Article Text
Vermont An Agent to Take Charge. WASHINGTON, Aug. 6. - -The comptroller of the currency has sent an agent to take charge of the Vermont National bank at St. Albans which suspended to day.
Vermont National Bank (St Albans, VT)
Episode Information
- Episode UID
158301004- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
-
15830national - Charter Number
- 1583
- Start Date
- August 6, 1883
- Location
- St Albans, Vermont (44.811, -73.083)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
e8725eb9bbc29547
Response Measures
None
Receivership Details
- Depositor recovery rate
- 80.2%
- Date receivership started
- 1883-08-09
- Date receivership terminated
- 1892-06-06
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 16.3%
- Share of assets assessed as doubtful
- 68.2%
- Share of assets assessed as worthless
- 15.5%
Description
Suspension in Aug 1883 led to receiver appointment and permanent closure; later dividends paid by receiver.
Events (4)
1.
October 11, 1865
Chartered
- Source
- historical_nic
2.
August 6, 1883
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Failure of president Bradley Barlow from unsuccessful railroad speculations and large advances on valueless railroad bonds; bank closed its doors and suspended.
- Newspaper Excerpt
- The comptroller of the currency has sent an agent to take charge of the Vermont National bank at St. Albans which suspended to day.
- Source
- newspapers
3.
August 9, 1883
Receivership
- Source
- historical_nic
4.
August 9, 1883
Receivership
- Newspaper Excerpt
- An agent to take charge... The comptroller of the currency has sent an agent to take charge of the Vermont National bank at St. Albans which suspended to day.
- Source
- newspapers
Newspaper Articles (23)
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HARD times seem to have struck New England amidships. The failures of last week in Boston and Brockton, Mass., were supplemented yesterday by the suspension of the Vermont National bank of St. Albans, heretofore regarded as one of the most conservative and substantial financial institutions in New England. The causes of the failure, depreciation in railroad stocks and other securities and unfortunate speculations, are evidences that even in Vermont the speculative mania is dominant among those who have the handling of other people's money.
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CLOSED ITS DOORS. The Vermont National Bank of St. Albans Forced to the Wall. ST. ALBANS, Vt., Aug. 6.-The Vermont National Bank of St. Albans, Bradley Barlow President, closed its doors this morning, causing great consternation among the depositors. Barlow is also president and one of the owners of the Southeastern railway, Canada, and it is understood he has failed, and that all his property is involved, besides a considerable amount loaned by the banks and individuals to assist him in his railroad management. Barlow says he has assigned all his property to the bank for the benefit of
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THE ST. ALBANS FAILURE. The Trust Company Likely to Pay Depositors in Full-Mr. Barlow Trying to Sell the Southeastern Railway. ST. ALBANS, Aug. 8.-There is nothing new today regarding the affairs of the Vermont National Bank and Trust Company. Treasurer Burgess states that from what he knows of its condition the Trust Company undoubtedly will be able to pay depositors fully in time, but it could not now stand any extensive run. He could not say when they would be able to resume. President Brainard said today he was doing all in his power to make depositors secure and declared all his transactions had been straightforward. The whole question seems to be whether Barlow's creditors will push Brainard to the wall or be lenient. Barlow left for New York last night and it is reported he expects to obtain relief by the dis posal of the Sontheastern. It is claimed however by the Montreal papers that he is handicapped by an arrangement with the Canadian Pacific, which virtually owns the Southeastern, and no move can be made without its consent. A Montreal paper says an offer of $4,000,000 has been made for the Southeastern exclusiva of the rolling stock and it is understood matters will be soon arranged by this offer being accepted. It is believed here that if the sale of the road can be negotiated the depositors in the National Bank will be safe. The only new point in the Barlow failure is that Finance Inspector Dewey's visit this afternoon resulted in a brief investigation and the deferring of further examination of the Trust Company by him till the National Bank inevstigation is completed. Before he left town, however, the inspector spoke guardedly but somewhat encouragingly of the depositors' prospects, announcing his conviction that if matters were not forced to a settlement the Trust Company will pay dollar for dollar or nearly that portion. A receiver will undoubtedly be appointed when the examiner has completed his work.
