St Albans Trust Company (St Albans, VT)

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Business Failurer

The Vermont National bank at St. Albans, Vermont, suspended yesterday, in consequence of the embarrassment of its president, Bradley Barlow, who is also president of the Southeastern railroad. The bank has discounted about $325,000 for that road, and has also made loans on the Boston, Montreal and Portland road. The deposits of the bank are stated to be about $320,000, and Barlow thinks they will be paid in full. Barlow has invested $100,000 in the Southeastern road. The St. Alban's trust company has also suspended, its president, Lawrence Brainerd, having been an endorser on Barlow's paper. Rrown, Brothers & Co.. lumber dealers and insurance agents, of Datroit, made an assignment yesterday. Liabilities $100,000, assets $50,000. A meeting of the creditors of C. W. Ward, the suspended boot and shoe man. ufacturer, was held yesterday in Boston, at which Ward made a statement of his affairs. His liabilities are about $745,000, assets about $232,000.

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... Collapse of n National Bank. The Vermont National Bank at St. Albans, Vermont, suspended yesterday in consequence of the embarrassment of its President, Bradley Barlow, who is also President of the Southcastern Railroad. The bank has discounted about $325,000 for that road, and has also made loans on the Boston, Montreal and Portland road. The deposits of the bank are stated to be about $320,000, and Barlow thinks they will be paid in full. Barlow has invested $1,000,000 in the Southeastern road. The St. Alban's Trust Company has also suspended, its President, Lawrence Brainerd, having been an endorser on Barlow's paper.

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ppointed. BANGOR. ME., Aug. 6.-An attachent on $800,000 worth of real estate nd other property of Shaw & Bro., he insolvent tanners, is recorded in enobscott, Washington and Aroosck counties, by Samuel Spring, of the a ortland. ng he MADRID, Badajos Aug. insurgents 6.-Before destroyed abandon- distance of rom to detard the railroad town bridges good advance ursuing troops. Two Lieutenant olonels and two Majors were the ingleaders of the rising. PARIS, August 6.-President Grevy as telegraphed his condolence to King Humbert and has given 1000 rancs to the relief of the sufferers of schia. The Cabinet Council gave 250 francs. COVINGTON, Aug. 6.-In the recent lection in this city Knott, (Dem.,) olled 1,404, Marrow, (Republican.) 33. NEWPORT, Aug. 6.-The election ere for Knott, (Governor, Democrat,) 194, Marrow, (Republican,) 1,418. LIMA, Aug. 6.-Garcia Leon, lib- the eruvian ex-minister, has been rated. MEXICO, Aug. 6.-The places of the triking operators on the Mexican National railroad have been filled, nd trains are running regularly. SIMLA, Aug. 6.-The Indian Govrnment will send to Egypt seven octors and 40 assistants. CONSTANTINOPLE, Aug. 6.-TheInernational terrritorial counsel will mpose 25 days' quarantine on vessels which have had cases of cholera on oard. Other rigid restrictions will Iso be offered. NAPLES, Aug. 6.-A child buried n the ruins at the time of the earthuake on the 28th ult., was rescued live last Saturday. ALEXANDRIA, Aug. 6.-Seven perons, most of them Europeans, died esterday from cholera. One hundred and ten British soliers have died in Egypt from cholethe outbreak of persons a NAPLES, since Aug. 6.-Nineteen that disease. have jured by the disaster at Ischia ied in the hospitals here during also last eek. One hundred others rounded were discharged cured. MENDEN, N. B., Aug. 6.-The strike f the telegraphers has ended. The to en have voluntarily returned ork. LONDON, Aug. 6.-Capt. Phelan, of Kansas City. the man reported as ientical with O'Donnell, the slayer f James Carey, 18 sojourning at ork. Parnell has cabled that he well be nable to visit America until after he coming election in Great Britain nd Ireland. LAWRENCE, Mass., Aug. 6.-The Wright Baird Mfg. Co. is burned. loss $150,000, insurance $66.000, 165 peratives are out of employment. BALTIMORE, Aug. 6.-The delegates , the Grand Commandery of United tates Knights Templar in San Franisco leave at 8 to-morrow. SALT LAKE, Aug. 6.-(Midnight.) the 'he precincts are scattered and eturns are not obtainable to-night. 'he vote is announced to have been emarkably light. BOSTON, Aug. 6.-The following is dditional to the bank failure: Barw states that he has made no proision for his family, that he The and are absolutely penniless. liabilities of the hey oating Southeastern suspension ailroad are $55,000. The f the St. Albans Trust company is ot permanent. PHILADELPHIA, Aug. 6.-The Times to-morrow an elaborate anJefferson wer vill print from Davis secession to Judge exposure of in which the reviews in rather the assertions entences Black's ecrets, President reputed ex-Confederate and Buchan- pungent record f Judge Black, as President n's chief Cabinet officer. BOSTON, Aug. 6.-A special to the journal from St. Albans, says the of Ion. Bradley Barlow, president he Vermont National Bank of St. also president of the Southstates that he that the bank has Albans, astern d, and R. .R., embarrass- closed has fail- its Barlow says his nent oors. is due to unsuccessful railway interprises.

