22102. Windsor National Bank (Windsor, VT)

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3257
Charter Number: 3257
Start Date: February 24, 1891
Location: Windsor, Vermont (43.480, -72.385)

Metadata

Model: gpt-5-mini
Short Digest: f2984f3a

Response Measures

None

Description

Multiple newspaper dispatches (Feb 24, 1891) report the Windsor National Bank of Windsor, Vt. has 'gone into liquidation' / 'suspended' because of heavy Western losses sustained by its western agent J. S. Warden. Depositors reported to be paid in full; stockholders to receive about half. No run on the bank is described in the articles; the institution is placed into liquidation/suspension and appears to close permanently.

Events (3)

1. October 8, 1884 Chartered

Source: historical_nic

2. February 24, 1891 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Heavy losses from western mortgage investments made by the bank's western agent J. S. Warden; investments in Kansas banks that were recently wrecked, producing large losses and prompting liquidation.
Newspaper Excerpt: WINDSOR, Vt., Feb. 24.-The Windsor National bank suspended today. The depositors will be paid in full, but the stockholders will get only about half. The bank had a western agent by the name of J. S. Warden, who made several large investments in mortgages in Texas and Kansas by which the bank suffered heavy losses.
Source: newspapers

3. February 24, 1891 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (9)

1. May 1, 1890 The Manchester Journal Manchester, Bennington, VT

Article from The Manchester Journal, May 1, 1890

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was Hero run the over at George depot 10 St Johnsbury Friday morning by mail train. bis bead was cut off. He was watching a freight train on the neit track Ice is Woodford Little pond. . few miles from Bennington, is still 12 to 14 inches thick. This is quite remarkable in view of th unusually mild season, although after the average winter it has not been uncommon to find it two feet thick as late as the last week in April E. T. Watkins of Westminister, Vt. died at Fort Payne, Ala., on Sunday evening of typhoid fever and hemorrhage of the bowels. He was buried there on the following afternoon. Joseph D. Billings, nearly 70 years old, and who 20 years ago was superintendent of the Central Vermont repair shops, is now an inmate of the Builand town poor farm. Master Mechanic McMaster of the Ben ington & Ratland railway has just received some solid steel wheels for the forward trucks of the locomotive E. D. Ben nett. Although steel wheels are in use on other roads, they are new to this part of the country, and Mr. McMaster intend* to give them a trial on the road. Iron wheels are in more general use than steel, but they are considered more treacherous than the latter. Steel wheels are guaran. teed for 150,000 miles, while an iron wheel is only guaranteed to rno 50.000 miles. With Ely's Cream Balm a child can be treated without pain or dread and with perfect safety. Try the remedy. It cures catarrb, bay fever and colds in the head. It is easily applied into the nostrils and gives relief with the first application. Price 50c. Secretary of War Proctor has promised the land and a $300 gift to start 8 Swed ish church in the town called by his family name. The great quarry owner is doing all hecan to encourage the Swedish influx Many Swedes are now employed by him The Newport Express says that Thomas Donaghy'y eight-year-old son, while lead ing a cow to water at Newport recently, was run away with by the animal and dragged 25 rods, receiving fatal injuries, The boy stumbled and fell, which frighten. ed the cow into a run. A new idea embraced in Ely's Cream Balm. Catarrb is cured by cleansing and bealing, not by drying up. It is not a liquid or snuff. but is easily applied into the postrils. Its effect is magical and a thorough treatment will cure the worst cases. Price 50c. The Rutland Telegram says: "Rev. Dr Lowell will not return to Ratland as pastor of the Methodist church. He has accepted a chaplaincy in the United States army to This is in compliance with an arrangement and request of Secretary of War Proctor during his recent visit. Mrs. A. E. Rankin of St. Johnsbury has t subscribed $5000 toward the erection of a chapel at Howard university, Washington, provided it be named in memory of her husband, "The Andrew Raokin Memorial Chapel." The president of the university is Rev. Dr. J. E Rankio, a brother of the late A. E. Rankin, # Frank Caldwell, 21 years old, who had recently bought the farm of Curtis o Slack, five miles from Chelsea village on A the Washington road, was found Friday 5 afternoon in the sugar place dead. He had committed suicide by hanging. He WH8 soon to be married to Mr. Slack's daughter E and no explanation can be given for the deed. F A meeting of the stockholders of the Windsor National bank will be de held May 5, to 600 what steps shall be take 08 FF o the future of the bank. By the failure it of several Kansas banks, and the collapse 0 of the Midland Accident Insurance com pany of Kansas City Mo., with other mis t1 ortunes, capital stock has been impairth d,and it will be uecessary to lay an assess. nent, or reduce the capital stock, or put he bank into liquidation. ro It is now said that Dr. J. H. Baxter, chief 80 medical purveyor of United States army' at looked upon in Washington as the most probable successor of Surgeon General M W Moore, who is to be retired in August. Dr. Baxter is a son of the late Portus Baxter 0' at by Vermont, and it 18 no more than reasonable o suppose that his superior claim to the bt osition will be duly recognized by Secre ary Proctor. He now outranks by at least C

