Article Text
A Bank Wreck. The Farmers' National Bank of Vergennes, Vt., is the latest institution to go to the wall, and is in the hands of a receiver. There is an embezziement of $90,000, and the Bank Examiner puts
Farmers National Bank (Vergennes, VT)
Episode Information
- Episode UID
247501216- Episode Type
- Suspension โ Closure
- Bank Type
- national
- Bank ID
-
24750national - Charter Number
- 2475
- Start Date
- April 13, 1901
- Location
- Vergennes, Vermont (44.167, -73.254)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
a5f4f5c2c2a486d0
Response Measures
None
Receivership Details
- Depositor recovery rate
- 71.5%
- Date receivership started
- 1901-04-13
- Date receivership terminated
- 1906-10-01
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 76.6%
- Share of assets assessed as doubtful
- 13.1%
- Share of assets assessed as worthless
- 10.3%
Events (5)
1.
April 29, 1880
Chartered
- Source
- historical_nic
2.
April 13, 1901
Receivership
- Source
- historical_nic
3.
April 13, 1901
Receivership
- Newspaper Excerpt
- The Farmers' National Bank of Vergennes, Vt., ... is in the hands of a receiver. There is an embezziement of $90,000
- Source
- newspapers
4.
April 13, 1901
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Large embezzlement/defalcation by bank officers/cashier (reported $90,000 shortage)
- Newspaper Excerpt
- The Farmers' National Bank of Vergennes, Vt., is the latest institution to go to the wall, and is in the hands of a receiver. There is an embezziement of $90,000
- Source
- newspapers
5.
May 27, 1901
Other
- Newspaper Excerpt
- Lieutenant Governor Allen, vice president of the Farmers' National Bank, which recently suspended here, ... were arrested today by United States officers, under an indictment charging them with complicity with Cashier Lewis in wrecking the bank.
- Source
- newspapers
Newspaper Articles (24)
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SOME WERE CAUGHT. It would, indeed, have been remarkable had not some of the banks of the country been caught in the maelstrom of last week through the mistaken notion of their officials that they were safe in using the funds entrusted to them for the purpose of increasing their private fortunes by taking a "flyer" on the exchange. Since the excitement has aied out seven officials of national banks have been found out as having "gone wrong," according to reports from Washington. While all the details have not been learned as to what the officials did with the money they took, it is the opinion at the office of the comptroller of the currency that in every case speculation in some form is responsible* for the shortage. Four of the banks have been compelled to suspend. With the exception of one case, all the defalcations came to light while the bull boom in stocks was on, when many of the speculators were making money and apparently believing that there was no end to the advance in prices. The comptroiler's office believes that others will be heard of, cases where some of the officers or employes of the banks used funds illegally. The affected banks are scattered over a large area of the country, showing that the fever for suddenly getting rich was not peculiar to any one section. As shown by the figures obtainable the total of the seven shortages is $438,000. Of this shortage the largest amount IS charged up to the Farmers' National bank of Vergennes, Vermont, which is reported to have a discrepancy of $150,000. Away up in Washington state a bank, the First National of Vancouver, is behind $81,000. Of course, none of the men responsible for the shortages intended to steal the money. They expected to use it for a few days only, until they could unload, and then make good without anybody knowing the least concerning the transaction. They were simply weak men, who could not resist the temptation to gamble, a weakness with which many Americans, unfortunately, are affected, and who are every ready to grasp at the illusive opportunities presented on the stock exchanges to suddenly and easily grow wealthy, not having the patience or ability to accumulate riches in the legitimate way.
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LIEUT. GOV. ALLEN ATTACHED. Vergennes, May 25.-Growing out of the Farmers' Bank embezzlement here it is understood that an attachment on the property of Lieut. Gov Allen, vice-president of the Farmers' National Bank, was made yesterday afternoon, covering the entire property of the Allen estate to satisfy claims made by Receiver J. T. Sullivan for a considerable amount.
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Bank Officer Arrested. Vergennes, Vt.. May 27.-Lieutenant Governor Allen. vice president and director of the Farmers' National Bank, which recently suspended here. and J. W. Ketcham. representative of the legislature from here, were arrested today by United States officers. under an indictment charging them with complicity with Cashier Lewis in wrecking the bank.
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Bank Wreckers Arn't Democrats. VERGENNES, Vt., May 27.-Lieutenant Governor Allen. vice-president of the Farmer's National Bank,Which recently suspended here, and J. W. Ketcham representative in the legislature were arrested today charged with complicity in wrecking the bank.