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BUSINESS TROUBLES. The Effect of the Recent Failures on Business Throughout New England. ST. ALBANS, Vt., Aug. 8.-Regarding the affairs of the Vermont National Bank and Trust company, Treasurer Burgess states from what he knows of its condition that the Trust company undoubtedly will be able to pay its depositors fully in time but could not now stand any extensive run. He could not say when they would be able to resume. President Brainard said he was doing all in his power to make the depositors secure, and declared that all his transactions were straightforward. The whole question seems to be whether Barlow's creditors will push Brainard to the wall. or are lenient. Barlow has left for New York. It is reported that he expected to obtain relief by the disposal of Southeastern. It is claimed, however, by Montreal papers that he is handicapred by an arrangement with the Canadian Pacific, which virtually owns the Southeastern, and no move can be made without its consent. A Montreal paper says an offer of $4,000,000 was made for the Southeastern road, exclusive of the rolling stock, and it is understood that matters will be soon arranged by this offer being accepted. It is believed here if the sale of the road can be negotiated the depositors in the National bank will be safe. Finance Inspector Dewey, who is examining the Trust company's books, is in clined to the belief that the depositors will be cared for, as he thinks the only trouble is Brainard's endorsement for Barlow, which may be met without wrecking the company. No serious trouble is reported yet among the St. Albans merchants, though some have been hard pressed on account of dealing in checks on the Vermont National. The First National is in condition to help bridge over the disaster, and can easily raise $200,000. The financial standing of the owners puts them to trouble, on account of the extra demand beyond question. Gov. Hendees' examination of the Vermont National bank is not yet completed, but nothing has been found to change the opinion that the depositors will be paid fully. BOSTON, Aug. 8.-Henry Daniels, stock broker, has suspended in consequence of the failure of Watson, the stock broker, who failed Tuesday. The liabilities of Daniels are small. Late this afternoon the business friends of Watson came to his assistance and it is hoped an arrangement can be made which will enable him to resume to-morrow.
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BUSINESS TROUBLES. The Vermont National Bank Embezale, meat. ST. ALBANS, VT, August 8 - Regarding the affair of the Vermont National Bank and Trust Company, Treasurer Burg-88 states that from what he knows of its condition the Trust Company will undoubtedly be able 10 pay depositors fully in time, but could not now stand any extensive run. He could not eay when they would be able to resume. President Brainard said he WAS doing all in his power to make depositore 86cure, and declared all h's transictions to be straightforward. The whole question ap. pears to be whether Birlow's creditors will push Brainard to the wall or be lenient.
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BUSINESS TROUBLES. The Effect of the Recent Failures on Business Throughout New England. ST. ALBANS, Vt., Aug. 8.-Regarding the affairs of the Vermont National Bank and Trust company, Treasurer Burgess states from what he knows of its condition that the Trust company undoubtedly will be able to pay its depositors fully in time but could not now stand any extensive run. He could not say when they would be able to resume. President Brainard said he was doing all in his power to make the depositors secure, and declared that all his transactions were straightforward. The whole question seems to be whether creditors will Barlow's push Brainard to the wall. or are lenient. Barlow has left for New York. It is reported that he expected to obtain relief by the disposal of Southeastern. It is claimed, however, by Montreal papers that he is handicapred by an arrangement with the Canadian Pacific, which virtually owns the Southeastern, and no move can be made without its consent. A Montreal paper says an offer of $4,000,000 was made for the Southeastern road, exclusive of the rolling stock, and it is understood that matters will be soon arranged by this offer being accepted. It is believed here if the sale of the road can be negotiated the depositors in the National bank will be safe. Finance Inspector Dewey, who is examining the Trust company's books, is in clined to the belief that the depositors will be cared for, as he thinks the only trouble is Brainard's endorsement for Barlow, which may be met without wrecking the company. No serious trouble is reported yet among the St. Albans merchants, though some have been hard pressed on account of dealing in checks on the Vermont National. The First National is in condition to help bridge over the disaster, and can easily raise $200,000. The financial standing of the owners puts them to trouble, on account of the extra demand beyond question. Gov. Hendees' examination of the Vermont National bank is not yet completed, but nothing has been found to change the opinion that the depositors will be paid fully. BOSTON, Aug. 8.-Henry - Daniels, stock broker, has suspended in consequence of the failure of Watson, the stock broker, who failed Tuesday. The liabilities of Daniels are small. Late this afternoon the business friends of Watson came to his assistance and it is hoped an arrangement can be made which will enable him to resume to-morrow.
