Norwich Bulletin Newspaper, January 1, 1913, Page 9

Is the Aggregate of’Monetary‘ Transactions in Banking, Manufacturing and Jobbing for : New London and Windham Counties During the Year 1912 THE MAGNITUDE OF THEIR BUSINESS INTERESTS CLEARLY SHOWN NEW LONDON COUNTY New London Wiillimantic Putnam Other Towns Manufacturing Business $1,657,010 621,340 Norwich .$ 7,794,000 eccassene 815,150 . i S ‘Woolen .. . . . 2,580,350 5,286,192 . ., . o . Silk, velvet, comfortables .... 3,866,139 7,897,500 1,315,500 In securing the figures shown herewith The Bulletin is indebted to the custodians of the accounts, and Firearms, cutlery, files ...... 2 — 1 Metal goods . — z S i 5 4 . Paper and belitng .. 1,069,300 thanks them for their prompt and obliging responses. Except in a few instances there was a ready response Machinery and ship work 750,000 - Other industries ......... 4684112 Building and contracting 131,500 Road building 250,000 Manufacturing Business Cotten & 31,719,000 Foundry, iron worl Cotton "weeeernanninaen --$ 1,391,500 Foundry, iron wWork ..... Woolen .. S $322,700 . 641,500 - —_— 805,000 . 2037000 Silk ard silk throwing .. Other industries ............ 14,120,100 398,000 275,000 10,000 Bullding and contracting Road bullding .. 7 WINDHAM COUNTY l 1,863,000 . 3'“2":5 989,500 505,750 from those approached for information, but where estimates had to be made, they were carefully figured. i 1,378,900 70,000 . 202,331 .- .. 518,465,100 $4,795,000 $13,670,093 Total manufacturing . .- e e $86,930,198 Jobbing Business ‘Willimantio Putnam Lumber and coal - eeeneones$ 1,500,000 $ 350,000 § Mill supplies, cotton, wool 5,500,000 2,200,000 Packing house products . 260,000 230,000 Groceries and tobacco .. 700,000 40,000 Dry goods and clothing . 600,000 235,000 1‘00,000 90,000 90,000 65,000 47,000 27,000 27,000 $0,000 33,571,000 13,606,000 Other Towns frokaln M $15,764,054 The greater part of the figures were based upon amounts actually taken from the books of the busi- $52,051,939 = Total manufacturing E M ) N ness houses. The promise to disclose no business secrets will explain why in a number of instances it has Lumber and coal -$ 2,805,000 $2,150,000 Mill sapplies .... 3,000,000 15,000 B i ; i - R e e - been necessary to assemble several lines into one sum. The immense figures reached must be a surprise to { Groceries, tovacco 1.100,000 1,255,000 - s . g | Dry goods, clothing 90.000 it i 1 1 11 . = Ales, nes anc QUOTS ........ X | o Sroommns Gimgane Ly Lo all as it is to The Bulletin, and the residents of the cities and towns of the two counties can well feel a par. e et e 2au000 LoLa00 Drugs and proprietary medicines .. 80,000 ) Fruit, produce, butter, eggs . Drugs,” medicines Hardware, electrical Painters’ supplies Contectionery . Fish and oysters 100,000 Miscellaneous .. SRS foa il 50,000 0,000 800,000 35,000 40,000 15,000 400,000 25,000 110,000 15,000 100,000 Hardware, electrical supplies Painters’ supplies . .... Confectionery Fish and oysters Miscellaneous . T donable pride in the magnitude of their business interests as here shown. 200,000 100,000 40,000 Toials e, = +.$10,940,00: Total jobbing .. A 3 ST e $RBIG,000 Totals Total jobbing . $467,933,884 $207,440,947 $675,374,831 $604,634,124 $ 70,740,707 Total New London County Business Total Windham County Business - - $7.639,000 s1s, New London $15,644,758 Potnam $2,8TT.15¢ 57,902,789 $60,779,948 Other Towns $2,601,438 Willimantic $999,857 Norwich $29,741,131 ana 232,840,5 116,693 $262,581,633 $1 Banking Business Savings banks deposits .... Transactions of National and teee.. 62,0947,23 ..+ $63,094,580 Banking Business $2,510,128 15,958,339 $18,108,465 Savings bank deposits Transactions of National Savings Banks ... Totals .. 3,654 05,092 $412,424,696 36,930,193 579,000 79,000 Savings Banks Totals 4 Grand Total for Two Counties - ? Grand Total in 1911 - - - . - 1912 - - - - e -$141,982,988 - et s e o e - 52,051,959 e o 13,406,000 Total banking . Total manufacturing Total jobbing Total banking ....... Toial ManUfacturing ..... i - Total manufacturing . Total jobbing ....... e s 207,440,947 ‘Windham county business total.. New London county business total.... Gain in More Banking Capital Represented Than in Any City of Its Size in the Country—Amount is Nearly $35,000,000 that the company assumed last year $10,000,000 insurance with a cor- responding Influx of premiums, and now has $22,500,000 in force. It Norwich, as the central financial power of Eastern Connecticut, years under the impetus given to the village by the development of cent. on its full line of deposits, inasmuch as it had a very small line the financial refuge and aid of this end of the state. To how ma two great manufacturing industries by the energy