Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1885-10-09
ST. ALBANs FIRST NATIONAL BANK,
Interview with Receiver Witters-Present
Condition of the Banks Affairs.

Condition of the Banks Affairs.
Receiver Writers of the First Nationa
bank of st. Adams was in this city recent
ly and u representative of the FREl
PRESS called upon him to learn what wa!
being done in connection with the affairs
of the defunct bank. Mr. Writers sale
he was well satisfied with the progress
he was making. There are mum
Der of matters" said he, (which
expect to dispose of during next month
and / hope also to pay dividend
within that time. The depositors and
other creditors are anxious that all mat
ters should be adjusted and compromised
where the sacrifice will not he too great
There are many cases now pending which,
if pursued to their legitimate end, would
be carried to the Supreme court of the
United States, which would cause u
delay of five or six years, in their
final disposition and this may have
to be done with some of the more i'm
portant cases in order to obtain justice.
But all cases, in which Il satisfactory adj
justment is possible, will be settled as
soon as possible. Upon my request Comp
troller Cannon granted me the privilege to
inform the leading depositors and credi-
tors of any proposed compromise in mat.
shall make no settlement without due
and timely notice so that the creditors
can offer any objection they may see fit.
IF the case which is now pending in the
Franklin County Court relative to the in
solvency of Albert Sowles should be de
able to declare an additional divi-
dend of ten per cent, Shortly after
the collapse of the bank Albert
Sowles assigned to the bank, property
amounting to nearly 100000 in value.
Within four months Il petition of insol-
vency was filed against him lay George w.
Foster one of his creditors ; but the latter
being largely interested in the bank
he refused to press his petition.
After the four months had expired the
Mddlebury National bank claimed the
right to take the benefit of the petition of
Foster and the case was taken before the
Court of Insolvency in Franklin county.
The petition was not granted and the case
was appealed to the County Court, where
the decision of the Court of Insolvency was
affirmed in September, 1884. The case
was then carried to the Supreme Court
and was remanded to the County Court
for lack of jurisdiction and | expect a
hearing at an early day.
"If the original decision of the Court of
Insolvency should hold this 100000 in
property consisting of real estate, notes,
bonds and a number of shares in the
mon bank at SWanton, would be an avail
able asset from which | could declare an
additional dividend, as have said, of ten
per cent. If Sowles should be declared in
solvent, however, he has an additional in
debtedness of 900, which would come
in for its proportion of the 10000.
Sowles's indebtedness to the bank is
about $4,000. The debt proven against
the bank aggregate $3.50, 900 in round num-
bers. | have advertised for sealed bids on
all the real estate belonging to the bank,
the title to which is not in question, and
the bids will be opened October &"
"What will be done in the criminal
cases pending against several of the
directors of the bank :" he was asked.
II have nothing to do with the criminal
cases in connection with the bank, those
matters being wholly in the hands of the
United States district attorney, and have
no knowledge what will be done in the
cases referred to-"