Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1895-07-18
CONNECTICUT RIVER BANK.
Meeting of Stockholders at Charlestown.

Much interest conferred in the meet
ing of the stockholders of the Connect
icut River National Bank held in
Charlestown last Monday, called for
the purpose of explaining to stock
holders the exact condition of the af-
fairs of the institution. Naturally this
call, coming at this time after the bank
had passed dividends in January, 1894,
January and July, 1895, and until Mon
day was confined to narrow local linn
it's. The bank was organized in 1854,
with capital of 100000, replacing the
old State Bank. The first president was
Hope Lathrop, until 1879, when he was
succeeded by Robert Elwell, be by John
Dinsmore. Each died in office. Then
came Richard Robertson, who resigned
last January, and was succeeded by
Roswell Huntoon, the present incum-
bent.
The first cashier was George Olcott,
who held the office until his death in
April, and had always practically man.
aged affairs. During the past year the
death of Mr.. Olcott made a number of
changes in the boa, d of directors. The
new board finds conditions at present
such as to require explanation to the
stockholders. The board consists now
of Roswell Huntoon Of Alstead, presi-
dent George S. Bond Of Charlestown,
vice. president; Jackson Marvin of AL
stead, Rev. w. B. T. Smith and Charles
H. HOyt of Charlestown. The full
b ,ard was present Monday, and about
80 stock holders, representing 524 shares.
There has been Ito meeting of stock
holders for IA years at which complete
showing has been made of the banks
condition.
| Cashier Herbert w. Bond reported
in detail, showing the condition at
present and when the present directors
assumed control. The bank has always
been managed jointly with the Con-
necticut River Savings bank, Cashier
| Olcott being also treasurer of the latter.
Upon his death the affairs of both were
found complicated. The supreme court
February IS enjoined the savings bank
from paying over Is per cent to depos-
itors, and appointed Francis G. Faulk-
ner of Keene, n. H., receiver, who is
now closing its affairs, with the present
prospect of a fair dividend to deposit-
ors. National Bank Examiner Charles
M. Dorr made his last visit in March,
and Examiner Heard has not been there
since his appointment.
l. Mondays report of the directors was
CletI anu ca piicit, giving thO IuIiOot NC
tails, showing the gains and losses
caused by bad Western investments
made by past management previous to
two years ago, and showing the present
condition of such. They recommend
that the stockholders scale the stock
down so per cent, which would, in
their judgment, place it back on good
solid foundation again, leaving q clear
surplus of over $4,000. The bank, un-
der the new dictatorship, in the last
two years, shows net earnings that
would have paid handsome dividends,
but it had been unnecessary to apply
the money to make up losses in previ.
Gus years. The meeting Monday voted
unanimously favoring the proposed re.
ductiOn in stock.
A committee consisting of Frank
FiDnegan, Herbert w. Bond, and
George s. Bond was chosen TO get the
legal consent of all stockholders to the
scaling. No run has been made, and
deposits have increased $40, 200 the past
two months.