Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1914-03-05
BANKERS HEAR
SENATOR Weeks
Sixty Members of State AssO-
citation Meet at Bellows
Falls.
c. P. SMITH A SPEAKER
Says That Vermont Has Reason
to Be Proud of Record of
It's Financial In
situations.
c. ?. SMITH A SPEAKER

Bellows Falls, March 3.-The fifth
annual convention of the Vermont state
Bankers association was held here to-
day with 60 members in attendance
In the afternoon session the invocation
was given by the Rev. A. G. Wilson
rector of the Emmanuel Episcopal
Church, the address of welcome by Will
lis G. Belknap, editor of the Bellows
Falls Times, the response by w. w
Russell, cashier of the First National
Bank of White River Junction and the
annual address of the president, by
Charles p. Smith, president of the Bur-
lington Savings bank.
Senator John w. Weeks of Massa-
chusetts. member of the national
monetary commission, gave an address
on "The New Banking and Currency
Measure" He outlined the anticipated
benefits of the laws on banking and
currency passed by the last session OF
Congress and urged the bankers to
further financial relations with Latin
American countries and the return to
power of the American merchant
marine.
In the session this evening w. w.
Russell was appointed to confer with
New Hampshire bankers on matters
pertaining to the American Bankers
association, and II. L. Ward of Bur-
lington was instructed to express to
the Granite State bankers expressions
of good will from the Vermont asso-
citation. These officers were elected:
Fl. F. FIELD PRESIDENT.
President, Henry F. Field of Rutland
vice-president, II. NJ Mcfarland OF
Hyde Park; secretary, c. S. Webster OF
Barton; treasurer, d. S. Wells of Or
well; members of the executive coun-
ell for two years, A. II. Chandler OF
Bellows Falls, G. II. Bickford of Hard
wick, and d. w. Davis of Derby Line
A banquet was served in the Hote
Windham at nine o'clock with Charlie:
w. Osgood of Bellows Falls as toast
master. Prof. Bradlee of the Univer.
sity of Vermont gave an interesting ad
dress on THE Extension Work in Ag
riculture of the State Agriculture
College as Provided for by the Las
Legislature"
Mr.. Smith said:
Everything indicates that the bank
of our State have prospered during tn
past year, that business has been salts
factory and that they are sound an
safe.
Vermont has reason to be proud c
the record of its banks for the past 9
years. 1t is the wonder of other part
Of our country particularly the wester
States, that the savings banks an
trust companies can accumulate sue
large deposits in the small communi
ties. Those of us who have had clos
connections with the banks for man
years know that it is due to the thrift
and economy of our people, being tn
small savings of a large number
BANKS IN NEW FIELD.
The national banks are entering
new field. The new law is intende
70 give increased elasticity both to cur
rency and credit and should put tn
banks in better position to meet tn
demands of their customers a all time
my words to-day will relate chief
to the savings banks and saving
banks and trust companies of tn
state. The bank commissioners repol
shows q steady and large increase
deposit, due partly to the removing
the limit by the State Legislature. TIL
in way is an element Of danger an
its large deposits, particularly whei
they are deposited by persons waitin
for a better opportunity for investmel
and are likely to be called for at tin
when the bank can use them to II
best advantage. The receiving of lars
deposits by a savings bank is likely
work to the injury of the smaller d.
positors-a class when the ssaVir
banks and trust companies were prin
arily established to take care of;
1T, necessitates the bank carrying
larger cash reserve and more quic
assets in order to be,n Position to me
the demands of an emergency
IT believe no State has better Law
governing and regulating its saving
banks. They are wise and well adap
ed to the conditions of the State,
results have proved. Our banks a.
allowed to invest in real estate NOR
cages out of the state, and 1t hi
proved a satisfactory and safe feel
and has enabled the banks to secu
safe investments at larger return
than would have been possible in al
other way. If the money that hi
been invested in this class of securi
had been put into what would ha
been considered high grade bond
their depreciation during the pa
seven years would have more tn;
wiped out the entire Surplus held
the banks of the State. Vermo
savings banks were really pioneers
this line of investment. Some Of t
larger insurance companies of t
country, who have never until We
recently invested in this CLASS of S
.urity, are now doing so very large
Ind the government has recogniz
The wisdom of this course by allowi
the national banks to carry certa
per cent. of their assets in real {
tate mortgages.
"This state taxes its banks We
much more than any other State in t
Union, and IL it had not been for o
wider field of investment it would ha
been impossible for the banks to ha
paid their depositors a fair return
their money. The tax commission
reports taxes, received from the ban
of the State, of over $500, 900, being
increase of $4,000 over the previo
year-just about three times as mu
as the State Of Massachusetts, wol
have received, from the same amou
of assets.
There is at the present time de
interest In the development of the
sources of our State, and organi'
lions of different kinds are bel