Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-08-24
A STRONG BANK.
Interviews with Omcors ofthe Burlington
Saving, Bank - splendid Condition OF
that IustitutIon

Interviews with omcor. ofthe Darlington
Saving, bank Splendid Condition Of
that Institution
A represen tative of the FREE PRESS
stepped Friday into the old Burlington
Savings bank, which has for half century
been the secure depository of the savings OF
the working people and others OF this com
munity. Had you beard" said he to
President Smith aud Cashier Ward, THAT
there have been flying rumors in some of
the outside towns in this county that your
bank had closed its doorsS'
Mr.. Ward-"Yes, we heard that tho
other day, and that a line of depositors who
wanted their money extended clear across
the City Park here"
FREE PRESS Mau--"Well l know 1t has
not not been closed, for an hour. Every
thing looks quiet enough here; and you do
not seem to be particularly disturbed by
the rumors.h
President Smith-"No bank officer enjoys
fsl,e rumors about his institution at any
time, and at q time like this tho man who
starts a baseless story to the prejudice OF
any bank deserves the severest censuGs.
Tbs scaremonger has cost the people oil THIS
country hundreds of millions this summer,
and am sorry If he has put ia an appear
ancs bereabouts. But while we were au-
noyed at the time by these stories sc have
had no occasion for any alarm. knowing
our condition as we do and to what extent
We possess the confidence of our depositors
and the public, we can afford to smile at
such false rumors"
f. +. Man. -"But why would 1t not be
good plan to tell tina public some Of the
grounds of your securityY'.
President Smith. Wei, our reports are
bsfore the public, and il any depositor or
citizen wants particulars we can gave them
to him. Would you like to look at this list
OF our securities"
The FREE PRESS man ran his eve over
column of government bonds and munich
pal bonds footing up considerably mole
than a million of dollars.
President Smith--"Those city bonds are
all choice, and If the premiums at which
they have been selling recently were added
it would swell these figures by over hun
dred thousand dollars. Our real estate
loans are all safe and secure. The law allows
us to loan only up to GO per cent of the cash
value OF the property, aud we keep within
that limit. Our personal loans are amply
secured, and our interest has been paid with
remarkable promptness. 1t Is a TACT, sur
prise you as it may, that we have met with
no losses of any account for several years
| past. Our resources are sufficient to pay
all our depositors and leave surplus Of
over three h,tpdred thousand dOllurS."
| +. =. Man. wonder you feel strong.
or course you have made some provision
for special emergencies"
President Smith-"Nes, we are carrying a
much larger amount of cash in the bank and
in New York and Boston than ever before;
and our deposits are keeping up well. More
money was deposited with US last month
than in July Of the previous year; and we
are having good amount OF deposits every
day"
f. 2. representative-"Th is certainly
very gratifying, and think you are to be
congratulated
President Smith-"We only 10 our duty. A
savings bank must be perfectly safe keep
er OF the funds entrusted to it. 1t is not
run for the benefit of its officers, but for it.
depostors and the public They are entitled
to the most careful and conservative man
agement and that we mean to give them.
| think they realize that we do this. Here,
where we best known, our depostora
show every mark of confidence and may
tell you that the last half year was the m ost
prosperous and successful half year in the
| history of this bank. We added during the
six months over Sis, 600 to our surplus, be
sides paying our expenses, paying our de
positors at the rate of four and one half per
cent and paying our haIf-yearly State tax
of Sl3, 600"
+. P-"Well, You are all right and knew
it before | came in. l only wish som,
of these timid outsiders could feel as secure
about our banks, as we do here in Burling
ton. AL our banks are sound and strong
and we know it
Mr. Smith and Mr.. Ward-"Yes that is
so. They al in good shape. Gool
day
Here the colloquy ended; and the FREE
PRESS can add without qualification, iii
testimony to the safe, conservative and able
management Of sll the Burlington banks
They are all all right and no man need lose
a minutes sleep on their account.