Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1899-02-04
ABOUT SAVINGS BANKS.
AN ENNIABI.E RECORD.


Bank and Trust Co. of Hyde Park
completed the first decade of Its b.sl-
ness existence on Saturday last. 1t
is but simple Justice to this instltu-
ton to say that it has enjoyed ten
years of unexamplcd prosperity, and
today makes the following ten
claims, several of which we think
cannot be paralleled in the history
of savings banks anywhere. Here
they are:
Ist. Not Il dollar lost by bad in
vestments in the ten years.
I'd. Not dollar of doubtful as
sets owned today SO far as is known.
I'd. Never moments delay as ked
on any application for withdrawal
4th Never loan refused in its
legitimate field for loaning, if good
and within the law.
9Th. Never dollar invested out
side OF Vermont.
9th. Not dollar of assets owned
outside of Lamoille and adjacent
counties.
9TH. 1t has never paid to deposit
ors less than + per cent compounded
semi-annually and is paying that
today.
Sth. Never Il dollar loaned at
more than six per cent.
9th. An accumulated surplus eN-
ceeding Z, pc. cent of its capital
stock.
10th. \ continuous growth from
the start, each six months showing
an INCREASE of deposits and assets
over the previous six months.
There is a bit of personal history
connected with this bank which, in
view OF the above results, forms iii
entertaining chapter to those con
ncctcd with savings banks, or, IN
deed, to any one interested in tn,
growth and prosperity of Vermont
In 1854 Ex-Gov. Page was APP
pointed Inspector of Finance, a posi-
ton which he held until December
1st, 1883. During this period he
had official charge OF the savings
banks of Vermont. At that time
savings bank managers were lntatu-
ated with western mortgages, and
there was then no limit by Ia" to tbs
amount of this class of investment,
which a savings 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 10 pei cent
of the banks ssets. His request
was stoutly opposed by the mana
gers of nearly all our Vermont saw
ings banks. The result was that q
compromise was finally reached
whereby iu 1886 a statute was en-.
acted limiting the amount which
could be invested in western mort
cages to 50 per cent of the assets OF
the bank.
New Hampshire was in precisely
the same situation, but in that state
an attempt to establish limit as in
Vermont was unsuccessful. 1t is
hardly necessary to state results, be-
cause they are generally known.
With a single exception, we believe,
every savings bank in western New
Hampshire-they were all: save one,
heavily loaded with western mort
gages-tailed; while III Vermont
there was not single savings bank
failure from 1854 to 1893 They all
passed through the crucial test OF
monetary panics unscathed.
The retaining of Vermont money
IN Jrruo,h to foster and develop
| Terpnnt ministries was regarded as
a hobby OF Coy. Pages and was de-
clared by many bank managers to
be absolutely impracticablc, but the
governor told them that he would
show them by nm actual, tangible
illustration that it coa'd he donc,
and within sixty DAYS from the time
he surrendered his position as In
spector Of Finance he started at
| HYDE Park the Lamoillc County
Sayings Bank and Trust Co. From
its organization until today, period
If ten wears. this bank has never
loaned single dollar outside of the
state, and if the success OF the insti'
tuition is correctly set forth in the
ten claims appearing at the head Of
this article and there is not plrti
Gle of doubt that they urc-~We thinl
the Governor has substantiatcd hi,
theory by incontrovertiblc facts.
This bank has advertised from tn,
beginning that every Lamoillc Coun
ty industry might depend upon i
for financial assistance at any an'
all times. and even during those tc,
riblc pancs of % to 90, which st
severely tested the foundation Of al
savings banks, it never haulcd dow,
its colors. 1t never for one momen
failed to respond to calls for iinan
ciai aid from any borrower iivin
within ITS legitimate sphere of loan
ing. claim which we belieye car
not be truthfully made for any othe
bank in Vermont.
= 1t has demonstrated tine fact tn;