Randolph Savings Bank (Randolph, VT)

Episode Information

Episode UID
686531991206
Episode Type
Suspension β†’ Closure
Bank Type
savings
Bank ID
68653199 hash
Start Date
June 9, 1900
Location
Randolph, Vermont (43.925, -72.666)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
42ba27ba1f03c223

Response Measures

None

Events (2)
1. June 9, 1900 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inspector discovered a shrinkage of $13,800–$14,000 from poor loans/western investments that wiped out surplus and rendered the bank insolvent.
Newspaper Excerpt
Randolph, Vt., June 9.-The Randolph Savings Bank closed its doors to-day, and It is announced that a receiver will be appointed.
Source
newspapers
2. June 15, 1900 Receivership
Newspaper Excerpt
Judge Start has appointed C. H. Maxham of Pomfret to be receiver of the Randolph savings bank. Its assets are nominally about ninety-five per cent.
Source
newspapers

Newspaper Articles (20)
1. June 10, 1900 New-York Tribune New York, NY
Article from New-York Tribune, June 10, 1900

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FAILURE OF A VERMONT BANK. Randolph, Vt., June 9.-The Randolph Savings Bank closed its doors to-day, and It is announced that a receiver will be appointed. F. E. Platt, State Inspector of Finance, has discovered a shrinkage in the value of loans sufficient to impair the amount of deposits to the extent of 5 per cent. Mr. Platt estimated the shrinkage at from $13,800 to $14,000. It is understood that the court will be asked to appoint a receiver next week. The bank is the only savings institution in Randolph.

2. June 11, 1900 Barre Evening Telegram Barre, VT
Article from Barre Evening Telegram, June 11, 1900

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DOORS CLOSED Randolph Savings Bank Enjoined by Judge Start VERY SMALL LOSS Depositors Will Lose but Lit= tle. Will Probably Pay 90 to 95 per cent. (Special to TELEGRAM.) Randolph, June 11.-This town was startled Saturday afternoon to learn that on application made by F. S. Platt, state inspector of finance, the Randolph Savings bank had been enjoined and its doors closed. IIe made the usual annual examination May 18, and said he would come back in a week or ten days and look into some western securities again, but gave none of the trustees to understand that he contemplated closing the bank. He came Friday and made a very careful examination and at noon informed the trustees that he should close the bank, and showed them the papers all prepared to lay before Judge Start at Chelsea. It was a great surprise to the officers of the bank. His estimates submitted to the trustees indicated a shrinkage of between $12,000 and $14,000, or 5 per cent of the deposits, and under the law there is no alternative but to appoint a receiver, consequently the doors of the bank were closed Saturday and the selection of a receiver is being considered. The bank was established January 24. 1889, and has been noted for its safe and conservative investments. Its failure is a shock to the town, a majority of whose families are involved. The officers and trustees are Hon. James Hutchinson, president; Judge William Nichols, vice president: B. T. Lombard, treasurer: M. M. Wilson, A. G. Wheeler, M. A. Tewksbury, G. L. Martin. V. 1. Spear, W. E. Lamson, trustees. The hopefulness of depositors shows confidence in the management, and the general belief seems to be that eventually the depositors will sustain only tritling losses. Had the inspector been willing to withhold the proceedings a few days a guarantee sufficient to more than make up the estimated shrinkage could easily have been raised as many leading business men immediately and voluntarily offered to do this, and there is considerable feeling in the town over his action, which is, to put it mildly characterized as hasty. The last published statement was made June 30, 1899 by the inspector, and hisannual report as follows:

3. June 11, 1900 Barre Evening Telegram Barre, VT
Article from Barre Evening Telegram, June 11, 1900

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BARRE, VT., JUNE 11, 1900 Randolph has suffered a severe loss in the suspension of the Randolph Savings Bank. This was due to western investments and again emphasizes the fact that Vermont money should be invested in Vermont. Those banks that have as their motto, "every dollar invested in Vermont" do not have to close their doors.

