First National Bank (St Albans, VT)

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The Depositors Will Not Lose Much. ST. ALBANS, Vr, August 7.-President Brainard, of the Trust Company, says the depositors will not lose much. The last statement showed 2100 depssitora with deposits of $600,000. Several railroad men, including Gov. Fairbanks, held a conference to-day at Barlow's residence. The statement that the Comptroller approved of the bank's loan to the Southeastern road was incorrect. The Comptroller said it was too large, and suggested or its reduction. The First N ational Bank prepared for an expected run, which did not take place.

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Busin The effect of the Barlow failures was very depressing on business in St. Albans, Vermont, yesterday. President Brainerd, of the Trust Company, says the depositors " will not lose much," but the depositors are less hopeful. The Company's last statement showed that it had 2,100 depositors with deposits aggregating $600,000. Several railroad men, among them General Fairbanks, bad a conference at Barlow's house. The First National Bank prepared for a run yesterday morning, but none trok place. Wright, Wooster & Co., wool deal. ers, of Boston, made an assignment yesterday. Their liabilities are supposed to be large. The firm was considered worth from $100,000 to $150,000. It stood well in repute, and the failure caused much surprise. W. C. & R M. Silesby, tanners, of Troy, New Hampshire, have failed as a consequence of the failure of Hersey, Whittier & Wyman, of Boston. E.M. McClure, tanner and currier, of Peabody, Massachusetts, has also failed. Several small boot and shoe firms of Lynn, Massachusetts, failed yesterday, in consequence of the suspension of Charles W. Clements, but it is thought their suspension will be only temporary. The Boston Traveler reports the failure of William B. Fowle, Treasurer of the Auburndale Watch Company, and says it will involve the Company. His liabilities are supposed to be small. There was a heavy run on Monday upon the Second National Bank of Elmira, New York, because its President, as reported, had lost $150,000 in pork speculations. As he was stated to have fully settled all the demands upon him, still retaining a large private fortune, the run upon the bank ceased yesterday. The Chicago and Alton Railroad Company has given notice of its withdrawal from the Chicago, and St. Louis freight pool. This action, a result of the recent cut in passenger rates, is regarded as portending " a general passenger and freight war betweu the points named." diseases of

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FINANCIAL MATTERS

Unfavorable Rumors Against a St. AIbans Bank. ST. ALBANS. Vt., Jan. 13. The unfavorable rumors against the First National Bank prevailing for the past few days have no foundation so far as can be learned by inquiring of the officials. Bank Examiner Hendee says the bank is in good condition as far as he can discover from the recent investigation. The rumors resulted in a small run yesterday, some $10,000 being drawn out. President Sowles says the deposits are not now more than $300,000 and they are prepared for any emergency. A majority of the directors have issued a notice that the bank is sound and no alarm need be felt.

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FINANCIAL Failure of New York Grain Brokers. NEW YORK, Jan. 12.-Messrs. E. W. Coleman & Co. were posted this morning on the Produce Exchange as unable to meet their contracts. There was much exc tement over the annoancement that the firm were unable to meet their obligations In consequence of this news the market declined from one and one-half to two cents a bashel on wheat, and from three-quarters of a cent to 1 cent a bushel on corn. Messrs. J: M. Fuller & Co., grain brokers, were posted on the Produce Exchange this morning as unable to meet their contracts. All the produce markets are very siek. The failures of two commission merc hauts today were due to the fact that wheat suddenly dropped in the morning from two to two and one-quarter cents per bushel and corn from three-quarters to one cent per bushel. Business on the exchange was practically suspended. The liabilities of the firm of E. W. Coleman & Co. will probably reach $300,000; amount of assets is not known. The present trouble began some time ago when the firm lost $90,000 by the failure of Enos & Co., millers, at Buffalo, but the firm was going along all ne in wheat. right until the recent Frinancial Failure. BOSTON, Jan. 12.-The foreign exhibition which opened September 5th last was formally closed tonight. It has been a financial failure, and the deficit has been placed at $50,000. The cause is stated to have been mismanagement from first to last. The exhibits have been turned over to the customs officers. Dominion Finances. OTTAWA, Jan. 12.-The statement of circulation and specie at the end of December show the amount of Dominion notes in circulation to be $16,774,831; excess of specie and guaranteed debentures $1,297,869, and of unguaranneed debentures $168,876. Total excess, $1,466,745. The Trouble with the St. Albaus Bank. ST. ALBANS, Vt., Jan. -The unfavorable rumors against the First National Bank prevailing for the past few days have no foundation so, far as can be learned by inquiry of officials. Bank Examiner Hendee says the bank is in good condition so far as he can discover from a recent examination. The rumor resulted in a small run yesterday, some $10,000 being drawn out. President Sowles 84y8 that the deposits are not now more than $300,000 and they are prepared for any emergency. A majority of the directors issue no. tice to the effect that the bank is sound and no alarm need be felt.

