Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1884-04-11

AAAa AAhoA NAIlONAL DAMN NLObEh IFS DOOhh
AND THE TOWN LEFT WITHOUT A BANK-A
BAD STATE OF AFFAIRS.
The First National bank Of st. Adams, the
only remaining bank in that town, was closed
last Tuesday morning by Examiner Hendee
because it had no funds with which to pay it's
drafts in Boston. The bank was practically
owned and controlled by the Sowles broth.
ers-E. A. and Albert. There were rumors
two months ago that it was unsound and
run was mado upon it, but confidence had
been partially restored. After the run the
bank examiner induced the Sowleses to put
into the bank, as collateral, securities with
face value of $4,000 and cash value of
from $4,000 to 800 600. The deposits have
now run down to S2l5, 600 and there is said
to BIO no apparent reason why they should
not be paid in full The banks last state
ment showed assets Of S57S, $50 including
1881, 600 of loans and discounts. The as
sets are not "quick" and it will take long
time 10 settle up the concern. The March
statement was not made public until March
26, threo weeks after it is stated to have been
made This fact excited some suspicious at
the bank, which have been still further in
creased by the failure of b. w. Marshall, a
Boston produce dealer, for whom the bank
has carried $4,000 of paper for years.
Within a few days it has been difficult to
transact any business at the bank necessitat-
ing the payment of funds TO customers Sat
urday L. A. Sowles, the president, went to
Boston to arrange affairs there, but without
success. Gov. Hendee IN OF the opinion that
q thorough examination of the affairs of the
bank will show that the depositors will be
paid in full, and that the only loss suffered
will be by the stockholders. There are only
or . stockholders The Sowles family it
Is understood, own all except about $4,000 of
the stock. At the time of the trouble two
months ago, Gov Hendee required the
Sowleses, who were largely indebted TO the
bank, to give collateral securities for their
indebtedness, and succeeded in obtaining
what he considered sufficient to insure the
payment of their liabilities to the bank The
First National bank was chartered soon after
the passage Of the National Banking act, and
recently had its charter extended for 20 years
The bank was entered by the rebel raiders
from Canada on the 10Th of October, 1864
and robbed of over 800, 600, part of which
was Rfterward recovered.
On Wednesday President Sowles came out
with letter begging the depositors to for
bear, and saying that the bank has assets
enough to pay everything if it is let contin-
ne business. The proposition meets with no
favor because 1t does not offer stock enough
to Gust the Sowleses from the control, and the
public have no confidence in them.
According to the Messenger the st. Adams
business men are not seriously affected by
this disaster. They were forewarned of the
condition of things and had been shy Of
trusting their deposits in the bank. They
all put brave face ON the matt or and claim
not to feel "blue."
There was run on the National bank at
Swanton, Tuesday, the Sowleses b-ing large
ly interested in that concern. The bank will
pull through, however. The doors were
open Wednesday, but nothing was paid to
depositors. The deposits are $52, 900 aud
the bank has Sly, 900 of good short-time pa
per to meet them with. 1t holds but little
of the st. Adams bank paper aud is secured
by collateral
"A young man named Melvin Edwards
had his hands shattered by bursting gun
while practicing at target at Bartonyile
Wednesday.
Deacon II. H. Wild, the oldest person in
West Fairlee, died last Friday. He was born
In West Farleo in 1894. He was in the war
of 1912 and at the bottle of Plattsburgh H.
had been prominent in town affairs, bt came
a member of the Congregational church early
in life, and had been one of its deacons foI
over fifty years.
Rev. Lewis o. Brastow, d. D., present.
ed his resignation as pastor of the Winoosk
avenue Congregational church, Burlington,
last Sunday. DIR. Br6stow became pastor OF
the church November 9TH, 1873. His pastor
ate Of over 10 years has been a successful
one and has given him high standing al
scholar, preacher and pastor.
DIR. Orol Cook of Mendon, ono of the
| leading public men of Rutland county, dice
Tuesday, aged 70.
james f. Dowsing of Burlington wa,
| thrown nearly 80 feet by tho breaking OF nj
elevator cable at Wells, Richardson K Co. :
factory Tuesday and his skull fractured, caus
| ing his death in two hours.
The controller of the currency has au
thorized the Gray National bank of Middle
town Springs, to begin business with CAPT
tai of $780, 600.
COL Albert Clarke, formerly of st. AL
bans, and lately editor of the Boston Satur
day Times, is now or the staff of the Boston
Advertiser, having charge of the weekly edi
| ton.
The PAssumpsic savings bank of st
Johnsbury will build business block thi
summer on the Grinnell lot which they hav
| Just bought, using part of it for their bank
Several other new buildings are going up il
the village
Rutland will have a -four. days musica
chorus, the Germania orchestra from Boston
and Carl Zerrahn to conduct. Beethoven
Fifth symphony will be given, and "Elijah,
Max Bruch's Fair Ellen" and mass b.
George A. Mieszke, will be sung.
st. Johnsbury is at last to have $40, 90
public hall, sufficient stock having been sub
scribed at public meeting Saturday night
The hall will be 20 feet by 1876, in the secon
story of an addition to be built to the Avenu
House.
Tho Vermont merino sheep breeders as
ISOLATION closed a successful three day
sheep shearing at Middlebury last Friday
Twenty shearers were kept busy most of th
time, and large number of breeders wer
present from all over the country TO wtneS
the exhibition. Each sheep is sheared, tn
carcass and fleece are weighed and the recor
kept on card which includes the age, weigh
and the number of the sheep and the owner
name These records add greatly to the va
ne of a sheep, and the number of ANNA
brought in is increasing every year. This
said to have been the finest exhibition of mt
rino sheep ever held in this country.
The commission appointed by the We
mont and Troy conferences Of the Methodi
Episcopal church TO consider the vexed bouI
Diary question met at Burlington last Wedne
day and left the matter just where the
found it. There were Eve delegates fro
each organization, and on every question
Importance the vote stood five to five, rel
ular electoral commission style of doing Blu
mess This result remands the case to Il
general conference, which, in case of SUE
failure to agree upon the part of joint cor
mission, becomes the court of final adjudic
ton Wdtchmdn.
The curious dwarf trees seen in China
oaks, chestnuts, pines and cedars, sometim
90 years old and yet not foot high-are pr