4. June 11, 1900 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 11, 1900

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SHRINKAGE IN ASSETS. A Receiver to Be Appointed for the Randolph, Vt., Savings Bank. Randolph, Vt., June 10.-The Randolph Savings Bank closed its doors, Saturday. and it is announced that a receiver will be appointed. The trouble came to the notice of State Inspector of Finance Fred E. Platt, who examined the books a few days ago, when he discovered a shrinkage in the assets sufficient to impair the amount of deposits to the extent of 5 per cent. It is said that the losses were caused by certain poor loans. The Randolph Savings Bank, when the last annual report was submitted to the state officials, had 1771 depositors on its books. and to the depositors the sum of $342,649.26 was due with interest. The surplus amounted to only $5879.34. State Inspector Platt, when he discovered that the bank had lost by a shrinkage on certain loans, notified the directors of the institution. The accounts were carefully inspected, and the situation was considered at length. Mr. Platt estimated the shrinkage at from $13,800 to $14,000, which wiped out the surplus and made inroads on about 5 per cent. of the deposits. The result of the examination led to the closing of the bank, Saturday, and it is understood the court will be asked to appoint a receiver next week. The bank is the only savings institution in Randolph and the trouble is considered a great misfortune to the citizens. The deposits have decreased during the past year.

5. June 14, 1900 Herald and News Randolph, VT
Article from Herald and News, June 14, 1900

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Randolph Savings Bank Closed. On application of F.S. Platt of Poultney, state inspector of finance, Judge Start at Chelsea on Friday issued an injunction restraining the Randolph Savings bank from doing further business and placed it in the hands of a receiver to wind up its affairs. This step was an entire surprise to the bank officials, the depositors and citizens. Nothing of the kind had been hinted at. It was the result of recent losses suffered by the bank in the West. Inspector Platt made his usual inspection of the bank May 18th. He noted that certain securities on property at Omaha, Neb., had been sold for considerably less tban they were listed at in the bank's resources. It was clear that a loss had been entailed sufficient to make a July dividend impossible. Without giving a hint of his intention, Mr. Platt procured the necessary papers and on Friday afternoon announced to the surprised trustees that the bank was closed at noon and a receiver would shortly be named. The actual loss was between $12,000 and $14,000, which wiped out the bank's surplus and made some inroads on the prin. cipal. The law directs that banks in this condition shall be closed. The officials endeavored to secure a little time so as to make some arrangement whereby the deficit could be made up by those interested, several of whom made generous offers, but it could not be allowed. The court also declined to name Treasurer Lombard as receiver, while having faith in bis entire fitness, on ac. count of his connection with the bank. On Saturday the bank door bore the sign, "Closed Today." On Monday Judge Start named as receiver Hon. C H. Maxham of Pomfret, one of the leading business men of Windsor county and assistant judge, who will take charge of winding up the bank's affairs. Mr. Lombard will assist him. The bank will of course receive no more moneys on deposit and pay out none until the first dividend is declared, which will be soon, of probably 25 per cent, to be followed at intervals, as fast as funds can be drawn in, until all possible amounts have been realized and divided. The assets are nominally about 95 perjcent of the deposits. If they can be realized on as appraised, the bank will pay that dividend to depositors, as it is estimated that the accruing interest will pay the expenses of the receivership. The actual loss to depositors will certainly be small, though the delay will inconvenience a great many. The stocks and bonds can easily be disposed of to other banks and probably all of the mortgages now running. Such of the latter as are due will have to be realized on and the bank's real estate must be sold for what it will bring. The Randolph Savings bank was chartered in 1888 and opened for business Jan. 24, 1889. It had quarters for several years in the Tewksbury store, meving in 1895 to the nice rooms near the postoffice, which had been finely fitted up and equipped with a modern vault and safes. James Hutchinson has been president and B. T. Lombard treasurer since the beginning and there have been only a few changes in the trustees, who are now as follows: James Hutchinson, president; Wm. Nichols, vice president: B. T. Lombard, treasurer: M. M. Wilson, A. G. Wheeler, M. A. Tewksbury, G. L. Martin, v. I. Spear, W. E. Lamson, trustees. The bank's books contained the following statement of business June 1st: RESOURCES.

