President W. T. Whedon Delivers his Inaugural. Foster Hooper talks on Banking. Attendance Large.
A meeting of the Norwood Business Association and Board of Trade was held in Odd Fellows hall, last Tuesday evening. It was the first meeting of the year. The customary supper was hela previous to the meeting proper, at which a very large number were present.
At 8 o’clock the meeting was called to order by President William T. Whedon. He then proceeded to deliver his inaugural address, which will be found in full elsewhere in this paper.
James A. Halloran, when Mr. Whedon had concluded, made motion that this inaugural be incorporated in the records of the meeting and that the several recommendations brought out therein, be referred to the proper committees. This motion was unanimously carried.
The minutes of the last meeting were then read by the secretary, H. Leon Steele. The minutes of the special meeting were also read.
John F. Callahan reported for the Committee on Transportation and stated that the committee had seen the contract for the building of the new freight station by the N. Y. N. H. & H. R. R. Co. The contract calls for the completion of this station on November 22.
M. H. Howard reported for the Committee on Town Affairs. He said in regard to the new drinking fountain that the selectmen were getting bids for its erection, but that no bid had as yet come within the amount of the sum appropriated. Mr. Howard had good reason to believe that the telegraph company would, in the near future, install a central night office near the centre of the village.
Thomas A. Houllahan reported for the Committee on Growth of Town. He said that the committee had been in communication with the Soeosfs Shoe Co., but that nothing definite had come of it as yet. He also spoke of more houses, saying that the number of tenements was inadequate to accommodate the people who would like to move here. TJie committee had deemed it well to appoint a sub-committee for the purpose of inducing people with capital to build houses.
F. E. Everett reported for the Committee on Homes and Boarding Places. He said the committee had inserted notices of its purpose in the local papers and Had a list of names of people who had rooms and tenements, to let and those who wanted rooms and tenements. This list, Mr. Everett stated, would be posted at the headquarters of the association.
John F. Kiley reported for the Committee on Public Schools. He said that the committee intended to visit the schools and inquire into their needs.
Richard E. Oldham sent his report for the Committee on Sewerage. It said that the committee was endeavoring to get special legislation on the sewerge question. Mr. Halloran moved that this report be laid on the table, which motion was carried.
James A. Hartshorn reported for the Committee on Public Parks. He said that the committee had concluded that a playground should be included in a park, if one were to be had by the town. The committee recommended that an article be inserted in the next town meeting warrant to appoint a committee of five to select a desirable spot for a public park.
James A. Halloran reported for the Committee of Banks and Banking. He said that the proceedings of the evening would reveal the work of tho committee.
M. H. Howard, W. D. Huntoon and H. Frank Walker, all reported for the Committee on the Fourth of July Celebration. They all expressed their appreciation of the cooperation of citizens of Norwood in the celebration on July fourth, last. A rising vote of thanks was given the committee for its work in getting up the greatest celebration ever seen in Norwood.
The question of Ladies’ Night was brought up and it was voted to hold it on Tuesday, January 28, 1906.
It was also voted to appoint a committee of nine of Merchantile Affairs, the same to be appointed by the chair. Those to compose the committee are: E. H. Dunbar, R. J. Joyce, E. M. Sullivan, I. T. Snow, E. O. Clark, Oliver McLeod, E. H. Grant, G. E. Sanborn and Adolphus Holton.
The subject of the evening was then taken up. President Whedon said that the subject was “Banking,” and that the cashier of the Hanover Bank of Boston and the cashier of the Norwood Branch were both present and had consented to speak to the members of the association. He then introduced W. J. Williams, of the Norwood Branch.
Mr. Williams said that he was glad to have the -opportunity of meeting the businessmen of the town and hoped that he might soon become better acquainted with them.
President Whedon then introduced Foster Hooper, cashier of the Hanover Bank, Boston. Opening his speech with a few witty remarks, Mr. Hooper at once struck out to tell the workings of his institution. He stated that the Hanover bank had a capital of $250,-000 and a surplus of $100,000. The bank, he said, was incorporated under the laws of West Virginia for the simple reason that the laws of Massachusetts did not permit the incorporation of branch banks. He then told of the advantages of the trust company, which in reality the Hanover bank is, over the National bank. Not many years ago said the speaker, there were fifty-four national banks in Boston, now there are twenty-four, showing a strong tendency of the times which is toward consolidation. During the same space of time the number of trust companies has doubled, thus showing that the latter are in growing demand, and are a popular system of banking. In other countries branch banks are very numerous and even in this country are quite popular in certain states, for instance New York and Illinois.
One advantage the Hanover Bank has over a national bank is that one set of officers can control several banks while each national bank must have a separate board, thus making the running expenses high. Another advantage is, that, should the demands at any one branch require more funds, this branch can draw on the funds of another branch, thus making it possible for the public to obtain greater accommodation
(All articles originally published in the Norwood Messenger)