Norwich Bulletin Newspaper, January 1, 1915, Page 26

b FULL ASSOCIATED PRESS DESPATCHES NORWICH, CONN,, FI RIDAY, JANUARY 1, 1915 FULL ASSOCIATED PRESS DESPATCHES IN BANKING LINES THE PAST YEAR. In Cities of New London and Windham Counties— Norwich and New London Banks Showed Liberal Spirit Towards Borrowers in Financial Stress — New Trust Company Organized in Danielson—Putnam Savings Awaiting Favor- able Time For Reopening. 0 ¥ 1 bu 1e month of January, 1914, two years of unusual bus nassvf:'zt:dglons in Norwich and vicinity came to a clasel.hgvil::xolx\_l: 3 number of the big manufacturing plants which make the TOr~ ning on short time in the distur bumesenp i po e have particularly affected New England in the ¥ Jast i Ct itlo; have been shown in the transactions of . el o swings banks. Decreased payrolls for the indus- tries of the city and town have meant dgt;cr;;.:eki savings to 2ad to e's money in the local savin , 3 . 33:?1 ;fi?ps‘x}osw a ggzn for the year, although not up to > m:};x‘::!gasl twelve months. Another factor affecting the increu:.eoto nlu oy pank deposits has been the drift to postal savings, only but quite general In the middle fairs of the New York, centuated by some other unusual calls for money for & very short while, but can be said that the savings pllcation for a loan that they same spirit was shown by the ~of the summer, the crisls in the financial af- e fow Hoven and Hariford railroad, ac- conditions local to Norwich, brought out from the banks and money was tight the situation was quickly met and it banks of the city granted every ap- legally could, while financial aid in t national banks, In view of the s nd for money and the accommodation that they #3;“33(,‘151?,‘&' dlhe- savings bank rate of interest on real estate Joans was advanced in June from 5 to 6 per cent. So it has been he experfence here that it has Deen possible for Norwich people o get loans, while In the larger cities like New Haven and Bridse- bpen im e to get loans, PO R hor hars been borrowers i’ the past year who never horrowed before, vet there have been many loans, it is stated, for nvestment and business extension purposes by those who can seo the inevitable return to normal and better conditions, both n the state and locally, e Through the annual report of the bank commissioners upon the conditlons of the savings banks of the state it is shown that aelr total deposits increased in the past year over 4% millions, surplus increased over half a million, profit items increased over £150,000, loans on real estate Increased nearly five millions, ar here wae an Iricrease of nearly three millions in loans on munic: val securities. ¥ Dividends. During the past year the receiver for the First National ban ich went into the a recelver in April of 1913, com pieted the liq bank by paying to all depositors the £ punt of th s with interest, v , been declared for the savings de- Thames Loan and Trust company the hands of a receiver in April of 191 of 40 per cent. payable on the 1Sth of June )£ 10 per cent. pavable on the 19th of Octobe: dend amounted to $233,244.63 and the second t Liguidation and partment deposit which also went into The first dividend w d the secon ‘The first d $58,242.68. PUTNAM SAVINGS REMAINS CLOSED. But May Make Loans Under Certain Conditions—Better Condition in Bond Market Would Make Reopening of Bank a Possi- bility. The Puinam Savings bank remained closed throughout 1914, {hough the restraining influences placed upon it when the s pension of its business in the regular way was ordered b. state bank commissioners on December 29, 1913, have since somewhat modified to allow the institution to loan, under speci- 3ed conditions, funds derived from earnings on its investments. The past year marked the passing from the treasureship of Jerome Tourtellotte, who had been with the bank in that capaeit tor nearly two-score years. Treasurer Tourtellotte was not re. lected at the annual meeting of the trustees. which board has mndergone a number of changes, at the suggestion of the state »ank commissioners. Chester E. Child, a highly competent bu ess man, has come into the presidency of the bank and Daniel I. Byrne into the treasureship as the successor of Mr. Tourtellotte. Creasurer Byrne gained his first banking experience—through than a decade—in the bank with which he has again es- hed such important connection and has since broadened nce by several years asseciation with an He returned to Putnam from Danie veral months he met, as treasurer, wit ess in building up the Windham County Savings Witk orening of the new year there is no definite promise & to wt Putnam Savings bank will resume business in full, Umost entirely upon the condition of the t ‘his_de narket ward i the great in bonds, which variety of inve: t of the bank’s holdirgs in secu relieve the condition—the depres: ised the bank to be closed and bank has more than 7,000 depositors and 0 in deposit First National Presperous, The First National bank of Pitnam has had a prosperous jear. It has continued to r al high-grade gervice and dl its transactions with ave been marked by the pecial degree of vords of praise. Putting Money in Postal Savings. A feature of note in 1914 in Eastern Connecticut towns re Ive to money and what has been done