Middlebury register. (Middlebury, Vt.) 1886-1937, 1916-08-18

ran my attention was called 10 nm advor-
tSement By the Lamollle Countv sovi,r.
l'"'N ana trust company which thought
vac Fe'F misleading, and Incorrectly 7tat-
'"p CONDITION OF the bank. called
attention OF the bank and senntor
"Sc 10 the matter, and advised him
'hh' there were two statements I'm Nh.
advertisement which he must know
were not proper. One, TINT the bnnl
uid not consider loans benrInp mor.
thhn six per cent. as safe conscrv,,Ivo
iohhs' ana consequently did not 20 nft-
er such loans, and the other, TINT the
DUNK mad no assets which were moi
"''i"'eiy good for their face. Later
was assured by Senator Page in n
conference had with him that the nd
Nertislng had been turned over 10 Mr.
culver, the treasurer, who would bava
entire charge Of 1t and that he. Senator
rage should not interfere with f. md
s''e that time | have had no occasion
u crltlcise the advertisements and do
not thlnk there will be such occasion IL
MT culver is to control the matter. az
consider MIN 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
which wrote to the oank and to Sem
ator Page,
IMPROPER PRACTICE.
In letter dated July Is, 1912, to the
Vlce-President of the bank | stated
might say In this connection as | have
said before, that the policy Of your bank
OF requiring some Of It's directors to guar
antee or endorse paper discounted is not
proper one, and l have expected that
you have discontinued that practice So
lar az 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
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, said. I have lust
read the latest advertisement OF the
above bank in the Express g. 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 nv
talk with yourself and Senator Page n
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 Ruaran.
tees of out Of state loans and while Won
did not. think, fully admit it, the re-
suit Of your statement induced me IN
think that officers of the bank had bee,
receiving what In law would amount to
commission for placing loans, although
your method was such as possibly TO
avoid that charge. My understanding OF
the result of our conversation was thar
the endorsements and guarantees Of
loans by Cfii-ers of the bank should
stand as they were until they We're eth
er paid or so adjusted that TIE commits
soner and the bank were satisfied 10
have TIE enGCrsers and guarp ntors re-
Leased that no more business of that
character should be done by the sank.
that the Officers Of the bank should re-
duce their obligations to the legal limit
as soon as it could be done without dis
turhanCe to the affairs of the bank
and that TIE tank should abandon adj
vertis.ng that they made no loans out
side the state.
SENATOR ASKS FOR CONFERENCE.
AS result Of this letter Senator
PAGE sllel for conference, made the
argument as l have stated above and
when I refused to chance my ruins.
faithfully esreed to comply with them.
In letter to Hon C. S. Page, presi-
Y0RJAE, CHR