Daily globe., 1883-08-07

OF. ALBANS- w., aug. o.-Ine vermont
National bank of st. AIbans, Bradley Bar
low president, closed its doors this morn
ing, causing great CONSERVATION among
oepositors. Barlow is also president and
owner Of the Southeastern railway, Canada
and understood that he failed and that all
his property is involved, beside a consid-
erable amount loaned by banks to assist
him in his railroad management. Barlow
says he has assigned all his property to the
bank for the benefit of depositors and that
his failure is due to the unsuccessful resultof
his attempt to sell s. E. r. B. to the Can
adian Pacific Railroad company. He ex-
pected, up to a few days ago, to accom-
pli8h a sale, but failing in this, he was
compelled to suspend. The bank dis
counted about 1926, 1000 for theSoutheasern
road and loan was made on bonds OF the
Boston, Montreal & Portland railroad fail
ing to raise money on bonds, it was deem
ed best to close the bank. The deposits
of the bank are about 100000, and Bar
low thinks depositors will be paid N full.
The officers of the bank state its affairs
are in proper shape and the bank examin-
or has been notified of its situation. The
S. E. railroad is 8 road which had been
taken in hand by Barlow, who raised il
from state Of inef6ciency, requiring
large outlay. Barlow held a large amount
of bonds, not attempting to put them
upon the market, and the road has been an
active borrower in consequence, il order
to carry on improvements. Earnings
barely covering expenses. Its line ex-
tends from Montreal to Newport, VI,
little over one hundred miles, and has
branches to various points in the
provinces, which make up q
total of 900 miles of road in operation.
The suspension of the bank was totally
unexpected and is likely to have a serions
effect upon members who have been en-
dorsers upon Barlow's paper, but the real
condition of affairs in this respect is not
yet fully known. It is understood that
Barlow had invested about one million
dollars in the southeastern railroad. The
st. Adams Trust company also sus-
pended its president, Lawrence Brainerd,
who was heavy endorser on Barlow's
paper, having made an assignment for the
benefit of the Trust company. Brianerd's
probable asst ignment is valued at $780,
600.
Barlow states that he made no provision
for his family. He and they are absolutely
penniless. The floating liabilities of the
South Eastern railway are $500,000. The
suspension of the st. Adams Trust COM
pany will not be permanent, as President
Brainerd is able to meet all the liabilities
to the trust company and also all liabilities
as the endorser for Barlow.
BOSTON, Aug. GA meeting OF the credi-
tors of G. II. Ward, boot and shoe manu-
facturers, who suspended last week, was
held at his Office to-day. Ward made a
brief statement reviewing his business
since established and the cause which led
to the suspension. The liabilities are
stated at about $745,O 5,OC0; assets $232,OO0.
NJ. Z. Dickinson, the assignee. stated if
any creditor desired to push Ward into in
solvency, they would not oppose it, but
Ward would at once file his involuntary
petition. He urged that great saving
would be effected by working off the stock
at the factory, but although duly author
lied. he did not feel like presenting the
work, except under the advice of the com
mittee of creditors. The committee was
chosen and the meeting adjourned.
DETROIT, Aug 6.-Brown Bros. & Co.,
lumber dealers and insurance agents of
this city have assigned. Liabilities S1OO-
! 900; assets $4,000.
DETROIT, Aug. 6.-Brown Bros. & Co.
make as yet no further statement than
that already telegraphed, except that the
liabilities will hardly reach 100000.
For several years they have struggled, al
ways hoping to pay in full, bnt finally
were forced to yield by unexpected fore
closures of mortgages held by j. D. Stan
dish, of this city, assigned to D. R. Pres
colt. The Indebtedness is wholly in
Michigan.
BANGOR, Me-, Aug. 6.-An attachment of
100000 of real estate and other property
of f. Shaw il Bros, insolvent tanners, is
recorded in Penobscot, Washington, and
Aroostook counties by Samuel e. Spring,
of Portland.
BosToN, Aug. Ga special to the Jour
nal from st. Albans, VT, says: Hon.
Bradley Barlow, president OF the Vermont
National bank OF ST. Albans, and also
president of the Southeastern railroad,
states that he has failed, and that the
bank has closed lis doors. Barlow Gays
! his embarrassment is due to unsuccessful
railway enterprises.
Andrew and George Enringer, bfotllers,
! cuarrale6 at Carlisle Pa vassa~f1av Ind