The Windham County reformer. (Battleboro, Vt.) 1876-1897, 1896-01-24
YOUNGEST BANK PRESIDENT"
Remarkable Career of ~ Yankee 'f"""S
Napoleon" of Finance.

d
renee. Mass. but almost equally we
known in lower Vermont ana Ne'
Uampsbire. and famous in severa
cities in northeastern Massachusetts
= ia ono of those singular revelation
4, of the great degree OF properly WIFI
certa,n kinds of Americans manage U
achieve, and yet finally find themseive
i overwhelmed A charge OF empeZHiln'
, slO0, 600, preferred 10y Congressman
Knox IT Lawrence and others, has nov
apparently put an end to the 'youngcs
bank presidents financicring. IL II
possible to look upon his past as
Thing completed, and but Tor the con
, sequences entailcd upon JeWctt MN
self b. the alleged riminal,ty u M
, acts, Inferred along with the eXreri
encrs and deeds Of other Napoleohs
of finance. Though he himself mas
attained to position Of prominence ~
particular kind OF Iinanclering ana
"mada" some money to defena MN
self within his misfortrnes, he. TOO,
may be regarded az one Of the fallen
conqucrors.
Most of the young mans enemies
cali him a bank wreclSer But 1t
remains to be proved that he can Justly
be classed in the ranks Of such imam
ciers. More properly, he was bank
purchaser, buyer and seller OF tnat
specifically protectedvarlety OF hnanciai
concern known rs the national BANK.
He bought. one after the other, four
national banks, closed up their affairs,
and in every case made his venture
worth the pains taken. Starting out
| in life as a clerk in a furniture store
and remaining in that humble position
until he was q years old, he spent the
last few years of that period OF his eX-
istence studying up the national bank
business. 1t is reported that when he
! left the furniture house with which he
was connected he had in the neighbor-
hood OF IS, 900 to begin his operations
with. First he began buying mp the
stock of the Windsor national bank Of
Windsor, VI. The shares were held
at $50, and the capital outstanding
amounted to 80. 600 In short
time Jewett was in possession of a.
majority of the shares. There was a
reorganization soon after, and the
subject Of this sketch then became
president This enable him to earn
salary of some importance, besides
leaving him in control Of the affairs
of the institution. In few years
Jewett wound up the business Of
the corporation. and the statement is
made that after liquiding all claims
he found himself with profit or sur
plus to his credit which covered him
about 5l2O on his original investment
of SEQ per share
The next institution purchased was
the Essex national bank Of Haverhill, !
Mass. This was larger concern |
than the Windsor bank. The capital |
was, 9lG0, oo0 In process of short |
time the president OF! the Haverhill /
corporation was this same William
S. Jcwett. He was at that time
aboutl}0 years of age. Soon after the
attempted to buy the national bank Of
Methucn. and failed. Not dishearted.
however. be proceeded tn take up the
stock Of the Lake national Of Wolf
boro. \. ii. In this case the capital
amounted to olJ0, 600.
The deal was successfully made.
Both the Essex and the Wolfboro
banks were soon in process of liquida
ton. After this, nothing seemed par
ticularly difficult to the young man.
and certainly very difficult enterprise,
which was next on his programme,
was easily accomplished. This was
nothing less significant and pretcn-
tious than the buying of the old ma
tiona Pemberton bank OF Lawrence.
People smiled when .iewett's scheme
was discussed, but in few months
the task was completed. Here the
,apital outstanding was $50, 600. But
~ that time in the career of the
'chemer money seemed to flow into his q
hands. and he had powerful friends
Who assisted him. \ new plan now
truck Jewett's fancy. 1t was so easy
o make money by winding up banks
hat he evidently thought it could {
lot be entirely Improbable to found
ne. As result of this idea he estab q
lshed the Arlington national bank of j..
lawrence, and became its president.
AS the owner OF the controlling in
crest in the pembertun. he shortly af
er sold the assets Of that institu 3
ion to the Arlington. He now had
18th him in the Arlington national
ank directorate Congressman Knox :
nd two or three other Lawrence cant
llists When he had lifted himself
this height. in the year 1890. he
as at one and the same time the pre
dent Of three banks, the agent OF the :.
'oltboro institution and the residuary .
gatee, so to speak. Of the Pemberton
ational. His fortune was supposed
} he large. his social position locally q
as elevated, and he was apparently
lady to undertake almost any enter
Use In his province At this time. too,
2 thought it would suit him 10 90 ef
ito Journalism. This whim was acted
by the purchase of the Lawrence
merican. For this property he paid
1900. He started new edition of
e paper. issued a Sunday imprit.
ld was even more talked about than
At this time. though. te
welt first found himself confronted ;.
obstacles: which were not easily sc
moved, he gave mortgage on the so
,wspaper TO Congressman Knox and
hers of his associates. The NOR
&c es, wanting the money when if
Us due, were greatly surprised one as
J, when .tewett paid the amount in
sh' They knew more or less about ne
affairs. and their knowledge in
Is direction made them suspicious
the means which they knew he ne
ISL nave taken to raise this money.
investigation said. into the Joint
airs of the Woliboro bank, in which "A
OF these gentlemen were at tbe "
ne interested. Jewett having "let