19149. National Bank (Vergennes, VT)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
1364
Charter Number
1364
Start Date
May 10, 1901
Location
Vergennes, Vermont (44.167, -73.254)

Metadata

Model
gpt-5-mini
Short Digest
fbfb75ce29e245f6

Response Measures

None

Description

Articles (May–Dec 1901) describe the Vergennes National Bank in receivership, assessments on stockholders, and dividends paid to depositors. No article describes a depositor run; the bank was closed and a receiver appointed, with payout of dividends β€” consistent with suspension by government action and permanent closure/receivership.

Events (5)

1. June 29, 1865 Chartered
Source
historical_nic
2. May 10, 1901 Receivership
Newspaper Excerpt
The report of the receiver of the Vergennes National Bank has reached me... there will probably be an assessment of 100 per cent. on the stockholders of the Vergennes Bank. ... Receiver Sullivan has prepared and has sent in his report to the comptroller of the currency at Washington ... the total amount of the shortage would vary but little from the original estimate of $90,000.
Source
newspapers
3. May 10, 1901 Suspension
Cause
Government Action
Cause Details
Receiver appointed for the Vergennes National Bank; Comptroller mentions receiver's report and assessment of 100% on stockholders.
Newspaper Excerpt
The report of the receiver of the Vergennes National Bank has reached me, said Comptroller of the Currency Dawes...
Source
newspapers
4. August 20, 1901 Other
Newspaper Excerpt
The Comptroller of the currency has declared another 25 per cent dividend to the depositors of the defunct National Bank and Receiver Sullivan said that there was enough money on hand to pay a 40 per cent dividend now ...
Source
newspapers
5. December 13, 1901 Other
Newspaper Excerpt
Mr. Fish brought as receiver of the Vergennes bank ... a dozen other cases which Mr. Fish brought as receiver of the Vergennes bank were dependent upon the decision.
Source
newspapers

Newspaper Articles (3)

Article from Barre Evening Telegram, May 10, 1901

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Article Text

REPORT RECEIVED But Comptroller of Currences Davis REFUSES To Make it Public. Assessment of 100 Per Cent. Washington, May 10.-"The report of the receiver of the Vergennes National Bank has reached me," said Comptroller of the Currency Dawes, "but I cannot make it public. It is not our policy to make such reports public, chiefly from the standpoint of sound business policy. If we know that a man is badly off it does not help us to collect from him by publishing what we learn about him. You can, as a matter of news," continued the Comptroller, "say that e there will probably be an assessment e of 100 per cent. on the stockholders of the Vergennes Bank. If that assessment is paid there will not be much loss to the depositors." d Vergennes, May 10.- - Excitement over the failure of the Farmers Na. tional bank has somewhat subsided and the work of settling up affairs is progressing as rapidly as possible, the receiver and his assistants laboring both days and evenings for the accomplishment of their tasks. S. W. Hindes son-in-law of Cashier Lewis'and a former teller of the bank has been appointed bookkeeper by Mr.Sullivan. Receiver Sullivan has prepared and Is sent in his report to the comptroller of the currency at Washington, giving e the exact standing of the bank's afe, fairs, but refuses to say anything about the matter other than that the d total amount of the shortage would of viry butlittle from the original estid mate of $90,000. t Robert Lyons, the expert accountis ant who has been here for some time, d. has finished work and returned to Washington, going a few days earlier than he otherwise would on account of the sickness of two of his children with diptheria. he It is probable that the final setKS tlement of the affairs will not be accomplished in much less than two d years, but the comptroller will probon abiy declare a dividend to depositors rt in the course of the next two months.


Article from Barre Evening Telegram, August 30, 1901

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Article Text

PAYING IT BACK Vergennes, Aug. 20 - The Comp. troller of the currency has declared another 25 per cent dividend to the depositors of the defunct National Bank and Receiver Sullivan said that there was enough money on hand to pay a 40 per cent dividend now but it 18 the policy of tbose having the matter in hand to keep a certain amount in reserve to meet any contingent liabilities that may arise.


