Hampshire County National Bank (Northampton, MA)

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BANK PRESIDENT MISSING

National Bank in Massachusetts in Hands of Receiver-Large Sum of Money Stolen. Washington April 0.-The comptroller of the currency today received a telegram from Bank Exmainer Ewer stating that he had taken charge of the Hampshire county national bank of Northampton, Mass. The president, who the examiner says is a defaulter to the amount of $75,000 or $100,000, is reported missing. The president of the National bank is also the president of the Hampshire savings bank. The government examiner arranged through the state examiner for the investigating of the two banks at the saine time, making it impossible for those in charge to transfer funds from one to the other to cover up shortage.

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BIG BANK LOOT

Quarter of a Million Dollars Said to Have Been Stolen. Springfield, Mass., May 2.-Savings Bank Examiner Locke and National Bank Examiner Ewer closely examined the books of the Hampshire County National bank and Hampshire County Savings bank, both of Northampton. The result shows that there is a shortage of about $18,847 in the savings bank, and one of probably much larger proportions in the national bank, estimated outside at $250,000. Bank Examiner Ewer announced that he could not make a statement of any kind in relation to the condition of the bank. Lewis Warner, president of the national bank, and treasurer of the savings bank, is missing. Shortly after midnight the directors of the Hampshire County National bank authorized a statement that the bank would be closed pending an investigation into its affairs. A statement was also sent out that the Hampshire Savings bank would require thirty days' notice for the withdrawal of all deposits. A director of the national bank made the statement that in the last few weeks President Warner has secured between $40,000 and $50,000 in cash, which, it is thought, he has taken away with him. Cashier Macomber is credited with the statement that the bank is out $100,000, and $200,000, and even $250,000 estimates of the defalcation are now being made.

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BIG BANK LOOT

Quarter of a Million Dollars Said to Have Been Stolen. Springfield, Mass., May 2.-Savings Bank Examiner Locke and National Bank Examiner Ewer closely examined the books of the Hampshire County National bank and Hampshire County Savings bank, both of Northampton. The result shows that there is a shortage of about $18,847 in the savings bank, and one of probably much larger proportions in the national bank, estimated outside at $250,000. Bank Examiner Ewer announced that he could not make a statement of any kind in relation to the condition of the bank. Lewis Warner, president of the national bank, and treasurer of the savings bank, is missing. Shortly after midnight the directors of the Hampshire County Nationalbank authorized a statement that the bank would be closed pending an investigation into its affairs. A statement was also sent out that the Hampshire Savings bank would require thirty days' notice for the withdrawal of all deposits. A director of the national bank made the statement that in the last few weeks President Warner has secured between $40,000 and $50,000 in cash, which, it is thought, he has taken away with him. Cashier Macomber is credited with the statement that the bank is out $100,000, and $200,000, and even $250,000 estimates of the defalcation are now being made.

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RECEIVERS FOR A SAVINGS BANK

Boston. May 4.-Senator Richard W. Irwin and Benjamin E. Cook, both of Northampton were today appointed temporary receivers of the Hampshire County Savings Bank of Northampton The bank, together with the Hampshire County National Bank, is now closed owing to the defalcation of Lewis Warner, treasurer of the savings institution, for whose arrest a warrant has been issued.

