Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1883-03-02

$4,000 or rather 1925 0O0 II was reduced to that
went to pay the depOsors OF the Insurance Company
and hence the bank a creditor never got a cent.
When asked u this Western paper shown to the
stockholders, Waite answered that not and that
he didn't think any board Of that knew enough to
manage bank would take that class Of paper before
any stocsholder and show it,. That he didn't think
dropped out Of their basket.
A. No, didn't; that's a fact; and l would have
prevented it till this day, II could.
The Bank Robbery.
Q. By Mr.. Eddy will call your attention to the
time Of the robbery Where were you that day.
A. was In New York left here the day before.
stopped at the BrevoOrt House, kept by my brother
Received telegram from N. b. Winiston that the
robbery had occurred. Took next train home, aud
upon investigation found loss Of over $4,000 Our
deposits sunk good many thousand dollars In a day
or two The directors met and had an examination,
and took all the stun we had and showed them how
thought stood, and they we're satisfied supposed
or satisfied that we had figures enough but they were
not fully satisfied evidently because few days after
this examination Mr.. Pratt came and said he owned
forty-thTeo shares in that bank / said " know it,"
He said II you want to pay me sos share for my
stock you may, and II not will sell II at auction in
front Of your door, Saturday" l could not stand
that squeeze just then, and raised the money aud
took the stock Just before the annual meeting
Thompson sold his stock so that he could not be
director. day before the annual meeting, Mr.
Gnodhue notified me that he should not serve any
longer as DIRECTOR and the next day these three places
filled, so presume they were not fully satisfied
that the stun showed them was tptop. Prices
report to the condition Of the Windbam County
bank is as near correct as language will express it
that the assets within two years from the time we
started proved to be perfectly worthless
The Wiudham County bank commenced business
the 18th day Of March, 1857. The dividends paid
were two dollars per share each six months after it's
existence.
O. what salary were you having at the time OF the
organization Of the First National bank?
A. 81 200 year.
Q. state whether you have received any Of your
salary from the organization Of the National bank up
TO its close.
A. The books show a credit Of l5O. II It was
salary 1t should have been ST. 200 dollars Since then
the let Of January 1865, there has been any
salary credited and have never drawn any
O. What were the dividends declared in the First
National bank from It's organization and up to and in-
Guiding the FIRST day OF January preceding the clos
A The bank paid dividend Of $4,000 jan 1st
1868, and the next i've dividends Sl20 coo each.
The next eighteen dividends were $4,000 each. Then
four dividends OF $4,000 each and then three dyi
dSnds Of $1,000 each-making thrty-one dividends in
q. on how much stock were these dividends de-
clared7
A. Computed on a capital stock OF s9OOOOU.
Q. You may state about the expenses Of the bank.
A. For a long time, Mr.. wlliston drew 800 year
as president. The last few years he didn't do much
Of anything beside signing the bills and he voluna-
Mr.. Sawyer was paid 81, 200 year and Guild 5000 per
year believe oar rental was about $412 per year.
We always burned gas light in the bank all night
which averaged cost Of twenty-five cents per night
The fact u.s. owned the gas and furnished 1t. Itook
about twelve tons OF coal to run our furnaces. Our
postage stamp bill was about seyenyhye cents day,
and think our stationery BILL books, eIpressage and
postage was at least $3.50 per year. We used bunch
Of envelopes certainly every day. In regard to the
taxes, presume Price has got il correctly. There
were quite number OF other minor expenses. Sew
erAl oyerdrafts and executions against tile bank were
paid, which amount TO several thousand dollars.
Then the unpaid paper as shown by Prices report
amounts to s2l, 1851. The income of the bank
reported by Price is nearly correct. The estimated
collection and exchange is very high. We were com
peting with our neighbOrs, and doubt II aver
aged TO earn three dollars day from that source.
The item OF S25 900 Of income on bonds can
very clearly was never any proht to the bank.
O. Right here, as bearing the subject Of eIpendi
lures, and the apparent excess OF the expenditures
over income, want you to state how you procured
funds to do business with.
A. There accounts on these iedgers that show
where this money came from. won't say where it
came from, but it shows that got 1t somewhere or
other.
waite went on to show how the profits on the coal
business were turned into the bank. The HinsdAe
bridge he said earned about $1,000 n year. He told
Of his dealings with Lawrence, aud the money be
turned into the bank TO square accounts which he
says ." were funds raised aud got somewhere. II
dld as pad as tue papers say, stole 1t all, got II
somewhere away from here aud brought it and put It
in here. Now as Mr. Price shows in his report, and
presume he has gone over 1t enough to know It is
correct had charged in my account S4j9 IS and
have standing to my credit in these various FORMS
whatever the sums may foot up, which will show
carried In the bank within the sixteen years over
seOO,0 that nobody heard OF undertakes to
claim as being theirs The money has gone into that
shop and has gone out, and it has not gone out for
Waite stated that he had lost in the gas business
carriage shop and helping folks, some $4,000 He
also SAID: - made money III my investment IN
Chicago with Burdett, bringing from that concern
one time f25 OOO that hrowed in to my credit, aud
that has gone to the devil with the rest l made
money in Investments in the Vermont and MAssAchu.