with it is the tendency, leemingly constantly growine, of aliens to place their savings in Be postal saving menis that Uncle Sam nany offi Postal savings accounts have show ease he past vear in towns all olong the Quinebaug valley. Since fhe freat war in Europe burst in all its fury on August Ist, the n jer of foreign depositors in postal sa mrprisingly, this being accounted for by tl goney if sgent to t Fith trafiic on the high b disturbed conditions won for ite staff so many BANKING CHANGES IN DANIELSON. Few Trust Company Formed—Windham County National Enters New Building—Windham County Savings Bank Reopened. In Danielson, 1914, in banking circles has been & year of #ianges and rumors of changes. Some of these changes—im- ortant ones—have come about. Others have not materialized. rthers m e realized later. The most notable event of the past year !n local financial frcles has 1 the establishment of The Danielson Trust com- 1tion opening for business in the Phoenix building Within a few weeks it is to occupy finely that are being made ready for it in the Bradle t company has a capital stock of $50,000 and with & surplus of $10,000. During the three ing and December 1st its deposits were that amount was substantlally increased T. Arthur At of Wauregan, Jacobs 1s vi s the president of the new 51 Both are well- ord H. Starkweather The board of directors is made ¢ necessful business men i anieison, Moosup, Wauregan, Pla eld, Puttam and other unding towns and manufacturers ident outside of Windham count: . tn New Banking Home. dham County National bank of Danfelson, oldest {n- its kind in this corner of the state, made 1914 2 red its history of nearly a century by acquiring the property at the corner of Main and Center street, ng that structure to make way for the beautiful ank and Frederic] mown manufacturers. @ experienced bank nklin_ bloc racticaily rs #w building that it occupied in October as its permanent home. he pew building is of water-struck brick with ornamental col- mns and facade. It is easily the most handsome banking ructurs in any town the size of Daniclson in the eastern part f the state. The Franklin block was acquired by the bank in June and the tark of making the changes commenced at once. Thess, followed ith close interest by tne general public, were not completed untit [ctober. When the bank was thrown open for inspection the offi- als were showered with congratulations upon having given anfelson such a fine building in its busin sectlon. The bank equipped with a 'wagnificent safe deposit vault, the ver roduct of the kind and is equipped throughout with every modern wcility for transacting a banking business up-to-dat: bmvenient manner, Timothy E. Hopkins, connected with some of the largest banks 3 New England in official capaclty, is president of the institution ud Nathan D. Prince, president of the State B asseocia- bn, is the v president and cashier t te stockholders this month (January), they w I osltion to increese the bank’s capital stock from $50,000 to 5,000. Savings Bank Reogened. Danfelson people and those of surrounding towns have atched with Interest during 1914 the gradual recovery of gen- ral confidence by The Windham County Savings bank, which sopened on Ocgober 6, 1913, after having been closed 14 months v order of the state bank commissioners. At the end of another months during which the bank has been open for business there ‘much in itk record of achievement that is very satisfying to its spositors and the many cthers interested in its welfare. At intervals of three months since its resumption of business m per cent. of each depositor's account has been avallable for fthdrewal. Though several of these payment periods have come ad gone the withdrawals have been surprisingly small. This is tken to indicate a well grounded confidence in the Institution 3d argues well for its future. During the early fall Daniel J. yrne, treasurer of the bank from its reopening, resigned to be- me treasurer of the Putnam Savings bank, much to the regret ; ali the local bank officials and the public here. Treasurer Twe was succeeded by Frank J. G, Bafley, who for a decade - =~ W ow o~ -y ~ The Dime Savings Bank OF NORWICH INCORPORATED, A. D. 1869 40 MAIN STREET Interest allowed from the first of each month on sums of one dollar or more deposited on or before the first business day. sistance freely and cheerfully furnished upon application. N e = v Dividends: May and November. Deposits and withdrawals by mail or wire receive prompt attention. Information and as- Deposits November 1, 1914, $3,292,424.59 WATERMAN R. BURNHAM, Assistant Treasurer, JOHN H. PERKINS. FRANK L, WOODARD, VINE 8. STETSON, GEORGE A. DAVIS, TS ST S President, FRANCIS J. LEAVENS, - GARDINER GREENE, Vice Presidents, - Secrstary and Treasurer, FRANK L. WOODARD, Directors, N, DOUGLAS SEVIN, JOSEPH D. HAVILAND, WILLIAM B, YOUNG, Q el % S S EEEEK 5 REUBEN S. BARTLETT. T Assistant Secretary, JOHN H. PERKINS B. P. BISHOP, with the Windham County National bank. The ability he displayed led to his selection for the treasurership he now holds with the confidence of all. Brooklyn Savings Now in Danielson. A bank that has had a most pleasing year is the Brooklyn Savings bank, located on the of Danielson, where it ame to occupy