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Terrible Crash at St

Albans. ST. ALBANS, Vt., Aug. 6. - Intense excitement was occasioned here to-day by the announcement of the failure of Hon. Bradley Barlow and the suspension of business at the Vermont National bank and St. Albans Trust Company. Inquiry of Mr. Barlow revealed the fact that he has failed for $500,000, and claims that as far as he is concerned the failure is complete, and takes all he has. It was due to the failure of the Canadian Pacific syndicate to purchase the Southeastern railroad, of which Mr. Barlow is president. He had expected in this way to be relieved of financial difficulties, which have been pressing him lately. Barlow has made an assignment of all his property to the Vermont National bank, which had discounted the paper of the Southeastern road to the amount of $319,000. The bank holds bonds of the Montreal, Portland and Boston railway as collateral, and also holds paper endorsed by Mr. Barlow. Mr. Barlow says he hoped to raise money in bonds to take up these notes, but his expectations not being realized, he laid the matter before the bank directors Saturday night and they advised a suspension of business. How this thing is coming out no fellow can tell, but it looks dark row far many people in the vicinity of the failure.

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THE ST

ALBANS FAILURES. The failure of Bradley Barlow has long beencanticipated. It was generally understood that he had embarked all his resources in his Southeastern railroad, and the shaky financial character of that enterprise was widely known. But that Mr. Barlow's failure would lead to that of the Vermont National bank of St. Albans, of the St. Albans Trust company and of a man reputed as wealthy as Lawrence Brainerd, was wholly unexpected by the general "public. The combined failures must result in widespread loss and trouble, and will undoubedtly rank among the most disastrous in the history of the State. There are some points about them that demand examination. First, as to the National bank. This was for all intents and purposes Mr. Barlow's private property and he seems to have so regarded it. Of its capital stock of $200,000, he owned $187,000, leaving only an insignificant amount for the six gentlemen who with himself constituted the board of directors. The bank's deposits were. Mr. Barlow says, about $330,000. Mr. Barlow becoming financially involved, the directors advanced him ($319,000 on bonds of the Montreal, Portland & Boston railroad. The sum was very much larger than the capital of the bank and/almost'as as the entire amount of its doposits. The' Montreal, Portland & Boston railroad is a part of the Southeastern system and runs from Montreal to Sheldon, in this State. Its bonds have absolutely no market value whatever. They may intrinsically be worth par, but at the present moment they are absolutely valueless, and have been SO for a long time past. So, therefore, the directors of the bank appear to have advanced nearly all its funds, aside from its capital stock, on wild-cat securities to a man notoriously involved, financially. The result is that the bank is ruined, its capital is lost beyond all hope, and its depositors will have to endure a long delay and, probably, a final heavy loss. The whole thing shows the glaring evil of running a National bank on the one-man) principle. The case under consideration is not by any means the first on record, nor will it be the last, unless some decisive step is taken to remedy the matter. The man wl.o owns the bank names his own directors and they suffer him to manage the bank as he pleases. They haveno realinterest and presumably pay butslight attention to their official duties. On the other hand, the people see a list of prominent and responsible townsmen announced as directors of the bank, and their names give them confidence in the institution and they entrust their hard earnings to its care. And at last the explosion comes, and the people find that money has gone to the support of some reckless speculator and that the men in whom they trusted were mere dummies, simply giving the use of their names. Such a eystem of banking is a shame and a scandal, and it ought to be done away with. As to the St. Albans Trust company, its affairs have not, at the moment of writing, been made very clear. Mr. Lawrence Brainerd, its president, has made an assignment of all his property for its benefit, however, and from this it would look as if its funds, too, had gone into Mr. Barlow's ill-starred speculations. If such proves to be the case, the thing is even more flagrant than that of the National bank. The care of the money belonging to the working and poorer classes is a sacred trust, and its investment ought to be surrounded with every possible safeguard. Too great caution can not possibly be used. These facts are too familiar and too obvious for argument. And yet the managers of the St. Albans Trust company appear to have been as loose and careless in their methods

