St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1889-08-22
THE TOWNS AROUND.
LYNDONVHLE. l.


Bad Failure of Ira W. Cunningham.
The failure of Ira W. Cunningham
the past week for a sum variously
estimated at $4,000 to 100000
fell suddenly upon the community
and involves his brother John T., and
w. A. DenSmOre who had signed his
notes to the amount of $4,000. The
failure was caused by suits brought
by Canadian banks against Ira Gun
ningham and Mr.. Densmore His
assets are only a few mortgages and
the creditors will get a very small
share of their due from the property.
His fathers estate of some $4,000
is already swallowed up by notes
which he endorsed for his son and
which can hardly be reckoned as as
sets. Mr.. Cunningham has tried to
carry more business than one man
could tend to and has never given
his personal attention to the details
of the work AS a grain dealer he
has involved A. H. Mcleod & Co.
and Griswold & Pearl, both of ST.
Johnsbury. Mr.. Mcleod has a claim
of several hundred dollars and Girls
void & Pearls claim is between
$4,000 and $4,000, about one-half of
which is secured. Mr.. Cunningham
had partner in the wood, lumber
and farming business in Ayers Flats,
Canada, who is believed to have a
longpocket. This is splendid property
butts already mortgaged for $12 900
or all that it is worth. One year ago
Ira Cunningham and c. P Chase
started the Caledonia Box company
here with a capital of $4,000 where
at least $4,000 was needed. The
factory has been run at a loss, the
hands have not been paid since June
and it is doubtfulif this will pay its
creditors more than cents on dol
lar. About a year ago Mr.. Cunning
ham was admitted into the whole
sale boot and shoe firm of ]. P. Fos-
ter & Co.. Boston, to bolster their
credit. Besides all these irons in the
fire he has been a part owner with
D. M. Silsby in two farms here. He
has been in the habit of borrowing
large amounts from the banks in the
last few years and his creditors are
largely contractors and banks in
Canada. Every bank in Caledonia
county except the Danville bank has
had dealings with Mr.. Cunningham
but the Lyndonville national bank
and the st. Johnsbury banks will
lose little or nothing as they claim
to be secured. The national bank of
Lyndon and the Lyndon savings
bank may not fare SO well. The two
banks at Sherbrooke are stuck for
$11 900 apiece. 1t is fortunate that
the heaviest losses fall on people and
corporations that are able to stand
it and not upon widows and orphans
or people of little means. Mr. Gun
ningham has ALWAYS been considered
honest in his dealings but his failure
should carry many lessons to all
business men.
ST. Johnsbury District Camp Meeting
The Methodist camp meeting closed
last night after a weeks session. 1t
is the general testimony that the
meeting has been one of the best in
its helpfulness ever held here. There
were eight conversions and a num-
Der of Christians have been quickened
in their work. On Sunday nearly
1000 people gathered and despite the
crowd it was an orderl V and quiet
assembly. The train from st. Johns
bury brought up five carloads of peo-
pie. The morning sermon was
preached by Rev. G. M. Curl of St.
.Johnsbury and was an able and elo-
quent discourse. Rev. D. B. Mcken-
zie of Clifton, N. Y, preached in the
afternoon and Rev. |. c. McCann in
the evening