19125. First National Bank (St Albans, VT)

View Charter #269 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
269
Charter Number
269
Start Date
January 13, 1884
Location
St Albans, Vermont (44.811, -73.083)

Metadata

Model
gpt-5-mini
Short Digest
641904c1d81f1def

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
33.0%
Date receivership started
1884-04-22
Date receivership terminated
1894-05-25
OCC cause of failure
Fraud
Share of assets assessed as good
59.7%
Share of assets assessed as doubtful
26.6%
Share of assets assessed as worthless
13.7%

Description

Contemporary articles report a small, rumor-driven run in mid-January 1884 which the bank met. On April 8–9, 1884 the bank was closed by National Bank Examiner Hendee because it could not meet Boston drafts; the trouble is attributed to secret/speculative losses by President Sowles and his brother. The institution went into suspension and then into voluntary liquidation/receivership (receiver referenced in later 1884–1885 coverage). Dates are taken from the newspaper publication dates and dispatches. OCR errors corrected (e.g., Brainard/Brainerd vs Brainerd/Brainerd; St. Albans, Vr -> VT).

Events (5)
1. February 20, 1864 Chartered
Source
historical_nic
2. January 13, 1884 Run
Cause
Rumor Or Misinformation
Cause Details
Unfavorable rumors/false alarm about the bank's condition (examiner's visit may have prompted nervousness); about $10,000–$15,000 withdrawn.
Measures
Bank prepared for the expected run; directors issued notice declaring bank sound; Examiner Hendee investigated and directed precautions; notice to depositors to be posted that bank is sound.
Newspaper Excerpt
The unfavorable rumors against the First National Bank ... The rumors resulted in a small run yesterday, some $10,000 being drawn out.
Source
newspapers
3. April 8, 1884 Suspension
Cause
Government Action
Cause Details
Closed by National Bank Examiner Hendee due to insufficient funds to meet Boston drafts; underlying cause reported as secret/unfortunate stock/speculation losses by President Sowles and his brother.
Newspaper Excerpt
It was announced this morning that the First National Bank would be closed to busness today. Bank Examiner Hendee closed the institution ... because they did not have sufficient funds to meet drafts in Boston.
Source
newspapers
4. April 22, 1884 Receivership
Source
historical_nic
5. September 3, 1885 Receivership
Newspaper Excerpt
Hon. Daniel Roberts of Burlington was, some time ago, appointed by the comptroller of the treasury receiver of the de-funct First National Bank of St. Albans. (reporting appointment/removal controversy in 1885).
Source
newspapers

Newspaper Articles (23)
1. August 8, 1883 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, August 8, 1883

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The Depositors Will Not Lose Much. ST. ALBANS, Vr, August 7.-President Brainard, of the Trust Company, says the depositors will not lose much. The last statement showed 2100 depssitora with deposits of $600,000. Several railroad men, including Gov. Fairbanks, held a conference to-day at Barlow's residence. The statement that the Comptroller approved of the bank's loan to the Southeastern road was incorrect. The Comptroller said it was too large, and suggested or its reduction. The First N ational Bank prepared for an expected run, which did not take place.

2. August 8, 1883 Daily Republican Wilmington, DE
Article from Daily Republican, August 8, 1883

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Busin The effect of the Barlow failures was very depressing on business in St. Albans, Vermont, yesterday. President Brainerd, of the Trust Company, says the depositors " will not lose much," but the depositors are less hopeful. The Company's last statement showed that it had 2,100 depositors with deposits aggregating $600,000. Several railroad men, among them General Fairbanks, bad a conference at Barlow's house. The First National Bank prepared for a run yesterday morning, but none trok place. Wright, Wooster & Co., wool deal. ers, of Boston, made an assignment yesterday. Their liabilities are supposed to be large. The firm was considered worth from $100,000 to $150,000. It stood well in repute, and the failure caused much surprise. W. C. & R M. Silesby, tanners, of Troy, New Hampshire, have failed as a consequence of the failure of Hersey, Whittier & Wyman, of Boston. E.M. McClure, tanner and currier, of Peabody, Massachusetts, has also failed. Several small boot and shoe firms of Lynn, Massachusetts, failed yesterday, in consequence of the suspension of Charles W. Clements, but it is thought their suspension will be only temporary. The Boston Traveler reports the failure of William B. Fowle, Treasurer of the Auburndale Watch Company, and says it will involve the Company. His liabilities are supposed to be small. There was a heavy run on Monday upon the Second National Bank of Elmira, New York, because its President, as reported, had lost $150,000 in pork speculations. As he was stated to have fully settled all the demands upon him, still retaining a large private fortune, the run upon the bank ceased yesterday. The Chicago and Alton Railroad Company has given notice of its withdrawal from the Chicago, and St. Louis freight pool. This action, a result of the recent cut in passenger rates, is regarded as portending " a general passenger and freight war betweu the points named." diseases of

