19129. St Albans Bank (St Albans, VT)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
August 7, 1883
Location
St Albans, Vermont (44.811, -73.083)

Metadata

Model
gpt-5-mini
Short Digest
b6ebd81876f6295f

Response Measures

None

Description

Contemporary articles (Aug 1883) report the St. Albans Bank closed/suspended in early August 1883 and a receiver was appointed. The closure is attributed to speculative railway dealings by the bank's president (Barlow) and large loans tied to the Southeastern Railway. Newspapers note a run was expected but did not take place, so there is no clear run on the bank; the event is a suspension followed by receivership/closure. Dates are taken from article publication context (Aug 7โ€“9, 1883).

Events (2)

1. August 7, 1883 Receivership
Newspaper Excerpt
receiver of the St. Albans bank, lately failed, to recover $8000 of first mortgage bonds... Receiver Hendee of the St. Albans bank regards this as an important decision on the bank's behalf; ex-Governor Hendee, receiver of the St. Albans Bank, lately failed, to recover ... bonds deposited with the bank for safety before its suspension.
Source
newspapers
2. August 7, 1883 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President Barlow became involved in a large railway speculation and oversized loan to the Southeastern Railway that sank the bank; comptroller thought the loan too large and suggested reduction.
Newspaper Excerpt
The St. Albans, Vt., bank closed its doors Monday.
Source
newspapers

Newspaper Articles (8)

Article from The Indianapolis Journal, August 8, 1883

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Article Text

The St. Albans Bank Failure. ST. ALBANS, Vt., Aug. 7.-President Brainard, of the Trust Company says depositors will not lose much. The last statement showed 2,100 depositors, with deposits of $600,000. Several railroad men, including Governor Fairbanks, held a conference today at Barlow's residence. The statement that the comptroller approved of the bank's loan to the Southeastern road was incorrect. The comptroller thought it was too large, and suggested its reduction. The First National Bank prepared for the expected run, which did not take place.


Article from The Press, August 9, 1883

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Article Text

The St. Albans, Vt., bank closed its doors Monday. Mr. Barlow, the president, became involved in a railway speculation, and in sinking carried the bank down with him. The Trust company of St. Albans has also failed, because its president, Lawrence Brainerd, is a heavy indorser of Barlow's paper. Both men have assigned all their property.


Article from Public Ledger, August 14, 1883

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Article Text

IT is speculation and overtrading that causes the panies and the financial troubles of the country. The Commercial Gazette says: Of the five National Banks which were embarressed last week four of them owed their trouble to speculation. The St Albans Bank was obliged to suspend because its President had undertaken a big deal in the securities of the Southeastern railway. The Elmira Bank was seriously embarrassed by the run upon it qwing to & report, which was not denied, that its President had lost $50,000 in a pork speculation. The suspension of the First National Bank of Indianapolis was due, in partial least, to the heavy drafts upon it by depositors who had margins to meet in Chicago, and the Indiana Banking Company suffered in the same way. The banks themselves regard with great suspicion any man upon whom there is the slightest taint of speculation, and they must expect the public to scrutinize with equal severity the acts of those with whom they deposit their money.


Article from The Portland Daily Press, December 3, 1883

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Article Text

GENERAL NEWS. Counterfeit $5 gold pieces, issue of 1869, have been discovered in circulation. Mrs Calvin Crocker of Springfield, Mass., about 65 years of age, while crossing the Boston and Albany Railroad at Pittsfield, Saturday, was struck by a locomotive and instantly killed. She worked for the Kellogg Steam Power Company and leaves a husband and family. The steam canaljboat Courtier, one of the last boats through the Erie canal this season, has arrived at Port Hunter from Buffalo, coveriog the distance, 301 miles, in five days, the fastest time on record. The Southeastern Railway trustees have entered soit against ex-Governor Hendee of Ver mont, receiver of the St. Albans Bauk, lately failed, to recover $8000 of first mortgage bonds of the road, deposited with the bank for safety before its suspension. Charles H. Thissell, a milkman, residing in Dracut, Mass., was found hanging in his barn Saturday morning. He was about fifty years old and had been married, but did not live with his wife.


