Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1920-01-22

| President, George NJ. Besett; vice-pres-
ident, II. Nelson Jackson; secretary and
| trust officer, Edmund C. Mower.
The present stockholders of the cor
poration are Frank r. Wells, the estate
of E. II. Powell, Caroline Smalley Jack
son. Frederick II. Wells, George NJ.
| Besett, trustees of the Edward Wells es-
tate, Mary f. Cady, Clarence L. Smith.
! Edmund c. Mower, II. Nelson Jackson.
George r. Whitney. James Watson Webb,
| James r. Kennedy, John NJ. Carroll and
Dr. D. C. Hawley.
| AT the stockholders meeting, it was
the concensus of opinion that an exec
utve officer should be employed to take
up the work of Henry L. Ward. who has
been for many years the executive head
of the institution. 1t was announced at
the directors meeting that several prom
inent applicants for this position of ex-
ecutive officer are now under considera
ton and the selection will be announced
| in the near future.
| 1t was positively stated that the Of
ficers and directors of this bank have
no affiliations with other banking inst-
| tutions. and that it is absolutely an in
| dependent bank.
81 YEARS WITH THE COMPANY
The first of February will mark the
37th anniversary of the opening of the
| Burlington Trust company. In view of
| the somewhat radical change that is taxi
| ing place in this institution at this time
| 1t will not be out of place to briefly re-
view its history, which will be of inter-
est at least to the contemporaries Of
Henry L. Ward. who has been with the
institution from its first business day. and
who now retires from the presidency and
from all connection with what has de-
| Of he al
institutions of the State. Chartered by
special act Of the Legislature in 1889, it
! opened for business in the Howard
| National bank. February I. 1889. 1t was
| organized by a number of good citizens
| of Burlington, all of whom have now
passed away. In the list of commission
ers to receive subscriptions to the stock
are these names: f. NJ. Van Sicklen,
Edward Wells NJ. D. Cook, p. B. ismalley
and A. c. Spauldng.
The first board Of directors was con-
stituted as follows: c. NJ. Spaulding
president; b. B. Smalley. vice PRESIDENT
William Wells, J. II. Gates, NJ d. Cook
Edward Wells and Daniel w. Robinson
| Curtis Wells the first treasurer
with II. L. Ward assistant treasurer
Mr.. Wells resigned in 1883, because of the
increase of business in the Howard bank
of which he was cashier. and Mr.. Ward
succeeded to the treasureship. Gen. Will
liam Wells was elected to the presidency
| In 1887 and his incumbency of this Office
was terminated by his death which occur
red in 1892. He was succeeded by his
brother, Edward Wells, and at this time
A. +. Richardson and r. Henry Powell
were added to the board, Mr. Cook re-
firing and Mr. Smalley being elected vice
president
In 1891 the Trust company purcha sed
,he Commercial bank building, which was
on the site of the present Trust COM
pany structure. and remodeled it, build
iI& the first modern steel vault in this
city.
At this time the Burlington Safe
Deposit company was organized and
through it the public was for the first
time provided with facilities for safe
guarding securities and other valuables.
Al the annual meeting in 1895, Mr.
Spaulding declined reelection and on
~ five directors were chosen Mr.. Ward
was made a director in 1897 and Dr.
w. Seward Webb Joined the board in
1902 Messrs. Richardson and Webb re-
tired from the board in 1904. The next
change In the management and mem
bership of the board was Occasioned
by the death of Edward Wells which
10. 1907.
Frank r. Wells was elected director
at this time and is now a member of
the board Col. Bradley B. Smalley be-
came president and Mr. Ward. vice.
president and continued until Mr.
Smalley died, F. w. Elliott succeeded
Mr.. Ward as treasurer and Il. c. Mower
was elected a director IN January
1909.
In November of the same year Mr.
Ward was elected to the presidency
and Daniel w. Robinson was made vice.
president. Another change followed. by
reason of the death of Mr. Robinson,
which occurred December 30, 1909,
and he was succeeded by Clarence l..
Smith. Edward c. Mower was elected
ce-president. January H. 1910 and
Daniel A. Lcomis was made a member
or the board In January 1912, and is
now retiring from this position. Later,
Mr' Eillott resigned as treasurer and
FRANK L. Roberts, the present incum-
bent OF the office, succeeded him.
such Is brief outline, indicating
the personnel of the management, but
columns OF "reminiscences could be writ
ten In review of the conditions and
circumstances attending the upbuild-
ing OF bank that has been an un-
|
business men in our community have
a longer record of service with one
house than Mr. Ward has had with the
burlington Trust company and he may
reasonapiy be proud OF the results ac-
complished by the MANAGEMENT, This
success Mr. Ward attributes to the
close attention which the individual
members of the board have always
given to the affairs of the bank and
their cordial and effective cooperation
with the more immediate management,
and to the idea of hewing to the line
. IN adopting and pursuing only such a
polcy as would at all times measure
up to the highest standards of bank
ing practice. No member of the board
OF directors, according to Mr.. Ward,
has ever sought to launch the institu-
: ton into any speculative schemes, but
the management has been content to
follow lines that have been characterize
ed by safety. rather than by a short
cut to greater profit.