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Bank Directors' Responsibility Two particularly flagrant illustrations of improper bank management have been noted within the past few weeks, says the New York Financier, referring to the fallure of the Hampshire County National of Northampton, Mass., and the closing of the First National of Carthage, N. Y. In both cases, says the Financier, the president was the culpable offender and the primary cause of the insolvency. The extent of the villainy of these trusted officers has not yet been fully developed, but enough is known to show that they completely gutted the institutions before discovery, and that their stealings had extended over a period of years. As is usually the case in such instances, the banks were what is known as "one man" affairs-that is, they were under the complete control of one officer, who assumed all responsibility and conducted the business to suit himself. The boards of directors constituted nothing but a perfunctory organization, with nominal duties and no apparent knowledge or interest in the administration of the duties which by law are assigned to them. The federal courts have several times ruled that bank directors are liable for their acts in similar cases, and it is to be hoped that both stockholders and depositors will test to the full the responsibility underlying the latest developments. There is a higher duty, however, devolving on the swindled depositors and patrons of the bank. That consists in fastening on the banks' directors their share in the scandalous mismanagement which permitted the wholesale loot. and bringing about, as far as is possible, financial restitution. In that way alone can the lesson of the directors' responsibility be brought home, and we are not exaggerating in the least when we say that American banking stands sadly in need of such reminders at the present time. The cases under discussion may not be important. In fact, they are probably half forgotten now, but that is the very reason why they should be made the subject of agitation and continued prosecution. The office of director in a banking institution is something more than honorary recognition of individual wealth. It carries with it certain duties, perhaps not as fully defined as ought to be the rule, but nevertheless implied if not actually set forth in law. The office is held in the United States at the present time by over fifty thousand citizens, whose business careers have been more than ordinarily successful. The majority of them attempt to do their duty as they understand and find it, but it is a direct reflection on the office when such instances as the ones referred to are possible. This may be an unjust interpretation. but it is accepted by the public at large, and we will continue to hear it until the whole policy of banking, in its relations to directors and their duties, is reformed. In what manner this reform shall be accomplished is another matter. In the present case, however, the remedy seems clear.

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National Bank Changes The latest bulletin of the comptroller of the currency, dated May 28, 1898, gives the following, among other changes: Applications to Organize National Banks Approved.-The Potsdam National bank, Potsdam, New York, capital $50,000, by W. W. Price, J. G. Cooke. W. M. Hawkins, et al. The Farmers' National bank of Potsdam. New York, capital $50,000, by H. L. Ives, E. A. Merritt, jr., F. A. Vance et al. Insolvent.-The Hampshire County National County bank of Northampton, Massachusetts, was, on May 23, 1898, placed in the hands of John W. Mason, receiver.

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He Stole $640,000. SPRINGFIED, MASS.. July 18.-The temporary receivers of the Hampshire Savings bank of Northampton have given out a statement to the effect that the defalcation of Treasurer Lewis Warner amounts to $400,000. With the $240,000 which Bank Examiner Ewer estimates were taken from the Hampshire County National bank, Warner's peculations amount in the aggregate to $640,000.

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DEFAULTED $400,000. Savings Bank Treasurer's Peculations Will Reach $640,000. Springfield, Mass., July 19.-The temporary receivers of the Hampshire Savings bank of Northamnton have given oui, statement to the effect that the defalcation of Treasurer Lewis Warner amounts to $400,000. With the $240,000 which Bank Examiner Ewer estimates were taken from the Hampshire County National bank, Warner's peculations amount in the aggregate to $640.000. To cover his peculations Warner overestimated the amount of deposits and the number of depositors, and over-valued the securities held by the bank.

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Warner Is a Colossal Thief

Springfield, Mass., July 20.-The temporary receivers of the Hampshire Savings bank of Northampton have given a statement to the effect that the defalcations of Treasurer Lewis Warner amounts to $400,000. With the $240,000 which Bank Examiner Ewer estimates were taken from the Hampshire County National bank. Warner's peculations amount in the aggregate to $840,000.