3. August 9, 1883 Delaware State Journal Wilmington, DE
Article from Delaware State Journal, August 9, 1883

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IN GENERAL Chinese conviots were Tuesday. received in Five the New Jersey State prison age, McCanlley, 35 years of Samuel and Westmorekilled his father, in atternoon. shot county, Pa., on Monday land a terrible riot between There was and Mexican railroad laborers Seven American Palmas, Mexico, on Monday. woundrd, men were at Los killed and thirteen three mortally. named MoPherson, charged in A man murder, was hanged by vigilants with yard at Dayton, Washingtan He prothe Territory, jail last Saturday night. tessed his innocence. The Boston Traveller reports the of failure the William B. Fowle, treasurer and says of Auburudale Watch Company, Hialiabilities it will l involve the company. are supposed to be small. The Treasury Department rules American that Canadian "Canadian tugs cannot tow waters into American vessels from waters beyond the first American in which they make entry." port medical commission appointed to The William H. Ostrander, under examine of death at Utica, New York,ha is not sentence to the Governor that he place reported insane. The execution will take on Friday next. The steamship Wanderer, at New that from Belize, brings Quatemala, news Orleans Barrios, the President of the Senor grossly and publicly insulted latter British "has Ambassador, and that the has left for England. A dispatch from Lima, Peru, division states Iglesias has organized a 1,000 that men at Cajamaica, is now marching reach Trujillo, which he expects to on about the 20th inst., and will provisionally occupy that city. Wright, Wooster & Co., wool dealers Boston, made an assignment Tuesday. be large. of Their liabilities are supposed to from firm was considered worth in The $100,000 to $150,000. It stood well surrepute, and the tailure caused much prise. The Surgeon General of the that Marine the Service is informed of steamship Hospital Amethyat left four cases sailed yellow fellow fever at Havana, and Boston. on the 4th instant for thence The health authorities of the latter city have been notified. Andrew and George Ensinger brothers, 17 at the toot of North Mountain, miles living west of Carliale, Pennsylvania, quarrelled and fought on Monday George mornabout a tract of land, and a ing Andrew in the back, inflicting shot wound which is likely to prove fatal. There was a heavy run on Monday of Second National Bank upon the New York, because its president, Elmira, reported, had lost $150,000 in have pork as As he was stated to him, fully speculations. settled all the demands upon the still retaining a large private tortune, run upon the bank ceased Tuesday. About $100,000 of the 31 per sent. the bouds have already been presented at Treasury Department for redemption call under the 121st call for bonds. The but will not mature until November 1st, when of the bonds will be redeemeed interest any presented prior to maturity, with to the date of presentation. Sallivan, the slugger, opened his gorgeous saloon in Boston Tuesday night. that So great was the throng at the opening blocked ) at 9 o'clock thousands of people with such street and swarmed in the tumultuousness as nearly to break down to t the bar. An extra force of police had Some be summoned to clear the place. 8 women were among the visitors. The National Eincational Assembly will meet at Ocean Grove, N. J., to-morGovernor Pattison of Pennsylvania United row. will preside, and Gen. Exton, States Commissioner of Edicetion, Other will : del ver the opening address. speakers will be Dr. Wickersham, SenaBiair of New Hampshire, and Judge Tourgee. tor The assembly will close on Sunday night. The punishment of the lash has been adopted in Montreal for certain of gross too offenses which have lately become frequent occurrence. A French Canadian atnamed Jean Baptiste Dubois of tempted tramp to outrage a child eight years circuma few weeks ago, under age, stances which would have conjured up Jnd Lvuch in a less peaceful place than Montro al. Tuesday he was sentenced receive 20 tashes upon his bare back the and to to do & year's hard labor in penitentiary The Grand iery of the Sons of Vateraus, in session Columbus, Ohio, Cow has elected the Howing fliears rander-in Chief, Frank H Marrill, Auburn, Maine Lienteuat CommanderChief, Augustns Salizman, St. Joseph, Missouri ; Vice Lieutebant Commanderin-Chief, Charle C Morton, Philadelphia Chief of Staff Horace L Wright, Auburn, Maine. The commandery embraces 300 camps with a membership of 10,020, all admitted within two years. The session nded yesterday. The effect of the Barlow failure very depressing.ou usiness in St. Albaus, Vermont, Theaday sident Brainerd de of the Trust Company, says the depositors will not lose much, but the positors are less hopeful. The company's last statement showed that it had 2,100 depositors with deposits aggregating $600,000. Several railroad men, among them General Fairbanks, had & conterat Barlow's house. The First ence National Bank prepared for a run yesterday morning, but none took place. Five hundred cases of arms and ammunition were sent from San Francisco last Thursday, on the Pacific mail steamship Comstock. All the cases were from Springfield, Mass., and those containing ammunition were branded "U. S. Government, 4 calibre.' It is said that during the last 18 months extensive shipments of war material have been regularly made to C. Schmidt, at Shanghai. "During that period 240,000 Springfield all rillas and 25 000,000 cartridges in have been forwarded, besides from 500 for to 800 bales of cotton duck, suitable tents, by express by each steamer for That China

4. January 14, 1884 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 14, 1884

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FINANCIAL MATTERS. Unfavorable Rumors Against a St. AIbans Bank. ST. ALBANS. Vt., Jan. 13. The unfavorable rumors against the First National Bank prevailing for the past few days have no foundation so far as can be learned by inquiring of the officials. Bank Examiner Hendee says the bank is in good condition as far as he can discover from the recent investigation. The rumors resulted in a small run yesterday, some $10,000 being drawn out. President Sowles says the deposits are not now more than $300,000 and they are prepared for any emergency. A majority of the directors have issued a notice that the bank is sound and no alarm need be felt.