2. February 25, 1891 The Wichita Daily Eagle Wichita, KS

Article from The Wichita Daily Eagle, February 25, 1891

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WINDSOR, Vt.. Feb. 24. -The - Windsor National bank suspended today. The depositors will be paid in full, but the stockholders will get only about half. The bank had a western agent by the name of J. S. Warden, who made several large investments in mortgages in Texas and Kansas by which the bank suffered heavy losses. Warden was interested in several banks in Kansas which have recently been wrecked, and in which institutions he succeeded in investing some $40,000 for the Windsor people. The last published statement snows liabilities and assets of $1,750,000.

3. February 25, 1891 The Morning Call San Francisco, CA

Article from The Morning Call, February 25, 1891

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BUSINESS TROUBLES. Banking Institutions Close Their Doors-Assignment of a Lumber Company. CORPUS CHRISTI (Tex.), Feb. 24.-P. Doddridg- & Co., bankers, have assigned. The amount of assets and liabilities is not known, but it is thought the former will exceed the latter. The assignees say depositors will be paid in full. NEW YORK, Feb. 24 - The North River Lumber Company assigned to-day, without preferences. WINDSOR (Vt.), Feb. 24.-It is stated the Windsor National Bank, with a capital of $50,000, has gone into liquidation on account of heavy Western losses. It is stated depositors will be paid in full. The bank had a Western agent named J.S. Warden, who made several large investments in mortgages by which the bank suffered heavily. Wardon was interested in several Kansas banks recently wrecked and in which he succeeded in investing some $40,000 for the Windsor people. BOSTON, Feb. 24.-A crisis has arisen in the affairs of the Commonwealth Loan and Trust Company. Checks presented to-day were not cashed, and Vice-President Mason says the company has voted to liquidate.

4. February 25, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, February 25, 1891

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TROUBLES IN TRADE. Eastern Banks and Firms Go Into Liquidation With Good Assets. Olympia, Feb. 24.-[Special.]-Samuel Stork, a grocer, today made an assignment in favor of R. L. Robertson. WINDSOR, Vt., Feb. 24.-It is stated that the Windsor National bank, with a capital of $50,000, has gone into liquidation on account of heavy Western losses. It is also stated that the depositors will be paid in full. The bank had a Western agent named J.S. Warden, who made several large investments in mortgages by which the bank suffered heavily. Warden was interested in several Kansas banks recently wrecked, and in which he succeeded in investing some $40,000 for Windsor people. BOSTON, Feb. 24.-A crisis has arisen in the affairs of the Commonwealth Loan and Trust Company. Checks presented today were not cashed, and Vice-President Mason says the company has voted to liquidate. CORPUS CHRISTI, Tex., Feb. 24.-P. Dodridge & Co., bankers, have assigned. The amount of assets and liabilities are not known, but it is thought the former exceed the latter. The assignees say depositors will be paid in full. NEW YORK, Feb. 24.-The North River Lumber Company assigned today without preferences. CHICAGO, Feb. 24.-A receiver has been asked for the Lone Star Cotton-Picking Machine Company by one of the stockholders. The company was organized in this city in 1889 with a capital stock of $5,000,000. The stockholder alleges that as a result of conspiracy his stock was sold at judgment sale to freeze him out. The court issued an injunction restricting disposition of the stock involved.

