New Britain herald., 1915-02-24
TWO COMMISSIONS
 SHOULD BE MERGED
No Need of Bank aRd Building a and Loan Offices.

Hartford, Feb. 24.-When former Bank Commissioner Charles Griswold of Guilford. expressed his opinion that \ tnere was more need of two headed bank commission to conduct the affairs of state than there was need of two captains for an ordinary steamboat he seemed to express the
 sentiment of those at the hearing be- fore the committee on banks at the bank commissioners office yesterday f The committee was an hour behind
 the time appointed for the hearing, owing to the House taking more than the usual time for it's work and there was thinning out of those who came early to attend the hearing. The busi-
 ness on hand was the consideration of !. House Bill No. 99 and Senate Bill No. Fl both of which related to the abolition of the office building and loan commissioner and the appoint
 ment of one bank commissioner These
 two bills relating to the same matter
 WeFe heard together .fss Sponsor For Bill.
 Norris s. Lippitt, who resigned from the bank commission stood sponsor for the bill and advocated favorable re-
 port from the committed He said
 that the two commissions could
 we'll be merged and with benefit to the state. When asked abct the salary he said that the increase over ths present would be $1,OOO or s5,- 900 instead of $4,000. While at pres sent the provision was for two bank com mmissioners at a salary of $4,000 each, and for the building and loan hnfvY 7icci( tl, $2,5OOs To a question he said that the place was worth a great deal more than that in prospect as repre- sented in the bill as there was a. great deal of money handled by the depart ment.
 MT. Lippitt spoke of the receipts from the various institutions as yield
 ing large returns in the shape of
 "yelvet' and recommended that one- half of the expenses of managing the department be borne by the state, as
 1t could we'll afford this as the amount
 returned to the state treasurer was in- creasing at the rate of about $5,00O a
 year. His recommendation was that
 the act should provide that the state 9comptroller should aportion one-half ( of the expenses of running the depart sment among the various institutions over which the department had juris- dction. The act he said did not in-
 terfere with the en2 nloyment of an expert accountant to make up trial baJances for the different banks. He favored the employment of such an examiner to supervise trial balances all@over Connecticut. On this side of the work, he said, is. where the steal
 hgs come from and is where the trouble comes.
 Bogardus FavOrs Bill,
 J Howard Bogardus of Bridgeport,
 member of the executive committee of the State Savings Bank associa- ton, favored the bill and said that
 the association was in favor of the single-headed commission and had voted for the measure. The measure nVas also favored by s. F. Strong of
 kidgeport.
 kMr. Griswold in speaking on the
 bject of the retirement of invest
 kent companies who formerly four
 1shed to the number of sixty or there about, said that now there were scarcely any in the business of mak- ling loans. He said that he was of the that the savings bank tax was created as a war tax some years dS0 ana that at the tune It was lGVled Lit was not intended as a permanent taXi The capital of these banks was made up of small amounts deposited by the people. He objected to the employment of a certified accountant ! for banks both oil the score of the expense entailed and the little benefit received. The expense, he said, meant considerable to the small country bank which could only be built up by close economy and with this in
 viewano large salaries were paid. He
 thought that all the work of making
 the trial balances should be done by
 the commissioners. MT. Lippitt called attention to the fact that the expense
 of the expert accountant to the bank
 presided over by MT. Griswold would
 only amount to about $40 in five i. years sfHe thought the influence of an outside examiner was wholesome
 one and as for him he was. glad to
 t1h