Article from Middlebury Register, December 13, 1901

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Article Text

Chauncey ne the jury. The jury was out on the case all and came in it was Friday Thursday morning night when only they to announce that they had been unable to Watson gave agree. Judge them them some out further instructions and sent to see if they could not come toon a verdict. But it was no again gether of just use and they returned once more before 12 o'clock, and the foreman then stated that there was no prospect that would be able to do so. They were discharged from they thereupon consideration that at of the case. It was understood the the stood nine In a for the young woman verdict end jury favor and three of in favor of a verdict for defendant Ackerman. One of the remaining cases set for the calendar was of the Farmer's trial Fish, on receiver jury Huldah Frank National Olin, L. bank of Vergennes, y. an to recover the on stock of the in the Joel H. a the trustee defendant, Baker of filed a demurrer to the assessment action For by land brought defendant's declaration amount bank name. held Rut- the of and that there was States statutes or any United argued nothing in other which gives a receiver of a bank any right or a as receiver under the common national statutes suit title to bring law no in and that there was law giving him such statute a state court, congress right. Mr. had Baker argued further that to pass laws of state courts. and practice no power regulating that eyen bring the if had a right and title to a suits at all, which he very the sult must be such receiver brought strongly in the courts. Receiver on contended that as hand, the the institution and he as receiver doubted, other federal local Fish, receiver bank have state the to bring such suits a authority was local a personage in did the than courts. It was a question of more ordinary importance, and some half had a dozen other cases which Mr. Fish brought as receiver of the Vergennes bank were dependent upon the decision. Judge Watson announced his decision on the reassembling of the court Monday The decision upheld Mr. afternoon. Baker's contention, the demurrer was sustained and the declaration adjudged insufficient. The case on the plaintiff's exceptions will go to the supreme court infor final edjudication of the question volved. Friday forenoon the case of Otto P. Moore V. Walter L. Forbes, appellant, and begun, with Ira H. LaFleur Mr. was H. Dayis of Middlebury as H. Moore's W. attorneys and Judge Wm. MiddleFrank W. Thomas of as counsel for Mr. for the plaintiff that he to the extent of about the of contract on the part damaged claimed bury Bliss breach and Forbes. had claimed, $200- of It been was defendant. a Forbes, the plaintiff of to cut and bind some 30 acres in the agreed mostly oats, for the plaintiff at any grain. of 1900, and to do the work that season the plaintiff should notify him howtime it done. The defendant. he not cut the grain some wanted did when for the ever, wanted it done, nor of later, in had nine the plaintiff claimed that plaintiff which days consequence that and he about one-fourth of his oats the straw lost oats harvested as well as in cutthe greatly injured by the delay it was were On the defendant's behalf to cut ting. that Forbes never agreed that the claimed grain on any particular day that he did the might choose, and as soon plaintiff matter of fact cut the grain Mr. as a could after being notified considering by as Moore he that he was ready. weather. rainy condition of the and the case continued through evidence Friday was This Saturday noon. The foreup to by 11 o'clock Saturday limited to side. Mr. completed noon and the arguments were Davis made an hour on each argument for the plaintiff the the opening followed by Judge Bliss for and was At the conclusion of Judge was defendant. plea at 11 :50 o'clock a recess afterBliss's until 2 o'clock on Monday not eng taken which time the jurors been exnoon. to in the case on trial had gaged cused on Friday afternoon. court , Upon the afternoon, re-convening Lawyer of the LaFleur in 1 closed Monday the argument for the Judge plaintiff WatV. Forbes case. the n recover d son plaintiff could was that the declaration, as n variance under his between the declaration them to the Moore thereupon informed not there bring jury and on o and directed Forbes g the proof, for defendant to be a verdict offset, the verdict a il his for declaration every acre in of grain that had they cut found for d $1 evidence defendant amount e from the with interest on the the jury in o plaintiff, After an hour's vedict deliberation for the defendant h $28.29 and his r. rs third civil 3 o'clock of rendered recover The a shortly jury case costs. before of the term Carl to p was started It was Clayton le Monday afternoon. A. Ballard and R. E e. V. Edson Owen, V. representing e ir e Brown and C. J. Russell of interests side of Burlington Burlington there the Carl I. H. LaFleur the Owen and more d th and the past three years between them and For bad blood Mr. Car ourt has quite been a little trouble. and asks Now for damage alleges