The Middlebury register and Addison County journal. [volume] (Middlebury, Vt.) 1883-1885, 1883-08-10

paid In, and amounted to 1852. .710.59;
the tax levied on the list of 1881 was
Sl10, 467 .S2 In excess of this tax paid on
the list of 1882. Hon. Charles Dewey.
inspector of finance. reports the tax
from savings banks and trust companies
for the year at $50, ,169.S6, or $4,000
more than the year provious. The re-
ceipts from county clerks show an in
crease of S4.5SS.04. The debentures of
the Legislature in 1882 were $4,000 less
than in 1880. The State treasurer re-
ports an income of Si.40l.47 from the
Huntington fund of S204 ,000 which was
recently paid over TO him for the benefit
of Vermont public schools. Since 1879
the amount of the orders drawn by the
auditor for State expenses has decreased
S42 ,090.0i; the court orders for the year
ending July 81, 1888, are $4,000 less in
amount than reported in 1879. The fines
and costs collected have more than doub-
led in this period, while the annual net
court expenses have decreased more than
$4,000.
Hon. Bradley Barlow. president and
owner of the Southeastern railway of
Canada, and president of the Vermont
national bank of st. Albans, has failed
for large amount. The failure involves
all of Mr.. Barlow's property, and also
considerable amount of money loaned by
individuals and banks for his railroad
operations. The Vermont national
closed its doors Monday. as did the st.
Albans Trust company. Lawrence
Brainerd. president of the latter insttu-
ton. says that the Trust company is in
no way directly affected by the failure.
Mr.. Barlow does not owe the Trust com
pany a dollar. Mr.. Brainerd has loaned
money on his personal account, and has
been an indorser on Mr.. Barlow's paper
to large amount. He has made an as
signment of all his property to secure
the Trust company against the possibility
of loss through his connection with Mr..
Barlow. Mr.. Barlow says he has assign
ed all his property to the bank for the
benefit of depositors. and that the failure
is due to the unsuccessful result of his
attempt to sell the Southeastern railway
to 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 1925 900
for the Southeastern road and loan
was made on bonds of the Boston. Mon
treal d Portland railroad. Failing to
raise money on the bonds, it was thought
best to close the bank. Mr., Barlow
raised the Southeastern road from state
of inefliciency and made large outlay.
He held large amount of bonds. not at
tempting to put them upon the market,
and the road has been active. However,
in consequence of the improvements
made upon the road the earnings have
been barely enough to cover current ex-
penses. The line extends from Montreal
to Newport, VT, 100 miles, and has
branches to various points in the pro-
VI wi M lya ha fol Ill in,
operation. Mr.. Barlow states that he
has made no provision for his family and
that he and they are left absolutely pen
niless. The floating liabilities of the
Southeastern railway are now stated to
be $50O,OOO. There is really no fear that
the suspension Of the st. Albans Trust
company will prove permanent. Pres-
dent Brainerd's property. which he has
assigned, consists of a numbering busi
ness in northern New York. which is
conducted at a large profit, and real es-
tate of great value. Unless he is unduly
pressed by the creditors of Barlow on
his endorsements there is no reason to
doubt but that his resources will be sufli-
cient to meet all his liabilities rs indorscd
for Barlow. Many persons in town are
affected by the failure, and 1t is the
all engrossing topic on the street.
Public confidence is badly shaken by the
Barlow failure, but so far rs the Trust
company is concerned there really seems
no reason for the depostors to be alarm
ed. President Brainerd says that Barlow
did not owe the company itself a dollar,
and that the closing of the business was
a precautionary measure to prevent run
on the cempany's funds. The First na-
tional bank is in no way affected, nor is
the Central Vermont railroad MIXED ny
in any way with the failure.