The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1883-09-19

All in one day. IL Is plain that the opinion OF
Governor Cotton and President Ashley was
taken as a substitute for investigation. The
governor, IL is said, has calm and excellent
Judgment" = Has the receiver consid-
cred that that assignment to President Ashley
was security only for the notes discounted by
the trust company for the benefit Of the lumber
company? Does he know that such men as
Mr.. Brown of Ogdensburg, and MIR. Dunbar Of
that section also, both prominent men, and
who hrve an intimate acquaintance with this
property, express the belief that Mr.. Brainerd
has never put into the development OF that
mill property $780, 000-less than one-half of
the notes discounted by the trust company.
Where is the other half?
BY way of explanation of the motive
for publishing the hasty statement at this
time, it is assumed that it is designed for
effect upon the grand jury, to allay any
investigation that is going on before it.
We sincerely hope that the receiver will
be able to realize very large sum on the
Norwood property, but we share in the
Messengers apprehension when it says
that "there remains the more important
question of whether the property can be
sold for anywhere near the sum it is esti-
mated to be worth" All business men
know the difference between the salabil-
ity of piece of property that is yielding
a good income and is under no pressing
necessity and piece of property that is
embarrassed and the sale of which must
be forced. AS we have remarked before,
our information in regard to the value of
the Norwood property was derived from
an expert lumberman of many years ex-
perience, of good judgment, and who has
spent his life in close vicinity to the prop
erty in question, and is familiar with its
condition aud extent. The information
was given on its merits. We have no
"pride of opinion in regard to it and,
for the sake of the depositors, shall be
only too glad if the end prove that our in
formant undervalued the property.
The institution of insolvency proceed
ings was by Receiver Hendee of the Yer
mont National Bank to which institution
Lawrence Brainerd is creditor to the ex-
tent of $4,000 for money borrowed. This
proceeding overturns Mr.. Brainerd's as
signment for the benefit of the trust COM
pany, and places his creditors on COM
mon footing. The case of Mr.. f. L.
Brainerd, as reported, is one of peculiar
hardship. During the existence of his
partnership with Lawrence Brainerd the
latter individual, it is alleged, issued the
firm paper for 100000 and put most of
the money into the Norwood Lumber
Company. The partnership was never
legally dissolved, though Lawrence Brain
erd's connection with the firm ceased
more than year ago. He paid the in
terest on the notes, but did not take them
up. F. L. Brainerd, it is said, had no
responsibility in this matter, has done
business carefully, made his settlements
promptly and, aside from these notes
with which he is now Unexpectedly con-
fronted, did not owe over 5000. MIR.
Brainerd's property, amounting to about
$4,000, has been turned over to the re.
ceiver and arrangements made by which
he can continue his business. OF the
$4,000 of paper mentioned, $4,000 was
held by the Vermont National Bank and
the rest by the trust company. The
movement to bring Lawrence Brainerd
before the grand jury of Franklin county
was alluded to last week. At the opening
of court in st. Adams last week Judge
Royce instructed the grand jury with
reference to the trust company, if com.
plant should be made. Governor Bars.
tow has appointed Hon. E. r. Hard of
Burlington counsel for the state to assist
States Attorney Hall in any investigation
which may be made. 1t is represented
that public feeling against Lawrence
Brainerd is growing more intense day by
day. Apprehension is expressed that the
worst is not yet known, and that for
reasons which are not made public, infor.
nation in the possession of the officials is
not divulged.
The Western Union OuarterIy.