The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-08-07
ANOTHER FAILURE.
Bradley Barlow Swamped by His
Railroad Operations.
A Bank, Trust Company and the South
eastern Railroad Involved,

BOSTON, Aug. Ga special to the Journal
from st. Albans, Vt, says Hon. Bradley Bar
low, president of the Vermont Nationol Bank,
OF st Albans, also president of the Southeast
ern railroad has failed, and that tho bank has
closed its doors. Barlow says the embarrass-
ment is dueto unsuccessful railway negotia.
tions.
ST. ALBANs, Aug. 6.
The Vermont National Bank of St. Adams,
of which Hon. Bradley Barlow is president,
closed its doors this forenoon causing great
CONSERVATION among depositors. Barlow was
also president and owner of rthe Southeastern
railroad of Canada, and it is understood that
he has failed. All his property is involved be-
sides considerable amount Of money loaned
by banks and individuals to assist him in his
railroad Management. Barlow says he has as
signed all his property to the bank for the BEN
eft of depositors, that the failure is due to the
unsuccessful result of his attempt to sell the
Southeastern railroad to the Canadian Paci-
tic road; that he expected up to few days
ago to accomplish the sale, but falling in this
he was compelled to suspend. The bank has
discounted about $325. COO for the Southeast
ern road, and the loan was made on bonds of
the Boston, Montreal & Portland railroad.
Failing to raise money on the bonds ii was
deemed best to close the bank. The deposits
in the bank are about $4,000 and Bsrlow
thinks the depositors will be paid in full.
Officers of the bank state its affairs are in
proper shape and the bank examiner has been
notified of the situation.
The Southeastern railroad is a road which
has been taken in hand by Barlow who raised
it from state Of ineffieiency requiring large
outlay Mr.. Barlow held a large amount OF
bonds not attempting to put them upon the
market, aud the road has been an active bor-
rover in consequence in order to carry on inn
proyements, tho earnings barely covering its
current expenses. Its line extends from Mon
treal to Newport, VITA distance of little over
100 miles, having branches to various points
in the Provinces, which make up total of 3co
miles Of road operated. The suspension Of the
bank was totally unexpected and is likely to
have serious effect upon numbers who have
been endorsers upon Barlow's paper, but the
real condition of affairs in this respect is not
yet fully known. It is understood Barlow
had invested about S1,000,O00 in the South
eastern railroad.
The st. Albans Trust Company has also
suspended, its President Lawrence Brainerd
who was heavy endorser. on Barlow's paper
having made an assignment for the benefit Of
the Trust Company.
Brsinerd's property which has been assigned
is valued at $5OoCoO.
Barlow has made no provision for his family
and If he died they would be left absolutely
penniless. The floating liabilities of the South
eastern railroad are now absolutely stated at
five hundred thousand dollars. There is really
no fear that the suspension OF the ST. Albans
Trust Company will prove permanent. Presi-
dent Brainerd's property which he has assigns
ed consists Of numbering business in Northern
New York which is conducted at alarge profit
and re al estate, etc of great value.