The daily Minnesota pioneer. [volume] (St. Paul, Minn.) 1854-1855, 1855-06-19
THE LATEST NEWS,
Additional California News by the Nor
thern Light--Bad Show for Page, Ba-
con & Company.
From the Alta California, May 10th. I

The house of Page, Bacon & Co. did an i'm
mensely profitable business. It commenced
with cash capital Of $4,000, and has made
to the partners the magnificent sum of 81 300,
O9O. What has become of all this? We
will try and explain. The sum of 44O, 900 was
loaned by them some time back to Page & Ba-
con, of st. Louis 100000, which was sent
to New York previous to the first suspension,
was taken by Page & Bacon to resume bust
ness.
This makes up the whole amount that the
house here has made, and the following table
shows the balance of the amount that Daniel
u. Page and Henry d. Bacon have chiselled
out Of Page, Bacon & Co., and the people of
California
Deposits and certificates of deposit, $780,
600; time certificates, 407 900; drafts on
New York to return, 100000; total, 81 1885,
200; to this add what the house has made
$l 100000; total, $2,433,OOO.
This amount of $2,4l3,0O0 is what the
house of Page & Bacon had got from Califor-
MA previous to their failure, and for this they
nave transferred to Naglee & Parrot, for the
security OF the time certificate holders, prop
cry estimated by them to be worth $24O, 900.
The trustees estimate it much lower, saw 233..
900. Upon this, attachments have been is
sued to the amount of $4,000.
This property, which has been transferred to
Naglee Parrot consists of real estate, bal
ances OF books, and odds and ends generally
HOW much OF it has been garnished or STOP
ped IN the hands of those who were indebted
10 the house is not now known, nor does it af
Iect the question as to the amount taken out
OF California for the benefit of Page & Bacon,
f0r which no equivalent has been received.
Deducting the $233,OOO from the $2,433,-
OOO, as the amount of money used by the st.
Louis House Of the funds of the California
House. .f
And this $50 far as we can learn them) is
the exhibit OF the affairs of the great house of
Page, Bacon l. Go. It is not now for US to
add anything to the above figures That a
long and systematic course of deception has
been practiced on California by Page & Bacon
is now apparent. They concealed the true
state of their affairs from the people here, and
were packing of their gold, when they knew
in all probability they would never be able to
repay. H..
Our business men came forward with Gre
dulity which was culpable, and by signing o
bond for them, enabled them to open and 90
on again with their business. How was this
magnanimity repaid? With the gratitude
which has sting in it. They took more of
their money and sent it away, and then made
a grand smash up; and up to this time we
cannot lelrn that Mr.. Page has given any Sc
curity to his creditors here from his vast prop
erty of two millions in ST.. Louis, which he
verbally pledged to his assembled friends and
creditors on Sunday, February 25th, for the
payment of every claim against him. 1t has
been reported that he has signed deed of
trust for 1000 acres of land, to secure those
who had signed the bond but the report was
premature. Where are the two millions that
were pledged? Why does he not secure every
body? Have not the depositors and certif-
cate holders as good right to security as any
one? The creditors want light on this whole
matter.