Norwich Bulletin Newspaper, January 1, 1917, Page 27

YEAR WAS ONE OF PROSPERITY FOR ALL: NORWICH BANKS. Savings and Commercial Accounts Show Substan- tial Increase During 1916 — Over 30,000 Savings Accounts Average a Thousand Dnl- lars Each. The year just closed saw an increase in both National and Savings: bank business in this city and local Lank officials are looking forward to /nother successful year during 1917. The year as a whole was uneventful in local banking es. In all the local savings ks there arc approximately 30,000 depositors and theic accounts averaze about a thousand dollars each. These depositors Qo not all raside in Norwich but are spread over the whole of Eastern Connecticut and a number even beyond the boundaries ‘of the state. The Norwich Savings Socie in Jun t elected Traver Briscoé a trustee to succ late WWilliam H. Palmer whao died about a year ago. The Savings society also elected Charles Henry Osgood a director to fill the vacancy caused by the death of A. A. Beckwith. The Chelsea Savings bank like the other banks the cit has had a successful and prosperous vear. On Thursday of las week death claimed their treasurcr, Charles Billings Chapman. With the excepiion of Mr. Chapman’s death the officers of the bank remain- the same. The Dime Sivings bank with nearly 7,500 depositors’ names on their books is ste srowing. This institution lost by death during the vear George A. Davis, third vice-president, and Vine S. Stetson, one of their directors. The Thames Loan and Trust company continues_to pay divi- dends whenever possible. o far they have paid a total of 70 per cent. on the savings accounts and 35 per ceat. on the com- mercial accounts. OPPORTUNITY l!v\l NEW LONDON FOR BANKING ON POPULAR BASIS. Whaling ‘City’s Savings Deposits Have Increased Over a Million Dollars During Past Twelve Months. Like nearly all other Connecticut cities, New London has had a very prosperous year. All the manufacturing establish- ments have been running on full time. and extra time; the mes chants have:.had an exceptionally good year, and even though the cost of living has been high, the Savings bank.of New Lon- don_and the Mariners S gs bank have made a considerable growth, showing that the Ppple are spending less than they car ‘The increase In savings_dsposits in New Londcn for the past year runs well over a million dollars and the’ New London City Bank and Trust company. the National Bank of Commerce, the Wbaling bank and the' New London City bank, show the larzest deposits in their history. There has been no unusual happening London during the year. The New London C bank has con- ducted its Christmas club as usual and has distributed a tots of $85,000, as a result. The MarinersgSavings bank has continued its good work with the school savings bank system and at the close of the scheol year in June, gave silver cups ‘to the schools which made the best showing in deposits. New London has one bank which is famous over the.whele country, the old Whaling bank, established by the Lawrence fam- ily, which has a capital of $150,000, has a surplus of over $3500,000 and deposits of approximately $300,000. The stock of this bank is very closely held and although it*pays only dividends of ten per cent., the stockholders are looking forward to the time when, within - five years, the bank may be liquidated and the ‘melon distributed. The New London City National bank has inaugurated the charge system in New London, that is, on all accounts which show a balance of less than $309, a charge of fifty eents a month is made to cover the cost of handling: bankwise in New » There is an cpportunity in New London for a new bank con- ducted on a popular bas!s, that is, one which will give the small depositor ard the small borrower an equal chance with the larger depositor and borrower. Some day it will surcly come. Frank A. Munsey, owner of the Mohican hotel buildinz has in- timated several times that he would enter the field with a trust ccmpany. In fact, when the addition was made to the hotel street front, a part of the property some vears azo, on the S und floor was set apart for banking purposes and it bved this matter w and the people of New London benefited, and at no 10ss to the founder of ghe banking #nstitution. SAVINGS DEPOSITS SHOW INCREASE IN WILLIMANTIC BANKING CIRCLES. Wage Rmse in Manufnctunng Plants Has Helped Swell Volume of Business During Year Just Closed. = The year 1916 in the banking circles of Wiliiman may, be called a normal one, @lthough the savings accounts were in- creased to some extent. The business of the Windham National bank and the Willimantic Trust company shows an increase over the business done during the year precedinz. The vavi in- creases in the wages of the employces of the different mills in the city have helped to increase