Rutland Savings Bank - Rutland, VT

Bank Information

Episode Type: Run Only
Bank Type: savings bank
Start Date: July 1, 1883
Location: Rutland, Vermont (43.611, -72.973)

Metadata

Model: gpt-5-mini
Short Digest: 035e0af8

Response Measures

Accommodated withdrawals, Books examined

Description

Multiple newspaper articles (July 1883) report a run on the Rutland Savings Bank with about $125,000 withdrawn in the first week of July. Inspectors examined the bank and found it sound; withdrawals were paid promptly and the run subsided. There is no evidence the bank suspended or closed.

Events (1)

1. July 1, 1883 Run

Cause: Bank Specific Adverse Info
Cause Details: Run was started by reports that the bank had become involved in the affairs/over-issues connected with J. M. Haven and Gov. Page; worries about loans and connections with other local firms and the National Bank of Rutland.
Measures: Depositors who wanted funds were promptly paid; inspectors (State Inspector of Finance and others) examined the bank and pronounced it sound.
Newspaper Excerpt: About $125,000 was withdrawn during the first week in July ... The run upon the Rutland savings bank is nearly over.
Source: newspapers

Newspaper Articles (5)

1. July 11, 1883 The Vermont Watchman Montpelier, VT

Article from The Vermont Watchman, July 11, 1883

Click image to open full size in new tab

Article Text

Vermont State News. BRISTOL is to have a new town hall. BENNINGTON'S artesian well has reached a depth of 770 feet. THE Methodists of St. Johnsbury have let the building of their new church to M. J. Caldbeck. THE White River agricultural society will hold its annual fair at Bethel, September 18, 19 and 20. DOVER had a big celebration of the Fourth, with an interesting address by Colonel Kittredge Haskins. WILLIE CLEGHORN had his eyes blown out by a cannon at North Pownal the 4th inst. and will probably die. THERE has been a feeling of distrust about the Rutland savings bank and some have drawn out their deposits. HOWARD J. DONLEY, twenty-seven years of age. of Windham, was drowned at Bristol, N.H., July 1, while bathing. of East Bethel, an old man aged S. H. sixty-seven LANCASTER years. was thrown from a hay cart last week and badly injured. A CASTLETON man has a cow fourteen years old that furnished him with 646 pounds of milk in the two weeks ending June 24. THE telephone line from Pittsfield to Gavsville and Bethel is in working order. The line will soon be completed to Rochester. A LITTLE girl of E. E. Pinney of Holland is wearing a string of gold beads that was owned and worn by her great-great-grand-mother. SAMUEL ABBOTT, a Chester farmer. while shooting at a target July 4th, accidentally shot and killed his hired man, Henry Spaulding. THE West Rutland Marble company's quarry and mill are now running on full time and are producing good marble of the various grades. NATIONAL banks in Rutland pay these semiannual dividends: National, four per cent; Rutland County, four per cent; Baxter, three and half per cent. BRADLEY JONES, the St. Johnsbury carpenter, who fell from a sawhorse and was injured by a stick of timber he was lifting, a few days since, died Saturday. HARRY MORRILL, fourteen years old, was drowned at Bellows Falls Saturday while bathing in the Connecticut river. He was a son of Julius A. Morrill, agent of the Scribners. EDSON HOLDEN'S house at Mount Holly took fire recently, by reflection of the sun's rays from milk cans placed on the west side of the L. Fortunately it was seasonably discovered. CHARLES W. RICH of Swanton recently gave the Vermont University $1,000 for a scholarship. of which the institution now has thirty, but President Buckham's ambition is one hundred. DURING a thunder storm Wednesday night of last week. three horses, valued at $500. belonging to Alonzo Perry of Chester, were struck by lightning and killed while feeding in the pasture. DURING the thunder shower of July 2d lightning struck Hilton's hotel at Lowell Lake. setting the inside on fire and burning up two beds. Two men in the bowling alley were partially stunned. WHILE the national salute was being fired at at noon of the the Vergennes, of Charles January, Fourth, right arm one of the gunners, was blown off at the shoulder by a premature discharge. THE Howe scale works at Rutland have down two as has been July, for weeks, their custom shut so that an inventory may be taken and needed repairs made. The employes have been paid. A FAMILY of destitute Irish left at staying in barns Essex Junction, immigrants nights were and begging for their living. Some of the Irish residents finally clubbed together and set them up housekeeping. DAMON F. CLARK of Westfield died Thursday from injuries received by an accident recently. He had been twice a member of the legislature, had held many offices of trust and was a highly respected citizen. recently been issued to the J. following PATENTS Vermonters: have Brelivet, Enosburg Falls, candle mold; F. N. Pendergast, Rochester, carriage seat: F. S. Twombly, Barton Landing, carriage driving detector. AT Ludlow, lightning struck the tower of the Catholic church and ran the whole length of the ridge-pole and down the side, ripping off the clapboards, tearing out the underpinning and doing damage to the amount of about $300. WHILE Mr. Amos Hall of Hinesburgh was loading some bee hives on his wagon, in Jericho, his horses became frightened by the bees and ran a half mile, till one of them, a valuable animal, broke its leg, having to be shot. THIEVES went through four houses in St. Johnsbury Thursday morning, getting $40 from Henry G. Ely, $23 from William Cook, $12 from Asa Livingstone and nothing from Solomon Humphrey. No clew has yet been found. THE barns on Josiah S. Kenersons Jersey Queen stock farm at McIndoes Falls were struck by lightning Thursday evening, killing four hogs. The entire herd of Jerseys had just been turned out of the barns. The dam age was some $250; covered by insurance.

