Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1894-10-05

jr., became treasurer in 1879 the deposits
were only SOB, 96S II and the surplus, or,
as Mr. Willard would say, "the total accu-
for the preceding % years. but
$1,000; and in 1885, when Mr.. Willard be-
came treasurer, the assets had increased to
S27l, G05.04, not only doubling but more
nearly doubling again within the six years,
and the surplus increased to so, 746.0S,
and it might have been much larger had
not the trustees, in accordance with the
settled policy of the bank, paid its deposit
ors as much of its earnings as it safely
could, having paid five per cent dividends
during said period and until soon after
Mr.. Willard became treasurer, when the
law limited the dividends of all savings
banks to four and one-half per cent, which,
of course, has greatly facilitated the accu-
mutation of surplus.
When Mann was chosen treasurer there
was no trial balance system by which the
books could be proven, but he Immediately
instituted one and otherwise troduced
improvements into the system of book
keeping, so that at the time Mr.. Willard
became treasurer as simple and complete
system of books as could well be devised
was passed into his keeping, and one that
the inspector of finance at that time pro-
nounced eq ial to that of any bank in the
state. He challenges Mr.. Willard or any
one else to point out errors in his book
keeping which have been recently reported
to exist, such report in connection with
others in regard to the system of book
keeping used by the bank having been
made apparently for the sole purpose of
confusing the minds of the public as to
the actual facts. Mr. Wizards predeces-
sor does not claim the credit of the re-
markable growth of the bank while he was
treasurer, but considers il the combined re-
suit of good management by the bank OF
ficers and favorable conditions for banking.
The question may arise why these false
entries and eXtractions from the interest
earnings of previous years were not OBJ
served by the auditors before, but it seems
to us that the explanation of the treasur-
er's methods, shrewdly calculated to con-
ceal the facts, is sufficient answer, especial
" in view of the fact that the inspector of
finance has never discovered any trouble in
the accounts of Mr.. Willard only as his at
tention was called to these matters by the
auditors; and the expert which the trustees
sent for while verifying the findings of the
auditors at that time, although he went
carefully over the books back to 1890, did
not discover the shortages in interest since
found by the auditors at those earlier
| dates.
In conclusion the auditors would say
while the pursuit of this investigation has
not been as rapid or as thorough as could
! have been desired, having been beset by
many difficulties and unpleasant expert
ences, and we do not claim to have found
all uncredited items that the bank may be
entitled to, we have used particular care tC
make no claim or assertion which the facts
do not fully warrant.
1t is not a pleasant task to make repor
duplicating a fellow townsman, and the au
ditors grea ly regret the necessity of thi
statement but believe that their duty t
the numerous depositors of the bank, a
well as its officers (who have asked for ant
authorized this publication), demand tina
the facts be fully made known to explain
fragmentary statements and set at rest un
founded rumOrs.
The acknowledged strength of the ban
has not been lessened, and, as is apparent
its surplus statement will show an increas
of $3.50. % adding the sos undentiiie
csah to S303l.23 to be accounted for b
Mr.. Willard or his bondsmen) as the resu
of this investigation, and depositors can b
assured that every possibly effort will b
made to guard their interests in the future
CLARK CHANDLER,
ORRIN O. WARE,
HOSEA MANN, JR.
1,iditors of Wilmington sdringS bank
Wilmington, Vt, Oct. l, 1894.