The Bridgeport evening farmer., 1910-02-16
TRUST CO.'S
 SIDE GIVEN BY MIR. MARSH
WHY COMMON COUNCIL IS ASK ED TO REPEAL EXISTING
 ORDINANCE.
FOOTING AS NATIONAL BANKS AND REASONS THEREFOR.


 A very pretty contest is to be decided by the council when action is taken upon the proposed new ordinance re- garding the deposit of city funds. That ordinance, as proposed, will allow the Bridgeport Trust company or any To- cal trust company or state bank to become a city depository. By the or dinance now in force the city deposi- tories are limited to national banks.
 Tn discussing the proposed ordinance and the present situation this morning, Francis w. Marsh president of the Trust company said:
 Twill you please make it plain the very first thing that the Trust com pany is not asking for any special privilege from the city. We only ask to be put upon the same footing as the national banks. Our request is that we be given the right to bid for the city deposits the same as the national banks do. We do not want to grab anything. We ask only our share. In asking it, we appeal to the sense of fair play of the members of the board of aldermen and the people of the city in general.
 "As to the comparative safety of trust companies and national bank as places of deposit, want to say just one thing. That is this. The state of Connecticut recognizes them as equal in all ways. They are made equal. It is lawful to deposit state or city or county or town or school funds in any state Or national bank or any trust company. They stand on exact ly the same footing in the eyes of the state of Connecticut.
 "Now as to the local situation-and 4o Ho a very interesting thing. There exists here a local banking trust; combina- tion that is plainly illegal. It is ad- mitted by the bank officer who was quoted in the Farmer of yesterday. He said: At jresent all the national banks submit a joint bid and the money is divided among all the banks with a checking account on the Pequonnock National bank Such a joint bid, is, to my opinion not only illegal but un- fair to the city. It lessens the rate of interest because it removes cOmpeti- ton. It defeats the very purpose of the present ordinance even; which was to encourage competition among the banks for the use of the city's money.
 Further let me make it plain that we don't ask that the city of Bridge port shall do anything without prece- dent Several cities of the state de- pOSit their funds in trust companleS- and in every case the competition be- tween them and national banks has re- suited in the securing of a higher rate of interest by the city. Besides this, Bridgeport stands alone as the one city in the state that discrimlnates against a trust company Is that fair to the men of Bridgeport who are members of the trust company and who pay taxes on a large amount of property? Is it fair to the Trust Con- pany itself which pays taxes in excess of any national bank?
 'We rest our case upon the sense of fairness and rightmindedness that ought to rule. American cities and peoples. We are not politicians. We are not seeking to have this ordinance amended by any political methods. We are business men who believe in be- ing fair to others as we'll as. ourselves and we do not believe that any valid objection can be brought forward against the proposed new ordinance. Of course it may be defeated through subterranean channels-but if it is defeated this time we shall try again to secure it's passage. We believe we are asking only fair treatment and we are going to insist upon having it.'