6. June 15, 1900 Vermont PhΕ“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont PhΕ“nix, June 15, 1900

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Randolph Savings Bank Closed. A Shortage of $13,000 to $14,000--Receiver WILL Be Appointed=--Treasurer Under Bond of $20,000. The Randolph savings bank was examined a few days ago by Frederick S. Platt, state inspector of finance, whose careful investigation revealed a shrinkage on certain loans, in consequence of which it ap peared that the bank is insolvent. The estimates submitted to the directors by the inspector show a shortage of between $13,000 and $14,000, or five per cent of the deposits. This leaves no alternative but a receivership, so the bank is closed and the question of a receiver is being considered. The Randolph national bank should not be confused with this. The officers of the bank are: President, James Hutchinson: vice president, W. H. Nichols: directors, James Hutchinson, W. H. Nichols, S. M. Flint, A. G. Wheeler, Victor I. Spear, M. A. Tewksbury, G. L. Martin, W. E. Lamson and B. T. Lombard. Mr. Lombard, the treasurer, was under a $20,000 bond. The bank paid a three per cent dividend last year. There were 1771 deposits last year representing $342,649. The loans on real estate in Vermont were $70,065; on real estate elsewhere, $117,030. Judge Start has appointed C. H. Maxham of Pomfret to be receiver of the Randolph savings bank. Its assets are nominally about 95 per cent. Treasurer Lombard will assist Mr. Maxham in straightening out the bank's affairs and the first dividend will be declared soon.

7. June 16, 1900 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, June 16, 1900

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Inroads Made ou Deposits. Randolph, Vt., June 11.-State Inspector Platt, when he discovered that the Randolph avings bank had lost by a shrinkage or certain loans, notified the directors of I've institution, the shrinkage being est mated at from $13,000 to $14,000, which wiped out the surplus and made ir.roads on about 5 percent of the deposits. The result of the examination led to the closing of the bank, and it is understood the court will be asked appoint a receiver.

8. June 16, 1900 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, June 16, 1900

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JUDGE MAXHAM RECEIVER. Judge Start has appointed C. 11. Maxham of Pomfret to be receiver of the Randolph Savings bank. Its assets are nominally about ninety-five per cent. Treasurer Lombard will assist him in straightening out the bank's affairs and the first divided will soon be declared.

9. June 21, 1900 Herald and News Randolph, VT
Article from Herald and News, June 21, 1900

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Facts About the Bank Failure. Inasmuch as there has been considerable criticism, locally and outside, of the recent action of State Inspector of Finance F.S. Platt in closing the Randolph Savings bank, as well as some misstatements of facts, it is proper that a clear explanation should be made of the conditions which, in the opinion of the inspector and of the court, made the step imperative. Mr. Platt found, on recent inspection, that the bank was undoubtedly insolvent. On a conservative estimate, the resources feil short of the liabilities several thousands of dollars. The law makes the inspector's duty in such contingencies clear. He must take steps to close the bank in the interest of the depositors and thepublie. He cannot permit an insolvent bank to run along in the hope that by some lucky turn its losses may be met. The wheel is as likely to turn the other way and then the officer is justly open to censure for not having stepped in before. Instead of summarily throwing the bank into a receivership, Mr. Platt appears to have done all that he consistently could to prevent this action. We called the directors together, explained the sitcation to them and presented two alternatives. He told them they must either replace the securities which had depreciated by sufficient cash to make the books balance, or the bank must be closed. The trustees were not prepared to advance

10. July 19, 1900 Herald and News Randolph, VT
Article from Herald and News, July 19, 1900

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Notice. Notice is hereby given to all depositors and other persons having claims against the Randolph Savings bank, to present the same for examination and allowance before Charles H. Maxham, receiver, at the banking rooms of said bank on or before the first day of December next. Blank forms will be sent all depositors on which to prove their claims. C. H. MAXHAM, Receiver. Dated at Randolph, Vt., July 12, '00. 2w

