News and citizen. [volume] (Morrisville, Vt. ;) 1881-current, 1883-08-09
Serious Business Troubles.
ALLURE OF HON. BRADLEY BARLOW
SUSPENSION OF TIE VERMONT NATION
ID NNI-

FAILURE OF HON. BRADLEY BARLOW
SUSPENSION OF TIE VERMONT NATION
AL BANK.
From the st. Adams Messenger
St. Adams was thrown into Il fever OF
excitement shortly after o'clock Mon
day morning by the announcement that
the Vermont National Bank had closed is
doors to the public. Many went to the
bank to obtain confirmation of the report
and found a slip OF paper pasted ia the
window on which was printed the Omin-
ons word CLOSED" \ variety of reports
were in circulation, and groups of people
in the streets anNiously discussed the si,-
uation. 1t soon became known that Hon.
Bradley Barlow had failed for large
amount. aud that The cause therefor wac
lhe failure of the Canadian Pacific svldi-
cate to purchase the South Easretl E2il-
wav as he expected they would do, aud
thus relieve him from pressing liabilities.
1t was also learned that much of MIR. Ba,-
| lows paper had gone to protest within
| the past few days in Boston and Montreal.
! The suspension of the Vermont National
Bank was said to have been advised for
prudential reasons. We have been unable
! to learn anything more definite conceal
| inc the failure of Mr.. Barlow and the SuS-
pension of the bank than what is con
tanned in his statements given below, and
the assurances of several of the directors
that the bank can pay its dcpositors il
! full. OF course public confidence is much
| shaken by these reverseS, but the actual
condition of affairs may not be as bad as
now appears. The First National Bank
/ is in no way affected BY these suspensions
and is in sound condition, with ample re,
sources. I'm view of the many reports
circulated, it will be as well for all TO pa
tiently await developments. and not to be,
come unnecessarily alarmed.
STATEMENT OF MIR. BARLOW.
a Messenger reporter called on Mr.. Bar
low at his residence on Main Street, t
learn the truth regarding the rumors at
fecting his financial standing. Mr.. Bar
low said: The report of my failure Il
true. and so far as | am concerned per
sonally it is Il very bad one. | have moth
inc left. IfnO one was to suffer but my
self could stand it, but there are other!
involved who are on my paper and lOant
me money. | have made an assignment
of all my property to the Vermont Ma
tiOnal Bank and everything that | have i.
at the service of the bank. The immedi
ate cause of my failure is the unSuccesS
tul result of my negotiations for the salt
of the South Eastern Railroad to the Ca
madam Pacific Railway. | expected TIT
Canadian syndicate would buy the roat
and that my financial strin%cncy WoulC
be relieved thereby. In this | was dis
appointed -,
The paper of the South Eastern Rail
way company has been discounted by TIN
Vermont National Bank to the amount o
S3I9. 900. The bank holds the bonds o
the Montreal, Portland and Boston rail
way as collateral, and also holds pape
endorsed by Mr.. Barlow. Mr.. Barlow
saws he was in hopes to raise money Ul
his bonds to take up these notes. but hi
expectations not being realized he laid til,
matter before the bank directors Satur
dav night. and after considering the mat
ter they advised Il suspension of the bust
ness, and the bank was accordingly
closed Monday morning. Mr. BarloV
thinks this was the WiSeSt course. ii
tbe den"sitnrs in fuII, The dcnosits ar
ahont s33O 600 Mr., Barlow has made n,
nrovision for himself and family, an,
saws he is absoiuteIv nenniIess. The IoaI
OF $4,000 made by the bank, Mr.. Bar
low SAYS, was considered a good one b.
the directors. as we'll as by the Comp
;,i IIo,,don A. R.yIo,,, st.,tns tI,.,t l.,
i i,loi i,,,,nrtoJ a.,.r, e. 400 nOo in tI,a 81
I r'o inn 1iI,, T - Fly (,.'.,+1,+ ~
!, tI, tiI,r md "a -
,er1i ny , Jorr"sS l in Sni,tI TIe hoo
, - -, Li,I no Ill h., ~
riou.
Mr. Bnrl" ,I estimates din his personal liza