new quarters from Brooklyn Center in October, 1913. This bank, always strong and having the complete confi- dence of the public, has made a surprising incre: in the of its depositors since it came to its new location. The f it is now in close touch with transportation lines, making it casy of access for depositors, has been of great benefit in a mutual way—to the bank and those who have accounts there. Its de- posits have shown a substantial increase and many of its ac- counts have become more active and growing. J. Arthur Atwood of Wauregan is president of the bank and Clarence A. Potter, secretary and treasurer. Killingly Trust Company Organized. Another financtal institution organized here and opened for business during 1914 was the Killingly Trust company, which has its offices in the Windham County National bank. This concern is authorized to do a general banking business and to act as syecutor, administrator, trustee or guardian. lis capital stock is 25,00 William A. Gaston, of the National Shawmut bank of Boston and one of the best known financiers in New England, is presi- dent of the company, Timothy E. Hopkins, vice-president and Nathan D, Prince, the two last named of Danielson, secretary and ireasurer This company affords facilities that have been needed Danfelson and its business is understood to be thriving. DULL BUSINESS HAS DECREASED DEPOSITS IN NEW LONDON BANKS. in Savings Banks Have Helped to Steady Conditions By Mortgage Loans on Real Estate—Harmonious Spirit in Banking Com- munity. The year 1914 has been a history maker. The banker has had to contend with the income tax requirements; has recently begun to acquaint himself with the stamp tax requirements; the new federal reserve bank is under way, and while we can see that it will be of little benefit to the New Engiand and castern states, the west and south will be considerably benefited. All these things, together with a careful consideration of the progress of the war on the other ; the closing of the stock exchange and the recent reopening of it have upset the regular channels of his thoughts and, have made the vear one which he will not scon forget. On account of duil business, due to the the deposits in the banks in this section have not the contrary they have decreased to some extent. w London is one of the bright spots in t as regards the making of real estate loans du the past six nths. While the savings banks of all the larger cities in the ate have made practically no mortgage loans since July, the ings Bank of New London and the Mari bank e continued their usual practice of ma ho are building or buying real estate, not in the surrounding towns. This has teadier basis than would otherwise ha New London City National bank i e by organizing and conducting a Christr year. On the 15th of December s to members of this club aggregating $ doubt a real benefit to the merchants, of the money found its way into the ganizing a Christmas club another over a thousand member: The Mariners Savings bank has been assisting in the dev readjustment, increased, on ite, howerer, been the case. public during it our was no bly a good part s banks. This bank is ear and already has p- ment of the school savings fund svstem in the schools of New London, Lyme and W a esult has been most gratify- ing, and hundreds of school chi ng habits of thrift A striking feature of New London_ bank is the absence of nfriendly competition among the banks, and In times like th this harmony of t is of great bemefit to the communi fact the financial situation in New London so f: concerned does not change ear to year of the banks towards borrowers and depositors does not char It is hardly possible that 1915 wiil be a prosperous year but still we hope. $446,706 IN ROADWORK. $271,000 in New London County and $175,706 in Windham County. Improvement of roads of all types, doth on the trunk line systems and on state aid roads was carried out through the past 3 under the direction of the state highway department and & total expenditure $446.706 was shown w London and in ‘Windham counties, somewhat less than the year befors when the total figure was $517,067. Of the expenditure of the year $271,600 was in New London county and §175,706 in Windham county, ON WINDHAM COUNTY ROADS. Expenditures of $175706 on 19.07 Miles of Road—15.26 Miles Was on Trunk Lines and Balance on State Aid. In Windham county for the year 1914 there was an expendi- ture of $175,708 in road Improvements covering a total length of .07 miles. Besides this there was a considerable sum for rail- ings built and for bridgee built under separate contracts. ©f the total mileage improved under the supervision of E. C, Welden of Willimantic, division engineer for the state highway department, 15.26 miles was on the trunk line system and the balance on state aid roads. ABOUT $271,000 IN ROAD WORK IN NEW LONDON COUNTY IN 1914, On About 25 1.5 Miles—Contracts Completed on About 4 1.6 Miles of Trunk Line ‘Road and Over 21 Miles of State Ald. Under the supervision of the state highway department with Carroll A, Campbell of this city as division engineer for New London county, contracts for road work in the county in the past vear have been compieted that represented an aggregate expendi- ture of abeut $271,000 