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The St. Albans Bauk Failure. ST. ALBANS, Vt., Aug. 8.-Regarding the affairs of the Vermont National Bank and Trust Company, Treasurer Burgess states that from what he knows of its condition the Trust Company will undoubtedly be able to pay depositors fully in time, but could not now stand any extensive run. He could not say when they would be able to resume.
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THE ST. ALBANS FAILURES. The failure of Bradley Barlow has long beencanticipated. It was generally understood that he had embarked all his resources in his Southeastern railroad, and the shaky financial character of that enterprise was widely known. But that Mr. Barlow's failure would lead to that of the Vermont National bank of St. Albans, of the St. Albans Trust company and of a man reputed as wealthy as Lawrence Brainerd, was wholly unexpected by the general "public. The combined failures must result in widespread loss and trouble, and will undoubedtly rank among the most disastrous in the history of the State. There are some points about them that demand examination. First, as to the National bank. This was for all intents and purposes Mr. Barlow's private property and he seems to have so regarded it. Of its capital stock of $200,000, he owned $187,000, leaving only an insignificant amount for the six gentlemen who with himself constituted the board of directors. The bank's deposits were. Mr. Barlow says, about $330,000. Mr. Barlow becoming financially involved, the directors advanced him ($319,000 on bonds of the Montreal, Portland & Boston railroad. The sum was very much larger than the capital of the bank and/almost'as as the entire amount of its doposits. The' Montreal, Portland & Boston railroad is a part of the Southeastern system and runs from Montreal to Sheldon, in this State. Its bonds have absolutely no market value whatever. They may intrinsically be worth par, but at the present moment they are absolutely valueless, and have been SO for a long time past. So, therefore, the directors of the bank appear to have advanced nearly all its funds, aside from its capital stock, on wild-cat securities to a man notoriously involved, financially. The result is that the bank is ruined, its capital is lost beyond all hope, and its depositors will have to endure a long delay and, probably, a final heavy loss. The whole thing shows the glaring evil of running a National bank on the one-man) principle. The case under consideration is not by any means the first on record, nor will it be the last, unless some decisive step is taken to remedy the matter. The man wl.o owns the bank names his own directors and they suffer him to manage the bank as he pleases. They haveno realinterest and presumably pay butslight attention to their official duties. On the other hand, the people see a list of prominent and responsible townsmen announced as directors of the bank, and their names give them confidence in the institution and they entrust their hard earnings to its care. And at last the explosion comes, and the people find that money has gone to the support of some reckless speculator and that the men in whom they trusted were mere dummies, simply giving the use of their names. Such a eystem of banking is a shame and a scandal, and it ought to be done away with. As to the St. Albans Trust company, its affairs have not, at the moment of writing, been made very clear. Mr. Lawrence Brainerd, its president, has made an assignment of all his property for its benefit, however, and from this it would look as if its funds, too, had gone into Mr. Barlow's ill-starred speculations. If such proves to be the case, the thing is even more flagrant than that of the National bank. The care of the money belonging to the working and poorer classes is a sacred trust, and its investment ought to be surrounded with every possible safeguard. Too great caution can not possibly be used. These facts are too familiar and too obvious for argument. And yet the managers of the St. Albans Trust company appear to have been as loose and careless in their methods
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There is mourning in St. Albans, Vt., on account of the suspension of the Nermont National Bank and St, Albans Trust Company of that place. The suspensions were caused by unsuccessful railroad investments made by Bradley Barlow, president of the Vermont National Bank, whose notes were indorsed by Lawrence Braiuard, president of the St. Albans Trust Company. The deposits of the former bank were $120,000, and the depositors are promised the full amount as soon as the business can be wound up.