11. July 26, 1900 Herald and News Randolph, VT
Article from Herald and News, July 26, 1900

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Notice. Notice is hereby given to all depositors and other persons having claims against the Randolph Savings bank, to present the same for examination and allowance before Charles H. Maxham, receiver, at the banking rooms of said bank on or before the first day of December next. Blank forms will be sent all depositors on which to prove their claims. C. H. MAXHAM, Receiver. Dated at Randolph, Vt., July 12, '00. 3w

12. August 2, 1900 Herald and News Randolph, VT
Article from Herald and News, August 2, 1900

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Notice. Notice is hereby given to all depositors and other persons having claims against the Randolph Savings bank, to present the same for examination and allowance before Charles H. Maxham, receiver, at the banking rooms of said bank on or before the first day of December next. Blank forms will be sent all depositors on which to prove their claims. C. H. MAXHAM, Receiver. Dated at Randolph, Vt., July 12, '00. 3w

13. May 23, 1901 Barre Evening Telegram Barre, VT
Article from Barre Evening Telegram, May 23, 1901

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RANDOLPH BANK DIVIDEND (Special to the TELEGRAM.) Randolph, May 23.-It is stated that the receiver of the Randolph Savings Bank will pay a second dividend to depositors on or about July 1. The first was a 30 per cent., dividend and the second one of 50 per cent. The remaining assets of the bank will be available as soon as possible and it is probable that aside from the loss of interest, depositors will lose only about ten cents on a dollar.

14. May 31, 1901 Vermont PhΕ“nix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont PhΕ“nix, May 31, 1901

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erable portion of the machienry. The plant has been idle for a year. The receiver estimates that the assets will not pay over 50 cents on the dollar. The capital stock of the company, paid up, was $50,000. Gen. J. G. McCullough was the dlargest stockholder. Rev. Charles W. Wilder, 65, a former principal of Montpelier seminary, died May 23, at West Walpole, Mass. He was formerly a professor at Newbury seminary and went to Montpelier when the school was located there in 1868. He succeeded Prof. O. F. Chester as principal in 1872, continuing at the head of the school for two years. Later he was the Methodist pastor in Essex and Sheldon. Since 1875 he had been a member of the New England conference. On or about July 1 it is understood that Receiver Maxham of the Randolph savings bank will be prepared to pay the depositors a second dividend, this time of 50 per cent. With the first dividend the depositors will have received 80 cents on the dollar and as soon as possible the affairs of the bank will be closed up and the final dividend made. It is thought that, aside from the loss of interest since the bank was closed, the depositors wil lose only about 10 cents on a dollar. The dedication of the Mary L. Blood library at Brownsville will take place next Tuesday. There will be an address by Senator W. P. Dillingham at 11 o'clock, and in the afternoon B. F. Blood of Waltham, Mass., will present to the town the title to the library building, which will be accepted by the town officials, followed by an address by the Rev. C. F. Partridge, of Woodstock, and remarks by citizens of the town and others. The town will present to Mr. Blood a granite tablet marking his birthplace, in the westerly part of the town. The Windsor cornet band and A. J. Maxham, the singer, will furnish music for the occasion.

15. April 10, 1902 Herald and News Randolph, VT
Article from Herald and News, April 10, 1902

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1 Dividend Notice. A dividend of 10% on the aggregate of claims proven against the Randolph Savings Bank is payable on the 21st of April, 1902. Deposit-books presented or mailed, will be returned with check. 2w C. H. MAXHAM, Receiver.

16. April 17, 1902 Herald and News Randolph, VT
Article from Herald and News, April 17, 1902

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Dividend Notice. A dividend of 10% on the aggregate of claims proven against the Randolph Savings Bank is payable on the 21st of April, 1902. Deposit-books presented or mailed, will be returned with check. 2w C.H. MAXHAM, Receiver.