the business of the ba. the city There have been changes in two of the banks during t namely in the Willimantic Trust company and @ the V Natios The former was forced to suffer a change of i when their former place of busi as burned out during the Jordan fire. The officials of the institution los! no time in find- is bhe- ing a new locationt for their bu and within two days the bank was ready for busines . new location on Church street. rters are only temporary as it is the intentior of the of the bank to have one of the most mode institutions” in thy state when they get into their new quarter which will be in the new Jordan building. There has been onc change in the ‘officers of this institution during the past vear Arthur P.-Ramshaw has been succeeded as secretary by C. W. Burnham. » The other change in the banks of the city was another forced change and that was the naming of a man to take the place of Giles Alford at the Windham National. Mr. Alford was fataily injured by, fiving stones when the rear wall of the Jordan build- ing was razed to the ground by dynanfite. Hec was taken to the hospital where he died the following morning. His loss was greatly felt by the bank in which he was employed. The year with the WillimantigrSavines institute has been a normal ane, although the saving deposits have been increased to a large extegt. This k always has had dep@sits on hand and during. the past vear it has kemt up with its past record of increasing these deposits continualfly PERIOD OF SURPRISING GROWTH FOR DANIELSON FINANCIAL INSTITUTIONS. No Previous Year Can Show a Record Approachmg . the High Marks Set in the Past Twelve Months —Brooklyn Savings Bank Deposits Show a Net Gzin of $189,000. ~ ~ No year of’all that have gone before in this history of bank- ing in Danielson can show a record approaching the high marks set by Danieison finan: itutions during 1916. The year was 2 period of surprising growth. Deposits have mounted by leaps and bounds-until; at the close of a year they represent totalsthat the most optimistic of bank men had not anuc!pmed would “be heid here for many Years to come. This great is a ‘roflection of general prosperitiard applies as gereral, if not in the same desree, 4o the hecounts of the working man and woman as it does to those of mnnunmnar:rs (nd business men. For instance, the deposits of the vings bask ‘have shown a net. ; J has been credited to the accounts of the saver of small amounts and is distributed amons a large number of accounts. If a prediction may be ventured here, it may be well to give publicity to the belief of the bank men that notwithstanding the remarkable gains during 1916, they will be surpassed during 1917, a year which is to be marked by unusual industrial development, representing the investment of millions in new mill properties, from which wealth will be poured back to thousands of operatives in a golden stream. The Danielson Trust ‘company rep§fts that its business dur- ing the last year has been srowing by leaps and bounds. Its deposits have been very close to the halfgmillion mark during the st six months, and the officials of the Company state ihat they expect to see the deposits exceed that amount within a short time. It has added two new directors to its board recently, they being Mr. Charles B: Wiggin, vice-president of the Merchants National bank, Boston and Mr. Frank T. Preston, town clerk and treasurer of Killingly, both of whom will be a great help to the msutuuon . 1ts Holiday Thrift club has been very successful. This club was organized a year ago with the idea that it would be a help to many people who try to save for a n; * for Christmas or for some special vacation: bys providing a plan whereby a _smatl Gl could 5o sawet Sach week towepd ine dcaied objeet, The Trust company has paid its shareholders.six per cent. dividends during the past vear. besides paying the State tax on its capital stock, and has also added a substantial amount to its surplus account. The Trustscompany officials make it a point to sive personal attention to the needs of every customer, no atter what the size of their account, and reports that a number of small accounts in the bank have increased during the past With the outlook for expansion there seems sure to come to Killingly this next vear, the company. looks forward to an- iothe¥ exceptionally prosperous yea Windham County National Bank. At the resular meeting of the directors of the Windham the regular semi-annual was declared to year. County National bank held on Saturday, dividend at the rate of six per cent. per annum its stockhold This makes the 165th semi-annual dividend which the Windham County National bank has paid to its stock- holders. being incor ted in 1822 and has ladaa the b2nk cessful record since its incorporation. At the present ,009 