New Britain Herald Newspaper, January 16, 1930, Page 8

] NEW BRITAIN DATYY HERALD, THURSDAY, JANUARY 16, 1930. SEES GREAT VALUES IN MENTAL HYGIENE Dr. James L. McCartney Believes It Will Remake Society y hll M AUTOSTOLEN will.” the m and what he manhood, A child is at is not int up to most envir what vs into Sy 15 Driven Away an John Holloway's 1s stolen ast eveni years and ¢ 2 v f his home, Murray good er e ., and recovered today on Pierc piay an tant par t, Plainville, in practically th of a A spot where Attorney A definit rg8's car was recovered ney go after it was n in front home on West Main § The police suspect SRR T person took botk 7 + s ntenance | iBtent was nothing more th He b 5 ain free transportation to Plai plication doc cated by the fact that nothing their steads et was taken out of the nd they stores ould + era ere driv 1 es th tempting and Pierc red th 1sines ho plair cadaches o " by phy- |t0 Hard it ek WiE 3 h - cov 1 he by some s business. In | 27 . ; i ;;‘ s another ¢ e h 1 yroximately $400 worth in th saw stole 10 exy term ¥ s me Counc s moviniz an arm machine being Conside by the col ed that he had been v his children and other worrics f fear and dence in “Me sugges s occasione | iability to give tion numb registration only r he had time the vehicles at t Ay police tk first of t not ills,” pol to hu.mhm. car could have been far 1 Plainville. pol cformis stoler childre re not cause f who have bec t : ] rcilman ;o wa schools : T hing had out th not been 1d not brought group., wivest ENDEDIN ARREST parela 2ot Man Who Complained Held as Hit and Run Driver and look 10 years younger surd & ¢ umes, or fadc colc Money back if not sati-fied 1 loaded his |1t | Ofiicers of Jumior Cla ss, N.B.H.S. ' JOHN O'CONNELL President AOE Vice I LUDDY esident MARION GAUDETTE Secretary EDWIN McEVOY Preasurer » Holloway Near Machine When It ...", oo &0 50 0 S Nevos ot 70 Mon- son positive nan a M expect e Carl o 9 stre use U e ving to I¢ ported 1 can was T had FLIERS ARRIVEIN NOMIE FOR SEAREH. LSS e Spe1d 11 Days Making 600 Hil . i : Trip in Plangs ‘ oo 1 Miscd 3. Lor 1i- | BANK the tain P : comy FOR BEST RESULTS ing sy HERALD CLASSIFIED two day ADS Send10¢fortrial tube to Baume Eengud, 875 6th Ave, N.Y.C. (anaLcEsique) AND USE IT THIS WAY ¢, Lay a hot cloth over the chest and back—to ¢ the pores. Ther rubinplensy of Bn-Gay—you ca use 00 much=—cover the arca w absorbent cotton or a cloth a hot drink—and 20 0 bed. Relief comes qui Iy—circulation is stimulated and congestion lievedas Ben-Gay's peactrating warmehstimulaces the blood o bealthy action and produces free pesspiration. Doctors have been prescribing it for over 30 years for colds and the aches and pains of acrve and muscle. FITCH-JONES Hals 5o 0 1/5 Price All Broken Lines of Sizes D(,bbs Borsalino and Sunfast $6.00 to $20.00 I\J oW 3.00 0 $10.00 REPORT OF E. N. SAV NGS BANK OF NEW BRITAIN ‘or the Year Ending December 31, 1929 | 1mm;m.d ors or the | avings Bank of New DBritain, Gentleme 1 wish to extend incorporators and e to you a welcome at this annual meeting of the | press to you my appreciation of your inte t in affairs of this bank as shown by your presence at this meeting. 1 herewith submit my annual report in accordance with the s of the hy-laws: STATEMENT pro- | visio JANUARY 1, 1030 loans on Real Estate ; 2,666,565.00 Donds Bonds and Seccurities nt Bonds Loans on Stocks an 6,500.00 Donds 00.00 d Town Bonds tificates Real Suspense A Deposits in 1 LIABILITIES 6.17 | 103,126.62 ACCOT Number of accounts J ied during the tcopened during t Closed during the 185 accounts, 25,129 DEPOSI Amount deposited during Amount withdrawn during year January 1, 1930 53511007 Net gain REAL I 1 in deposits for the year STATE: LOANS de during the year $335,850 COLLATERA Loans made during th Loans paid during the $457,704 5,538 UNITED STATES $450,000 (par SECURITIES lue) 'l valie) ( (par value) paid recsuty bonds purchased for Liberty honds sold for .... Treasury certificates matured 6.528 i and BONDS purchased sold for VERNMEN ar value) 0 (par value) AILROAD BONDS $93,000 (par value) purchased for 90,000 (par value) soid for Increase AILROAD EQUIPME (par value) (par, ATES purchased for uc) matured and paid 739.51 79,000 79,000.00 $6,739.51 ILITI (par (par 00 (par :S BONDS | value) purchased for g 5 $45,077.50 ‘ value) matured and paid | value) called and paid . run 50,000 50,000.00 3,275.00 Decrease 2 e e $8,107.50 ITY AND TOWN BONDS | 100 (par value) purchased for $44,217.17 9,500 (par value) matured and paid 9,500.00 LOANS TO CITIES AND TOWNS $10,000 matured and paid. ACCEPTANCE 50,600.00 BANK STOCKS q Guaranty Trus $500 per share. s Iianover National dividend $114,150 (hook value) sold for Decrease ....... 