The Bridgeport evening farmer., 1909-07-02
Needs of Local Business May Be Met Without Re course te Foreign Institu- tions for Discounts and Loans.

O'o~
 dent of Consolidated In
 stitution, and that Presi dent DeForest, Who Ii Now Advanced in Years
 Will Retire.
 Everything is in readiness for tht
 consolidation of the Bridgeport ant
 First National banks, and at meeting.
 of the stockholders and directors te
 be held on July Is the merging of the
 two institutions will be formally voted
 The purpose of the consolidation is tt give Bridgeport a million dollar bank
 Under the laws governing nationa.
 banks it will be possible for the new
 bank to loan $1Oo,O00 to a. single bor-
 rover and this will be g. great hell
 to local manufacturers like the Loco. mobile Co. of America, the Union
 Metallic Cartridge Co.,, the Warner
 Bros. Co.,, and other big concerns who need money to buy stock and machin- cry in advance of the business season in crder to meet the business of the year. In the past there has not been bank in this city that could make a loan of more than $50,000 and manu- lecturers were obliged to go out of town to borrow funds to do business with.
 The First National bank will prob ably be the name of the new bank al though that has not been definitely settled.
 The Bridgeport National bank is the oldest national bank in the city, Shav- ing been incorporated in 1906. But the First National bank is, the Govern ment Depository and the financial agent of the United States, which makes it most likely that the First combined institution.
 The capital of the First National bank is $250. 900 and it's surplus is also $250, 900. The capital of the Bridgeport plus and profits are $308. .8S7. Enough of the stockholders have pledged to bring about the consolidation and it is unanimously agreed that Charles G. Sanford, president of the First Ma tional bank, will be the president of the new bank. This will give Thomas B. DeForest, president of the Bridge port National bank, chance to retire. He is well advanced in years and for nearly a century has been actively en- gagged in the financial world.
 Frank N. Benham, who is cashier of the Bridgeport National bank. will probably remain as cashier, or vice president of the new bank, while o. H. Brothwel1, cashier of the First Ma tional bank will either retain his pres ent position or be promoted.
 The directors of the First National bank are Horace L. Fairchild, Ed ward Sterling, J. B. Cornwall, Alexan- der Hawley, Edward w. Marsh Je- Esnoch F. Hincks, Charles G. Sanford, Orlando H. Brothwell and Charles B. Read.
 The directors of the Bridgeport Ma tional bank are F. N. Benham, John M Wheeler, Thomas B. DeForest. Samuel A. Burns, D. H. Warner, W. s. Plumb, Robert s. Hincks, E. IN. Sperry, George B. Somers and w. c. Bryant.
 In the eyes of manufacturers and business men, the consolidation is one of the best things financially that has happened Bridgeport.
 As to the home of the new bank there is still some conjecture, but ul- timately the Unite1 Bank building on the northeast corner of Main and Bank streets will be the home of the new bank The interior will be torn put so that there will be an entrance on the level with the street But his will probably not be done for two> years to come as the City Savings oank which occupies one-half of the building with the Bridgeport National oank does not intend to vacate for two years or more. When it does it will occupy a OI US OWh III GSAoliA street at the head of Elm street.
 In the meantime it is expected to build a mezzanine floor in the hand ;ome marble bank building of the First National bank on the southeast side of Main and Bank street. This will near v double the floor space of the new ,ank and enable the double business If the bank to be done there until it is possible to get into the remodeled buildings. But the question of build ngs is not bothering the financiers who are bound that Bridgeport shall nave a million dollar bank
 Ultimately the handsome marble building will be for rent or for sale, md it is intimated that the new Com nercial Trust Go, which was recent y incorporated by the legislature, will ry to get the building. One of the of the trust company which will commence business with 1GO, 900 and which can increase it's cap> tai to s1 oOO, 900 at any time, was seen his morning. He said that the trust ompa1iy had not organized as yet, ut that the bank building would make
 fine home for the trust company.
 The incorporators of the Trust Co. re William E. Hathaway, Henry H. Jettleton, M. Moody Downer, John A. ;pafford and Robert c. Mallette of this ity and Edward K. Kneen of Hunt n