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A RUN ON A ST

ALBANS BANK. A FALSE ALARM-EXAMINER HENDEE SAYS THE BANK 18 SOUND. [BY TELEGRAPH TO THE TRIBUNE.) BOSTON, Jan. 13. -A small run was begun Saturday on the First National Bank of St. Albana, and, under the pressure of the false alarm, about $15,000 was withdrawn. A dispatch to The Journal says the alarm was probably due to the fact that Bank Examiner Hendee was making an official examination. Hendee says there is nothing in the condition of the bank to cause alarm, and has taken all necessary precautions to compel the directors to give ample security for the creditors of the bank. On Monday a notice will be posted, informing depositors that the bank is perfectly sound and ready to meet every liability. The capital stock of a bank la $100,000, of which $80,000 is owned by the Bellows estate, and the president, Edward A. Sowles. The deposits, prior to the run, were $300,000, and the amounts due other banks $95,000, making the total liabilities $495,000. The cash on hand. amounts due from other banks, and bonds, notes etc., amount to $508,000.

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The St

Albans Bank Flurry. The Messenger says that there was a little run on the First National bank Monday morning, but the bank men seemed to be fully propared for the emergency and satisfied the demands of every depositor. Deposits began to come in after 12 o'clock, and until the close of business the deposits were much in excess of calls. Some who drew out their funds on Saturday returned the amounts, saying that that they were satisfied there was no truth in the unfavorable reports in circulation.

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A National Bank Closed

ST. ALBANS, VT., April 8.-The First National Bank was closed to-day by the examiner, there being insufficient funds to meet Boston drafts on Saturday. The bank will be examined and will either be reopened or will go into voluntary liquidation. The trouble is said to have been caused by stock speculation by President Sowles. There is a very panicky feeling on the street.

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Failure in Vermont

[By telegraph to the Dispatch.] ST. ALBANS, VT., April 8.-The First National Bank announced this morning that its doors would be closed to-day. Bank-Examiner Hendee closed the institution because they did not have sufficient funds to pay drafts in Boston on Saturday. Public confidence in the bank has been deelining since a run was made upon it two months ago. The cause of the trouble is said to be stock speculation by President Sowles and his brother. It is believed depositors will not lose anything.

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Vermont Banks in Trouble

The First national bank of St. Albans was closed Tuesday by Bank Examiner Hendee because there was no money to pay Saturday's drafts from Boston. The failure was caused by: stock speculations of E. A. and Albert Sowles, who have lost heavily. The stockholders of the institution are : E. A. Sowles, $40,000 ; Albert Sowles, $9000; Mrs. E. A. Sowles, $40,000 ; Merritt Sowles, $4000; O.A. Burton, G. W. Foster and B. C. Hall, $1000 each. The balance, about $5000, is owned by two sisters of Sowles. There is no expectation that the bank will resume business again. There was a run on the National Union bank at Swanton the same day, the Sowles Bros. being largely interested in that as well as their St. Albans bank. Depositors have drawn out $60,000 in the past ten days. The directors declare that the bank will be able to pay depositors in full with a few days time.

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EMBARRASSMENT OF BANKS

A PLAN FOR CONTINUING THE BUSINESS OF THE FIRST NATIONAL BANK OF ST. ALBANS. ST. ALBANS, Vt., April 9.-President Sowles, of the suspended First National Bank, published an open letter to-day ID which he says the bank has resources to pay all depositors and save its stockholders from loss if permitted to continue business. He suggests a plan to sell $25,000 of stock at such prices as may be fixed on by Bank Examiner Hendee, the bank to be reorganized by the choice of such new officers as is deemed proper, and business to be resumed at once. The letter 18 not favorably received. SWANTON, Vt.. April 9.-The National Union Bank opened this morning, but no money is being paid to depositors. The bank new owes its depositorsonly $52,000, and to meet this has $111,000 of good short-time paper. The officers are positive of the bank's solveney.

