The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-01-04
TSE REcERr CqcAap FA.LyaE.

Occarrrd tn chicago stmos tne Fknan-
eGSa TEOubtes Or LSJs-RaIf ~ Milton
BuIlars of Liabilities. R'c.
@rosn tie chicago Times, Dceaaber29
The recent failure OF Mr.. U. II. Crosby, with
habihties amounting to half million OF dollars,
still continues to be the absorbing topic OF Goa
yersation among the business men and Proml-
ueIt cl1izens OF Chicago. ID IS the heaVlesI
failure that has OccuITed in tnis 3lty since the
memorable financial disasters 0t lc0G MT.
Crosbys prominence before this community, IN
wi osC popular estimation he was rated one OF
ChicaCo's most enterprising, wealthy, ana puNllC-
spiT.ed citizens, invests tnis failure with an In
terest and importance that widely differ IRON
those attaching TO ordinary cases OF bankruptcy.
L. is useless to speculate upon the causes OF the
failure; taey are generally known; me failure
OF Conrad the banker, by which Mr.. Crosby lost
S7S.OCO, was the beginning OF his pecunlary
troubles and short period subsequent TO that
event Mr. Crosby lost very much larger sum
by IN impIudent speculation in wool. Both
these mislortunes came upon him after the COM
mencement of operations on the Opera House.
Probably most men OF shrewd business capacity
would have shrunk az once from the necessity of
making, in the face OF such serious losses, the
eXpenditure of so large sums of money as would
be required for the completion of the Opera
House. That he would have been justified in
doing so can hardly be doubted by any person
who is acquainted Nlth the sequel.
The failure, however, Is not so bad failure
after all. The liabilities are indeed enormous
Yet the assets include not only the magnificent
opera BOuSC property, Will us blN bbOLFS Ol
Washington and State streets, bringing yearly
rental of $2i 600, besides the different rooms and
Offices on the upper floors, all OF them renting
Tor as much more, but other valuable property
elsewhere, together with personal possessions,
all of which, even under the most unfGvorable
circumstances, must bring at least seventy per
cent. OF the entire required 10 satisfy all the
creditors.
The subioined document is a copy of the arti-
clee of assignment They contain an inventory
of the real estate of the assignor, together with
a nearly complete specification OF his liabilities
THE ASSIGNMENT.
This indenture made this 2Gth day of Decem-
her A. ID. 1865, between Uranus III. Crosby, OF
Chicago, in the county of Cook, and State OF
Illinois, party OF the first part and Edmund
Aiken, of the same place, party OF the second
part.
TO sundry persons in divers sums OF money which
he is unable to pay, and is desIous to convey and
assign all his estate and effects tor the benefit OF
his creditors; now this indenture
Witnesseth, That the said party of the first
part, in consideration OF the premises aud OF the
sum OF one dollar paid TO me in hand paid by the
said party Of the second parr, the receipt whereof
is hereby acknowledged, hath barganed, sold
transferred and SET over, and by these presents
doth grant barga n, sell, assign, transfer aud
set over unto the said party OF the second part
mis- heirs, executors, administrators, and assigns,
and singular, the lands, tenements, and heredi-
taments real estate, and chattels real OF the
party OF the first part; and also all the goods,
wares, and merchandise, personal property,
Chatlels, and effects belonging to the said party
OF the first part and also all and singular
debts, sums Of money balances, all accounts,
premissory notes. bills oGeXchange, trusts, lands,
judgments, and other securities, claims, and de-
mands now belonging, due or payable 70 the
said party OF the first part, of which said real
estate, chattels real personal property, effects,
debts. securities, claims and demands, a schedule
is annexed marked Schedule A." And also all
the books and the accounts OF the said party of
ftvgf Nnnf all IL rpnnn
volumes relating to his business dealings, pro
perty and affairs, to have and to hold the same
and every part and parcel thereof, unto the
said party of the second part, his heirs, execu-
-tnrs administrators, and assignees. In trust,
nevertheless, and TO and for the uses, interests,
and purposes soii3Tins that ( 10 say:-
That the said party Of the second part shall
take possession OF the said property hereby
ASSIGNED or intended so 10 be-, and shall, with
all reasonable diligence, sell and dispose OF the
same at public or private sale, as he may deem
most beneficial to the interests of the creditors
of the said party of the first part, and convert
the same into money, and shall also, with all
reasonable diligence, collect, get in, and recover
all and singular the said debts dues, bills bonds.
notes, accounts, and balance OF accounts, iudg-
ments securities, claims, and demands hereby
assigned or intended so to be.
And with and out of the proceeds of such sales
and collections that the said party OF the second
part shall first pay and disburse all the Just and
reasonable expenses costs, charges and COM
missions attending the due execution of these
presents and the carving into effect the trusts
hereby created, together with reasonable and
lawful compensation or commission for his own
services
And with and out OF the residue, or any pro-
ceeds OF such sales and collections, the said party
of the second part shall pay and discharge the
debts due and owing by the said party OF the
first part in the order and manner following
that is to say:-
First. The said party Of the second part shall
pay all and singular the debts set forth and elu-
merated in the schedule of debts hereunto an
nexed marked Schedule b." the same to be paid
in full if the said proceeds shall b. sufficient for
that purpose; and if the sum be not sufficient
then the said party OF the second part shall
auplv the said net proceeds to and in the pay
ment of the said debts in the order in which
they are in said schedule.
Second. That the payment in full Of all debts
designated in said schedule b, If there should be
any residue or surplus of the SAID net proceeds
remaining In his hands the sad party OF the
second part shall, with and out OF the SAID
residue pay and discharge IN tull all the lawful
debts due and owing by the said party OF the
first part of any and every kind and description,
If there be sufficient OF said residue tor that
purpose; and If there be not sufficient then the
said party OF the second part shall apply the
said residue to and in the payment OF the said
last mentioned debts ratably, and in proportion
to the respective amounts thereof
Lastly after the payment of all the coets charges
and expenses attending the execution of the
trusts hereby created, and the payment and dis
charge of all the lawful debts due and owing by
the said party of the first part, If any part o.
portion OF the proceeds OF said sales and eXecu
tions shall remain in the hands or control OF tht
said party of the second part, his executors, ad
ministrators OF assigns, he or they shall return
or pay the same to the said party OF the irs
part, his executors. administrators or assigns.
And for the better and more etlectual eXecu
ton of these presents, and OF the trusts hereb,
created and reposed, the said party of the irs