St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1899-02-08
ABOUT SAVINGS BANKS.
An Envlable Record.

TODAY makes the IOHOWinB ten claims,
several OF which we think cannot be
oaralleled in the history of savings
hanks anywhere. Here they are:
1st. Not dollar lost by bad invest
ments in the ten years.
81. Not dollar of doubtful assets
owned today so lar as is known.
3d. Never moments delay asked on
any application Tor withdrawal.
18th. Never loan refused in its legit-
mate field for loaning il good and with
in the law.
5th. Never dollar invested outside
OF Vermont.
6rh Not a dollar of assets owned
outside OF Lamoille and adjacent coun-
ties.
7th. 1t has never paid to depositors
less til an 4 per cent compound semi-an-
nually and IS paying that today.
9Th Never a dollar loaned at more |
than six per cent
oh An accumulated surplus exceed
ing rs per cant of its capital stock.
10th. A continuous growth from the
start, each six months showing an in
crease of deposits and assets over the
previous six months.
nected with this bank which, in view of
the above results, forms an entertaining
chapter to those connected with savings
banks or. indeed, to any one intere ed
in the growth and prosperity OF Yer
mont
In 1884 Ex.Gov. Page was appointed
inspector OF finance. position which he
held until Dec 1, 1888. During this per-
iod he had official charge OF the savings
hanks of Vermont. At that time saw
ines bank managers were infatuated
with western mortgages, and there was
then no limit by law to the amount of
this class of investments which a saw
ings bank could carry.
Gov. Page, seeing, as he believed, a
collapse OF the western mortgage boom.
asked the Legislature to limit the
amount which could be invested in
western mortgages to 40 per cent of the
banks assets. His request was stoutly
opposed by the managers OF nearly all
our Vermont savings banks. The result
was that a compromise was finally
reached whereby in 1886 a statute was
enacted limiting the amount which could
he invested in western mortgages to so
Der cent oil the assets of the bank.
New Hampshire was in precisely the
same situation, but in that state an at
tempt to establish limit as in Vermont
was unsuccessful. 1t is hardly necessary
to state results. because they are gen.
orally known With single exception.
we believe. every savings bank in west
ern New Hampshire-lhey were all, save
one, heavily loaded with western mort.
eages-faied; while in Vermont there
was not a single savings bank failure
from 1884 to 1885, They all passed
through the crucial lest OF monetary
panics unscathed.
The retaining Of Vermont money il
Vermont to ,ster and develop Vernon,
indus ries was regarded as a hobby o
Gov. Pages and was declared by many
bank managers tn be absolutely imprac
ticabe. but the governor told hem tina
he would show them BY an actual, tangi
bic illustration that it could be done
and within 60 DAYS from the time he sur
rendered his position as Inspector O
finance he started at HYDE Park tn
Lamoille County Savings Bank ant
Trust Co. From its organization unit
today, a period OF ten years, this bau
has never loaned a single dollar outsid
of the state, and il the success of the in
stitulion is corr, city set forth in the te
claims appearing at the head OF thl
article-and there is not a particle G
doubt that they are-we think the Gov
ernor has sustained his theory by incor
trovertible facts.
This bank has advertised from the b.
ginning that every Lamoile county il
10. ~ fnr n ne
cial assis ance at any and all times, an
even during those terrible panics OF 8
to 90. which so severely tested til
foundation OF all savings banks, it nevt
hauled down its colors. 1t never tor or
moment tailed to respond to calls lc
financial aid from any borrower Twin
within it's Legitimate sphere OF loaning,
clam which we believe cannot be trut
fully made Tor any other bank in We
mont.
1t has demonstrated the fact that
home loans are sought for and encou
aged by savings bank managers. ne
industries will from time to time spriI
mp and develop to absorb the loanlr
capacity OF its local savings bank. Tt
fact that the Lamnille County Savin.
Bank and Trust Co does not own 6
asset outside OF Lamoille and adjacei
Il counties is he best possible substanti
Il tion OF this position. To claim othe
81 wise is OF course to assert that Lamol
county is an exceptional held, and
M know of nothing to warrant such asst
ton. Indeed, it is matter OF record tn
NJ in 1886 the only bank in Lamoille cou
81 ty was compelled TO reduce its capt.
from $4,000 to 100000 because
could not loan it's money. Wh.
Simply bee iuse the people telt no sale
in entering upon any enterprise requr'l
banking assistance Tor the reason tn
The bank telt no moral obligation resti
upon it to take care Of those enterpr,s
A during times of monetary stringen
# and when financial aid was consequent
absolut, ly essential. But when the bu
ness enterprises of Lamoille county car
N to know that money on good securl
could always be OBJ aimed at the Lanoi
M County Savings Bank and Trust {
Nh with as much certainty as corn or Ito
could be had at Chicago they branch
out into enterprises which have ma
the villages OF Lamoille county no
worthy tor their enterprise and thrl
The $1OO 600 banking capital
Lamoille county in 1886 has continu
to grow until today the assets OF
two banks in the little village OF lily
Park-the Lamoile County Savit
Bank and Trust Co. and the Lamn
County National Bank-aggregate w.
$40