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Failures of Last Week

There were 195 failures reported to Bradstreet's during the past week, against 143 in the preceding week, and 153, 111 and 98 in the corresponding weeks of 1882 and 1881 respectively. About 80 per cent. were those of small traders, whose capital was less than $5,000, Among the suspensions reported were-Hagen & Billing, bankers and special brokers, New York city; the First National Bank of St. Albans, Vt.; the Exchange Bank of Versailles, Ohio; the First National Bank of Monmouth, Ill. : Farmers' Bank of Covington, Ind. ; RobertJenkins & Sons, wholesale provisions, Baltimore; Lee & Potts, pork packers, Richmond, Va. ; Henry S. Rosenthal, cattle, Albany, N. Y.; Davis & Taylor, wholesale grain and flour, Pettingill & Everett, merchants, Boston.

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Failures of Last Week

There were 195 failures reported to Bradstreet's during the past week, against 143 in the preceding week, and 153, 111 and 98 in the corresponding weeks of 1882 and 1881 respectively. About 80 per cent. were those of small traders, whose capital was less than $5,000. Among the suspensions reported were-Hagen & Billing, bankers and special brokers, New York city; the First National Bank of St. Albans, Vt.; the Exchange Bank of Versailles, Ohio; the First National Bank of Monmouth, III.: Farmers' Bank of Covington, Ind. ; Robert Jenkins & Sons, wholesale provisions, Baltimore; Lee & Potts, pork packers, Richmond, Va.; Henry S. Rosenthat, cattle, Albany, N. Y.; Davis & Taylor, wholesale grain and flour, Pettingill & Everett, merchants, Boston.

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The failure of the First National Bank of St. Albans, Vt., caused a panic in Swanton and a run on the Union bank in that place.

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St. Albans Financial Affairs. Part of the money which was deposited in the First National bank of St. Albans on Monday, the day before the institution closed, has been refunded by Receiver Roberts. The cash so paid back includes deposits made by seven individuals at a late hour on Monday, which deposits were set aside to be returned and were not reported to the bank examiner as among the assets of the bank. The refunded deposits amount to $856. The receiver has not yet finished his inventory of the bank's accounts SO that no definite ideacan be given as to prospects, though it is currently reported that they are favorable,

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Bank Directors Sued

Sr. ALBANS, Vt., March 2.-As a result of the failure of the directors of the First National Bank to pay the assessment on stock ordered by the Comptroller, Receiver Roberts has sued them for $200,000 and attached all their property.

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Is He an Offensive Partisan?

Hon. Daniel Roberts of Burlington was, some time ago, appointed by the comp-troller of the treasury receiver of the de-funct First National Bank of St. Albans. Without finding any fault or giving any reason and without notice the comptroller removed Mr. Roberts and appointed Mr. C. W. Witters of Milton in his place. The cause of the removal is thus stated by the Rutland Heroid:

"The true inwardness of the action of the treasury department is explained by the shrewd and knowing ones to be the result of the efforts of O. A. Burton and the Sowles brothers, directors in the de-funct bank, against whom Mr. Roberts in the execution of his duty has been direct-ing the arm of the federal law. Mr. Rob.

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UNITED STATES COURT.

A Short Term in October-The Famous Libel Case Against Dr. Cutting Settled.

The time for entering cases for trial at the October term of the United States Circuit and District Courts expired yesterday and the prospect is that the term will be an unusually brief and unexciting one, as three cases only were entered for trial. These are, Andrew B. Lewis, Jr., against the New England Fire Insurance company of Rutland, in which the amount at issue is $1500; George Burns et al against the Hartford Life and Annuity company for $7000 on a life insurance policy; and Daniel Roberts receiver against Bennett C. Hall. This last case is one of those which have grown out of the failure of the First National bank of St. Albans and is brought to recover the amount of the assessment upon ten shares of capital stock of that institution which were held by the respondent.

