Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1883-09-07

the troops, the trains taking them to th
{ camp grounds as soon as they arrived. II
A morrow morning begins the solid hard wor
OF the campaign.
THE ST. ALBANs TRUST COMPANX
Some sad stories about the Distress o.
casloncd by It's Failure, Told by ya
riOus Parties.
poor old woman was in the office of tn
bank and saw Mr. Hcndec. She told hin
She had saved 5000. Said she: 81 pick berr,
in the field and some day III be took sick
praps, you kno, and I'll want money; dot
why I'll save it, you know aud the poo
woman cried in an unconsolable manner
What thrift and self denial, what frugalt,
was represented by that $500, the savings o
woman who in the season picked bcrric
which sold from six to ten cents quart.
Inc wife OF POOR cripple had saved $500
ny her own earnings it represented all sht
had. Her son, a lad of about thirteen
mad saved S2s, and on the day The
circus was at st. Adams, had fore
gone its attractions and put his
money in the bank. A widow who had been
| :" ''oih'oS III ,ts AIuuuS SOtne years recently
recently sold out all her money and savings
were in the trust company. Another widow
with several children had deposited the money
received from the company in which her de.
ceased husband held policy. A little boy
met MI. Lawrence Bralnerd near the banl,
and holding up both hands said, 4 want my
five dollars"
| An engineer, whenever the weather pcr.
mltted, slept on his locomotive to save
20 cents to put into the trust company.
How the Company was Managed.
The Rutland Herald says "The charter
says there shall be seven directors who shall
stockholders to the ameunt of $1,000 each.
Some of the directors have not dollars
| worth OF stock. Out of total of $500. 900
The largest item is represented by loans on
personal security on about S450,00O, which
| includes large sums loaned to directors-a
| ilagrant violation of the chatter. A cores
pondcnt says "The assets include a auan
tty OF shares in the st. Adams rolling mill.
a now insolvent institution in which A. o.
brainerd Ga director Of the Trust company
and Heruc:t Braincrd Gan x-direc,or) have
great interest. Then thee DO a number of
s9ares In The 81. Adams gas light company,
OF which Mr.. f. A. Smith, director in the
Trust company, is an officer. A manufac-
turing concern situated at Plattsburgh, in
which MIR. Lawrence Branerd has doubtless
an interest," seems to have had loan and put
up their stock as collateral. How much
these various securities are actually worth
does not appear.
For this outrageous violation of the plain
obligations which attach to the officers of a
trust company there docs not seem any adc-
quatc punishment under the law.
" The whole property of the Norwood
lumber company, which owes the trust com.
pany S3l2,OUO, is estimated from 500, 900
TO 500, 900, lut the records in the office OF
the CLERK tor 81. Lswrencc county, show not
less than $50, goo of preferred claims for
height, INSURANCE, accounts, acceptanccs,
and for money borrowed Of individuals in
that vicinity and of the banks in Malone and
Ogdensburg. These debts the assignee
is directed to pay in full, and then, if
there is anything left, il can be applied
on the Norwood Lumber COMPANY
notes held by the st. AlbaBs Trust COM
pany. Now even il the Norwood property
should sell for 100000 the trust company
would only get $50, 90 for its advance Of
SIX times that amount, but there is no sort of
prospect that it can be sold for any such fig
ures as we have named. There was an
equally well equipped and advantag -ously
situated lumber establishment formerly near
Chateaugay, n. u, it failed and the whole
property, which was estimated at much
higher value than that now placed upon the
Norwood property, was finally sold for $4,000
according to our informant who is a gentle
man OF high business intelligence and who
iately visited the locality of the lumber cstab
llshment We refer to. The chances are now
that sale of the Norwood property will
leave little or nothing to replace the st. AL
bans trust company's cash."
Another Meeting to be Held Next satur-
day Afternoon.
ST. ALpASs, VT, Sept. "A meeting of
the depostors of the st. Albans Trust com
pany was held here last night, Mr.. |. +.
Beeman presiding. Mr.. Mcleod, q deposit |
or from Sheldon, thought the notice Of the |
meeting had not been sufficiently advertised. |
MIR. Buck thought it was premature to |
have any meeting at all. 1t would not expe. |
dite matters any. The receiver had made Il |
statement to the public and depositors should |
now wait a little longer before taking ac-
ton |
Dir. j. III. Mimms thought the depositors |
should organize and move through their |
jmmittee that the committee would move |
with more force and that the action of the |
committee would have weight proporionally |
us it represented many or few deposit |
Ors. There were not tenth part |
OF the depositors present, and he moved to |
adjourn until Saturday next at IL. 80 p. M, so |
that ont-of-town depositors might be present |
aud have voice in the election Of commit
Ice
After considerable discussion as to the con-
v!enience OF the time and date named, the mo-
ton OF Mr.. Mimms prevailed. In the mean
In M nj Iat
through the medium of the public press de-
posltors are to be notified of the meeting SO
as TO attend or be represented by other depos-
ltois' There is deep and earnest detcrmin-
allon among deposltors to see that every
cent possible is realized, and that delinquents
are punished, whoever they may be, and the
deposllors arc working Ia unity TO these ends. |
Deposits In. the Trust Company.
The St. Adams Messenger has obtained the
following figures showing the amount of de-
posts IN the trust Company to the credit
OF parties in the several towns on the LIST of |
July, 1883 AlbuIgh S5,S75.32, Bakersfield |
Sll ,Gs5.73, Barre S4j, Berkshire $50 SOC SO, |
Bethel $685. 10, Braintree S52s. II, Brattlc.
boro Sll9.7S, Bristol sl33.74, Burlington
) l,57l.53, Cambridge S3,292 6l, Charleston
$1,000, Chelsea Sll745, Chester sos 80,
Colchester S4s5, CIaitsbury $459. 25,
Eden S253.29, Elmorc SllO5. 90, Enos.
burgh S27,27025, Essex $3.50, Fair.
fax $50, 574.4l, Fairfield SEQ, 1884
Ferrsburgh $720.3O, Fletcher $6S54. OF,
Franklin Sl2, 2Sl.7S, Georgia $44, SlS. 90, |
Grafton Sl99.75, Sharon $500 AZ, Sheldon |
Sl5, 80 &c. South Hero SAL, st. Albaus
S2O5. 97l.92, Stowe S2036 45, Swanton S24,-
2sj ", Troy Slll.46, Tunbridge 800,
Waterbury 1896 SO, Watervile $162. ~, |
a. al on