The Barre daily times. (Barre, Vt.) 1897-1959, 1909-03-01

hadn't sold the security in question, but
that il was IN his private box in the vault
OF he bank,
The Woodsyille Guaranty Savings bank
does business IN the same Offices as the
Woodsyille National bank, and the saw
ings hank commissioner said there
couldn't be. any mistake about the Sc
curity In question as ii had been the
custom of tho savings bank commits
sioners and the national bank examiner
10 examine the two banks at the same
time, and the savings bank commission,
err Is reported to have said that he had
seen the security in question listed on
the national bank examiners slip Is hay'
ing been sold TO the national.
As the story goes, this cireumatahtial
story started tbs examination which re.
suited in revealing the shortage. The d.
rector 70 whom The story was told lives
In Vermont, but he Is credited with hay-
ing gone to Henry w. Reyes, president
OF the national bank, and to have told
what he heard. The result was that
national bank examiner Norwin S. Bean
and the savings bank commissioners,
Richard NJ. Soammon, Arthur i. Dole
and Henry +. Green, swooped down un-
expeetedly the first OF the week on the
banking establishments and conducted a
simultaneous and thorough examination
OF both the national aud the savings
banks.
Depositors Can't Lose Cent.
The shortage of $4,000 in the funds
Of the WoodsYille National hank was
quickly found. and Il is understood that
Mr.. Alien made full breast of the whole
matter. The accounts and funds Of the
Woodsville Guaranty Savings bank were
found correct in every detail, the savings
bank commissioners have certified, and
il is also said that Mr.. Aliens accounts
az treasurer of the town of Hayerhili
and of the precinct of Woodsville, Of both
of which he was treasurer, have been
found correct to cent.
Mr.. Allen has assigned all his interest
IN the lumber company to the Woodsville
National hank, and the directors are con-
fdent that the stockholders will not lose
cent, and they know the depositors
cannot With shortage Of only $4,000,
the bank has Aliens perfectly good Bal.
timore company bond Of $4,000 to fall
back upon, in addition TO the assigned
interest in thel lumber company, and
that company, IL Is generally agreed
here, Is one OF merit.
Aside from the bond and the lumber
company Interest. OF which the bank
holds an assignment, the Woodsville ma.
tional has surplus OF $4,000, out Of
which the entire deficit could be paid
II necessary without embarrassing the
institution. Public confidence in the bank
il mistaken, and to-day more money
was deposited in il than was drawn out.
The bank has deposits of slsoO00. The
shares Of the bank are quoted at sl35
each, and an enterprising citizen who
has some money looking for investment
tried Saturday to buy some Of the shares,
but was unable TO get any, even at the
prices quoted.
sympathy for Allen.
The business people here credit Mr..
Allen with being an able banker IN
fact, they credit him with making the
WoodsviIle National bank in the IL years
since he came here and took hold Of It,
as the old Woedsville Lean and Trust
company Allen got national bank
charter for the concern, and the Weeds
vile National was capitalized al $4,000,
Under his guidance the bank has pros
pered until it now has a surplus Of $780,
600. " per cent of its capital stock,
and ii has long paid stockholders div
dends at the rate of per cent. Last
year the hank paid per cent. and added
substantially to its surplus. Jerry Alb
bott. who has been treasurer of the
Quaraty Savings bank, has been elected
cashier Of the Woodsville National to
succeed Mr.. Allen
President Henry w Keynes Of the
WoodsyfllS National hank destined 70 us
cuss the case OF ex-cashier Allen at any
length. and seemed rather grieyed than
angry with his late associate. Mr.. Reyes
feels chagrined over the incident, but
he did not have harsh word to say OF
the ex-cashier He said that the account
Of the trouble Saturday morning In the
papers fairly described the situation, and
| that he could say nothing further, except
that the shortage will not exceed Slpt
500 and that Mr.. Aliens accounts IL
his other positions were absolutely cor