St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1906-03-14

previous resolution; and that Hon.
Robert Harvey is hereby chosen com.
mittee for the purchase and presentation
of sal Testimonial.
1t was further unanimously Voted,
That the foregoing Resolutions be re-
corded upon the stockholders records
and a certified copy of the same present.
ed to Col. Hale.
Attest,
GEORGE LESLIE, Cashier.
The pitcher is now a treasured heir
loom and in the possession OF Mrs. Hale,
the donor OF the oil painting.
In 1858 Col. Hale removed to Keokuk,
Ia. arriving in that western city just at
the time the great state Iowa started on
its m arvelous growth. He grew up with
the country, becoming cashier OF the
State National Bank and the leading
financier of that section. He became city
treasurer and was also interested in the
pork packing business. then an infant
industry. Col. Hale's eastern connections
served him we'll in financing the county
bonds and they were eagerly sought
alter by New England capitalists. He
sold large number OF the Lee county
and Henri county bonds, the former
county Being named for the Confederate
general who surveyed that region in bis
younger days. He kept in close touch
with the leading financiers and his ad-
dress at one OF the meetings of the
National Bankers Association at Sara
toga was very favorably received in
banking circles. His honesty was
proverbial and he was nicknamed "Old
Reliable" familiar name which be had
earned by his integrity and his Subsistence
upon square deal ,.
As showing his conservatism D. S. Full
ton, now vice president of the Wells
River Savings Bank, relates this incident.
A customer came to the Keokuk bank
seeking loan of $4,000 wi bout any
security. Col. Hale asked for security
on the loan for he did not believe the
man was as rich as he represented. The
applicant demurred and said he had
several hundred shares of Illinois Central
railroad stock, acres of land, etc. The
board of directors were willing to take the
note without security, but "Old Reliab BILE"
insisted on the Collateral and said to his
associates, 'If he has the Illinois Central
stock it won't hurt the stock nor him to
put it up with the note; il he hasn't got
it then we want it most almighty"
The Wells River bank which Col. Hale
served so faithfully was established in
1888 with capital stock of $4,000.
In nearly rs years existence it has only
had FIVE cashiers, Benjamin F. Moore e.
Newell. Col. 0. c. Hale, George Leslie
and Nelson Bailey, who has been its
cashier since 1894. 1t was made ma
tional bank in 1865 and its capital at
that time increased to $150000. Up to
that time it had been state bank, issu-
ing its own scrip. Much of this is now
treasured by collectors as curiosity,
and in the directors room at the bank is
an interesting collection in large frame,
each bill containing the signatures of for
mer presidents and cashiers. Another
interesting relic OF this period is the cor
respondence with Jay Gould relating to
the purchase of the bonds OF the Rutland
& Washington railroad.
The banks capital was doubled again
in 1875, and when the charter was re.
newed last year the name was changed
from "The National Bank of Newbury'
to THE National Bank of Newbury at
Wells River" AS the original name
indicates it was the plan OF the founders
to have the bank located at Newbury
village, but it is related that Peter Bur.
bank stole march on the rest of the
stockholders by securing proxies for a
majority of the stock and keeping the
institution at Wells River, where he him
self resided. 1t has occupied it's present
home since it was organized, though the
increased business demanded substan.
tial addition which was erected some
years ago.
In the 40 years that this has been es
tablished as a national bank it can point
to record of which any bank may wei
take pride. 1t paid last January it's SOtt
dividend, never having passed one sine,
it was established. 1t has distributed tc
its stockholders nearly million dollar.
in dividends, or to be exact, SS3S 500
Today its surplus is $S1 1868 and it:
deposits about 1927 900.
The patrons of the bank received las
January handsome calendar represent
ing President Roosevelt as the strenuous
citizen" vauting on horseback a higl
fence. This was suggestive OF the fac
that the first citizen OF the United States
stands for all that is best as he has don,
more for this marion than any of his pre-
decessors. So, too, the National Bank o
Newbury at Wells River stands for thai
which is best in lis line and has dom
more for the community in which it is 10
Gated than any other institution of it.
kind.