The Barre daily times. (Barre, Vt.) 1897-1959, 1904-08-17
Granite Savings Bank
Makes High Bid
ON SINKING FUND DEPOSIT
Two Other Bids Residents Of Perrin
Street Ask For Repairs to Street
Which Is a Piiyate Way.

The investment Of the sinking fund was
the most important thing before the city
council last evening IN response 10 the
Dlas asked for three were received one
from the Granite Savings Bank & msnst
Io,s one from the Barre Savings Bank ana
one from the National Bank Of Barre
Inc Did OF the Granite Savings Bank was
the highest, and although the matter was
not determined last evening. the fund
which now amounts to nearly $50 O00 viii
probably 90 there, After the bids had
been read, the council voted the matter bA
1915 20 the finance committee, mayor and
Guy treasurer TO invest to the best asiyan-
tage After the meeting Of the council
tnls committee met, and before finally de-
Gliding on placing the fund 1t was left Ia
the city treasurer to find out how the
Granite bank would agree to pay the rate
Of interest It offered. The fund il now
invested with the Barre Savings Bank.
The BID Of the Granite Savings Bank ii
Trust Co. was as follows. eve will pay
Interest on said sinking fund al the rate al
4 l-s per cent per annnm, interest to Be
computed from date OF deposit to date of
withdrawal. Said deposit 10 be payabla
on demand and, in case Of the acpaptance
Of this bid, TO be transferred to ID 81 If
before Oct. g, 1904. Z
The bid OF the Barre Savings Bank a
Trust co. was al follows:
I'VE will pay 5 f2 per cent per annum
as we have done ever since your sInkirp
Iund was established, and we wish 10 call
your attention 10 few facts. This rate
makes the money cost us or any other saw
lngs bank and trust company I.5 per.
cent interest, as We have TO pay T-IO of i
per cent tax on all deposits TO the stats.
and we cannot consistently see how We
can pay more interest 10 one depositor
than another. We would also state that
we have paid liz per cent when other
banks w0uld have paid you only per
cent for several years We have ALWAYS
taken special pains to protect the oGtvts
interest 10 every possible way, both ID I'd
lts credit and other needs. We have taken
the loans Of the city when other banks
and banking houses, both local and II the
larger cities, would not even bid on them.
As Q special Instance we wonld call y0ur
attention TO THE special school house loan
OF s2s, 600 which was advertised In all
the financial papers this spring. and We
took the loan ut par, 4 per cent, 10 enable
the city to carry out its plans and protect
It's credit. flour bid Is considered sayor-
able we will agree to furnish the city with
such funds as they need from time 10 time
In anticipation Of taxes, for period 81
three years at the rate Of per cent per
annum
The National Bank of Barre bid as fol.
lows:
We will pay y0a interest on the same
at the rate Of 4 per cent per annum ana
the sum Of Sl0 III addition. The reason
we are able to do this ID that we do n0f
have 70 pay I.l0 Of per cent tax To the
state as savings bank and trust compan.
les are compelled to do. =
A number of city warrants were read
and ordered paid, including one for S25.-
900 and interest, temporary loan. from
Barre Savings Bank aud Trust Go.
II was ordered that f. Smeitzar be patd
sos on account, for earth removed an
Beacon street.
The fire department made reauest thae
the Woodbinea around The RiobaFdson
property be preserved as the department
would Ike them On the new fire station.
deferred to IRE and property committee.
Ihe committee on streets reported favor
ably On the petition for a crosswalk III fha
corner Of East and Academy streets. Bro.
yided the petitioners will be satisfied with
q gravel walk Accepted and adopted
a warrant OF 800 in payment for lansi
taken Of Louis Lanciault on Brook street
was ordered paid.
The street committee and city engineer
reported that while ill was needed on
Orange street It favored putting the MAJ
Ter over until next year. The report Wa
accepted. " -
a permit was granted Charles zanIanni
70 erect o one story brick addition h tina
Nichols house on North Main street
Y. M0lla was granted permit I'd araet
Q two story brick block on Granite straas
The boad of aldermen adjourned and ]
council meeting was called.
After opening the bids FOR the Invasg
ment Of the sinking fund which Is told II
q the beginning Of this report. AIdarmsa
Mckenzie stated for the street oommis
sioners that they had been given powar s
got IN the matter Of laying d sewer IS ss
Main street, but upon Investigation 49,.
found the street had never been aaaaats
by the city, In view of this fact tha s-s,s IN
srEy owners on the street had aisarss psss- Y
ay the sewer if the city would donats aso y
lees of tile This the council voted Ia NJ
The street commissioners were a,,tha ~
zed t0puEchase thousand feet If 4 lsss.Ss. ~.
sewer pipe % be used as drain I'll ita 49, ~
work Of repairing the No. Main $500 ~
sewer Is 10 progress It was stated 49, s-as,.
% this sewer would begin Sept. 81 "osA
Alderman Mckenzie announoe.i fhsk4
street sweeper had arrived. IA ~ W.
when the fire horses were purehn ass aal
vas with the distinct understanslina
hey should be used on the sfreafs eaas
Continued o. Eighth Page