5. January 14, 1884 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 14, 1884

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FINANCIAL Failure of New York Grain Brokers. NEW YORK, Jan. 12.-Messrs. E. W. Coleman & Co. were posted this morning on the Produce Exchange as unable to meet their contracts. There was much exc tement over the annoancement that the firm were unable to meet their obligations In consequence of this news the market declined from one and one-half to two cents a bashel on wheat, and from three-quarters of a cent to 1 cent a bushel on corn. Messrs. J: M. Fuller & Co., grain brokers, were posted on the Produce Exchange this morning as unable to meet their contracts. All the produce markets are very siek. The failures of two commission merc hauts today were due to the fact that wheat suddenly dropped in the morning from two to two and one-quarter cents per bushel and corn from three-quarters to one cent per bushel. Business on the exchange was practically suspended. The liabilities of the firm of E. W. Coleman & Co. will probably reach $300,000; amount of assets is not known. The present trouble began some time ago when the firm lost $90,000 by the failure of Enos & Co., millers, at Buffalo, but the firm was going along all ne in wheat. right until the recent Frinancial Failure. BOSTON, Jan. 12.-The foreign exhibition which opened September 5th last was formally closed tonight. It has been a financial failure, and the deficit has been placed at $50,000. The cause is stated to have been mismanagement from first to last. The exhibits have been turned over to the customs officers. Dominion Finances. OTTAWA, Jan. 12.-The statement of circulation and specie at the end of December show the amount of Dominion notes in circulation to be $16,774,831; excess of specie and guaranteed debentures $1,297,869, and of unguaranneed debentures $168,876. Total excess, $1,466,745. The Trouble with the St. Albaus Bank. ST. ALBANS, Vt., Jan. -The unfavorable rumors against the First National Bank prevailing for the past few days have no foundation so, far as can be learned by inquiry of officials. Bank Examiner Hendee says the bank is in good condition so far as he can discover from a recent examination. The rumor resulted in a small run yesterday, some $10,000 being drawn out. President Sowles 84y8 that the deposits are not now more than $300,000 and they are prepared for any emergency. A majority of the directors issue no. tice to the effect that the bank is sound and no alarm need be felt.

6. January 14, 1884 New-York Tribune New York, NY
Article from New-York Tribune, January 14, 1884

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A RUN ON A ST. ALBANS BANK. A FALSE ALARM-EXAMINER HENDEE SAYS THE BANK 18 SOUND. [BY TELEGRAPH TO THE TRIBUNE.) BOSTON, Jan. 13. -A small run was begun Saturday on the First National Bank of St. Albana, and, under the pressure of the false alarm, about $15,000 was withdrawn. A dispatch to The Journal says the alarm was probably due to the fact that Bank Examiner Hendee was making an official examination. Hendee says there is nothing in the condition of the bank to cause alarm, and has taken all necessary precautions to compel the directors to give ample security for the creditors of the bank. On Monday a notice will be posted, informing depositors that the bank is perfectly sound and ready to meet every liability. The capital stock of a bank la $100,000, of which $80,000 is owned by the Bellows estate, and the president, Edward A. Sowles. The deposits, prior to the run, were $300,000, and the amounts due other banks $95,000, making the total liabilities $495,000. The cash on hand. amounts due from other banks, and bonds, notes etc., amount to $508,000.

7. January 18, 1884 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, January 18, 1884

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The St. Albans Bank Flurry. The Messenger says that there was a little run on the First National bank Monday morning, but the bank men seemed to be fully propared for the emergency and satisfied the demands of every depositor. Deposits began to come in after 12 o'clock, and until the close of business the deposits were much in excess of calls. Some who drew out their funds on Saturday returned the amounts, saying that that they were satisfied there was no truth in the unfavorable reports in circulation.

8. April 9, 1884 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 9, 1884

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BANK CLOSED. No Money to do Business-Unfortunate Speculation the Cause. ST. ALBANS, Vt., April 8. It was announced this morning that the First National Bank would be closed to busness today. Bank Examiner Hendee closed the institution this morning, because they did not have sufficient funds to meet drafts in Boston. Saturday, President Sowles took the night train for Boston for the purpose of making an arrangement for the payment of these drafts. On account of the disappointment in recovering the expected funds, the bank was unable to meet the demands made upon it on Monday. Mr. Sowles has not yet returned, and the exact situation cannot be learned today. Under the circumstances Geo. Hendee thought it best not to have the bank open for business today, and it may be that the institution will not be opened again at all. The cause of the trouble is currently reported to be an unfortunate speculation in stock by Sowles' brothers, both of whom have lost heavily. There seems no reason why depositors should not be paid in full, should the bank permanently suspend. The deposits amount to $215,000. The last statement of the bank showed the assets, including loans and discounts, $381.25; United States bonds $100,000; other bonds and mortgages $20,000; due from banks and reserve agents $22.000; real estate $25,000, and other items making a total of $578,856. The liabilities including the capital stock $100,000; surplus fund $40,000; national bank notes outstanding, $89,980; individual deposits, $152,727; demand certificate of deposit $128,022; cashier checks,86,157; due to other banks, $7,819; notes re-discounted, $54,250. Examanier Hendee will at once make a complete investigation, and if not feasable to continue business the bank will go into voluntary liquidation. The assets are not of a quick kind, and to speedily realize on them will be difficult.

