Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1896-11-27
NEW HAMPSHIRE NOTES.
More About Claremonts FInancy
Urn Ia

Wore ABOUT ClaremOncs FinRncl =
Crash.
The Farwell financial slump at Cl e.
mont involving the Sullivan County In
sttution for savings and hundreds of
thousands of dollars in John l.. Farwells
hands for investment, is peculiarly pitiful
In that so many people have lost the saw
ings of lifetime. Many will be Obliged
to begin anew, Others will be distressingly
pinched and some left absolutely penniless.
Two women who went to the poor house a
month ago when they found that their
money had been swept away in Mr.. Far
wells speculatious, are quite i'll as a result
of their mental sufferings. One woman
90 years old who had worked in the mills
since she was a girl managed to save $4,000
and enough more to buy a small house,
The $4,000 was all invested through Mr..
Farwell.
Rarely in case of wrecked bank or
misapplied or poorly invested funds have
the prospects of returns been so small as
in this case.
Generally, If a ruined bank could show
81, 100000 of securities it has been safe to
assume that from so to IS per cent could
be realized on them, but such is not the
case with the Sullivan Institution for Saw
AhSos ~ 10 uOuDJlul IL ulOIC ludu 70 per
cent and perhaps not so much, will be
eventually secured for the depositors
AS for the 100000 personal invest
ments, no one can tell exactly what has
become of the large sum. Much of it has
been used in covering up discrepancies and
in paying other pressing claims, and much
is still represented in cheap Western Sc
curities. 1t is not probable that more
than % per cent of this large amount will
ever reach the hands of the original hold
ers.
So the failure of the Institution and the
discount in the personal investments take
on added Importance, and far exceed in
widespread injury an average savings bank
failure.
In addition to the many deprecated Sc
curities is one lump of mortgages aggregat-
ing S2S0,000 which is practically worthless.
On them is the endorsement of one of the
most noted land sharks of the West,a man
who has secured over SO, 100000 from New
Hampshire in the past, aud who is respon-
sible for the failure of at least 10 banks in
the past 1S months. This man has been
shown to be an arrant swindler, and is
now in bankruptcy and not worth dollar.
He negotiated all these loans and acted as
Mr.. Farwells agent in the state of Candi-
date Bryan. lie was implicitly trusted by
the Claremont bank president, and in re-
turn for the confidence reposed in him
fleeced Mr.. Farwel merciessly.
The Boston Herald says that one man
who was not only connected with the
wrecked Claremont bank, but also with
every like institution in western and south
western New Hampshire, did not hesitate
to fleece every one and many hundreds of
thousands of dollars passed through his
hands TO go into worthless lands, lands
that were known to be worthless when he
negotiated the mortgages. His crooked
work will probably be immortalized in the
history of New Hampshire, because he is
directly more responsible for the loss of
hundreds of small homes than any one
man in the country. There is no question
regarding his part in the failure of dozen
banks in western and southwestern New
Hampshire. There is not now a savings
institution on its feet south of Lebanon
along the Connecticut river, and beside
these all in the city of Keene, three or four
in number, have gone to the wall.