In this connection it is interesting to note that in the famous suit of the Bradley Fertilizer company of Boston against Dr. Hiram A. Cutting, secretary of the State Board of Agriculture, to recover $10,000 damages for alleged libellous statements made against the plaintiff by the defendant in one of his courses of lectures in the winter of 1881-2, stipulation has been filed for discontinuance and it is understood that the case has been settled.

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THE Burlington Free Press charges that the letter in last week's Argus upon the matter of Mr. Roberts' removal from the receivership of the First National Bank of St. Albans is "a compilation of misrepresentations," and "a mere echo of the wail of the indicted." These are grave charges, but it is in the power of Controller Cannon to furnish a plain statement of the motives and causes which induced the change of receivers. Then we can see just how much of genuine reform there is in it.

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Matters of the St. Albans Defunct Bank.

In the matter of the bids on the First National bank premises, the question which should be accepted—the highest sealed bid, or the highest private offer made after the bids were opened—was referred to Judge Wheeler of the United States court. It will be remembered that the highest bid was $3536, by H. L. Townshend for Mr. Stroud, and the highest private offer made after the bids were opened was $3750, by H. G. Morton. The decision is that Mr. Morton's offer shall be accepted unless Mr. Hill, who bid $3505, or Mr. Stroud sees fit to offer a higher figure. These gentlemen have the matter under consideration, and Receiver Witters gives them until to-day to decide.—Messenger.

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Decision in one of the "Cases of the First National Bank of St. Albans.

Judge H. H. Wheeler has just handed down a decision in the case of C. W. Wit- ters, receiver of the First National bank of St. Albans, against Albert Sowles and other directors on the bill of revivor brought by the receiver against George B. Foster administrator of George W. Fos-ter's estate dismissing the bill on the ground that the cause of action does not appear to survive by the laws of Vermont. The effect of this decision is to release the estate of George W. Foster from all liabil- ity for his acts as a director in the above named bank.

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UNITED STATES COURTS, District and Circuit, Convene at Rutland -- -Vermont Atterneys Present. RUTLAND, Oct. 4. -- The United States Circuit and District Courts convened here at 2:30 o'clock this afternoon. Judge Hoyt Wheeler presiding. The officers of the court present were: George E. Johnson, clerk; Frank Plumley, district attorney; Rollin Amsden, marshal; Thomas Failey, N. S. Stearns and L. N. Sprague, deputies. Among the members of the bar present were: Hon. C. W. Witters, Col. Willard Farrington, E. A. Sowles and H. C. Royce, St. Albans: Franklin Scott, North Bennington; llon. Gilbert A. Davis, Windsor; Gen. F. E. Alfred, Newport; B. C. Stickney, Bethel; George it. Fuller, Fair Haven: H. N. Deavitt, Winooski; Henry A. Harmon, T. W. Moloney, Hon. J. C. Baker, Judge F. M. Butler, Rutland. The proclamation was made for the grand jury, who were then called, sworn and briefly charged. The court then re. tired for deliberation. John Robinson of Bennington was appointed Amarshal. Proclamation was then made for the potit jury and they were thereupon called. The dockets were then called and no "cases being ready for trial by jury they were discharged until Tuesday next at 9 a. m. In the case of Willis E. Heaton, receiver, vs. Charles W. Thatcher, administrator, the order heretofore entered stating bill per confesso for want of an answer was ordered stricken off the record and the orator has leave to file an amended bill on or before October 10th. The caso of W. F. Thayer VS. Mississquoi railroad, et als. was entered and discontinued as per stipulation; case of Edwin R. Whitney vs. Franklio Fairbanks et als, orator was ordered to file cost bonds in the sum of $200 within 30 days. On motion of the orator's counsel the case Harley C. White vs. Henry S. Walbridge, Henry A. Harmon of Rutland appointed special master to take the accounting. The case of acting receiver VS. Bradford Savings Bank and Trust company was assigned for trial on Tuesday next at 9 a. m. Hearings in the various cases of the First National bank of St. Albans were deferred until Tuesday next, pending efforts to compromise now in progress. Court adjourned until 10 o'clock to-morrow morning.