Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1912-01-12
%BRATTLEB0R0 LOCAL
VERMONT SAVINGS BANK.
Annual Meeting Of the corporators Held
Wednesday-Address by state Bank
Commissioner Williams.

commissioner WIIldfVbs
The annual meeting of the Vermont
Savings bank was held in the banking
rooms Wednesday afternoon. officers for
1911 were chosen as follows: President,
c. II. Pratt; vice pres, William s. New
ton; treas, Harry p. Webster; trustees,
w. S. Newton, c. II. Pratt, f. L. Hunt,
J. Gray Estey, w. H.. Bracket, c. o.
Robbins, F. l.. Houghton, M. Austin, II.
p. Webster; board of investment, C. II.
Pratt, f. l.. Hunt, w. II. Bracket, c.
O. Robbins, II. p. Webster; auditors, f.
l.. Hunt, NJ. Austin, G. O. Robbins.
Three new corporators were elected, II.
p. Farr of Putney, NJ. c.. Houghton and
II. e. Eddy of Brattleboro.
The deposits of the bank now amount
to 81, 1893, $50. so. An addition of $21 900 has
been made to the surplus and reserve
fund during the year, making the total
under these headings $411, 900.
The treasurer, in presenting his annual
report, made fitting recognition of the
services of DR.. George S. Foster of Put
ney and d. S. Pratt of Brattleboro. DIR.
Foster was a corporator from 1902. Mr..
Pratt was elected a corporator in 1873,
and was a member of the board of in
vestment the following 30 years, resign
ing in 1908, owing to i'll health.
AT 8 o'clock the annual corporation din
ner was served at the Brooks House,
covers being laid for 80 persons. F.. c.
Williams of Newport, bank commissioner
of Vermont, was the guest of honor. AT
the close of the banquet he was intro
duced by President Pratt. Mr.. Williams
addressed the corporators half an hour.
He spoke of the great strength, not only
of the two savings banks in Brattleboro.
but of the national banks here. The sue
cess of a savings bank, he said, was due
in a large part to the fidelity with which
the corporators performed their duties.
He pointed out the important functions
which a mutual savings bank performs
in safeguarding the money of the peo-
pie of limited means who do not know
how to invest it and in returning to
them a good rate of interest. He re-
affirmed the statement made in his
annual report that money is as
safe today in the Vermont state banks
as 1t can be in any known class of in
and the net income to deposit
ors is more than they can receive upon
any class of investments where the Sc
curity is good. He showed how mutual
savings are not being organized today,
for such banks are run primarily in the
interests of the depositors, with no large
returns to any individuals, and large in
Vestors prefer to establish banking con-
Germs which will give dividends to them
selves. Many Vermont savings banks
keep on deposit large sums in the New
York and Boston banks, but the Brattle-
boro national banks are so strong that
the savings banks here do their current
banking business through the home ma
tlonal banks, which in turn loan the
money for local uses. This means indi-
rectly a large saving to local users of
money.
In conversation afterward Mr.. Williams
made the statement which will probably
be surprising to many people that the
savings banks in Brattleboro paw in
taxes $4,000 which is available for the
general expenses of the state.