The Barre daily times. (Barre, Vt.) 1897-1959, 1921-07-19
Confidence Generally Ex-
pressed in Quarry Saw
ings Bank
BASELESS RUMOR
STARTED RUN
To Protect All = ,erests
Bank Invoked sc CO.
Day Cl'sS,e

Apparently actu g by a story,
which has since @ run down and
found to be withA foundation, some
of the depositors of the Quarry Savings
Bank & Trust Co. in the Rowland block
applied at the bank last night for with
drawal of their funds; and their ac-
tions had alarmed other depositors 80
much that when the bank opened for
business at o'clock this morning there
was considerable line of depositors
waiting their turn. However, as the
banking day wore on, a calmer attitude
was taken by, the depositors which was
strengthened by the firm confidence dis
played in the banks stability by all
the business and banking circles Of the
city.
The story, which started the run,
was an unfortunate and i'll advised re-
peating OF rumor that had no basis
whatever in fact. This story has been
traced out and laid bare as entirely
false.
Nevertheless, the Quarry bank, after
paying out approximately $4,000 to
depositore, decided that it was better
to invoke the 60-day clause which re-
quires notice of desire to withdraw to
preeede actual payment by 60 days.
This notification went into effect at 10
o'clock and does not apply to CONNER
cial accounts.
In the meantime other business in
terests of the city unrelated to the
bank in question had taken steps to al
Law any fears which the public might
have as TO the stability of the bank.
Absolute confidence was expressed in
all circles that the Quarry bank is en-
tirely solvent, and the other two banks
of the city went so far as to put out
a statement, expressing that belief
The statement is as follows:
I'VE, the Peoples National bank and
the Granite Savings Bank & Trust Co.
OF Barre. wish to assure the depositors
of the Quarry Savings Bank g. Trust
Co. that we believe in the absolute sol
vency of the Quarry Savings Bank &
Trust Co, and have full confidence in
its financial condition, and advise its
depositors to keep their money where
it is. By so doing you will help your
selves better.
peoples National bank, W. c. John
son, jr., cashier.
"Granite Savings Bank & Trust Co,
John Trow, president"
Further proof of confidence in the
Quarry bank was furnished by the mu-
nicipality of Barre, which, though not
having an account with the bank, pro-
,eeded to deposit sum of money by
he middle of the forenoon. That evil
ience of confidence was followed by
,thers of similar nature In fact, one
nan who in the early hours of the day
lad taken out 5000 went back and de-
posted $1,000, having become con-
rinced that the story was entirely
without foundation. A woman depos-
tor. who took out $500, went back
With the money little later.
On all sides were heard expressions
+ belief that the Quarry bank is all
light; and that belief is borne out by
he last statement of the company,
which was issued as of July !, 1921.
his statement shows deposits of ST.
so .46l 50. capital stock of 100000
nd undivided profits of SOS s,254.s2. In
ddition il has $4,000 accrued interest
OF credited in the statement.
The loans Of the bank amounted 20
/ .S2s, ,73904. I've bank had S235, ,3o6.ls
1vested in bonds Its fixture account
as Sl4.50O: its cash ON hand S39.-
aO.39; its due from banks S70,lsl.lo.
The directors of the bank are Ben
Eastman. II. J. NJ. Jones, w G.. Rev
olds, James NJ. Boutwell,, B. W. Hook
+. f. L. Scott and H. F. Cutler. Ben
Eastman is president, II. J. NJ. Jones
ice president and c. NJ. Wiley treas
rer. The bank was established in 1918
nd is recognized as having some Of the
st business men in Barre and Mont
,lier back of IT,