and resourcefulness foSstart. with. of the citizens of the Rose of New England has it ever occurred that of Harold Lawton. It is expected that the dividend rate of the Union bank will be was organized in 1840 and now has assets of $800,000 and surplus of their city was the banking center of this territory and back The board of direct of the new bank, which started business increased from five to six per cent. with this nmew year. This bank $200,000, a proportion in these twe'items probadly not equalled by any of our big industrial development, back of our retail and whole. on August 1 after its new building was ready, were the following: has been through the vicissitudes incident to a long established insti- other company in the business. If any compeny is ikely to show a sale business, back of practically every new home erected 'n the un Harold Lawton, Walter King muel T. Butterworth and Edward tution, but in the past few years has been making a very good show- good proportion in 1912 of premiums to losses, this one is; yet the fire folding end development of the clty has heen the soundness and sta- Hall of Plainfield; Harold B. Mowry of Sterling, Conn.; Charles Brags ing, while the City bank is up to its usual fine standard. fasfuancs compRule) il (eenerellysEepart the pestiyesen eafeldio) ility of the Norwich banks, among which the proud record has been of Central Village Jerome and Robert W. Perkins of Norwich ; 000, i profitable period. Up to the latter part of December, the total losses made that no depositor in its savings banks has ever lost a cent and Joseph H. Wright of New York city. = Lo S Eias b1000 0l Dpposits: in the country were $200,000,000, which is-large for a non-confiagration through mismanagement or dishonesty of its officers. e = e The largest “l’"‘m]““'“"fb““ of New l.“’"““l“ ie the Nadonal vear. In proportion to its size, Norwich can claim and establish the SECapuneees, Jin, 1ol At duposi e sanniselono o $1,00%/810. % What the Norwich company i ticular att 6 ATIONAL BANK IN DANIELSON nning; 2 pany is now paying particular attention to fact that it has the largest amount of banking capital represented in N. bank has had a remarkable growth, it being the youngeSt of the is the inspection of risks. This service, Gome by eutomobile In the its stable financial institutions of any ity in the country. The fgure SHOWED 1912 AS RECORD YEAR !N DEPOSITS banks, and has been a very profitable institution for its stockholders past year, covered from five to six thousand risks, With a mileage of is close to $35,000,000 in a city population of : i — ‘ Its management has been such as to prevent many of the losses 17,000 miles recorded. One inspector is kept on the road all the tims, The Norwich Savings Banks. Reflected Revival of Manufacturing Industries of the Windham ;v:!]r_h\:;:x\:nioxi lg_»fo‘hacrs:;:;ishmn;i axis oo 1\} H:‘ S;‘Zflk i?l"d“'fm" making an actual physical inspection, and, as the company has from e Norwial Seting - o e nty Vi —Savir Jeatheri i dEi ver $2 , 8 is easily able to pay dividends 20,000 25,000 risks in force, it is the hope of the present administra- ol Moot Satings. sooloty - thar sevead® 1hra n R S County Villages—Savings Bank Weathering Trying Experiences. x L & oY 0,000 to 25,0 2 e hop P migistra ond largest in amount of at the rate of eight per cent. The directoxs of this bank includes tion to inspect every risk about once in five years. the well-known millionaire~and president of the total deposits of any eavings bank in the state, the Chelsea Savings Morton F. Plant, 3 - 3 New Home Office for tho Company. bank, and the Dime Savings bank, the city presents an array of such National bank deposits in Danielson reached a new record figure board of trustees of the Connecticut College for Women. necessary factors in community life that is unequalled in any city of at the Windham Co: National bank, which is the commercial in- There are still rumors of the possibility of a trust company being As the mew vear opens, a mew office home, now neay)y tesdy for its size, and with the Thames National bank, First National, Mer- stitution of the town, during the closins months of 1912. Never in all started in New London, and perhaps befo e year ends a trust com- thetr occupancy, is awaiting the company, and when the next divectors® chants National and Uncas National, together with the Thames Loan he history o nking i il ave the accounts been so heavy pany charter may be developed. meeting is held about the middle of January, it is expected that they & Trust Co., financial strength, ample and willing to care for the com- or S0 numerous as during the last quarter of the year. Savings Beuks Maks Normall Growth will come together in the