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There is mourning in St

Albans, Vt., on account of the suspension of the Nermont National Bank and St, Albans Trust Company of that place. The suspensions were caused by unsuccessful railroad investments made by Bradley Barlow, president of the Vermont National Bank, whose notes were indorsed by Lawrence Braiuard, president of the St. Albans Trust Company. The deposits of the former bank were $120,000, and the depositors are promised the full amount as soon as the business can be wound up.

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The directors of the St

Albans Trust company have made a statement, by which it appears that the company, at the time of suspension, had on deposit with the Vermont National bank the sum of $20,000, and held demand paper to the amount of $35,000, which was secured by pledge of stock of that bank. When this paper was discounted, the stocks of the Vermont National bank was considered to be worth more than par and the security was regarded generally as of the highest order. It is of course hoped that a considerable portion of this $55,000 may yet be saved to the company.

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Late State and Vicinity.

A military company has been organized at Poultney.

Barnum's circus will be in Rutland Tuesday, September 25.

Ex-Gov. Page of Rutland has presented a claim of from $20,000 to $30,000 to the directors of the Rutland railroad.

The dwelling house of Collamer Persons, at East Poultney, was destroyed by fire Tuesday night; loss, $800. The fire caught from a lamp.

The Spiritualist campmeeting at Queen City Park, Burlington, opened on Tuesday. New buildings have been erected and various improvement made.

E. L. Underwood, employed in the St. Johnsbury and Lake Champlain railroad shops at St. Johnsbury, was struck on the head and neck by the lever of a jackscrew, Tuesday morning, and instantly killed.

The body of Timothy F. Griswold till recently of the firm of Griswold & Frissell, insurance agents, Burlington, was found in the lake off that city, Thursday. How he met his death is not yet known. He left home Wednesday.

There is to be a fireman's muster and hose race at Factory Point, Manchester, Aug. 30. The prizes aggregate $400, divided as follows; First prize, not to exceed 60 men, $200; second prize, not to exceed 40 men, $100. Hose prizes: First prize, $50; second prize, $30; third prize, $20.

The town of Wilmington is consideraby stirred up over a $10,000 libel suit brought by a local clergyman against a young doctor and townsman for defamation of character. It is the culmination of a petty scandal that has agitated society in that place for a number of months and has developed lots of bad blood and temper.

A meeting of railroad officials, representing the Grand Trunk, Central Vermont, and Northern, Concord and Lowell railroads, was held at St. Albans, Saturday, to arrange for a fast freight and passenger service between Boston and Chicago. The arrangement goes into effect the 20th. Passenger trains will run through in 40 hours.

Vermont agricultural fairs: Franklin county at Sheldon, 29th-31st; Rutland county at Rutland, September 5-7; Union exihibition at St. Albans, September 5-7; State and Champlain Valley association at Burlington, September 10-14; Mad River Valley at Waitsfield, September 18, 19; Caledonia county at St. Johnsbury, September 18-20; Poultney Industrial society at Poultney, September 18-20; White River Valley at Bethel, September 18-20; Dog River Valley at Northfield, September 25-27; Orange county at Bradford, September 25-27; World's at Tunbridge, October 2-4.

A mob of 15 men, young, old, respectable and rough, at Winoski village, Saturday night, chased the only policeman of the village, John Debarge, into Greenleaf's drug store where he hid and the store was locked. Members of the crowd called, "Kill him." Greenleaf telephoned for help. Sheriff Barton and two Burlington policeman drove over and the crowd wilted without resistance. To appease them Debarge was carried toward Burlington by the sheriff as if going for the jail, but he was released on the way. Afterward a warrant was issued for his arrest, but he was not found. He is supposed to have skipped town. The trouble arose by village trustees hiring policemen at $25 per month. An ignorant and pompous French Canadian, recently imported, made numerous blunders and aroused indignation.