which is a high fizure time i are in excess of $1, set for the bank and shows its phenomenal growth during the past ¥ The feature which many people are coming to realize is its ings department, which is ¢y by the hank’ surpius, but ddition its capi nzs depos have grown v rapidly, in fact show that the Wind- ham County National b ik's deposits have increased faster Pan any other bank’s depos in Windham county. Brooklyn Savings Bank. Savings bank during 1916, established in the Phoenix building, 2 itself Main The Brooklyn permanently in its new home INTERIOR BROOKLYN SAVINGS BANK street, Daniclson. enced henomen: Danielson, has had now exceeding §2, as is shown in the bank’s ])ubhslled statement thl\ morning, organiZed in 1872. and from that date on it has had a stcady and strong grow It was organized in the nearoy town of Brooklyn, first 6 as o answer the need of the people of the vicinity. From the first it was directed with di inat- ing care and it came to have a reputation for solidity and safets It carly came to enjoy the unbounded confidence Never once in its history has this confidence it %s stronger than ever and the name Brook- m®for absolute security Further, gh The bank w of first rank. of the public. wavered and today Savings bank is Iyn In 1 when a " became effective requirinz savinzs banks with deposits of $300,000 and ovér to be separate from any other banking institution, the Brooklyn Savings bank, which had its inception under the Wing of the Windnam Count tional bank, then of Iirooklyn, but now also of Danielson, became in- dependent. * Clarence A. Potter, then 21 vears of age, was made asurer, and has since continued uninterruptedly to. fill the sition with all that cfficiency. attention to details, scrupulous tare and courtesy to patrons that have contributed so much toward the development of the bank into an institution that nds in the first rank of sgvings depositories in, Connecticut, in guality if not in size. With the development, during the years, of this gection of Windham county, Brookl ame isolated in that sense that it wa veral miles of ad and trolley lin Quick to realize that the future prospective’ growth of the bank would be hampered b lative permission to so amend the bank’'s charier as to low of: its removal Danielson. Through sentiment that must be re- specied and loyalty to the old home town the removal of the hank io D’xlle]&un was repeatedly opposed, but finally, in 1913, per- mi n Wi given to b the bank to East Brooklyn, really a part of Danielson. There the bank at oince began a remarkable period of growth, as had been anticipated. The legislature of 1915 granted right to bring the bank to Danielson, undér.an amended charter, and after 18 months of business in as:t Brook- Lyn, the present quarters in the Phoenix block were ocecupied. Then quickly followed the absorption of the,Windham County Savings bank and a steady incrcase in number of depositors and amount of deposits far exceeding even the most sanguine hopes of the bank’s officials. 5% * During the present vear the ban Has had ‘its intetior fixturés Siulpiuoat entirely renawed.. WaIcH é:d‘fil’ fixtures with Verde bases m PUTNAM STATE TRADE SCHCOL NOW ODM‘PLETED AND OCCUPIED 'STATE TRADE SCHOOL AT PUTNAM the interior one of the most attractive to be found in an Eastern Connecticut bank. The clouds that hofered the Putnam Savings bank since the end of 1913, when the institution was, by order of the bank commissioners, ordered to suspend payments and stop receiving deposits, were dispelled early in 1916, and the sun now ,shines brightly on the bank’s prospects. . With all restraining restrictions removed in April, 1916, the bank resumed business in full. There never was anything vitally wrong, basically, with the bani, but depreciation of its bonds, which were held in large blocks, but closing was deemed desira- ble for the better protection of the depositors. In the meantime the bank's earnings remained the same as before amd in April of 1916, these earnings and appreciation of securities made it possible for the bank to reoj and do business without re- striction. The belief that the bank’s standing had not been materially impaired by the closing and that it still held the confidence of the people has been demonstrated to be true since the bank re- opened. Since April many new accounts have been opened and the deposits have been so liberal as to give the splendid board of officials every reason for being very happy over the prospects of the bank, which is one of the best known in southern New England. _ Like other commercial institutions, the Putnam National bank, has had a wonderful vear of business during 1916. Al past records, and there were many worth being proud of, were eclipsed by the transactions of the past twelve montns. This bank serves not only