Connecticut western news., 1906-09-06
FAVORABLE PROSPECT
FOR A CANAAN NATIONAL BANK

Board Of Trade Committee Making q
 Canvass in Canaan and Vicinity for
 Conditional Pledges to Purchase the
 Stoek-Capital Stock to be $50, 900
 The Canaan Board of Trade held meeting last Friday evening, to discuss the feasibility of the proposition to estab- fish National Bank in Canaan. The result of these deliberations was that a committee of five was appointed to ascer- tain if the people of Canaan and vicinity are sufficiently desirous of having such bank established to accord it their support in the way of purchasing stock and agreeing to favor it with their deposits.
 The meeting was held at tho office of A. T. and J. H. Roraback, and was at- tended principally by Canaan's active and retired business men.
 President Eddy explained that the proposition is not the creation of any faction or clique but is one in which all Canaanites are invited to cooperate, and that it grew out of an oft expressed desire on the part of Canaanites, as well as people in the surrounding territory, for an institution in Canaan where they might transact their banking business.
 It was at first suggested that an effort be made to capitalize the bank at S25. 900 but for various reasons it was finally decided to increase that amount to $50,- 900 if possible, chief among these reasons being the fact that 5000 bank would inspire greater degree of confidence in the prospective depositor than one with S25, 900 capital stock.
 Among those who spoke in favor of the bank proposition were Wallace Can- field, H. B. Ives, J. II. Roraback. George Fuller, George Parsons, J. L. Parsons, N. l.. Jackson, H. E. Lyles of Canaan, and Clarence Weymouth of the Hadsell Lime Go. at Clayton.
 The confidence of Canaan business men in the ultimate success of bank was much strengthened by the view of the situation taken by Mir. Taylor of the Coal and Iron National Bank of New York. who carefully looked into the matter at the suggestion of Mir. Wey- mouth and who expressed the unquali- fled opinion that the time is ripe for establishing such bank.
 The consensus of opinion at the meet ing seemed to be that at least S30,000 of the $50, 900 capital stock should be sub scribed in and near Canaan, and that if pledges of such subscriptions cannot be obtained that the effort to establish a bank should be discontinued. Mir. wey- mouth addressed the meeting and said that his associates and himself stand ready to purchase whatever stock is not subscribed for by other parties.
 The committee to interview possible investors consists of George s. Fuller, Wallace Garfield, George Parsons, H. B. Ives, and D. w. Manvel. These gentle men are much encouraged by the pro- gress they have thus far made. They have received several communications from out of town parties who desire to invest money in the enterprise, parties who firmly believe that Canaan National Bank stock will be valuable asset.
 The committee will report the result of their labors to an adjourned meeting of the Board which will be held next week Friday evening, September l4.
 The question of obtaining location for the bank is one that will cause no difficulty as George s. Fuller, who is erecting building on Railroad street, has consented to rent half of same for bank purposes.