The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-01-14

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wards president of the bank at Bellows
Falls, and who died, in October, 1872, al
most centcnaran Joseph Burr, last but
not least, whose name will be treasured
when all others are forgotten. He came to
Manchester a poor boy, was noted for his
accurate business habits, amassed large
fortune. which twas the result of prudent
" management and economy, rather than
" lucky speculation" represented the town
in the general assembly, aud was elected
delegate to constitutional convention but,
the town instructing him how to vote, he
refused to serve. He gave, by his will,
ninety-sx thousand dollars to religious,
educational and benevolent institutions,
and was the founder of the institution
which bears his name in Manchester. OF
" William Page, the diligcnt attorney the
" safe and upright cashier" it is not neces-
sary TO speak in this community. His ser
vices in the church of his choice. in the
town and for the bank arc still remember
ed lie died at the post of duty sacrificing
his very life for the interests of the stock
holders
We could not pass by this remarkable
combination Of men, united in one enter
prise, by mere mention of their names
but we must hasten on. In 1890, the num-
Der of directors was increased to seven :;
Mr.. Burr retired, and George r. Hodges of
Rutland, John Kellogg of Benson, and Ira
Stewart of Middlebury, all men of the same
sterling character, integrity and ability as
the others, and possessing the confidence of
the community as was evidenced by their
repeated nominations or elections to town,
county and state offices, were placed in the
direction. -Four years thereafter, banks
were established at Bellows Falls and Mid
dlebury and Mcssrs. Fullerton and Stewart,
having become interested in the one near
est their place of residence, retired from
the direction of the bank here to assume
similar positions there. No new directors
were elected in their stead, but the number
was reduced to five-the same as at the or
ganizaton. The next year, 1885, Dr. James
Porter of Rutland and lion. James
Meacham of Castleton were elected direc-
tors in place of Messrs. Temple and KEEL
logg, and George T. Hodges was elected
president. In 1889, Judge Strong resigned,
and Hon. Luther Daniels, the present man
ager of the Rutland Savings Bank, took
his place. The board remained without
change until 1916, when it was decided to
increase the number thereof to seven, and
General Robinson Hall of Wallingford,
and Chester Granger of Pittsford, were
elected to fill the positions thus created.
Judge Meacham died in 1S49. and his place
was supplied by niamin f. Langdon, al
so, of Castleton while in 1858. on the
death of DR.. Porter, Charles l.. Williams
became director. We said that William
Page " died at the post of duty" which is
not literally true, because he resigned Il
short time before his death, but his consti-
tuition was broken down and his life sacri-
ced by his labors. lie resigned in October
or November, 1853, and his son, John b.
Page, subsequently president Of the sue
cessor bank and governor of Vermont,
took his place. The original capital of the
bank was one hundred thousand dollars,
which was continued the same when the
charter was extended in 1870 In 1850,
however, after some opposition, fifty thou
sand dollars was added to the capital stock.
The charter expired January 18th, 1856,
when the present old bank, known as the
" President, Directors and Company of the
Bank o1Rutland" ceased to exist, except so
far as was necessary to close up business.
On the first day of January, 1856, the
original parent bank ceased to do business
no one, however, would have noticed it.
There was 10 confusion and, apparently.
no change The same bank room was oc-
cupied by the same officers, the same men
transacted business there, there was no
change in deposits or epositors-cvery-
thing, in fact, appeared the same. In an
ticipation of the expiration Of the charter,
the Bank Of Rutland" was chartered by
the legislature of Vermont, the act of in
corporation being approved by the governor
December I'd, 1858, with an authorized
capital of three hundred thousand dollars.
Although, in reality, ae,c bank, it, in
effect, was an extension of the old bank.
The stockholders of the old bank, gener-
ally, retained the same amount of stock in
the new bank, except where they, also had
secured an additional sum. The stock was
all taken, the bank organized December
3lst, 1870, and quietly stepped INTO the
shoes of the parent bank. It's officers and
directors were, mainly, the same, these
beng, however, under the new organiza-
ton, nine instead of seven drectors-the
new board being George r. Hodges, Francis
Slason, Luther Daniels, Charles l.. Will
liams, II. Henry Baxter, John b. Page,
and William Gilmore Of. Rutland, Benja-
min +. Langdon of Castleton and Edwin
Martindae Of Wallingford The Rutland
Saving Bank, which commenced business
in February, 1866, had been connected with
the Bank of Rutland--J0hn b. Page and
Luther Daniels having been its only treas
urers from that time until to-day-until
1888, when, on account of the trouble with
the Black river savings bank, law was
passed prohibiting any connection between
a savings bank and a bank of issue, and for
bidding an officer in one from being an Off
Ger in the other. In compliance with the
almost imperative demand of the public,
early in 1859, when the law referred to
went into effect, Mr. Daniels resigned his
dictatorship and took charge of the savings
bank, and Jacob Edgerton was elected in
his stead In 1861, Messrs Hodges and
Williams, were removed by DEATH and Will
liam Y, Ripley and Frederick Chaffee we've
elected to fill the vacancies thus created.
tkFl Inht Do.