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SUNDAY, JULY 01. the meeting of the presidents of the anthracite At coal railroads an agreement this reached that the output for was should be 3.000.000 tons, with the if the market the limit could be sorb proviso month more that could extended for June ab3,200,000 tons. The allotments tons and to July were 2,500,000 and 3,000,000 respectively. the present tariff law, the of duty collected in amount Under effects the last of year on the personal this fiscal steamship passengers arriving times in the was about four fiscal country received in the previous amount Last year the amount collected as year. $343,518, or abaut $4 per capita, against was $92,512, of 941/2 cents per capita, for the previous year. MONDAY, AUG. 1. balance as just been struck of the the "conscience A fund" in the treasury of total States, showing that the since United received and credited to it it in 1811 is was won the first prize the amount Tarrasch opened $297,452. in international chess tournament, $1500; Pillsbury of Boston, the second prize, The final game was decided a draw, $1000. and the score stands, Tarrasch, 21/2: The Pillsbury, bureau of 1 1/2. statistics in its monthly of finance and commerce the details of the in the fiscal year all exports presents "summary" ending exports imports June to and 30, It shows that the 1898. of the world increased both in parts manufactured and products of agricul- great and that while there was a ture. off in imports, the reduction was arfalling almost exclusively in manufactured ticles and food products. TUESDAY, AUG. elder Ephraim W. Sells, the of the Brothers, well-known circus men, Sells died in Columbus, O., of bright's disease. has The comptroller of the currency declared a dividend of 50 percent in favor of the creditors of the Hampshire Mass. County National bank of Northampton, The first lord of the British admiralty arranged to organize a naval rehas among the Newfoundland fisher- by serve enrolling 500 who will be drilled special men, instructors sent from England. Forts are being erected specially for cash this the men receiving $50 each purpose. each month engaged. Newfoundland for is the only colony where the experiA movement to form a new organiza- the combining all those outside tion of the Liberals and the Conservaranks is now being promoted in Ontario chiefs tives the dominion generally. The and the smaller political sects hope to reach an of agreement which will give them in something dominion affairs. like a They swaying are to be power known as Canadian compatriots. WEDNESDAY, AUG. 3. war department has granted permission The to the members of the White send Cross association of America to hospital supplies and a trained corps its nurses to Manila on the steamer of Arizona, which is now being equipped a supply ship, and will leave San the Francisco as for the Philippines about middle of August. Full and complete recognition of meriand gallant conduct displayed by torious officers and men is to be given by the president. letter from Santiago to the AssoA Press quotes a naval officer as sayciated "Over $2,000,000 worth ammuing: thrown at the batteries harbor was Santiago nition absolutely defending batteries ineffective, so far as reducing the have concerned; and, while it may rethe Spaniards a given was wholesome the for us, it simply bore out well- and known spect fact that it is a waste of time money to bombard earthworks." THURSDAY, AUG. An assistant secretary of the treasury 6000 sending to subscribers about is bonds a day, and this number will be in- of creased later on. Recently notices allotments have been sent to a number people who subscribed and forwarded deny of the required cash, but who now all knowledge of the transaction. Letters state that prospectors between Alaska, river and Cooks inlet, gold Copper have abandoned their search for The are locating coal claims. and is said to be one mass of coal, country in which is claimed to be an excellent quality of the lignite. sureties on the $10,000 bond One of Warner to the Hampshire of Savings Lewis bank of Northampton has made had statement that the bondsmen would agreed the to make a fight before they amount settle with the receiver for the of the bond. FRIDAY, AUG. 5. Samuel L. Black, mayor of Columbus, was elected president of the League of O., American Municipalities, and Mayor Mayor Taylor of Bridgeport treasurer. of the Ashley of New Bedford is one three trustees. President McKinley and wife, from indications, will be the central stand present in the official reviewing Knights figures during the big parade of the conclave in Templar at the triennial visitPittsburg in October. About 30,000 ing Templars will take part. The American society in London is waging a campaign against American the shopkecpers who are using the dollars. as a device to catch tourists' overrun flag During this season London is comwith Americans. The society's and mittee visited the principal shops of represented that such an exhibition national colors was distasteful. the his argument before the interstate In commission in Chicago yesGeneral Passenger road warned terday, commerce the Burlington Agent continued the Eustis Can- a adian of Pacific that. if it shotgun policy towards the American