9. April 9, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, April 9, 1884

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A FLOOD OF FAILURES. TWO NORTHERN BANKS DRAGGED DOWN IN THE VORTEX. One of Them at St. Albans, Vt., and the Other at Monmouth, Ill.-Both Disasters the Result of the Secret Speculation of Officers. ST. ALBANS, VT., April 8.-The First National Bank announced this morning that its doors would be closed to-day. Bank Examiner Hendee closed the institution because they did not have sufficient funds to pay drafts in Boston on Saturday. Public confidence in the bank has been declining since a run was made on it two months ago. The cause of the trouble is said to be stock speculation by President Sowles and his brother. It is believed that depositors will not lose anything. THE EFFECT ON OTHER BANKS. ST. ALBANS, VT., April 8, 11:30 P. M.The news of the suspension of the First National Bank of St. Albans to-day caused considerable excitement in Swanton, Vt., and a run is being made on the Union Bank in consequence. The officers say that the bank has enough funds on hand to pay all depositors, and also state that they are amply secured on all dealings with the suspended bank. Vila's National Bank of Plattsburg, N. Y., is also closely connected with the St. Albans bank. PROVISION DEALERS EMBARRASSED. BALTIMORE, April 8.-T. Robert Jenkins & Sons, provision dealers, went to protest last night, and their suspension was announced to-day. No assignment has been made, and there will be a meeting of creditors on Monday next. Speculation in pork is said to have caused their embarassment. A BANK ROBBED BY ITS CASHIER. CHICAGO, April 8.-A special from Monmouth, Ills., says: "The First National Bank closed its doors this morning. The cause assigned is speculation by Cashier B. T. O. Hubbard, whose deficit is estimated at from $45,000 to $100,000. The bank is expected to resume in a day or two, as the stockholders, who are all moneyed men, are liable." PREFERENCES OF $35,000. NEW YORK, April 8.-Julius H. Hogan, Otto Witte and Allen Letow, composing the firm of Hogan & Billing, bankers at No. 1 Wall street, made an assignment to-day for the benefit of their creditors, giving preferences to J. and W. Seligman of $15,000 and the Kansas City Smelting and Refining Company of $20,000. RICHMOND PORK PACKERS SUSPEND. RICHMOND, VA., April -The suspension of Lee, Potts & Co., pork packers in this city, was announced this afternoon. The liabilities are reported to be $200,000. The failure is due to speculation in pork. The bulk of the firm's indebtedness is in Chicago.

10. April 9, 1884 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, April 9, 1884

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CLOSED TO BUSINESS. The St. Albans, Vt., National Bank in Trouble-Report of Its Condition. ST. ALBANS, April 8.-It was announced this morning at St. Albans that the First National bank would be closed to business today. Bank examiner Hendee closed the institution because there were not sufficient funds to meet3 the drafts in Boston. Saturday President Sowles took the train for Boston for the purpose of arrangiag for the payment of drafts. On account of a disappointment in receiving expected funds the bank was unable to meet the demands made upon it on Monday. More than usual was drawn out by the depositors on that day and the bank was left without funds to do business with this morning. Mr. Sowles has not yet return ed and the exact situation cannot be learned today. Under the circumstances Mr. Hendee thought best not to have the bank open for business today. and it may be that the institution will not be open again at all. The cause of the trouble is currently reported to be an unfortunate speculation in stocks by Sowles Brothers both of whom have lost heavily. There seems no reason why depositors should not be paid in tull, should the bank permanently suspend. Deposits amount to about $215,000. The last statement of the bank showed the following assets:

