The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1916-08-15

fan my attention was called to an adver-
tisement by the I-amoille County Savings
Bank and Trust company which l thought
was very misleading, and incorrectly stat
ed the condition of the bank. | called
the attention of the bank and Senator
Page to the matter, and advised him
that there were two statements in the
advertisement which he must know were
not proper. One, that the bank did not
consider loans bearing more than six per
cent as safe conservative loans, and con-
sequentIy did not go after such loans, and
the other, that the bank had no assets
which were not absolutely good for their
face. Later | was assured by Senator
Page in a conference l had with him that
the advertising had been turned over to
Mr.. Culver. the treasurer, who would have
entire charge of it and that he. senator
Page, should not interfere with it, and
since that time l have had no occasion
to criticise the advertisements and DO
not think there will be such occasion if
Mr.. Culver is to control the matter. 1
consider him a very competent, reliable
bank treasurer.
In order that the people of the State
may understand what my position was
long before any political controversy
which l wrote to the bank and to Sena-
tor Page.
IMPROPER PRACTICE.
In a letter dated July Is, 1912. to the
vice president of the bank / stated 1
might say in this connection as l have
said before that the policy of your bank
OF requiring some of its directors to guar
antee or endorse paper discounted is not
a proper one. and 1 have expected that
you have discontinued that practice So
far as endorsements and guarantees which
have been given for paper now held by
the bank, / have taken the position,
which you know, that such guarantees
and endorsers should not be released up
on any of the papers held by the bank
but that the practice should be discon-
tinued.'
In letter to the vice-president, dated
November so, 1912, I said / have just
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, / think
very misleading. / understand this line
of advertising was abandoned after my
~
year ago last summer. You will re-
member that You very frankly told me
that you had overstepped the law in
the matter of endorsements and euaran-
tees of out of state loans and while YOU
did not, / think, fully admit it, the re-
suit of your statement induced me to
think that officers of the bank had been
receiving what in law would amount to
n commission for placing loans although
your method was such as possibly to
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 We're until they were either
paid so adjusted that the commissioner
and the bank were satisfied to have the
endorsers and guarantors released; that
no more business of that character should
be done by the bank; that the officers of
the bank should reduce their obligations
to the legal limit as soon as it could be
done without disturbance to the affairs
of the bank, and that the bank should
abandon advertising that they made nc
loans outside the state
SENATOR ASKS FOR CONFERENCE.
"As a result of this letter Senator
Page asked for a conference, made the
argument as I have stated above and
when / refused to change my rulings
faithfully agreed to- comply with them
'In a letter to Hon. c. S. Page pres
IATOF AL GU