The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1884-04-10
Two More Vermont M tional Banks IN
Trauh1.


/ Trouble.
Bank Examiner Geo. w. Hsndse closed
the doors Of the First National Bank at st.
Adams Tuesday morning. The st. Al
bans Messenger says:
| Bank Examiner Hsndes closed the in.
stitution because they didn't have sufic
lent funds to meet their drafts in Boston
on Saturday. President Sovlss took the
Saturday night train for Boston for the
purpose Of arranging for the payment Of
these drafts. On account Of disaPpsint-
msnt in resolving expected funds the bank
was unable to meet the demands made up.
on it Monday. More than usual was
drawn out by aspositors Oh that day, and
the bank was left without funds to do bus
ness. Mr.. Sowles has not yet returned,
and the exact situation cannot yet DO
earned. Under the circumstances, Gov.
Hendes thought beat not to have the bank
opsn yesterday, and it may be that the
institution will not be open again at all.
The trouble at the bank began about
tive months ago, wLe run wss made upon
it; the public ssnfidenss in the institution
has been declining ever since. Sson after
that run Gov. Hsndes prevailed upon Z.
A. and Albert Sowlss to put into the bank,
for its benefit, oollatsrals Of the nemipsl
value Of abost Sll0, O0O-vorth ia cash
probably frsm $4,000 to 500, 900. The
deposits, We are Informed, have in the
meantime decreased and the assets been
made better.
'Ths cause OF the tro able has been ap.
parsat for some time and can be briefly
stated as unfortunate speculation in stocks
by the Sowles brothers, both Of whom I
have lost heavily Of late; and this result
is only Estusral one
'From all that We can gather from par.
ties likely TO know, there seems no reason
why the depositors may not be paid in full
in case the institution remains closed.
The deposits smount to some S2l5, 900;
the nominal assets are not great way
from $4,000. The Liabilities are Of
course $4,000 for circulation, and the
$3.50, 900 referred TO insludes 500, 900 U.
3. bonds.
Cashier Albert Sowlss seems confident
that depositots will suffer no loss. he
says that at the tins the troubls first bt.
gan the bank had over s460, 600 deposits.
and since then s27s.0o0 Of this had been
paid over TO depositors. He will not say
thst the closing Is only temporary, ~ that
cannot be determined until his brother,
f. A., returns; be is expected this morn.
ing. T.. A. Sowles and O. A. Burton owe
the bank considerable aHd il the latter
comes to time with $50. 900 worth Of paper
I will help matters good deal. II this
had been done before, 10 says. present
disaster might have been avoided. He
rays the bank has had everything to eoB-
teaa agzisst since the failure Of the Vel.
most National and Trust company. Pub.
10 confidence IL them has diminished
,radually-s very natural result Of The
previous failures; the new village bends
rsrs put on the market inst IN season 10
'ateh = number Of their depositors and :
'thsr thisgs have told agaisst them. He (
bought there was no qusstiss about the
'aaks paying depositou aad fanny less
occurred 1t would strike the stoekholdsrs
10 thesght they might 80 int voluntary
lquiasiion, but could net say at present
The closing al tbs st. Alsass bank
sused . run on the National Union Bank :
fsusntes aud II Ia. NJ all the available
unds 81 the bank had bess paid sut N
hose ispcsiton Who we're rot paid
greed 10 wait until funds can be pro.
urea. The directors OF the bsnk held
iseting for the purpose Of dstsrmising
10 beat way 10 msss the si,ussion. They
70 sanguiss Of tho banks soupdnsss and
i,s ability within few days time 70