The Bridgeport evening farmer., 1910-03-11
Take a Tragic Turn.

Bridgeport Trust Go. had it out last night before the afdermanic orii- rance committee which is consider ing the petition of the trust company to become g, depository for city funds.
 eff you are looking for business said President Frank Miller of the City National Bank, you have a lot of private bankers here, they are good citizens, taxpayers and good fe1- lows. Let them all bid. There is Burr & Knapp, James Staples & Co.,, ands Boody & Mcclellan, all good sound firms. I dare say you might get as high as four per cent. for the city's money if you let them all in. These banks don't have national or state examination 'tis true, but you could frame your ordinance so that the finance committee! of the com mon council could make the exami- nations.
 '.As I said before, if you are going after business give everybody chance and then let your finance com rnittse lie awake nights thinking safe. If you are not looking for busi ness, but if you want good safe bank ing leave things as they, are"
 Bridgeport Trust Co. told the com nittee that the public acts were be- ing violated right along by the of ficia1s of Bridgeport in the depositing of funds in local national banks. He read from the public acts as follows: And that in no case shall the de-
 
 or trust company exceed in the ag- gregate at any one time thirty per centum of. the capital, surplus, and trust company He said that this showed that the Bridgeport Trust Co. could not receive all the city's funds But he argued that he believed the trust company was entitled to it's share and should have it.
 After the meeting he stated that "a Y1Jx T. ly only hold about $130,0O0 of the cjtys moneys which was holding many times that.
 One of the reasons why the t,--- company wishes to become a deposi- tory for city funds is that some tax payers carry accounts with it's bank ing departm ent. At the season of the year when taxes are due there is a. drain upon the cash of the institu- ton. The sums checked out, after going through the hands of the tax collector, are deposited in the na- tionaI banks.
 Under the state laws the Bridge port Trust Company would be en- titled to receive city deposits to the amount of s10O,0OO if the aldermen allowed it to bid.
 Making the hearing dramatic Frank Miller said that it must be rernem- bered that during the panic of 1907 8 national bank in New York went but the bank, conducted under the U. s. laws paid every dollar of it's Ila D1l1ty.
 President Francis w. Marsh, who was the speaker also told the com nittee that North avenue, Middle town and other places had institu- tions that were yawning for the of ficers of trust companies that did not comply with the law
 MT. Marsh replied that. the Trust Com mpanies were not only identified d with the states, which chartered them, but with the U.. S. states gov 1 ernrnent, by the proposed new postal savings bank law which had been re- ferred 70 the Congressional commit tee on the Post Office and Post Roads, and which contained a, pro- vision whereby trust companies, Un- Ger state supervision. shall become Repositories of postal bank funds and pay interest of not less than two and orle-fourth per centum-
 President Marsh said Bridgeport is the only place in the state that dis eliminates against Trust companies. '-T'11ere should be competition he said. 'fW2sn't that the original req son that an ordinance was framed. The National banks, who have com I,ined to hold the funds, pay 2 per cent They used to pay 1 F per cent. We are prepared to pay F per cent. if we have a chance to bid. Water bury, New Haven, n,Providence, Spring field and New York state, get more Bridgeport does.
 Tt is a political proposition in this citv so I have been told They all