Middlebury register. (Middlebury, Vt.) 1886-1937, 1893-07-07
THE VERMONT INVESTMENT co.
A STATEMENT BY THE TRUSTEES.

Messrs. Z. J. Ormsbee, G. r. Bottum
and j. 5. Wilcox, trustees and custod-
ians of the mortgage securities set apart
for the protection of the debentures OF
the Vermont Investment and Guarantee
company, have just issued circular to
the holders of the debentures. After an
itemized statement of the outstanding
debentures, which amount to Sl,120,9 800,
with securities of $1,l2l ,l64.37, the
circular continues:
"All these securities are real estate
first mortgages, which, with all papers
connected with them are in our hands
In vault in Brandon, Wand are subject
to our exclusive control. Since the failure
of the company we have carefully eX-
amned all of these securities and found
them intact, and in the main we consider
them good and not subject to shrinkage,
except as to a small percentage of them.
We believe that the avails of these
securities will wellnigh pay the deben-
lures, including coupons; still it is too
early to speak with certainty as to this,
especially as much may depend upon the
future (but now unknown) financial and
industrial policy of the government, as
well as upon the crops of the West.
notwithstanding these elements of
uncertainty, having In mind the fact
that any deficiency of full payment of
the debentures, after the avails of securi
ties have been applied, will remain a
debt against the company,and the further
fact that the stockholders, under the
provisions of the charter of the cOrpor-
alton, shall be personally liable for the
indebtedness of the corporation beyond
their stock to an amount equal to the par
value of their stock it is our eXpecta-
ton that ultimately the debentures will
be paid in full, including coupons, with
bly, that of patience.
Each series has its securities entirely
independent of those of any other series,
and this necessitates the keeping of the
avails of the securities distinct and sepa-
rate; that is. the avails of each series
securities by itself; the avaIls of the
securities of one series cannot be used to
make payment in another.
ut is our purpose to make payment of
coupons and debentures as they mature,
so far as we can from the avais of the
securities, for it will be seen that we
have no other source to look to for
funds, at least until these avails have
been exhausted; and should there be a
considerable accumulation of money be-
longing to given series, beyond what
may be required to meet maturing
coupons before the debentures mature,
we shall hope to pay dividends.
1--WE advise that holders retain their
coupons until notified by us to forward
them, and this applies to debentures as
well as to coupons. So far as we can
now anticipate, we shall have funds to
pay the coupons when due. One coupon
on series "N," fell due on the 1st inst.
The holders of these coupons Coupons
of series "N'' due June l, 1899 are re-
quested to send them at once to the first
national bank of Orwell, VT, for pay
ment.
at will be our pleasure to make
prompt reply to any inquiry by deben-
ture holder. We should be Informed of
any change in the postoffice address of a
holder. and, in case Of sale, of the pur-
chaser. Communications should be ad-
dressed to E. j. Ormsbee, trustee, Bran
don, VT"