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The " illimantic Bank Trouble. WILLIMANTIC, April 23 3--The -- Dime Savings bank to-day gave notice that none of the depositors will be paid until the ninety days' notice has expired and the run has stopped. The dispatch from Washington that the late Cashier Risley of the First National bank was a forger to the amount of $10,000 has caused & sensation. Neither Examiner Dooley nor the bank officials would make a statement to-day.
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Disgrace After Daath. HARTFORD, CONN.. April 23.-Excitement continues to-day in Williamantic over the closing of the First National Bank by National Bank Examiner Dooley. There are ugly rumors to-day about O. H. K. Risley, the cashier, who died a few weeks ago, and it is said that he forged the names of some of the directors, including John M. Hall, of the Consol:dated road. The bank was the corrospondent of the Dime Savings Bank and some of the latter's funds are *tied up. There was a run on the Savings Bank to-day, but business was suspended when it was feared that there would be a rush.
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WILLIMANTIC'S BANK FAILURE. Ugly Rumors Afloat About the Cashier Who Recently Died. Hartford, Conn., April 23.-Excitement continues to-day in Williamantic over the closing of the First National Bank by National Bank Examiner Dooley. There are ugly rumors to-day about O. H. K. Risley, the cashier, who died a few weeks ago, and it is said that he forged the names of some of the directors, including John M. Hall, of the consolidated road. The bank was the correspondent of the Dime Savings Bank, and some of the latter's funds are tied up. There was a run on the savings bank to-day, but business was suspended, as it was feared that there would be a rush.
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ANOTHER WILLIMANTIC BANK CLOSED. Hartford, April 23.-Excitement continues in Willimantic over the closing of the First National Bank by National Bank Examiner Dooley. The bank was the correspondent of the Dime Savings Bank, and some of the latter's funds are tied up. There was a run on the savings bank to-day, and business was suspended.
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TELEGRAPHIC BREVITIES. At Paducah, Ky., yesterday, while at the breakfast table, Jake Brewer shot and instantly killed his cousin. United States marshals, having in charge twenty convicts, have started from Fort Smith, Ark., for Albany, N. Y. In the crowd is the notorious Bill Cook, who goes for forty-five years. The carpet and plush mills of James Dobson, at Falls of Schuylkill, Pa., were closed indefinitely last night on account of labor troubles, throwing two thousand employes out of work. The Dime Savings Bank, of Willimantic, Conn., has not formally closed, as reported, but has suspended payments under the ninety days' notice to depositors, as allowed under the State law. It has a considerable amount of money tied up in the national bank.
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CAUSED EXCITEMENT. The Closing of the First National Bank of Williamantic, Conn. HARTFORD, April 23 -Excitement continues to-day in Williamantic over the closing of the First National Bank by National Bank Examiner Dooley. There are ugly rumors to day about O H. K. Risley, cashier, who died a few weeksago, and it is said that he forged the names of some of the directors, including John M. Hall, of the Consoli dated road. The bank was the corre spondent of the Dime Savings Bank; some of the latter's funds are tied up. There was a run on the savings bank to day, but business was suspended when it was feared that there would be a rush.
