St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1909-08-25
VERMONT NEWS
pank Commissioner's Report.

Newport has issued his report from
u ',h , the following facts are taken.
& " Two new trust companies have been
.,aanized and opened for business since
t ot.s last report of this department,
Ion,elv. the Mortified Trust company,
& ih"oatpd at North6eld Vermont, and the
baton Savings Bank and Trust CON-
LAW located at Barton, Vermont. The
Parton Savings Bank, located at the
Litter place has been liquidated and the
depositors paid. There are now 81
savings banks and savings institutions,
and and IS savings banks and trust COM
nanies in operation in the state, and the
oIlowing shows the condition of all of
.bece institutions at the close ofbusiness,
\ iune 80, 1909.
The total deposits of the banks are
GA Axe, O13.04, an increase of $4,016,-
n 95963 for the year. This is the largest
d increase of any year, except from 1906
/ 70 1907, in the history of the depart
ment, and, in view of the change of the
8 law in 1906, which accounted for the
4 large increase the following year this
charitable increase in deposits indicates
that the people of this state have great
& confidence in the stability of our banks,
and also that general business in YER
mont has not seriously suffered the past
n yer
3 one of the savings banks and trust COM
panies have paid four per cent interest
4 upon deposits during the past year, and
four savings banks and four savings
Il hanks and trust companies have paid
three and one-half per cent; six savings
n hanks have paid three and three fourths
E ner cent and one, three and one-fourth
Il ner cent One savings bank and trust
q company paid three per cent, and one,
8 three and three-fourths. Two trust COM
i panieS have no deposits.
Some of the officers of both classes of
h banks think that the rate ought to be
n reduced to three and one-half per cent,
Y while others insist that their earnings
warrant them in paying tour per cent.
n There should be no inducement tor a
savings bank or savings bank and trust
v company to enter into competition for
4 loans with their neighbors and unless the
n banks are able to loan their money upon
absolutely safe security at such rates as
n will warrant the payment of four per
4 cent interest upon deposits the rate
3 should be reduced; but. on the other
hand, it is the duty of all savings banks
h and savings institutions to pay the de-
\ positors as much as they can afford, after
n adding to the surplus whatever is neces-
sary to comply with the law. and pro-
per iy safeguard the deposits.
The savings banks and trust compan-
Il les of the state stand in a different rela-
4 ton to the depositors from that OF the
n savings banks, but the first duty for
d both classes of banks is to their depos-
n tors, and second to their stockholders
y when they have any.
The development of our savings banks
q and savings banks and trust companies
since 1880, has beeh quite rapid, with
very little change in the laws, and there
a are many inconsistencies which should
be corrected.
The investments in mortgages on real
estate in Vermont are $13, 1858, 102.31 an
increase of 81, 40S, 272.70 and on real
estate without the state $27 ,209, 1858
h an increase of So, 329, 440.70.
Il The surplus has increased $145, 1855
during the year, and is about the same
h per cent of the deposits as last year.
The taxes paid by the banks are 1925
n 1883, an increase of $40, 3S2.71. The
other expenses are $348. 717.27, an in
crease of $25, 634.17.
The banks paid interest to depositors
Il to the amount of So, 1874, 203.00 an in
crease of $188, 235.25 over the amount
paid in 1908.
Bankers to Hold Summer Meeting.
II The Vermont State Bankers Associa.
q ton organized last winter, will hold its
Il first summer meeting in Burlington
Thursday, August &c. Some of the loca
banks are to entertain their fellow bank
Il ers on the occasion of their visit to the
n Queen city and will take their guests
q aboard the steamer Chateaugay on ar
n rival of the afternoon mail train from the
b south. A business meeting will be hello
Il on board, en- route to Bluff Point, where
q dinner will be served at Hotel Champlain
Il Following this there will be sail on the
lake, with return to Burlington about II
Il o'clock.
II W. o. Jones of the National PARK
Il Bank, New York, as guest of the associa
Il ton, will talk to the bankers at theil
\ business meeting about Some Phases o
Il Country Banking" and it is hoped thai
81 Clark Williams, of the banking depart
ment of the state of New York, will also
II be present. 1t is expected that the bank
ers will enhance the pleasure OF the oc
casion by prevailing upon their wives tt
accompany them.
Meeting Of Rural Letter Carriers.
81 AT Brattleboro today and tomorrow
the State Rural Letter Carriers associa
ton will hold it's fifth annual meeting
4 The program Wednesday is to be a
follows: address of welcome, Col. ID. {
Il Taylor of Brattleboro. response. II. W
Spooner of Vergennes; report OF nationa
convention, J. c. Carpenter OF lrasburg
paper on good roads, Bion Humphrey
East Burke; address by c. w. Gates c
u Franklin mutual insurance, E. 5. Robr
son of Morrisville; address, Hon. Free
. erlck G. Fleetwood, of Morrisville
j Thursday morning, will be devoted t
the reports of officers, business, and a
address by w. w. Sawyer of Burlington
4 congressman D. ]. Foster of Burlingto
and Frank Plumley of Mortified WI
also speak to the convention. Durin
Il the ladies hour Mrs. Carrie Guernsey
Il Windsor will relate her experiences as
carrier. Thursday afternoon will /
a devoted to business.
81 Will of George Van Dyke.
The will of George VanDyke was file