The Press., 1895-07-25


 ScARcELY less startling than the news of the rotten condition of the First Ma tional Bank of Willimantic is that of the disappearance of John l.. Walden, treas- urer of the Dime Savings Bank, with part of the funds of that institution, throwing it again into worse condition of insolvency than that from which its recent scaling of 16 per cent. had lifted 1t. Walden disappeared on Thursday night. On Sunday an examination of the bank was made. A $6,5OO mortgage note, five $1O0 railroad bends, and $4, GOO have dis appeared with him, and he had also drawn a check on himself for $1,OOO. In all he has taken, it is supposed, $4O,O0O. His books showed that nothing had been re- corded for some days, and all indications are that he had planned skipping" be- fore the bank should be reopened to with drawals of depositors.
 The loss falls upon class who will feel it heavily. The wrecking of a sav- ings bank, in which is the deposits of poor Wage earners, is the worst crime of de- falcation that can be committed. After the scaling of 16 per cent. the Dime was supposed ia be in an exceptionally healthy condition. The demand of certain Mans field depositors that those connected with the bank be deposed from management proves to have been actuated by 8 we'll grounded suspicion. Several directors had all eady resigned, and an entire change of management was probable. The bank was organized in 1872. James Walden, one of it's founders, and father of the treasurer, has been president since 1880, and the younger Walden has been treas urer since 1881. He is native of Willi- mantle, has been very popular, was edu- cated at Wesleyan academy, and leaves behind him wife and son 6 years old.
 The last report of the bank showed de- posits to be $636, ,591.23, surplus $2O,OOO, profit and loss $3, ,275.7O. Assuming that the loss of the bank is $40, ,OOO, which probably is light estimate, the bank is likely to have to make further scaling of 10 to 15 per cent. before paying it's de- positors. The October dividend of two pected to meet would have amounted to nearly $11 ,OO0. But the probabilities are that when the worst is known 8 scale of 20 to 25 per cent. may be necessary, and probably the bank will go into the hands of receiver.
 At a meeting of the incorporators, held on Monday, E. A. Buck was chosen president, but Attorney Hunter, on the part of some of the depositors, objecting to MT. Buck, he resigned, and Sheriff c. B. Pomeroy was chosen. The examina- tion which followed has not improved the aspect of the situation. Treasurer Wal den seems to have used the bank re- sources to help out the firm of W. c. and A. R. Morrison, and another complication is feared. Also insurance men are anx- ious, as the Waldens conducted an agency, and their books are in bad shape, It is evident that Walden did not take with him all the cash he could have grasped. But the case is bad one. Of the two men the dead Risley's present condition is more enviable than that of the living Walden.
 That was a remarkable religious meet ! ing at Aver, Mass, Tuesday. Five Bap- tist, one Catholic, eight Congregational ist, 12 Unitarian, one German Evangelical and one Universalist divlnes met to join hands on the broad, liberal and truly chris tian platform, of the fatherhood of God and the brotherhood of man. Those at tending organized with the title, "The United Religious Association" Father McKenna of Marlborough was loudly cheered as he advanced to the platform. He urged a substantial organization and suggested the title which the meeting chose. He also encouraged the "union and cooperation of clergymen and the churches in charity, good fellowship and good works" In upholding the public school system he said that he would al- ways defend the free schools of the Bay state. At the conclusion of the meeting he was chosen first president of the I association.