11. April 9, 1884 New-York Tribune New York, NY
Article from New-York Tribune, April 9, 1884

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BANKS CLOSING THEIR DOORS. THE FIRST NATIONAL BANK OF ST. ALBANS, VT., AND MONMOUTH, ILL., IN TROUBLE. ST. ALBANS, Vt., April 8. - -The First National Bank announeed this morning that its doors would be closed to-day. Bank Examiner Hendee closed the institution because there were not sufficient funds to pay drafts in Boston on Saturday. President Sowles took the Saturday night train for Boston to arrange for the payment of these drafts and on account of disappointment in receiving expected funds the bank was unable to meet the demands made upon It on Monday. More than usual was drawn out by the depositors on that day and the bank was without funds this morning. Mr. Hendee thought best not to have the bank opened for business to-day and it may be that the institution will not be open again at all. The trouble with this bank began about two months ago when a run was made upon it, and public confidence in the institution has been declining ever since. Soon after that run ex-Governor Hendee prevailed upon E.A. and Albert Sowles to put into the bank for its first benefit collateral of the nominal value of about $110,000, worth in cash probably $80,000 to $100,000, The deposits in the meantime, it is said, decreased and the assets have been made better. The cause of the trouble is currently reported to be unfortunate speculation in stocks by the Sowles brothers, both of whom have lost heavily. The deposits amount to about $215,000. The last statement of the bank showed nominal assets of $578,856; liabilities $542,855, including capital stock $100,000. Examiner Hendee will at once make a complete examination, and, if it is not feasible to continue business, the bank will go into voluntary liquidation. The news of the suspension causes considerable excitement in Swanton, Vt., and a run is being made on the Union Bank in consequence. The officers say that the bank has enough funds to pay all depositors. The Vilas National Bank of Plattsburg, N. Y., is also closely connected with the St. Albans bank. CHICAGO, April 8.-A dispatch to The Daily News from Monmouth, Ill., says: The First National Bank closed its doors at 11 o'clock this morning. The cause assigned is speculation by the cashier, B. T. O. Hubbard, whose deficit is estimated at $100,000. The bank is expected to resume in a day or two, as the stockholders, who are all moneyed men, are liable.

12. April 10, 1884 Wheeling Register Wheeling, WV
Article from Wheeling Register, April 10, 1884

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BUSINESS FAILURES. Versailles Exchange Bank Placed in the Hands of a Receiver. VERSAILLES, O., April The Versailles Exchange Bank, of this place, closed today. The institution was seriously impaired last fall by the failure of two grain dealers. Since then it has been running an exchange business, doing no loaning or discounting. Finally the depositors, becoming impatient, were pressing their claims for their money. The directors decided to close business and place it in the hands of a receiver. B F. Coppess, of Greenville, Ohio, was chosen. The depositors will be paid in full. The loss will fall on the stockholders and will be very heavy and will probably proximate $60,000. The failare was caused by the mismanagement of the former cashier, F. Kusnick. The stockholders were principally honest old farmers. inexperienced in business, having all confidence in their cashier, who misrepresented and made false statements of the condition of the institution. A Financial Disaster Impending, Sr. ALBANS, Vr., April 9.-1t is probable that another financial disaster is impending over St. Albans. . The doors of the First National Bank were closed to the public this morning and no business was transacted there to day. The bank was closed by order of Governor Herdee, national bank examiner, on account of a lack of sufficient funds.on Saturday to meet Boston drafts. Modjeska's Agent Insolvent. BOSTON, April 9 -Stinson, Modjeska's agent, has filed a voluntary petition. in insolvency. He owes $5,760 and has no a:sets. His principal creditors are John Stetson. J F. Greenough, N. J. Bradiee and Madame Modjeska.

13. April 10, 1884 News and Citizen Morrisville, Hyde Park, VT
Article from News and Citizen, April 10, 1884

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The First National Bank of St. Albans, and also the National Bank at Swanton, suspended and closed doors Tuesday. The cause of the trouble is said to be unfortunate speculation in stocks by the Sowles brothers, both of whom have lost heavily of late. Both banks are closely related, the cashier of the St. Albans bank, Albert Sowles, being president of the Swanton bank. The St. Albans bank will go into voluntary liquidation. The directors of the Swanton bank are sanguine in regard to the bank's soundness and its ability in a few days' time to pay the depositors in full. The bill introduced in the Senate on Thursday by Mr. McPherson to amend the patent laws, provides that it shall be a misdemeanor for any person to sell any article or process claimed and described in any unexpired letters patent without the lawful authority of the patentee or his legal representatives, or at or before the sale of any such article or process to falsely represent to the purchaser that there is no unexpired patent, covering or claimed to cover said article or process. It provides the penalty for such misdemeanor, imprisonment not exceeding one year, or a fine of not less than $300 nor more than $3000, or both fine and imprisonment. It makes it the duty of district attorneys, upon presentation of proof of such misdemeanor, to present it to the grand jury, and if the indictment be found, to present the indicted in the district courts of the United States. Also, that if upon conviction, fine be imposed, one-half shall be paid to the patentee or the legal representatives of the patentee whose rights have been infringed.

14. April 10, 1884 New-York Tribune New York, NY
Article from New-York Tribune, April 10, 1884

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EMBARRASSMENT OF BANKS. A PLAN FOR CONTINUING THE BUSINESS OF THE FIRST NATIONAL BANK OF ST. ALBANS. ST. ALBANS, Vt., April 9.-President Sowles, of the suspended First National Bank, published an open letter to-day ID which he says the bank has resources to pay all depositors and save its stockholders from loss if permitted to continue business. He suggests a plan to sell $25,000 of stock at such prices as may be fixed on by Bank Examiner Hendee, the bank to be reorganized by the choice of such new officers as is deemed proper, and business to be resumed at once. The letter 18 not favorably received. SWANTON, Vt.. April 9.-The National Union Bank opened this morning, but no money is being paid to depositors. The bank new owes its depositorsonly $52,000, and to meet this has $111,000 of good short-time paper. The officers are positive of the bank's solveney.

