Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1883-08-10
BRADLEY BARLOW
Fails for II Large Amount and
Makes an Assignment.
Closing of His Bank and of the Trust
Company.
MIR. Harlow Says That He is Absolute
Iy Pennilcss-Thc Creditors Pros

,r Mf. bnrlOW Suyb Ihut Hte II AbboIuts
r. Iy Pennilcss-The Creditors Pro,
l., poets.
i Hon. Bradley Barlow OF st. Adams failc
y Monday and MS consequence of his failul
4. the Vermont National Bank of st. Albar
y and the ST. Adams Trust Company close
! their doors. Hon Lawrence Brainerd, VIII
i has heavily endorsed Mr. Barlow's papel
. made an assignment OF his property for til
I benefit of the Trust Company, Of which he
president.
Mr.. Barlow estimates his personal liabil
ties at $780, 900, and states that he is endoi
r ser on the paper of the Southeastern ralwa
company for 5000, 900 more The floatn
liabilities of the Southeastern road are abou
100000.
The ST. Adams Messenger reports Mr.. Bar
! low as saying "The report of my failure l
true, and so far as am concerned PERSONAL,
it is very bad one. | have nothing left. |
no one was 10 suffer but myself could stant
it, but there are others involved who are or
my paper and loaned me money. l have
made an assignment of all my property tc
the Vermont National Bank and everything
that have is at the service of the bank. The
immediate cause of my failure is the unsuc-
cessful result Of my negotiations for the sale
of the Southeastern railroad to the Canadian
Pacific railway. / expected the Canadian
syndicate would buy the road and that my
financial strngcncy would be relieved there
by. In this l was disappointed.
3 How che Bank became Involved.
The paper Of the Southeastern railway
company has been discounted by the Yer
mont National bank to the amount of $780,
900. The bank holds the bonds of the Mon
treal, Portland and Boston railway rs colat-
eral and also holds paper endorsed by Mr..
Barlow. Mr.. Barlow says he was in hopes
to raise money on his bonds to take up these
notes, but his expectations not being realized
he laid the matter before the hank directors
Saturday night, and after considering the
matter they advised a suspension of the
business, and the bank was accordingly
closed Monday morning. Mr.. Barlow
thinks this was the wisest course. lie says
that the bank has sufficient to pay the depos-
itors in full. The deposits are about $780,
600. MIR. Barlow has made no prov siop for
himself and family, and says he is ab s)lutcly
pcnniless. The loan of $4,000 made by
the bank, Mr. Barlow says, was co nsidered
good one by the directors as well as by the
comptroller of the currency and b ink En-
aminer llendee. Mr.. Barlow states that he
has invested nearly $1,000, 900 in the South.
eastern railway. He is the greatest sufferer
by the failure and appears to be very much
depressed in spirits. The books ant, affairs
OF the bank are said by the officers of the
bank to be in good condition.
The following is a list of the officers OF the
bank. Directors, Bradley Barlow, i. o.
Braincrd, +. A. Me,calf, II. G. Edison. b. Is.
Smalley, A. b. Chaffee and G. N. bishop.
Bradley Barlow, presidents +. A. Metcalf,
vlce-president g. N. Bishop, cashier S. b.
Morgan, teller. The bank was Bradley Bar
low and Bradley Barlow was the bank As
consequence, we arc informed the people
OF 81. Albans aware of Mr.. Barlow's finan-
cal troubles, withdrew their deposits, and
we understand that few of them had any
money IN the bank.
Tho st. Adams Trust COmpanys
The suspension of the St. Adams Trust
Company, it is hoped, will be only temporary.
The only way in which it Is liable TO be af-
fectcd by Mr.. Barlow's failure is through its
president and largest individual stakeholder,
Lawrence Brainerd, who is an endorser of
Mr. Barow's paper to Il considerable amount.
MIR. Brainerd has made an assignment of all
his property, of the estimated value of $780,
900 for the benefit of the Trust Company.
This property consists of his numbering bust
ness in Northern New York which is being
run at large profit, and real estate etc,
of great value. Unless Mr.. Brainerd is I'M
duly pressed by the creditors of Mr.. Barlow
on his endorsements, there is no reason to
doubt that his resources are sufficient to
meet all his liabilities to the Trust Com
pany, and also all Of his liabilities as en-
dorser for Mr.. Barlow.
The Trust company is differed as follows !:
Directors, A. o. Braineri, f. A. Smith, T.
p Braiuerd, Charles Wyman, s. G. Holyoke,
L. Brainerd, Henry W. Hatch. Lawrence
Braincrd president; II. Z. Burgess, treas
urer According to the last published report
lis capital was 100000 and its deposits
SAG, ~, while Tie number of its depositors
was 2l40.
Additional ParticuIars-Facts and Ru-
mOrs.
Especial Despatch to the Free Press and Times
ST. ALBANs, VT, Aug. G.-For some time
past negotiations have been pending for the
purchase of the Southeastern railway by the
Canadian Pacific With tho ovoiis of hi.
49, ,'0 "'"''' VI inns
purchuse Ar. bradley Barlow expected to
meet his liabilities, some of which were
urgent and pressing These nego,,,ions fol,
3D., i ~ g. 9 ava
.nrouSh anu MI. bariow Deing unable 10 re-
lieve himself from the demands, has failed
and his paper has gone TO protest Amect-
;nr Of tho ,,;roo,ors ~ ,,o var,o., N.,;a.s,
"s VI wv e'e0.o'' y. 'no '.''i''"' t'a''oh"'
| Bank oil which MIR. Barlow is president was
held carly this morning and it was deemed
expedient and for the ultimate best interest
of all deposltors and others concerned to