Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1881-09-09

THE COMMISSIONERS HEARING

the estate of S. NJ Waite in insolvency be-
gan last Friday with the testimony of L. NJ.
Price, the receiver Of the bank. The claim
of tho bank is based on the specification of
claims filed, which are made up az follows
Waites report to Examiner Hendee, May 10,
1880, showed assets of S5O2, 432. %. To this
is added the balance of assets which came in
between May 10 and June 10, when the bank
closed, in the shape Of the excess of notes
paid over notes discounted and the excess OF
deposits received over deposits withdrawn
making in all an item of $l5,G7G.S3. This
sum added to the assets shown by the report
makes q total of $5lS, 100.O5, supposng
Waite's report to have been true one. Mr..
Price found actual assets of Sl5S, ia so.
This sum deducted from the nominal assets
leaves n deficit Of 1853 99425 From this
sum is deducted the proceeds of sale Of the
Hinsdale bridge, and this leaves a deficit of
about @347, 900. Outside OF this are certain
items where there il evidence TO show, either
directly or indirectly, that Waite used the
funds of the bank in his business operations,
and these items carry the total claim up to
the sum OF about $500, 900. 1t is on the sew
eral items of this claim that the commission
ers arc to pass. One Of the most interesting
portions OF Mr.. Prices testimony was that in
relation TO an item Of SCI, 1867 on account of
certain drafts, checks and notes made aud
drawn on the Fourth and Ninth national banks
of New York, the First national Of Boston,
and the First national Of Brattleboro, on S.
NJ. Waite's account, but not charged to him
on the books OF the bank. This claim OF
SCI, 3G7 is made up of the following items
March 9, 1895 Draft by S. NJ. Waite, cashier,
on 9thNarl bank Of n Y, In favoro H. II.
Honore; paid By 9th Natl, but not cred
tied to Oh NAti or charged to s. NJ. Waite, $500
March 25, 1865. Sight draft drawn by s. NJ.
Waite cashr, on 9th NATL N. Y, in favorof
charged 10 Sawyer or waite, 2,25O
Dec. y, 1865. Draft by Waite, cAsh'r, on 9th
Natl, n. Y, to order Of c. c. Waite (credited
70 9th Natl, but not charged to c. c. or S. NJ
May /, is66. Draft by s. NJ. Waite, c., on 9th
Natl, In favor OF Watson Debillion mot
credited to 9th Natl or charged to Watson h
Debillion Waite, 5000
Dec TO- 1865. Draft by s. NJ. waite, c., on 9th
Natl, in favor Of W. II. waite mot credited
to 9th Nat. or charged to s. NJ. or W. H.
Feb II, 1851 Draft by s. NJ waite. c., on 9th
OH SaiI or charged to 9. C. or $ N. wsitei, 10000
Oct. 2, 1865. Two years time draft, drawn by
4. NJ. Waite on G. q. waite, Chicago, In ia
Vor Of Sam'lJ J. Walker, and endorsed by him
(paid at 9th Natl, Oct. 2I, 1857, and charged
to acct Of LIST Natl bank Of Brattleuoro, but
there is no charge to y. NJ. Waitel, $50
May l, 1869. Draft by 8. NJ. Waite on tth Nat.
bank Of n Y, in favor Of r. Burdett tcred-
tied to ath Natl, but not charged to Waite or
July 2S isS9 Draft by 8. NJ. waite, c, on 9TH '1'
tied TO 4th Natl, but not charged to waite) 1900
Feb. O. 1874. Draft by 8. NJ. Waite, c., on 4th.
Natl, n. Y, in favor Of L. W. Stoughton
mot credited TO 4th Natl or charged tos.M.
Aug. .. 1874. Draft by S. NJ waite, c. on 9TH -'''
Natl, n. Y, in favor Of 4. W. Stoughton
Credited to lth Natl, but not charged to
WAite), 1850
Feb. a. is7S Draft by 8. NJ. Waite, c., on 4th
tied 70 ath Natl, but not charged to Waite, 1850
Feb. 10, 1878. Check by S. NJ. Waite on LIST
NATL hank of Hrattlebarn- N ~
Phelps (paid by bank, but not charged to
March is. 1878. Draft by $. NJ. Waite. C. on ''O
ith Natl Of n. Y, In favor Of c. b. Waite
quot credited to 9th Nat. charged to waitcl 500
March 90, 1878. Check by S. n. Waite, c., on
LIST Natl Of Brattleboro, in favor Of 4. J.