17. March 26, 1903 The Vermont Watchman Montpelier, VT
Article from The Vermont Watchman, March 26, 1903

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: THE RANDOLPH BANK. Randolph, March 25.-The final dividend of 3 1-3 per cent will be paid by C. H. Maxham, receiver for the Randolph Savings bank, April 8. Judge Henry R. Start of Bakersfield has been here and approved the final settlement of the receiver. Judge Maxham took possession of this bank Jung 18, 1900, and since that time the following dividends have been paid the depositors. The first was paid January 22, 1901, and was 30 per cent and amounted to $103,119.44. The second was 50 per cent and amounted to $171,868.90, and was paid July 12, 1901. The third was 10 per cent and amunted to $34,370.40 and was paid April 21, 1902. and the final one of 3 1-3 will be paid April 8 and will' amount to $11,456.80 and will make the total sum paid depositors 93 1-3 per cent or $320,815.54.

18. March 28, 1903 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, March 28, 1903

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Last Randolph Bank Dividend. The final dividend of 3 I-2 per cent will be paid by C. H. Maxham, receiver for the Randolph Savings bank. April 8. Judge Henry R. Start of Bakersfield has been there and approved the final sett.ement of the receiver.

19. April 9, 1903 Herald and News Randolph, VT
Article from Herald and News, April 9, 1903

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Northfield. Several, it is expected, will e go from here for the Sunday services. F. N. Jerd is preparing to build an addition, 50x20 feet, to the barn on the premises he recently bought of W. P. Flint, and will have a cellar put under the whole of the completed structure. The additional room given to the Red Lion Inn market by utilizing a part of D. C. Woodward's shop has been repainted and fitted up to relieve the congested condition of F. N. Jerd's growing business. o The brick house of J. H. Lamson on Railroad street, recently vacated by F. N. Jerd, is undergoing general repairs, the whole interior being practically torn to pieces, and a part of the cellar wall relaid. Charles Stockwell of Hancock and his mother, Mrs. Emily Stockwell of Rochester, were with the latter's sister, Mrs. G. O. Howe, Tuesday night, leaving yesterday for a visit in Springfield, Mass. B. F. Ricker shipped Monday 27 hogs (6.c.) and 10 calves (3c. to 5c.) As the stock train leaves a little before 9 o'clock Monday mornings, farmers having animals to ship should have them at the stock yard before 8. The officers and members of Randolph 0.18 "A '0'0 T '81 No. requested to be present at the regular meeting Monday evening, Apr. 13, at 7:30 o'clock. Business of the evening getting ready for work. F. H. Packard of Boston has come to Randolph, where his wife and younger children have been living for several months in Judge Wm. H. Nichols' house, and has entered the employ of F. N. Jerd at the Red Lion Inn market. F. A. Hobart had a narrow escapΓ© yesterday morning from a collision at the Main street crossing with the 8:12 train north. Bystanders grabbed his horse by the bits and turned him back just in time to prevent a frightful accident. The Randolph Savings bank began paying its final dividend of 3A per cent yesterday, and what looked like a run on the bank commenced at an early hour, a long procession of deposit books streaming in from all points of the compass. The graded school began Monday, and the 100 SBM oq Dubtojs 'S Mary **** last week of the winter term on account of illness, is able to resume her duties as second assistant in the High school. This term the High school has solid session. Miss Mae Brown and Miss Charlotte Partridge, guests of Mr. and Mrs. Luke Parish during the spring vacation, left yesterday for Wellesley, Mass. They were in Montpelier Monday and Tuesday to visit Miss Lucy Taplin and the Misses DeBoer. Everett H. Lane was placed under arrest Tuesday morning for abusing a horse on complaint of Liveryman Emory V. Steele. Lane was in the custody of an officer until [!"] wert uos[! M 'W * when for his appearance at a hearing to be held April 18. Sixteen young people enjoyed a very delightful cobweb party given Monday evening by Mr. and Mrs. J. H. Lamson for their son, John, who has lately Ireturned from a nautical school in New York. Ping pong and other games contributed to the pleasures of the evening, and elegant refreshments were served. Randolph friends of Miss Maud Cleveland have received the announcements of her marriage in Montpelier, March 28. to Albert Vincent Andrews of that city. The ceremony was performed by the Rev. G. C. Lamson, pastor of the Baptist church, and the couple took a wedding trip to Boston. They will be at home after May 1 on College street in Montpelier. Mrs. O. S. Chamberlin received word this morning that her mother, Mrs. Catherine Pratt. had been stricken with a shock affecting one side. Mrs. Pratt, who is 81 years of age, went away from here Saturday after spending three weeks with her daughter and seemed unusually well. Mrs. Chamberlin went to Montpelier this afternoon to care for her. @ Hon. Kittredge Haskins of Brattleboro, congressman from the second district, is to be the Memorial day orater in Randolph this year, and the exercises will be held in this village. The Brookfield Post and Corps have been invited to unite with U. S. Grant Post, but it is understood that the Hon. Henry Ballard of Burlington has ( already been engaged to deliver the address in Brookfield that day. U. S. Grant Post, G. A. R., at its meeting Saturday evening moved that a vote of thanks be extended to Julius D. Laport for his faithful and efficient services as I adjutant, an office he has held for two years and just resigned on account of his removing from the village to the farm of his step-son in Brookfield. A handsome copy of the vote taken by his comsi oqm Tradert we 01 persented SBM rades succeeded as adjutant by F. H. Ketchum. At the annual meeting of Phoenix lodge, No. 28, F & A. M., held Tuesday, these of ficers wereelected:-R R. E. Parker, worshipful master: Dr. G. W. Scott, senior warden: Dr. F C. Angell, junior warden; J. P. Cleveland, treasurer; Lucius Webb, secretary; F. E. Prichard, senior deacon; C.K. Webb, junior deacon; E. S. Whitcomb, senior steward; J. F. Tewksbury, junior steward; J. M. Atwood, chaplain; M. tyler. B. Rumrill, marshal; S. S. Whitcomb, F. W. Baldwin of St. Albans, formerly general superintendent of the Central Vermont railway, will leave the latter part of the week for Mexico, where he will take a position with the National railway of Mexico, the exact nature of which is not announced. Mr. Baldwin was connected with the National railway during the progress of its building and for some time after. This change, it is understood, will not interfere with the usual summering of Mr. Peth. Baldwin's family at the cottage in (Other items on 7th page.)