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THE Vermont National Bank, of St. Albans, has suspended, owing to the failure of its president, Bradley Barlow, which was caused by unsuccessful railway speculation.
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Trying to Secure Depositors. ST. ALBANS, Vt., August 8.-Regarding the affairs of the Vermont National bank and trust company, Treasurer Brainard stated from what he knows of its condition the company will undoubtedly be able to pay depositors fully in time, but could not now stand any extensive run. He could not say when they would be able to resume. Brainard said he was doing all in his power to make depositors secure.
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THE ST. ALBANS FAILURES. Sr. ALBANS, Vt., Sept. 12.-The petition of Receiver Mendee, of the Vermont National Bank, for the adjudication of Lawrence Braicard us a bankrupt, is
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FAILURES IN BUSINESS. An Opera- Manager at New Orleans Makes an Assignment. NEW ORLEANS, Jan. 2.-A. J. DeFosse, manager of a French opera troupe, in the Civil District Court to-day made a cession of the property to creditors. The assets, including costumes, music and furniture, are valued at $1,095. The liabilities, including salaries to various members of the troup and others, are $12,595. RUINED BY A MORTGAGE. FORT SMITH, ARK., Jan. 2.-James B. Harwood & Co., dealers in general merchandise, at Lavacca, in this county, made an assignment yesterday. Their liabilities are $12,000, and the nominal assets $20,000. They took mortgages on cotton crops and one of these mortgages caused their failure. AUGUSTA DRY GOODS DEALERS ASSIGN. AUGUSTA, GA., Jan. 2.-Landrum & Butler, dry goods dealers, have assigned to H. H. Hickman. The liabilities are $38,000, and the estimated assets, in stock, notes and accounts, $54,000. SETTLING WITH CREDITORS. ST. ALBANS. VT., Jan. 2.-The suspended Vermont National Bank began yesterday to pay its first dividend to depositors, amounting to 12 1/2 per cent.
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GENERAL NEWS. At the annual meeting of tha Lowell railroad yesterday, President Abbott and the old board of directors were elected. There was no other business transacted. The suspended Vermont National Bank at St. Albans began Tuesday paying the first dividend to depositors, amounting to 121 per cent. Hon. George W. McCrary of Iowa, United States judge of the Western circuit, has oeen appointed general counsel of the Atchison, Topeka and Santa Fe railroad and all its adjunct lines. Gen. Grant is rapidly recovering from the effects of his by ms late fall. As yet however he is unable to stand on the injured limb. Philip Kirby of Milford, Mass., was found dead in a door way with a gash in his head, early yesterday morning. An inquest will be held. John Demers, a young Frenchman, while drunk fell off the Eastern railroad bridge at Salmon Falls, N. H., a height of forty feet, receiving probably fatal injuries. The city government of Dover, N. H., was inaugurated yesterday. Mayor Lothrop's inaugural recommends many important improvements. The common council organized with John C. Pray as president. Rev. Francis Hawley, father of United States Senator Hawley, died in Hartford, Conn., yesterday, aged 81 years. Gov. Cleveland of New York yesterday nominated Amos J. Cummings, a well known New York jourralist, to succeed the late Geo, W. Lane upon the aqueduct commission. Schooner Lord Collingwood from Trieste, which arrived at New York yesterday, reports that on Jan. 1st when 45 miles southeast of Sandy Hook, Capt. Nicholson while heaving the lead fell overboard and was lost. Fifteen inches of snow fell in Barre, Vt., was B No. yesterday A W elevator 18th and it in Smith New still Brothers' York, falling last fell brewery night. 240 street. yesterday from the third floor to the sub-cellar, seriously injuring five persons. At the annual meeting of the New England Historical Society in Boston yesterday afternoon the old board of officers were reelected. President Marshall P. Wilder delivered his annual address. Charles B. Staples was arrested in Lakeville, Mass., yesterday on suspicion of causing the death of Patrick Carthius. A severe storm accompanied by snow raged in Buffalo, N. Y., nearly the whole of yesterday and the wind was blowing 45 or 50 miles per hour. A New Orleans despatch says A. J. Defossez, manager of the French opera troupe, yesterday made a cession of the reperty to cr. ditors. The assets are valued at $1,095 and liabilities $72,595. The Mexiean government has declared forfeited the concession made to Gen. Graut for a submarine cable connecting Mexico with the United States and Central America, for nonfulfilment of the terms of the concession.
