Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-05-09

was not 81, as | had Just come from the
bank. He said he heart It ppslivrly drclar-
ed, but of course | didn't believe II to he
true. Soon after another friend cOndoh d
with me about the bank Sill did not be
lieve 1t, but thought there might be u little
run on the bank, or something of that sort,
and resolved to 90 and see.
mo man wss ever more amazed than I
was TO find the door closed 7 was simply
dumfounded | demanded what It meant
and the cashier told me T. | the President
had sent a message from the Clearing House
to accept no more deposits to pay no more
checks and to close the doors. John ID.
rish, the cashier, is a ton Of President + sh,
and | questioned him closely, but he knew
nothing more. | and the other directors,
who had been hastily summon J, sent for
Mr.. Fish and demanded to know the reason
of the closed doors. Mr.. Fish did not come
to the bank, and the only satisfaction we got
was the answer that the bank on the daily
clearances, owed $5j5,000 to the CIea,Ine
House, ard that for this reason the DO )
must be closed. This only deer led the
mystery; this difference should rot HI
caused suspension"
"Why not p asked the reporter twas
not this debt to the clearing house a large
one for a bank with only $400 600 capital Z"
mo-" rejOined Mr.. Ewel, without hest
tation "the amount was not unusual. 1t
merely happened that we had rather a 'nrge
number Of checks drawn against us during
Monday. The bank had nearly 81, 800, 900
in cash this morning, including the eX-
changes or the checks drawn against us
through other banks. Of this 81 200 900 or
81 800, 900 was sent to the Clearing House
we were debtor to other banks nearly 81
100000. Some of our customers had drawn
checks for unusually large amounts"
GLOW about Grant & Wards account ~
"When the exchanges came down from
the Clearing House we found Grant &
Wards checks for nearly S7j0,000. They
had made deposits yesterday of between
100000 and $400,000. We sent back
Grant & Wards eek for Sl56,000, as we
had no funds to meet them. There is only
one man who can explain the relations Of
Grant & Ward to our bank, and that is Mr..
Fish. Until we see him we can not know
the truth. Their checks, it appears, accord
ng to what Mr.. Fish said to tie bank clerks,
were to be certified up to certain ext mt.
Collateral securities up to a certain amount
had been given to Mr.. Fish puva' w. and
the firm was TO make further deposit to-
day."
"Whst were Grant & Wards checks for2"
"Their checks were made to different
banks 10 take up loans. One check, | re-
member, was for 100000 aud interest.
You see, they made their money by borrow
ing money from the banks on time at six
per cent interest and lodning it on call at a
higher rate"
do you know how much Grant & Ward
overdrew their account with your bank? Did
it amount to the 1855, 900 which your bank
owed the Clearing House ~
II don't know. That remains to be as.
certained yet"
"What about the securities they are said
to have put up? Are they all right p
~ don't know, but have no reason to
think otherwise. Everything has been lock-
cd up by the bank examiner"
"Mr. Elwel, what is your theory as to the
cause OF the suspenson?'
81 can only account for 1t on the theory
hat Mr. Fish lost his head. He was an
old man and his mind was perhaps
not as steady as it had been. 1t was the
most astounding piece Of foolish rmiduy
ever heard of. il he had told the directors
If the d, bt to the Clearing House we woul
ave raised the money in five minutes.
can see no reason AT all for c'osng the dOn,s
The thing is my slery. You can assure lhe
public that every dtpusitor and every stock
holder will he pad 100 cents ON the do lar
The banks real estate and surplus are aim 81
enough alone tn make up in value the amount
If the S555 00O"
"llave you no reason to suspect the hon
esty OF MIR. FlshY"
None whatever" said Mr.. Eiwcll, en-
phalict ally. Il believe hun to he an houcst
man. think this trouble has nil been caused
by his astounding folly. l was one Of COM
mittce which spent three days in examining
The banks affairs two weeks agp | know
j til :. y wss in pr sperou' coudition then.