Hon. George W. Hendee of Morrisville has been appointed receiver of the suspended Vermont National bank at St. Albans. The directors of the St. Albans Trust company state that the business will be closed up and a receiver appointed. They do not apprehend that depositors will lose anything in the end.

A New York syndicate has been examining the Southeastern road with a view to its purchase. The latest information regarding the negotiations is contained in the following dispatch from St. Albans to the Springfield Republican: "George R. Chapman, the representative of the New York syndicate, who, with his counsel, engineer, auditor and corps of railroad accountants and experts, has been making a thorough examination of the Southeastern railway, has completed the main portion of his work and decided to report to the syndicate in favor of its purchase. There is little reason to doubt that the purchase will be completed within the thirty days for which they have the refusal. The price to be paid is not known further than that it is sufficient to pay all the liabilities of the road and Barlow's in Canada, and leave a surplus which will probably be large enough to adjust Barlow's affairs in this country."

Plenty of rumors are floating about Rutland in regard to the financial embarrassment of the Dorset Marble company and other large concerns. As far as can be learned, these rumors are without a foundation in fact, as the Dorset Marble company is probably sound and solvent. The rumors have gained currency because ex-Gov. Page, who is a large stockholder in the Dorset Marble company,

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The depositors in the St

Albans, Vt., Trust company have appointed a committee of five persons to represent them on the question of the appointment of a receiver.

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same points, leaving Boston at one o'clock p. m. and running through to Chicago in forty hours.

The body of Timothy F. Griswold, a well-known citizen of Burlington, was found on the shore of Lake Champlain just above the city on Wednesday evening. It is not known whether the result was an accident or suicide. It appeared to have been in the water twelve hours. Mr. Griswold had been in the insurance business here many years, and was one of the best known men in the city. He was about 30 years of age, unmarried, and for years past has been in poor health.

The directors of the St. Albans Trust company have made a statement, by which it appears that the company, at the time of suspension, had on deposit with the Vermont National bank the sum of $20,000, and held demand paper to the amount of $35,000, which was secured by pledge of stock of that bank. When this paper was discounted, the stocks of the Vermont National bank was considered to be worth more than par and the security was regarded generally as of the highest order. It is of course hoped that a considerable portion of this $55,000 may yet be saved to the company.

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M. D. Howe's three-story tenement house on Canal street, Brattleboro, was burned Sunday evening; loss $8000, insured for $3000 in the Franklin of Philadelphia and Continental, of New York. The tenants narrowly escaped, one boy jumped from a third-story window. Lockhart Barrett's adjacent building was badly damaged; insured.

Receiver Rich of the St. Albans Trust Company finds assets that will pay the depositors 30 per cent, exclusive of Lawrence Brainerd's property held by Trustee Smith in Vermont or the assignee in New York.

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The St

Albans Trust Company. The notable incidents of the past week in the affairs of this company are the report of the receiver on the value of the Norwood lumber property, the institution of insolvency proceedings against Lawrence Brainerd, the attachment of the property of the directors of the trust company at the suit of the creditors and stockholders of the company, and the failure of F. L. Brainerd, a grocer in St. Albans, formerly a partner of Lawrence Brainerd under the firm name of F. L. Brainerd & Co. The report of Receiver Rich on the Norwood property is published in another column. With feeble artifice the Messenger credits the receiver's statement long enough to give THE WATCHMAN a puny dab; balances on the fence for a day in a haze of doubt and incredulity, and on the next, in a non-committal way, descends from its perch, impelled apparently by a correspondent's pungent review of the Norwood showing. There is a refreshing plainness and directness in what the Messenger's correspondent, who is a depositor in the ill-fated company, has to say and we crave our contemporary's pardon for quoting from that communication rather than from its able leading article. The Messenger's correspondent says: You stated last week that the receiver would this week, in company with an expert lumberman, proceed to northern New York and examine the property there and report to us the result. Norwood is about one hundred and twenty miles from St. Albans. The receiver and expert, I understand, went there on Monday night, examined something on Tuesday, returned on Wednesday and made up the report published in your Thursday's paper. The most prominent things in the report appear to be eulogies upon Governor Colton; Mr. Ashley, president of board of trustees in Norwood village, and Mr. Brainerd. The dispatch with which the immense property was examined beat all past record; but, as a result, we have estimates on about forty-two thousand acres of land, three mills and forty-three other structures, lumber, logs, etc., camp equipage, horses, etc., goods and store accounts, at over $390,000. Was ever appraisal madeso quickly ?

