Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1912-11-15
The Hyde Park Bank and
Out-of-State Loans

ed to a speech by Hon. John II
Senter, who volunteered for the ed
ification of the club this statement
THE Hyde Park Bank says ii
does not loan outside of 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 authoritative
statement may interest Our readers.
The bank makes this broad safe
ment:
That, aside from funds deposited
on call in New York or Boston,
this bank has never loaned a dol
lar since its organization except
on Vermont security or on paper
guaranteed by a first-class Vermont
name or names. 1t does not de-
cline to receive out-of-state collat-
eral 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 strong SO that
it might at any time respond to any
call upon it by any Vermonter, and
it has today on hand and on deposit
ION CALI in Boston and New York
and in loans to Vermont banks
$28O,273.37.
Within the last 80 days this bank
has said to practically every saw
ings bank in Vermont: 1--WE pre-
fer to keep our deposits in Vermont
rather than in New York and Bos-
ton 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.. SEN
ter the inference could be fairly
drawn that the Hyde Park Bank
was indirectly loaning money out
side 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 this quotation:
The Hyde Park Bank says it
does not loan outside of Vermont,
but it deposits money outside of the
state"
The bank has not had deposit
out of the state for many years, if
at all, that paid more than 1-2 per
cent interest; and the suggestion
that it was in this way getting
around or avoiding its idea of max
ing loans outside the state is entire
ly gratuitous.
The Hyde Park Bank courts in
vestigation by everybody, whether
they are interested as depositors or
otherwise; and the bank is more
than pleased that Mr.. Senter has
given it an opportunity to bring to
the public's notice the factor it
probably is fact-that the Hyde
Park Bank carries a larger per-
centage of its assets ION call, and
where it can put its hand upon
them at a moments notice, than
any other bank in the state. In no
other way could this bank be so
powerful a factor in the financial
affairs of the state.
In no other way could it be pre-
pared to respond to all calls, large
or small, not only from individuals
but from its neighbor Vermont
banks. There are very few banks
in Vermont that do not understand
that if in need of funds to take
care of their customers they can
come to the Hyde Park Bank and
will probably get the money.
This may not always be true but
there has not been a day in the last
four years when the Hyde Park
Bank has not been in condition to
respond, and has responded, to ev-
cry call of this kind from its neigh
Dor banks.
1t costs the bank something in
loss of interest to do this, for
there hasn't been time for years
that it could not send the same
money West and get from 6 to
per cent. But it is entirely salts
fed and content to do business as
it is now doing, because its phe-
nomenal growth shows that its &C
ton is appreciated by the good peo-
pie of Vermont.
It's average deposits have ex-
ceeded its Withdrawals for every
day in the last five wears, barring