handsome mshogany-finished room which ] E Aol 2 has been prepared for them there. By the latter part of February or mercial side, is at the service of our merchants and manufacturers. Th 1 f t I 1 » " - 'he pleasin financial condition has been due in great part to the E Saart e s 8 riners’ S o ispens i the ot D ity 5, % - R town and ic HE growin o stablished industries, as well k v duri the year. e T their present location on Shetucket street to the new quarters in the of adequate resources to care for its territory. In this respect Norwich gh t & “ Y a8 = and it is reported that an addition is fo be built and certain altera- sy ane b ihden s par P reniodelod nd Baded: ts far thelt e the country the banks have benefited section 1 growth during the year that has just closed, including of over $12,000. 65-foot depth, cor The buflding occupies & ng the entire lot. tions made to the present handsome building i ol for b werc o Jot with 30-foot street front an: In nine cases out of ten, s by the industr hag, been and is particularly well fortified. the home-builder is a borrower on mortgage on his Teal estate, and — . 2 e oo o0 > 4 : Piagie . ith the bright future of New London, it is easy to see that the here the special province of the savings bank is brought into play. the rapid expansion of the Connecticut Mills company and the taking batiE e e P e s e do on & Siseberons pasts: aselliwery - - 0 e t - Mortgages on real” estate not only enable the man to own his own over by interests identified with the New England Cotton T to have a very profitable existence during the next decade. In past e o hoon lor home, bu y constitute at the same time the heaviest earning power pany of the plant of the Danielson Cotton company, the activity bf Vears, the banks of New J.ondon have ‘taken little or no interest in D o e 8 jotlice; tremsuTcrN /e, of the bank. It is the aggregate of the small savi ha the two mills at ¥ le as well of others at East Kiilingly. The ool S = B i s 3 s and vault. Ocoupying the rear half of the second floor and reached by e hba n8e, that 5 the securing of new industries for the city. There is reason to believe i tairway from the main is th e T Th make up the power of the savings bank to take care of approved home sh or ons ese concerns hae meant greatly imcreased that at present and in the future any worthy industry will be encour- EoSiron stalrway fram thegmainroom isgthe direc Do S e loans. How powerfully, then, this has been and can be exercised for rolls. aged to locate in the city, and to develop through material assistance cellar of the building is occupied by thoe heating apparatus and anether e aidine oF Nenmioh sl e Snisuony temriOfels ndicaied b Sfithe yomo vim mailongl ‘bankios along conservative lines by the various banks of New London. N e s by the figures from the reports to the state department showing at ows that loans, as deposits, have reached nmew high rec = : also furnish room for the receiving and packing of supplies. The the beginning of 1912 that the Norwich Savings society had $17,236,- figures, this being true as the year came to a close, e e remainder of the fuor-story building is occupled by Southern ew, $96.64 in deposits, 5000 surplus; the Chelsea Savings bank Under Restraining Order from the Court HIGH RECORD FOR DEPOSITS BUT & England Telephone company on a long lease. $8,704,175.92 deposits and $300,000 surplus; the Dime Savings bank In Danielson, 1912 was marked, on August 6, by the closing LOANS LIGHT IN BANKS IN PUTNAM Finished in Paneled Oak and Light Buff. $2,979,261.60 deposits and $100,000 surplus; a grand total in deposits through an injunction of the superior court at the solicitation of the | "Fhe'main oo whithis 45/ fact long with an average width of 33 of $28,920,332.16, and $925,000 in surplus. Ten years ago the total de- state bank commissioners of the Windham County Savings bank,-the Business in 1912 Has Been Larger Than Ever Before—increased Pay feet, 1s wainscotted in paneled oak of selected grain. The walls abawe pesits of Norwich savings banks were $23,426,867 and fifteen years ago injunction, aft on, béing in force at this time; but all assur- = A A 7 the wainscotting are in light buff. The oak counter at the front of 7 3 i e v 55 E s are that N # . Rolls Have Shown Their Effect in Mercantile and Savings Lines. - % i e & . T $19,878,834.33 and twenty-five vears ago they were $13,650,153.61. The STCEE ore thurho eMaan B Sv @ Holh CG@ahet andiell the room is surmounted with a counter grill of ornamental design in total of savings bank deposits on the first day 6f January, 1913 can be ily be freed from the restraining order now in force and that S A antique copper. Off the main room is the fireproo alt, 14x28, of ascertained from the figures published in this issue of The Bulletin. es to depositors will be only sligh 5 et ihe (Bankp hey e sone dione B0l ndidlvdurine the goer ainple) alze to accommodats gromt expansion of the business. At the closing of the only savi stitutic S 912, transacti reater amount of business than cver, making a s o s o $6,000,000 on Real Estate Loans. ihe B of thesony (Sayiued IDERGutanmthe topn thas Joe e e D T e eblts. T b el present time the vault accommodations have been outgrown. 