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BRIEF TELEGRAMS.

At Lockland, O., Philip Kuhn struck Ezekiel Lee with his fist and killed him. The passenger steamer Gem City was burned at St. Louis on Saturday. Loss, $60,000. Engineer John Ball was killed near Akron, O., in a collision between a freight and passenger train. The steamships Main and Elbe, which arrived at New York from Europe, brought 2,500,000 francs. Judge Ruffin, of the Supreme Court bench of North Carolina, has resigned on account of ill-health. It is said that a Liverpool clique owns every pound of the 30,000 tierces of lard stored in Chicago.

The Democratic cancuses in Boston, which were not broken up with rows, elected Butler delegates. Mrs. William S. Reynolds was thrown from a runaway carriage at Poughkeepsie, N. Y., and instantly killed. At Lampasas, Texas, on Friday, fire destroyed a half square between Third and Fourth streets. Loss, $20,000; insurance, $8,000. A negro named Archie Johnson was hanged in Richmond county, North Carolina, for attempting to outrage a white girl six years old. A Holiness camp-meeting has been opened on the Bethel grounds at Visalia, Ky. There are representatives from nine States present. At Aurora, Neb., E. Royce, station agent, was found with his skull fractured and robbed of $400 in money, a gold watch and a revolver. The Laclede Rolling-mill, at St. Louis, Mo., which suspended operations several months ago, will be started up again during the present week. The Georgia Legislature will adjourn on Wednesday and start the following day for the Louisville Exposition, which they will reach on Friday. Two miners, Pat. Sullivan and John McNeil, were killed on Saturday morning by a cave-in on the Iron Hill Consolidated mines, near Leadville, Col. The ceremony of conferring the pallium on Archbishop Eider, set for Sept. 30, at Cincinnati, has been postponed without date, owing to the delay in sending the pallium from Rome. Lawrence Brainard and five other directors of the suspended St. Albans Trust Company have been indicted for violation of the penal clause of their charter. Brainard's bail was fixed at $50,000. Rev. J. Boynton, of Stanton, Mich., a prominent Methodist minister of that State, was found in a dying condition on the sidewalk near his house on Saturday evening, and he expired shortly after. It was probably a case of heart disease. "Slippery Jim," a highway robber, escaped from the Iowa penitentiary the other evening, and while large bodies of men were hunting for him he returned to the prison and robbed the house of the warden, getting away with his plunder. Five women who arrived in New York by the steamer Republic, and who declared that they brought nothing dutiable, were forced to witness the taking of $5,000 worth of merchandise from their baggage and clothing. One of the smugglers is said to be Miss E. Lorden, a dressmaker of Chicago. Sebastian Heine, of Glodbach, Rhenish Prussia, charged with embezzling 50,000 marks while at the head of the municipal insurance system of Glodbach in the early part of August, and absconding therewith, was arrested at St. Louis on Saturday evening, at the house of his sister-in-law. The oil well supply houses in Bradford have particulars of the sinking of two wonderful wells in Roumania. From one of them the oil gushed forth with the power of a cyclone, wrenching the machinery from its place. As the oil ran down the valley it formed a river, and banks of sand thrown out from the well with the oil were deposited three miles away. Oil well machinery of all kinds and a force of experienced workmen have been sent to this new oil region from Bradford.

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five, an increase of three over 1882. Each institution was personally visited during July and August, and their condition was generally found to be satisfactory. He found a few investments in securities not authorized by law, which have since been disposed of, at his request. The report will treat at considerable length, and in a comprehensive manner, of the suspension and affairs of the St. Albans Trust company. The following is a summary of the report: Whole number of depositors, 46,318, an increase of 3,735 over 1882; total amount of deposits, $14,050,647.08, an increase in amount of deposits during the year of $1,375,377.37. Non-residents have deposited $2,612,278.29. The average amount to the credit of each depositor is $300.33. There are 28,476 depositors of less than $250, whose deposits amount to $2,301,516.47. There are 202 depositors who have over $2,000 each to their credit. There has been $421,243.74 credited to depositors for interest and $35,767.82 as dividends to stockholders in trust companies. The present undivided earnings, interest and surplus is $223,519.23. Loans on personal security are $453,012.54 more than in 1882. The item of cash on hand amounts to $151,136.82.