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Willimantic, Conn., May 25 (Special).-Financial affairs are still in an unsettled state. The incidents of the week have been the attachment for $77,000 levied by Mr. Dooley, the receiver of the First National Bank, upon goods of the Natchang SUK Company, in order to determine the receiver's right to hold the goods turned over to him by Colonel Chaffee, the manager of the Natchang Company, immediately after the bank was closed; and the consequent development of hostilities between the bank and Receiver Hayden, of the Natchang Company. It is asserted that Mr. Hayden's course has practically shut off the trade of the Natchang Company, and will make it necessary to close up the factory If he continues. The opposition to Mr. Hayden may appear in court next Tuesday, when he is to make his report as to the condition of the Natchang Company. It is understood that the liabilities exceed assets by about $100,000. This with probably involve reorganization and new capital, but the concern is said to be now doing a paying business and the people of Willimantie are earnestly destrous that the factory shall be kept moving. The Dime Savings Bank concedes that it must scale its deposits before resuming business, and the percentage of scale is likely to be 12 and possibly 15 per cent on the $600,000 deposits. The most interesting case on the docket for the June term of Supreme Court is that against Jeremiah Olney, State School Fund Commissioner, for alleged misuse and misappropriation of moneys of the Connecticut School Fund, which he has managed for many years. The charge is to the effect that Mr. Olney secured commissions on the loans for his own benefit contrary to statute. Mr. Olney has born a high and honorable reputation for many years, and people are loath to believe that he will not be able to clear himself of these charges. An interesting question concerning personal rights was raised in the Superior Court here yesterday before Judge Shumway. In fact, the whole case in which this question was raised is one of peculiar
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producing samples experimentally. Some of the mills are "lucky," as the term goes, in striking a line of goods that run for years, and in easily gliding from a passe product to one that hits the public taste. Such mills are run by men who are in demand as shrewd business men, whose services cost the mill which retains them, or which secures them, the very pretty sum which their services are sure to be worth. They are rare men, and command price as such. Of course, the more we open American markets to competition the harder must be the struggle of our own manufacturers to hold them. To make goods for an American market which is open to the world, is only the price of freight better than to make them for competition in the markets of countries in which the wage rate is the lowest. One thing is suremanufacturers will not do business for fun. The man who has capital to build and run a mill is able to live at ease without doing it, and will not take up the burden and care of manufacturing unless he can make it pay. If he has capacity and ability to manage such a business these qualifications are in demand, and will secure him positions in the business world where he can amply provide for himself. We can never in this world change the law of the survival of the fittest, or compel a state of things wherein the capable and the incapable. the frugal and the imprudent, the man who faithfully serves his employer. and the man who makes it a boast that he don't try to please him, shall all stand upon the same footing and equally enjoy the world's best things. -There are anticipations that the Dime Savings Bank of Willimantic, when it resumes payment, will be pumped dry by withdrawing depositors. And yet the chances are. that it is now in an exceptionally healthy condition. The directors, in scaling down, if they did their duty, made themselves absolutely sure that the assets of the bank would meet liabilities in case of a run, SO that the last withdrawing depositor should fare equally as well as the first. If this was done, and we may be sure it was, the Dime Savings Bank under future painstaking and honest management must be a No. 1 depository for savings. -H. B. Brown, associate justice of the United States supreme court, was in Rockville last week. He lived in Ellington at one time for four years and was a pupil at Hall's Academy. This was his first visit in thirty years. He met Congressman Henry and several other citizens. His trip was merely for recreation.
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Willimantic's Bursted Bank. WILLIMANTIC, Conn., July 23.-"Bank closed for examination" are the words placarded on the door of the Dime Savings bank, while among the citizens here keen interest in all the details of all the bank's affairs is manifested. State Attorney Hunter applied for a receiver today, and George O. Stiles is mentioned for the appointment. A bond of $10,000, Walden's security, was unearthed today, but it is thought to be worthless, as the maker of it is William Wild, of New York, brother of the missing man, is said to own no real estate.
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Domestic. THE Defender' sailed her maiden match against the Vigilant" at New York last Saturday, and won by nearly four minutes in a fifteen-knot to windward and return race. Ex GOVERNOR ALEXANDER H. RICE of Massachusetts died last Sunday at Melrose from the effects of a shock of paralysis. He was the republican governor of Massachusetts in 1876, 1877 and 1878. JOHN L. WALDEN, treasurer of the Dime Savings Bank of Willimantic, Conn., is a defaulter to the amount of $26,900. He has sailed for Australia, and his rascality has ruined the bank. Most of the depositors were laboring people, who have lost their all. DURING a storm last week Wednesday evening, lightning struck the tower of the state prison at Jeffersonville, Ind., and the greatest excitement prevailed among the 850 convicts confined there. The prisoners had just been locked into their cells, which averted a panic. THE inhabitants of Lewiston, Idaho, are jubilant over the news that by August 1 the Nez Perces Indians will receive their money from the government for their lands. This means that $626,222 will shortly be put into circulation, and that within six weeks the great Nez Perces reservation, the garden spot in Idaho, will be opened for settlement. THE Ministers' Association of Chicago has passed resolutions condemning Mrs. Leland Stanford, widow of the California senator, because she proposes to dispose of 1,000,000 gallons of brandy from her ranch for the benefit of Stanford University. These clergymen oppose sending a Christian youth to a college that is supported by the sale of liquor. A WIND-STORM, accompanied by a heavy rain-fall, burst upon the camp grounds near
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Savings Bank Wrecked. The Dime Savings Bank at Willimantic suffered by the frauds of Cashier Risley of the First National Bank of that city and on Thursday the treasurer of the savings bank, John L. Walden, absconded and took with him all the funds of the bank which he had been able to get hold of, about $30,000 Pinkerton detectives have been put on the track of Mr Walden and it is expected he will soon be captured. The state bank examiner says that the bank is insolvent by about $30,000. The affairs of the bank have been run in a very slipshod manner.
