Middlebury register. (Middlebury, Vt.) 1886-1937, 1901-09-13
FARMERS BANK AFFAIRS.
Receiver sullivan Retires-TeII. What lie
Has Accumulated

receiver sullivan Retires-TeIIs What lie
Has Accomplished.
Receiver John Il. Sullivan of the Far
mer's National Bank of this CITY has re-
signed to accept the position of a special
national bank examiner, says last weeks
Nergennes Nermonter. Hon. Frank ID.
Fish has been appointed permanent re-
ceiver by Comptroller Dawes. He took
possession of the Office yesterday Sent. 81
Mr.. and Mrs. Sullivan and son took
their departure yesterday morning, going
by boat via Lake Champlain and Lake
George. Mr.. Sullivan will be located in
Washington for while, but later he ex-
poets to have his headquarters in Chi
cago.
"A representative of The Vermonter
saw Mr.. Sullivan before his departure.
and In an interview he said,
I'll consider the trust to be in an ex-
cellent condition. have collected
enough of the assets of the bank to pay
nearly 20 cents on dollar to creditors,
and there Is abundant assets in sight TO
meet the other 20 cents. with legal inter-
est, which will probably be paid. The
amount of liabilities to date are 1872. 73O.
All corresponding banks have been paid
ana all liabilities cancelled, so far as the
bank is concerned, with all banking in
situations with which the bank is con.
nected, have collected assets classified
as worthless by bank officials. including
several creditors of the bank, TO the
amount of $1,000, or nearly enough
to pay all expenses of the trust so far.
There is at least $1,000 in notes classifle n
as good to collect yet and quite a large
amount classified as doubtful, although
$500 of this kind of paper has ALREADY
been collected.
Nearly all of the stockholders have
or Will pay their assessments. with prob.
ably two or three exceptions, amounting
TO about Sll 900. Of this amount $4,000
Is held by Mr.. Lewis. The fourth and
last assessment of 25.per cent is due the
10Th inst. Suit has been commenced to
collect the assessment OF So shares of
stock, amounting to $500, held by Henry
w. Leroy of New York. The prospec,
OF further litigation is light. The Allen
account is yet to be paid in cash, and
am assured that it will be paid in cash,
have thus far realized $3.50 from the
property in the barn that belonged to Mr.
Lewis, and there is enough left to bring
TINS amount up to $500.
The business is i'm very promising
condition, and can see no reason WHY
the whole thing cannot be closed up in a
reasonably short time and in a satisfac
tory manner to the community and all
interested in the affairs of the bank"
MIR. Sullivan has managed the affairs il
manner that has pleased our community
and all Interested. He has used much
tact in collecting debts due the bank
which has resulted in a large amount
being paid of what was considered worth,
less. His management has Inspired tn,
community with confidence, and estab
lished spirit of trust. where there was
feeling of distrust. He has used gooc
Judgment in disposing of the bank :
property and has sold most of it at goot
figures.
The appointment of Mr.. Fish as per
manent receiver ought to meet with the
approval of all interested. He is famil
lar with all the banks affairs: and with
his ability and good Judgment he ought
to manage the affairs in satisfactory
manner, which we are confident he will
do.