Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1889-03-29
ST. ALBANS BANK CASES.
PROPOSALS OF COMPROMISE BY
DEBTORS OF THE FIRST NATIONAL.
o. A. Burton will Continue to Fight the
Bank, but other Directors will Com
promise--Thcir Proposals Approved
in the United states Court.


The adjourned term OF United States
Court convened Ill this city tuesday at ~
a. IN. and the day was almost Wholly occu-
pied i'll the consideration OF SIX proposals OF
compromise III the cases OF I. w. NltterS
receiver OF the tlrst National Dahk oil 81
Albans, against deplors 10 the hSuluIloh olle
proposal was maze py w. "A burton 10 pay
the sum OF SiVoo Ill satislactloh OIL
clam against MN Us one OF uhe ulrecIoia vi
the Dahh lor loss sustained upon an eActs-
slVe loan made 10 lts PRESIDENT E' "A.
Sowles, Ill looO ana eSsented 10 py WhaG
was known as the old board oil directors a ana
by the new board VINO were elected, rep
ii, 1851 Inc new board consisted Oh Il
ward a. Sowles, Albert Sowles, oscar ~
burton, George W. roster, ii. IL. bowman
and B. Z. Hall, the last named taxing inc
place OF II. H. BOWMAN Ill l0oi OF ZOO
Suit was brought by the receiver oil the
bank against this new board OF directors TO
recover. George w. foSter dleu pelore
trial was held, ana Judge W heeler oil the
Ihted states court hell thau thc
clam dld not survive against ms es1ate. Oh
tilal, Ii. I. Huli was ulacnafSeu, IL pelhS
determined that he owned no STOCK ana Ill
consequence couId nou pe uIiector' AipetI
NoWles ana y. ~ burton were nelu lla"Ie
Tor the excessive loan 10 Il. "A. ooWleS ana
an accounting was ordered 10 determine 'he
amount OF TINS loss after applying certain
securities, mortgages ana leases ol real eS-
tate pleGgcd TO the bahk ny Il. a. 0o"les
TO secure lhe same Inc accounting, now
ever, has been suspended awaiting tle re-
suit OF clam maze py the Wlle OF H. ~
SoWles upon the above securities. Inc pro-
position made by Mr.. Burton was IN satlS-
faction OF the clam against MN before the
loss could he determlncd and the sum being
so much less than the amount lor Which he
Is likely to be held, the court refused TO ap-
prove the proposed settlement
Another proposition was made by the as
Slgnees OF Albert So"Ies 10 settle the hti6a-
ton between them ana the receiver no"
pending IN the Circuit ana the united states
supreme CourtSaSto the title TO ccrta'n reai
an personal estate lnortSaGed ana assigned
by Albert SoWles to the bank III part Sccurl-
ty of his debt to the bank Inc aSSlgheea
contest these mortgages and assignments on
the ground that they were maze IN lra''d ol
Albert HoWles other creators Inc oH-
cunt Court haVlhg ieiu tlaU 'ne iiioi 'ea6e'
We're !alId ana the asslShees haVlh@ APP
pealed to the onlted States supreme court
and the Circuit Corrt having heid that the
ana IN fraud OF HoWles other creditors TINS
proposal OF settlement was based on the ae-
clSiohS made by lhe Olfclt court t'aU Is
mat tle receiver snouiu hold 'le Ieal estate
ana the asSl3nees the personal estate one
other proposal OF compromise was mate py
Inert 0o"les' oheilhS 10 give 'ie sum ol
Hopoo lor the real estate lhor'GaSeu ny nm
ana |" pay lhe taxes ana HhcuihhrNNceS Oh
lhe same III coh'l'tI'uoh Oh WulrH the re-
celVer Is 10 release iiiih from ali MS ll'pii'9
TO tiie pahh
Inc olhyF propositions Were Ha'o ny
W Hotl l. p"'' ~ NVo' ~ l. -'4'"i''S anu H.
" A-uc'S' 'ill l"'I'L '"o ,-"n Pay
':''0 '''''' "'+ t"T ''''' EIT'o :"
Ni '''', "i'' ''i . ~ 81.
"'i''o9 ~ ''ie "''ii' r'0' -" i'i'''9 '-'i4o
JONI WIN liio'e % @AloIl' 'o"'
None Oh tIc uooIe SIN IIolo'l'i'H9 was
/ lerJil,"eiite" pS lHe RECEIVER, "", Ie'No was
dah'd p9 MN ol 'ie colhP'Ioll 10 SUNNI
'I'in 80 '"c Oni'0" '',''oS Oo"'' iVi "P
I lroNal OF reJeclloh Us ie l"cls HliahV ap
pe"r on nearing peiore tle court
+Au 'nc Heal4i- oPl"9Hlon vas Hlt'e It
the approval oi lhe proposal ol Mr, hurtol
p"' no one appeared 10 Oppose 'ile o''I'i
/ Pt"P"S'lS' anu .le court lll'ie an oi"ei
uilo"Ih9 'ile receiver 10 Sel'le theih upon
'''o o '0' ''' 0" - nv P'' 49,
~ IN ~ 80 i"' ''ii - "l''9''
was lnaae ny the stockholders u tn9 swan
ION palih ana 'ie aS9'Hhee' OIL H. H. ocoI
Ul pMun'oi, ,.ii III Hi9oN eHcS, IL was S'nle'
ny HSoh N nan ana H. I. Burt Ihe "r
torheyS VINO appeared IN opPo'itioh' tIa
uhey repreSchteu other creuiuorS "no1'
names lheN olu lloV usCloSe, Inc result i
ti4i'U tle sun against MF' burton must p'
llIed' as ne refused 10 increase t"e sum
ohcIeu pS nm vi 10 hlahe any lulllcI pro-
poSal OF settlement aua liie petition was
IheTeupoh "iaihiSseu'
These compromises viii close substantial
ly all the litigation or the FIRST National
bank except III three cases. The tirst OF
these Is the SllJ pending against Mrs l.. a
SoWles' trleu ana ae,cflhlhed al me october
term lis'' III "llch she was hVld Alple t'
pay an assessment Oh Ftu'ooo ana interest
Which case Is no" he-a py Judge NalIac'
OF the Cnlled states court ON notlol
made Oh h'f part lor new lrial ana hear'
the hrSt WeeN III Decelhh"r Iast IN the city
OF New oLh before Judges ailace allC
heeler' Inc DINERS are the SUIT IN chan
7