Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-07-06
THE ORWELL FAILURE.
Trustees Issue a Statement of Interest t
the Debenture Holders.

Trustees Issue a Statement of Interest t o
the Debenture Holders.
Messrs. Z. j. Ormsbee, &. r. Bottum and
j. ). Wilcox as trustees and oustodians of
the mortgage securities set apart for the
protection of the debentures OF the Vermont
Investment and Guaranty company, have
just Issued circular to the holders of the
debentures. After an itemized statement
of the outstanding debentures which amount
to sligo, 800, with securities of 81, 121,
l64 81, tbs circular continues:
All these securities are real estate first
mortgages, which, with all papers connected
with them, are in our hsnds-in vault in
Brandon, Vt--are subject to our exclusive
control Since tho failure Of the company
we have carefully examined all OF thele Sc
curities and found them intact, and in the
main we consider them good and not sub
Ject to shrinkage except as to e small per
centago of them. We believs that the
avails Of these securities will well nigh pay
| the debentures, including coupons; still, 1t
is too early to speak with certainty as to
this especially as much may depend upon
the future (out now unknown financial and
industrial policy of the government, as well
as upon the crops OF the West.
Notwithstanding these elements Of uncar-
deficiency of full payment of the debentures,
after the avails OF securities have been ap-
piled, will remain a debt against tho COM
pany, and the further fact that the stock
holders, under the provisions of the charter
of the corpor alton. "shalt be personally
| liable for the indebtedness OF the corpora
ton beyond their stock to an amount equal
to the par value of their Stock it is our
expectation that ultimately the debsn lures
will be paid in full, including coupons, with
out othor loss to the holders than possibly
that OF patience.
Each series has its securities entirely iu-
dependent Of those of any other series, and
| this necesstates the keeping of the avails of
| the securities distinct and separate; that is,
the avails OF each series securities by itself
| the avais of the securities of one series can
| not be used to make payment in another.
1t is our purpose to make payment of
coupons and debenturss as they mature, so
far as we can from the avails Of the securi-
ties, for 1t will be soen 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 belonging to given series, be
yond what may be required to meet matur-
ing coupons before the deben,ures mature,
we shall hope to pay dividends.
We advise that holders retain their cou-
pons until notified by Us to forward them,
and this applies to debontures as well as to
coupons. SO far as we can now anticipate,
we shall have funds to pay the coupons
when duo. une coupon on series en- fell
due on the lat inst. The holders OF these
coupons coupons Of series IN, " due june
/, 1893 ara requested to send them at ones
to tbs first national bank OF Or well, Vt, ,
for payment.
1t will be our pleasure TO make prompt
reply to any inquiry by dobenturs holder
We should DO informed Of auy change in the