15. April 14, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, April 14, 1884

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About 80 per cent. were those of small traders whose capital was less than $5,000. Among the suspensions reported were Hagen & Billing, bankers and specie brokers, New York city; the First National Bank of St. Albans, Vt.; the Exchange Bank of Versailles, Ohio; the First National Bank of Monmouth, III.; Farmers' Bank of Covington, Ind.; T. Robert Jenkins & Sons, wholesale provisions, Baltimore; Lee & Potts, pork packers, Richmond, Va.: Henry S. Rosenthal, cattle, Albany, N. Y.; Davis & Taylor, wholesale grain and flour, and Pettingill & Everett, merchants, Boston. In the principal trades they were as follows: General stores 33, grocers 24, hardware and agricultural implements 13, liquors 13, produce and provisions 12, jewelry 8, grain and flour 7, clothing and cloth 6, shoes 5, dry goods 5, hotels and restaurants 5, harness 5, manufacturers 5, banks 4, coal and wood 4, bakers and confectioners 3, commission 3, furniture 3, lumber 3, millinery 3, stationers, etc., 3. ALABAMA, Eufaula.-A. Giglio & Co., fruits, closed by Sheriff James A. Hay, saloon, closed by Sheriff. FLORIDA. Jacksonrille.-M. J. Christopher & Co., produce commission, failed. M. J. Christopher continues as agent for his wife. GEORGIA. Alapaha.-MeCr & Coarsey, general store. failed. Camilla.-W. - F. Hatsfield, general store, sold out to pay home creditors, to whom he was indebted about $2,000. Haralson.-W. L. Brakefield, general store, failed and called meeting of creditors. Saeannah.-Daffin & Dresser, cotton, failed. Warrenton.-C. A. Culpepper, general store, reported failed and out of business. SOUTH CAROLINA. Charleston.Julius H. Blake, coal, failed. Ninety-siz.-James Rogers, Jr., confectioner, assigned to J. P. Phillips.

16. April 17, 1884 The Northern Pacific Farmer Wadena, MN
Article from The Northern Pacific Farmer, April 17, 1884

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Failures of Last Week. There were 195 failures reported to Bradstreet's during the past week, against 143 in the preceding week, and 153, 111 and 98 in the corresponding weeks of 1882 and 1881 respectively. About 80 per cent. were those of small traders, whose capital was less than $5,000, Among the suspensions reported were-Hagen & Billing, bankers and special brokers, New York city; the First National Bank of St. Albans, Vt.; the Exchange Bank of Versailles, Ohio; the First National Bank of Monmouth, Ill. : Farmers' Bank of Covington, Ind. ; RobertJenkins & Sons, wholesale provisions, Baltimore; Lee & Potts, pork packers, Richmond, Va. ; Henry S. Rosenthal, cattle, Albany, N. Y.; Davis & Taylor, wholesale grain and flour, Pettingill & Everett, merchants, Boston.

