The Bridgeport evening farmer., 1912-09-24
FEDERAL TRUST co.
 HOPES TO ORGANIZE WITHIN FEW WEEKS
Hosea Mann Issues Statement Outlining Plans of New
 Banking Enterprise
(Communicated)

(C1OmmuntCatGd) Hosea Mann Cashier of the Torring- ton National Bank, and his son, Ralph H. Mann, Treasurer of the Manches- ter Trust Co, of Manchester. Mass, are interesting the banking and other business men of Bridgeport, and the banking men throughout the state in the organization of Trust company sufficiently large to meet the growing requir of Brid geport, If the city would keep abreast of it's financial req IIir emenfs. MT. Mann was former ly Inspector of Finance and Bank Elk aminer of the State of Vermont, and a few years ago came to Connecticut
 and organized the Torrington National Bank of. which he is now Cashier. T'hiessbar1k slfas grown 5with such ra- piditys that it's stock has doubled in value in ten wears. IL has now near l National Bank in Litchfeld County. Mr. Mann is we'll known by the bank CTS of Connecticut, having been prom | inent in the discussion of financial gently he gave a talk on Savings De- partmept which attracted wide atten- l the leading financial papers of the country. At the Connecticut State 1 Bankers Convention, held at New London last June he took the mega National Reserve Association, and fects in the measure which had ap parently escaped the attention of bankers generally. This address was widely published in the financial vorably commented upon and, doubt less did much to help orystalize 5opin- the platforms of the great political parties and the action of the Ameri- can Bankers Association at their re- cent convention in Detroit where their previous una aninccus endorsement of this measure was practically re- versed.
 son organized the willimantic Trust company MT. Ralph H. Mann has 1 had a large banking experience for a
 young man and has made brilliant | record in the Manchester Trust Go. l He placed the stock of this Trust com panys of $1o09O0 capital and paid-in- treasurer since it commenced business l a year ago last May It paid it's first l dividend July first, last. and has ac- o11ired over half million assets an l unexceIed record for any trust com pany in New England under similar
 l cir cumstances.
 1 MT Hosea Mann gives out to the
 press the following statement in re- l gard to The Federal Trust Co.,:
 1 '@The charter of the Federal Trust company was procured several years 1 ago in the interest Of one of the To- 1 cal banks. It was procured at a time 1 when the legislature granted more
 | liberal charters than it does now. and | it is, consequently, very desirable to organize under it before it's expira- l tion December first, next Careful l investigation and comparison with oth- 1 CT cities shows that Bridgeport has ] the least banking capital of any city
 l of it's size in the country. Growing as 1 it is at tremendous rate, it's develop ment is actually retarded because of i lack of such banking facilities a. 1 large trust company could supply. A | leading business man states that he came here tMrty-five years ago when the city had only about 30,000 popula- ton and that today to meet the re 1 quirements of it's 10000 population it l then We have no criticism to make
 ! of tha banks in Bridgeport. They are 1 Apparently doing all that their facili-
 1 ties will admit of for the financial de
 l velopmert of the community Bridge l port has some splendid banks and
 most able banking men. They freely 1 admit that there is a place in Bridge 1 port for such trust company as Is | now proposed. The National Banks l are confined by law within narrow 1 limits. They cannot make real estate 1 loans or handle trust estates or l finance large undert akings, which | large enterprises in growing city l often demand.
 of the three reserve cities of the state, 1 (New Haven and Hartford being the other two), that is. where state banks and trust companies may deposit a part of their reserve which the law requires them to keep. Now we can see here a great opportunity to de- veIop Bridgeport and make it take the place it is entitled to 8 financial center, by getting the state banks and trust companies scattered throughout their reserve in Bridgeport. The own
 CTS of the charter have arranged with us to place the stock of the Federal
 Trust Couananx. 4 jG fAl&> tAaA i*