The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1914-06-25
LOYAL TO MUTUAL SAVINGS
BANKS
Prominent Editor Writes Of the Canuy
Nermonter and His Thrifty Saw
mrs institutions

United States Investor makes the
following comment on the mutual
savings banks Of this State.
"There is an impression among
the loyal people Of Vermont, and
liz prevails also among people Of
other parts who we're born in Yer
mont, that for downright canniness
the Vermonter is unexcellod. 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 il. He knows, too, how TO
see through and reject the glitter
ing promises of the promoter As for
discriminating among all sorts Of in
vestments, he can take his chances
with the best Of them.
1.-THE savings banks Of Vermont,
like the savings banks Of New Eng
land generally, enjoy confidence TO
a really remarkable degree. The
elements of risks about leaving money
in their care is never considered by
their depositors. One would almost
as soon think of the State of Nerr-
mont itself becoming financially
embarrassed. Savings banks in
other states may come to grief end
depositors lose part of their accum-
ulations, an occasional national
bank may fail, in spite of the sup
ervision of the strong ederfal gov
eminent, and its customers suffer
in consequence; trust companies
here and there may prove recreant
to the fiduciary relations they have
assumed with customers, in short
every other type of bank can go
wrong but your Vermont citizen
will not admit the possibility of his
savings banks becoming embarrass-
ed.
Phenomenal Growth Since 1900
ut is not remarkable therefore,
that these savings banks have shown
great power to grow, They add to
their deposits rapidly. Fourteen
years ago the State banks of Yer
mont had aggregate deposits Of
about thirty-seven million dollars.
Now their deposits exceed seventy
four million dollars. An increase Of
100 per cent like this in Ia years
in State where the population is
practically standing still is really
striking, is that the increase now is
at an even more rapid rate 1t has
reached gait of about five million
dollars year and although it may
be set back by spells of business
langour throughout the country, it
is rate which seems likely to con-
tinue."
One of these savings banks has
grown at pace which far out
strips the average rate and places
it in first place in percentage Of
increase. During the fourteen years
above mentioned the old Marble
Savings Bank, of Rutland, Vermont,
has increased its deposits by nearly
$50 per cent, and of this increase
nearly 60 per cent has come in the
asst five years during which time
he bank has risen from ninth larg-
est to its present position as the fifth
argest of the twenty-one mutual saw
ngs banks in the State This in
'rease is a remarkable one and is
4 striking evidence of the high de-
gree of public confidence which the
,ank enjoys. Its Officers and Trus-
,ees are all men Of long banking
experience and of high standing in
he community. The last statement
# the bank, showing assets of over
,2,700, 10000 and surplus and pro-
its of nearly $200,0O000,--tells the
tory Of their careful and conservative
OF their charge.
Big Mail Business
A large percentage Of the banks
ZOO depositors do business with the
ank by mail. Although these mail
transactions run into staggering
ums annually yet no depositor has
yer lost dollar by thus entrust-
ng his money to Uncle Sans mes
engers. This service is safe and
rompt and it great convenience
0 the rural depositor. He simply
lakes his checks, drafts and money
rders, payable to the Marble Saw
lgs Bank and sends them in. BY
eturn mail he has his bank book
eceipting for this deposit With
rawals are made in the same sim
le manner.
The canny Vermonter deposits his
ayings at four per cent compound
lterest in this strong bank and sleeps
,undly o'nights - Rutland News,
,ro TD4I