Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1902-01-10
THE " OLD BANK"
Vermont Savings Banks 56th
Annual Meeting.
Remarks by Gov. olbrook-Histor-
cal Statement by Treasurer c. H..
Pratt-Officers Elected.

remarks by 1ON' NEUTRALITY-SUSPICIOUS.
cal Statement by Treasurer c. H..
Pratt-officers Elected.
The corporators of the Vermont
Savings bank held their annual meet
ing in their banking rooms at l
o'clock Wednesday with a large atten-
dance. Hon. Frederick Holbrook,
president, was in the chair, and at the
opening of the meeting made remarks
which were specially appropriate for
the occasion. He spoke as follows:
Remarks by President Holbrook.
Gentlemen corporators:
\ few brief preliminary words at this,
your annual meeting respecting the Of
flee Of treasurer of the bank may per-
haps properly be said: our long time and
respected treasurer Mr.. Cabot having
passed the Soth milestone of life felt it
would be best for him TO retire from the
cares ana labors of his office, and accord
ingly at Il special meeting of the board
of trustees, held on the 18th Of December,
called for the purpose. he rendered his
resignation Of the Office. TO take effect on
the last day of December His resigua-
ton was reluctantly heard and regret
fully accepted.
Mr.. cabot proved himself "A business
man of rare ability, and of the strctcst
integrity and honor. During q now long
life / think ! have never met "a keeuor
and shreWder business man than he, or
one with quicker and clearer sagacity to
see the bearings and the bottom of any
business proposition presented to him.
His memory as to the papers or transac-
tions of the bank was most reliable ana
remarkable. The records and files of the
bank fully certify his integrity and abili-
Is as its treasurer.
In case of the death or resignation Of the
treasurer the law provides that a sue
cessor may be temporarily appointed for
the interim occurring before the follow
ing annual meeting of trustees for the
election of officers of the bank. At the
special meeting of trustees called for the
purpose of appointing Mr.. Cabots sue
cessor. It seemed to the trustees that the
obvious thing to do was to appoint Mr.
Charles II. Pratt temporarily to fill the
place until the time of the present an
nual meeting and he was accordingly APP
pointed.
Coming into the service of the bank
at early age, first as clerk and book
keeper he has risen through various
stages of promotion. during the 80 years
of his continuous service. and has there
by become thoroughly conversant with
the investments, interests and various
details and business Of the bank And
now. i'm the prime of middle manhood.
with 80 years Of experience and training
and but some six years younger than Nh
cabot was ON becoming treasurer. no
seems well prepared for o., duties and
responsibilities attaching To- the office Of
treasurer.
e. H. Pratt. the new treasurer. pre-
scented the annual statement Of the
banks condition published elsewhere
in 3 50. IL - II
lowing historical account:
Historical Account by Treasurer Pratt.
The bank was chartered under the
name Of the Windham Provident Institu-
tion FOR Savings by.act of the legislature
approved oct p. 1916. on the second Of
the following December meeting was
held in the Office of Larkin G. Mead
when the organization was completed by
the election Of l.. G. Mead president
Henry Smith vice president Joseph Clark
secretary, and Horatio S Moves treas
urer With board of Is trustees on
the second of January, 1877. the first an
nual meeting was held. and n b Willis
ton was elected president, Daniel Kellogg
vice president L. G. Mead treasurer and
Joseph Clark secretary. on the 18th OF
the month the bank was opened for bust
positor being stephen Sargent who open
ed an account of $50. Charles S. Frost
now of Wooster Ohio. deposited on the
same day account No L, the sum OF SO
which has never been disturbed and
amounts "a this time to $2D0.37.
At the end of the first year the bank
held in deposits $40, 552.6 60, and a surplus
of Sll6.02. The expenses amounted to
%iN0l, which was evidently considered
excessive as a committee was appointed
To Investigate as to the cost of managing
other similar institutions, who recon-
m"nded In their report that the expenses
of the institution hc so ordered that they
do not exceed those of like character I'm
other states Mr.. Mead remained as
treasurer till January. 1869 al which time
the deposits amounted to $4,000 He
was succeeded by George Newman who
held the Office unit! his death i'm Septem-
Der, 1872 the deposits at that time
amounting to $,250 000 Mr.. Cabot was
elected to I'll the vacancy caused by Mr.
Newman's death. Sept Is. 1872. and has
held the office continuously to the first
of the present month-over 20 years-the
deposits being about 2a times as large
as when he became connected with the
institution, and the surplus increased
from $3.50 to S3oS000.
OF the older trustees the records show
that Governor Holbrook was elected as
such January. 1856; Mr.. Withheld in 1868:
MT Dickinson in 1869; Mr.. GOOdhue in
1873; Mr.. d. $. Pratt in ISIS; Mr.. Greene
in 1850; and Mr.. Newton in 1852. Governor
liolbrook was elected president in 1870.
which office he now holds. having served
on the board of investment as we'll Mr.
Goodhue, Mr. Pratt and Mr.. Withheld
have also served on this board for many
years.
The statement before you shows the
condition of the bank al this time Dur
ing the rast year we have received as
deposits SSSi90i.29, declared two dividends
amounting to Sl06,Si0.07 making S491, 7449G
The Withdrawals have been S4S3. S4417
leaving gain of SS40O19, which, added
to the amount Jan. l. 1901 of $3.50, 32S 49,
gives amount due depositors Jan l. 1902
S3,1SS,12S.62 which is divided among 1900
depositors, an average for each of S42516
The small increase may be partially ac-
counted for by the low dividend rate. the
discouragng of large deposits, and in
many cases advising customers to divide
their accounts.
Six new cOrporators were elected as
follows; DR.. George S. Foster of Put
ney, c. o. Robbins, e. R. Pratt, f. B.
Putnam, ]. Gray Estey and DIR. D. P.
Webster The corporators then elect
ed these officers President, Hon.
Frederick HolbrOok; vice president.
William S. Newton; trustees. Hon.
Frederick Holbrook, Addison Whited.
D. d. Dickinson, Francis Goodhue. d.
S. Pratt, George e. Greene. w. S.
Newton, G.. A. Boyden c.. H. Pratt