Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1917-03-01
STATE BANKERS
ANNUAL MEETING
100 Attend-A. II. Chandler Of
Bellows Falls President
Thrift Campaign Urged.

Montpelier, Feb. 2s.-The eighth annuae
business meeting of the VI State Bankers
association was held In the Kellogg. Hub.
bard Library hall this afternoon, approx.
mateiy 100 members OF the association and
guests from outside the State being pres-
ent To attend the meeting and banquet,
wijch was held In the Pavilion Hotel this
evening.
The following officers were elected:
President A. H. Chandler Of Bellows
Falls; vice-president l.. H. Bixby Of
Montpelier; secretary. c. 8. Webster Of
kartou; treasurer. d. w. Wells Of Orwell:
executive committee. r. u. Smith OF
White River Junction. H. e. Gray OF
Winoosisi. Redleld Proctor Of Proctor and
&c. e staples Of Brattleboro.
A meeting OF the executive council
comprising q dozsa members Of the ASSOC
citation. preceded the business meeting IN
the afternoon.
Invocation by tire Rev. r. Bsrnby
Leach. rector of Christ Episcopal Church.
WAS followed by the appointment Of .
nominating committee. which later re-
ported the names Of those selected to
serve as officers for the year ensuing. the
committees choice being ratified BY tue
association as a whole.
Harlan w. Kemp Of Montpelier well
coined the bankers to the Capital C5ty
Fairbanks of st. Johnsbury.
The principal addresses OF the altar.
noon were made by the president, II. q.
Woodruff Of Barre. and by Charles +.
Holland Of Brockton. Mass, president Of
the Plymouth County Trust company.
who spoke on 1.-THE Relation OF the Bank
to Agricultural Interests" Informal dis
cussion followed the address.
Economic Preparedness" was the title
n a nd hVyM Hor >f v~~ls
city. secretary Of the savings bank see
ton, American Bankers association. for
his address at the banquet to-nightS
]. Franklin Babb spoke ON You and Your
Town.
Legislation to allow trust companies
to invest in public utility bonds. a CO.
operative thrift" campaign similar to
that conducted by the American Bankers
association. and increased activity by the
agricultural committee of the association
we're the principal things advocated by
President H. G. Woodruff in his annual
address this afternoon.
President Woodruff insisted that public
service company's bonds. provided the
company Is furnishing utility to a COM
munity. or communities, instead Of a
group of individuals, should be as good
an investment as municipal or mortgage
bonds.
Banks are confronted with the problem
Of how to invest money and still pay de-
positors four per cent. interest, the un-
paralleled prosperity in the western States
having dried up the stream Of the west
ern farm mortgage field.
Another factor to be considered in
the federal rural credits act which may
work out well for farm and savings
banks alike. but needs amendments to
make it satisfactory. He urged in
creased cooperation between farmer
and banker and encouragement Of ag.
riculture.
A thrift campaign. urged the presi-
dent. could not but help to increase
savings deposits and it would do much
more in assisting persons to learn the
value of saving and providing for fu-
ture contingencies.
In conclusion. the president advised
the association that an advertising
campaign with Vermont association
cooperation would undoubtedly bring
forth good results
Bank Commissioner Frank Williams
led in the discussion of H. 1856 now in
the hands of legislative committee
on banking. at the request Of the as
ISOLATION, and voiced the belief that the
measure II enacted would increase the
field for Investment by savings banks
in the State. allowing the institutions
to invest in a limited amount OF public
utility bonds. and bonds OF Great
Britain and Canada
The commissioner believed it to be
safe and feasible for savings banks to
invest in such bonds to a limited
amount. but was not entirely sure that
the bill entirely safeguarded the banks.
1t was drawn on the theory Of net in
stead Of gross income Of public service
companies, and difference of opinion
exists on that point. He did not be-
live savings banks would be seriously
affected by the federal rural credits
act as it may be necessary for the gov
eminent to finance banks with capital
for loans.