Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-10-12
The Old Bank Of Burlington,

in the march of progress. was chartered IL
ISIS. Burlington was then town OF ZOO
inhabitants. Twelve years before, a branch
of the Vermont State Bank had been es
tablished here. with Samuel uickok a.
cashier, its banking room being on the west
side of the square. In 1872, the Legislature
ordered the removal of the branch to Wood
stock. An effort was made to procure the
re-establishment of a branch at Burlington
but it failed, and the business men OF Bur
lington turned their attention towards
securing a charter tor bank of their own
Paper money and banks of issue were not in
good repute in those days, and there was
much opposition to the application for
charter. 1t was urged that "by introduc-
ing more extensive credit the tendency OF
banks would be to palsy the yigor OF in
dustry and stupefy the vigilance of econo-
my" The contest over the adoption OF the
banking system of Vermont was fought ont
over this charter The bill for it was in
troduced and carried by Cornelius P Van
Ness, then representing Burlington in the
Legislature, and he was made the first
President of the Bank The charter became
the model of most of the subsequent bank
charters granted by the State. The first
directors were q. p Van Ness, Guy Catlln.
Luther LOOMS, 0zias Buel, Samuel Hickok,
Ezra Mech, of Shelburn, and VIM. White,
of Vergennes Judge Mech held the Office
but year, and was succeeded BY + I.
Englesby Mr. Van Ness resigned as presi-
dent in 1921, on his appointment TO the
Supreme Bench. Luther LOOMS was then
elected president but declined, and E T.
| Englesby became president and held the
Office for over twenty years. The bank went
into operation in a building on the north
side of the square, near the site Of the
present Merchants National Bank under an
elaborate set of bylaws. one of which re-
quired a director who presented any OF his
own paper for discount, to leave the drec-
tors room, while the rest passed upon his
note. The first stockholders meetings were
held in the court house and in the hotel OF
John Howard
There was a sharp contest over the loca-
ton of the permanent banking house. The
upper part Of Pearl street was than con-
siderable centre of business. and had
strong representation in the board of dlrec-
tors in the persons of Luther LOOMS, f. Ii.
Deming and Alvan Foote, the two latter
gentlemen having became directors in 1920
The question was whether the bank should
be located on the Square or on Pearl street.
By vote of to 3. the directors decided to
build on the Square, and in March. 1921,
they selected for the site the corner lot
now occupied by the Van Ness House. Mr..
LOOMS at once resigned as director, and
the other Pearl street men would probably
have followed his example, when COM
promise was made. Mr.. Loomis's resigna-
ton was not accepted; the vote to buy
the corner lot on the Square vas recon-
sidered, and instead the directors voted to
build banking house and dwelling house
for the cashier, ION the lot where DubOls's
shop stands. on the corner of the street
leading from Court House Square to the
brick church and the street crossing the last
mentioned street, running to the lake, past
the mouse Oh he'' paniei iiaSeai' i"''
was Just nail way between 'he loca'iop hfs'
decided on, on Main street and Pearl street,
and was acquiesced in by all parties. The
directors appropriated $1,000 for the pur-
II 6 10
chase Oh lne lot anu S4'ooo lor tue oons'fue-
'oh Vi 'ne puiiuins' quens 'pp'o
p'."''oN' VI Soo' ~'N
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AZURE" thompson was 's'nio' "nen e
eu o"'niei Vi ''o oo"A VI
was compie'eu' iurnisneu anu o0'up'eu III
tne ran Oh 1872 anu 'ne s'ooAnoiueiS ne.'
ing oil the following January was heiu IN
the oank nail. Among the furniture Vi
Tue oahA WERE '"ei'e uiie'''i' on"n'' y"
winch "eio pa'n''u p'''u VI 'A'
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ona''n \'''e. ""'u ''n' 'A' I.
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,oee Ir,or ~. oroo,;or Of tho nav b.,t
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occupiei ny the iio"aru N"tionai DahA'
the old bank building ceased to be occupied
for banking purposes, and was sold to Mr.,
ua or.t a;, Ill.
Nv Va"
all are long since dead, and oil their success
sors, among whom were John Peck Timothy
EoIle,, Csrlos Ra1ter TR FIetcber Uar-
49,, ~,
~ "iiier' 'ohn "neeier' anu other we'll
known citizens, most have passed away
NJ, pomerov be;np the oldest renresent..ive
os,bo a,;u -; Th;,h,,L ,I,,.
weli-managed, sound and successful insti-
tuition. Ii commenced paving A per cent
semi.annusl dividends at the outset and
...,;a, - h ,,;,ho,,
oon''nueu '"e"i' ~ '"' o. n"o"'
INTERRUPTION anu It's SIOUX oiousn' u It's
holders a handsome premium when 1t closed
In the ole building were conducted the chief
financial transactions of wide region for
.,, .,o,,u oo,s nd ,.,,o ah. =,
"'"i' '"'"'' ''"i'' a"o '"'so ''"'0 VI
such transactions Tor nall century, and II
has been prominent landmark in BurlIng
ton for nearly two generations.