Middlebury register. (Middlebury, Vt.) 1886-1937, 1914-06-26


ING vERMoNTER AND HIS THRIFTY
SAVINGS INSTITUTIONS.
P. De Medici, the brilliant financial
writer, in an editorial in the United
States Investor makes the following COM
ment on the mutual savings banks of
this state.
There is an impression among the
loyal people of Vermont, and it prevails
also among people of other parts who
were born in Vermont that for down
right canniness the Vermonter is unex-
celed, In competition with the rest of
the world, he is ready to wager that he
will always come out first best. He
knows business opportunity when he
sees it. He knows, too, how to see
through and reject the glittering prom
ises of the promoter. AS for discrimin-
ating among all sorts of investments, he
can take his chances with the best of
them.
1.-THE savings banks of Vermont, like
the savings banks of New England gen.
orally, enjoy confidence to a really re.
markable degree. The elements of risk
about leaving money in their cafe is
never considered by their depositors.
One would almost as soon think of the
State of Vermont itself becoming finan.
cially embarrassed. Savings banks in
other states may come to grief and de-
positors lose part of their accumulations,
an occasional national bank may fail, in
spite of the supervision of the strong
federal government, and its customers
suffer in consequence; trust companies
here and there may prove recreant to the
fiducary relations they have assumed
with customers, in short every other
type of bank can go wrong but your
Vermont citizen will not admit the pos
sibiity Of his savings banks becoming
embarrassed.
PHENOMENAL GROWTH SINCE 1900.
at is not remarkable therefore, that
these savings banks have shown great
posts rapidly Fourteen years ago the
state banks Of Vermont had aggregate
deposits of about thiIty-seven million
dollars. Now their deposits exceed sew
entyfour million dollars An increase
of 100 percent cent like this in Il years
( in state where the population is prac-
ticaliy standing still IS really impressive.
| What is even more striking, is that the
| increase now Is at an ev,n more rapid
rate. 1t has reached gait Of about five
million dollars a year and although it
may be set back by spells of business lam
guor throughout the country, it is a rate
which seems likely to continue"
One of these savings banks has grown
at pace which far out-strips the aver
age rate and places it. in first place in
percentage of increase. During the four.
teen years above mentioned the old Mar
BILE Savings Bank, Of Rutland, Vermont,
has increased its deposits by nearly 100
per cent and of this increase nearly 90
per cent has come in the last five years
during which time the bank has risen
from ninth largest to its present position
as the fifth largest of the twenty one
mutual savings banks in the State, This
increase is a remarkable one and is
striking evidence of the high degree of
puplic confidence which the bank enjoys
Its Officers and Trustees are all men of
long banking experience and of high
standing in the community. The last
statement of the bank, showing assets Of
over 81, 700 100000 and surplus and pre-
fits of nearly 5000, 900 00,-tells the story
of their CA ul and conservative admins
tration of their charge.
BIG MAIL BUSINESS.
A large percentage of the banks 600
depositurs do business with the bank by
by mail. Although these mail transac-
tions run into staggering sums annually,
yet no depostor has ever lost a dollar by
thus entrusting his money to Uncle Sam :
messengers. This service is safe and
prompt and is great convenience to the
rural depositor. He simply makes his
checks drafts and money-orders. pay
able to the Marble Savings Bank and
sends them in. By return mail he has
his bank book receipting for this deposit.
Withdrawals are made in the same sim
pie manner.
The canny Nermonter deposits his saw
lngs at four per cent compound interest
in this strong bank and sleeps soundly
nights.-Rutland News, June 18th.