Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1873-04-04
abroad has been bestowed upon Mr.. Cattell,
the other efficient member of the board, the
board may be considered as in fact dissolved
The Failure Of the New Haven, Conn, Bankers.


the other efficient member of the board, the
board may be considered as in fact dissolved.
The Failure OF the New. Haven, Conn.,, Bankers.
Additional facts which have come to light
concerning the failure of the New Haven
bankers and brokers, s. H. Scranton & Co.
show that the firm paid four, FIVE and six
per cent. for deposits, and, advertising
largely, gained an extensive business of
some $500, 900 a year. They were patroniz-
ed chiefly by small tradesmen, country
store keepers, clergymen, benevolent as
sociatiOns and working men. The Asses
sors' books showed that they began business
in 1869 on a capital of $4,000, which in
1870 was increased to So, 200; in 1871, to
S35 ,Oo0; in 1872, to S39, $50, and yet with
these meagre resources they had secured at
the time OF their failure deposits of nearly
$500, 900. They had sent circulars inviting
deposits to farmers and business men within
a radius Of forty miles. They had elegant
quarters in the Palladium building and
ldlltIlN llltl ulu CDIslutFdDlt slOth eptCu-
latiOn, and most of the New Haven stock
operators made it their headquarters. c.
5. Bushnell, of Credit Mobilier notoriety,
had intimate relations with the firm. So
much stock business was done there that
the office was called the Wall street of New
Haven.
Mr. Bushnell's dealings with the firm had
alarmed many ofthe country depositors, and
they came early in the week in large num-
bers and withdrew their deposits Tuesday
night the news that the firm were embarras-
sed by stock speculations spread rapidly,
and Wednesday there was a large crowd of
depositOrs on hand to secure their money.
1t is stated that several deposits were re-
eeiyed Wednesday morning, when the firm
were aware that suspension was absolutely
necessary that day. 1t is also said that
personal friends Of the firm were given the
hint in time to save themselves. At II
O'Clock Wednesday noon the doors were
closed. Saturday morning card from the
firm promised a statement that afternoon
or Monday, but at noon the Sheriff took
possession.
Among the deposits are those Of two promi- |
nent clergymen forS20, 900 and $1,000 respec- |
lively. the. Mayor, several city officials, |
Yale College professors, the funds of town |
treasurers, and at least four missionary or |
benevolent associations. 5. II. and +. II. |
Scranton. father and son, the former the |
la tie President of the Shore Line railroad, |
own two-thirds the New Haven Palladium,
which. it i thought, will have to be sold to
meet their creditors demands
The storm of Saturday was extremely
violent in some portions Of the country,
throughout the eastern States and
along the coast
At New York, the gale, which began in
The morning, increased in the afternoon,
he rain pouring in torrents. Awnings,
street signs and fences were blown down,
md the European steamships could not
cave until the next day.
At Albany, the storm ragged almost I'M
easingly for twenty-four hours, at times in
,erfect torrents. The water in the river Is
till steadily rising. In the west the storm
7as heavy, and serious apprehensions are
cit for the bridges along the line Of the
Jew York Central railroad. The Mohawk
nd Hudson rivers broke away, in part,
iter midnight, and immense masses Of ice
as-ed over the dam Troy. Serious loss
lust follow this sudden and violent break
y up Of the ice in the river The mer- q
lants in the lower part of Albany had
angs OF men at work removing their goods |
places of safety. ..
At Philadelphia, the wind rose almost to
tornado, Saturday night. and great IN '
ry was done to buildings in process Of
ection. The greater portion of the roof
Browns mill, on the corner Of Eighth L
ID Tasker streets, was lifted from it, place :.
I'd carried into the street, but no one was
Irt. Considerable damage was done to Il
'use tops in Washington, and large trees a
ere uprooted. Several houses were IN "
ofed at Richmond, and in other parts Of
rginia the gale was accompanied by hail,
ow and rain. Barns were blown down, ?,
Sellings and fences damaged. and tele- :,
aph wires disabled I
The storm was evidently one Of the E" old n
-hioned " kind m