Article from The Middlebury Register and Addison County Journal, December 7, 1883

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# State News. The Bates House at Rutland is soon to be sold by auction. A foot of snow fell, up in Lamoille county, last Friday. St. Albans has a new opera hall which will seat 700 persons. Twenty of the 241 towns in the State have women school superintendents. The House of Correction at Rutland has 58 inmates-51 men and 7 women. There have been 35 cases of diptheria at Waterbury and three deaths from the disease. Gilman L. Grant of Stockbridge was crushed to death under a load of wood, Nov. 24. A daughter of P. Gilrain, aged 5 years, was killed at Rutland the other day by the overturning of a mortar box, which fell upon her. George Knowlton of Rochester fell from his barn the other day, striking upon his head and shoulders. injuring him very severely, but not fatally. Charles T. Ennis, a colored St. Albans barber, was found dead, on a recent morning, near the railroad shops in that place. Heart disease is supposed to have been the cause. Frederick Billings has increased his gift to the University of Vermont at Burlington for a library building from $75,000 to $100.000. The foundation is already laid and the building will be put up in the spring. It will be of sandstone. C. L. Hinds and wife of Chester went to Cambridgeport to spend Thanksgiving and when they returned discovered that their nephew, Howard Hinds, who has lived with them the past two months, was missing with between $100 and $500 left in the house. Edward Sheple's store at Waterbury was broken into early Sunday morning. The safe was drilled and the handle blown off, but not opened nor any money taken, except a dollar or two out of the change drawer. Two men were tracked to the 4 a. m. train, where the trail was lost. Norman Taylor, the locally noted Plymouth pie-eater, who trained himself for a runner over his native hills, has at last won a professional sawdust race, a 50-mile go-as-you-please at Philadelphia, Thursday. Taylor had made 66 miles at 20 minutes short of the 12 hours and the other contestants gave up. Taylor is 53. The trustees of the Southeastern railway have instituted an action against ex-Governor Hendee, receiver of the St. Albans bank, to recover $800,000, representing that amount of bonds of the Montreal, Portland & Boston railway placed with the bank for safe keeping, which the receiver now refuses to deliver. This story comes from Bennington: The immortal story of "the frogs and the boys" was admirably exemplified the other day as a painter stood on the top-most rounds of a 40 foot ladder, and looking down from his dizzy height, saw a small boy tugging hard away in the endeavor to pull down the ladder. If the urchin enjoyed the prospective fun of seeing a mangled painter come tumbling to the earth, the knight of the brush was stirred by an exactly opposite sentiment. Presently about one pint of Atlantic lead of the consistency of cream descended upon our youthful hero's cranium. A snap bug could not have cleared the circle of danger with any more alacrity than did the whitened and bespattered meddler. With a sorry glance at his jacket, he dashed around the nearest corner exclaming, "I'll tell ma!"