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BANK WRECKING CHARGED. VERGENNES, Vt., May 27.-Lieut. Gov. M. F. Allen, vice president and Director of the Farmers' National Bank, which recently suspended here, and J. W. Ketchum, a representative to the Legislature from this place, were arrested to-day by, United States officers, under indictments charging them with complicity with Cashier D. Q. Lewis in wrecking the bank.
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Charged With Complicity, Vergennes, Vt., May 27.-Lientenant Governor M. E. Allen, vice president of the Farmers' National bank, which recently suspended, and J. W. Ketcham, a legislative representative, have been arrested by United States officers under Indictments charging them with complicity in wrecking the bank.
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High State Officials Accused. Vergennes, Vt., May 29-Lieutenant Governor M. F. Allen and State Representative J. W. Ketcham have been arrested by federal officers under indictments charging them with complicity with Cashier D. Q. Lewis in wrecking the Farmers' National bank, of this city. which recently suspended.
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Wreeked a Bank. Vergennes, Vt., May 28.-Lieutenant Governor M. F. Allen, vice president and director of the Farmers' National bank, which recently suspended here, and J. W. Ketcham, a representative to the legislature from this place, have been arrested by United States officers under indictments ! charging them with complicity with Cankier D. O. Lewis in wrecking the bank.
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The Vermont Abanix. TEN PAGES. BRATTLEBORO, FRIDAY, MAY 31, 1901. It is unfortunate for the good name of Vermont that her lieutenant governor has been dragged into the affairs of the wrecked Farmers' National bank of Vergennes as has been done. It must be said, however, that Lieut. Gov. Allen's bearing is that of an innocent man. He declares without any qualification that he has not been guilty of any fraudulent act. He refused any suggestion of a compromise of the matter before his case went before the United States grand jury, and he now insists on a thorough investigation which, he says, will clear him absolutely from any charge of fraud or complicity. He is entitled to a suspension of judgment until all the facts are fully proved.
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Wrecked # Bank. Vergennes, Vt., May 28.-Lieutenant Governor M. F. Allen, vice president and director of the Farmers' National bank, which recently suspended here, and J. W. Ketcham, a representative to the legislature from this place, have been arrested ty United States officers under indictment charging them with complicity with Caskier D. O. Lewis in wreeking the bank.
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Wrecked a Bank. Vergennes, Vt., May 28.-Lieutenant Governor M. F. Allen, vice president and director of the Farmers' National bank, which recently suspended here, and J. W. Ketcham, a representative to the legislature from this place, have been arrested by United States officers under indictments charging them with complicity with Caskier D. O. Lewis in wrecking the bank.
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Wrecked a Bank. Vergennes, Vt., May 28.-Lieutenant Governor M. F. Allen, vice president and director of the Farmers' National bank, which recently suspended here, and J. W. Ketcham, a representative to the legislature from this place, have been arrested by United States officers under indictments charging them with complicity with Caskier D. O. Lewis in wrecking the bank.
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Wrecked - Bank. Vergennes, Vt., May 28.-Lieutenant Governor M. F. Allen, vice president and director of the Farmers' National bank. which recently suspended here, and J. W. Ketcham, A representative to the legisla. ture from this place, have been arrested "I United States officers under indictments charging them with complicity with Cash. ier D. O. Lewis in wrecking the bank.
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In Vermont, a circuit court judge has sentenced David H. Lewis, aged 50 years, who for twenty years was cashier of the Farmers' National Bank of Vergennes which went into the hands of a receiver last April with a shortage of $90,000, to eleven years imprisonment in the house of correction at Rutland.
