The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1898-02-04
THE REPORT.

to hear the same.
THE REPORT.
The undersigned joint committee chosen by
the stockholders of the Bradford Savings Bank |
and Trust Co. find from a careful examination
and the best information obtainable, the foIlow- /
ing condition of the Bank:
RESOURCES.
Mortgages on home real estate, y 68,521.53
Mortgages on Western real estate, 30, 100 |
NTurici5a1 bonds 60, 140.54
l loans and discounts, l66. 1851
Bank stock, National Banks, l,4OO'oO
Due from collection agents, 963.5O
Bank building, 2o,3o0.OO
Real estate by foreclosure, 34,Oio'oo
Overdrafts l,OOO 81
Cash on hand and in Bank, 5,515.07
S446, 1873. SO
LIABILITIES.
Deposits interest, $364, ,42S.9o
Deposits subject to check, 24,0l4'51
Loans due banks and bankers, 4O,O0o'OO
Certificates of deposits S,U3.Eo
Treasurer's checks outstanding, l,44!.Si
Overdrafts in Boston, l,o4l.o4
44O, ,3OO.45
Balance in favor of bank, $5,S3S.24
Respectfully submitted
TYLER WEsTGATE,
ALFRED f. WATSON,
So JAMES Il EUTC.tANSCE,
.... JOHN b. PICKETT,
WILLIAM S. BoYNToN,
CHARLES JONES,
L. F. HALE
Bradford, VT, Jan. 49, 1893
1t will be seen by the above report
that the committee found the bank
solvent, the assets as will be seen were
found to be SAG, 1850, while the liza
bilities are $40, 300.45 leaving a bal
ance in the banks favor of $5,S3S. "a.
The bankers of the committee spoke
highly of the securities, considering
the Western securities especially de-
sirable and ely to command pre-
MUM.
In their report, owing to the action
the bank had taken on account OF the
litigation pending, assets were not i'll
cluded. amounting to nearly thirty
thousand dollars, which, if the bank is
correctly advised by those who are In
a position to know, will probably be
realized in full. making an addition OF
that amount to the resources of the
bank.
AS an indication of the desirability
of the Western loans it can be stated
that in a total of nearly one hundred
thousand dollars, the interest is paid
ON all but about five thousand dollars.
If the confidence of the community
had not been previously sturbed, so
that funds were being continually
withdrawn with no deposits coming i'll
the bank could have undoubtedly con-
tinued business, possibly without col
lecting the assessment upon the stock.
The investigation demonstrated that
the depositors are fully secured, the
assets appraised at bottom figures) be-
ing in excess of the liability to Saw
ines Bank depOsitOrs of $S1, 1876.
| The prospects of the bank appeared
encouraging. to all having a knowledge
of the character of the investigation,
and at meeting of the Trustees, Mon
! dav Jan. 3lst, the vote assessing the
capital stock fifty dollars per share
was resuinded.
After The report was made, and be-
fore the stockholders meeting, the
bank was informed of the total loss by
fire of its Touring mill (taken on fol E.
closure) in Nebraska, together with
about $4,000 worth of personal proper
tv. upon none of which was there any
insurance, the total loss being $1,000.
The facts were laid before Hon. Hosea
Mann, Inspector of Finance, for such
action as he thought judicious.
Since the Inspector of Finance made
his last report the Trustees had been
advised that it was proper and just
not to carry rs assets, of fixed value,
matters in litigation, and that pending
suits, the fair way was to charge off
such matters, to be resumed as val lua-
BILE assets at the end of the suits when
the value was ascertained, consequent
lv the Trustees had charged off all
property involved in the Straine and
other litigation, amounting 10 S53, 900.
although fully assured that except
the expense of the law suits. the
Z. whole 5 m would be ultimately real
lied. This result was such a differ
ence in the condition of the bank, at
the last inspection and now. that the
Inspector of Finance felt it his duty,
i'm view of the Nebraska disaster and
the fact that the bank was involved in
litigation, to apply for the appoint
ment of Receiver which he accord
ingly did. and at his request the chan.
cellor, Hon. James VI. Tyler, granted
an Injunction against the banks fur
ther transaction of business. al 81 upon
the nomination of the Inspector. ap-