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Our State exchanges are announcing with great unanimity that the "annual report of Inspector of Finance Dewey shows that there has been an increase of $1,375,877 in the amount of savings banks deposits despite the St. Albans wreck." The fact is, the reports printed by Mr. Dewey are the reports of the condition of the banks June 30th last, whereas the St. Albans Trust company did not suspend until August 6th.

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State Meros

W. H. Lombard's house. about a mile from Montpelier, was burned Saturday night with most its contents; loss about $2,500; insured. A general term of the Supreme court is ordered to be held at Montpelier, commencing the 23d. There are 87 cases on I the locket; 12 of them have been heard once, but are ordered to be re-argued. 6 Black diptheria has made its appearance in the southern part of Alburgh, and is raging with terrible malignity. Three deaths have occurred and there are three very bad cases, the result of which has not yet transpired. A new golden text was brought out in one of our Sunday schools last Sunday, when a little four-year-old girl rose and repeated for her lesson the following: thant Dod for my new baby brother?"-St. Johnsbury Caledonian. The business portion of Passumpsic village was burned on Sunday. The fire originated in the Passumpsic Pulp company's mill, which was destroyed, with Smith & Golbraith's rake factory and E. T. & H. K. Ide's flour mill; total loss about $20,000, insurance $9,000. Friday morning, at Roxbury, Mrs. J. P. Warner's hotel, barn and dwelling house, and Erastus Spaulding's two barns, 50 tons of hay and sleighs were burned. The origin of the fire was incendiary. Loss $4,000; partly insured. A remarkable man was Alexander Nelson, who died at Ryegate, August 11. He was born in the same town July 18, 1802, and always lived on the home farm. The points for which he was noted were his great size and strength. He was six feet four inches in hight barefoot, and weighed 225 pounds. Alexander, known as "Big Alex," was quite spare and lean, but of great strength, so that he could lift a large cask full of cider and drink from the bung-hole, The insolvency proceedings against Bradley Barlow of St. Albans will set aside his transfer of real estate to the Vermont national bank, leaving its only assets of $501,000 in railroad bonds. Receiver Hendee must sell these bonds at 67 cents on the dollar if he pays the depositors in full. The Canadian Pacific offers 50 cents for them and Hendee is trying to get more. If the insolvency proceedings against Lawrence Brainerd are sustained they will set aside his transfer of $40,000 worth of property to the St. Albans trust company, and the outlook for the depositors grows more and more discouraging. The Howe Scale company of Rutland, which has been for some months in embarrassed circumstances,has surrendered all its property and notes and bills to W. Cramton, John A. Sheldon Barrett, men of Rutland. who of the works and ness and possession John Rockwood well-known have will taken here- busiafter carry on the business as trustees or managers. These men represent the syndicate which has been entered into the by 22 of the citizens of Rutland for purpose of keeping the works running, it being agreed among the members of the syndicate that they will lend their credit and guarantee the paper of the trustees or managers to an amount not exceeding $100,000 at any one time. These trustees or managers are to carry on the scale business in their own name, without any connection with the Howe Scale company, and will raise money and pay off the employees at once, and the other indebtedness of the company as soon as possible. When all the debts of the company are paid it is understood these trustees and managers are to surrender the property to the Howe Scale company.

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Current Mention

"WHOM I have joined together let no other man put asunder," is the way a young Bennington justice marries them. REV. HOWARD F. HILL of Christ church intends to hold religious services in the school house at Irasville, Waitefield, on Sunday next at four o'clock, P. M. AT the annual meeting of the stockholders of the Vermont & Canada railroad, which occurred last Thursday at Bellows Falls, it was voted to adjourn until December 18th, the object being to allow the Central Vermont to remove certain obstacles still in the way of the completion of the proposed compromise. THE goneral term of the supreme court convened yesterday at ten o'clock, with Judges Royce, Ross, Powers, Veazey, Taft and Rowell in attendance. The term promises to be of short duration, as a large number of long chancery cases were heard and disposed of at the May term of Washington county supreme court. J. M. HAVEN was arrested last week on complaint of State's Attorney Howe and arraigned before Justice Bailey, charged with over-issuing stock of the Rutland railroad in June, 1881. He waived an examination and gave bail in the sum of $6,000, A. C. Bates and his son, Frank A. Haven, recognizing in that sum. RECEIVER RICH has made a proposition to the depositors' committee of the St. Albans Trust Company looking to the formation of a syndicate to take the Norwood property and handle it in the interests of depositors. The receiver looks upon this mode of procedure as the only means at his command to see that victims of the Trust Company have a fair representation at the coming sale. THE Phoenix tells a joke on 'Forbes" of the Journal. It says: "Forbes thinks he was a little previous in remarking to a young lady, who was one of a bridal party on the train between Westminster and Brattleboro, Wednesday afternoon, that it was no use trying then to make the bridegroom talk to anybody but his wife, 'but wait two years and he would be ready enough to talk to somebody else!' The only trouble with Forbes was he didn't know

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ST. ALBANS TRUST COMPANY.