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The comptroller of the eorreboy is oz peoted to BOOD drelare 8 25 percent divi dend for the depositors of the Farmers' National bank of Vergannes Two similar dividends have been paid, The soit for $2 000 of Mrs. Hallet VP, Frack L Fish, receiver of the bank, is set for trial in the United States circoit court Feb. 2
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mman: "The new book showed nothing but the balance on hand.' "Yes." "You don't know very much about your checks, do you?" "I know it was a very hard to in the bank. For the had ind them called last matter year time and time again and was I old they were laid away some where and couldn't stop to find them." "For the the Mr. speaker Martin: last year? "Well, it might have been for the last wo or three years.' F. L. Fish was recalled and testified that all of Allen's and Quinlan's checks were, is n far as he knew, in the large bag. put ernment. evidence a short time before by the govGOVERNMENT EXPERT TESTIFIES. C., Frank R. McCormick of Washington. D. followed Mr. Fish and said he the of to examine the books by ice. He the government department of the was bank. sent juswent through the books and checks with Mr. Platt and had made a partial ist, Mr. which covered the items taken up by Platt in his previous testimony. by "State whether any item was given Mr. Platt incorrectly? "I followed his testimony closely and compared it with my list, but did not see was all ut Mr. everything Cushman's right. cross-examination showd back that witness's examination extended only three years. His remaining testimony was largely in regard to his sociation with Mr. Platt in the examina- asion of the bank. PRES. DUNSHEE'S EVIDENCE. President N.F. Dunshee. of the defunct bank, was the next witness sworn. "You are the president of the Farmers' National Martin, bank of Vergennes, asked Mr. "I was," Mr. Dunshee responded dryly "Did you in any way have knowledge that false entries were being made on the bank's books? "No sir. "Was the employment of John W. a Ketchum by the bank brought before meeting of the directors at any time?" was.' "What was the conclusion at that time: Mr. Dunshee explained that the directors Ketchum was by but that the bank had $100 Lewis, for thought paid employed Ketchum his assistance in that Ketchum did work in was elected to the bank until He He said he Legislature, institution. the said the other directors of the were Walter Scranton of New bank of New York, M. F. Henry W. Tracey of Lewis, Leroy Allen, York, Shelburne, H. D. W. H. who was elected to succeed C. W. Read, who died in 1897. Mr. Martin in conclusion asked "Did authorize or consent to the false entries you being made on the books of the bank?'' "No sir." Brown The cross-examination by Attorney the was of interest. Mr. Dunshee nually. books of the bank were examined said anthe "At what time while Ketchun was in the bank did you or the directors examine books?' "In January of each year." 899?" "Did you examine them in January, "I think so." "Did you as director or the other January?" ors make any other examination except direc. in "No, sir, I don't think EO. of "You the made a thorough examination 1899?" books at the January meeting in "We examined all the books." Mr. Dunshee proceeded to tell how the examination was conducted. The out a list of the notes and counted the money and made it and with they compared deposits cashier positors. the notes and the books of the de"Did you compare to see if the deposit accounts were correct or if they had been padded thousands of dollars? "O no, sir. "Did you examine the books themselves to see if the balances were correct?' "No don't think so.' Mr. Dunshee : said a dividend of two meeting. cent was declared at the January, 1899 per "You knew at the January meeting that the bank was running short of funds didn't you?' "I did." "You knew that the teller and clerks had been sent out among the depositors to get in money?' "I did not. "How much of the embarrassment of bank in respect to paying checks did the 1899?' know of at the last of 1898 or the first you of "I didn't know anything about it until a short time before the bank closed." "At the annual meeting in January, 1901, another dividend of two per cent was declared? "Yes sir. Witness stated that he first found out the bank was several thousand dollars in the hole when it was examined by an ex. pert and closed. "Didn't you know prior to the examination by Mr. Fish of a shortage?' sir.' replied the former claimed there was short. made up a statement to age The "No and cashier purporting president. no true condition of the show the bank." Withnessthought thisstatement after ing presented to the directors was taken beby Lewis to New York to show Mr. Seranton. He thought Tracy, Allen, were at the meeting himself hired. when Lewis Ketch- and um was He acknowledged that he signed the reports made to the comptroller of currency made out by Lewis in 1899 and 1900. 'Did you know that during Ketchum's in the bank the of the were overdrawn directors service accounts largely "Yes sir, the books showed it. as a rule they were at the time of the overdrawn Witness said January not meeting. He thought his own account might have been a little. yours one of them I don't think so.'' "Was "Well, "Do you know that the statement to the comptroller said that none of the directors accounts were overdrawn "Well I don't know as they were." DIRECTOR TRACY EXAMINED. The court refused to allow the cross. examination to proceed farther along this line and after filing
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# Mrs. Hallett Will Recover $25,000. United States Judge Hoyt H. Wheeler has rendered a decision in the case of Mrs. Frances P. Hallett of Dorchester, Mass., against the receiver of the defunct Earmers' National bank of Vergennes. The decision is in favor of Mrs. Hallett, who sued for the recovery of $25,000 paid by her, through Cashier D. Henry Lewis, to the bank.
