Middlebury register. (Middlebury, Vt.) 1886-1937, 1910-02-25
COL. POWELL OUSTED.
Did Not Resign Voluntarily From
Burlinuton Trust Co.


That Col f. Harry Powell did not
retire voluntarily from the directorate of
the Burlington Trust Company but that
he was forced out by the new president,
Henry l.. Ward, is the sensation that is
stirring Burlington banking circles as
they have not been stirred in some time.
1t was quite generally known among Col.
Powells friends that he was not in good
health and many thought, when they
heard that lie had not been reelected as
director at the annual meeting held last
month"; that he had decided to give up the
cares of the position to which he had
given great deal of attention.
The fact leaked out gradually, that Col.
Powell had no intention of retiring and
that he was greatly surprised and very
| indignant as well as deeply grieved when
he learned that he had been unceremo-
niously dropped. He and his friends re-
| gard it as personal move on the part of
| President Ward to take from the board
man who might not always agree with
the new management and who would
feel free to express his objections when
they were entertained. AT any rate, the
friends of Col. Powell say, President
Ward is now the big boss of the Burling-
ton Trust Company and there is no mem
fer of the present board who will not be
quick to agree with anything he may
| 10 HI
against MIR. Wards ability as a banker,
( which is generally conceded, nor is it a
reflection upon the other members of the
board, who had nothing to do with bring
ing about the situation.
Col. Powel's friends feel, however,
that he has Just grounds for grev ,nce
For IS years he has been an active menu
Der of the board and has devoted a great
deal Of his time and ability to the inter
ests Of the institution. That he should
be ANONYMOUSLY dropped at the first APP
/ prOach of ill health, is contrary at least
to the ethics of banking as it has hereto
, fore been practiced in Burlington and
they do not blame him for feeling sore
Col Powell has occupied conspicuous
place in the financial circles Of Burling.
ton as well Ms those of the State. lie
/
yt,rs ago. At that time ne was state au-
ditor as well as president of the Richford
Savings Bank and Trust Company. He
had held the position of state auditor for
IA years and had demonstrated financial
ability of "A very high order. 1t was be-
cause of this that General Wells. then
president of the Burlington Trust Com
pany. invited him to become one of the
institutions directors and he did so, Civ
ing to it the benefit Of his experience, his
training and his native ability.
1t is the usual practice i'm the case of
institutions of the dignity Of the Burling-
ton Trust Company to allow directors
who have served for many years to CON
tinue ON the board, long after their real
services are over. That is the reason the
action in Col. Powell's case comes with
such a shock to his many warm friends.
1t is so at variance with custom and be-
sides. they contend that Col. Powell has
not reached the end of his career. His
present indisposition is thought to be but
temporary and he cannot be considered
in any SENSE "has been" The whole
proceeding, the friends of Col. Powell
describe a. brutal and the feeling that il
has aroused, they say. is likely to have
influence in the business life of Burling.
ton for years to come.