Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1883-09-21
Grand Jury indictments.


The Argus of this week has an article on
financial affairs at Rutland, and gives an I'm
terror view" from what it believes to be relia-
BILE sources. We quote at has for long
time been known that Gov. Page the Howe
scale company and the Dorset marble compa-
ny have had large loans from the National
bank of Rutland, of which Gov Page is pres
ident) to carry them along, with the endorse
ment of Gov. Page, Mr.. Haven, and son of
Gov. Page. Bank Examiner Hendee, upon
examining the affairs of the bank, required
the strengthening of these loans, and Comp
troller Knox of the Treasury Department also
took a hand in Meantime the bank has been
crippled and able to do but little business, and
its capital is said to be impaired nearly one
half. Upon second examination, however,
Mr.. Hendee declares the stockholders and de-
postors to be safe, the assets being sufficient
to render the institution sound and enable it
to recover from its crippled condition and this
has set the community at rest for the present.
All these troubles brought slight run on the
Rutland savings bank, but not to a very large
amount Many rumors were afloat. 1t was
believed that Gov. Page and the various par
ties with whom he was connected in business
had large loans not sufficiently secured also,
as its rooms were in the same building it was
difficult for tmid persons to discover the Rut-
National Bank of Rutland. Hon. Chas Dew
ey State Inspector of Finance examined the
savings bank and pronounced it safe but
some uneasiness being still prevalent increas-
ed by the st. Adams failures, he made a sec.
ond examination, assisted by ex-Gov. Proc.
tor Gen w. Y. w. Ripley, Fred'k Chafee
and E. p. Gibson, well known inanciers. AT
ter Il thorough examination of all its securi-
ties, Mr.. Dewey pronounced the Rutland saw
ings bank one of the soundest institutions of
the kind in New England, and this caused all
unrest to be silenced.
The Howe scale company is now under
embarrassment, growing out of the affairs Of
Gov. Page. its treasurer. Its employees have
been only partially paid for some months,
and it is reported to be indebted to the work
men alone $4,000. They have had prom
Uses of payment from time to time, but no
money. until this state of affairs can be car
ried along but little time longer. 1t is said
that the company has many orders ahead,
and that large amounts of scales are being
shipped. 1t is also reported that they have
had and now have a large margin of good Sc
curities which they are unable to negotiate.
The company seems to have been doing a
prosperous business, and making money.
Col. George A. Merrill has sold his interest,
and resigned the presidency, to take effect
October lst Within few days an effort has
been made to form q syndicate to help the
company out of its troubles, for the benefit
of the town. Gov. Proctor, Gen. w. Y. W.
Ripley, E. H. Ripley, E. p. ellison and Fred
erick ChAtfee have examined affairs with this
view, but as yet no negotiations have been
completed. The delay in payment of en-
ployes is a serious embarrassment to Rutland
merchants, and especially grocers and mar
ketmen, some of whom have several thous.
and dollars at issue. Much regret is express.
ed by the people of Rutland at Mr.. Pages
difficulties, and he has large sympathy be-
cause of his long time close identification
with the business prosperity of the town,
and it is hoped that he may yet be able to
extricate himself from his evidently present
crippled financial situation