Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1878-02-06
The 0ttauquechee Savings Bank.

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Al the recent aulua meeting the
trustees Of the Oltiquechee Savings
Bank, appreeatlng tho fsyerlshness Ia
the public mind regarding such iusIItu'
tlohs, deterrined upon thorough In
ysstlgatlou, hey had all ,onadense
themselves IN the sos Indness Of the
bank aud yet thought that very likely
some Of their securities, ~ the fearful
tumbllng Of values which the country
hss experienced, mlght bc In sufficient
The committee appointed 10 perform
this Important service Is one OF the hest
that could have been selected, They
are gentlemen widely known for busl'
ness capacity and conservative views,
gentlemen whoss judgment aud en-
dorsement ought to he aud we are coH'
ddent will be accepted without rescrva'
ton. AT cons derablc Inconvenience
to themselves thoy have made this cI'
animation In the interest OF those who
rely upon their little savings to provide
the nescssaries Of life In the trying tine
OF need, but who cannot know anything
about the solvency Of the bank except
what they have been told by others.
Mcssrs, Miller, Raymond and Chapman
they all know to be men who would
not mislead them on auy account.
1t gives US very great pleasure to lay
their report, which follows, before the
public;
TO the Trustee, OF tho Ottaqucche Say.
ings Bank:
The undersigned, committee ap'
pointed by you at your annual meeting
with Instructions OF "make thorough ex-
animation Of all the securities held W
the bank, with reference 10 their value
and sulliciency, US security for the
amo.nts for which they are held;" have
attended to the duties with which we
were charged, and present this our re.
port. as directed.
We find that on the first day Of Jan
uary, 1878, there were
Loans by the Bank, secured by fret
mortgage on real estate. oil in tins
state, amounting to, sl7s GGI s5
Loans on personal security, 29O7O Is
coIlatcrals, ll,3l5si
Interest due on above, $50 IA
Stock, bonds and certificates OF de-
posit in Woodstock Natl Bank 29,232 81
Interest duo on same, 653 80
Real estate in possession OF the bank
by foreclosure Cost, 2,975O
Banking house, and fixtures. 5,607 81
Cash, 6,1385 IS
S269S A
LIABILITIES.
Due deposors, including dividend
of this date, 926l, ,79l s6
Surplus, ss,Oa 4s
We have made careful examination
Of each mortgage, and when the prop
erty and its value were not wei known
to US, or some one of US, we have made
inquiry until we were fully Satisfied ,and
in our judgment the security is ample
in all except in the case of four, amount
ing in the aggregate to thilty-6ve hund-
red dollars, on which we have directed
he treasurer to call in part, to make
.he security good beyond question.
The amount loaned on personal secu-
.ity, and the same with collateral, IS all
Inst class, and the security ample.
The stocks, bonds and certificates Of
lsposit could all, we think, be put upon
he market and sold for more than we
AVE stated as their value.
The value Of the real estate in the
lands of the bank BY foreclosure We
ave stated at its cost, including ar.
ears Of interest and cost OF foreclosure,
nd thore may be loss on some Of it,
ut we do not think the loss can be
cry much.
IN our judgment the surplus held by
be bank is much more than sufficient
0 cover any possible losses on the real
state, and all the other assets.
We are very glad to be able to re-
or, that as the result of an :nvestga-
on sufficiently searching and thorough
} satisfy the most cautious and exeet-
lg, we find, that Notwithstanding the
reat shrinkage in value Of all classes
{ property, within the last few years,
nj the consequent embarrassment or
bsoute failure of so many savings
ls,itutions, the loans of the Otts-
lechee Savings Bank have been so
,refully and judiciously made, that it
now sound and secure, and deposit
IS may rest in entire confidence that
le money entrusted to its keeping 10
,rfectly safe, and will be returned 10
lem with interest whenever wanted.
en-; S:;;,; S:s:: s.s5s,s :; .';:s: Ss3:s'D' Com.
Woodstock, Jan. 80, 1878.
Rowland Hill said. when he saw
10 on q rockipp ho-sa 81 Ike some