Receiver Rich has made a proposition to the depositors' committee looking to the formation of a syndicate to take the Norwood property and handle it in the interests of depositors. The receiver looks upon this mode of procedure as the only means at his command to see that victims of the Trust company have a fair representation at the coming sale.

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WHAT THE ST. ALBANS TRUST COMPANY DEPOSITORS COMPLAIN OF

That Lawrence Brainerd, either as principal or surety, misappropriated or diverted over $400,000 of the funds of the St. Albans Trust company; that he invested $312,000 in the saw mill department of the trust company, the Norwood lumber company; that he failed to replace this loan with the money drawn out of the Norwood concern - said to be $412,000; that he borrowed $30,000 only seven days previous to the failure of the trust company without giving any security or note therefor at the time; that he persistently refuses to enlighten depositors as to the whereabouts of their money or the amount of his estate; that the counsel for the receiver and Lawrence Brainerd are one and the same person; that the law's delay affords Brainerd opportunity to seek a more congenial clime in the far west; that the statutes do not provide a penalty in case of conviction commensurate with the character of the misdemeanor charged; that Brainerd's property in Vermont assigned for the benefit of the trust company - valued at $50,000 - is not an available asset pending the appeal to the county court in 1881 from his adjudication of an insolvent debtor; that the indictments found by the grand jury may be found to be illegal when passed upon by the supreme court, and finally that the property of the Norwood lumber company is to be sold at auction in the possible jeoparding of the claim of the trust company. - Free Press.

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STATE NEWS.

If you can't "Bear" a cold, "Bull" it, with Dr. Bull's Cough Syrup.

At Island Pond an icicle fell and struck John Pelchie on the nose, nearly severing that member from his face.

John Currier of St. Johnsbury Center tried to commit suicide with morphine, but overdid the business and still lives.

Joel Lucker and wife of Plymouth, while on a protracted spree recently, set fire to their house and the woman was probably fatally burned.

Mrs. Emma Hopkins of Spring Lake, Mich., claims to own Ethan Allen's sword and she is anxious to sell it to the State of Vermont for $1000.

The dyke lately built on Hon. Wm. M. Evart's farm at Windsor, making a lake of 130 acres, broke away Thursday morning, doing $1000 damage.

Buisness is dull at the Fairbanks scale works in St. Johnsbury and the pay roll is said to have, dropped from $27,000 to $17,000 in the last month.

The Standard marble company has been organized with a capital of $100,000 to work the quarry on A. J. Mead's farm in West Burland, opened a few weeks since by J. E. Manley.

The Norwood lumber property has been turned over to Receiver Rice of the St Albans trust company for the benefit of depositors. He has mortgaged it for $27,100 to pay off that amount of preferred credit-ors who refuse to wait for their money.

Mr. Charles L. Griswold, one of the most prominent merchants of Lancaster, N. H., has died suddenly in Florida, whither he had gone for the benefit of his health. He was a native of St. Johnsbury, 38 years old, and had been a long time a member of the firm of Kent & Griswold of Lancaster.

Chancellor Royce has decided that the $7,000,000 mortgage executed by the Vermont and Canada and Consolidated Vermont railroads is a valid securiety for the bonds issued under it provided that it does not impair the rights of the Rutland railroad company. He will hear the petition of the Central Vermont company to be discharged as recoivers and managers of the Vermont Central and Vermont and Canada roads January 17.

A supposed incendiary fire broke out in the business part of Middlebury, at 12:30 o'clock Monday morning and was not under control till 3:30 o'clock. The losses aggregated about $20,000; insurance $11,350. Among the losers are W. W. Sweeney, buiding, $1,200; fully insured! Geo. McCne, $500 insured for $250; S. E. Meekin, barber, building and fixtures, $1,000; insured for $750; H. B. Dodge, hardware stock, $10,000; insured for $6,250; T. H. McLeod, owner of the building occupied by Dodge, $2,000.