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BRIEF

Ex-Mayor A. Oakey Hall died in New York, aged 73. Queen Victoria is reported as having invited Emperor Nicholas to Balmoral with a view to a discussion of the far eastern situation. The British Chess club of London has accepted the challenge of the Brooklyn Chess club to a cable match for the Nownes trophy, to be played early next year. Fire in Levis, Ind., destroyed the workshops and lumber yards of Joseph Gosselin, a couple of residences and damaged King Bros.' shoe factory. Loss, $60.000. Altogether about 150 arrests have been made in connection with the riots by Paris strikers, and military preparations are being made to guard against any renewal. In the superior criminal court in Springfield, Justice Bond sentenced Dominique Krathofski, who murdered his step-daughter, Victoria Pinkus, Jan. 17, 1897, to be hanged Dec. 30. Harry Elkes, who holds the hour record of the world, defeated Frank Waller, the 50-mile champion bicycle rider of the United Sates, in a 50-mile paced race in Baitimore, His time was 1:47:30 3-5. A 3-year-old child of Joseph Seiglar, a wealthy resident of Bridgeport, died at : late hour last night from being maHelously poisoned by a discharged servant. The girl managed to escape arPost William Ogilvie, Yukon administrator. has been appointed by the Canadian government to enquire into and report upon the alleged scandals among government officials at Dawson. The gold commissioner, A. A. Fawsett, has been removed. The Oregon Republicans have decided to drop H. W. Corbett and will vote for Joseph Simon for United States senator. Simon is president of the senate and a well-known lawyer and politician of Portland. In the ballot yesterday Corbett led as usual with 38 votes. Governor Budd of California issued extradition papers in the case of Cordelia Botkin, accused of the poisoning of Mrs. John P. Dunnigan and her sister, Mrs. Joshua P. Deane of Wilmington, Del. The governor took this action to throw the case into the courts for decision. The triple jubilee, to mark the 30th year of Bishop McQuade's service in the American Catholic hierarchy, his 50th year in the Roman Catholic priesthood and the 75th anniversary of the creation of St. Patrick's cathedral into a parish. was celebrated in Rochester, N. Y., yesterday. A petition from Receiver J. W. Mason of the Hampshire County National bank of Northampton, Mass., has been granted, allowing for the compromise of a claim which the bank holds against Lewis Warner for six notes for $1000 each. The petition stated that Warner was unable to pay the full amount, and the receiver asked permission to compromise for $900.

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Campbell farm in Hadley, Mass., to F. H. Smith of Middletown, Conn.

The class of 1901 of the High school have a corn husking at the home of Melvin Thurber in Centreville this evening.

The evening session of the Woman's club will hold a meeting Friday evening, the 21st, with Mrs. Dinsmore, Chase street.

A special mee ing of the directors of the Vermont Live Stock company will be held Oct. 18 to see whether a dividend shall be declared upon the proceeds of this season's sale of cattle.

Earl Titus made two remarkably good views of the new Valley Fair poultry building—one showing the building from the outside, and the other the interior with the pens and coops in place.

It is understood that the Congregational society has over 100 applications from ministers who would be willing to preach here as candidates, and that the Baptist society has upwards of 50 similar applications.

Greenfield has already begun to prepare for her coaching parade next year by the formation of an organization which will have full charge of the arrangements. Three Greenfield artists will design a great variety of floats.

Fred S. Knight and mother went to Westmoreland, N. H., Monday to attend the funeral of Mrs. Frank A. Knight. Mrs. Knight died suddenly of heart disease while out riding with her husband Friday afternoon. She was apparently in good health up to the time of her death. She leaves a husband and five children.

Barna Pratt sustained painful injuries while at work in Estey factory No. 5 last Saturday. He was on the first floor looking up the elevator shaft to speak with a man on the upper floor and did not notice that the elevator was coming down. The end of one foot was caught beneath the elevator and crowded into a space three-eights of an inch wide.

The annual meeting of the Prospect Hill Aqueduct company was held at the house of E. B. Bissell at 7:30 o'clock Monday evening. The officers elected were: President and first director, Asa Field; second director, Winthrop Adams; third director, Sidney Farr; secretary and treasurer, E. B. Bissell. The treasurer's report showed a small balance on hand.

At the last state teachers' meeting in Montpelier the invitation was extended by Principal H. K. Whitaker to hold the next convention in Brattleboro. The teachers expressed the wish to come to Brattleboro next year if the executive committee find it expedient to hold the meeting here. The place of meeting will probably not be definitely announced, however, until next spring.

From the Winchester, N. H., Star: "E. L. Wrisley of Brattleboro, a member of Co. I, 1st Vermont, commenced work at the steam mill in this place last Tuesday, and on Friday afternoon had the misfortune to mix his right hand up with the knives of the buzz planer. Each finger was badly cut, the end of the first finger being taken off just below the nail. Dr. Thorn dressed the injuries."