2. July 13, 1883 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, July 13, 1883

Click image to open full size in new tab

Article Text

THE TROUBLE AT RUTLAND. A COUNTER STATEMENT FROM CLEMENT & SONS, WITH CHARGES AGAINST GOV. PAGE. new chapter in the Rutland railroad J. troubles, A growing out of the discovery of Haven's over-issue of stock, was opened M. Tuesday, when Clement & Sons published attoron statement in reply to that from the a of Gov. Page and the railroad company, we from two weeks ago. neys which copied nearly 10,000 It apthat Clement & Sons own that pears of the Rutland railroad stock, and have formed a syndicate stockholders to control which occurs on the shares they Boston 25th the with inst. next certain This elecsyndicate tion, claims to own over 40,000 shares 65,000 of stock-the whole amount being some shares, 40,000 preferred and 24,860 shares & stock. The statement of Clement common Sons is very bitter against Gov. Page and tends to implicate him in Mr. Haven's crooked had transactions. It asserts that Gov. Page Mr. part in the original examination by no Wilbur, into the company's affairs, and accushim of trying to make Mr. Wilbur "exam- how ine es the cash matters by first finding out much cash there ought to be, and then letting him (Gov. Page) force the result by having amount of cash forthcoming." reason for Gov. says, "would seem to the the "A sufficient statement requisite Page's course," exist in the facts reported in respect to the wrongful or the wrongful non-use, of the compacash balances. Since has come out, Mr. Haven ny's deficit use, large the has fact stated of also a that the money has not gone to him, and that Gov. Page has had the exclusive hand- of ling and control of a portion of the rental be the road, for the ostensible reason that could keep it covered from the trustee process." connection with the foregoing, attention is In called to the fact that, by the by-laws of the company, the treasurer is almost wholly under the direction and control of the president, and also to the fact that for years Gov. Page has been, to every intent, the Rutland railroad company, so far as the internal management of its office is concerned. The statement continues: Under the management of Gov. Page, the preferred become stock and the bonds of the company have discredited. The preferred stock has deprefrom par to less, at one of its par value; ciated than one-tenth nearly and in within time, six months this same stock has sold open market in large quantities at 14 per cent of value. The six per cent first mortgage are at about .93, bonds its par selling and from the five .63 cent bonds are day offered at the to per .64. Mr. Wilbur reports that during last four years the average of the company's It monthly cash balances is over $80,000. not that interest on these balanever been accounted for. cent would amount for six ces does per has appear the of Interest four itself years may at to nearly $20,000. This fact account for the persistent endeavor of Gov. Page to be continued as president of wish. the road." Gov. Page is further accused of ing to retain control of the corporation in order to prevent innocent purchasers from get. to their pay for the spurious stock he the appearance true and genuine stock by of ting which gave and putting currency to it his official signature," and it is further added that "it can make little difference to those de- in frauded, whether he signed the certificates blank, or with knowledge of the wrongful use to be made of them." Clement & Sons claim that Mr. Haven's property is sufficient to cover the over-issue and deficit charged against him, 80 that the railroad company will saved from loss if its affairs are propIt is mentioned as H that since the situation erly cant managed. fact of long affairs the has known, Judge Prout, counsel, and an has his directorship, company's resigned become be eminent and also that lawyer, signifi- tend- Mr. Williams, the present treasurer, has ered his resignation as director. How much of this is founded on sober fact and reason, and how much is due to personal feeling it is impossible to say at this distance. The uneasiness which prevails in Rutland financial circles is increased by the run on the Rut land savings bank.

3. July 18, 1883 Spirit of the Age Woodstock, VT

Article from Spirit of the Age, July 18, 1883

Click image to open full size in new tab

Article Text

Rutland. -The run upon the Rutland savings bank is nearly over. About $125,000 was withdrawn during the first week in July, $80,000 over the deposits received in the same time. Every person that wanted his money was promptly paid. -The annual meeting of the Rutland Railroad Company, for the year 1883, will be holden at the office of the company in Rutland on the 31st day of July, 1883, at 2 o'clock P. M., for the election of nine Directors for the year ensuing, and for the transaction of any other appropriate business.

