Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1894-10-05
>|rrNGTON SAVINGS BANK
,r,sI'RER WILLARD'S
J." DEFICIT.
..,,oment From the Auditors

l'y ,"',,...-sa,OaI.2a Is the Amount
r'"" ~. 1. called on TO Make Good
0 .,., panr, l. sound and Strong.
,ais generally known that the
NDy hc Wilmington savings bank
,i'l' " ENGAGED during the past few
go y,'" searching investigation of the
rtS Jul ,be bank. and the progress of
t~,, .,,.tioation has been reported to the
81 t.,n time to time, not until now
r',.' hesitation seemed to be COM
y u, .,rh to warrant public statement
.t.,nlitors. although sufficient some
gun u, call for the summary dismissal
n- '-' 'rr.r willard, who resigned at
I'''. .,,,.n,r, rr4ucs. of the trustees made
1-..rmqetng Aug. 81
,lIy". last the auditors were informed
'+! ,r,,surpr that his books were ready
Y .I ". ocular ,emi-annual examination,
,' Nv 6ptan their work, completing it
ll '' .-,b of July. so far as the vertical
B" ,bo assets and liabilities of the
.- .i,b fine statement of the treasurer
l-A ,,nearned. While the expenses had
~ rourhprs and the interest due July
W. ,orrrctly accounted for, the surplus
!, ,H ~, annear to be gaining as it should,
- ,,, ~, examination of the day-book
l- ' a,J Uinterest received" items which
,', .srarely criticised for not showing
,'' .,,rees from which the interest came.
N. neglect to explain items of interest
I l-i appeared to the auditors as hardly
a,~,sblp As the treasurer's attention had
~. OBVIOUSLY called to the matter and am
n ~ ,anortunity exists in the day-book for
4 ordinations. which had always been
~. not only by Mr.. Wizards predeces-
'-l bnt by himself until 1890, when for
sr ' reason apparent only tc himself, he be-
an center interest received" items with
I. srnlanaton. simply writing the words
I,,sras received on the line intended
g.. tho exclamation. Without explanation
I,be,sitems it becomes almost if not quite
-oo,sibe TO fully trace out and verify the
-..rs,, account. The auditors criticisms
-..s met by the treasurer with a carefully
,..o,ral statement in which the interest
ri ,bonld be accounted for between the
eriannual periods was apparently bal
,,,sl by the interest received" items,
ci ,bo earnest assurance on his part that
lfs books were passed this time The in
gq, items should be properly explained
4 bq future. This might have secured
N. signing Of his report had not the au-
n,s discovered that an item of S2OS was
-tnlel in this statemant which had been
ron,ed for in the earnings for the six
months ending Jan. l last. This entry,
-lle January |, showed an erasure under
Az words interest received" as though
M EXPLANATION had first been written and
rhgwards, for some obscure reason, erased.
This item deducted, the treasurer was
t5r that amount according to his own
aenent, and after an Intellectual attempt
3wnyince the auditors that the item was
goperly included in his estimate, he claim
he must have made mistake last Jan
ay and clipped off and entered some cou-
y1, before they were due and carried the
ane as a cash item until they were due !;
,hch to make partly up for deficiency of
interest credited Feb. rs, he concluded was
heat that time, although he or any of his
p;sants in the bank could not tell what
hecoupOns were, or remembered of hav-
b! counted them in making up the cash
irng the two months. About this time
1smdtors adjourned their work, await
-,nports from the western loan agencies
ni Boston and Brattleboro correspond
1y. Inquiry at the Peoples bank at
5aueboro showed that the Feb. Is cou-
Ws which were sent there for collection
ali not be combined in any way to make
gS the nearest being S210, and the treas
rsE then concluded that another mistake
ll been made in that item and that II
aOld have been entered S2l0 instead OF
A> The amount Willard credited the
aylgs bank Feb. % as "interest received
is >24650, which, if increased by $40
you'd amount to S4j6.50, and it appeared
ia, there was due and sent the People
tank at that date S571.50 of interest cou
Ws. Hence, accepting the treasurer
zlanation about the sos item there was
H a deficiency here of S115. The treas
l1T, forced to an explanation of this, ther
Nylu.ed Sll5 in cash, which he said was
iWplusage he discovered in his cash a
be time this coupon remittance was made
sd had not been able to tell from VIVA
NlrCe it came. He then said he had SID
nall surplus cash that he could not ac
count for. This vas some three weeks ait
ale had knowledge that the auditors sus
ieced a shortage in his interest account
Ai was the first time the auditors or an,
o. the trustees ever had an intimation tina
-e!e was a dollar of cashin the bank tina
COULD not be accounted for. In fact, no
tY long before this, the treasurer, in con
CESSATION with one of the trustees, ha
gwen him to understand that he ha
Always made his cash balance. Charlie
Barlow, the clerk who has been in Tn
..nSdwing business hours every day sine
le 4ih OF January, and who keeps on
the principal books from which the ba
lces must be obtained before the cash ca
u made up, and who would consequent
aow if the cash at any time did not agre
With such balance, never heard
'ly sllj oyerplus of cash until inquire
o. by the auditors, and says that durin
!le time he has been in the bank theI
lave been but two cash discrepancies {
any consequence and that in both cases III
7IoT was soon found and corrected.
HE suspicious of the auditors now b.
came thoroughly aroused and the treasure
was given to understand that the who
interest account since he had commence
putting down unexplained ''interest r
g'el items would be Investigated. III
YN Of July, two or three days after II
1.,e.i'urer had informed the auditors OF IL
E n surplus cash, Inspector of Finan'
DUBOIS visited the bank and during u
@anination the treasurer produced a pacI
aye OF 500 in bills which he claimed can
... his hands in amounts ranging fro
s'o 10 $50, but he could give no dates e
"N That it was scattered along for sever
!yI's before the first of January. III
s.gd to the sos before produced MAJ
9 lu which nnpnI1ntA1 4