Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1880-01-21
National Bank Elections.

FIRST NATIONAL BANK OF ST.. ALBANs,-This
bank seems to have reproduced some Of the fea-
lures Of the Maine election at Its recent annual
meeting for the election Of officers and Bank Exam
liner Hendee Is the Gen. Chamberlain Of the situa-
ton. 1t appears that Mr. Il. A. sowlcs was presi-
dent OF the retiring board OF directors, and Hon. Al
bert Sowles his brother, was cashier. Some family
unpleasantness seems TO have existed between
these officials which eliminated In undigni6ed
scenes at this meeting Mr. +. A. Sowles in his
own name, and as executor OF the will Of the late
Hiram Bellows, held a majority Of the stock.
For the purpose OF controlling the election OF
directors, he had transferred to o. A. Burton and
George W. Foster ten shares each OF the Bellows
stock, and these gentlemen appeared at the meet
ing TO vote on the stock thus held 1t appeared
the result OF the vote for directors that the old
board receiving four hundred and thirtvtwo votes,
was reelected except that Albert Sowles was
substituted for L. A. Sowles. Another list OF
directors, with +. A. Sowles at its head, was de-
clared to have received four hundred votes, but
the vote OF Z. A. Sowles Zone hundred and twenty
four shares) was dsallowed on account OF his be-
ing indebted to the bank on overdue liabilities,
and those OF Burton and Foster on the ground
that they were not properly stock holders. Scenes
ensued which remind one OF certain railroad
meeting in Montpelier not many years ago Both
boards claimed to be legally elected and COM
pleted their organization by electing presidents
and cashiers. Possession, which is said to be
nine points Of the law, Is held by the old board Of
which Hon. Albert Sowles is president, and Mr.
Hendee national bank examiner for Vermont,
has temporarily confirmed them in possession
while he can lay the matter before the comp
troler Of the currency. Meanwhile reports OF
offers to compromise or to abide by Mr.. IIendee's
decision as to which is the legally elected board,
are prevalent, but apparently the question will re-
quire legal solution.
NATIONAL BANK OF RUTLAND.-Unusual in
terest attended the annual meeting OF this nsttu-
ton. For reasons growing out OF Hon. John r
Pages financial affairs and his official connection
with the bank, an alleged attempt was made to
obtain control Of the stock by depreciating its
value, and by securing proxies to be used at the
annual meeting to introduce a new element into
the board Of directors. In view OF these circum-
stances President Page made an extended state
ment Of the condition Of the bank and presented
the certified statement of the cashier as to his
1.-THE presidents) Indebtedness, which showed a
direct liability of 500, 900, and ample security, in
| the Judgment Of the board Of directors, for hi.
endorsements. The bank has paid dividends
since its organization in 1866 to the amount OF
S575, 900 and has present surplus OF s126 4T6 ca
making the net results of thirteen years business
SOL, 476 67-present capital Of the bank $780,.
Goa favorable record certainly. The meeting
was entirely harmonious and resulted in the
election OF Mr.. Page making continuous con.
nection with the bank for over thirty years. lie
is one Of the best banking men in New England.
| IL GENERAL.-william S. Streeter was elected
cashier Of the Merchants National Bank of st
Johnsbury in place of William E. Hazen who has
been cashier since the formation Of the bank. 80.
As general thing the banks have reelected
their former officers and declared the usual divi
| denda