5. February 25, 1891 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, February 25, 1891

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FIRMS LIE DOWN. A Company With $5,000,000 Capital in the Hands of a Receiver. CHICAGO, Feb. 24.-A receiver is asked for the Lone Star Cotton Picking Machine company in a bill filed by Rufus J. Roberson, a stockholder. The company was organized in this city in 1889 with a capital stock of $5,000,000. Roberson alleges that as the result of a conspiracy his stock was sold at judgment sale to freeze him out. The court issued an injunction restraining any disposition of the stock involved. BOSTON, Feb. 24.-A dispatch to the Journal from Windsor, Vt., states that the Windsor National bank, capital $50,000, has gone into liquidation on account of heavy Western losses. It is stated that the creditors will be paid in full, and that stockholders will realize about one-half. NEW YORK, Feb. 24.-The North River Lumber company, an incorporation organized under the laws of the state of New Jersey, with offices and yards at the foot of One Hundred and Thirtieth street and North river, made an assignment to-day to Samuel B. Paul, without preferences. HAVERHILL, Mass,, Feb. 24.-Perley

6. March 5, 1891 The Bennington Banner Bennington, VT

Article from The Bennington Banner, March 5, 1891

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LESSON NOT WITHOUT ITS ADVAN4 TAGES. A news dispatch chronicles the collapse of the "Windsor National Bank" on account of its Western business. We take it that the bank mentioned is the savings bank of Windsor rather, as naional banks have no authority to invest in mortgage loans as described. If the dispatch is true, as published, we shall not be surprised. There has been a perfect furor on the part of some Vermont people of late for Western and Southern investments, anywhere away from home, such as has never been witnessed before. So wild has been the the rush, and so careless the investments made in some conjectured instances, that disaster has been freely predicted, The dispatch conveys the impression that the bank was managed by its "loaning agents" rather than by its officers, who must have been ignorant of what was going on. Whenever financial institutions are run by its agents, whether banks, insurance companies or any other, the institutions are in peril. We hope the bank's failure may not be as serious as stated, and also hope the announcement may serve as a warning for the future. If there is any business under the sun that calls for careful, conservative management, it is that of banking, It is exceedingly perilous to accept the one idea of high rates of interest in these times of increasing capital, The money market does not warrant it, and in cases where the opening is sought there must be peril, There are no better opportunities for the in vestment of money by Vermonters than in Vermont, in building up the State, where the money is earned. With half the enterprise shown in these Western and Southern booming communities, Vermont to-day would be rich in every way, its population double what it now is. The money drawn from the State should cease, and if the Windsor lesson shall serve to direct the attention of Vermonters more to their own affairs and to the development of the State it may not be altogether a bad thing for the future. Something of this sort, though terrible it may be, is necessary for a healthy awakening.-Mes,enger.