Pugnam, but much surrounding country. It is one of those institutions that always remembers service as its watchword and theysurprisingly large volume of business that it transacts is held securely by reason of the superior service and courtesy it affords, aside from the fundamental strength it enjoys. a o NOW COMPLETED AND OCCUPIED. Building Proclaimed By Experts to Be the Best of Its Kind in Connecticut—Manhasett Manu- facturing Company Has Built ‘Thirteen Tene- ments in Past Year. v The year 1916 was one of splendid development in Putnam in rezard to building operati Some fine structures were com- pleted and work on othe arted, the most notable examples being the fine new State Trade school, on High school field, com- pleted and occupied a few weeks ago: the handsome brick rectory of St’ M parish and the arand structure that, when it is completed, is to be the Mother house of the Society of the Sisters of the Holy Ghost, a teaching order that has charge of St. Mary’s school in Putnam and a number of -other parochial schools in New Ensland. The contract for the construction of the Mother house was le@®some time ago to the Wheaton Building and Lumber company of Putnam, which now has the walls up a considerable distance of the four-story height that they are to attain. The new build- ing is located on the old Morse property, Church street, pur- chased by the Sisters during the past year. The State Trade school is a model of its kind. r eguipment work and placing of inery 5 of the school. The building has been experts to be the best of its kind in Connecticut. The Ma Manufacturing company, makers of autpmo- Much of the was done by proclaimed by bile tire duck, have contributed the nucleus of a new village in Putnam during 19i6. This concern has laid out new streets, through which the city has authorized the laying of sewers and built 13 houses duFing the past year. The company now controls 2 tencments in the city for thé housing of their constantly grow- ing number of employes. plant is being added to from time to time ness of the concern continues to grow, and 1916 v equipping of its latest addition with mac that ziven over to the processes of manufacturing duck. Zlectric lizhts have been through new streets opened in what own as the Manhasett section of the city and a rnumber of other improvements mafle that indicate that the growth in dwellings started in 1916 will be continued through a period of year s the busi- Grove Terrage, in the northern section of the city, has shown rapid development during the past year and so has Sunset Manor, s sections being seiected for the erection of a number of private dwelling houses. At the corner of Grove time a brick and frame.st nd Scuth Main street at the present ucture, three stories in height, is be- Capital $100,000 sound business policy profitable. Surplus and Profits $175,000,. Established 1832 Accuracy in accounting, courteous servnce, promptness and liberality- in dealing, and a in administering its own affairs, characterize THE WIND NATIONAL BANK, which aims thereby to establish with customers relations that shall prove reciprocally permanent, pleasant and The Windham National Bank WILLIMANTIC, CONN ing built for Mayof J. J. McGarry, who will occupy the lower floor with his business enterprise. Another structure, frame and three stories high, . was erected during 1916 at the corner of Church and Providence street, add- ing much to the appearance of that immediate vicinity. Another contribution to the building and remodeling boom In Putnan during 1916 was by Rev. Charles F. Bedard, who caused the remodeling of the St. Mary- school, making it into a fine school building. On the site of the bunding contain the Gy A. R. hall that was destroyed in the big fire on Front Street a few years ago, a new bulldingcsor business and dwelling purposes, a frame struc- ture, will be mpleted‘ry Ernest Whittemore during the present year. In addition to these operations dwellings have sprung up in many sections of the city. Ravine street has some of these, in- cluding one for Postmaster Alexander Gilman. During 1916, a Building and Loan association was formed in Putnam and has met with great success. In December a dividend of five per cent. was declared on all shares issued. Thec first issuc of shares, date of January 1, 1916, were rapidly taken up, as was another large issue d.ate of July 1st. All the money paid in by shareholders was rapidly ta‘(vn up. under the favorable conditions made for loans and applications are now on file that will take all of the income and prospective increase in income up to April 1st. In neighboring towns there also has been much activity in building lines. Work was started late in 1916, and will continue through the winter, on the million dollar Gladding estate in the town of Thompson. This