The Barre daily times. (Barre, Vt.) 1897-1959, 1916-08-14

fall my attention was called to an adver-
usement by the Lamoille County Savings
sank and Trust company which 7 tboueht
was very misleading and incorrectly qta4
the condition of the bank 1 called
'he attention of the bank and scnator
rage TO the matter, and advised hin,
'hht there were two statements In Tho
er'isement which he must kno,x
hot proper. One, that the baul,
dih NOT consider loans bearing more
man SIX per cent. as safe conservative
ioahs' ana consequently did not go aft
er such loans, and the other, thar the
pahh had no assets which were pot
aps"iuteiy good for their face. Later
vas assured by Senator Page In a
conference | had with him that the ad-
Ferusing had been turned over n Mr.
culver. the treasurer, who would have
entire charge OF 1t and that he. Senator
rage, should not interfere with IL ana
since that time l have had no occasto,
70 critcise the advertisements ana AZ
not think there viii be such occasion IL
Mr.. Culver IS TO control the matter as
consider him Very competent, reliable
bank treasurer
In order that the people OF the state
may understand what my position was
long before any political controversy
arose, make quotations from letters
Whlch wrote to the bank and to SEN
ator Page.
IMPROPER PRACTICE.
IN letter dated July 70. 1912. to the
Nee-pfesdent Of the bank / stated |
nlisht say II this connection as | have
sIla pelofe' that the policy of your bank
n fP{ q
antee or endorse paper discounted il NOT
proper one, and have expected that
you have discontinued that practice So
Iar as endorsements and guarantees which
have been given for paper now held nv
the bank, | have taken the position.
which you know that such guarantees
and endorsers should not be released
upon any of the papers held by the
bank, but that the practice should be
discontinued
In letter to the vice-presdent, dated
November 30, 1912, l said. L haya inst
read the latest advertisement of the
above bank in the Express & Standard
and am somewhat surprised at some of
the statements therein made, for al
though perhaps technically, these state
ments are correct, yet they are. I think.
of advertising was abandoned after nv
TAX with yourself and Senator Page n
year ago last summer You will re-
member that you very frankly told ma
that you had overstepped the law in
the matter Of endorsements and guarap
tees of out of state loans and while Won
did not think. fully admit IL the re-
suit of your statement induced me to
officers of he h.,
receiving what In law would amount to
a commission for placing loans, although
your method was such as possibly 10
avoid that charge My understanding of
the result of our conversation was that
the endorsements and guarantees of
loans by officers of the bank should
stand as they were until they We're eth
er paid or SO adjusted that the commits
sioner and the bank were satisfied To
have the endorsers and guarantors re-
leased that no more business Of that
should be done by the bank:
that the officers OF the bank should re-
luce their obligations to the legal limit
as soon as II could be done without dis
turbance to the affairs of the bank.
and that the bank should abandon adj
pertising that they made no loans out
side the state
SENATOR ASKS FOR CONFERENCE.
las a result of this letter Senator
PAGE asked for a conference, made the
argument as l have stated above. and
when I refused to change my rulings.
aithfully agreed to comply with Their.
In letter 10 Hon. c. s PAGE. prssi-
r0RTAT, CTITR