Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-06-01

Tie SPRINGFIELD, VI, BANK DIscLos-
uREs.-The damaging charges by Frank fl.
Brown. late Teller of the Springfield, VT.
First National Bank, against Albert Brown,
the cashier, are made public, in letter to
the Boston Journal. He says that several
thousand dollars in bonds. deposited as COL
lateral, were taken by the cashier to New
York. for his own purposes that the
cashier made false entries in his books to
have them balance. and that be confessed to
the teller that his personal debts amounted
to $4,000. Last February, the cashier
managed to raise money enough to redeem
the bonds, and they were restored to
their proper places. According to the tel
ler's statements, President Afford has had
more or less knowledge of the cashiers al
legged Irregularities. Up to Nay Is the
names of the president and his son were on
notes owned by the bank, which with funds
in the sons possession belonging to the
bank. amount to over 100000. The tel
Ter was called before .some of the stock
holders last week. and answered questions
in regard to the reports of Irregularities,
and after the meeting he was discharged.
lie had previously been threatened with
imprisonment if he divuleed.
The State bank examiner, the teller saws.
ut his lats examination. stopped in the
bank no. more than one hour, and did not
make thorough examination.
Tae correspondent who obtained the tel
ier's statement, also interviewed the cash
Ter. and says:
lie admitted that the bank held $4,000
OF the paper Of the Vermont Novelty
Morks, which was Endorsed by the President
OF OF the bank pot heidthat the paper was good
lie admitted that he WAS member of the |
firm OF Smith, Mason Il Co.. which RECENTLY
tailed. and that the bank held SIC. 900 of |
the paper which this firm made or indor.ed. |
but thought that al. except So 900 was good
ne cashier also admitted that the bank |
neld MS individual note for 50 900, with |
loO shares ct the Novelty Works stock as
collateral, bat asserted that the stock was
good Tor 1t. lie also admitted that he was
IN lhoorser on notes to the amount of
s. 900. aside from the above.
lie admitted that the bank held 81 500 of
overdue paper of the Old Industrial Works
Company. but thought that the bank would
hot lose over $500 of it. | informed the
'ashier that serious charges of a criminal
nature were aioat regs riding the abstrac.
Ton oil s 900 bond belonging to Samuel
collins, Esq >, a. well a. bonds belonging to
'iher persons which were in the bank safe.
ther a. collateral security or for safe
eeping.
MIR. Brown admitted having taken the
J 900 bond bove mentioned from its mack
ee IN the bank and removing il to New
ORR, where he deposited it with l.. MI
iartIn, a trOker. This he did, knowing
Re bond to be Mr.. R0llins's property and
citing without his consent, and placed it to
rs own (Brown's) credit. instead of to Mr..
'olllns's. Beside this bond, he also depos-
led $ ;veral others belonging to other par
les with the same broker, the transaction ,
eng for speculative purposes, BY which
'r0wn admits having lost 5000. On being
-ked II. on his return from New York. he
ID not tell Mr.. Rollins that his bond had {
cen deposited with others in the First Ma /
ohal Bank in that city, Mr.. Brown hest |
ited and evaded the question. but in effect I
Omitted the iact. MIR. Brown then SAID 7
rat every bond which had been taken ayay u
ID been returned to its original place in 1
10 She, and some Of them have been taken .
way BY their owners since. During all t
rs conversation Brown showed much men
! agitation.
These exposures cause much excitement
Springfield. and future DEVELOPMENTS are l
.gerly awaited. 1