The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-12-14


One half Of the patent right for the stereotomich
wooden paving blocks and Tor other purposes assign
ed my interest said patent right about March 20
1870. to Humphrey Bisse OF Charlottesville, c. for
the payment oil $4,000 to Chas NJ Wells and Jabez NJ
sum Of $4,000 to Lloyd w. Wells, OF New York and
$4,000 to Lamar q. Wells, of ~ York believe that, and
that hing has been received by either OF aidper
sons under said judgment.
y No household furniture.
The wearing apparel of petitioner, his wife and six
children, does not exceed in value the sum OF $780,
Lowell, Mass.
Correspondence Of the Herad.1
LOWELL, Dec. IL, 1872
Explosion Of Bank in Lo,ceH- Reduction Of va
Elections.
DEAR BENNETT
An occasional bit of tate from our city OF spin
dies, may not be inappropriate, and | am sure 1t
would be read with interest by the numerous
readers of the Herald here. l. therefore, with your
leave, will give you the outlines Of a piece OF
finance, which has lately come to light.
About the year 1896, religious society was incor-
porated in this city, known the First Free Will
Baptist Society,"" Nathaniel Thurston, pastor. 1t
was privileged by the act TO hold real estate to the
amount OF some $4,000. soon after the lncorpora-
ton, Elder Thurson (or so he was caled) com
menced ms OF tinancierng to raise the neces-
sary funds TO build church. The Elder was agent
Tor the directors manage all the affairs, ana In
fact he the chief Director taking all the respon-
sbilly. Ills frequent appeals 10 the operatives In
our mills, not unheeded. The good sisters
wishing to further so good an Object, willingly
brought in their funds, and deposited the same with
the Elder, rece wing therefore notes signed by him
agent tOf the directors. Very soon bedutlul
structure was raised, which the Elder ofhciaed In
as pastor, and the brothers and sisters gave MN
much praise for the beautiful house; still the deposits
came into the treasury and the notes multiplied, and
all satisfied, tor the security Was empe ,and the
amount could be Withdrawn by one week 3 nollce
From 1886 10 1912, Elder L. extended the habili-
| ties of himself aud directors TO sum exceeding
| 500, COO and the largest part was rom The female
operatives the mills. They put the most Implicit
confidence la HIM, and In his ability 10 pay Ihey
| even took their money from our Savings Institution,
where II perfectly safe, ana gave II III exchange
Tor his NOES, thiklnS Them more sale he Elder has
hts responsibility, butt second chuiCn ana
sundry small houses, besides large literary nslllu
ton Ia an adjoining town by his peculiar mode oil
orrowIng, he has been enabled 10 meet all those
wishing 10 draw on him loi their deposits, uhtii
| about three weeks since. For the last Two years,
his office has been filled with depositors and DINERS
notying 10 Withdraw, II being mostly liable TO be
| wihdra II soon after deposited. lie has Kept
clerks and Elder Thurstons Bank has stood III good
repute by those ignorant OF hnanclefihs. All MS
time he has supplied Inc pulpit. When ms receipts
from deposits 0id not exceed his oul-pays and ex-
| penuitures, he would employ The members Of Ills
| church ami society, 10 go through the Mills ana
boardi ng houses in pursuit vi others Wiling 10 make
new deposits. He would also sign oil puhdie OF
his blank notes. and give them Out Tor general cir-
| cualion The book, were kept In bad Order ana II
| was impossible for any director, however much he
| wished, 10 know any thing OF the liabilities
Times coming rather hard, and the draf on the
Elder being III OK and last, about foar weeks slnce
| he found himself perfectly unable 10 meet the ue
| mands, winch obliged nm to close his doors ana
stop payments. Now, for the rst liine the poor de-
posters began to had the tue position OF TINS re-
gious b nix. partial investigation now going ON,
| is exposing some curious facts IN us management
| Notes TO he amount OF mere than SlOO,OOO have
|
| many more will come no one Can tell. Inc BOOKS
| give no clue any Thing There Is no system,
whereby any thing near the amount received or PAID
out, possibly be told. The corporation possesses
property 10 the amount OF about $4O ,OOO-leaving
deficit OF more than fifty thousand dollars. fol
this loss no apology Tor an excuse can De gwen
| Where II is, the Elder cannot say ne does mol pre-
tend 10 say, 4" only it is gone to the glory OF God
These losses come upon a class OF our community
poorly prepared TO bear them They come upon Inc
girls, who have toied early and late for pittance,
| saving every cent TO deposte in this concern. Did
the loss fall on any other class of our inhabitants il
would easily be forgotten but for these poor orphan
girls, it is truly deplorable Their cries and tears
come too late their all is swallowed up in this o.
phan institution. Banks may fail, or a city may be
burned. and millions may be lost yet how different
the sufferers! The result no tell, but IN all
probability the concern will never be able to pay
twenty five per cent of its liabilities. What will be
the end of such wickedness, the Lord only knows:
The manufacturing which has been SO successful
in this place, is on the wane. Wages are reduced,
help discharged, and the amount OF goods manuac-
| tured greatly diminished in amount Oar manufac-
turers are just finding out that they cannot compete
with the English. Our machinery is made at greater
expense and of an inferior quality. 1t is reported
that one large company have ordered one-half OF
the machinery cot their cotton mils) to be taken
out, and a supply from mandatory of machinery
in Manchester, England, substituted. It is said that
it can be purchased imported and duties paid, then
sold al fifty per cent deduction from an inferior
tice Of our own manufacture. II this is the case
there is wrong somewhere, and our shops had better
close up doors.
We are enjoying most beautiful sleighing. Il
does one good 10 see the enjoyment that it gives
The weather is mild, and cur prospect IS that the
ice crop will not be large this season. perceive
| one man was harvesting early crop last week,
| but it did not look ripe.
Our election for Governor in this State, you will
| perceive is all doubt. Whether Davis or Morton
will be the lucky man, no one can tell. More here
| after. AoZ.