The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1883-08-09

The non. bradley Barlow OF Montreal,
formerly 81 ST. Adams, suspended Mon
DAY aud his failure involved the Vermont
National Bank at ST. Adams. which had
furnished him large amount OF money;
also Lawrence Brainerd OF St. Adams
who had endorsed heavily for him. aud
the 81 Adams Trust Co. besides other 10.
dividuals aud Arms. The closing Of the
Vermont National bank caused great con-
sternAiion among depositos. II is under.
stood that all Of Mr.. Barlow's property Is
involved. besides a considerable amount OF
money loaned by banks and individuals to
assist him in his railroad management
Mr.. Barlow says be has assigned all his
property TO the bank for the benefit Of de-
positors, and that the failure ia due TO the
unsuccessful result OF his attempt to sell
the Southeastern railway 10 the Canadian
Pacific He expected up to few days
ago TO accomplish the sale, and. failing,
was compelled to suspend. The bank has
discounted about $780,, 900 for the South
eastern road, and a loan was made on
bonds OF the Boston. Portland and Mon
treal railroad. Failing to raise money on
the bonds, it was thought best TO close the
bank. Its deposits are about $500 900.
Mr. Barlow thinks that depositors will be
paid in full The officers Of the bank
state that its affairs are in proper shape,
and the bank examiner has been notified
OF its situation. Mr.. Barlow raised the
Southeastern road from inefiiciency, and
made a large outlay. He held large
amount Of bonds, not attempting to put
them upon the market aud the road has
been active. However, in consequence OF
the improvements made upon the road the
earnings have been barely enough to COW
err current expenses The line extends
from Montreal to Newport, VI, 100 miles,
and has branches to various points in the
provinces which make the total 300 miles
in operation. The suspension OF the bank
was unexpected and is likely to have Sc.
rous effect upon number Of the endors
ers of Mr., Bsrlow's paper, The real con-
dition OF affairs in this respect is not
known. II is understood that Mr.. Bar
low has 81, 900, 900 in the Southern rail.
road. The st. Adams Trust company has
also suspended. Its president. Lawrence
Bainerds property is valued at $500, 900.
Mr. Barlow states that he has made no
provision for his family and they are left |
penniless. The floating liabilities OF the
Southeastern railway are now absolutely
stated as 100000 There is no danger
that the suspension OF the st. Adams
Trust company will prove permanent. Mr..
property consists OF lumber.
ing business in northern New York, which |
IS conducted at large value, and unless he
is unduly pressed by Mr.. Barlows credi.
itors on his endorsements there is no
reason to doubt lis resource is sufficient |
to meet all obligations. Public confidence
Is badly shaken by the Barlow failure, but
70 far as the Trust company Is concerned
there really seems TO be no cause for the
depositors to be alarmed. Mr.. Brainerd
says Mr.. Barlow did not owe the company
itself dollar, and the closing Of business
Is only precautionary measure to prevent
= run on the company's fund. The First
National Bank is not affected, nor is the
Central Vermont railroad mixed up with
tho failure