St Albans Trust Company (St Albans, VT)

Episode Information

Episode UID
9098379891004
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
909837989 hash
Start Date
August 6, 1883
Location
St Albans, Vermont (44.811, -73.083)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f975df0c5e5335b5

Response Measures

None

Description

Suspension followed by appointment of receiver and dividend payments indicates permanent closure under receivership.

Events (5)
1. August 6, 1883 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension caused by heavy exposure to Bradley Barlow's railroad loans and endorsements (Barlow's failure) and investments in the Norwood lumber concern.
Newspaper Excerpt
The St. Albans Trust Company has also suspended, its president, Lawrence Brainerd, having been an endorser on Barlow's paper.
Source
newspapers
2. August 23, 1883 Receivership
Newspaper Excerpt
Judge Rice this morning appointed Chas. W. Rich receiver of the St. Albans Trust company.
Source
newspapers
3. August 29, 1883 Other
Newspaper Excerpt
C. W. Rich, receiver of the St. Albans Trust Company, believes the available assets will permit the payment of depositors fully 30 per cent. of claims.
Source
newspapers
4. February 19, 1884 Other
Newspaper Excerpt
Receiver Rich has begun paying the St. Albans Trust company depositors the first dividend of 20 per cent.
Source
newspapers
5. October 2, 1889 Other
Newspaper Excerpt
H. W. Stevenson has been appointed receiver of the defunct St. Albans Trust company to fill the vacancy caused by the death of C. W. Rich.
Source
newspapers

Newspaper Articles (24)
1. August 7, 1883 Lancaster Daily Intelligencer Lancaster, PA
Article from Lancaster Daily Intelligencer, August 7, 1883

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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.

2. August 7, 1883 Daily Republican Wilmington, DE
Article from Daily Republican, August 7, 1883

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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.

3. August 7, 1883 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, August 7, 1883

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Commercial Crashes. A VERMONT NATIONAL BANK AND A TRUST COMPANY CLOSE THEIR DOORS-RUNNING A RAILROAD CAUSE THE FAILURES. [By telegraph to the Dispatch.] ST. ALBANS, VT., August 6.-The Vermont National Bank, of St. Albans, of which Bradley Barlow is president, closed its doors this morning. causing great consternation among its depositors. Barlow is also president and owner of the Southeastern railway, of Canada, and he has failed and all his property is involved, beside a considerable amount of money loaned by banks and individuals to assist him in his railroad management. Barlow says he has assigned all his property to the bank for the benefit of depositors, and that his failure is due to the unsuccessful result of his attempt to sell the Southern railroad to the Canadian Pacitic Railroad Company. He expected up to a few days ago to accomplish the sale, but failing in this, he was compelled to suspend. The bank has discounted about $325,000 for the Southeastern road, and a loan has been made on bonds of the Boston, Montreal and Portland railroad. Failing to raise money on the bonds, it was deemed best to close the bank. The deposits of the bank are about $320,000, and Barlow thinks that the depositors will be paid in full. The officers of the bank state that its affairs are in a proper shape, and the Bank Examiner has been notified of its situation. The Southeastern railroad is a road which has been taken in hand by Barlow, who raised it from'a state of inefficiency, requiring a large outlay. Barlow held a large amount of bonds, not attempting to put them upon the market, and the road has been an active borrower in consequence in order to carry on improvements, the earnings barely covering current expenses. Its line extends from Montreal to Newport, Vt., a distance of a little over a hundred miles, and has branches to various points in the provinces, which make up a total of 300 miles of road in operation. Suspension of the bank was totally unexpected, and is likely to have a serious effect upon numbers who have been endorsers upon Barlow's paper. But the real condition of affairs in this respect is not yet fully known. It is understood that Barlow had invested about $1,000,000 in the Southeastern railroad. The St. Albans Trust Company has also suspended, its president, Lawrence Brainerd, who was a heavy endorser on Barlow's paper, having made an assignment for the benefit of the Trust Company. Brainer's property, which has been assigned, is valued at $500,000.

4. August 8, 1883 The Semi-Weekly Miner Butte, MT
Article from The Semi-Weekly Miner, August 8, 1883

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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.