Owners of cameras will be interested to learn that the Woman's auxiliary of the Y. M. C. A. are already laying their plans for the photographic exhibit of this winter to be held after the holidays. The purpose 's to make it much larger than that of a year ago, and all are invited to participate. Circulars will be issued soon, and collection of pictures should be started at once in preparation for the exhibit.

Many urgent requests have been received by Mrs. Minerva B. Tobey to give one of her lectures on household economies in Brattleboro. Mrs. Tobey has been recently giving these delightful "talks" in Saratoga and New York and is paying a short visit to Putney for a much-needed rest, as a guest at the Houghton farm. The place and date will probably be at the Brooks House parlors Tuesday afternoon.

At the annual meeting of the Woman's Foreign Missionary society of the Methodist church the following officers were elected: President, Mrs. J. D. Beeman; 1st vice-president, Mrs. W. R. Geddis; 2d vice-president, Mrs. M. A. Allen; secretary, Mrs. A. Brodie; corresponding secretary and treasurer, Mrs. S. E. H. Beeman. It was voted to invite the Montpelier district to hold its annual meeting in Brattleboro some time in November. Mrs. S. E. H. Beeman was elected delegate to the New England branch annual meeting in St. Albans Oct. 11 to 14.

The marriage of DeWitt Clinton Gowdy and Miss Adeline N. Currier was celebrated last Saturday afternoon at the home of the bride's parents, Mr. and Mrs. H. M. Currier of Springfield, Mass. A few immediate friends were present. Mr. and Mrs. Gowdy went away for a short trip, and on their return will make their home with Mr. and Mrs. Currier. Mr. Gowdy is a lawyer by profession, but now has a position in the Springfield armory. The bride is an expert milliner, and since leaving Brattleboro has had important positions in Atlanta, Fall River, Detroit, New Haven and Waterbury.

W. A. Faulkner, formerly cashier of the People's National bank of Brattleboro, and later connected with Boston banks, is one of the leaders in the movement for the formation at Northampton of a new national bank out of the wrecked Hampshire county bank. He has given the authorities assurance that he will guarantee all the stock that is necessary after the present stockholders have taken what they desire. Based on the estimate of the receiver, it is thought that there will be $75,000 assets remaining when the liabilities have been paid. The purpose is to shrink the present stock to that amount, which would be one share of new for five of old. Of this $75,000, $25,000 would be taken for surplus, leaving $50,000 for capital, and new stock would be issued to make up the required $100,000. The plan, of course, is subject to the approval of the comptroller, and nothing can be done until he or his assistant makes an examination of the remaining assets and of the plan and reports to his chief.

### Hiram Orentt's Autobiography.

It will be interesting to all of his old pupils to know that the autobiography of Hiram Orcutt, the long-time, well-known and accomplished educator, has recently been published. The volume, which comes

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MASSACHUSETTS NOTES

Plans for Reorganizing the Hampshire County National Bank. The affairs of the Hampshire County National bank at Northampton will soon be in a condition for reorganization upon the basis proposed by the shareholders. The interest checks due the creditors of the bank have been prepared at the treasury at Washington, and will be mailed as soon as they can be signed by Comptroller Dawes. It is expected that Receiver Mason will go to Washington for counsultation with the comptroller as soon as the interest dividends have been distributed. The comptroller is prepared to entertain favorably the proposition for reorganization if the bank shows $100,000 in good assets, including about $40,000 in cash, now in the hands of the receiver. The comptroller requires that $20,000 in new capital be paid in cash by the shareholders, which will start the bank with nearly $100,000 in cash, besides other good assets.

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TO RESUME BUSINESS

Authority Given the Hampshire National Bank of Northampton. Washington, March 20.-The Hampshire County National bank of Northampton, Mass., has to-day been authorized by the comptroller of the currency to resume business as an active national bank association. This bank suspended payment April 30, 1898, and on May 23, following, was placed in the hands of a receiver. Its creditors have been paid in full with interest and its stockholders and directors having complied with the conditions imposed by the comptroller precedent to resumption, it will reopen its doors with an unimpaired capital stock of $100,000.