17. March 6, 1885 The Times Owosso, MI
Article from The Times, March 6, 1885

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# VERY LATEST. Tickets from St. Louis to Indianapolis are selling at $2, while the regular rate is $8. Mrs. Walker, the only sister of James G. Blaine, died Tuesday morning at Baltimore. For the first quarter of the fiscal year the deficiency in the postal service is $2,063,220. Charles R. Woods, a retired major general was found dead in a bed at Newark, Ohio. The Michigan house has passed a bill making six the number of jurymen in courts of record. The supreme court of California has decided that Chinese children must be admitted to the public schools. Mrs. John L. Sullivan says the bruiser smokes opium. She tells horrible stories of his ill-treatment of her. Lloyd Breeze lost $17,000 in Detroit since Christmas by publishing the *Evening Times*, which suspended Thursday. A gas war at Savannah, Georgia has resulted in a reduction of the price of the article to 50 cents per thousand feet. The scouts in the Pennsylvania oilfields are said to have organized a club to control the market for their own benefit. Francis E. Warren, nominated by the president to be governor of Wyoming, is a merchant and banker in that territory. So deep has been the frost on the island of Nantucket that two houses were filled with corpses that could not be buried. B. F. Avery, who built up an extensive plow factory at Louisville, died Tuesday, in his 85th year, leaving a vast estate. Justus Schwab, the notorious socialist of New York, has been held in $2,500 each on charges of inciting riot and of resisting the police. James L. Clark, who died Friday at Oshkosh, spent twenty-five years in building up a match-splint factory, which he sold for $350,000. The New York *Herald* has given up its fight against the newsdealers, and reduced the price to the dealers to 1¼ cents from 1 3/8 cents per copy. Workmen at various shops scattered along the Wabash road have struck against an increase in the hours of labor or a reduction in wages. Stephen Klais, a mine superintendent at Galena, Ill., has discovered in Rice township what is thought to be an inexhaustible vein of lead ore. Mrs. Crandal, of Bloomsbury, N. J., died from a fast of forty-eight days, during which time her weight decreased from 350 pounds to 125. A medical college at Des Moines bought from his mother the remains of Cicero Jellerson, who was recently lynched for the murder of his father. Stephen Clarke, afflicted with hydrophobia, was lodged in jail at Picton, Ontario, where he takes every opportunity to tear and bite his own flesh. Mary A. Lincoln, of Agawam, Mass., lays claim to the land on which Bath, Me., is built. She has written to Gov. Robie offering to accept $1,000,000 and go halves. Gas with a pressure of twenty-five feet to the inch has been discovered in a well bored for water on a lot adjoining the Dayton railway depot at Cincinnati. Honore Beaugrand, proprietor of a French newspaper, has been elected mayor of Montreal, relieving J. L. Beaudry, who has held the position for ten years. Capitalists from various points have been examining the country in the vicinity of Augusta, Indiana, where silver ore is said to have been found in the hills. Orrin S. Skinner, formerly connected with a leading legal firm in Chicago, has been lodged in the Tombs of New York for attempting to swindle banking-houses. Albany, N. Y., was visited by a destructive fire which consumed railway and manufacturing property valued at about $225,000. Several acres of ground were burned over. The forty-ninth anniversary of the independence of Texas was observed at Austin by the laying of the cornerstone one of the new capitol. The building is to be of granite. Scarlet fever and diphtheria are raging in Sycamore, Ill. Many persons have died and new cases are reported every day. It is thought the diseases will become epidemic. The receiver of the First National bank of St. Albans, Vermont, has attached the property of the late officers and directors on a suit to recover $200,000 for mismanagement. Rumors have reached the Dakota towns that the Winnebago reservation has been opened to settlers by order of the president, and there is a wild scramble to secure farms. W. H. Wilson, of Dallas, Texas, a confederate officer under Stonewall Jackson, claims to have been engaged by El Mehdi to take charge of fortification engineering in Egypt. The petition of a Chinese artist of Chicago to be allowed to adopt a white babe was denied by Judge Prendergast, for the reason that the child would not receive suitable education and nurture. The legislature of British Columbia has passed a bill, to take effect within two weeks, imposing upon Chinamen attempting to enter that province a fine of $50 or imprisonment for six months. The Ohio consistory of Scottish Rite Masons has raised a large sum with which to purchase and remodel for its purposes the Seventh Presbyterian church, on Broadway, Cincinnati. Thomas L. Townley, a farmer of Mattoon, Ill., is going to England to assert his claim to the Townley estate, left without an heir in 1878. The estate brings an annual income of $800,000.

18. September 3, 1885 The Manchester Journal Manchester, Bennington, VT
Article from The Manchester Journal, September 3, 1885

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# Is He an Offensive Partisan? Hon. Daniel Roberts of Burlington was, some time ago, appointed by the comp-troller of the treasury receiver of the de-funct First National Bank of St. Albans. Without finding any fault or giving any reason and without notice the comptroller removed Mr. Roberts and appointed Mr. C. W. Witters of Milton in his place. The cause of the removal is thus stated by the Rutland Heroid: "The true inwardness of the action of the treasury department is explained by the shrewd and knowing ones to be the result of the efforts of O. A. Burton and the Sowles brothers, directors in the de-funct bank, against whom Mr. Roberts in the execution of his duty has been direct-ing the arm of the federal law. Mr. Rob.

19. September 18, 1885 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, September 18, 1885

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UNITED STATES COURT. A Short Term in October-The Famous Libel Case Against Dr. Cutting Settled. The time for entering cases for trial at the October term of the United States Circuit and District Courts expired yesterday and the prospect is that the term will be an unusually brief and unexciting one, as three cases only were entered for trial. These are, Andrew B. Lewis, Jr., against the New England Fire Insurance company of Rutland, in which the amount at issue is $1500; George Burns et al against the Hartford Life and Annuity company for $7000 on a life insurance policy; and Daniel Roberts receiver against Bennett C. Hall. This last case is one of those which have grown out of the failure of the First National bank of St. Albans and is brought to recover the amount of the assessment upon ten shares of capital stock of that institution which were held by the respondent. In this connection it is interesting to note that in the famous suit of the Bradley Fertilizer company of Boston against Dr. Hiram A. Cutting, secretary of the State Board of Agriculture, to recover $10,000 damages for alleged libellous statements made against the plaintiff by the defendant in one of his courses of lectures in the winter of 1881-2, stipulation has been filed for discontinuance and it is understood that the case has been settled.

20. September 23, 1885 The Vermont Watchman Montpelier, VT
Article from The Vermont Watchman, September 23, 1885

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THE Burlington Free Press charges that the letter in last week's Argus upon the matter of Mr. Roberts' removal from the receivership of the First National Bank of St. Albans is "a compilation of misrepresentations," and "a mere echo of the wail of the indicted." These are grave charges, but it is in the power of Controller Cannon to furnish a plain statement of the motives and causes which induced the change of receivers. Then we can see just how much of genuine reform there is in it.