Shoe and leather dealers of Lynn, Mass., are negotiating for the rent of the factory and tenements formerly occupied by the North Bennington boot and shoe company st North Bennington, Vt. The buildings have been offered to them on favorable terms. The parties propose to remove to

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St. Albans Trust company, which is in the hands of a receiver. Of these, four have deposits exceeding a million dollars each, viz: the Vermont Savings bank, Brattleboro, deposits $2,030.934; the Rutland Savings bank, $1.579.716; the Burlington Savings bank, $1.415.138, and the St. Johnsbury Sayings bank $1.279,769.

The whole number of depositors in all the savings banks and trust companies in the State at the date of the reports was 46,778, an increase during the past year of 941, and 460 more than there were two years ago. There was to the credit of such depositors on the 30th day of June last $13,699,231.63, showing a decrease in amount of deposits during the past year of $25.059.90, and in the past two years of $351,415.45. Of the total amount of deposits in the different savings banks and trust companies, $11,300,362.53 belong to depositors living in this State and $2,398,869.10 to non-residents. The average amount to the credit of each depositor is $292.86, a decrease of $6.50 as compared with one year ago.

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Ex-Postmaster Wood of South Londonderry has a large contract from New York parties to furnish toboggans for next winter's sales. The sizes called for are from three to six feet in length and 18 inches wide. They cost to manufacture from $12 to $96 a dozen, and are made of birch, maple and ash.

The women of Rutland, who are building up a free public library, have organized into a corporation with these officers: President, Mrs. Julia C. R. Dorr; vice-president, Mrs. Beaman; secretary, Miss Strong; treasurer, Mrs. John Cramton; directors, Mrs. Henry N. Baxter, Mrs. Dr. Putman, Mrs. Henry Clark, Mrs. Patrick, Mrs. L. G. Kingsley, Mrs. L. W. Redington and Miss Daniels. Thus far $5417 has been pledged.

Owing to the severe gale which prevailed on Friday, the Burlington carnival visitors were few, the principal ones present being the Montreal clubs. The only contest was the hockey games for gold and silver medals. The Montreal amateur club won first prize, beating the Crystals of Montreal with one goal and the Van Ness club of Burlington with three goals for a silver medal. Coasting and tobogganing were in full blast at intervals during the day and the week's programme ended in the evening with a grand carnival ball at which there was a large attendance of fashionable people.

Receiver Rich of the defunct St. Albans trust company has bargained for the sale of the Norwood Lumber company's property in northern New York which is the only remaining asset of the broken institution. The sale, so far as can be learned, is to a syndicate of New York men, and includes the mills and other property at Norwood, for which $40,000 is to be paid, and the buyers get the refusal of the rest of the company's property, including some 35,000 acres of wild land. If this sale is carried out in good faith, it will prove the beginning of the end of the trust company's affairs. As matters now stand, however, no dividend can be paid, unless a decree of the court of chancery to that effect is secured. The amount obtained from the sale is far below what the property was worth when President Brainerd of the trust company failed.

A St. Albans dispatch of Tuesday says: A peculiar accident occurred this morning to the fast Boston express from Montreal, due here at 10:50 a. m. Just as the train reached the crossing, a short distance from St. Albans station it was thrown from the track down into a meadow. The engine kept the track, but the baggage car, Pullman and ordinary coach went off. The baggage car was upset, but the other two cars pushed it one side and moved along in the meadow some 25 or 30 rods, keeping to right side up. Nobody was hurt at all and another train was immediately made up, leaving for Boston only about half an hour late. The supposed cause of the accident is the spreading of the rails, as though the track is in excellent condition at that point, and the officials cannot see why the rails should spread.

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The Supreme Court.

Among the cases heard in the Supreme Court Wednesday were the town of Sheldon against the State of Vermont, in which the issue is a petition for rebuilding a bridge, John E. Sennott against the L. V. and St. J. and L. C. railroad, and Receiver Rich of the St. Albans Trust company against the directors of that corporation. In the last case the receiver seeks to make the directors personally liable for the money squandered by Lawrence Brainerd, one of their co-directors. The defence is that the directors knew nothing about the diverting of the funds by Brainerd. The plaintiff claims that they should have known, and that it was plain neglect of duty, for which the terms of the charter make them personally liable."