The Barre daily times. (Barre, Vt.) 1897-1959, 1912-11-12
THE HYDE PARK BANK AND
OUT-OF-STATE LOANS.

\ tober 30 the Farmers Club lis
? tened to a speech by Hon. John
II. Senter, who volunteered for
the edifcation of the club this
statement:
"The Hyde Park Bank says it
does not loan outside of Vermont,
! but it does deposit money outside
the state.
SO much has been said in regard
TIC 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 deposit
ed on call in New York and Bos-
ton. this bank has never loaned
dollar since its organization eX-
cept on Vermont security or on
paper guaranteed by a tirst-class
Vermont 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 strong, so that
il might at any time respond to
any call upon it by any Vermont
err, and it has to-day on hand and
on deposit 'on call in Boston
and New York and in loans to
Vermont banks $280,273.37.
Within the last 80 days this
bank has said to practically every
savings bank in Vermont: "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 t
glad to place it with you. !" S
From the suggestion of Mr.. t
Senter the inference could be fair
ly drawn that the Hyde Park n
Bank was indirectly loaning mon P
ey outside the state through this P
practice Of making deposits out :
side the state. What else can he !
mean when he uses the word c,
but" as he does9 We repeat his q
quotation: y
"The Hyde Park Bank says it =
loes not loan outside of Vermont, 1
out it deposits money outside of
he state. "
The bank has not had a deposit
,ut of the state for many years,
{ at all, that paid more than 4 1-2
,er cent. interest; and the sugges-
ion that it was in this way get
ing around or avoiding its idea of
making loans outside the state is
ntirely gratuitous.
The Hyde Park Bank courts in
estigation by everybody, wheth-
r they are interested as deposit
rs or otherwise and the bank is t.
lore than pleased that Mr. Senter
as given it an opportunity to J.
ring to the public S notice the -
it probably is a fact t,
nat the Hyde Park Bank carries
larger percentage of its assets
on call, and where it can put :
s hand upon them at moment s
office, than any other bank in the !
ate. In no other way could this
ank be so powerful a factor in -
lie financial affairs of the state. -
In no other way could it be pre- =
AIRED to respond to all calls, large
: small, not only from individ- Il
ais, but from its neighbor Yer
ont banks. There are very few
anks in Vermont that do not I'M
erstand that if in need of funds
take care of their customers
ley can come to the Hyde Park
ank and will probably get the
oney.
This may not always be true
1t there has not been a day i'm Il
e last four years when the HYDE
ark Bank has not been in condi-
IN to respond. and has respond
|, to every call of this kind from
J neighbor banks.
1t costs the bank something in
IS of interest TO do this. for
ere hasn't been a time for years
at il could not send the same
Dney West and get from 6 10 )
r cent But it is entirely salts
d and content TO do business as
is now doing. because its phe- N
v,,apal rrroxr4I rIn,x-. sbo4 -. -. ~.