Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1885-09-04
THE ST. ALBANS BANK.
The New Receivers Commission-The
FeeIingin st. AIbans.

The following interesting facts in re-
gard to the receivership of the First Ma
tional bank of st. Albans were furnished
by the Boston Journal correspondent at
st. Albans. He says: Hon. &. w. Hen
dee, National bank examiner, has arrived
here to take temporary charge of the First
National bank. The action of the comp
troller in revoking the commission of the
receiver is severely criticised by the de
positors in the broken bank. They ex-
press no little Indignation in the matter,
and there is some talk of getting up "a pro-
test against the removal. Bank Examiner
Hendee has the commission in hand of the
new appointee, Hon. C. w. Writers of
Milton, and as soon as he qualities he will
enter on his duties as receiver. The cor
reSpOndenCe which has passed between
the comptroller and Receiver Roberts re-
lative to the prosecution of the suits
against the officers and directors of the
broken bank is very interesting reading in
view of the recent action of the comptrOl-
Ter. Not only did the comptroller instruct
the receiver to prosecute all parties who
had violated the National banking act,
but he gave directions for the prosecution
of each specific suit instituted. The liabil-
tiles of the First National at the time it
estimates that as the assets stand to-day
there might be realized Sl2j,OOO or about
40 per cent for depOSitOrS and creditors
This estimate does not include the assess
ment of 100 per cent levied on the capital
stock, which is 100000, nor the sums OBJ
tanned in judgment in the courts against
the officers and directors. The receiver
has been able to collect only $34OO of the
assessment levied last October. If the
various suits which are pending were sue
cesstully prosecuted the receiver would he
able to pay the depositors one hundred
cents on dollar The situation promises
to be somewhat embarrassing for the otl-
GERS and directors in the contingency of a
vigorous prosecution of these various
suits and cases.
The New Receiver of the st. Adams Bank.
As was expected, Hon. c. w. Writers of
of Milton has been appointed receiver of
the First National bank of st. Adams,
vice Roberts removed for too much zeal
in the promotion of justice. Mr.. Writers
is good enough lawyer to have been EN-
ployed by such wealthy clients and eXpe-
rienced ltigatorS as the Central
Vermont railroad and Mr.. O. A. Burton ;
and he doubtless has sufficient
capacity and business experience to
make competent receiver. While the
circumstances attending the supercedure
of Mr.. Roberts have been such as to arouse
not Il little adverse feeling among the de
positors and creditors of the bank, it is
only just to Mr.. Writers that he should
have fair chance to demonstrate
the fitness of his appointments; and
that he should not suffer from
prejudice or unfavorable judgment, in
| advance of any action on his part. He
must of course be aware that his actions
will be closely watched and we trust
| that he will prove so WISE active and
| faithful in his management, that the
many innocent parties. whose property is
confded to him shall be satisfied that the
best thing has been done for their inter
| eSts, and that rogueS shall deplore and
honest men approve his course. If he
does, he shall have the praise which will
bplpnp tO him