Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1896-09-26
SPRINGFIELD SAVINGS BANK AND OTHERS
What Hon. F. G. Field, State Inspector Of
Finance, Has to Say Regarding Vermont
Savings Banks.


Finance, Has to Say Regarding Vermont
Savings Banks.
The following communication from Hon.
F. G. Field, state inspector OF finance,
though dealing primarily with the savings
bank at Springfield, is well worth reading
by all depositors whether Of this particu-
lar bank or of others. The scare that is
now on among depositors in this section of
Vermont and New Hampshire is reasonless
and absurd, and the sooner people under
stand this the better for themselves, the
banks, and the communities in which they
live.
EDITOR OF THE TINES:
Your note at hand, in which you say
that there is good deal of talk down your
way to the effect that the Springfield saw
ings bank is in a bad way on account OF
the failure Of the Kelleys, and asking me
for communication in regard to the mat
ter for publication. In reply. Although
l had examined the bank in regular course
and knew very nearly how it stood with
the Kelleys, yet thought would like the
exact situation as it stood to-day, and SO
have looked over every note in the posses
sion of the bank negotiated by the Kelleys,
compared the footings of the list of notes
claimed to be owned by the bank, with the
notes on hand, and l find that three notes
aggregating $3.50 have been sent the
Kelleys, and in addition coupons to the
amount OF $4035.15, making in al
$S7S5. 15, which has not been remitted the
bank If this sum has been collected ther
the Kelleys are indebted to the bank fol
this amount So much of it as has moi
been collected properly belongs to the
bank. 1t is not known that the Kelleys
are indebted to this bank for anything il
| excess of this amount, excepting the inter
est on the amount above specified. AS te
the mortgages negotiated by the Kelleys
they run directly from the borrower to the
lender and are just as good now as before
the failure, and as rule they are consid
cred good. have probably looked ovel
more than million dollars worth of then
recently in different parts of the state ant
l should say that on an average 19 out o.
20 of them are regarded as good invest
ments.
| The Springfield Savings bank has nc
mortgage loans west of Minnesota o
their western mortgage loans being ir
Michigan and Minnesota, more than two
thirds of them in Michigan, This bank has
deposits of 1918, 1887 and surplus O
$1O7 1901. and is regarded by banking
men as one of the strongest banks of the
state, and l sincerely believe that every
book is worth 100 cents oon the dollar
Depositors should remember that no banl
can pay, dividends and keep its none!
locked up in its vault, and that no bank 0
any size can always pay all its depositor'
upon call. Every person who deposit
money in savings bank puts it there sub
ject to the bylaws of the bank, which il
the matter of Withdrawals from the Spring
field savings bank reveals as follows in ON
edition of the pass books, and PRACTICAL.
the same in another, ''Any money may b.
Withdrawn on the first Wednesday OF Janu
ary and July, one weeks notice havin'
been given, but in all cases where the de