The Barre daily times. (Barre, Vt.) 1897-1959, 1920-12-04
THREE BANKS
GUARANTEE
PAYMENT
Barre Board of Trade VIII
Be Clearing House and
Officials Will Make Out
Drafts-Further Pay
ment Is Expected to BE
Made Later On.

The work of Strengthening out the
affairs of the Barre Savings Bank and
Trust company by the receiver, George
B. Carpenter is moving along as rap
J idly as can be expected in a matter in
volving so much detail as this does, but
the receiver will not have progressed
far enough to pay out anything TO the
| depositors in the Christmas Saving:
club accounts before Christmas.
Realizing that the temporary tying
up of the funds in the Christmas Sav.
ings club will work a hardship on many
of the 100 and more depositors in
that department of the Barre Savings
bank, the other three banks of Barre
the Granite Savings Bank and Trust
company, the Peoples National bank
and the Quarry Savings Bank an6
Trust company have generously offered
to advance sufficient funds to allow the
payment of one-half the amount due
each Christmas savings depositor oi
the closed bank before Dee. %. This
action is generous by reason Of tbs
fact that the three banks will not re
ceiye any advantage from the deposit
of the funds in the Barre Savings bank
The total amount paid in by Christmas
Savings club depositors up to the time
of the closing of the Barre Savings
bank was approximately $4,000.
This initial payment of one-half the
amount due the Christmas Savings
club depositors is not all that viii be
credited to such depositors, it is conf
IDENTIFY asserted; but the advance OF
that amount at this time is done so
that the patrons of that department of
the Barre Savings bank will have some I.
of the funds intended for Christmas
purposes available at the, time when
needed.
In order to centralize the work of
distributing the payments on the
Christmas Savings club accounts, the
Barre Board of Trade viii act as the
clearing house, through which the dis
tribution will be made. Wednesday,
Dec. 8. at Q O'Clock a. m, at the city
building. the books of the depositors
in the Christmas Savings club viii be
received by the officers of the Board of
Trade; and receipts for the books will
be furnished each depositor bv TIN
Board Of Trade At the same time the
Board of Trade will require of each de-
positor an assignment of the books in
order to protect the Board of Trade as
agent Of the funds.
It should be distinctly understood
that no money will be paid on the de-
posits before Dec. Is, nor later than
Dec. "a.
As the officials of the Board of Trade
are not acquainted with many Of the
iepositors in the Christmas Savings
,lub, all minors are requested to come
10 the city building accompanied by
1ne of their parents.
After the receipt Of the deposit
books bv the secretary Of the Board Of
Trade. that official win have the books
verified by the receiver of the Barre
Savings Bank and Trust company, aft.
n which the books win be returned to
he Board of Trade. On Dec. Is. the
Board of Trade officials will make
.hecks. ,or rather drafts. for one half
he amount verified on each account
md due the depositor. and those checks
II drafts will be payable at any one Of
he three banks in Barre, and viii. ma
Ioubt, be accepted by Barre merchants.
The Board of Trade viii not accept
epositors' books on which less than s.
las been paid into the Barre Savings
lank and Trust company. All books
ccepted will be retained by the Board
t Trade until such time as the receiv-
r Of the Barre Savings Bank and
rust company is ready 10 make pay
lents above the 80 per cent to be paid
{ this time.
II should be distinctly understood
hat this action on the part of the
iarre Board Of Trade and the three
anks applies merely TO the Christmas
avings club accounts and not TO the
seular deposits Of the Barre Savings
ank and Trust company