Year Ending December 31, 1927 Surplus Earnings for the year . w w w w - $131,390.00 the Incorporators of the re mm Bank of New Britain. PROFIT AND LOSS ACCOUNT K Gentleme: Balance January 1, 1927 w @ m w wm ® w . « « $215746.70 = We have met here today for the annual meeting and I am glad to welcome Surplus Earnings 1927 . . . o . . i 131,890.00 . you to this meeting aAnd express wy appreciation at the large number present. Profit on United States Securities sold or ma(urnd e 7,768.76 4 The business to be transacted is the reading of the report of the president, Profit on Railroad Bonds matured . o & & « w &= 2,000.00 4 the election of dircctors, and, if you see fit, the election of seven incorporators Profit on City and Town Bonds matured . . © w w & 500.00 i to fll vacancies. The incorperators are the representatives of the depositors Profit on Foreign Government Bonds sold . . . « & 4.203.69 in a Mutual Ssvings Bank such as this is, and I shall endeavor in this report X Tiquidation Dividend Third National Bank, New York . . 150.00 to clearly inform you of the condition of the bank and of its operation during Sale of collateral security upon loan previously charged the vear 1327, so that you may be fully posted upon all the affairs of this to Profit and Loss o & i (o » 1 @ e W @ b 3.172.48 institution, which in the last analysis you control. e AR ] $364,928.61 E STATEMENT — JANUARY l 1928 Lots on Railroad Bonds gold w n v v w o ™ m w 122.50 * / Assets Liabilities Loss on Raised 5-dollar bill . « w & + « 6 @ @ 15.00 F Deposits » « . « .$20,852,346.93 Charged off from premiuina Loans on Real Estate .$11,789,781.00 yneerest Account . . 100,000.00 Balioand, Baisment Cortificstts o v w s . Losn-on, “Bgcky - and Surplus Fund o w 1,380,000.00 Public Utilities Bonds .. o « » « © W L!!ondst S " A 836,117.13 Profit and Loss ST United States Bonds " b oans to Cities an count . o w . W 03,869 vt N i Towns .. . . 20,000.00 Roak Gorarmont Dol ‘4i e United States Bend- lnd City and Town Bonds w s Securities . . ,. 1,409,276.70 Rt i e S e Foreign Gmemment 19 E‘B'on:; e - o 3,12;.23; :: Transter to Surplus Fund w m m @ @ @ w w . 250,000 00 Eidte Honge. b Lo : lance uary'1, 1928 w w o v o w @ i City and Town Bonds 1,891,610.20 Balance January 1, 1925 o 5 o 103,563.40 Railroad Bonds . . . 1148,020.00 $364,928.61 - R.t“r:”td Equipment Cer- ST The payment of 5 {aterest on all deposits has been continued as the earn- g .bl;;c. ::m’n il MBI ings abundantly warranted it. ‘The surplus earnings for the year, after making B:nk smck-y - ‘“’.“‘-0; adequate charge-offs from premiums on bonds, were $120,465.28 There were Real Estate, E-nkm‘ Houpe . . . o « 10446000 Suspense Account . . 338.59 Deposits. in Banks and Trust Companies and Cagsh . .« w o 478,08258 also other profits acquired through the sale or maturity of bonds and stocki amounting to $17.669.41, resulting in an increass of surplus of $188,122.70. $250,000 was transferred from Profit and Loss account to permanent Surplus i Fund. A Regsonable economy of operation has been maintained,—the cost for ex- penses and taxes having been $4.82 per thousand of deposits. The average cost for all the Mutuyal Savings Banks of the state for the year ending October 1. 1227, aceording to the Bank Commissioner's report. was $6.65 per thousand of deposits. Exclusive of taxes, these amounts are, respectively, $2.76 ours and $22,306,216.33 = $4.69 average for the state, ACCOUNTS Number of accounts January 1, 1937 22284 SUR! PLUS Opened during the year . w w & 3257 ; - R nine dianta sy ST R RN 108 | Burplus Furd . & = . w w m w @ $1,380,000.00 Profit and Loss Account w w w w @ w 103,869.40 STATE BONDS $25,000 par value purchased at & cost of » w w W w $25,727.50 Increase. o w o w s W @ W e ow o ow v ow w $25727.50 $1,353,869.40 Closed durh;g theyear 4 » m o w ?-"H Market Value of Securities in excess of Book Value wm 907,743.87 Total Surplus . . . e . $2,261,618.27 Increase in accounts m m w 851 FOREIGN GOVERNMENT BONDS On January 1, 1928, the market \1lut of aH chsael of securities wag in ex- > $341,000 par valne purchased at 8. cost of 7 m w w w $344.212.89 cess of the values at which they are carried on the books and in the statement Fotal accounis Jasoary 1. 