First National Bank - St Albans, VT

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 269
Charter Number: 269
Start Date: November 11, 1887
Location: St Albans, Vermont (44.811, -73.083)

Metadata

Model: gpt-5-mini
Short Digest: c2f38e46

Response Measures

None

Description

Article (Nov 11, 1887) discusses insolvency of the First National Bank of St. Albans and litigation involving the bank's receiver (C. W. Witters) and the cashier Albert Sowles. No run or temporary suspension is described; a receiver is in place, indicating permanent failure/closure.

Events (1)

1. November 11, 1887 Receivership

Newspaper Excerpt: the insolvency of the First National bank of St. Albans ... Chester W. Witters, Receiver, vs. Albert Sowles and his assignees in insolvency. ... to confirm the title of the receiver to certain property ... assigned and delivered to said bank as security ... assigned and delivered to said bank as security for his own indebtedness to said association.
Source: newspapers

Newspaper Articles (1)

1. November 11, 1887 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT

Article from Vermont Phœnix, November 11, 1887

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Article Text

# UNITED STATES COURT. At the session of the United States court held by Judge Wheeler at the Brooks House last Tuesday and Wednesday hearings were had in two cases, viz: C. W. Witters, receiver, vs. Edward A. Sowles, exor., Margaret B. Sowles, trustee, et als. In this case a decree for $3,000 and interest and costs had been entered in favor of the receiver and execution had issued with directions to the marshal to levy the same upon "the assets of the estate of Hiram Bellows in the hands of the said Edward A. Sowles, executor; and for want thereof, against such assets in the hands of Margaret B. Sowles, trustee of Susan B. Sowles and for want thereof against the goods, chattels and estate of Susan B. Sowles, in her own hands, or in the hands of Margaret B. Sowles, trustee." The U. S. marshal, under the directions of the receiver, had levied said execution upon the property of Susan B. Sowles in the hands of Margaret B. Sowles her trustee, which had come to her under the will of Hiram Bellows, and the same was advertised to be sold on the 23d inst., notwithstanding the executor, Edward A. Sowles, had designated and pointed out to the marshal real estate in his hands, assets belonging to the estate of Hiram Bellows. This was a petition and motion filed by the defendants to vacate said levy and for the receiver to show cause why said execution should not be levied upon the property pointed out and designated by the executor. The receiver contended that the real estate designated by the executor as assets of Hiram Bellows's estate in his hands passed to tue defendant Margaret B. Sowles by virtue of a decree of distribution of said estate made by the probate court of Franklin county in March, 1881, and that said estate had recently been encumbered by an attachment which he had made upon a suit brought by him against the said Margaret B. Sowles to recover an assessment of $40,000 upon bank stock owned by her at the time of the insolvency of the First National bank of St. Albans. The defendants contended that said real estate did not pass to Margaret B. Sowles by virtue of said decree of the Probate court, but that it was still liable as assets of Hiram Bellows in the hands of his executor to pay the judgment and execution issued upon the decree aforesaid. That if there was any question upon that score, then the said Margaret stood ready to execute any writing which would confirm, as far as she was concerned, a good title in the purchaser under the marshal's sale. That a sale of the property upon which the marshal had levied said execution would involve the parties and others in further litigation, which ought to be avoided. And further, that while there was property in the hands of the executor it should first be made to respond to the judgment, and that the court had full authority and was in duty bound to see to it that its orders and decrees were respected and obeyed. C. W. Witters for himself. Haskins and E. A. Sowles for the defendants. Chester W. Witters, Receiver, vs. Albert Sowles and his assignees in insolvency. This was a bill in chancery brought to confirm the title of the receiver to certain property which the said Albert Sowles, cashier of the First National bank of St. Albans, assigned and delivered to said bank as security for his own indebtedness to said association. The assignees sought to set said assignments aside as being an unlawful preference and in fraud of the insolvent laws. The case was heard here last July and had been decided. This was a re-hearing upon application of the defendants predicated upon newly discovered evidence. Witters for himself, Farrington and Burt for the defendants. The decision in both the cases was re-served.