Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-06-17
ADDITIONAL TELEGRAPH.
THE: BRATTLEBORO BANK
FAILURE.

FAtlOnEs
How the President Got I'm HIS
Work to the Tune of Two Hun
dred and Fifty Thousand Dol
lars.
BRArrLKsoRo, VT, June l6.-The ru'
mors upon which ACKNOWLEDGEMENTS
were based concerning the insolvency
of the First National Bank OF Brattie-
boro, are more than realized. Although
a thorough investigation had not begun
AT two o'clock, enough is already known
10 warrant the statement that the loss
will reach upwards Of q quarter oil mil
lions of dollars through the iorgerles
of the president, :. Nj. Waite, who has
undoubtedly lett the country, and, ~
the directors believe, taken a large sum
Of money With him. How much can
only be Diet ,rmined 10y n searching in
vestigation, which will be begun on the
arrival OF the hank examiner, Hendee,
to-day, and who will net rs receiver Tor
the present. The forged paper IL
cludes the Connecticut River Rail
road COMPANY for $4,000, Frederick
Billings, $4,000; Tremor w. Park, So
900: Lyon Il Healy, OF Chicago, 81, OoO;
Taunton Locomotive Works about Sl2,-
90; & !. Amidon, Hinsdale, sl5,0n;
Nermillyer Il Co, New York, some :, o.
600, and others, whose names will bc
made public MS the Investigation pro-
ceeds. How much Of this paper has
been used hy Waite as collateral, upon
which he NAV have raised large amounts
Tor individual use, the directors are un
able 10 say, but rumors that Springfield
and Boston banks have been yictimiEed
in this way are current. The bank was
chartered in 1852, under the name oi
the Winhsm Bank, and commenced
business a wear later with y. u. Willis
ton as President and Silas NJ Waite,
the present defaulter, as Cashier. Prom
iuent men in the county were made Ill
rectors, aud il Was run under the State
charter Tor about ten years. Ii was the
first bank in the county To change 10 a
National bank, which gave It a great All
vantage over the other hanks IN the Vi.
cinity, il being ior several years govern
ment depository. IL continued tn no
tain the confidence Of the public until
1872, when II WAS said u
have been rnnhed OF large amount
Of government bonds, belonging most y
u special Il .pu>Itors. Suspicion Was
aroused over the manner at the robbery,
which WAS in midday, since which con
idence has been more or less shaken,
until the stock MAS finding forced sale
at ~. Although numerous statements
have been made, 1t Is potent that the
stock shout bring more than par. At
a special investigation April 2ji, the
loans aud discounts were PLACED AT
SS6l,l no. capita stock 100000, surplua
Ss7. 900, undivided pruiiis 81, IN, and IN
diyidual deposits stl,ll2 Ii appears
that OF the latter the Vermont
Savings Bank had between 500
90 and Si0O,NO. This statement was
sent 10 the stockholders, and being Al
tested hy the directors, the supervisors
were temporarily satisfied Since Janu'
ary, 1878, Waite has been president oi
the bank Efforts have been made e.
have cashier appointed, but Waite has
insisted that none was needed, aud the
directors allowed him 10 have his own
way. For year after year he has pIacii
cally run the institution without dicta
ton. One by one for six years the Ill
rectors have refused to quality, and the
result has been that changes have taken
place until Waite had found a set OF men
some of whom are widely kown fol
their honesty aud business capacity,
who had not time or disposition 10 at
tend 10 the affairs OF the bank. THE
corruption is believed To date back NOR,
than ten years, when, u is alleged, Z
brother of President Waite LOT int
financial irregularities in Chicago
bank or insurance company, which, II
Is said, were Strengthened out by the
payment OF $4,000, the funds coming
from the Brattleboro bank. Waite's
mode OF procedure was, il seems, I,
place these fraudulent notes before hi,
directors (all except one bearing the
name OF one OF his directors, who al times
was present, and risk his claim 10 the
solyency Of the bank on these. The d.
rectors, not being particularly CONVEX
SAINT with banking, accepted them q,
proof that all was right, aud not until
Two or three weeks since did they at
tempt TO acquaint themselves with the
worth OF these securities. About thi,
time Examiner Hendel. while making
his usual tour OF inspection, dis
covered discrepancy in the check fund
in New York. This led TO inquiries and
one week ago Hendee returned TO tbi'
place and, II is supposed, rotifie Wal
OF his revelations Waite MAS heard /,
ask Hendee il he could be al Owed oIs
week 10 make up the deficit and u n
supposed this was granted, and Waite
on the following morning srose st
O'Clock, bid his wife goodbye, aad ia
answer 10 her query, rephea that b,
Was going to New York on bank busi
ness The next tidings were from Port
land, where he wrote, shall quit Ga,
country." A Telegram from the dctec
tives last night says: think We are OF
the right track; probably self dcstruc
ton" Certificates u stock have beer
issued, for which ~ yet there has beer
no record found, and q double issr,
will undoubtedly be unearthed. tn,
books OF the institution are badly gar
bled. The present board Of directon
consists Of 4. VI. Waite, J. NJ Tyler, q
present member Of Congress Tor thil
dnIrict; =. A. Nash, w. =. Richardson
HnC. hilard. Of Brattleboro; waniss
Parker. OF Putney; Addison White
head, Of Vernon: ". p. Richardson. o
Chester, and q j. Amiden, oi Hinsdaie
Twa al The mann bars claim 10 havs ney<I