1028 e w & = 2# AL $115,000 par value 8014 &t . & w'w w w ve w o 116,850.69 of condition, and were as follows: ; s United States Securities . m m w m $74,589.90 DEPOSITS Increas ey - 227,368.20 ® R i fortiag it year e e ya a1 T nereass w w w w w * W o mow ow ¥ Foreign Government Bonds w w w w 122,974.40 Amount withdrawn during year : w 4T43,305.26 i iee B B S U e D oW WMo @ oW w 3 g o CITY AND TOWN BONDS City and Town Bonds . . w w w ™ 105,243.30 o VAP T AT g M Railroad Bonds . . . W oW 279,255.00 Net gain in deposits for the year « w w w = w ~ . $1,873.773.93 $120.000 par value purchased at & cost of w m w w = $123.334.08 A 4 While the net gain in the number of accounts is not large, you will notice $12,500 par value matured and paid o & w W @ W@ W 19,600.00 s:rll::‘é‘fi;‘::m‘;?d:"‘|flu' LN el :"‘:g;{g: that there are many new accounts opened, thus making contact with a large — Al PO ) s number of individuals new as depositors. Tnoranse’ " iwiwmi® a niwiw s w v Eisie wi8103,884.08 e Sk SO : The net gain in deposits for the year is $87,600 greater than in 1926, $907,74 RAILROAD BONDS ) RFAL ESTATE LOANS - $36,000 par value purchased at a cost of o+ v w © 1w Since the last annual meeting the Grim Reaper has been very active among Loans made during the vear « w m wm © » w w « $2,007,250.00 $14,000 par value sold at . . N I our incorporators, and I ama under the sad necessity of reporting the loss b; Loans paid during the year . & w w & o ™ ®w o 796,153.00 $25.000 par value maturad and p'xld death of the foll ‘M f ora: S P d o bl $500 par value called and paid e o B Joseph Schulli = Increase during the year w w w a w ® w w w o $1,211,097.00 Decrease . . e oW omowomomomowow oW 3446500 George W. Trant Ernst T. Fromen ; George M. Landers Benfamin A. Hawley COLLATERAL LOANS e RAILROAD EQUIPMENT CERTIFICATES John A. Abrahamsen Toans made during the vear o omomow oW $307,820.53 $198,000 par value purchased at a cost of » . -« w W $217,241.19 They were all men who had held positions of prominence in the community, i Loans paid during the year P B R S I 339,856.43 $1,000 par value matured and paid . . . . . W . 1,000.00 and able and active citizens, and were highly prized as incorporators and their 5 3 — loss is deeply felt. Mr. Traut was one of our directors and in that position con- s Dacrease during the o . S 35.70 Tnerease W m W oM ow e e owmowow o W e o $216,241) tributed very materially to the successful management of the bank and his cordial interest and cooperation and genial presence will be very greatly missed. LOANS TO CITIES AND TOWNS PUBLIC UTILITY BONDS Mr. Edward F. Hall has been elected a director to fill this vacancy. $10,000 matured and paid 4782,000 par value purchased at a cost of . w w wm 1 313.75 A contributing factor toward the successful operation of every corporation 3 T e S P e e e e e $10,000 00 $50,000 par value called for payment at o i o w w 52,500.00 is the “esprit de corps” of its organiization, and this we are fortunate in pos- sessing in our force of officers and employees. I wish to make acknowledgment UNITED STATES TREASURY NOTES T T L S e of their helpfulness and cooperation, and of their faithful and efficlent servics, $200,000 matured and paid and especially do I wish to make mention of the splendid assistance rendered me Eop s Lk S e e AR v in the conduct of the affairs of the bank by our treasurer, Mr. Lucas. DGOEEHRE TP b i b R R T 25 shares New Britaln Trust Company subscribed for at Respocifully sibmifted, _ = $175 per share el “AN;‘.}“ ident UNITED STATES GOVERNMENT BONDS Tcrease b oo o wom v oW w W W w oW e a3 3 . e $400,000 par valuo purchased at a cost of v w w w . $435.626.00 ; ; New e Qomnectiout, $100,000 par value sold at & CORt Of . & w w w w « 100,531.26 The new investments have been well diversified,—the percentage of the total January 18, 1928. $204.500 called for payment and pald amount invested in each class being approximately: INCrease w w o w e o w W mowomow omow $130,598.76 Real Estate Loans . . + = m w w m w 1% Foreign Government Londs w . 