The Portland daily press., 1883-08-10
TIE BARLOW FAILURE.
Reported Purchase Of the South
eastern Railway.
The Condition of the Bank and
Trust Company Still Unknown.

| MONTREAL, Aug. 9.--The Southeastern rail-
way was purchased to-day from Bradley Bar
low by a syndicate composed of George III
Chapman Of the National Construction Com
pany OF New Jersey, Ashley Hibbard and
Walter Shanley Of Montreal end James
Mitchell OF London, Eng, for SO, SOC, 900 cash.
This will leave Barlow surplus Of about
$S50,000 after paying off all liabilities includ-
ng Sl,400,000 10 the Canadian Pacific road
Tns sale is considered big euchre on the
Canadian Pacific Company who supposed they
controlled the Southeastern road, and cuts off
their only connection with Boston and Atlantic
ports. The purchasing syndicate is believed to
represent the Grand Trunk and Central Ver-
mont interests as Hibbard has been working
against the Canadian Pacific all along. Chap
man is here and NJ Intyre and Stephen of the
Canadian Pacific have left for New York to in
tervisw Barlow.
Sr. ALBANs, VT, Aug. 9.-Bradley Barlow
returned from New York this morning, but
refuses to give any information concerning the
reported sale Of the Southeastern road. He
SAYS however satisfactory arrangements are
likely to be made soon. Comptroller Knox of
Washington arrived to-day, and is examining
the affaigs OF the bank and definite state-
laeAt of some kind is expected before morning.
Later deVelopementS have tended to create a
moro hopefal feeling. A meeting of the direc-
tors of the Southeastern railroad will be called
at an early date, and II Barlow was unsuccess-
ful decisive steps will be taken asthe creditors
are already pressing claims. 1t is stated q
claim of nearly $4,000 is already entered
against the Southeastern by Montreal party
on protested note. Considerable feeling ex-
lists against Brainard and the directors OF the
trust company for their seeming lack of
knowledge of the company's affairs. One
director acknowledged this morning he knew
nothing about their business The public
fRHlinV ie that fha fnn1S hava banu han lad t,,
careless manner to say the least.
Nj. Stillman b, Allen, counsel for the Messrs.
Copeland, read statement which contained
the following:
The utter absense of any information az to
the liabilities of the bank or estimates as to
the value OF securities for the loan of $4,000
e. 8ihe Southeastern creates feeling OF dis
trust and the statement is considered of no
value. Alter four days the public looked for
some reasonable statement as TO the condition
Of the bank, aud Comptroller Knox's an
nounesmeHt is far from satisfactory beause i'm
portaIt facts are conspicuous by their absence.
The effect of the statement on the Trust Com
pany depositors is not salutary and public feel
ing is aroused to the highest pitch. Hundreds
in town have waited vainly for sign, and are
now disposed to find much fault with Brainard
and the directors because hardly word has
been vouchsafed them.
The confession Of the directors that they
knew nothing about the conipany's business
nor what was being done with the funds re-
veals species OF management over which the
depositors are indignant. Brainard's intima.
tion OF a fav rabie outcome is not backed by
anything reliable and public sentiment is un-
douhtedly more severe denouncng his COM
pany than the other institution 1t is not
generally understood why the bank examiner
and the State inspector were lot fully cogni-
zaat OF affairs and more prompt TO avert
the disaster as much as IN tneir power A
part OF the State press is pretty outspoken ON
this point.
The last development ia the Vermont ma
tionai bank matter is the alleged statement Of
of Coy. Hendee, who has completed the ex-
animation. The comptroller has appointed
Geo. W. Hendee of Morrisville receiver
OF the suspended bank and that
gentleman enters IN his duties at once. The
dim uncertainty in which this statement
abounds is not calculated to assure the public,
who ara not certain that it means anything
They can only gather from ii what has been
suspected all along, that the disposal OF the
Southeastern railroad or failure to sell, deter
mines tho whole matter. II the sale is made
before sattaehmentS are instituted there is
some reason for hope, otherwise there is not
much
The uncertainity among business men and
private depositors will be soon done away with
SHOULD relief come soon. Public confidence
has work here for many months yet,
people lere arc quite ready 70
give credit for good intention and
moves IN the right direction they will be ex-
ceedinglY glad 10 have Barlow accomplish the
sale al that Barlow has to say tonigBt is
that parties are now inspecting the road, but
re can say nothing as TO the prospects. A
ramcT VIA Montreal credits Gov. Fairbanks
with 3 desire TO get as much OF the Southeast
ern as his road can utilize.