Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1912-11-20
THE HYDEPARK BANK AND
OUT-OF-STATELOAN

ment:
"The Hyde Park Bank says it
does not loan outside Vermont,
but it deposits money outside the
State
SO much has been said in regard
to the attitude of the Hyde Park
Bank-some truthful, some other
wise-that perhaps an authorita
tive statement may interest our
readers.
The bank makes this broad |
statement:
That, aside from funds deposited !
on call in New York or Boston,
this bank has never loaned dollar
since its organization except on
Vermont security or on paper
guaranteed by a frst-class Yer
mont name or names. 1t does not
decline to receive out-of- State col
lateral if it believes the home name
is good.
1t makes every effort to place its
idle, or so-called "call money with
Vermont banks rather than out-of-
State banks; but every bank, 81
far as we ever knew, keeps a ptrt
of its idle money in those reserve
cities authorized by Section 1850
of the Vermont Statutes. But this
bank has never made deposits
West or South even under this
statute, but confined them to cities
in New England and New York.
1t has been the policy of the
Hyde Park Savings Bank always
to keep financially strong SO that it
might at any time respond to any
call upon it by any Vermonter, and
it has to-day on hand and on de-
post con CALI in Boston and New
York and in loans to We mont
banks S28o,275.37.
Within the last 90 days this
bank has said to practically every
savings bank in Vermont: eve
prefer to keep our deposits in Yer
}, mont rather than in New York
and Boston Banks, and if you can
use the money of this bank at 4
per cent, we shall be glad to place
it with you"
From the suggestion of Mr..
Senter the inference could be
. fairly drawn that the Hyde Park
Bank was indirectly loaning money
: outside the State through this
practice of making deposits outside
the State. What else can he
mean when he uses the word "but
as he does? We repeat his
quotation:
~ "The Hyde Park Bank says il
does not loan outside of Vermont
but it deposits money outside O.
d the State
= The bank has not had a deposit
y out of the State for many years, i
b at all, that paid more than AZ pc
9 cent interest; and the suggestion
II that it was in this way getting
T. around or avoiding its idea O
making loans outside the State i
) cntlIely SIdtultOuS.
], The Hyde Park Bank courts in
y. n vestigation by everybody, whethe
y they are interested as depositors o
st otherwise; and the bank is NOR
than pleased that Mr.. S inter- ha
- given it an opportunity to bring t
- the public's notice the fact-for
probably is a fact-that the Hyd
y Park Bank carries a larger per
centage of its assets "on call" an
- where it can put its hand upo
= them at a moments notice, tina
Z any other bank in the State. l
" no other way could this bank be S
powerful a factor in the fnancis
affairs of the State.
T In no other way could it be pre-
\ pared to respond to all calls, larg
E or small, not only from individual
d but from its neighbor Vernon
banks. There are very few bank
in Vermont that do not understan
that if in need of funds to take Cal
of their customers they can com
ir to the Hyde Park Bank and wi
or probably get the money,
% This may not always be tru
n but there has not been a day
fe the last four years when the Hyc
l.. Park Bank has not been in conc
nd nd ton to respond, and has responds
ID. to every call of this kind from i
on neighbor banks.
1t costs the bank something
by loss of interest to do this, for the
hasn't been a time for years tn
- it could not send the same none
I'VE West and get from 6 to 8 per Ger
IL But it is entirely satisfied and CO
tent to do business as it is no