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BANK EXAMINER BLAMED. The Public Think Cashier Walden Had too Good a Chance to Steal, Willimantic Conn. July 25.- Within the last few days there has [been"cc: siderable criticism in banking circles in regard to the way ex-Bank Examiner Buck has conducted the examinations of the Dime Savings Bank. It has been asserted that considerable blame rests upon him for the present condition of the banks He has always been considered a man of irreproachible character and well up in banking matters and fully capable of occupying the position he held. The last examination he made of the bank was June 15 just previous to his turning over the office to his successor. At that examination he found the bank had assets of $627,080 and was in a perfectly solvent condition On July 21 Mr. Crofut made an examination after the scale of 16 per_cent was declared placed with liabilities at $491,992; assets $483,301 pronouncing the bank insolvent. Buck procured a statement from Crofut and after a comparative examination made with one made by him June 15 gave the result to the press representative tonight. Buck's statement corresponds with Crofut's in every respect with the exception of three items. Mr. Buck places the expense account at $531 safe and fixtures $3411; cash on hand $5733. Mr. Crofut put the above items at $2904. Assuming that Mr. Buck's appraisal of three items is correct it will leave according to Mr. Crofut's statement a deficiency in the assets of about $1800 which is all that Walden could have possibly taken away with him. Mr. Buck considers that a large amount of paper Crofut has wiped out as of doubtful value "is collectible and dividends coming from Morrison Company and Allentown transactions place the bank in a solvent condition today. Mr. Buck's theory was if there was any stealing done it was probably $25000 Walden might have used to put into the Morrison Company. In his opinion to appoint a receiver would be the worst step the depositors could take as it would take a number of years to wind up the affairs of the institution with probably a loss of about two-thirds of the deposits. Kelley and Sumner returned from Allentown today and reported a meeting of the directors this evening. A deed was transferred from Walden to the bank and accepted by the directors. This means that the bank will receive $9800 on the transaction. The condition of the Dime Savings Bank occasioned a slight run on the Willimantic Savings Institution but it stands ready to meet all demands and is paying off depositors in gold. The directors decided to offeria reward for the arrest of Walden.
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LEFT ON BIKE. Cashier and $30,000 Are Unaccounted For. John L. Walden, treasurer and cashier of the Dime savings bank of Willimantic, Ct., is missing. He has not been seen since last Thursday evening, when he left home on his bicycle, telling his folks he was going to see a friend. The wheel was found near the bank the following morning by a policeman. and it was later claimed by Walden's father, who is president of the bank. State Attorney Hunter, learning that young Walden was missing, telegraphed for Bank Commissioner S. W. Crofut, who came and examined the books. At a meeting of the trustees he stated that a mortgage note of $6,500, five $100 railroad bonds, $4,400 in cash, the general ledger, cash book and daily balance book are missing. All the above were present at the last examination of the bank. Some of the records of the real estate book have been mutilated to apparently cover up the withdrawal of the $6,500 mortgage note. On last Wednesday cashier Walden drew a check on himself for $1,000. Assuming that the bank was solvent on the retirement of exBank Commissioner Buck two weeks ago, after thescale of 16 per cent had been made, leaving no surplus, the above deficit of $11, 000 makes the bank insolvent. A scale of 16 percent was recently made and the notices of 90 days for payment of depositors has expired. Eight new corporators were elected at a meeting of the trustees. A meeting of the corporation will be held when a receiver will probably be asked for. The time lock on the safe run down and the key is missing. An officer was put in charge of the bank. The last statement of the bank commissioner made to the governor shows deposits to the amount of $626,591, surplus $30,000; total assets $649, 866.