7. March 5, 1891 Grant County Herald Lancaster, WI

Article from Grant County Herald, March 5, 1891

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away. us Lee was drowned in bed. NEAR Winchester, Ky., A. C. Barrow and Thomas Barrow were swindled out of $4,800 by the gold brick scheme. THE charge against Banker Cowles, of Clarks, Neb., of killing his wife on February 4, was withdrawn by the county attorney. FRANK GAVEL, a tax collector near Honesdale, Pa., disappeared, taking $22,000 belonging to the county. IN the case brought by Marshall Field & Co., of Chicago, to test the legality of the United States revenue law, Judge Blodgett decided in favor of the government. A FIRE in Armourdale, Kan., destroyed an elevator, owned by J. P. Campbell & Co, forty freight cars and about 100,000 bushels of grain. entailing a loss of about $150,000. THE Windsor national bank of Windsor, Vt., assigned. Depositors would be paid in full. MAY WRIGHT SEWALL. of Indiana, was elected president of the National council of women of the United States at the session in Washington. HYDROPHOBIA was raging in Brandywine township, Indiana, and many hogs, cattle and horses had been killed to prevent its spreading. HUNDREDS of acres of bottom lands "were under water at Covington, Ind., caused by the overflow of the Wabash river. THOMAS HALL, the inventor of the turbine water wheel. was killed by an Erie train at Rahway, N. J. JOSEPH HOLLASE, a Polish miner at Iron River, Mich., angered by some boys who had been throwing snowballs at him. shot Peter Hoctor, a bartender, and Ed Scott, chief of police, wounding both mortally. ROBERT GRAYSON and Charles McComb discovered a heavy vein of silver in Grayson's farm on Silver creek, in Clark county, Ind. THE business portion of Edina, Mo., was swept by fire, causing a loss of upwards of $100,000. A LARGE meteor burst with a loud report near Madison, Me. It was seen in all parts of the State. IN a wreck on the Reading road near Gordon, Pa., five oil tanks, four freight cars and four engines were demolished, causing a loss of $150,000. IN a tornado at Sunbury, N. C., two children were killed and much property destroyed. A number of persons near Sunbury were said to have lost their lives in the storm. THE New York board of aldermen passed a resolution naming the triangular space at Seventy-third street and the boulevard "Sherman place," in memory of the late general. FLAMES at Burlington, Vt., destroyed the cotton mills and a lumber yard, causing a loss of $180,000. THE issue of standard silver dollars from the mints during the week ended on the 21st was $328,899. The issue during the corresponding period of last year was $305,659. IT was reported that gold had been found along the streams of Brown county, Ind., since the recent freshets. A DESTRUCTIVE tornado visited the region near Jeffersonville, Ind. The greatest damage was done at Utica, where many dwellings and business buildings were demolished. MRS. COFFEE, of Omaha, a poor mechanic's wife, is heir to $75,000,000 left by her father at Bradford, Eng. The woman was the only daughter and was disowned years ago as a result of an undesirable marriage. JOHN L. SULLIVAN, the pugilist, was soundly thrashed by a train hand in the cars near Athens, Ga., for using insulting language. JOHN D. MILLER, of Greensburg. was appointed by Gov. Hovey to fill the vacancy on the Indiana supreme bench caused by the death of Judge Berkshire. THE Lumber exchange, the Edison building and adjoining buildings at Minneapolis were burned, causing a loss estimated at $500,000. COUNSELMAN'S grain elevator in Chicago was almost entirely destroyed by fire, involving a loss of $100,000. EIGHTY soldiers were in the hospital and four deaths had occurred at Fort Logan, Col., from the grip. Four persons were killed in a wreck

8. March 5, 1891 The Telegraph-Courier Kenosha, WI

Article from The Telegraph-Courier, March 5, 1891

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These Three Were Rotten. Checks presented to the Commonwealth Loan and Trust Company of Boston were not cashed. The Vice President said the concern "had voted to liquidate, though it claims to be able to meet its obligations in full." The Windsor National Bank of Windsor, Vt., and P. Doddridge & Co., bankers, of Corpus Christi, Texas, assigned. The depositors will be paid in full.