0 s oS POINTS OF INTEREST IN THE Raliroad Equipment Certificates . i 0Bp Two features most important to observe, when de- | EUbHo O iy ¢ Tion an k. o ke S Lo 30% : ’ oae o . b ©; Alliothers i b . b ow o ow oW w oW oW 3% ciding where to place savings deposits, are the character : and amount of the assets of the bank and the rate of R s i e e R Incr in Assets sz 011.896.63 interest that its earnings justify it in paying to its de- Conditions have been very good as to all our investments. Tnterest upon ease In es..... ) ) o msiwrs. loans and bonds has been promptly paid. The interest upon no bonds owned is . ° . 5 in default. Interest upon all our loans is payable in advanee, and only the l D ts l 873 m 93 It is here clearly shown that the assets of this bank interest upoh loans amounting to $42,560 ia past due, of which 4 ncrease I Ueposits ... ... ’ I e are of the highest character, and that the ampunt of their W e, T lncrea in SIII' IIIS 138 ln 70 value on January first was $2,261,613.27 more than the itie: Novernber.1,- 1927 se pius....... N VA due April 1, 1927 . total amount of its deposits, and is sufficient to pay every i el Increase in Excess Market depositor in full and, in addition, $10.85 for each $100 Of ‘“!. nt. this last amount being one loan which is under foreclosure proceedings and ) cco'n s . upon which jndgment will shortly be rendered. There will ba no loss incurred value 252 m “ Likewise it is clearly shown that the rate of interest as the value of the property is several times the amount of our claim. EEER R y SOV of 5% paid each year on all deposits for the past three e Transfe"ed to Sll Ius ¢ o INING ¥ p vears, has been comfortably earned and a liberal sum Gt Bainien B0 Vhs Soal o " w6 $1T8 7874 added to the surplus each year. The increase in surplus during this period has beep $397,022.09. Less EXPENSes w 1 w o o w m i w BLA4LIE IT,864.40 Fllnd S O e Zw,m.w Joes Taxes . . i o o @ 0w wm » $43,413.168 Net Earnings for the year w m w m w m 1,080,927.34 ‘ OFFICERS, DIRECTORS AND INCORPORATORS INCORPORATORS : s Andrew J. Sloper Elbridge M. Wightman August E. Wallen Howard S. Hart Angelo M. Paonessa Pardon C. Rickey George T. Kimball Charles B. Oldershaw Lucyan Bojnowski Matthew R. Malinowsk Abraham Buol Paul K. Rogers Sam Waskowitz Stanley R. Eddy Charles J. Parker Frederick S. Chamberlain Isaac D. Russell Carlisle H. Baldwin George Berson Johnstone Vance é““:en‘]':‘ E‘;' STtsone Xi Henry S. Walter John Kelly Philip Corbin Patrick F. King Frederick W, Macomber Martin H. Horwitz kodmfn \.V. Chamberlain Edward N. Stanley E. Allen Moore Marcus White Edward J. Skinner John W. Marsland Baba Y. Jones William H. Hart | Charles F. Smith Richard Vogel George P. Hart Noah Lucas Emanuel M. DiNonno Louis W. Young Edward F. Hall i Arlan P. Francis Clarence F. Bennett Ernest W. Christ 3 Elisha H. Cooper F. Raymond Gilpatric Carl J. Hart Boleslaus J. Monkiewicz August Burckhardt John A. Anderson Patrick F. McDonough Frederick A. Searl: Elias T. Ringrose Arthur G. Kimball Thomas Linder John B. Minor John Skritulsky James 8. North Morris D. Saxe James L. Doyle Howard S. Humphrey Maurice H. Pease Frank J. Porter Bernard F. Gaffney Charles B. Parsons Maurice Stanley Edward E. Benjamin W. Alling Richard E. Pritchard Frederick G. Platt George S. Talcott Peter Crona John Tomaszeski Curtis L. Sheldon Gardner C. Weld Frederick G. Hausmann DIRECTORS OFFICERS Charles B. Oldershaw John A. Anderson Charles B. Parsons Isaac D. Russell Ernest W. Christ Edward N. Stanley, President Charles B. Oldershaw, Asst. Treasurer and Secretary Edward N. Stanley E. Allen Moore John B. Minor Noah Lucas Maurice -Stanley Noah Lucas, Treasurer Gustave C. Winger, Asst. Treasurer l Charles F. Smith Charles J. Parker Patrick F. McDonough Howard S. Hart Edward F. Hall Charles F. Smith, Vice-President = Henry W. Groth, Asst. Treasurer e Largest Bank and the Oldest Savings Bank in New Britain |