20. May 14, 1903 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, May 14, 1903

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ORANGE COUNTY RANDOLPH C. H. Maxham. receiver for the Randolph Savings bank. states tha 1,800 bank books of the bank all have been turned in and the mon on the same. The bank will be clos 15 and those holding books should to the matter immediately. There has been quite serious for raging in the vicinity of "Mud in Braintree since last Saturday. Sunday a large force of men w gaged fighting fire. The fire was by parties fishing in the pond. w a fire on the banks of the pond. is now thought to be under cont already quite a lot of valuable and wood has been destroyed : buildings of W. M. Terry narro caped being burned. Thomas Connolly is circulating tion, and has already received th tures of a number of the heaviest ers of the town for a new road f farm to the village. The propos if it is allowed will run as nea and south from his house to the no part of the village as the grade low. If this is carried through t1 parties living in Braintree that to have a road connect with this : Morse's house and run north as C. E. Woodward's thus making deal easier road for a large nur farmers in that vicinity. Monroe J. Montgomery died Tue his home on Weston street after eral months' illness with heart and other complications. Mr. M ery was born in Braintree 66 ye and always lived in Braintree years ago when he moved to Ra where he had made his home sir 1861 he married Miss Mary Lathan them five children were born, Nellie, Charles, Edwin and Lu three latter survive him, Georg when a young man and Nellie in Mr. Montgomery served in the Ci with Co. G, 8th Vermont regim leaves besides a wife and three o two brothers Inline and Masor