St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1878-01-11
icate adjustments may be made, chiefly
adapted to trip scales.
Bank Meetings.

Aho duuudl uteIlnS Ol the MercndnbS
National Bank was made unusually in
teresting on Tuesday last, by reason of
been current for a week or two, regard
ing the condition of the bank, and the
manner of its management and way OF
doing business, which was reported to
be neither legitimate nor safe. Mr..
Hiram Weeks, prominent director In
the bank since it was started, and a
large stakeholder, made these state
ments, and also that of late he was not
allowed access to the books. By rea-
son of these and other stories, there was
a large meeting of stockholders at the
Tuesday meeting, and very lengthy
statements were made by President
Frederick Fletcher, and also by Mr..
Henry E. Fletcher, another din ector, in
which these stories and many others
were rehearsed and generally denied.
Among other reports was the one that
just previous to the published state
ments of the condition of the bank, it
was the habit of the president to put in
personal notes which were accounted
as deposits, and which swelled this item
in the statements to a large figure.
Also that paper had been discounted
bearing only one name; that the presi-
dent, who is supposed to be money
lender, would select the best customers
and loan them from individual funds,
leaving the doubtful ones to get their
paper discounted at the bank that an
other prominent director who was In
trade, managed to work his customers
paper into the bank-that he put in
mortgage notes of four years. standing,
getting the same discounted. 1t was
also reported that in the bankrupt con
Germs which were owing the bank, their
paper was still accounted in the state
ments among ''lOans and discounts )"
that the Russell mills at East Concord,
which were supposed to be owned by
the Fletchers, had been turned over to
the bank, etc.
To most of these charges, Col. Fletcher
made a general denial. He stated that
he believed the $4,000 worth of Alb
bolt paper in the bank, was secured by
mortgages. 1t is understood, however,
that all the security on $4,000 of this
is the names of Abbott and Clement,
and that Clement has already called a
meeting of his creditors. President
Fletcher further stated that the loss of
the bank by Peabody would not exceed
$500.
The principal controversy at this
meeting arose on the attempt to get a
committee of investigation. The party
opposed to the present management
wanted an investigation before the
election of officers, while the other party
would agree to "a committee of investi-
CATION, but wanted an election first.
The present management carried the
day, and elected directors, which in
cluded the old board with the exception
of Hiram Weeks and j. d. Abbott, the
opposition having no ticket in the field.
While the votes were being counted, d
committee of investigation was chosen,
consisting of Stephen Foster, cashier OF
Derby Line bank, Alex. Cochran of
Ryegate, John w. Lewis of this place.
Foster was the choice of the opposition,
Cochran of the Directors, and Lewis
was agreed to by both parties. This
committee is to investigate and report
through the Caledonian and by circulars
to the stockholders, in six weeks. Mr..
Foster, being man thoroughly versed
in banking, will make good man fol
this business.
The Directors of the bank were rep
resented by counsel in lawyers DECKER
man of Newport, and Dickey of this
place. The opposition was represented
by Henry C. Ide, Esq. The following
is il list of Directors chosen with the
L "a