News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1912-11-20
THE HYDE PARK BANK AND
OUT-OF-STATE LOANS

listened to speech by Hon. John
II. Senter, who volunteered for
the edi6cation of the Club this
statement
1.-The Hyde Park Bank says it
does not loan outside of YER
mont, but it deposits money out
side 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 authori-
tative statement may interest
our readers.
The bank makes this broad
statement:
That, aside from funds deposit
ed on call in New York or Boston,
this bank has never loaned a dol
lar since it's 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
collateral 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, SO far as we ever knew,
keeps a part of its idle money
in those reserve cities authorized
by Section 1869 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 str ongso that
it might at any time respond to
any call upon it by any Yer
monter, and it has to-day on
hand and on deposit "on call"
in Boston and New York and in
loans to Vermont banks $780,
273.37.
Within the last 90 days this
bank has said to practically
every savings bank in Vermont:
1--WE prefer to keep our deposits
in Vermont 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
clad to place it with YOU"
From the suggestion Of Mr..
Senter the inference could be fair
ly drawn. that the Hyde Park
Bank was indirectly loaning
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
quotations:
THE Hyde Park Bank says it
does not loan outside of Ver-
mont, but it deposits money out
side of the State"
The bank has not had a de-
post out OF the State for many
years, if at all, that paid more
than Az per cent interest; and
the suggestion that it was in
this way getting around or
avoiding its idea of making
oans outside the State is entire
y gratuitous,
The Hyde Park Bank courts
nves tfgation by every body,
whether they are interested as
or otherwise; and the
0ank is more than pleased that
Mr.. Senter has given it an OPP
0ortunity to bring to the public's
notice the tact-for it probably
S a fact-that the Hyde Park
Bank carries a larger percentage
If its assets ION CALL" and where
t can put its hand upon them
1t a moments notice, than any
,ther bank in the State. In no
,ther way could this bank be so
powerful a factor in the financial
lffairs of the State
In no other way could it be
to respond to all calls,
arge or small, not only from in
Iividuals but from its neighbor
7ermont banks. There are very
ew banks in Vermont that do
lot understand that if in need of
unds to take care of their GUS
omers they can come to the
Iyde ParkBank and will proba-
ly get the money.
This may not always be true;
ut there has not been a day in
he last four years when the
Iyde Park Bank has not been in
ondition to respond, and has
to every call of this
ind from its neighbor banks.
1t costs the bank something in
,ss of interest to do this, for
1ere hasn't been a time for
ears that it could not send the
,,,a ,,,O,,avy Mast and Cra4 from