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# RECOVERS $25,000. United States Judge Hoyt H. Wheeler has rendered a decision in the case of Mrs. Frances P. Hallett of Dorchester, Mass., against the receiver of the defunct Farmers' National bank of Vergennes The decision is in favor of Mrs. Hallett, who sued for the recovery of $25,000 paid by her, through Cashier D. Henry Lewis, to the bank.
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It is announced that the depositors of the defunct Farmers' National bank of Vergennes will receive another small dividend after Mrs. Frances P. Hallett has received the $25,000 which, she secured by a decision from Judge H. H. Wheeler, of the United States circuit eourt. It is stated that F. L. Fish, receiver, has about $40,000 in his hands and after Mrs. Hallett receives the $25,000 there will be $15,000 to distribute among the depositers.
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The stock holders of the defunct Farmers' National bank of Vergennes, who haye refused to return the dividends paid them by the bank after it became insolvent and who have been sued by F. L. Fish, receiver, have organized to fight the case. They are said to be searching for evidence in order to bring additional indictments against men who occupied official positions at the bank at the time of the failure.
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DIVIDEND OF SEVENTY PER CENT. Vergennes, Vt., Dec. 21.-Receiver F. L. Fish of the Farmers' National bank here has declared a dividend of 10 per cent. Since the bank failed, April 13, 1901, it has paid 70 per cent to depositors. The liabilities included $106,000 in deposits and $45.000 due other banks. The stockholders were assessed by the receiver.
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Ten Per Cent More For Depositors. L. Vergennes, Dec. 21.-Receiver F. Fish of the Farmers' National Bank here has declared a dividend of 10 per cent. Since the bank failed, April 13g 1901, it has paid 70 per cent to depositors. The liabilities included $106,000 in deposits and $45,000 due other banks :The stockholders were assessed by the receiver.
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THEATRICAL K CHATTER A be A rumor that Peter Pan will As it was a warm day she wore only a half length veil. produced as opera has been denied by "Oh, joy! cried Mr Bockley 'look J. M. Barrie, the author of the play. :11: what pretty whiskers to play with, and he ambled across the sidewalk Blanche Walsh at her home "The and gleefully twined the plaited Lilacs, Great Neck, L. I., is convalbeard of the phenomenon about his fingers. escing illness. from what was a dangerous :11: Alice, the Bearded Lady, squealed indignantly and a policeman came to her assistance. Sarah Bernhardt has been elected to the Society of Authors of France. 'This man is trying to flirt with She has always shown great interest me, she said, hardly able to speak in the society. for agitation. All: A crowd gathered about and listened interestedly. Ernest Shipman has obtained the rights to "The Walls of Jericho' Mr Bockley declared that he was from James K. Hackett and will send not trying to flirt with the Bearded to two companies on the road with the Lady and that he only wanted play next season. play with her whiskers. Then Alice :11: became angry and insisted upon his arrest. A son was born to Mr and Mrs When arraigned Mr Bockley was Irving Brooks (Countess Olga Von discharged with a reprimand and ad Hatzfeldt) at their home at Coytesvised to hurry back to Boston ville, N. J., on June 17. Mrs Brooks was formerly leading lady in The Dainty Duchess. The boy has been 08 named Irving Von Hatzfeldt Brooks. :ii: Joseph Brooks, who is now in LonPOLI'S don, has made arrangements with George R. Sims, whose melodramas are known all over the civilized world, to write four thirty minute "thrillers" for presentation on the ACME VAUDEVILLE. Klaw & Erlanger circuit next season, An excellent vaudeville bill is of The first play will be ready for production in December. fered at Poli's this week, many of the :II: acts being of high order. The theater is cool and the ventilation is arrangDenis O'Sullivan, one of the most ed in such a way that refreshing air is popular Irish comedians and vocalalways passing through the theaists in England, has been engaged ter. Philbrooks & Reynolds in their for an American tour, to begin laughable offering 'Miss Steno, the December 2, in Carnegie hall. He on Stenographer, are the headliners & will give recitals of old Irish meloand other attractions are Rice dies and later go on tour in a comic Walter in 'A Day on the Farm, opera, Peggy Machree, in which he Flemin & Miller in a singing and starred in England. He wall also talking act, Miss Minnie Sullivan in appear in Irish plays of the Dion illustrated songs, Joe Edmunds, ecBoucicault order. centric comedian. Bertina & Brack:||: away and moving pictures. Prices William Hammerstein, whose joy 10 cents at matinees, evenings 10 and 20 cents. over the hit scored by Barnold's dogs and monkeys has caused him to smile even at old jokes, announces a special matinee at 11 a. m. July 4, to which O any dog of a size that may be held in the lap. accompanied