Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-01-24
o. J. GlGUERE


! Trust Co.
my deep appreciation of the honor
conferred upon me at my election, as
1 President of the Federal Trust Com
pany.
! l feel that there is room in Water
vile, considering it's rapid growth, for
/ the establishment of another banking
institution and it seems that Trust
Companies have become in the past
few years popular institutions, as
they are about the only tyre of banks
being organized at this time.
The Federal Trust Company IS be-
ing established for service, and it will
be the aim of it's officials from the
President down, to be of assistance
to the people of Waterville and sur
rounding area. not only in financial
way but with the best of our counsel
and advice. as to business deals and
investment. We hall always make
the interest of our patrons our first
| consideration.
In our new venture we have only
the kindest feeling toward the other
banking institutions in our city. 1t is
with no spirit of competition that
we enter on this business but with
the idea of extending The banking IA
cilities of Waterville. thus making 1t
a notable banking center.
We shall conduct our business on
the highest possible plane and while
our business is banking and we shall
solicit and be pleased to receive
everything in this line that may come
our way, we shall make no attempt
whatever. to take business from other
banking institutions in the city. We
shall expect and shall want their
good will, and l am sure we shall con-
duct our affairs in such manner as
| to warrant their confidence,
l pledge to you my best efforts as
President of the Federal Trust Com
! pany and with your cooperation I
feel sure that the success Of our new
institution is assured.
Some men are born to achieve"
said DIR. Libby introducing Fred Foss
Lawrence, state bank commissioner
as one of the principal. speakers of
the evening. DR.. Libby recounted
some of the achievements OF Mr..
! Lawrence since his graduation from
Colby college.
At the beginning of his address Mr..
Lawrence spoke iH humorous vein
much to the enjoyment of his aud
fence. He said that he was glad to
see the ladies present as he felt they
are going to take a more active part
as time goes on.
Mr.. Lawrence said that this was
most important occasion as 1t is
the first bank to be chartered in the
past three years. He said that the
tendency had been to consolidate as
he gave those who first approached
him concerning the new bank little
encouragement rs he doubted the
need of the new bank.
But l was much mistaken" said
Mr.. Lawrence "for I am convinced
that the move has In every way
been n proper one for on every side
l find enthusiasm and interest"
He declared that tn interest must
be kept up in order to avoid the ad-
verse affects of letting up. He an
swered that the Maine laws regard
ing the chartering of trust compan-
les is very liberal. trust compa MES
are supervised by state banking Of
ficers," said Mr.. Lawrence, but d.
rectors sometimes felt that this IL Il
substitution of the responsibility"
Speaking of the relation of the
new bank to the other banking insti-
tutions in the city she said that he
was much gratified at the atmos-
phere of good feeling and service can
he furthered by cooperation rather
than competition. He said there was
not any too much cooperation among
the institutions of the state.
There is no bank that cannot get
something out of comparing notes
with other banks" affirmed Mr.. Law
renee land we are way behind other
states in this matter. 1t is a poor
economy not TO send your treasurers
to these conventios such as the Maine
banking convention"
"If l were to preach sermon to you
tonight II would be one word. that Is
diversifcation. The bank which con-
centrates its loans. investments or
stock is in great danger ! doubt IL
there is a bank in the State whose
stock is as widely scattered as the
Federal Trust Co."
Mr.. Lawrence continued by naming
some reasons why the loans of bank
should be diversified. and he declared
that no bank was on record of having
failed by making many small loans to
persons whose principal asset was
character. In the case of investments
Re showed some of the dangers of con-
centration.
In reference to the relations of the
Federal Trust Co. to the State bank
ing department Mr.. Lawrence said
that the department should not be re-
garded as a critical, but as a helpful
agency.
In closing. Mr.. Lawrence said that
the bank had started out under splen-
did auspices with officials of great
personality ana cooperation Of the
other banks.
Mr.. Dyer Of the Shawmut National
Bank Of Boston was next introduced.
and he congratulated the stockholders
for their splendid start on their new
undertaking.
DR.. Libby introduced DR.. J. Freder-
TEX Hill as the most Indispensable men
In Waterville.
DIR. Hill announced that Albert W.
Noone of Peterborough. n. H., was
the contributor of the delightful BAN,
quet. DIR. Hill said the stockholders
had sent Mrs. Noone q bouquet of