The Bridgeport times and evening farmer., 1922-06-17
Savings Banks
 Plan To Open Branches Argued
Judge Wolfe Reserves Decision - Friendly Suit Cause of Proceed ings.

Counsel for the State Banking Com- mission, Hugh Alcorn of Hartford. acting for the attorney generals of flee made "a forceful plea before Judge Isaac Wolfe of the Superior Court, yesterday, when asking that am injunction be placed on the open ing of the proposed West End and East End branches of the Bridgeport Savings bank.
 Yesterdays case was brought about by the intended action of the Bridge port Savings bank, State and Main streets, to open branches in other ends of the city. The State Banking Commission has endeavored to re- strain this action on the part of the Bridgeport Savings Bank. To has ten the matter an injunction has been asked for by the American Bank and Trust company of East Bridgeport and the West Side bank.
 Attorney William Comley appeared as counsel for the Bridgeport Say ings Bank, and Attorneys Theodore Steiber and John Stafford for the West Side and the AmeriGan Bank and Trust company.
 Attorney COmley pointed out in his argument yesterday that the motive for the request for the injunction was a selfish one on the part of the pe- titioning banks, that they might re- tain the monopoly on the banking business in the outlying districts. Nothing would be better, declared Comley, than the establishment of savings banks in the outlying dis tricts, since the very presence of such institutions would foster a saving at titude in the peoples of the vicinity.
 The savings banks, according to Comley. have no motives of great profit in their institution. The profit of the savings bank is so low that the spirit of competition is practical ly eliminated. They are the medium the savings of the working people. Because of the extended growth of the city and the distance that must now be travelled by anyone wishing
 said that the establishment ot branches in either end of the city l would make it easier for the people to Go their banking.
 States attorney AIcorn in summing up his arguments for placing the in junction stated that such an action should be taken by the court until such a time as the matter would be Three reasons were given by MT. Al corn for the placement of the injunc- tion. CD. that Bridgeport Savings bank was without charter authority expressly prohibited the establish ment of branches and (3). that it was against public policy. He claimed that the legislature passed an act in 1897 prohibiting the establishm ent of branches in all banks and that when the Bridgeport Savings bank obtained its charter in 1s42 they accepted the charter subject to those changes that had been made on any provision of that charter. When the statutes were being revised at @ subsequent date, the word, State" was inscribed, be- fore banks. There was no intention on the part of the revisors to exclude savings banks from the rulings made for state banks
 This point was brought out by Mir. Alcorn to refute the claim of MT. Con1ley that the law against the estab- lishnent of branches did not apply to savings banks but rather to state banks.
 Judge Wolfe reserved his decision yesterday but is expected to make an early finding On the case.