The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1883-09-26
The Norwood Property.

Mr. Editor Il have been interested, with
many others, in the statements made in your
paper respecting the St. Adams Trust Company
and the other interests connected with it in the
late failure. have recently been in st. Law
renee county and Norwood, and while there
took the trouble to make such inquiries as |
could as to the Norwood Lumber Company and
its ability to pay the reported liabilities to the
trust company. Except the timber land, the
property is near together so that in a short
time one could get very good general idea of
1t; OF course not close enough, if he was pur-
chasing or If the result depended upon his esti-
mate. Their inventory, in round numbers,
showed about $50, 00U, personal property and
real estate about $500 900. 1t was the iudg-
ment OF the best business men, and some of
them lumber men, whom / saw that there
would be realized nearer the amount of the in
ventory on the personal property than on the
real estate. The timber land was spoken of as
more likely to sell for what it is worth than
some of the other real estate. The mills would
De rather unwieldy property to buy on specu-
lation, while to a lumber man or company that
wished to go on with the business they are
more desirable and would bring much better
price. SO of their Office, store and houses
which are near the mill ON the river; il thew
were wanted in connection with a lumber bust
ness in that mill, their location is right and
they would be more valuable and would sell
more readily and for a better price; while if
that business is to be closed, they are too far
away from the center OF business in the vii
lage to be as valuable or command as ready
sale or as good prices From what learned it
would seem there might be q reasonable pros.
pect that $4,000 may be realized from the
personal property. was told that the lumber
company had purchased their logs largely from
other lands. reserving their own timber for
future use, thus making their lands more val
liable; and it is quite likely a purchaser may
be found for them at $4,000, less than two
dollars per acre. What the other property sells
for will depend more upon the use that is to be
made OF 1T, but to make it certain we will call
IL S25, 600. That would make the value of the
whole property 500, 900. One of your inform
ants set the value Of their entire property at
$4,000. He is doubtless a man of good iudg.
ment and understands the lumber busires
well, but think he based his value upon fifteen
or twenty thousand acres of timber land while
there is something more than double that
amount, and quite probably upon more care
iui examination OF the personal property he
might raise his value somewhat Another
thing that may affect the net results of this
property is the ability Of Mr.. Ashley, the as
signee, to turn 1t to the best advantage No
doubt he will have the assistance of Mr.. Col
ton, the former manager OF the lumber COM
pany, whose interest it is to turn the property
for the largest possible amount They both
have the confidence of the community, so far
as learned, and OF the many who spoke of
them, no one expressed any doubt of their in
tegrity and ability, and many who had known
MIR. Cotton more especially in connection with
the lumber business spoke very fave rablv of
the ability with which he had managed the
business OF the company. | am aware that
this Is little more than guess, but possibly it
may be OF some interest along with others that
have been published. oDE