130 Note—The explanation of the small decreass in book values of stocks. considering the large amount of stock sold during the vear, is that in the carly part of 1929, before any sale of bank stocks liad occurred, the Look values of the New York bank stocks were written up, representing . stock dividend which had been received rom one of the banks and an increase in capital in the other, and fairly reoresent in book value a fair value for the stocks. Company, New York, subscribed for at 166 sha Bank, New York, acquired by stock $360,657.00 bank to more ARNINGS Gress ¥ Les rnings for the Taves 9.65 Less Lxpenses . Net Earnings for the Dividends to Depost July 1, 1929 Jan. 1, 1930 1,085,669.67 | the v $140,617.54 JIFIT AND LOSS ACCOU | Balance January 1, 1929 ......... o $85,97 Surplus Earnings, 1 . 140,61 Added to Book Value of Bank Stocks tarough Dividend and Consolidation I'rofit on Bank Stocks sold . Return of payment to Surplus by Company, Bristol ’ e 2,000.00 Profit on Foreign Government Tonds sold 1,287.50 Profit on Railroad Bonds sold 25.00 Trofit on Public Utilities Bonds paid 450.00 I'rofit on City and Town Bonds paid 2,200.00 Profit on United States Surplus Earn for 280,537.00 American Trust tes paid .. : 9.37 | terest upon the off from premi ed States Sccurities Railroad Donds : Railroad Jquipment Certific 1o 1 (;mtrnmrnl Bonds ity and Town Bonds *ublic Utilities Bond: Iransfer to Surplas Fu s 500,000.00 salance January 1, M ke 1 $623.799.28 abnormai year for all savings banks. we of speculation, which had been spreading throughout the country for two or three years and which reached its climax last October in the catest stock smash in the history of the New York stock exchange, had ady included many savings bonk depositors, who more and morc used their savings for speculative priroses. We began to feel the effects of this during the early part of 1929 and to a greater extent after July after the smash this demand upon us was incfeased—probably partly by those who were forced to draw upon their savings to protect their accounts for speculative stocks already purchased, and also by those 1 to take investment stocks were The year 1929 was an who wishe elling, to mzke investments in these stocks. As <c in deposits for the year of only $346,071.30, much the smallest increase in any year since 1921 amount of the increase in our deposits is due, more from the larger amount withdrawn than from a falling off in deposited, as will be clearly shown froni the following comparative figure: The amount deposited in 1920 was $463,732.83 less than the amount d in 1928, which i a falling off of 7.2 per cent. deposi ’ The amount withdrawn was $907,263.81 more than was withdrawn in a result we show an inc which is very falling off ir. th 1928, —this being an increase of 19.2 per cent. I'he same fact is shown ir th» comparison of the number of new 1ccounts opencd and reopened during 1929, being six more than in 1923, The decrease shown in the increase of accounts, of 168 over the number STANLEY, PRESIDENT ( | ducea |as from over-building of mul | demands upon us for o | time to run without opportunity of ez | upon | made of him for notifying the banks of unpaid tages upon property 200.00 | | best modern improvements. - | rents are being promptly | will be no ultimate loss to the bank involved. 20,672.66 | 3,126.62 | The | advantage of the low price at which good, legitimate, | This | the amount | 1928, being due to the la urLer of accounts closed, As a result of this condition, particularly since the fil have had practically no funds for investment in bonds and a ve amount available for real estale loa demand for real estate loans has been very muc years, due to the fact that there has the number of building operation: Fortunately, however, the h less than during normai been a considerable reduction 11 not so much from lack of funis pariment houses in the vears preceding business blocks,—construction during the year having been confined pretty largely to family and private dwelling houses, so that we have been able to fairly well meet the real estate loans. arly in 1920 your directors fe advantage of the very material and sudden New York bank stocks and they authorized the sale stocks owned by this bank, which cc a ot course of the spring and summer scme of these vancing prices—all of the stock of one of the ba of the other. The proceeds from i in long-time 3% ¢ and 4¢ deemed advisable