Middlebury register. (Middlebury, Vt.) 1886-1937, 1893-08-18

| A WELL-KNOWN RUTLAND FIRM COM
PEELED TO SUSPEND.
The Rutland Herald of Tuesday con-
tanned the following:
The financial furry with its money
tightness has compelled ). NJ. Dorr 5
Sons to suspend business and act for the
protection of their creditors. Henry X.
Dorr and William H. Steele, the members
OF the firm. filed their petitions in insol-
vency in the Probate court yesterday.
| The schedules show aggregate partner
ship liabilities of Sl42, ,S74.GS, of which
$4,000 Is secured by collateral. and as
sets of the nominal value of S24l ,406.32,
of which S1S,937 is pledged as collateral.
The debts and assets shown by the indi-
vidual schedules are small.
The business of the firm was chiefly
selling bonds and mortgages in Rutland
and conducting bank at Bristol. The
securities sold by them are. of course. not
affected. The creditors. in both number
and amount, are mostly at Bristol. A
meeting of the creditors will probably
be called August 30 at Bristol.
1t may be stated in explanation of and
in addition to the above that the unse-
cured Indebtedness of the concern is about
800 900, of which about S73, 900 is owing
to residents of Bristol and its vicinity.
Of this latter sum, about $1,000 is rep
resented by certificates similar TO
those which Hammond, Bush & Co..
issued-practically promssory notes.
There were also about $15, 200 of deposits
subject to check; and the balance, about
S57 900, consisted of deposits in the saw
ings department of the Bristol institution,
the creditors for this amount holding as
evidence of the firms Indebtedness to
them pass books like those of a savings
bank.
The assets of the Bristol department
consist of loans and discounts to the peo-
pie Of that town and its vicinity to the
amount of about $4,000, which are prob
ably all good. The rest of the $73, ,000 is
in western loans, which will be rather
slow at best.
The firm has guaranteed about Sl2, 900
of short-time commercial paper. This is
regarded as good. They have also guar
anteed about $l5, 900 of the western loans
made through them. The total amount
of these mortgage loans now outstanding
is over 100000.
The firm was one of the oldest in this sec
tion engaged in the loanIng business. The
late Hon. S.M. Dorr of Rutland establish
ed the business and carried it on till his
death, when his sons succeeded him. Later
Mr.. Steele, brotherIn-law of Mr.. II h
Dorr, became partner. The chief business
of the firm up to the time of the establish
ment of the Bristol bank was dealing in
western loans, in which it was very
successful. none of its clients ever h1v.
ing to our knowledge lost a dollar in
these investments.
There was naturally considerable excite
ment in Bristol, Monday, over the bank
of the place had greater or less sums on
deposit there. The only concern that suf.
fers serious Inconvenience, so far as we
learn, is that of Evarts & Eastman, which
| OpeIdlcs HAL uOZtu CTedlDefleS III tIldl
section and one at the Wheeler mill site.
mile and half east of this village. 1t
had been getting funds into the bank to
pay by checks its patrons at these several
places on Monday for the previous
months cream. 1t was, of course, una
BILE to do so, thus causing some embar-
rassment to the farmers, who had de-
pended upon the money to pay their
help.
The Bristol bank, 1t should be distinct
ly understood, was entirely private in
stitution; and its failure gives not the
slightest ground for apprehension con-
cernlng any other bank or savings insti-
tuition. 1t was subject TO no government
al supervision or examination, as are all
national and State banks and savings
banks, and no one knew or could know
anything about it. 1t was, in fact, but a
branch of the firms business, and it was
not the bank, but other branches which
brought about their suspension.
A meeting of the creditors of the firm,
for the purpose of choosing an assignee.
has been called at Rutland the Both
INST.