The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1830-02-03
WHOLE NO. 296o.
SUTTON BANK.

quite INTO ana report to this Legislature res
Pectlhg tne dolngs of the Sutton Bank and the
present state thereof, and to INQUIRE wbethsr
the said Corporation have exceeded tha nou,ers
granted them, or failed to comply with the
rules, restrictions, and considerations reouired
Dy their act of incorporation" have attended
10 the duty assigned them, and respectfully
submit the following Report
The Sutton Bank was incorporated the 1I.b
March, 1928. The act of incorporation nra-
vldos-" That the capital stock Of said Como.
ration shall consist of one hundred thousand
dollars In gold and silver, and to be divided in
TO shares oil one hundred dollars each, which
shaii Do paid IN manner following, viz one
flan Par' r.nereoi, on or before the first day of
october lthenl next, and the remaining Dart
.nefeoi on or before the first day of March in
the year OF our Lord one thousand eight hun.
area and twenty-nine." And it further pro-
counts made, nor shall any bills or promissory
notes be made, or issued from said Bank, until
the capital subscribed and actually paid in, and
existing in gold and silver in said vaults. shall
amount to fifty thousand dollars, nor nnti, said
capital stock, actually in said vaults shall have
been inspected and examined by three Com
missionsrs, to be appointed by the Governor
for that purpose, whose duty it shall be, at the
expense OF the said Corporation, to examine
the moneys actually existing in said vaults, and
to ascertain, by the oaths of the Directors of
said Bank, or a majority of them, that said cap
ital stock hath been bona fide paid in by the
! stockholders of said Bank and towards the pay
ment of their respective shares, and not for any
other purpose and that it is intended therein
to remain, as part of said capital"
! On the twenty-sixth day OF September, 1928,
! the Governor, in compliance with an applica-
ton for that purpose, made by Committee of
/ the subscribers for stock in the Sutton Bank,
appointed Commissioners to examine the mon
/ eys actually existing in the vaults of said Bank,
as is provided in the second Section of their
Act of Incorporation. On the 9th day of Sep
TENDER, 1925 the Sutton Bank borrowed, on
deposit of fify-one thousand dollars in bills" of
the City Bank the sum of fifty thousand dollars
J In specie; for one day only. This same specie
was examined by the Commissioners, and the
following certificates made out, viz :--'' We,
the subscribers, Commissioners, appointed for
that purpose, have this day been shewn, and
have examined fifty thousand dollars in specie
in the vaults of the Sutton Bank, which
paid in by the stockholders as their first install
ment, agrceably to their Act of Incorporation,
passed the eleventh day of March, 1928;
JONATHAN LELAEp,l
AMAsA ROBERTS, C0mmTs.
September 81, 1929
"SurFoLK, IS. Boston, Sept. 81, 1923.
Then personally appeared Hezekish Howe,
Jonas l.. Sibley, Joshua w. Leland, and Thorn
as Hanback,, being majority of Directors of
the Sutton Bank, and made oath shat fifty thou
sand dollars in specie by them shewn in their
Stockholders Of tfsIr 'DuasSs n tS paid By the
ment of their respective shares, and not for any
other purpose, and THAT it is intended therein
to remain, part of said capital. Before me,
ELIPHALKT WILLIAMS, Just Peaes"
The bills and specie were then re-exchanged
this whole business accomplished within an
hour, and all of it done within the walls Of the
City Bank in the city &C Boston.
1t appears from the books of the company
that the several payments for the first install
ment were Idde on the first and sixth days of
October, lS98, and ON the same days, almost
all the stockholders are charged with notes for
the same amount their respective install
, ments in two instances, notes were taken
from individuals for an amount equal to their
own subscription, and the sum due from their
minor children, in whose names stock had been
taken. In two instances only, and those for
small amount, it appears payment was made in
money
On petition TO the Legislature from the
Sutton Bank, praying that they might be al
lowed further time to pay in the remaining
moety of their capital. g An act in addition To-
an act to incorporate the President, DircetoEs,
on the both February, 1929, which provides
g that the said fifty thcusand dollars shall be
paid in gold and silver, in the manner follow.
ing: twenty-five thousand dollars on or before
the first Gay of June next, and the remaining
tws:ty five thousand dollars on or before tha
FIRST day of October next"-the payment i'm
/ June was made in the same manner as the first
payment, as was also the last, with the excep-
ton of come shares which the instament
was nos settled, either by note or otherwise
The object of the Corporation in requesting
an extension of the time of making payment
for their stock in the mode adopted by them,
! is not apparent, as it may be supposed, that il
would be convenient for them to make their
notes in March last, as in the months of June
and October following.
4 At meeting of the Directors on the 14th
September, 1929, it was voted, I" that either Of
the Directors be authorized to purchase, for
the benefit of the Corporation Of the Sutton.
Bank, the shares, this day for sale" Seven
! hundred and fifteen shares had been pledged
!; to the Bank by David Wilkinson, Hezekiah
Howe and others, as security for debts due, and
: had been advertised for sale at public auction.
4 By memorandum entered on their books, it
appears that these shares were sold to Jonas l..
= Sibley and Joshua w. Leland at different pric-
es, from five dollars 30 nineteen dollars per
share, amounting to eleven thousand nine hum
bred and fifteen dollars, their record states,
I" for the uss and benefit of said Bank" Alta
Y meeting of the Directors the 18th October,
I, it was voted, that the Cashier of said Bank be
: authorized and empowered to convey to Jonas
i l.. Sibloy, Esq, these seven hundred and ff-
I teen shares at twenty dollars per share, ON the
o condition I" that said Sibiey pays twenty-five
: per cent. on each share sold and transferred
! 70 him aforesaid, being the last instalment
!; due on the capital stock of said Bank, pursuant
l to the provisions of tho charter Incorporating
said Bank" and MIR. Sibleys note was received
! in payment for this amount. Your Commit
tee were informed by Mr.. Sibley that these
Il shares were in fact, held by him in :rust for
J, the benefit of the Corporation, and that such
: was tho understanding, when the transfer was
n made to him. This representation was also
] l.snade by the President and other Directors Of
! 1.-THE Bank.
0 In the second section Of the Act Of their In
corporation, il is provided that no stockhold-