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Dime Bank Litigation. WILLIMANTIC, Conn., Aug. 1.-The hearing on State Attorney Hunter's applica tion for a permanent receiver for the Dime Savings bank came up before Judge Shumway in the superior court yes. terday. Nothing new was brought out at the hearing, which, after an all-day ses. sion, was adjourned to Aug. 5.
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WILLIMANTIC NEWS NOTES. CONTEST OVER THE DIME BANK-NATCHAUG SILK CO. PROSPECTS-MR. PINNEY'S SOUTH AMERICAN TRIP. Willimantic, Conn., Aug. 3 (Special).-The contest over the Dime Savings Bank has developed into a strong fight to determine whether the institution shall go into the hands of a permanent receiver and be wound up, or simply a temporary friendly receiver, who will assist the new directors to straighten out affairs and continue business. A majority of the depositors seem to prefer a temporary receiver, believing that with an additional 10 per cent scale the bank will be able to resume business and come out of its troubles with much less loss to depositors and to the business interests of the community. Two elements, however, give strength to the demand of Commissioner Crofut and State Attorney Hunter for a permanent recelver, and those are the fear that the full extent of the missing treasurer's peculations are not known and that there may be an attempt to cover up some things that ought to be shown up; also that a majority of the corporators are men who were In the old management and friendly to Wal-
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MANSFIELD. (Correspondence.) -Considerable new improved machinery is being put in by the proprietor of the Eagleville cotton mill, to take the place of much worn and old fashioned. The mill has been kept running through the general depression in business, and the proprietor is not of the kind to allow it to run him in debt. -Much less in number of those that usually seek the country for a short stay during the hot weather are in town this season. -Most farmers were through haying several days ago. A few that have neglected to prepare their fields for use of farm machinery are yet in the old ruts plodding along with hand scythe. The crop of hay is the lightest for many years, not much over half the usual crop having been gathered. The growth of oats is seldom better, but most of them were cut for fodder to help out the shortage of hay. Corn and potatoes have made splendid growth. The apple crop in this section will be light and small in size. Huckleberries nearly a failure. -The bad condition of the Dime bank at Willimantic, with probably heavy loss to depositors, strikes this town hard, there being a large number of depositors, many of whom have several thousands on deposit.
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Receivers Appointed. Willimantie, Conn., Aug. 12.-Judge Shumway to-day appointed Hon. John M. Hall, vice president of the New York, New Haven and Hartford railroad, and George E. Stiles of this city receivers of the Dime Savings Bank. Judge Shumway found the bank insolvent, and appointed the receivers, fixing bonds at $30,000 each and a limit of four months for filing claims.
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Can't Continue Business. WILLIMANTIC, Conn., Aug. 13.-Judge Shumway, of the superior court, yesterday denied the petition of the directors of the Dime Savings bank for permission to continue the operations of the institution, and appointed John M. Hall of New Haven and George E.ยฐ Stiles of this city as receivers to wind up the affairs of the bank.
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The receivers of the Dime Savings bank of Willimantic, Conn., report that the claims amount to $685,000, and the assets to $420,000. I | I - I I
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BRIEF MENTION. The parade of striking Baltimore garment workers was not a glittering success. The suspended Dime Savings Bank at Willimantic, Conn., will probably pay about 60 per cent. The quarterly statement mill dividends at Fall River indicates that the season has been prosperous, The Sherman county bank at Goodland, Kan., closed its doors. Assets, $60,000; liabilities, $85,000. The Albion paper company, of Holyoke, N. J., failed. Liabilities between $500,000 and $1,000,000.
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Another dividend of 10 per cent. is to be paid by Receiver Stiler of the Willimantic Dime savings bank, making a total of 55 per cent. There will probably be one more dividend of 10 to 15 per cent.