sets railroad stock which passed into the bank.
have gone on In that way, picking up where could
aud tumbling 1t in, in one form and another until Il
shows, as remarked that have put over $500 600.
owe, that they are trying to get from all the
country about $50, OOG and yet all have had out Of
that large amount Of money have carried in is the
support Of my family and self. have tried to live
decenty economical, and think that three thousand
dollars year ought TO pay my household expenses.
didn't intend to squander, for l hadn't got 1t to
throw away. After broke my back in Chcago-I
say 81 " because they call me the bank-I worked
night and day to see how to It. II is credit to
me to have been obliged TO do many things in the
dark as did but anybody will see II had advertised
thsr.
2. What was your purpose in going in the strug-
A. thought, II necessaryto tell it, that after got
we'll going in Chicago in the organ business IN 81,
that could make money enough to buy the thing all
up, and We did make money, but In 1871 we got
caught IN that big hre, and 1t knocked the bottom all
out from under us, and our insurance companies
crushed with the IRE, and It hurt me terribly, and
took all that resource from me. I then struggled
along 10 carry patent that belonged to Burdett, upon
which, in various forms have spent about $40 90,
little by ite that have paid out. Well, calculated
that whenever could get hold Of that aud carry the
night through-tthere was a mutual understanding,
though the legal patent was not in mebut trusted
luck IN collecting up these royalties II ever beat
It was chance was taking-a desperate chance
that man will take when sinking)-to get some
money out of it, And If had it's no use 10 boast
but would have bought the bank il it had took my
shirt.
Q. You mean by buying the bank, YOU would have
bought the stock so that would have suffered?
A. would have bought enough so that l could have
burnt these papers up he said this, the tears
down his face, and he seemed very much aiectedl-I
borrowed 100000 at Mechanics bank, HOyoke SO coo
Al Bennington, 200 at Chaplin bank So 900 at Mon
son. $4,000 at Jamaica, s., 900 OF DR.. Rockwell and
owe some small bills besides Now evory dollar Of
that big amount went iuto the bank; s., 800 bought
the presidents stock to keep DR. Walker from hanging
me.
=, g. Now it appears from the figures on the books
that there quite large surpuses your cash ac
count. Explain how that happened.
A. Why, Sawyer could not balance the cash. There
would be an unaccountable surplus In the bank. II
was not anything uncommon for me to put in money,
and didn't care to have every one know how / got
my money. Figures were shown where there is
dinerence OF some $1,000, which Waite explains
much cash which he put in at that tiue) / would
pay money into the bank whenever could get it. l
would look at his figures and say: "Thats all right,
9. What did you put that in there fort
A. To stop up the hole. found out that we hadn't
but about 8l25OOO Of Anybodys money to do business
With We had to have mon ey in the cities and II you
WIN take Pains to take this S12b, 900 and all the crcu-
lation and all the deposits we had in the bank count
Ing out my money, at no time will you and could we
have had dollar to supply our city funds with and
when got anything putt into that channel sup
away, In some instances may have taken some Of
4 back can't say didn't intend TO. That ia where
s tnls money came from didn't intend to have any
BODY Know what was doing.
Waite explained how with only 900 he bought
soOuOOO worm OF bonds to the circulation by
buying hundred thousand at a time and taking the
currency Issued on that aud adding $4,000 and buy
ing another 100000 Of bonds, etc. The books, he
SAID show that II has cost little 900 to sup
ply that bank beyond every dollar OF Stockholders
sessments and capital paid in and earnings Of the
Q. where did that $3.50, 900 come FRONT
A. IL viii be found credited to me.
O. 1t is said that your account current In the bank
IN the city had not been entered upon the book and
that so? w. ~
A. Because I didn't want anybody to know what
was going on. When Guild took up one of the ac-
counts TO examine it, told him TO let II alone and he
ara let u alone. You understand II Is nothing for
man TO tell in public, but willing to own It, that
hved there hfteen years, when II any man had gone
shut me up In hour.
Col. Hacking cross-examinAtion Of Waite WAS
opened by questions relative to his early occupations
business and sources Of income.
waite said he began business about forty-two years
ago, staging. Then he was express agent. In b6
ne went west and came back with the Intention Of
returning, but the WindhAm County bank having
oeen chartered, he was prevailed upon to become
The erosa-eIaminAtlon was considerably searching
~ regard TO WAtes means Of income, his losses and
OF Importance elected.
Col. Haskinss cross-eXamination had refer. |
ence largely TO ascertaining what foundation |
there was for Waite's claim that the Windham 1
County bank had $40. 600 or more of had In. |