to secure ¢ and no extensive building in 11d be rise in ti to take s market value of of the New York bani two only. During tha stocks were sold at ad- ks and half of the stocik iese stocks were investeld nt secur ing vestment having a long 1 as the United States Government bond furnishes, as a < log against any cmergency—the larger part of the United States sc which we owned having only a compararively short time to run with probability of being called within the next three years. This inve notwithstanding the low rate of inte upon the bonds, vields the bank a considerably larger income than was being received by the dividends on the bank owing to the extraordinarily hign which the stocks w The management of the tional Bank of Wallingford, of we owned 33 ded to orgenize in cc ion with the securities com stock of which was to b for sub to the stockholders of the bank and the securiti pany to he connection with the bank. As mutui vin cou subscribe for such stock, the mar mutual savings banks the stock owned by t tions a satisfactory price for upon be paid to any mutual savings bans owning and we proposition and sold our stock at a price of $3.585 over the it was carried on the books. While the results of the vear's busir so far as growth in deposits i rent earnings are considered, ané by “curr lar, current income received trom bank stocks, and interest upon bonds, but not income resulting from the sale or maturity of an regular income upon which we rely for the positors. These wer ing all taxcs and exp. $140,617.54 in excess of Profit and Loss account Our Surplus Fund we that fund now $1,900,000. advisable ties,—it urities stmen stocks sold, prices > sold First which bank a cription s con run in ani some f stock was whic price at which hess e somewhat unsatisfactory is true when cu - roans, dividends regu- irterest upon upon raordinary ~only ths dividends to da- sen shown in detail, aft rest on all dep went to incr payment of s previously 1 pay- 1 five per cent inte requirements and our This larg> additicn to surplus fund possible by the surplus in current ca-tings, profits from the stocks (which stood upon the books at very much value). and the profits on the sale of which had been radically writ of railroad bonds was at low valies, notwithstanding there market valuc of such bonds The market value January 1, 1 o 48 in excess of the value at which they are carri market valuc of forcign government bonds somewhat less than their book v The more than their book value, increased $500.000, making was mavis of bank below their market railroad honds, the book values of during period when valua ebh—10 change having been ma those ad beer a very substantial recovery in the dowr > in all our sccurities was $358,164.« d upon the books. ) 1 of public utility bonds is value of all other sccurities 18 nd in detail they are as follows In Excess of han Book Value Valuc Loss Book United States Sec City and Town Bonds Railroad Bonds Railroad Equipment Certificates Bank Stocks Foreign Public Governme Utility Bonds Bonds t Txcess over Boox The market values o than January 1, 1429—an lower. The large difference year and a year ago is exolain which represented the largest & ment of a year ago. By the sale of them we, of realized the cess value over book value and, when sold. that value went into Profit and Loss account, ard subsequently into Surplus fund; so that. when the total surplus on the basis of maiket values is considered, which is .8 follows wrplus Fund Profit and Loss Accou Value securities January 1 55.164.48 slightly lower hout 214 per cent values of this York bank stocks, value in the approximate average of shown between the ed by the sale of the item of exc market New market course, 103,126.62 Market Value of Securities in excess of Boo it will be clearly of our securities seen that there has been no der but on the other hind a substar The interest upon all bonds has been promptly interest upon all our loans is payable in ; collateral loan is past due, and there i: no considerable amount of interest past due upon our real esiate loans. In the main all pad promptly when due. Following is a list of the amount of lo nter- est upon which is unpaid, and the date when due July 1st August 1st October 18t ..,... November 1si Decembor st amotnt due November 1st therc loan of its bailding, which society has in progress a obligations which there is every reason to consummated in the near future, and that this int in arrears; in fact, an installment 0% one-quarter of already been paid. The prcperty covered by the interest is unpaid, is