The Providence news. (Providence [R.I.]) 1891-1906, 1902-05-03
NEW BANKING METHODS.
A Boston Mans Invention Which VIII
Give Depositors Credit as Right at
Leading Cash stores. Adopted by the
New England Trust Company.

Few changes have been made I'm bank
ing methods during the past century and
fewer still have been the changes which
have given greater privileges to the i'm
dividual depostors I'm savings banks and
trust companies. New England savings
banks. organized without capital and
operating on "A purely mutual basis,
have well served many thousands OF peo-
pie by furnishing a safe means OF invest
ment and a fair interest return on their
small savings or capital. but neither of
them has given to IT'S depositors most inn
portant privileges which they will here
after enjoy.
An invention recently made by Thomas
n. Taylor OF Boston, Mass, and on which
the United States government granted
patent February 4. 1902 promises TO revo-
lutionize American banking methods-and
TO revolutionize American banking meth
DDS, means the revolutionizing or the
worlds methods. because all nations are
today bringing their affairs up to date
by the adoption OF American ideas.
Under methods OF banking which have
heretofore prevailed depositor In saw
ings bank. trust company or national
bank has had no commercial standing In
the community and no credit at any cash
store, solely because ofShis bank account.
Under the Thomas D.. Taylor system
person. whether man or woman, pos
sessing a bank account Will have the
privilege OF credit. not as favor, but as
a right, at leading cash stores In all lines
OF business, and eight weeks in which to
pay for goods purchased, out OF their
subsequent earning or income without
withdrawing q dollar from the bank and
without losing any interest on their
money In the bank.
Persons who now have a deposit In
savings bank and who desire TO make a
purchase of goods OF any kind must take
II I'D "
the cash and pay for goods when pur-
chased If depositors salary becomes
due the following day and the full amount
withdrawn is redeposited, interest on the
money used would. nevertheless, be for
feited 20 the bank for the entire dividend
period of six months. Under the Thomas
d. Taylor system depositors have the
free and unrestricted use OF their money
IN the form OF credit at leading cash
stores always as a right, without asking
even the bank or the merchant for Ia
vor Of any kind. without losing a penny
OF interest and absolutely without ex-
pense.
There arc tens OF thousands OF people In
every city who have never had charge
account at the large stores. and this priv
ilege will undoubtedly bc much apprc-
ciated i'm connection with their bank ac-
count. There is. as a matter of fact, also
an advantage to those who have always
enjoyed a charge account at leading
stores To do their banking under the new
system. because they run no risk OF be-
ing refused creditat any time In any lire
OF business and are relieved OF the en-
barrassment OF asking credit as favor.
The Thomas II. Taylor system of bank
ing IL a legitimate extension OF banking
facilities. which the inventor claims
ought TO have been granted 10 depositors
n hundred years ago. While under the
Thomas y. Taylor system the depositor
J receives privileges and advantages never
before granted In connection with bank
! account IL IL the essence OF sound, safe,
| conservative banking. because the bank
] cannot under any circumstance lose
dollar, neither can any loss come TO the
/ merchant who sells to the depositor at
| the lowest cash price on sixty days time.
The bank, like the daily newspaper,
| which best serves Its customers VIII
! eventually serve the largest number,
\ hence there is constant rivalry among
| progressive institutions for control of
/ methods which give any advantage over
competitors.
The New England Trust Company
| which was incorporated by special act OF
| the Rhode Island Legislature on March
\ i3. 1902. has secured exclusive control OF
! the Thomas ID. Taylor System OF Banking
for the city of Providence and all other
| cities and towns In Rhode Island except
Pawtucket, Central Falls and towns OF
Lincoln and Cumberland II is the inten-
tion OF the company to establish branches
| In all important cities In the state.
| The directors OF the New England Trust
| Company include Julius Palmer. director
Old National Bank and City Savings
| Bank: William II. Dunham, formerly
| ca shicr Fifth National Bank; Charles A.
| Wilson. United states District Attorney;
| n. L. Anthony. Secretary Anthony AZ
| Cowell Co; II. Russell Brown, ex-Govern-
| or OF Rhode Island and Vice President
| CITY Savings Bank. director Old National
Bank: O. &. Darling Treasurer Geo. r..
Darling Lipidary Co.: Burton NJ Firman.
| Vice President. and r. T. Ballou. Treas
| urer, r. r. Ballou Company.
The New England Trust Company is To-
| Gated at ~ Weybosset street In the bank
ing rooms formerly occupied by the West
4 u,tOessr Rank