The Barre daily times. (Barre, Vt.) 1897-1959, 1909-03-01
Allen Assigns Lumber Inter-
estS to II
SYMPATHY FOR CASHIER
TOwnspeOple Generally With Him-cOn6-
denee in woodsville Bank Is Un-
shsksn-Allen Not Bucket
Shop Spectator.

Bank will. not lose cent as result oil
the alleged manipulation OF its funds,
to which the ex.cashier, Herbert w. Al
len, has confessed, and there is also a
likelihood that the Baltimore company
which furnished bond OF $4,000 for
The faithful performance Of Aliens dn'
ties may also be reimbursed.
Public sentiment seems TO be nearly
all with the deposed cashier, who is
now under bonds of $4,000 to await the
action of the federal grand jury which
meets at Portsmouth in March. Incl
dentally, the trial Of Fred NJ. Vsrney,
formerly cashier OF the First National
bank Of Somersworth, who is accused
of embezzling $4,000 of the funds of
that bank, has been fixed for trial at
Portsmouth on March 10. The grand
jury comes in the day previous, March
Is.
In many quarters Woodsville people
express their sympathy with Mr.. Allen
and express the hope that he will be
able to reimburse the Woodsville Ma.
tional bank and the bonding company
and escape punishment at the hands Of
the court. The preponderating senti-
msnt here is that combination OF un.
toward circumstances and not DELHI.
crate attempt TO do wrong got Allen
into his present predicamcnt.
1t seems quite certain that Mr.. Allen,
who lived very unostentatiously here
with his wife and two children, didn't
lose any Of the sle,50o which is missing
in bucket shops, because he was not q
man who speculated, as that term Is
usually construed. There appears no
reason to doubt but that the money tax
en- went into a lumber company which
owns 80 square miles Of valuable timbel
land in British Columbia, and in which
Allen has been a stockholders and, re-
putedly, director The lumber company
has capitalization Of s250,ooo, main.
tains offices in Vancouver and is said
to have a lumber mill which was in
stalled few months ago at cost of
s25 900.
Quite good many people OF means
in this part of New Hampshire and
across the river in Vermont own stock
in the lumber company and all of them
are confident that they have made a
good investment and that large returns
viii come to them from their holdings
Mfr. Allen ID said to have been in the
lumber company about two years, and
it IL said on Ids behalf by those who
are friendly to him that shortly after
he invested in the lamber company the
financial panic in the United States
came on. and the fine market which the
projectors of the numbering enterprise
had seen ahead OF them felt the depres-
sion in the building trades, and instead
of quickly beginning to realize on the
investment it was necessary for these
who had taken shares to put In more
money at time when they expected to
ben taking it out.
Lumber Investments Embarrassed Allen
II Is generally believed here that Mr.
Allen, having plunged pretty deeply IL
the lumber company and finding himsel
involved to an extent where he could no
let no, resorted to the expedient Of g
many trusted bank cashiers before him
and dipped into the funds Of the nationa
bank of which he was cashier to It'd
himself ever, and he is generally credite
here with having Intended to replace th
rnona-.-.~.i-~-ss 1tec4fIanu for building ma
terial
1t has already been printed that The
plan which Allen is understood IL bsve
iohoWed IN manipulating the funds was
q snow 10 the national bank examiner
On hls visits, securities owned BY indi.
Maual directors, stockholders and depoe
ltors, VINO had been allowed to keep their
securities in the bank vault. and to rep.
resent the individually owned securities
Is being the property Of the bank. thus
making the physically present assets rep.
resent the amount that the books OF the
bank, as kept by Allen, called for Wher
the bank examiner had gone on his wav
u is said Allen would return the sec,lri.
ties to the boxes of their owners. and
for quite a long time no one was the
wiser
There IL somewhat generally credited
story afoat to the effect that an acci.
dental remark of state savings bank
commissioner, made TO a stockholder az
the Woodsville National, caused the first
breath Of suspicion to rest upon Mr.. Al.
len and resulted in the disclosure of
shortage existing. The reporters trailed
this rumor Saturday. and while unable
to confirm it by any authority. were. on
the other hand, unable to find anyone /
to deny its truth.
discovered by Casual Remark.
According to this story. some time am
q savings bank commissioner met
director Of the Noodsville National ON
. train and casually remarked to the /.
direster that be nofiesa he had sold 4
certain security. said to Be bend for
Sf,ooo to che hAeshal bank. The ma
tienal hank direstsx sd there Ynssst. BE-
seaae mistake about tAat.as he not anIx