Article from The Vermont Watchman, April 1, 1885

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Weekly News Smmary. Vermont. THE late Hon. Bliss N. Davis of Danville left an estate of about $12,000. ST. JOHNSBURY claims the handsomest Masonic headquarters in Vermont. THE new Baptist church in Putney was completed and dedicated a few days ago. A COUPLE of Bristol men recently shot a one hundred forty-four pounds black bear. THE Central Vermont shops at Rutland are working on nine and one-half hours' time now. THE charter of the National Bank of Lyn- don has been extended twenty years, to March 23, 1905. A CENTRAL VERMONT woodshed and three hundred cords of wood at Swanton were burned Saturday. THE Vermont Merino Sheep-shearing Asso- ciation will hold a public shearing at Mid- dlebury, beginning March 31st and con- tinuing three days. COOMBS, the Westminster West fire-bug, at county court last week, pleaded guilty to one fire and was sentenced to state prison for three and one-half years. THERE are seventeen patients at present in the Mary Fletcher hospital. The accom- modations of the hospital have been taxed to their utmost during the present winter. THE village of Swanton, with only eighteen hundred inhabitants all told, has more than one hundred persons sixty-two years old or more, and their average age is about seventy-two. A NORWICH man, who recently returned from Mount Vernon, brought a white oak lath from the banquet hall of the Washing- ton mansion, and his friends are having the wood made into charms. THE estimated cost of the proposed iron bridge at Winooski will be about ten thou- sand dollars, the town of Colchester paying one-fifth of the expense, the balance to be furnished by Burlington city. THE supply of coal brought to the port of Burlington amounts to about sixty-five thousand tons, or six hundred fifty boat loads, annually, of which thirty thousand tons are consumed in that city. KNOWLTON & JACKSON of Brattleboro have bid off eleven different government contracts for carrying the mails, most of which are in New Hampshire. They have also put in bids for thirty others. A HOUSE in Salisbury, belonging to Albert Spencer of Boston, was burned on Sunday morning. The most of the furniture was saved. The house was insured. The fire is supposed to have been incendiary. UPON the complete opening of the Canada & Atlantic railroad it is expected that a lumber yard and dressing mill will be es- tablished at St. Albans, and that the rolling mill will be converted into this use. THE increase in the number of farms in Vermont between 1870 and 1880 was five per cent, which was the smallest increase of any state in the Union. The largest in- crease during the same period was in Da- kota, which was 913.7 per cent. BRADLEY's building was burned Saturday night at Bennington. It was insured for $5,500. Noyes' building was slightly dam- aged. The occupants are insured. The losses are not as large as at first supposed, and are probably covered by insurance. THE Mary Fletcher training school for nurses opens at the Mary Fletcher hospital in Burlington, May 4. The course of instruc- tion will consist of lectures, recitations, demonstrations and practical teaching at the bedside upon all topics which come within the province of an experienced nurse. H. C. BURWELL of Bridport, who was awarded two sweepstake prizes for sheep at the New Orleans exposition, is the same breeder who took the sweepstakes prize on sheep at the centennial exposition in 1876, and the five first premiums at the state fair last fall. Mr. Burwell's prize money at New Orleans amounted to nearly one-half of the entire sum offered for prizes in the sheep department. THE listers of Caledonia county met at St. Johnsbury last week Wednesday, and fixed the following rates of value per grand list basis: Oxen, four and one-half cents per pound; cattle, three-years-old, four cents; two-years-old, $16; one-year-old, $8; cows, $28; sheep, $3; swine, four and one- half cents; bees, $5 per swarm; colts, three, two and one-year-old, $65, $45 and $30 re- spectively; wool, eighteen cents per pound; hay, $10 per ton. THE Montreal court of appeals issued a mandate Tuesday of last week, ordering a meeting of the shareholders of the Montreal, Portland & Boston road. Receiver Hen- dee of the St. Albans bank regards this as an important decision on the bank's behalf, since it will facilitate the sale of the bonds. He is now advertising for bids on the bonds, which it is hoped will be disposed of by midsummer, and a substantial dividend de- clared to depositors. THE St. Johnsbury Young Men's Chris- tian Association will occupy in about two weeks its new building, the gift of Profes- sor Henry Fairbanks. The right side of the building is fitted up in a store, offices and tenements. On the left, the association home proper, is a gymnasium, reading-room, parlors, and large hall, and rooms for the secretary and janitor. The association was organized in 1855, with twenty-one mem- bers, which had increased to two hundred fifty in 1882. C. W. GRAHAM, the taxidermist, says the St. Johnsbury Caledonian, is constantly making additions to his collections, so that a visit to his rooms on Main street is always of interest. Among the latest curiosities is a chicken sent from Rhode Island, having a double body-with two wings and four legs -but with one head. A rare animal re- cently received is a Brazilian sloth. A par- ticularly interesting specimen is a small kangaroo, with a young one in its pouch. A porcupine brought from England is of spe- cial interest, as showing the difference be- tween the porcupine, which is not found in this country, and the native hedgehog. Other Localities. A TERRIFIC Explosion, caused by coal dust, took place Friday in a mine at McAllister, Indian Territory, by which eleven miners were instantly killed. Their bodies were all recovered. THE excitement over the senatorial can- vass in New Hampshire is steadily growing, and indications all promise that it will cul- minate in one of the hardest fights ever known in the legislature. THE Armour Packing Company of Chicago has received another cable order from the British war department for eight thousand additional cases of canned beef, represent- ing about 650,000 pounds. HANLAN was defeated on the Paramatta river, Sidney, New South Wales, Saturday, by Beach. The latter won by six lengths. Twenty thousand persons saw the race. The excitement was tremendous, and the people almost killed Beach with con- gratulations. FREDERICK SEYMOUR WINSTON, president of the New York Mutual Life Insurance Company, died from paralysis Friday night, at Fernandina, Florida, where he went two months ago, to escape the March winds. Mr. Winston was a native of Ballston Springs, N. Y., and was seventy-nine years old. POSTMASTER GENERAL VILAS has author-