and covered about 133,000 feet, or about 25 1-5 miles. This was divided into about 22,000 feet, or 4 1-§ miles on trunk Hnes at a cost of about $59,500, and about 111,000 feet, or a trifle over 21 miles of state aid at an approximate cost of $211,500. Among the conspicuous improvements carried on in the year was that on the Hartford and New London turnpfke, where 5,200 feet of native stone macadam was under contract in the town of Montville and 5,900 feet in Salem, as well as sections in Water- ford and Colchester and also in the towns of Glastonbury and Marlboro on the Hartford county end of the road. The New London county expenditures on road work were R i ST e e was reported expended over trap rock macadam on pver the Lieutenant rive The resurfacing of the m icinity this y C, LESLIE HOPKINS, SHEPARD B. PALMER. somewhat less than the figures given a v total mil Recent contracts that have been awarded native stone macadam in Lebanon the Winthrop $8,121.01, and a contract in Old Lyme for build end wing walls of new bridge and removing the present r to new lo New London turnpike at a c hen $315,000 are of road for of a for & the abutments ridge ation on Hartford and st of about $8,000. 5 dam road fr #schoolhouse to the Yantic railroad cross one of the pieces of state road work that i ear, bids on which closed on December 31: the state highway department office at the capitol at Hartford. 914 ¢ NATIONALBANK Of Putnam A REPRESENTATIVE NEW ENGLAND INSTITUTION CAPITAL AND PROFITS $250,000 CHARLES H. BROWN, President G. HAROLD GILPATRIC. Cashier PUTNAM, EVE RYTHING CONK. at the PUTNAM’S BUILDINGS. About $50,000 in Construction Work in 1914 -— Addition to Mill — Repairs After Fires in Business Blocks — Changes in Putnam Inn Block. In Putnam, 1914 was not an exceptionally good year for building. Nevertheless, about $50,000 worth of new work and repair work and additions was done Manhasset Mill Addition. The chief building item in the year's work was ihe two-story and) basement 2ddition to the plant of the Manhasset Manufacturing ccmpany, which i Putnam’s fastest growing manufacturing comcern. This addition cost about $10,000 and may be regarded | the first of a series of additions to be needed at E(nq plant, which has business enough already sscured | to keep the mill running day and night throughout i 915. The company manufactures automobile tive duck and one of the very best grades produced in the United States. Racing cars in some of 1914’s bz events made world’s records on tires made of Muan~ | hasset duck, EESEEEEEDE &= LS S KOS Repairs After Fires, structive fires during 1914 gutted two of ral business blocks of the city—the Bradley building in Front street and the Union block on the quare. The repair of these buildings involved the |expenditure of many thousands of dollars, but the 2s have been modernized in considerable de- the result of the changes made. Change Into Store Property. Another important alteration job was that by | which the north end of the Putnam Inn block was | transformed into the most elaborate, marble-trimmed |and up-to-date store in the county for ooccupation by ary firm. Thi cost several == Two de the princ 2 &EE, | builc | | gree 5 2 17, SEEDE goods nd dol But a Few Dwellings Constructed, Iy a few dwellings were constructed here @urs ear. Three of these are on the de- A notable building adde Mayo apartment in the Rhodes Blizabeth Frost bungalow o of the very attractive nev A number of dwellings wer: 7N property. The was one dwellings of the year. {impr 1and en 3 i . YALE'S BOAT HOUSE. ‘Under Construction at Gale’s Ferry—To Be Finished in Tme For Next Boating Season—Boat Room 32 Feet Wide and 85 Feet Long. ene of so many of Yales in progress on a new beat the worl At Gale's F TY, ctories, for the Yale crews, which it is expected will be ished some time in Marc ng 1= to give safe ant shells, to facilitate the a new platform with -foot float, and to provide sleep. xswain and coaches, as well as There are dressing and Tise dequatc ching of 1 ons for the assistants on the second floor. floor will be taken up by a boat room and dressing rooms. The boat room will 3 v 85 feet long and will have raciks e 1 the s and oars. On the second floor there | will be 16 bedrooms, and in the centre of the buflding, |a sitting room, which will open on a balcony, project- ng sl r the water. painted white on the owt- 1 all exposed first floor framing are with creosote. o building as a whole reat improvement over the old structure, which has stood for over 35 years and has long beem {considered inadequate. | In the summer of 1913 plans were first formulated | e new k ,use. In order to put these through, ictory e Thames was necessary. The result 1e race last spring made the new boathouse & ty, and the graduate rowing committee appointed mittee to go ahead with the work. ast summer the plans were revised was started for funds to finance the g. When college opened all was in shape t actual work so that the dismantling of the eld begun. will be in BANKING Windham County National Bank DANIELSON, CCNN. Checking Accounts for young and old Deposit Boxes for $3, $5 and $10 2 Christmas Club for women and men (We invite you to inspect our new buiiding) Make Ycour Banking Headquarters — A “THE OL.D RELIABLE?”