Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1912-11-13
THE HYDEPARK BANK AND
OUT-OF-STATE LOANS.

H. Senter, who volunteered for the
edifcation of the Club this state
ment:
"The Hyde Park Bank says it
does not loan outside Vermont,
but it deposzts money outside tie
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 a dollar
since its organization except on
Vermont security or on paper
guaranteed by a hrst-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 ratheTthan out-of-
State banks; but every bank, 50
far as we ever knew, keeps a p1rt
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 S29o,273.37.
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 hi:
| quotations:
l "The Hyde Park Bank says i
does not loan outside of Vermont
but it deposits money outside o
the State"
The bank has not had a deposi
4 out of the State for many years,
= at all, that paid more than AZ pc
S cent interest; and the suggestion
o that it was in this way gettin!
s around or avoiding its idea O
making loans outside the State i
e entirely gratuitous.
f The Hyde Park Bank courts in
e vestigation by everybody, whethe
q they are interested as depositors o
i 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 factor
n probably is a fact-that the Hyd
!; < Park Bank carries a larger pei
e centage of its assets con call, an
J. where it can put its hand upo
(. them at a moments notice, tina
u any other bank in the State. |
IS no other way could this bank be S
e powerful a factor in the fnanci
is affairs of the State.
IS IS In no other way could it be pr,
e. pared to respond to all calls, larg
J. or small, not only from individual
l. but from its neighbor Vernon
at banks. There are very few banl
to in Vermont that do not understar
IL that if in need of funds to take Cal
e. of their customers they can con
ny ny to the Hyde Park Bank and w
pc probably get the money.
81 This may not always be tru
OF but there has not been a day
bu the last four years when the Hy'
in in Park Bank has not been in cone
lin ton to respond, and has responde
ed to every call of this kind from
ell ell neighbor banks.
.e ct 1t costs the bank something
re- loss of interest TO do this, for the
hasn't been a time for years tn
me ne it could not send the same mon
ats West and get from 6 to 8 per Gel
Y. But it is entirely satisfied and &C
$ tent to do business as it is NJ
DOING because IFS DhenOmer