Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1885-05-01
A Strong Bank.

In these days of broken banks and en-
bezzling and Ascending bank officers, and
when stockholders are not unfrequently
visited with assessments instead of en-
jOying dividends, it is refreshing and en-
couraging to find among us banking in
situations whose soundness is unquestion-
ed, and which have enjoyed such a long
and unbroken history of faithful and sue
cessful management that they have earn
ed and retain the entire confidence of the
community.
A striking instance of this kind is pre-
sented by the Merchants National bank of
Burlington, which to-day completes TWEEN
ty years of existence as National bank,
and has been granted by the Comptroller
of the currency an extension of its char
ter for period of twenty years to come,
us appears by an official notice in another
column of this issue.
This institution commenced as a State
! bank under the name of the Merchants
bank, having been chartered in lS49, and
was organized at once with II capital of
$3.50 900, and board of directors, consist
| ing of Timothy FOllett, Eli Chittenden,
! Albert l.. Catlin, Timothy +. Strong,
George 3. Shaw, David a. Smalley and
Nathan b. Haswell, only one of whom,
]
The bank started business in n new
building constructed by them on the low
er part of Water, now Battery street,
where it was then expected the heavy
mercantile business of Burlington would
grow up under the enthusiastic and some
what visionary views of many of our
| people as to the prospective growth of
| the town near the wharveS and the rail
road depots.
The Merchants bank, in 1851 removed
| to College street opposite the park, to the
| banking house ever since occupied by
| them and their successors the Merchants
! National bank.
In May 1865, the State Bank was re-or-
| ganized as Il National bank, with Il CAPT
tai of 100000, which, in 1870, was increas-
ed by the absorption and consolidation of
the First National bank of Burlington,
to 100000, and in 1876 was reduced to
$5OO,OOO, the amount of its present capital,
though it has power to increase this at
any time to 81 100000.
Among its directors have been such
well known men as Sidney Barlow, Joseph
Clark, j. d. Allen, II. l.. Nichols, Lemuel
b. Platt S. NJ. Pope, William l.. Strong
and George f. Edmunds. Senator Ed
munds was for many years the counsel of
the bank and is still one of its largest
stockholders. The late Henry p. Hickok
was for thirty years the president, and
his estate is Il large owner of the stock.
AS a State bank the dividends paid
amounted to SlS0,00O and under the Ma
tional banking system they have been
S90l 800.
At the close of business on the oath of
April, 1880, the bank had Il surplus fund
and undivided profits. aggregating Sl46,-
900, and an investment of $500, 600 in
United States and ~ per cent bonds at
par, the present premium on which is not
less than 100000.
The bank has not a dollar of suspended
or bad or doubtful paper We under
stand that the National Bank examiner,
Hon. George w. llendee, has pronounced
this bank one of the strongest if not the
strongest, III the State.
The present organization Isl
Directors, Edward Lyman, of Lyman
& Allen; George Morton, retired mer-
of Probate ; Hon. Charles w. Wood
house, President; Lorenzo &. Wood
house, of New York, of the firm of
Marshall Field & Co of Chicago
President, Charles w. Woodhouse Cash
Ter, l.. f. Woodhouse IA competent and
trustworthy force of tellers and clerks as
sist in transacting the business of the
bank.
Hon. Charles w. Woodhouse commence
ed in the service of the bank as teller in
the spring of 1854, and has ever since for
thirty-one years been connected with it,
rising through the position of assistant
cashier and cashier to his present post as
president, and it is not too much to say
that the present pre-eminently sound con
dition of the bank is owing to his enter
prise, wisdom and fidelity more than tC
any other cause.
The bank has been largely Identified
with the lumber business, since its foun
dation III this city. Early recognizing the
importance of this industry, the mauag
ers of the bank gave it, in its days of nee
essity, IA most substantial support and fur
nlshed money free to sustain it, Whel
managed 10y those brave and enterprisinG
men who founded it-such men aS Law
renee Barnes, Otis Shepard, lgnatius Ty-
: Ter, W. and ID. q. Crane &. BlOdgett and
Son andkOthers-at time when the bust
, ness was III the critical periodic its infan
cy and its success as yet uncertain. For sc
doing the Merchants bank was quite
severely criticised at times by other tnan
cial men and institutions, who professeC
to think they were undertaking too grea
II risk, and did not have faith in the sue
! cessful growth of the lumber interests o
l burlington, to which in great measure
our city owes Its present prosperity.
When in 1919 the lumber business wa'
beset with serious failures and reverSes
this bank, being very large creditor, in
!; Cured Il considerable loss, but its officer
, did all in their power to bring about 1
; liberal composition and settlement of tn
= debts of the suspended firms and their re
=, organization, thus aiding materially il
!. / securing the permanent establish
I ment here of that large and most import
= ant industry on Il stronger and more tlOuI
:, ishing basis than before.
! 1t has continued to deal largely with al
+ the firms engaged in the lumber trad
here, including besides those alread
5 named the great firms of Bronsons, Yves
t ton, Durham q Co., and j. X. Booti
II Mayor Woodbury., Matthews q Hickob
Z Taft, Morgan * Co., and Others who es
tablished themselves at later period i
the business
t. This institution is the only Unite
S States Government depository in the STATE
: With such Il history, and under il
present efficient management we regar
this bank as an honor to our city as we
: as an important factor in the futul
! growth and increasing prosperity'of Blu
!