Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1919-01-23
50TH ANNIVERSARY OF
W|NO0SK| SAVINGS BANK
Dinner, with Speeches, Marks
Semi Centennial of Sterling
Financial Institution - Total
Deposits Nearly $3,OOO,O0O
with Surplus of $3OS,S22

! Trustees-Emory G. Mower. Charles H.
, Shipman, Robert j. White, Frank 10.
Bigwood. Hollis Il. Gray, Guy w. Bailey,
Homer II. Wright and william Il. Nc
| Bride.
! The treasurers annual report showed
total asses Of 50 267, 70846 an increase for
the year of 81, IL; deposits of $685.
1850, an increase for the year Of &c.,
916.SS: a net surplus of $90S, S22.3S. an in
crease for the year of s11,11o03 The bank
has 4,S52 depositors to whom 1t has paid
the past year lO7.335.73 interest. 1t has
also paid to the State of Vermont in taxes
s2o,5sl.O4.
The bank has handled over 1850 sub
scriptions, amounting to over half a mil
lion dollars, of the four liberty loans
without having to borrow dollar. The
bank has paid four increased dividends
| since January /, 1907, at the rate of Ia
per cent per annum.
! New members Of the corporation elect
ed were G. ID. Ordway and A. c. Whiting
| Of Burlington, II. r. Wishart and H. NJ.
Baldwin, employees of the bank. and A.
b. Lavigne and DR. l.. A. Heath of WI
nooski.
| Resolutions were adopted expressing
appreciation of the services of the late
Ormond Cole. president of the bank,
who died during the year and who had
been connected with the bank since its
organization.
ANNIVERSARY DINNER
The meeting then adjourned and the
| members of the corporation and guests
preceded to the parlors of the Congre-
gational Church, where a bountiful din
ner was served. The following repre-
| sentatives Of Chittenden county banks
were present as guests on the occasion
of the Goth anniversary of the bank,
! which was established January 2. 1869:
c. p. Smith of the Burlington Savings
bank. II. L. Ward of the Burlington
Trust company, w. c. Isham of the
Merchants National bank. f. d. Worthen
of the Chittenden County Trust COM
pany. c. W. Brownel of the Home Saw
ngs bank, s. A. Brownell of the Essex
Trust company of Essex junction and
NJ. d. Mcmahon of the Champlan Trust
| company OF Winooski.
William o. Jones. vice president of the
National Park bank of New York. a
correspondent of the Wnooski Savings
bank for many years, came from New
York especially to meet the members Of
the corporation. In the absence of
Emory G. Mower the president, Guy w.
Bailey presided and introduced Mr..
Jones the first speaker. Mr.. Jones
alluded to the fact that in his boyhood
he resided in st. Lawrence county in
New York and received his first certifi
cate to teach from the Hon. A. B. Hep
burn, a graduate of Middlebury College
and now one Of the leading fnanciers of
America. AS a young man he was
closely associated with w. II. Porter. a
native of Vermont, and now one of the
; firm Of j. p. Morgan * Co. Mr.. Jones
addressed the first meeting Of the Yer
= mont Bankers association at the invita-
ton OF c. p. Smith. The speaker fol-
: lowed two lines of thought. the first
relating to thrift and the second to exist
ing business conditions. He called atten-
ton to the fact that at the outbreak
of the war, government bonds and the
bonds of large corporations were held
by comparatively few people. At the
: present time it is said that government
bonds are held by 100000 people in this
country. This country has been passing
through one of the greatest thrift move
, ments in the history of the world
Mr.. Jones said that the United State:
was now a creditor nation. At the be
ginning of the war, Europe held abou
81, 900 001,O Of our security. About 4
, per cent of that amount has now beer
paid and European nations are now in
debted to us to such an extent that they
, will be paying America annually ahou
$500, 100000 in interest charges for man!
- years. There are certain signs in thu
business world that cannot safely be dis
regarded. One is that there is the dan
ger Of over-expansion or imitation. which
must be regarded with concern. Mucl
, new financing must be carried out sooi
> which will create large demands TO
= money. In his opinion abnormal rate
y would not obtain. The labor situation
was viewed with concern and he con
, sidered ii was time for great forbear
ance and discretion on the part of boil
labor and capital
, c. p. Smith was called upon and re
ferred to the founders of the Winoosk
y Savings bank, some of whom he knew
personally as young business man
Some of the requisites for a good banl
were absolute safety for depostors tn
obtaining of as good returns as possbl
from investments and liquid assets suffi
a cent to meet demands. He spoke of tn
y Importance of thrift and it's infuenc
a | upon character and discussed the i'm
: portance of savings bank to com
N | munity. He congratulated the Winoosi
: Savings bank on its progress and on it
: standing as "A financial institution,
r THE BANKS HISTORY
= The Legislature of 1865 granted char
> ter TO: II. c. Kennedy, Francis Leclail
II Peter Leclair, George p. Woods, A.
Stevens, Elisha Allen, t. w. Chase, Il
n w. Barrett, r. S. Taft, Edward Hun
= gerford, A. j. Crane and Ormond Col
l. to organize the Winoosk Savings banl
d The incorporators met on January Q
n 1863, in the Office of Peter Leclair, owe
o what is now Richards drug store. TIL
l. meeting was called to order and electe
e George +, Woods president, Il. w. Chas
q vce-president and +. G. Kennedy treas
= urer. The trustees were +. G. Kennel!
IL Peter Leclair. George l.. Woods, Elish
u Allen, h. w Chase, II. w. Barrett A. .
Stevens and Ormond Cole. Peter IL
~ clair and Ormond Cole We're appointed
d committee to prepare bylaws. The men
D bers of the corporation who were M
A. present were A. j. Stevens. A. ]. Cram
Edward Hungerford and II. S. Taft.
Or Twenty-sx persons have served a
IN trustees of the bank. Two. f. c. KeI
70 nedy and w. L. Greenleaf, declined RI
al election; four, Ira Allen, Elisha Alle
George r. Woods and Peter Leclair se'
VI cred their connection by removal frol
" the State; one, Orman p. Ray. resigne
OF Ten have died while holding the offit
OF trustee, as follows: A. ]. Steven
Samuel Bigwood, e. W. Chase, II. v
IN Barrett, J, II. Richardson. J, B. Sma
n w. T. Herrick, william b, Weston. ST.
IN ney II. Weston and Ormond Cole. I'll
hoa h.d ais