9. March 6, 1891 Griggs Courier Cooperstown, ND

Article from Griggs Courier, March 6, 1891

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Epitome of the Week. INTERESTING NEWS COMPILATION. CONGRESSIONAL Second Session The conference report on the bill for the allotment of lands in severalty to Indians was agreed to in the senate on the 23d. and the bill for the establishment of bureau in the agricultural department for the promotion of the silk culture industry was favorably reported. The sundry civil appropriation bill was dis cussed. In the house the post office appropriation bill was passed and the deficiency appropriation bill was considered. Mr. Wike (III.) introducedresolutions asking for the impeach ment of Speaker Reed. THE sundry civil appropriation bill was dis cussed in the senate on the 24th, and the nomi nation of Charles Foster, of Ohio, as secretary of the treasury. was confirmed In the house the senate bill to refund the direct tax levied twenty-eight years ago to support the war for theunion was passed. It carries an appropri ation of $15,227,632. IN the senate on the 25th Senator Gorman of Maryland, announced the death of his colleague, K. Wilson. and after adopting reso lutions of respect to his memory the senate ad journed In the house the immigration bill and the agricultural appropriation bill passed and the general deficiency bill was discussed. THE sundry civil appropriate and the mill tary academy and ropriation bills were passed in the senate on the 26th and the Indian and legislative appropriation bills were reported A bill was also passed appropriating $2,000,000 for a new mint building at Philadelphia In the house the deficiency bill and bill transfer ring the county of Logan from the northern to the southern judicial district of Ohio were passed. THE president sent to the senate on the 97th ult. the nomination of Henry W Blair. of New Ham pshire, as envoy extraordinary and minis ter plenipotentiary to China. and the nomina tion was confirmed. The legislative appropria tion bill was passed. House bills were passed to amend the various acts relative to immigration and the importation of aliens under contract or agreement to perform labor. and for the relief of certain volunteer and regular sol diers of the late war and the war with Mexico. In the house a substitute for the senate shipping bill was passed aft a long debate. DOMESTIC. FLOODS at Yuma, A. T., had done $150,000 damage and threatened to sweep the town away Gus Lee was drowned in bed. NEAR Winchester, Ky., A. C. Barrow and Thomas Barrow were swindled out of $4,800 by the gold brick scheme THE charge against Banker Cowles, of Clarks. Neb., of killing his wife on February 4, was withdrawn by the county attorney FRANK GAVEL, a tax collector near Honesdale. Pa., disappeared, taking $22,000 belonging to the county IN the case brought by Marshall Field & Co., of Chicago, to test the legality of the United States revenue law, Judge Blodgett decided in favor of the gov ernment. A FIRE in Armourdale, Kan., de stroyed an elevator, owned by J. P Campbell & Co., forty freight cars and about 100,000 bushels of grain, entail ing a loss of about $150,000. THE Windsor national bank of Windsor, Vt.. assigned. Depositors would be paid in full. MAY WRIGHT SEWALL, of Indiana. was elected president of the National council of women of the United States at the session in Washington. HYDROPHOBIA was raging in Brandywine township, Indiana, and many hogs, cattle and horses had been killed to prevent its spreading HUNDREDS of acres of bottom lands were under water at Covington, Ind. caused by the overflow of the Wabash river. THOMAS HALL, the inventor of the turbine water wheel, was killed by an Erie train at Rahway, N. J. JOSEPH HOLLASE, a Polish miner at [ron River, Mich., angered by some boys who had been throwing snowballs at him, shot Peter Hoctor, a bar tender, and Ed Scott, chief of police, wounding both mortally. ROBERT GRAYSON and Charles McComb discovered a heavy vein of silver in Grayson's farm on Silver creek, in Clark county, lnd. THE business portion of Edina, Mo., was swept by fire, causing a loss of upwards of $100,000. A LARGE meteor burst with a loud re port near Madison. Me. It was seen in all parts of the State. IN a wreck on the Reading road near Gordon, Pa., five oil tanks, four freight cars and four engines were demolished. causing a loss of $150,000. IN a tornado at Sunbury, N. C., two children were killed and much property destroyed. A number of persons near Sunbury were said to have lost their lives in the storm. THE New York card of aldermen passed a resolution naming the triangular space at Seventy-third street and the boulevard "Sherman place," in memory of the late general FLAMES at Burlington, Vt.. destroyed the cotton mills and a lumber yard, causing a loss of $180,000. THE issue of standard silver dollars from the mints during the week ended on the 21st was $328. 899. The issue during the corresponding period of last year was $305,659 IT was reported that gold had been found along the streams of Brown county, Ind., since the recent freshets. A DESTRUCTIVE tornado visited the region near Jeffersonville, Ind. The greatest damage was done at Utica, where many dwellings and business buildings were demolished. MRS. COFFEE, of Omaha, a poor mechanic's wife, is heir to $75,000,000 left by her father at Bradford, Eng The woman was the only daughter and was disowned years ago as a result of an undesirable marriage. JOHN L. SULLIVAN, the pugilist, was soundly thrashed by a train hand in the cars near Athens, Ga., for using insulting language. JOHN D. MILLER, of Greensburg. was appointed by Gov. Hovey to fill the vacancy on the Indiana supreme bench caused by the death of Judge Berkshire.