Article from Orleans County Monitor, April 6, 1885

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ed from paralysis, which had ning some five or six years ago. ENERAL NEWS e Armour Packing Company of has received another cable the British war department thousand additional cases of representing about 650,000 e Mary Fletcher training school es opens at the Mary Fletcher Burlington, May 4. The action will consist of lectures, as, demonstrations and ing at the bedside upon all to h come within the province of rienced nurse. el stirring news from England, si to war between Great and Russia was received by men of Brooklyn, N. Y., with atification. Secret meetings of societies of Brooklyn are to be : once for the purpose of ction in case the British Lion tussian Bear engage in deadly stmaster General Vilas has aut the statement that railway s, who have become efficient ble men, against whom no t of neglect of duty, honesty, ency can be brought, and who urned their attention to political during their service need have of being discharged SO long as nue meritorous and faithful ce. el National Republican this si the Administration that, while le may accept the appointment of ederates from the South, it not to search Northern states , as he has in the case of Lewis onfederate appointed from New o be minister to Portugal. outation made last night it SO far twenty-seven ex-Confede rs and four ex-Union officers appointed to public service. e Montreal court of appeals ndate Tuesday ordering a meetin hareholders of the Montreal. and Boston road. Receiver Hend t. Albans bank regards this rtant decision on the bank's - it will facilitate the sale of s. He is now advertising for e bonds, which it is hoped sed of by midsummer and a lividend declared to depositors. ce life insurance companies aced into this country in 1812, banies have handled nearly 00 of the money of the policy while the net losses by the panies have been $25,000,000, or 1 of 1 per cent. Up to date ers have paid to the companies egate $1,282,563,000. The have paid in death losses, ss and dividends $900,000,000. ent assets are nearly $500,000 the 1


Article from Burlington Weekly Free Press, October 2, 1885

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Hon. Daniel Roberts has been trying ever since he was superceded as Receiver of the St. Albans bank, to get some statement from Washington, of the reasons for his removal. Failing, after repeated attempts, to obtain from United States Comptroller Cannon, any such statement, Mr. Roberts, the other day applied directly to President Cleveland, reciting the facts and representing that as a matter of the simplest justice, he should be allowed to know the alleged grounds for his removal, in order that he might meet any charges affecting his character or conduct as Receiver. In reply he was informed by the President's secretary that the President had referred his (Roberts's) letter to the Secretary of the Treasury. Perhaps Mr. Manning will take the earliest opportunity to furnish to Mr. Roberts the desired statement. If this should include information how Mr. Smith Weed happened to become interested in the case, what Mr. Weed said to Mr. Manning; and what Mr. Manning said to Comptroller Cannon, with a few connected facts, it would be apt to make quite an interesting document. It is to be hoped that Mr. Roberts will get it, without great delay.