4. July 20, 1883 St. Johnsbury Caledonian Saint Johnsbury, VT

Article from St. Johnsbury Caledonian, July 20, 1883

Click image to open full size in new tab

Article Text

with their staying qualities. Out of five Swedes secured by farmers in one of the one other part parts, town, and three of the have three left took for with him a watch that didn't belong to him. The Free Press wants the Burlington people to offer the Vermont Shade Roller company some inducement to rebuild their factory at that place, and the company will be obliged to sacrifice some $6000 or $8000 of property at Vergennes if they decide to go to Burlington. Thursday's storm did $50,000 damage by water at Springfield ; at Chester the lightning struck A. N. Chandler's house, entering by means of a telephone wire, but the fire was put out without much damage; at Bellows Falls considerable damage was done to crops. Charles A. Wood, local manager of the Bennington County Reformer, was arrested for opening, June 27, a letter addressed to the Banner, of Bennington. He waived examination and was held in $300 bail for his appearance at the October term of the United States district court at Rutland. The Free Press mentions the fact that, under the statue, when our state militia are called out for actual service, their pay is the same as that of United States soldiers-$13 a month. At this rate the pay of the soldiers who served in the Vershire campaign amounts to the handsome sum of 87 cents for the two days' service ! The run upon the Rutland savings bank has about ceased. More than $125,000 was withdrawn during the first week in July, about $80,000 in excess of the deposits during the same time. The inspector of finance has examined the affairs of the bank and reports it sound in every respect. The run was started by a report that the bank had become involved in the affairs of J. M. Haven. At Underhill, the schoolhouse was struck by lightning Friday and badly shattered. All the children were more or less injured, some remaining unconscious for several minutes. The floor of the schoolroom was torn up and the wall and ceiling wrecked. Several children were hurt by splinters and debris. The lightning rendered one girl deaf. A boy had the sole torn from one shoe and the upper from the other. A dozen children present were all more or less injured, but are now recovering. The lightning plowed great holes in the schoolyard, and a. large number of trees close by were also struck.

5. September 21, 1883 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, September 21, 1883

Click image to open full size in new tab

Article Text

Grand Jury Indictments. The following indictments found by the grand jury have been placed on the docket (1) Against Geo. Porter of Townshend for practicing medicine without authority. (2) Against Henry Crowningshield of Brattleboro for malicious mischief. (3) Against Lucius N. Perkins for stealing a horse in Windham. (4) Against Geo. H. Herrick of Newfane for stealing a pair of stags. (5) Against Albert R. Warner of Marlboro for assault and battery. (6) Against Watson S. Eaton of Grafton for liquor selling. Seven other indictments were found which the states' attorney does not yet make public. Rutland's Financial Troubles. The Argus of this week has an article on financial affairs at Rutland, and gives an "interior view" from what it believes to be reliable sources. We quote: "It has for a long time been known that Gov. Page, the Howe scale company and the Dorset marble company have had large loans (from the National bank of Rutland, of which Gov. Page is president) to carry them along, with the endorsement of Gov. Page, Mr. Haven, and a son of Gov. Page. Bank Examiner Hendee, upon examining the affairs of the bank, required the strengthening of these loans, and Comptroller Knox of the Treasury Department also took a hand in. Meantime the bank has been crippled and able to do but little business, and its capital is said to be impaired nearly onehalf. Upon a second examination, however, Mr. Hendee declares the stockholders and depositors to be safe, the assets being sufficient to render the institution sound and enable it to recover from its crippled condition, and this has set the community at rest for the present. All these troubles brought & slight run on the Rutland savings bank, but not to a very large amount. Many rumors were afloat. It was believed that Gov. Page and the various parties with whom he was connected in business had large loans not sufficiently secured ; also, as its rooms were in the same building, it was difficult for timid persons to dissever the Rutland savings bank from Gov. Page and the National Bank of Rutland. Hon. Chas. Dewey, State Inspector of Finance, examined the savings bank and pronounced it safe; but some uneasiness being still prevalent, increased by the St. Albans failures, he made a sec. ond examination, assisted by ex-Gov. Proc. tor, Gen. W. Y. W. Ripley, Fred'k Chaffee and E. P. Gilson, well-known financiers. After a thorough examination of all its securities, Mr. Dewey pronounced the Rutland savings bank one of the soundest institutions of the kind in New England, and this caused all unrest to be silenced. The Howe scale company is now under embarrassment, growing out of the affairs of Gov. Page. its treasurer. Its employes have been only partially paid for some months, and it is reported to be indebted to the workmen alone $30,000. They have had promises of payment from time to time, but no money. until this state of affairs can be carried along but a little time longer. It is said that the company has many orders ahead, and that large amounts of scales are being shipped. It is also reported that they have had and now have a large margin of good securities which they are unable to negotiate. The company seems to have been doing a prosperous business, and making money. Col. George A. Merrill has sold his interest, and resigned the presidency, to take effect October 1st. Within a few days an effort has been made to form a syndicate to help the company out of its troubles, for the benefit of the town. Gov. Proctor, Gen. W. Y. W. Ripley, E. H. Ripley, E. P. Gilson and Frederick Chaffee have examined affairs with this view, but as yet no negotiations have been completed. The delay in payment of employés is a serious embarrassment to Rutiand merchants, and especially grocers and marketmen, some of whom have several thous. and dollars at issue. Much regret is expressed by the people of Rutland at Mr. Page's difficulties, and he has large sympathy because of his long time close identification with the business prosperity of the town, and it is hoped that he may yet be able to extricate himself from his evidently present crippled financial situation.