Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1909-04-07
ORGANIZATION OF THE
WILLIMANTlc TRUST COMPANY
Matter of Extending Time for Such
misunderstanding at Hartford.
(special to NE Bulletin.l }


Hartford. April eff the joint com
mittee on banks is willing to extend
the time for the organization of the
Willimantic Trust company, a new
charter for which a measure has been
introduced will not be asked for, but
If the committee comes to the con-
clusion that six years is long enough
in which to determine whether or not
it is going to be possible to make use
of the charter obtained by George E.
Hinman in 1908 and refuses to report
favorably on the proposition to renew
il for another term, the supporters of
the bill under which it is desired to
orgtanize another trust company in
the Thread city will appear to press
their case.
This is what Attorney c. A. Capen
of Willimantic appearing for the men
who have applied for the new charter,
told the committee this afternoon. He
said that Willimantic was now a city
of $4,000 people and had but one ma
tional bank and one savings bank, and
that it was felt that trust company
could prosper there. that there was
room for it and ample room-withOut
injury to either of the existing bank
ing institutions
He referred to the fact that a few
years ago the city had two savings
and two national banks and to the
direful day on which it became appar-
ent that half the number in each case
was about to end its career in disas-
ter. The city had grown to a very
appreciable extent since that time. Mr..
Capen said, and the bank deposits are
now a half-million less than was the
case when there were four banks, but
the probable reasons for this are easy
to find. He told the committee that
it was greatly hoped in Willimantic
that the present charter would be
continued in force and that he had
been authorized by the parties inter
ested in another to withdraw their bill
if this should be the case. If not, he
would like to be heard and to have
them heard later on.
Mayor Dunn appeared in the COM
nittee room at this point and told the
committee something of the history of
the Willimantic Trust company char
ter which was obtained by Mr.. Hin
man while he (Dunn) was a member OF
the house in 1903. It had been obtain
ed against his opposition. for it orig
inally contained much broader powers
and rights to engage in various bust
nesses which didn't seem to him TO
properly belong to trust companies. II
also contained a provision that the
capital stock of the company should be
$4,000 and that only $4,000 of this
should be paid in, while he believed
that the whole of the capitol stock
should be paid in.
Mayor Dunn was defeated in his
opposition when the charter was
granted but two years ago he got if
amended when an extension was asked,
introducing an amendment in the
house, after the charter had passed
the senate, calling for all Of the $4,000
capital stock to be paid in and this
was passed The bill was recommit-
ted at that time and the committee
took out various other features which
were Objectionable. AS the charter is
now worded there can be none Of that
dickering or trading with it which is
so Objectionable, and the law is now
in good shape. So that while the
mayor had twice appeared against 1t,
he was now appearing in favor of the
extension which the present owners
asked.
George Z. Hinman came into the
committee room at this juncture and
if the incorporators at the present time
were the same who had appeared in
the original law as incorporators and
was told that they were.
This charter has been held some
time, gentlemen" said Mr.. Hinman,
and the holders haven't seen their
way clear to organizing a trust COM
pany under it. They hope, however,
to be able to do something before a
great while. The gentlemen interest
ed in the other charter which has been
mentioned this afternoon have shown
a disposition to come in with us now
and let us all take hold and put the
matter through at last.
There is plenty of room for a trust
company in our growing little city,
without doing injury to any interest
now existing there and we are very
hopeful that this charter may be re-
newed this once more and we may
have the added time to do something
with it,
Senator Goodwin asked IL there
would be objection to limiting the time
to which the charter would be extend
ed in case the committee should de-
eide to do that, to December 1, 1910,
and Mr.. Hinman replied that there
would be none. He understood that
the committee was making a rule of
making such extensions only until the
date mentioned and felt that if they
were going to be able to do apvthing
at all with the charter they would be
able to do within the next few months
and certainly before the date referred
to.