3 : sulted, however, in the establishment of a savings department in the e gt bankos new Dis) o ks TEars s 1010 with. fioortok pemnks tllng in.which dppeass the ©On real estate loans in Norwich, the savings banks hold an aggre- miafismal hank " Hincs hachat’ Fioh esviiEs GERE ot Dot et tri of the case in the nearby town of Danielson, have been very light. In el T MR e i e e Besides this service to the community in supplving Hia new dirErtmentidBitHe nHGAT e e ot Putnam, a manufacturing city, much of the volume of business done N e L e PR way into out of town, much of it going to the Brooklyn Savings bank, where cen di to the gate of $6,000,000. the capital for home-building and home business, they annually hand itutions has prosperity The girectors’ room at ‘he rear of mahogany furniture by both national and savings i of the industrial concerns. at the rear of the main work room. the second floor is finished in mahozany, with soli out to the people the present of $1,000,000 in the form of dividends. The ‘deposits Ahow an ierenes nre it s as First and last the savings bank spirit is one of home helpfulness and 5 i g S SR Increased pay rolls have helped swell the accognts in the national 2 3 S e it hds always been the principle upon which the Norwich banks have 3 bank of the manufacturing companies, and the savings of operatives, and lincrusta wall decorations in green. This room can be eptered / OLD NEW LONDON WHALING BANK S flic ciu iF e Biilic. vay: have besn St Leasticnuai o, thet of both from the main hallway of the building or directly from the maim = 2 work room by an iron stairway. The greater part of the new furniture ; ¢ been conducted. It can be said for them that they have first of all taken care of approved home loans and afterwards gone outside for juvestment. ®nder the Connecticut state Taw~on investments for HAS NEW LIFE INFUSED IN LAST YEAR banks, the loans that they are enabled to make are only on the safest == Kind of investments. the floor coverings from Porteeus & C. L. Preston and the general conizact was by Peck, McWilliams Co. previous vears, notwithstanding that the cost of living has materially increased. FOUR YEARS OF SPECIAL GROWTH. was from N. S. Gilbert & Son: Mitchell Co. The arciitect wa for the additions and alterations Institution Founded by Sebastian Lawrence Passed Under Financial Th present savings bank deposits here as last reported to the New M ment—Savings Banks Made Normal Growth. Dok aommiraden shamw Norwich Savings Society §17,612,519.28; Clislsen TR e R T : BALTIC’S NEW CHURCH AND TOWN HALL. 7.543.29; Savi ank $3,079,411.05; Ths - Sevings Bank $9,027,543.29; .Dime Savings Bank § Phomaimen The past vear, banking-wise, has not been one of great change in New London County Mutual Fire Insurance Company —_— Handsome Edifice of StTMary’s Erected in Pust Year at Loan & Trust Co. $640,102.40; total $30,259, .97. I el o S i g ) et ; - : ! Dividnele o $15(655198 nd 70 Déposits. the banks, depending &8 It doss upon the gencral conditions, has been Has Made a 50 Per Cent. Gain in Premiums in For the past year dividends have been paid to the amount of practically the same, but with perhaps slight increases. The only Th: e ’ Cost of $40,000—Sprague Town Hxll Built - $1,162,551.96, and the combined surplus and profits are $1,587,583.51. noteworthy change is the new life that has been infused into the at T Abo“t tosEnter New H?me Office $ % pragu Two new buildings that will figure importantly in the religious and civic life of Baltic were the principal items in the construation work done in the town of Sprague ins 1912, the one the new St. Mary's Roman Catholic church, erected at an approximate cost of $40,000, and the other the new Sprague towns hall. Both were ready for occupancy in September, the dedication «f the church taking place on Sunday, September 1, with impressiye ceremonies, at which Rt. Rev. Bishop John™Nilan of Hartford officiated. The majestic new. <hurch edifice, a structure which is a lasting ornament to the viflage and town, wa$ erected on what was formerly the Woisard property, and stands just west of the wide grounds gnd National Whaling bank, an institution which was started and fostered by the family of