19056. First National Bank (Burlington, VT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
861
Charter Number
861
Start Date
April 28, 1884
Location
Burlington, Vermont (44.476, -73.212)

Metadata

Model
gpt-5-mini
Short Digest
03bf97810579a764

Response Measures

None

Description

Articles (Apr 28, 1884 and Mar 6, 1885) state the First National Bank of Burlington had lately suspended and a receiver (David Roberts) was appointed; later the receiver sues the bank's directors alleging mismanagement, speculative use of funds, and large insolvent assets. No article describes a depositor run prior to suspension. The sequence is a suspension followed by receivership/closure.

Events (4)

1. March 6, 1865 Chartered
Source
historical_nic
2. October 15, 1870 Voluntary Liquidation
Source
historical_nic
3. April 28, 1884 Receivership
Newspaper Excerpt
David Roberts of Burlington has been appointed receiver of the First National bank, lately suspended. Receiver Roberts of the First national bank, has sued ... directors of that defunct institution, for the sum of $200,000 ... the assets of the bank ... only $115,618.12 was estimated to be good, and all the rest as doubtful or worthless; debts against the bank amounting to $269,850.06 have been proved ... the cashier formed sundry associations to speculate in the New York market, and had wrongfully used the funds of the bank for that purpose; other officers ... speculated wrongfully in stocks; that the directors systematically violated the provisions of the National bank act ... (Mar 6, 1885 article).
Source
newspapers
4. April 28, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended due to alleged mismanagement and insolvency: large portion of assets deemed doubtful or worthless, wrongful speculation by cashier and officers, unpaid assessments; directors sued by receiver for $200,000.
Newspaper Excerpt
David Roberts of Burlington has been appointed receiver of the First National bank, lately suspended.
Source
newspapers

Newspaper Articles (2)

Article from Orleans County Monitor, April 28, 1884

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Article Text

STATE NEWS ITEMS. David Roberts of Burlington has been appointed receiver of the First National bank, lately suspended. Ernest Kendall was sentenced Tuesday at Burton to state prison for six years, for robbing a house at Shelburne. A. G. Safford, Esq., of Burlington, has accepted an invitation to deliver the Memorial day address at Bakersfield. Ratchie & Warden's store at West Barnet was entered Saturday night, and money and goods to a considerable amount were stolen. The Central Vermont camp meeting at Northfield will commence June 23, and and the state temperance camp meeting at Morrisville, on August 19. A steam tug 119 feet long and 20 feet beam, capable of towing 30 boats from New York to Albany in 40 hours, is expected at Burlington to work on the lake. A young man named Long, at work in a saw mill near Plainfield, was struck by a chain used in hauling logs Tuesday afternoon aud thrown upon a circular saw and beheaded. In tearing down Ryther's old building on Main street at Brattleboro recently, a copper penny coined in 1835 was found, on one side or which is a turtle bearing a hnge safe and on the other is a donkey with the motto, "I follow in the footsteps of my illustrious predecessor." This pen² ny figured quite prominently in the Van Buren campaign. The house of M. F. Burke, in Bartonsville, was struck by lightning recently, and considerably damaged, the electric fluid playing some curious freaks with the crockery in the pantry, and about the house. No flame was started, and no one seriously injured. The house was well supplied with lightning rods, but they were cut and torn off by the bolt. Mrs. Lyman Barber of Fair Haven, who died the 14th, from the effects of a dose of Paris green which she took the day before, admitted to her friends that she intended to have killed her daughter, and endeavored to induce her to go to the woods with her for that purpose, but the daughter declined to go. She confessed, when dying, that she "wanted to kill her SO she would not be left alone." The Ides have commenced work on the foundation of their new grist-mill. The old foundation will be used with some improvements to be added. The building will be 55x30 and 70 feet from bottom of frame to ridgepole. The frame will be of heavy timber and put together to sustain all the machinery and grain which can be crowded into it. This, we believe, will be the first roller grist-mill in Vermont. On the afternoon of Apr. 17, a train was wrecked at Fairlee Mountain by a large stone which heavy rains had washed across the track. The train was composed or coach, baggage and smoking car, and contained about twenty passengers. The engine was thrown off the track and entirely ruined. The baggage car turned half way over and lay partly on the track, while the coach stood on the road-bed. The engineer and fireman were badly bruised. No passenger was seriously d injured. Col. John B. Mead of Randolph has sold all but two of his Red Polled herd a Two cows and one calf sold for $1200 to go to Dayton, O. Thebull Romeo brought n $600 and goes to Hartland, Wis. The e July bull called Volney brought $300 and Simkins $500. These with 15 head of 11 cows and helfers were taken by Ellwood r & Murray of Maquoketa, Iowa, who proe pose to cross them on Shorthorns, thus t insuring a deep red Shorthorn without is horns, of increased milking and superio beef qualities. The 51 head were al


Article from The Middlebury Register and Addison County Journal, March 6, 1885

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Article Text

State and Vicinity. In the United States court at Burlington, last week. Sarah Louise Hickney and her husband. Patrick Hickey, both of Chicago, pleaded guilty of sending an obscene letter to Lizzie Hickey of Chicago, sister of the latter, with whom Mrs. Hickey had had some trouble. The crime was committed while Hickey was at West Pawlet, in June 1884. Mrs. Hickey was the principal actor in the case. The prisoners pleaded guilty after the first hearing, and Hickey, who is wholly under the control of his wife, asked to receive the same sentence that was passed upon Mrs. Hickey. Judge Wheeler disregarded the request. Mrs. Hickey was sentenced to two years imprisonment at hard labor in the State prison at Windsor and her husband to one year at hard labor in the House of Correction at Rutland. Receiver Roberts of the First national bank, has sued E. A. Sowles, Albert Sowles, George W. Foster, O. A. Burton and B. C. Hall, directors of that defunct institution, for the sum of $200,000, and United States Marshal Henry has attached and sequestered all their property. This action on the part of the receiver is against the directors as trustees for the stockholders; and the bill in equity brought by Mr. Roberts against these men allleges, among other things, that the whole amount of the assets of the bank which came into his hands as receiver was inventoried and estimated at the sum of $394.137.93, of which only $115,618.12 was estimated be to good, and all the rest as doubtful or worthless; that debts against the bank amounting to $269.850.06 have been proved, and others amounting to $20,000 have been presented, but stand suspended for the present; that only $1000 has been as yet paid on the assessment ordered by the comptroller; that the men above mentioned were duly sworn to act as directors, and have professed so to do, that neither President Sowles nor Cashier Sowles gave any bonds at any time, but wrongfully went on in the administration of their duties without giving bonds; that the dividends of supposed profits were made that were not warranted by law; that the cashier formed sundry associations to speculate in the New York market, and had wrongfully used the funds of the bank for that purpose; that other officers of the bank also speculated wrongfully in stocks; that the directors systematically violated the provisions of the National bank act in the