The daily gazette., 1883-08-08
THE BUSINESS WORLD.
DETAILS OF BARLoW,s FAIL
uRE IN VERMONT.
FINANCIAL CRASHES In BOSTON.
Latest Particulars of the Troubles Of the
Vermont Bank and Raiirosd President-
Failures In Boston.

81. ALBANs, VT, August T. Details OF
the Barlow failure show very bad condi.
tfon of thiDgs. It Is believed that the Ca
madam Pacific ayndieate deliberately put
Barlow into the hole on a specious contract
TO buy his road for 50, 500, 400, on the strength
of which they advanced him from tinle to
time 81 10000 which he used for various
improvements and extensions, some of
which he would not otherwise have made,
toey representing that they were to take .he
road a.Ii wanted 1t put In shape.
By this means they got control of a ma
]ority Of the bonds as collateral, and then
made pre- ext of the ccident last week 10
break OH the negotiations aud demand the
payment of the loans. They will thus,
probably, get the road for the amount ad
vanced and IL will be almost indisppnsa bile
as the Eastern outlet OF the Canadian Pacific.
Barlow owns Sl75, 900 oi the 500 900 capital
Of the Vermont National Bank, aud it holds
his paper for S3l9, 600, secured by 1856. 900
hrst mortgage bonds of the Montreal, Port
land and Boston railroad, with $50, 900 ac-
cried interest coupons. The collateral is
considered good for the debt The banks
liabilities to depositors are about $3.50, 900,
The effect Of the failure is to depress bust
ness affairs here to day President Brainard,
OF the Trust Company, says that the deposit
tors will not lose much, but the latter are
not so hopeful. The trust company's last
statement showed 2, 100 depositors, with de-
posits of 100000
Several railroad men, including Governor
Fairbanks, held conference to-day at Bar
lows residence. The statement that the
Comptroller approved of the bank Is loan to
the Southeastern railroad was incorrect.
The Comptroller said it was too large and
suggested its reduction. The First National
Bank expected and prepared for run this
morning, but none took place.
MORE TROUBLE IN BOSTON.
Boston, Aug. y Wright, Wooster g.
Co., wool dealers, at SO Federal street, failed
to day and made an assignment of ali their
property, for the benefit of their creditors,
to Lester Goodwin, of Newton, one of the
firms employees. The firm is one of the
prominent wool houses of Boston, and has
done large business, and the liabilities are
thought to aggregate heavy figure The
concern stood in very good credit, and has
been considered worth from $100, 900, to
$l50sO0 and the failure is the course of no
little surprise to the trade.
As regal DIS the liabilities, nothing is yet
definitely known, but those conversant with
the firms business are of he opinion that
they do not exceed $500, 900. The bulk of
this is thought to be owed to the banks,
which have, in the majority of cases, the en-
dorsement of John Wooster, father of Mr..
Wooster of the firm, who is currently re-
puted to be worth $500, 900, and who is not,
as far as known, engaged in outside bust
ness, having letired from the trade several
years since.
w. @. & r. M. Silsby, tanners, Troy, N.
T., have failed in consequence of the failure
OF Henry Whitten u Wyian, of Boston. The
Troy and Boston firms have dealt quite
largely with each other, the former having
both bought hides from the Boston flrm
and consigned the leather manufactured to
them. In the mutual transaction the
Messrs. Silsby came to owe the Boston firm
quite largely for hides and advances on con-
5ignments.
E. Fl. Mcclure, tanner and furrier. of
Peabody, has also failed. The liabilities of
'hese firms are not definitely known.
The Herald says there were reports in
lynn this morning of several failures on ac-
,ount OF the suspension of Charles W,
Elements, among small manufacturers.
Most of the shoes made for them were for
Mr.. Clements trade. Samuel Gale was
lmong those reported as embarrassed. None
,f the factories affected by the Clements fall
Employ over 80 or 40 hands, and it is said
heir suspension will be only temporary.
The Shaw failure is th ,ught to be more
ar-reaching in its effect upon some of Lynn's
business men than the public has yet been
siven to understand. The G. II. Ward
is thought peculiar, aud places
1ne of the city inanciers in position which
le was not thought to occupy.
1t is asserted that several suspensions will
,ccur among the small Lynn manufacturers
Turing the ensuing few days, but it is
hought that no large amounts will be in
tolyed In any case.
The Tfaoeller says: William B. Fowle,
reasurer of the Auburndale Watch Com
ANY, failed last night. His liabilities are
low supp sed to be small, although nothing
efnite has yet been learned. The failure
will undoubtedly involve the AuburndaIe
Watch Company, whose liabilities, it is
hought, will lar exceed the assets.