by its owner or guardian will be admitted free of charge. There are enough pet dogs Jacques in the vicinty of Times Square to fill the house, and it is expected that the Barnold act will be greeted with "AT VALLEY FORGE. chorus of approving yelps that will a raise the roof. For Fourth of July week Poli's :II: Own Stock company will be seen in The portrait of E. H. Sothern patriotic romance called 'At Valley Hamlet which has hung in the lobby as Forge. It is an interesting play written about one of the most dramof the Lyric theater was practically ruined some time between last Satatic incidents in American history urday night and the Tuesday mornElaborate preparations have been ing following. The head and shouldmade to stage the piece and the aters of the figure were cut cleanly and mosphere of the revolution will be completely out of the canvas. Whethsustained all through. The pictureser it was an act of pure vandalism or que costumes of the continental soldwhether there was personal animus iers, the red coats of the British and behind it is not known. The paintthe scenes about the famous camp at ing is the work of Andrew Rouland, Valley Forge wil be shown. One of and the original cost was $1,000. the features will be a spectacular Sothern has offered a reward of $500 tableau of 'Washington Crossing the Delaware for the return of the canvas. A pretty romance runs through the play and it should prove one of the most delightful offerings It is generally maintained that the a of the summer season. Miss Minnie first American play performed by Sullivan who was at Poli's this week regular company at an established will sing illustrated songs. Souvenirs theater was a piece called "The on Tuesday afternoon. Popular Contrast, written by Royall Tyler prices. and presented at the John Street theater, New York, on April 16,1787 It was announced as "a comedy in THEATRICAL SEASON LONGER. five acts by a citizen of America. Those in the company were Messrs More Work For Actors In Summer Wignell, Halam, Biddle, Harper, Morris, Lake, and Mrs Morris, Mrs Than Formerly-Singers Profit. Harper and Miss Tuke This comActors have the comforting prospany had come over in 1752 and had pect of an ever increasing theatrical presented "The Merchant of Venice' season, in spite of the complaints of for its premiere. "The Contrast" had sometimes made that the time a run of our performances and was much praised, though it now seems the employment grows yearly shorter and salaries smaller. trivial and stupid. Its author was Richard Mansfield astonished his well known jurist, wit and poet. He colleagues several years ago by book. wrote several other plays, 'Mayday, ing a season that continued and or New York in an Uproar, the middle of July He arranged until "Georgia Spec. He also wrote for this by avoiding the northwest until magazines and newspapers. early summer and then spending almost two months playing in the Upon being released from jail at cities along the northern pacific.in Middlebury, Vt., on June 23, John which the weather is so cool that Winslow Ketcham asserted that he the theaters are kept open all sumwould go on the stage and appear in mer The increase in the length of a play of his own production. Ketchthe season is shown by the plans of am was sentenced to seven years' imtheatrical companies this year prisonment for complicity in the Ethel Barrymore has started out on wrecking of the Farmers' National tour\of one night stands that is to bank of Vergennes. He has served continue until the middle of August refive years and two months, the to begin acting again early in mainder of his sentence being comSeptember. Maude Adams will not muted because of good behavior and acting this year until the end of bravery in helping to prevent the July and will begin again in Septemcapeof fellow prisoners. ber. These are a few of the more and ily maintained his innocence notable instances of companies that claimed that his downfall has been will busy for the greater part of due to political machinations. He the summer. There are more and more of them every year. has written while in jall book upon the bank failure. and has compiled Formerly the actor who wanted and published volume of laws refind employment all summer had to lating to the duties of police officers, only the stock companies to look to. sheriffs and court officials in VerWork in the travelling companies mont. He has also written play much less exacting, as there is no of play. change based on what he claims the true version of the bank wrecking. and he Two New York theaters expect proposes next fall to tour the state in keep their doors open all summer.ar to this piece in hopes of justifying him. as one of them succeeded in doing it self and gaining again public eslast year. they may carry out their teem. plans. The great increase in the number of towns in Canada and the "I have never been so grossly innorthwest that offer good theaters to sulted since the first time shavble visiting companies will make It possisaid ed. Alice, "The Phenomenal Result Growth, of Misplaced Capillary other within to short find time work throughout for many as she is billed in the the whole museums, yesterday afternoon the same season. the musical ar-