will be one of the most beautiful country places in Connecticut. In Pomfret plans were made dur- ing 1916 for the development of a Country Club, on a tract of land that has been purchased, the amount to be invested approxi- mating $50,000. ‘While Putnam grew substantially as to real property during 1916, it is expected that 1917 will show a record as good or better, BUILDING OPERATIONS IN NEW LONDON TOTALED NEARLY TWO MILLIONS. Year Just Closed Easily Banner Year For Over Two Centuries and a Half—New Dwellings Erected in 1916 Number 127. Never, since the foundation of the town away back in 1646, has there been as much building in New London in any year as in the year 1216, and it is easily the banner year of over two centuries and half, which goes to show that the city is on the safe and sure road to genuine progress. During the year there have been just 127 dwelling houses constructed and nearly all to accommodate two or more families, and yet there are not near enough to meet the demand. Already the New London Chamber of Commerce is planning for the building of at least fifty dwell- ing ‘houses during. the next year im order to permit of the con- tinued growth of the city in population and to keep pace with the great increase in industrial activity. Never before in the history of any one, or two vears, has there been such extensive additions and repairs to buildings; and surely the number of garages has never been equalled. /This building activity not only shows a steady, #rowth but also shows that, in consequence, it has been the Bes)year ever for the building trades, and the end cannot be seen through the strongest business telescope. Even since the preparation of the figures thgt form the basis for this article the building inspector has been consulted concerning a large addition to the Brainerd & Armstrong mill plant and for awellings that will total $50,000 in value. Right here be it known that a more competent building in- spector,than the present incumbent, Benjamin R. Linicus, never held the office. Still he was not included among the officers whose salaries have been raised during the year. Inspector Linicus and the common council committee on new buildings are preparing 2 set of rules that will govern the construction of buildings in New London in the future. Anticipating the adop- tion of the rules by the court of common council and the enact- ment 6f an ordinance to insure enforcement, Inspector Linicus has insisted that the new buildings be built in accordance with the proposed new code, which is in the main the same as pre- vails in the city of New Haven. Inspector Linicus insists that fire-stops be placed between every floor, and this is especially applicable to the “three-deckers.” All chimneys must have flue linings or be built of brick eight inches in thickness. Before another yqar rolls around the fire limits of New London will be very ch enlarged and within the limits there will be no wooden comstruction. The new lines will be about like thi Take the centre of Sparyard street, so-called, at its junc- tion, and extend the line along the water front to the centre of Hallam street and for a distance of forty feet east of the railroad tracks. Then up Hallam street to Main to Richards, to Hunt- ington to Jay, and 150 feet back of Jay street to Coit street; from Coit to Reed and 150 fect north from Bank, down Banlk street to Jefferson avenue and on an angle to the centrg of Ocean venue at the junction with Bank and 150 feet back to Shaw reet. Then down Shaw street to Hamilton, to the east side of the railroad tracks and back to the point of beginning in Spar- vard street. So New London is not only growing in the number of building but with the enlarged fire djstrict, the tendency will be for a more citified appearance in the future with no wooden buildings within the prescribed fire limits. The story of the buildings, additions and repairs, average cost is best told in the following summary: nd the Brick or cement, mercantile Additions amd repairs . Dwelling houses Repairs_and additions . Garages Totals . The total amount expended in building and repairs and addi- tions during the year 1815 was $937,600 or $1,022,655 less than In 1916. The three-story addition and the eleven-story addition to the Mohican hotel, the new Marsh and Barrows buildings, the Chappell cement coal pockets, the dormitory of the Connecticut College for Women_and the big Monte Cristo gzarage and t LaPoint factory helped materially to sweli the sum total buildings during the year, as did also many high-grade dwgliinz houses. In 1915 there was increase of $206,400 over 1914." The vear 1917 starts on with a fair number of buildings in prospect mostly dwelling houses, indicating that the moneyed people have increased confidence of the healthy growth of New London.