Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1874-01-08
DeialcatiOn of w. W. St0rrs.

The latest important revelation of - fnan-
cial irregularities is from Concord,
New Hampshire, and the chief actor a
young man brought up in this village, and
we'll known to all who have resided here
for any considerable length of time Mr..
w. w. Storrs, II son of Deacon G.. W,
Storrs, was a Montpelier boy, and was for
Il time after leaving here, cashier of the
Orange County Bank at Chelsea. About
eight years ago he went to Concord to ac-
cept the position of cashier Of the First
National Bank of that city.
He soon made many friends there and
strengthened the confidence his EMPLOYERS
had in him, year by year. Going there
with good recommendations his course as
cashier was such that he was soon enabled
to build on that as we'll as on the good
words of his friends.
In 1869 the National Savings Bank was
established in Concord and Mr.. Storrs was
made its treasurer. This bank did large
business, and its deposits have reached the
sum ola million and three quarters. During
the panic, it, like other banks, was some
what short and stopped payment except
in small sums, after enduring Il rum 1t
had, however, determined to resume bust
ness on the first of January, rs near as
might be according to its former CUSTOM
Friday, the 26th ult., the trustees were in
the bank making arrangements for
the payment of their depositors, when Mr..
Storrs appeared before them, and his ap-
pearance was such as to attract attention.
Standing silent II moment he said with
emotion, 4" Gentlemen, there is deficiency
in nv account with the bank. think it
will reach from $50, 900 to $4,000
The trustees were of course amazed, as
their confidence in Mr.. Storrs had been
the greatest possible. The story of Mr..
Storrs rs told to the trustees, is reported
to have been substantially this
+ You will remember that about three years ago
Robert 5 Webster of This city, who had been large
7 ~ engaged in lumber operations in Ellenberg n
! u. made frequent applications to you for the loan
4 ID
considered, and you finally decided that it was not
for the interest of the bank let Mr. Webs ter ha
money upon the securities that he offere ed. Some
months afferward he came to me and besought me
as his personal friend, to loan him $1,000. He re
ferTed to his recent financial misfortunes and said
that small loan would set him on his feet and give
HIM business standing and financial character once
more in The business community. Then he refer
d 10 tracts TO land that he owned ia Northern Ne
York, upon one of which was valuable iron
NINE. then refused him the money.
Z 4 month later he came again to me anu begged
me to favor him. He spoke of the family and many
other relations that were existing between us, and
so besought me that in fatal moment my better
Judgment was overcome and took $1,000 of the
banks money and loaned it secretly TO him. and
without recording it in any manner upon the books
of the institution. -.t-H -l-l
had no doubt then but that in few months Mr..
Webster would be enabled 10 return it to me with
interest. Time passed on, but the money was not
repaid Then be said he must have more in order
to get back that he had already expended. / then
let him have $1,000 as before. waited, but moth
ing was Eepaif me. had become involved, and
wroBgfiIlly / let him have more and more money
in the faith that his operations would soon be sue
cessiu and that all would be repaid anil the
!. transac tons never made public. lie assured me
that his property valuable and sufficient to Sc
cure me from loss. Deeds OF the land WEI e given
me for security. which now have. At lasf, the
principal loaned and the interest upon it had in.
creased TO such sum that resolved 10 probe the
mater to the bottom, and if could not clear it up