The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1877-05-25

He has always done this SO far as
Know, In every instance, until May 4,
1871, when a note Of $500, indorscd by
him, came due. This note was put in
with the past due notes, without protest
or waiving protest, and thereby the bank
loses the benefit of the Endorsement.
The indorser was paid the difference
between 10 per cent. and $40 per cent.
for so indorsing.
AT the time II became known about
his returning the bonds Mr.. Brow
stopped payment on his personal debts.
which, according to his statement to me,
amount to over $4,000. He used his
position rs cashier to borrow money OF
parties at a small rate of interest, giving
his private note for the same. some OF
which money have reason TO believe
would have come into the bank on de.
post. Since that time he has made no
effort to obtain just settlement with
his creditors, but has secured his friends
and relatives.
Up TO the 10Th of May, 1877, the pres
ident, Samuel Afford, Jr., and his sons
names, as principals or indorsers, were
on notes owned by the bank, which, to-
gether with the funds in his sons pos
session belonging to the bank, in all
amount to over 100000. Besides the
1928, 900 of the notes of the firm in Bos-
ton of which his son is q member, this
son had from last December up to May
10 large amount of money in his pos
session belonging 10 the bank. That on
May 10 he had over $4,000, which is
simply charged in account to him with.
4.
derstood when the cashier commenced
sending him money that he was to pur.
chase notes with it, but he had only
done so in few instances. This lies on
call and is drawing five per cent. inter.
est.
| Both the residcnt and cashier have
during this time talked to the Oliver iii.
rectors that times were hard and SC
many firms failing that they were afraid
to loan money. heard the cashier say
when asked by certain person what
that charge on the ledger to his sol
meant, "Oh, that is only an indirect
loan to this firms name"
THE TELLER DISMISSED.
On the 10Th day of May, 1877, the
stockholders held meeting at the bank
| 1IlS EOOulb. WAS lOI anu HSkcl
some questions about the reports that
were circulating. answered sucl
questions rs were asked truthfully, but
did not tell the whole truth, the whole
story. The president and cashier at the
close of the meeting informed me that
had no business to answer the questions
was then dismissed forthwith, and wa.
given to understand that three of thu
directors, including the president, were
in favor of my dismissal, and two were
opposed. have been previously threat
ened with imprisonment and loss of sit
uation if l divulged by various parties
AN IMPROPER EXAMINATION.
Our state bank examiner coming herr
in the midst of the reports that wer,
afoat at the time, stopped in the banl
not more than one hour, coming OH tn,
afternoon stage one way and leaving
south the same afternoon. He did no
make thorough examination, and tool
mainly the cashiers statement.
(Signed) FRANK II. Brown.
State of Vermont, Windsor County
Springfield, May 81, 1877.
Frank II. Brown, above named, per
sonally appeared and was sworn as t.
the truth Of the foregoing statement b,
him made and subscribed to before me
(SeaD HENRY CLossoN,
Notary Public.