The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1883-10-03


AS all the liabilities to depositors with in
terest amount to $3.50, 900 90, or thereabouts,
the depositors would be paid in full II all the
doubtful assets could be collected in case one
half could be req Iized, the amount of good
assets would be SAB 772 "a, enough TO pay
about seventy-fve cents on the dollar, il there
are no preferred claims.
The committee say 1--WE find that the books
OF the bank have been kept correctly, that
everything Is accounted for and that there is a
voucher for every transaction. We are of
opinion that according to law and the seven
teenth section of the company's charter insane
persons, minors and married women lin their
private rights) have preferred claims, that
their deposits must be paid to them in full be-
fore the other depositors get their percentage
OF the balance. At all events no dividend can
be declared, nor paid, till this question is de-
cided. Whenever we find the amount of those
preferred claims, we shall give a statement of
it, We have some reasons to hope that the
$40, 587 10 deposited in the Vermont National
Bank, will be paid in full. As for the S35 600
loan, secured by $50 shares of the same bank
we are in doubt. Of the S312. 742 76 due from
the Norwood Lumber Company, notes to the
amount Of S127, 742 rs are signed by L. p. Col
ton; 100000 by H. H. Bailey, MIR. Colton's
brother-in-law and chief clerk; the balance
$4,000, by L Brainerd. By examining the
above statement OF assets you will see that L.
Brainerd is responsible either as principal, en-
dorser or surety, for S401 OPS 80, not including
interest His property, which will be disposed
Of partly for the benefit OF the depositors and
partly for the benefit of his other creditors
consists first, in dweliDg-house and lot on
Bank street; second, in a house and lot on
Congress street third, in a farm of 200
acres in ST. Adams /; fourth, in pasture
on st. Adams Hill; fifth, in farm in Georgia
of about 200 acres sixth, land in Minnesota,
supposed to be 900 acres; seventh, in farming
stock produce, etc. Estimated value OF the
whole property 80 far known, about $40, 000
II there is some other personal or real estate,
we have not yet found 1t out. The annual
rent OF the nine houses owned in ST. Adams by
the trust company amounts to 81 ,302.'
An application was made to Judge Bailey on
behalf Of his creditors for an examination of
Lawrence Brainerd in regard to the debts prop
erty and affairs of his estate Counsel for
Brainerd objected claiming that he could not
be called on to make disclosure till he had
been adjudged a bankrupt. The Judge decided
that Mr.. Brainerd should submit to the exami.
nation then and there. He refused to be sworn
or to make disclosure or to surrender to the
sheriff all papers and books in his possession
for purposes of examination. Whereupon bv
virtue of the statute In such cases Judge Bailey
issued writ on Monday for the commitment OF
Mr.. BrAinerd to Jail for contempt His counsel
obtained a writ of habeas corpus, which was
set for hearing before Judge Royce.
A. o Brainerd, director in the trust COM
pany, having applied for the appointment OF
receiver of his property by reason of at.
tachments growing out of his dictatorship,
Willard Pierce of st. Adams was so appointed
by Chancellor Royce.