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DIVIDEND FROM A BROKEN BANK. ST. ALBANS, Vt., Jan. 2.-The suspended Vermont National Bank began yesterday to pay its first dividend to depositors, amounting to 121g per cent.
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Hank and Business Failures. The suspended Vermont National Bank at St. Albans began on Tuesday to pay its first dividend to depositors of 121/4 per cent. Landum & Brother, dry doods merchauts of Augusta, Georgia, have made an assignment. Liabilities, $38,000 estimated assets, $54,000. C. E. M. Savage & Sons, dealers in general merchandise, at Miles City, Montana, have made an assignment. Their liabilities and assets are estimated each at about $90,000. Clark &Maldauer, wholesale dealers in furnishing goods at Kansas City, Missouri, made an assignment yester day.
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A Vermont National Bank Dividend. ST. ALBANS, Vt., Jan. 2.-The suspended Vermont National bank began yesterday to pay its first dividend to the depositors, amounting to 12, per cent.
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Those Bank Suits Again. The suits of Receiver Hendee of the Vermont national ofSt. Albans, against the National bank of St. Johnsbury, the National bank of Brandon, the Baxter national bank of Rutland, the St. Johnsbury savings bank and the St. Albans Trust company and A. O. Brainerd, to compel payment of assessment of stock in the Vermont national, have been set for trial at the February term of the United States court, which is held in Burlington and begins on the 23d.
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cases were held under advisement by the courts. The only law cases set for trial were those of George W. Hendee, receiver of the Vermont National bank of St. Albans, vs. the First National bank of St. Johnsbury and the same vs. the Passumpic and the other banks in the old Barlow case. Hon. L. P. Poland who appears for the defendants asked that only one of the cases be tried this term and that the others be continued. The Court decided to take up each case as it was reached and try it on its own merits. It is thought that the St. Johnsbury bank will be the first case tried.
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U. S. Court Decisions. In the United States circuit court at Rutland Tuesday, judgment for the plaintiff was entered in each of the following named cases under stipulations by the respective parties : George W. Hendee, receiver of the Vermont National bank of St. Albans V8. the Merchants National bank of St. Johnsbury, for the sum of $19,640.56; same vs. National bank of Middlebury, $9,822.28; same vs. First National bank of Brandon, $9,822.28; same vs. Baxter National bank of Rutland, $11,034.00 ; same VS. Passumpsic Savings bank of St. Johnsbury, $14,731.50.
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# RECEIVER HENDEE'S VICTORY Another Dividend for Depositors of Vermont National Bank. Receiver Hendee of the defunct Vermont National bank at St. Albans, having secured judgment in the United States Court against certain banks of this State which declined to pay assessments upon them as stockholders, announces another dividend of 25 per cent to be paid about November 1. This will make an aggregate of 67 1-2 per cent paid thus far. The balance to be paid depositors depends upon the sale of Boston, Portland and Montreal first mortgage bonds owned by the bank, and it is hoped to realize enough therefrom to pay claims nearly in full.
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A fifth dividend-and probably the last-has been declared in favor of the depositors of the late lamented Vermont National bank of St. Albans, of which George W. Hendee is receiver. This makes an aggregate of 741/2 per cent paid by this institution. The mills of a defunct bank grind slow, and do not always reach the 74½ per cent mark.