The Bridgeport times and evening farmer., 1918-12-20
War Restricts Being Of
 Savings Banks Have Funds for Legitimate Realty Loans
Continued from Page One.) )

Continued from Page One)
 At its heeting today the Board of Trustees declared the 152nd con- secutive semi-annual dividend at the rate of 4 per cent per annum pay able on and after January l, 1919.. If not withdrawn 1t will be added to and become part of the principal of each depositor's account
 The City Savings.
 R. W. Cogswell, treasurer of the City Savings Bank, said to a repre- sentative today:
 'The trustees of the City Savings not only to keep up with existing conditions, but insofar as possible to keep ahead of them. In this connec- tion our attitude in anticipating by week or ten days the time in which depositors may draw their dividends without loss of interest, our keeping open certain nights, but use of pub licity to keep the public informed of what the bank is doing and what 1t offers, our endeavor to make our de- positors feel at all times that they are the owners of the bank and the trustees are merely managers for their beneficial these things evidence the spirit in which the Board of Trustees of the City Savings Bank has con- ducted it's operations.
 "A few weeks ago our Board of Trustees voted to make application to the legislature for an extension and | broadening of the powers of this bank so that it might engage in the ordi- i nary operations of trust companies ] organized under the general law of 1 the state. The idea of the trustees in | doing this was to anticipate the few needs and requirements of savings banks as brought about by the en- larged competition of the trust com panies and the national banks. Ger tain of the national banks have al- ready started savings departments; others are considering the advisability
 of doing So. The present national banking law authorizes national
 banks to fill f1duciary positions. act as 1 guardian, executor, etc. The trust companies are very active in their savings departments and are procur-
 ing a great deal of business for them.
 The Postal Savings Bank Is attract
 ing a great deal of money, and if the government shall see fit to increase
 the rate of interest at the Postal Say ings Bank, 1t would undoubtedly re. ceive great additions to its funds. Tt appeared to the trustees of the City Savings Bank that common and ordinary prudence required them tc make application to the Legislature for the extension of their powers tC enable them to compete with these other institutions if it ever became . necessary to do 80. Please note What
 I say about If it ever becomes neces-
 sary to do so.' There never was al any time any drought in the minds o1
 the trustees of the City Savings Bank of making immediate use of theil proposed enlarged charter. The idea
 was only to equip themselves witt : authority to use these powers if i became necessary. In the minds o:
 many of the trustees the time wher it would become necessary was yer! far distant. Nevertheless, as goot servants of their depositors, it seemed to the trustees highly desirable tha
 with other applications of a similar nature being made by other saving 3 banks, they should make the samt = application.
 l Tt transpires that in the mind l of certain people this position of tn @ trustees is not clearly understood l In some quarters it has been suggest k ed that the time is not ripe for sue @ action and that 1t is not necessary fo g the better protection of the depositor = who really own the bank. This vie7 = having been considered by the trus 4 tees, 1t has been determined that t is not strictly necessary to make sue
 application, and as this action ha B been taken by both of the large say
 ings banks in Bridgeport which con
 templated 1t, the City Savings Ban
 trustees have decided to postpon
 any further action in the matter 2
 the present time, and they will nc
 make any application to the Iegisla
 ture.
 "I am very happy, therefore, to fl form the public and the depositol
 of the City Savings Bank that an
 action which was taken in the paI
 has been entirely cancelled and tt
 City Savings Bank will go serenely c it's way serving the public in tt 8 same manner as 1t has done so a' o ceptably in the past"