The Kalispell bee. [volume] (Kalispell, Mont.) 1900-192?, 1900-11-20
JEWETT, BANK WRECkER.
Is In Jail After Many Years Of Sue
cessfuI SWindIinu.

After battling for years with the
powers that finally forced him to
ruin, VIM. S. Jewett, once president
of five national banks, is now, at the
age Of thirty-fve a United States
prisoner in the Lawrence Jail, with
in a stones throw of the humble
dwelling in which he was born.
Young as he is, Jewett has played
with banks as child plays with
marbles; has juggled them, left their
treasures empty and their patrons
ruined.
He was convicted over two years
ago for Incorporating the funds
of the Lake National bank at Wolf
boro, N. H. He bought stock enough
to elect himself president voted to
liquidate, elected himself liquidating
agent, sold the bank building, took
the money, bonds and securities and
went home to Lawrence. He liter
ally stole the bank, building and all.
Four years ago Jewet was arrested
| for the theft. He was tried two
years later. Convicted, he was found
guilty and sentenced to seven years
in Jail. His counsel took the case
to the circuit court of appeals. The
sentence was affirmed. Then mo-
ton for new trial was made This
was denied, and Jewett was called
for sentence. 1t was imposed by
Judge Brown, of the United States
circuit court in Boston.
Ten years ago Jewett was recog-
nized as one of the cleverest finan-
ciers in New England. His name
was known to every bank in the
country. He began life without a
dollar. At twenty-five he was presi-
dent of two banks. Two years later
he was president of five, one of which
he founded. He made it his bust
ness to buy and sell banks. Financial
institutions whose years far exceed
ed his own were toys in his hands.
Bank directors were puppets whom
he moved to suit his convenience.
| Jewett's plan was to get control
OF bank stock elect himself presi-
dent, vote to lend himself the banks
surplus on his personal note, force
failure and pocket the outfit. Banks
with smaA capital stock, but having
a big surplus, were his PARTICULAR
prey. After securing the funds in
this way from one bank he would
work the same game upon another.
After a few deals he got to be feared
by bank directors. They refused to
let him secure an interest in any
bank where it was possible to pre-
vent nim He was registered in the
treasury department at Washington
as bank-wrecker.
Jewett took advantage of this
widespread fear of nrm. He would
secure a list of bank stockholders,
slip among them in a quiet way, buy
their stock until he had enough to
give him Young power, then swoop
down upon the oank and threaten to
take charge.
Almost invariably the directors
would buy him OF by paying big
bonus for his stock
bankers everywhere admit that he
was the most resourceful financier in
the United States. That he is at
last behin,. the prison bars even now
is surprise to many bankers. 1t was
thought that he would contrive to
escape Jail Notwithstanding his con-
viction, as he managed SO well to de-
lay prosecution.
Throughout the prosecution one
man has been Jewett's most relent-
less accuser. He is Congressman
William S. Knox, of the Fifth Essex
district. At one time Knox and
Jewett were close friends. Knox
succeeded .ewett as president of the
Arlington National bank at Law
renee. The bank held thousands of
dollars in Jewetts notes. Knox made
an effort to collect and incurred Jew
eIL 5 lHC uUleS were neNcI
collected but Jewett's downfall is di-
rectly traceable to this transaction.
Jewett was born in Lawrence thir-
ty-five years ago. His ability mani
tested itself when he was attending
public school. He would play mar
bles better than any of his compan-
ions. But he had no marbles. He
offered other boys five marbles for
every twenty they would loan him.
In a snort time he had nearly all
the marbles in lAe school, having
secured them as loans. With this
capital he visited other schools, and,
playing stiff game, soon acquired
a big surplus.
Jewett was in a reminiscent mood
on his way from the court room in
Boston to Lawrence, and laughed
| quietly as he related this little Incl.