Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1882-12-22
; sfLiOhEN RsS.x.



Ter. 10 his WIferNImerous Fail.
nres Likely TO Result.
tBy Telegraph to the Free Press and Tlmes.l
ROCHESTER, n. Y, Dec. 20.-Through
Interpretations Of the funds of the City
bank of Rochester by its president, {. L.
Upton, TO carry on oil speculation Qhe
misrepresentation amounting to about $780,
LOO the bank this morning closed its doors.
Inc amount OF deposits Is stated at $780,
OUo ana the amount Of paper held by the
bank ut SSOO.OO Upton was treasurer of
the Western New York Episcopal diocese
aad had its funds in the bank The savings
banks Of the city had large sums on deposit
IN the bank.
The dcpositors of the suspended bank
were mostly merchants. 1t is feared that II
number of failures will follow. There is
great indignation against Upton. Accord
lag 10 the list report the banks paid up cap
ila was 500, OUO, surplus Of $50 900.
BosroN, Mass, Dec. 20.-Thc Traveller
says at is stated that Upton, president
Of the City bank of Rochester had made i'm.
rorlant transfers of real estate to his wife
within few days. The bank has been sub.
jcct 10 gossip here for some time. Consid.
cradle paper is held in this section.
a Resulting Failure.
ROCHESTER, n y, Dec. 2O.-William c.
Moorc's banking house ct Victor, n, Y, sus
pended today; it is supposed in consequence
OF the failure of the City bank of Rochester
4 statement by the Bank's Attorney
me Presidents Speculation The
| cause of the trouble.
j. Brccli Perkins. attorney of the City
Bank and one Of its directors made the fol
lowing statement this morning II tele
graphed last evening to the Encouragement
by direction Of the board Of directors askinl
permission to apply to the court for the ap
poiniment OF Il receiver. Judge Dwight sale
that he would grant the application as sool
as word was received from the attorney-gen
cral expected an answer last night, bu
Mr. Russell was at Norwich. Here is a dc
spatch from him now. | shall have to 20 t.
Albany to see him. \ month ago considered
the bank perfectly sound. Tho cause of tn
failure was speculation in oil with the fund
OF the bank by President Upton. Lately h
has speculilcd 10 the amount of hundreds 0
thousands OF barrels POO 900 barrels, h
said, for himself aud great deal more TO
other parties not connected with the bank.
Two or three weeks ago there was
, heavy fall in prices. He took the none
from the bank 10 carry this. lmmtdiatcl
after thai, we. the directors were nforme
that checks Of the City bank had been throw
out by the American Exchange bank in Ne,
York, its correspondent. We then CONNER
| ccd an Investigation to get what il
/ formation We could and found everythin
; in confusion. We wished Mr. Upto
: to make II statement and he finally said thu
4 he owed about $500, 200 and had property
, the value of about $4,000 which he agree
/ to secure to the bank. His statement ";
Indefinite as to the amount of the debt an
there was apparent equvocation. Mr. /
+. Ross and myself went to New York an
!. saw the officers of the American exchane
bank. They gave us such information
they could and advised us to try and carr
, Upton through and get in VIVA, money W
, could. We came back and got in VIII,
, money we could
5 "Thc bank holds about SIS, 900 of pape
5 which, outside of Cptons amount, we col
r sidcrcd would have been collectablc at iu
value il the bank had not been compelled
8 close We have not examined the books
5 closely as we should like to, not having III
time"
f Perkins will see the encouragement til
evening. Five weeks ago the City bar
gave draft to another bunk here the dra
was placed in the hands of notary, b
paid before protested. Another draft
S $4,000 of the City bank in favor of Il
n bank above alluded to was thrown out BY Il
J.. American Exchlngc bank of New York
cause the remittance from the City bank d
not arrive in time To meet it, The prcside
u however, sent the amount in time to save
6 protest About that time the banks here d
:, cldcd to form clearing house" Sever
u meetings OF the committee to further the o.
y iect were held, but no report was made
i time TO include the bank before its failure.