21. October 2, 1885 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, October 2, 1885

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# To Our Friend Hiram. The Argus quotes from the West Randolph Herald a paragraph on the West Brattleboro post-office matter which contains statements credited to The Phoenix that never appeared in this paper, and Mr. Atkins adds gratuitously the assertion that "scarcely a statement that has been made about the matter is a fact." We wish to say, once for all, that every statement in The Phoenix about this outrageous piece of meddling bossism, both last week and the week before, is a fact for which we have the proof to show. Further than this we have to say that we have a steadily accumulating pile of evidence about Mr. Atkins's methods in this county, and the character and qualifications of some of his appointees, which we shall not hesitate to use in due time in spite of his wincing and pretended denials. The Phoenix has no grievance because Republicans are removed from office and Democrats put in their places, but it does hold the Atkins kind of politics in contempt, and will condemn his methods on every occasion. It is understood that Newfane's turn is coming soon. The method there is precisely the same as that at West Brattleboro-the boss sending a man there with instructions to hunt up somebody to take the office. Mr. Atkins pretends to deny our statement about the Putney matter, but dodges the main issue, and says that Mr. Wheat has "made himself obnoxious politically to Democrats"-an assertion which is itself an admission that Atkins is meddling with things there. When he brings us any evidence that Mr. Wheat has been an "offensive partisan," we will bring him abundant proof that Mr. Wheat is one of the most popular men in Putney, enjoying the confidence and esteem of Democrats and Republicans alike-ninety-nine hundredths of both parties wanting him to continue as postmaster. While we are dealing with Mr. Atkins, we may as well refer to his statement this week that he is informed, "on what he considers excellent authority," that ex Receiver Roberts of the wrecked First National bank of St. Albans has received a letter from Comptroller of the Currency Cannon, giving the reasons for his removal from the receivership. Immediately after his removal Mr. Roberts wrote to the comptroller, asking for reasons or charges, and repeated his request for specifications one or more times, but got no reply, and finally addressed himself directly to the President, who replied that he had turned the letter over to Secretary Manning for answer. We are informed, on what we know to be "excellent authority," that up to Wednesday night Mr. Roberts had received no reasons or specifications showing why he was summarily removed. We advise Mr. Atkins to keep cool in these trying times.

22. March 19, 1886 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, March 19, 1886

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Decision in one of the "Cases of the First National Bank of St. Albans. Judge H. H. Wheeler has just handed down a decision in the case of C. W. Wit- ters, receiver of the First National bank of St. Albans, against Albert Sowles and other directors on the bill of revivor brought by the receiver against George B. Foster administrator of George W. Fos-ter's estate dismissing the bill on the ground that the cause of action does not appear to survive by the laws of Vermont. The effect of this decision is to release the estate of George W. Foster from all liabil- ity for his acts as a director in the above named bank.

23. October 6, 1892 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 6, 1892

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UNITED STATES COURTS, District and Circuit, Convene at Rutland -- -Vermont Atterneys Present. RUTLAND, Oct. 4. -- The United States Circuit and District Courts convened here at 2:30 o'clock this afternoon. Judge Hoyt Wheeler presiding. The officers of the court present were: George E. Johnson, clerk; Frank Plumley, district attorney; Rollin Amsden, marshal; Thomas Failey, N. S. Stearns and L. N. Sprague, deputies. Among the members of the bar present were: Hon. C. W. Witters, Col. Willard Farrington, E. A. Sowles and H. C. Royce, St. Albans: Franklin Scott, North Bennington; llon. Gilbert A. Davis, Windsor; Gen. F. E. Alfred, Newport; B. C. Stickney, Bethel; George it. Fuller, Fair Haven: H. N. Deavitt, Winooski; Henry A. Harmon, T. W. Moloney, Hon. J. C. Baker, Judge F. M. Butler, Rutland. The proclamation was made for the grand jury, who were then called, sworn and briefly charged. The court then re. tired for deliberation. John Robinson of Bennington was appointed Amarshal. Proclamation was then made for the potit jury and they were thereupon called. The dockets were then called and no "cases being ready for trial by jury they were discharged until Tuesday next at 9 a. m. In the case of Willis E. Heaton, receiver, vs. Charles W. Thatcher, administrator, the order heretofore entered stating bill per confesso for want of an answer was ordered stricken off the record and the orator has leave to file an amended bill on or before October 10th. The caso of W. F. Thayer VS. Mississquoi railroad, et als. was entered and discontinued as per stipulation; case of Edwin R. Whitney vs. Franklio Fairbanks et als, orator was ordered to file cost bonds in the sum of $200 within 30 days. On motion of the orator's counsel the case Harley C. White vs. Henry S. Walbridge, Henry A. Harmon of Rutland appointed special master to take the accounting. The case of acting receiver VS. Bradford Savings Bank and Trust company was assigned for trial on Tuesday next at 9 a. m. Hearings in the various cases of the First National bank of St. Albans were deferred until Tuesday next, pending efforts to compromise now in progress. Court adjourned until 10 o'clock to-morrow morning.