New Britain herald., 1916-05-10

was not strongly impressed with the
 to be pending.
 But I have the most profound
 confidence in the chairman of the
 committee on banking and currency
 and in his judgment with reference
 to these matters, and therefore
 look at this measure, preJudiced in favor of it, believing that probably many of the unfortunate tendencies which prevailed a year or two ago
 with regard to proposed legislation of
 this character have not found a place
 in this bill. The thing that l regret
 now, gentlemen, is that the matter is brought forward at all at thls
 time.
 II do not think that the fedora. re- service system as yet has had such a trial as to justify repeating the process of it's organization in this measure. l introduced yesterday a very brlef amendment to the federal reserve act, which in my Judgment will do more and do it more promptly than 1t IS possible to get done under this law in the next five years.
 There is now in the hands of the national banks, carried in what is known as savings bank departments. in this country a thousand millions of dollars loaned to national banks as savings bank deposits. I introduced bill yesterday providing that national banks having savings bank depart ments and keeping segregated savings accounts against which per cent reserve was carried, in accordance tbo re1Iirerents of tba federal reserve act for time deposits, should have the right to invest these loans under the laws of the respective states in which they are doing business, pro- vided those laws first received the ap- proval of the federal reserve board and regulations were made providing for their supervision and elimination.
 Now there are $1,O0O,0 100000 of savings funds already accumulated by national banks. Part of this can be loned in Texas by the national banks under the laws of Texas and part in Connecticut under the laws of Con- necticut, and so in every state which permits savings investments in real estate on either farm or urban prop erty.
 we have in Connecticut a system of mutual savings banks. My impress sion is there is a very large amount so invested. The savings banks as rule pay per cent. on those deposits, and as rule the loans are made at per cent. It is true not only in every New England state, but it is true in New York, and I think the same sys- tenn obtains in California. That sys- tenn and the system of trust com- panies which has like privileges is gradually driving the national bank ing system to the wall strange as 1t may seem. But now propose by the bill which I introduced yesterday to allow national banks to invest under the laws of their respective states sav- lngs banks deposits in savings depart ments of national banks on first mort gage real estate loans at lower rates than discount loans of current depos- its are now made"
 August Burckhardt, assessor of New Britain, and Mrs. Burckhardt are in Washington on visit while MT. is recuperating from a spell of illness They are guests at the Driscoll hotel and were enter tained at luncheon at the capitol to- day by Representative Oakley. The have been at Atlantic City.
 Another New Britain couple, MT. and Mrs. Charles Francis Chase, left for home yesterday after spending several days in the capital city.
 MT. Chase was elected secretary and treasurer of the Church Clubs of the United States at the twenty fourth an- nual conference of the organization that has been in session here.
 Esther Homan of Connecticut is the graduates of the two years course at the National School of De- mestic Arts and Science which is closing it's term. She and other grad uates were received by President and Mrs. Wilson Tt the White House Each of the graduate of this sensible school wore 8 hat and gown for which she bought the materials, and which she designed, made and trimmed even in cluding the color scheme.
 Another Connecticut graduate of a Washington institution of learning this month will be Michael G. Luddy of Hartford who Is finishing a course n law at Cath ollie university and will enter upon the practice of his pro- fession in Hartford imm ediately.