Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1880-06-25
THE RUINED BANK.

TIE RUINED BANK.
.fEw NLw DEyELoPMENTs SINCE Last wEEK-A
BETTER OUTLOOK FOR THE sTocRHoLDEBs-
NO TRACE OF YATES WHEREABOUTS.
There is very little which is new TO report
this week in connection with s. NJ Waite
forgeries, and the ruin Of the First National
Bank. The story was told in full last week
and few new facts can be added. There is a
more favorable outlook for the stockholders,
and the present probabilities are that no as
sessment on them will be necessary TO pay
the depositors. but that on the contrary
there will be a dividend to come TO them from
the sale Of Waites private property
Mr. Linus NJ. Price, special government
bank examiner and receiver, has been dc sig
mated by the Comptroller Of the Currency as
temporary receiver Of the bank and he is now
here in the performance Of his duties. Mr.
Price originally held Office under Hon. Hugh
McCulloch, the first Comptroller of the Cur
rency; in 1871 he established the Mechanics
National Bank at Newark. n. j., and became
It's cashier, position which he held for three
or four years. Since leaving that institution
be has been employed by the government in
his present capacity, this being the sixth bro
ken bank whose affairs he has administered in
whole or in part. He was temporary receiv-
er for the Washington County National Bank
Of Greenwich, n. Y, and the Commercial
National Bank Of Saratoga Springs, n. Y.
He entirely settled up the affairs of the First
National Bank Of Osct OLA Iowa and the af-
fairs of the Venango National Bank of Frank
lin, Pa, in the midst Of the oil regions, are
now in his hands.
In overhauling the books, papers and ef-
fccts Of the bank, Waite's loose methods Of
doing business tegin TO come to light, and
II is evident that he did not himself know
how or where he stood, or how much money
it would take to bring him out of his Difficult
ties. Every thing is in state of chaos.
He was simply getting hold Of and using
cash from every available source, and friend
and foe were treated alike impartially
mortgage note of $500 which his brother,
A. +. Waite, owed at the old savings bank,
and deposited the proceeds Of two sue
cessive tobacco crops with him to pay, proves
never to have been paid, S. NJ. Waite having
kept the interest paid and appropriated the
principal to his own use. A worse case than
this com,s mp in connection with a life insu-
rance from the late c. G. Waite, for the ben
eft Of his maiden sisters Misses Lucretia and
Elizabeth Waite, of this village. G. c. Waites
life was insured for $4,000 for their benefit
and there is good reason to believe that S. NJ.
Waite had collected that money and used it.
Intimate friends have suffered in q similar
way, Though their complete confidence in
him.
As to the extent and amount of his forger-
les, little that is new is positively known
His necessities have evidently been growing
more strenuous Of late, and since the first Of
May he has made great efforts to borrow
money probably in order to be ready for his
July dividends. OF money known to have
been raised on forged notes since May LIST.
there is SIS, 600 at the Fourth National Bank
New York, and $1,000 with the Chaplin Ma
tional Bank, Springfield, Mass At the West
River National Bank, Jamaica, 5000 was
raised on bank stock Rs collateral. There are
hints of one or two other large humps of cash
in regard to which nothing has been made
public. There are no definite figures as to an
over issue of bank stock, but it is estimated
that such fraudulent issue may reach the sum
of 500 to 1000 shares What has been done
with all the money is still a mystery. Parties
intimate with his affairs believe that the sum
Waite spent in his organ fight is over-estimat-
ed that, instead of $40, 900, $40, coo will
cover his expenditures in that direction.
Whether he has really spent or lost a quarter
of million IN some way; whether a large
portion is represented in the real estate in
his hands whether he has sunk it in Wall
street, or whether he has been deliberately
stealing it ready to run away with-these are
all questions and surmises which may never
be satisfactorily answered.
Several special deposits of bonds left with
Waite for safe keeping are known to have
disappeared. Losses of this class which are
mentioned are Rev. Amos Foster Putney.
$500; John Kimball, Putney, $500; Miss
Ophelia Sergeant, Brattleboro, $4,000. A sin
gular case came up this week-that of a wo-
man of Chesterfield, N H.. who drew SlO57
from the old savings bank last July, thinking
she wanted it to use. She had the money
put in draft on New York at the First Ma
tional, put the draft in her pocket, and there
it has remained. Mr., Price informed her
that II must be a question for the department
TO decide, whether, the case being purely one
of negligence on her part, she could share
with the banks depositors.
The paper, believed to be forged. which
was shown at Mr. Hendees May examination.
and which has now disappeared is as follows
burdett Co., $l5,OOO
10000
Taunton Locomotive Co., 1S'4I2
Lyon & Healey, Chicago, 10000
Windsor Hotel, N. Y, 10000
o. Skinner, 70 600
u y. waite, 80, 900
Connecticut River r. X. Co. 10000
N. A. Leonard, Springfield, Mass.
President Conn. River II. r. Co., 10000
T. W. Parks note for $25, 900, and F. Bill
hngs, for $40, 000 both forged, are left. Why
Waite should have left these and taken the
others is not known. Correspondence found
among his papers shows many refusals of APP
plications for loans and no end of inquiries
from stockholders, which it must have given
him no little trouble to answer satisfactorily
and thus allay suspicion.
OF Waite's whereabouts nothing is known.
It's undoubtedly true that he was in Port
land, Me, on the Friday following his flight.
M. H. Bush of West Dummerston, now in
Portland, in letter to his wife, written be-
fore he knew of the trouble here, states that