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thing of a Napoleon in finance and
that he stood a good chance of se-
curing the presidency. Then Jewett,
went to them with a proposition,
an they bought him out paying a
handsome bonus.
The success of his first deal imbued Jewett with greater confidence
and secured him more money from his backer. On hrs suggestion a
syndicate was formed whose object was to wreck banks for profit. Jewett
was the prime mover.
His first field of operation was the Pemberton National bank which he
entered in the same way as the Methuen bank, going so far, however,
sas to become its president. The Pemberton bank was an old one and
had a big surplus. He wrecked it, and, according to all accounts, clear-
ed for himself $150,000.
While president of the Pemberton bank Jewett started the Arlington
National bank in the same city. This bank is now one of the most solvent
institutions in the country. It was started by Jewett with $100,000. For
directors he secured Congressman Knox, Joshua Higgins and Franklin
Butler. He made himself president. Jewett never put up a dollar
of his own money in the Arlington, but he was the most active agent of
the institution. He quickly secured large deposits from the Lawrence
smills and merchants, drawing from his old acquaintances who were de-
positors in the Pemberton bank. He appointed Albert E. Butler a brother
of one of the directors, cashier.
The young Butler is described as a good-natured, honest, confiding indi-
vidual. It was not long before the president of the Arlington National
bank had his cashier badly mixed in his accounts. Jewett had access to
the money. Butler found himself $10,000 behind and at a loss to ac-
count for the shortage he appealed to Jewet. for herp.
Jewett did help him, but as Butler continued to become more in-
volved, his pride and fear of disgrace drove him to suicide. The
cashier shot himself, and the family blame Jewett.
The directors of the bank by this time were tired of Jewett. They tried
to get rid of him on the pretext that he could not be president of the Pem-
berton and Arlington banks at the same time, and do credit to both.
However, he would not be forced out. Finally they bought him off.
No sooner was Jewe out of the Arlington bank than it was found
In that he had been quietly been buying stock in five other banks. These
were the Windsor National bank of Vermont, the Edgartown National
bank of Vineyard Haven, the Essex National bank of Haverhiil, the Lake
National bank of Wolfboro, N. H., and the Amesbury National bank of Ames-
bury, Mass. In every case he succeeded in having himself made pres-
ident.
The Edgartown, Essex and Amesbury banks were worked on the same
lines as the Arlington bank in Lawrence, and each bought Jewett off at
a big bonus. He met his Waterloo in Wolfboro, N. H., when he wreckeed
the Lake National bank.
The wrecking looked like a gold mine for Jewett, but proved a gold
brick, for the surplus, although nominally large, represented securities all
but worthless. When he took the Lake bank he borrowed $10,000 from
the Arlington, giving as collateral 100 shares of the Lake bank. He after-
ward pledged 25 more shares for this note. This stock was assigned in
blank, but the assignment was not recorded, and Jewett admitted that
in October, 1895, he made oath that he owed the Arlington National bank
this $10,000. The Arlington bank never received a cent of dividends
on account of the 125 shares they held, but he appropriated everything
for his own use. Then, after liqui- dating the Lake National bank, he
appointed himself liquidating agent and stole the bann.
The warrant for Jewett's arrest was sworn out on the complaint of Fred
L. Leighton, cashier of the Arlington bank, four years ago. On that in-
dictment Judge Brown in March, 1899 sentenced Jewel to seven years' im-
prisonment and now he has reaffirmed that sentence.