which the late Sebastian D. Lawrence was a member. Up to the time of the death of Mr. Lawrence, and, in fact, up to De- X cember, 1911, the deposits of this bank rarely exceeded 365,000 to $70,000, which looked strange for a bank having a capital of $150,000, and a surplus of ho one knows just how much, but sufficient to war- rant purchase of ‘the stock at the rate of $350 per $100 share. Karly b in January, 1912, H. G. Pond became cashier of the bank. He is a brother of Charles Pond of the firm ofJ. P. Morgan & Co. New York, and represents the controlling interest of the local bank. This change in importance is due, in large measure, if not entirely, to the fact that Preparing for Them. - The deposits are over one-tenth of the total deposits of all the savinss banks of the state. The whole number of depositors in the Norwich ¢ savings banks is 40,759, - - Federal Banks-Amply Equipped. The federal banks in the cily take care of everythinz outside of straight morigages and are amply equipped to take care of all their customers. While, like all other banks, they have been engaged in a general banking business, they have made a particular point to take care of local paper and interests at moderate rates rather than go outside to extend lines of credit. The small merchant as well as the Gaining a place this year among the dozen fire insurance compa- nies doing the largest business in Connecticut, the New London County Fire Insurance company, with home office in Norwich, completes with 1912 a period of four years of special growth in which will be shown now a fifty pen cent .gain in annual premiums, which four vears ago totalled $60,000. What it means to gain a place in the front ranks of the insurance business of the state can be realized when it is under- stood that there are apout 200 companies, including all the big foreign and home stock companies, now doing business in Connecticut. Last amily. In size it is 145 feet by 70, with large has found them at his service, and they have never gone abroad for the buying and discount of paper to the neglect of home interests. Indeed, at the panic of 1907,%t is on record that money was secured in New York at a high rate of interest to re-loan here et a lower rate for the @tcommodation of Norwich business. These Norwich banks show an agercgate capital of $1,800.000 and surplus of §500,000. . PLAINFIELD’S FIRST NATIONAL BANK. - The organization of the Ilrst National bank of Plainfield with a «capital of $50,000 and a surplus of $10,000 was one of the developments . 'of the year in eastern Connecticut banking circles, It was a direct eutcome of the remarkable growlh of Plainfield within the last few this institution began the payment of interest on deposits, something which has never been done in New London commercial banks, except in the case of the city accounts, on which a small payment has been made. / 3 : The Whaling bank pays two per cent. on daily balances of $1,000 or more, and, undoubtedly, if the bank continues to grow as rapidly as it has been doing during the past year, the effect of this practice will be felt keenly by the other banks and may lead to the genergl adoption of this interest-paying plan. This will be a hardship to the banks which have a large line of deposits, and may-have some effect upen dividend rates. In the case of the Whaling bank, It pays ten per cent. dividends and earns a great deal more. 1t has been no hardship to pay two per year there were only 14 companies doing a larger fire Insurance busl- ness in this state than the New London County Mutual. In the year just closed under the prudent yet pushing administration from the home office and the activity of its fleld force represented in about 60 agencies, the New London County Mutual has stepped another rung up the ladder in volume of business, so that there will probably be not more than a dozen to show larger figures. Has $22,500,000 Insurance in Farce. The Norwich company is a Connecticut company for Connecticut business, having all its risks in its home state, where it is represented in every important city and town. In the concrete, it can be stated famous Acaderpsy of the Holy F a seating cawpacity of S00 " . Spragie Town Hall and Fire Station. The / new Sprague town hall was erected on the Cote lot, & two- story Wfick building, 62 feet long by 32 wide, with stone trimmings and slate roof with copper trimmings. On the main floor to the left of the nhain central doorway are quarters for the village fire depart- ment, hock and Jadder truck and hose reel, with the room behind this as tiie firemen’'s headqu e On the other side of the entrance is the roopn for the town clerk’s and sclectmen’s office With the police sta- tichn back of this