The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1883-08-22
st. Albans Trust Company.

The Revised Laws require savings banks and
trust companies to make annual reports Of their
condition as II was at the close OF business on
the goth day OF June. The following Is state
ment Of the condition of the st. Albans Trust
Company at the above date:
RESOURCES.
Loans on nrst mortgages Of real estate in
Loans on personal security having two or '-''''
more approved names. ............ 4SeAO3 S
Vermont National Bank. .............. $4,000 OO
Loans on other collateral security, all con-
Real ssss sSSS acquires SsSSBy y fsS
st. Abans village bonds Of 1897, at ak per
cent interest, and worth six to eight per - 81.
Ten shares st. Albans Trust Company stock 1000 90
Four hundred shares ST. Albans Gas Light ,oo., m
Co. stock, paying six per cent dividend, lOOOO 20
Front and loss account. LIZ v5
Cash on deposit in Vermont National Bank 1900 %
Cash on hand 9S6S "
Total resources. ............... s667 3sl 81
LIABILITIES.
Capital stock paid In. sloO 600 90
Dns uepVssors. ofooV 90
interest due depostors 2OssO IS
Total liabilities. ..,...........,......s6 1861 3sl 81
The whole number of depositors in the bank
Is 2, 457 of whom 2, 345 representing S516 993 39
OF the deposits are residents of Vermont and
112, representing, S29 697 A. are non-residents.
1t is believed that over 5000 900 can be realized
on the assets OF the company within sixty
days and paid to the depositors. OF the assets
shown in the above statement, in round num-
bers S257, 600 Of the personal security loans
was the paper OF the Norwood Lumber Com
pany, in which Lawrence Brainerd, the presi-
dent Of the trust company, has the chief inter-
est. loan of $50, 900 on personal security to
other parties had since June Both, been as
sumed by the Norwood company and it had
otherwise increased its Indebtedness till at the
| time of the failure 1t owed the trust company
| in round numbers $4,000. Meanwhile the
| cash deposited in the Vermont National bank
| had also been reduced from S44 600 to S20,-
| 5S7. 13 and cash on hand to So, 500 50 1t is not
| believed that the assets of the company at the
| time of the failure differed materially from the
| statement printed above The Norwood Lum-
| ber Company claims to have made S92, 600
| during the past year and to have invested the
| money in timber lands and in other ways to
enhance the valne of its plant. 1t is reported
| to have in northeastern New York, Co.,
600 acres of valuable timber lands, an i'm
| mense quantity of lumber sawed and in the
log, three large and perfectly equipped mills on
an ample water privilege, with such other
property as is necessary to carry on numbering
| operations on an extensive scale. Its liabilities
outside Of its debt to the trust company, it is
maintained, do not exceed $50 900. This prop
| erty has all been made over to the trust COM
pany as security for its loan. Among the large
| loans of the trust company on personal security
1t is understood that there Is one of $50, 900 to
Plattsburgh company, one of S17 ,000to A. O..
Branerd, director In the trust company, and
another of 1000 to Herbert Brainerd with
others of smaller amounts to other members of
the Brainerd family or officials or employees Of
the company The loan OF S35, 900 on Vermont
National Bank collaterals, and the $50, 900 de-
posit in that institution are good or had accoi d.
ing as Mr.. Barlow is successful or unsuccess-
full in selling the Southeastern railway The
loss of S35 900, it is generally conceded, is not
the only contingency that hangs upon the for
tunes of Mr.. Barlow, in connection with the
loan of that amount. 1t is held that the shares
Of an nsolvent national bank which are assess
able for the liabilities of such bank are assess
able against any person or association to which
they have been made over as collateral secu.
rity for a loan. So that il the Vermont Ma
tional Bank ultimately is not able to pay it,
depositors, the St. Aibans trust company, hold
ing three hundred and fifty shares of that bank
capital stock, will have to pay its share O.
whatever assessments may be made.