Phelps (paid, but not charged to waitel ass
Feb. IS, 1915. Check by Waite on LIST NHt1iR
favor Of Phelps (paid, but not CHI. to Waite), 400
July s. 1871 Draft by s. NJ. waite, c., on 4th
NAt1, n. Y, to order OF Col c. b. slough
ton mot credited to Ith Natl or charged to
stoughton or wAite), 100
July Ii, 1877. Draft by S. NJ. Waite, c., on 9th
Natl Of n. Y, to order Of c. Q. Waite (cred-
tied to 4th Natl, but not charged to waite), $40
Aug. 20, 1877. Draft by Waite, c. on LIST Nat.
Of Boston, in favor OF Mrs. NJ. J. Buck, en-
dorsed to pay Truman Buck order (paid,
hut not credited to LIST Nat Of Boston or
charged to watel 5000
Of n. Y. order Of @. Morris (paid, but not
credited 70 Ith NatI or charged 70 waliel 1900
Dec &c. 1878. Note made by S. NJ. Waite to
order OF Benedict h Davis, coal dealers. New
Haven, and due Feb. II, 1879 (paid by lth
Natl Of N. Y. out Of funds Of LIST Natl Of
Brattleboro. but not charged to waitel, l.l95
March 10, 1867. Draft by Waite, c., on 9th N.
Y, in favor Of y. N. Poor, Treas (paid, but
not credited to 9th Natl or charged TO walte) G3sl
Mr.. Price testified that the account OF G. b.
Stoughton with the First national bank of
Brattleboro showed an overdraft Of IS, 500. II.
Waite's note of $4,000, which Mr.. Hendee
found among the assets, was not found by
Mr. Price, nor was there any record on the
books showing that the note had been paid
Mr.. Price testified to finding drafts drawn by
Mrs. f. A. FELTON, (wife Of w. Felton, on
Waite personally, and paid out of the funds
of the bank between September, 1875, and
January, 1876, amounting in all to So 500,
but not charged to Waite.
Another interesting item testified to by Mr.
Price is one of $33, S0I ~ and interest, this
sum representing on the books of the bank
an overdraft by the old firm of j. Estey &
Co., of which Waite was member In the
suit brought by Waite against Estey and Bur
dett, the other members of the firm, for a
settlement after dissolution, Waite claimed to
have settled with the bank for this item but
| the books still show an overdraft, and that
the item was never charged to Waites ac-
| count
Mr. Price gave some testimony in regard TO
the $44, 600 Vermont Il Massachusetts stock
transaction in 1868, referred to by him in
detail in his report to the stockholders last
| February. Also in regard to the S25O0 in
| gold and currency and $500 government bond
| taken by Waite when he left in June, 1880.
The item of $40, 900, claim for currency sent
to Chicago by Waite out of the banks funds
in 1s64-5 to pay bond in behalf of his
brother, w. II. Waite, was passed over with
out testimony from Mr.. Price.
In regard to the w. II. Waite notes, on
| which large item of the deficiency in the
| oil Uindhap, hat,k 10 L.
Price testified that he had a schedule showing
that there were eleven of these notes, amount
ing in all 10 $50, 900. Most Of them were
discounted by the Windham County bank in
1909, and one of them by the First Nation
al, Sept 80, 1864. There is nothing to show
that these notes were ever paid and they
we're not found among the assets of the bank.
The item of $50, 600 cash deficiency in the
Windham County bank capital is based ON the
difference between the banks balances shown
10 be in the New York and Boston banks OF
deposit by their accounts current, and the
statement of such balances made by Waite to
the Vermont state commissioners.
In Mr. Prices cross examination, which be-
gan on Saturday afternoon, special stress was
laid on the apparent fact that Waite had new.
or, except in one instance, drawn any salary
or taken any dividends from the First Nation
al bank. This drew out the testimony from
Mr.. Price, in his redirect examination OF
Thursday afternoon, that on the first of Jan.
uary, 1865 Waite put 1868 shares of First Ma
tional stock opposite his name on the divi
dend book, and this with the amount of stocl
owned by other stockholders made 3OOS sharel
eight shares more than the capital OF the
bank. Waite did not credit himself with div
idends on this stock, and there is no evidence
on the cash journal that he ever paid money
into the bank for this stock and, while the
stock ledger shows that all other stockholderi
owned and paid for their stock, Waite's name
does not appear on the stock ledger as the own
er of any stock in the First National bank.
Owing to engagements of the commission
ers and counsel, an adjournment of the hear
ing was had from Saturday night to Thursda,