5. August 8, 1883 Spirit of the Age Woodstock, VT
Article from Spirit of the Age, August 8, 1883

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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.

6. August 10, 1883 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, August 10, 1883

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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

7. August 15, 1883 The Morristown Gazette Morristown, TN
Article from The Morristown Gazette, August 15, 1883

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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.

8. August 17, 1883 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, August 17, 1883

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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.

9. August 19, 1883 Daily Globe Saint Paul, MN
Article from Daily Globe, August 19, 1883

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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.

10. August 20, 1883 Orleans County Monitor Barton, VT
Article from Orleans County Monitor, August 20, 1883

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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.

11. August 24, 1883 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, August 24, 1883

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Receiver for the St. Albans Trust Co. Sr. ALBANS, Aug. 23. Judge Rice this morning appointed Chas. W. Rich receiver of the St. Albans Trust company. Rich is a resident of Swanton, but is closely allied to St. Albans business interests.

12. August 29, 1883 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, August 29, 1883

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St. Albane Trust Company. ST. ALBANS, Vt., Aug. 28.-C. W. Rich, receiver of the St. Albans Trust Company, believes the available assets will permit the payment of depositors fully 30 per cent. of claims. He will soon make a defluite statement to the creditors.

13. August 29, 1883 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, August 29, 1883

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The St. Albans Bank. Sr. ALBANS, VT., August 28.-C. W. Rick, receiver of the St. Albans Trust Company, states that he is convinced already that there are available assets sufficient to pay depositors fully thirty per cent. of their claims. He is unable to form an opinion as to what may be realized hereafter from assets now considered doubtful, but will attempt to form judgment respecting them as early as possible and communicate the same to the depositors with a detailed statement of the situation.

14. September 14, 1883 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, September 14, 1883

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The St. Albans Trust Company. ST. ALBANS, Vt., Sept. 13. Receiver Rich of the St. Albans Trust Co., after examination of the property of the Norwood Lumber Co. in Northern New York, which is indebted to the Trust Co. some $312,000, reports it can be made to realize $365,000 if he is allowed reasonable time to dispose of the same, thus leaving a balance of $53,000 to the owners after paying all claims.

15. September 19, 1883 The Vermont Watchman Montpelier, VT
Article from The Vermont Watchman, September 19, 1883

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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 ?

16. September 21, 1883 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, September 21, 1883

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ST. ALBANS TRUST COMPANY. ! The Norwood Property-A Favorable Statement by Receiver Rich. Hon. C. W. Rich, receiver of the St. Albans Trust company, furnishes to the depositors an appraisal of the Norwood lumber company which is very encouraging. Mr. Rich gives the following figures as the result of his investigation (in which he was assisted by Mr. L. D. Hazen of St. Johnsbury, a large lumber manufacturer) :

17. September 28, 1883 St. Johnsbury Caledonian Saint Johnsbury, VT
Article from St. Johnsbury Caledonian, September 28, 1883

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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.

18. October 5, 1883 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 5, 1883

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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.

19. October 12, 1883 The Middlebury Register and Addison County Journal Middlebury, VT
Article from The Middlebury Register and Addison County Journal, October 12, 1883

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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.

20. October 24, 1883 Green-Mountain Freeman Montpelier, VT
Article from Green-Mountain Freeman, October 24, 1883

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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.

21. October 24, 1883 Green-Mountain Freeman Montpelier, VT
Article from Green-Mountain Freeman, October 24, 1883

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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.

22. October 26, 1883 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, October 26, 1883

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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.

23. February 22, 1884 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, February 22, 1884

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The St. Albans Trust Company. ST. ALBANS. Vt., Feb. 19. - Receiver Rich has begun paying the St. Albans Trust company depositors the first dividend of 20 per cent. He 18 sending out 250 checks daily and be estimates that the future dividends will make an aggregate of 60 per cent.

24. October 2, 1889 Evening Journal Wilmington, DE
Article from Evening Journal, October 2, 1889

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A New Receiver. ST. ALBANS, Vt., Oct. 2.-H. W. Stevenson has been appointed receiver of the defunct St. Albans Trust company to fill the vacancy caused by the death of C. W. Rich. It is anticipated that but one more dividend of 10 per cent. will be realized, making 621/2 per cent. in all.