The Bridgeport evening farmer., 1914-03-12

Bridgeport bankers evinced little in terest in the proposed ordinance to change the city charter so that trust companies as well as national banks may be made Repositories for city funds Only officials of the American Bank and Trust company appeared in favor of the proposition. No one ap- peared against it at the public hearing before the ordinance committee of the common council last night.
 Louis Kutscher, Jr., president of the American Bank and Trust company headed a committee from his institu- tion and placed with the committee a statement of why it was desired to change the law. He said:
 Our committee has prepared a stateHlent of the facts which covers the matter more fully than can ex- press it. I will leave this statement with the committee.
 From &the statement it appears that every city in the state with the ex- ception of Bridgeport, places city funds with state as well as national ! banks The statement follows: Mi Chairman and Members of the Ordinance Committees
 Gent eIoen:
 The American Bank and Trust com pany as sponsor for the reso1uti de- signed to change Sections 339 and 400 pr the ordinances of the city of Bricge- pert allowing state banks and trNst 
 city funds would respectfully offer the following facts for your consid eration. Late. in 1911 our institution was or ganized in response to a, desire of the locality for more intimat banking fa- rifi+fes than were afforded by the then existing banks located west of the Pe- quonnock river. Its founders desired the cooperation of the many busI- ness interests of that section which have for years been cons tantly increas- f1lE in number and volume, and to that end the stock was widely distrib-f uted in, For the greater part, small holdings. that no particular inter- estsS control it. It represe nted on March 1st 109 stockholders, 6S5' com mercial dep0sitors and 3320 saviugs depositors which is evidence that 1t is the source from which a large amount of funds are supplied to meet tbe requirements of direct taxes and liquor licenses. It is. of course, inn- possible to determine positively how much this amounts to each year, but we believe that it approximates4 Ia quarter of million of dollars. Un-' der the ordinances at present in force, this money is transferred from this bank to the national banks. with no offset of city deposits, as is the case good or valid reason other than the fact that the present ordinances favor national banks.
 These same facts are true. only to larger extent, with the other local trust c0nnpany. As state institutions we are under as close, if not closer surveillance than the national banks and our business must be conducted under conditions imposed by theAstate banking commission which is sassur- ance that the best banking methods prevail. This fact, as well as the fact that we are local and tax paying 1nstitut is, we believe, strong adjunct in favor of recognition in the z3rr<.- f---r
 We find. upon inquiry, that Bridge port stands quite alone in it's discrim- ination against state banks and trust companies a position which is not in accordance with justice or fairness. We give herewith extracts of letters and other information received on the subject.
 City Treasurer, Norwich, Conn
 Tt is optional with the treasurer as to where the funds of the city are deposited My predecessor in office deposited with the Thames National Bank Since became treasurer . have continued with the same bank, mo discrimination intended against any other bank Other department of the city are depositing with other banks,
 City Treasurer, Stamford, Conn.As
 Our charter orisinal1y provided for the sinking funds to be laid aside ir the Stamford Trust Co.,, Stamford Savings Bank and the City Savings Bank and later provision was made including the Fidelity Title and Trust Cc. The regular checking account is in the Stamford National Bank.
 The town tax collectors account is with the Stamford Trust Co and the city tax collectors account is with the First National Bank.
 You will see by the foregoing thai there is wide distribution of cit, funds taking in all the banks of stafn- ford
 City Treasurer, Hartford, Conn
 The board of finance have always approved of the recommendation o1 the city treasurer which has been one national bank as the main depository and checking account and special de. posits in all other national and state banks and trust companies in tow1 who are members of the established clearing house.
 City Treasurer, Norwa1k, Conn
 sThe practice of handling our fund. has always been, for a number O. years. to divide the moneys. among tn, five banks in the city, consisting O. four national banks and one trus company. The disposition of the fund, Is entirely in the hands of the cit, treasurer"
 City Treasurer. New London. Conn
 The city funds are deposited in tn, New London City National Bank anC Union Bank (state bank.
 City Treasurer, Wi11iTnantfc Conn
 We have but one national bank ans only one trust company in our city The deposits of the city are divided between the two ,"
 City Treasurer, New Britain, Conn
 The Repositories of the city fund are designated by the board of fnano, and taxation who have designated al the commercial banking institutions O the city,