under process of the second mortgages, and will be paid hy title. It is always our practice as we interest on loans, also to watch as closely the property upon which we hold mortgages. It is of as vital interest o the holder of A mortgage upon real cstatc that the taxes upon the property are paid as it is that the interest upon the loan is paid and that property is maintained in gcod order and repair. Taxes are a prior lieca { over all other incumbrances upon the property and the accumulation of unpaid ta to that extent, weakevs the security against the loan. At a recent hearing before a committee o the common council, which our most capable and cfficient tax cellector was summoned, criticism was upon to such criticisni, is sought by the certainly entitled to. paid when due. ind no interest upon Of the s onc $90.000 of a soci financing s will be successtully rest will not long b the ount due has several loans, upon whicn foreclosure by the hold of them as soon as they acquire plan for expe just watch closely the payment of payment of n the tha before which they held mortgages. I wish to say, in answer that the collector furnishes this information hecause it banks and that it is information thai they are I must say that it was 2 most amazing cle to have a city official of his capability and efficiency sumnoned before a committee of the council and an attempt made to censure him for having performed faithfully and well the duties that he makes oath to perform when he takes the office The item of forcclosed amounting to $78.237.79, repre- sents the “Georgian Apartments” on Walnut street, formerly the property of William H. Allen, upon which we held a mortgagé for $75,000, an1 to which w2 have acquired title. Th's apartment building is a very suh- stantial, modern, fireproof structure, and is equipped with the latest an1 It consists of 21 -partments of 2, 3 and 4 apartment is rented at satisfactory prices and tha paid. The income is considerably more than for fuel, water, light, taxes, insurarce, janitor, and in- amount at which the property stands us, and we fecl confident that the property will eventually be disposed of, so that there most real estite, rooms eac! Every ufficient to pay Two loans—one for $1,750 and one for $1,000—were foreclosed dur- ing the year. 1In both cases the propcrty was redeemed by parties having an interest in them, and in each case the bank's claim was paid in full, | including alt costs. It is with sincere so-row that I Curtis in th> early part of December, He when only a boy, leaving the Normal Training school to accept a position here, and had continued as a faithful and conscientious worker cver since. | His courteous and cheerful disposition rendered him, throughout this long service, a very pleasant associate. 1 would not close this report without expressing my |tion of the very helpful and cordial cooperation “olhur officers and employes of the bank, to whom I for their capable aid and withou? | of carrying on the work here. As to the prospects of the year 1930, T think we with confident expectation of satisfaclory result of the stock market was preeminently a speculators ly inflated condition of speculation had been so long in advance recognized and its results guarded against by the Federal Reserve Board and the | banks and financial institutions of the country that no dire results to any |of the banxs or prominenc brokerege houses occurred. No reputable | institution has suffercd iny embarressment. While the cffect naturally was temporarily to slow-up general business, there are already many signs | of improvements and indications that business will shortly resume its nor- | mal operations. ‘The only way this bank has been affected has been the retarding of the growth of deposits and there are now very certain en- | couraging signs' that this cffect has about run its course. In comparing the receipts and withdrawals of deposits of the bank since January 1s | to date with the same period last ycar, there is shown a very marked \gun this year over last year, and 1 fcel that the unvsual demand upon | us from our depositors during the past year has now practically run its course, and we wnay confidently expect that the normal gain in deposi‘s will very shortly be resumed. Respectfully report the death of Mr. Hanford L. entered the employ of the bank keen apprecia- and assistance of the feel greatly indebt>1 which I should feel wholly incapabls can look forward The collpase last fail panic. The cxtreme- suhmitted, k. N, January 13, 1930, ANLEY, President. New Britain, Conn,, ) t